elf Beauty Inc (ELF) 2020 Q4 法說會逐字稿

Good day and welcome to the e.l.f. Cosmetics Fourth Quarter and Full Year Fiscal 2020 Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎來到 e.l.f.化妝品 2020 財年第四季度和全年電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Willa Mcmanmon, Vice President of Investor Relations with e.l.f. Cosmetics. Please go ahead.

我現在想將會議交給 e.l.f. 投資者關係副總裁 Willa Mcmanmon。化妝品。請繼續。

Thank you for joining us today to discuss e.l.f. Beauty's fourth quarter and fiscal 2020 results.

感謝您今天加入我們討論 e.l.f.美妝第四季度及 2020 財年業績。

As a reminder, this call contains forward-looking statements that are based on management's expectations, including those relating to the company's efforts to navigate the COVID-19 pandemic, category trends and longer-term outlook and are subject to known and unknown risks and uncertainties. And therefore, actual results may differ materially. Important factors that may cause actual results to differ are detailed in today's press release and the company's SEC filings.

提醒一下，本次電話會議包含基於管理層預期的前瞻性陳述，包括與公司應對COVID-19 大流行的努力、類別趨勢和長期前景相關的陳述，並受到已知和未知風險和不確定性的影響。因此，實際結果可能存在重大差異。今天的新聞稿和公司向 SEC 提交的文件中詳細介紹了可能導致實際結果不同的重要因素。

In addition, the company's presentation today includes information presented on a non-GAAP basis. We refer you to today's press release for a reconciliation of the differences between the non-GAAP presentation and the most directly comparable GAAP measures. All comparative net sales figures exclude e.l.f. stores.

此外，該公司今天的演示文稿還包括基於非公認會計原則（Non-GAAP）的信息。我們建議您參閱今天的新聞稿，以了解非公認會計原則表述與最直接可比的公認會計原則衡量指標之間的差異。所有比較淨銷售額數據均不包括 e.l.f.商店。

Please note, after the presentation, there is a separate dial-in for the QA session, also noted in the press release.

請注意，在演示結束後，有一個單獨的撥入式質量保證會議，新聞稿中也提到了這一點。

With me from management today are Tarang Amin, Chairman and Chief Executive Officer; and Mandy Fields, Senior Vice President and Chief Financial Officer. Let me turn the webcast over to Tarang.

今天與我同在的還有管理層的董事長兼首席執行官塔朗·阿明 (Tarang Amin)；以及高級副總裁兼首席財務官 Mandy Fields。讓我把網絡廣播轉給塔朗。

Thank you, Willa, and good afternoon, everyone. I hope that you're safe and healthy during these challenging times. Today, we will talk about our fiscal 2020 results, our response to COVID-19 challenges and our long-term investment thesis.

謝謝你，威拉，大家下午好。我希望您在這個充滿挑戰的時期安全健康。今天，我們將討論我們的 2020 財年業績、我們對 COVID-19 挑戰的應對措施以及我們的長期投資主題。

Fiscal 2020 was a terrific year for e.l.f. Beauty. We saw 4 quarters of net sales expansion, culminating in a 16% increase in year-over-year sales in the fourth quarter. For the full year, net sales of $283 million were up 11%. We expanded gross margin to 64%, up 300 basis points over last year and up 1,700 basis points since 2014.

2020 財年對於 e.l.f. 來說是極好的一年。美麗。我們看到了 4 個季度的淨銷售額擴張，最終第四季度銷售額同比增長 16%。全年淨銷售額達 2.83 億美元，增長 11%。我們將毛利率擴大至 64%，比去年提高了 300 個基點，自 2014 年以來提高了 1,700 個基點。

We also delivered adjusted EBITDA of $63 million while almost doubling our investment in marketing and digital. Our consumption was strong all year and outpaced the category. Of the top 5 color cosmetics brands in the U.S., we grew the most market share in FY '20 with 4.8% of the market, up 50 basis points. We also increased our rank in Piper Sandler's teens survey from sixth favorite brand amongst teens last year to fourth this year, reflecting our growing relevance with Gen Z.

我們還實現了 6300 萬美元的調整後 EBITDA，同時我們在營銷和數字方面的投資幾乎翻了一番。我們的消費全年都很強勁，超過了同類產品。在美國排名前 5 的彩妝品牌中，我們在 20 財年的市場份額增長最快，市場份額為 4.8%，增長了 50 個基點。我們還在 Piper Sandler 的青少年調查中將排名從去年青少年最喜歡的品牌第六名上升到今年的第四名，這反映出我們與 Z 世代的相關性日益增強。

As I reflect on these results, I believe FY '20 was an important year to reassert our multiple areas of competitive advantage. We did so by investing in our brand recharge and executing on our 5 strategic imperatives. We exceeded our key performance indicators and entered COVID-19 headwinds with strength relative to the category. Our mission to make the best of beauty accessible to every eye, lip and face is more important than ever. We believe that our fundamental value equation and digital engagement as well as our world-class team's ability to adapt at e.l.f.'s speed positions us well to weather the COVID-19 storm and continue to gain market share.

當我反思這些結果時，我相信 20 財年是重申我們多個領域競爭優勢的重要一年。我們通過投資品牌復興和執行 5 項戰略要務來做到這一點。我們超出了關鍵績效指標，並以相對於該類別的實力進入了 COVID-19 逆風。我們的使命是讓每個眼睛、嘴唇和臉部都能享受到最好的美麗，這一使命比以往任何時候都更加重要。我們相信，我們的基本價值方程式和數字化參與以及我們世界一流的團隊以 e.l.f. 的速度適應的能力使我們能夠很好地抵禦 COVID-19 風暴並繼續獲得市場份額。

Let me provide a few highlights of the year. Our first strategic imperative is to drive brand demand. e.l.f.'s core advantage centers around the emotional charge generated by our combination of affordability, excellence and accessibility. In 2020, we kicked off a bold campaign to bring e.l.f.'s superpowers to the forefront of the beauty conversation. Our pride in being 100% vegan and cruelty-free, our unique ability to deliver first-to-mass holy grail products that have premium quality at unbelievable prices, and of course, our universal appeal.

讓我介紹一下今年的一些亮點。我們的首要戰略任務是推動品牌需求。e.l.f. 的核心優勢集中在我們將負擔能力、卓越性和可及性相結合所產生的情感衝擊力。2020 年，我們啟動了一項大膽的活動，將 e.l.f. 的超能力帶到美容對話的最前沿。我們以 100% 純素和零殘忍為榮，我們以獨特的能力以令人難以置信的價格提供優質的聖杯產品，當然還有我們的普遍吸引力。

We rolled out our #elfingamazing campaign across key social platforms, highlighting e.l.f.'s accessible, optimistic and inclusive brand values in a fresh, energetic and modern way. The results of the campaign far exceeded our benchmarks, bringing new consumers to e.l.f. and accelerating brand advocacy within our existing community.

我們在主要社交平台上推出了#elfingamazing 活動，以新鮮、充滿活力和現代的方式強調 e.l.f. 平易近人、樂觀和包容的品牌價值觀。活動的結果遠遠超出了我們的基準，為 e.l.f. 帶來了新消費者。並加速我們現有社區內的品牌宣傳。

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Riding this momentum, in October, we launched our groundbreaking Eyes. Lips. Face. TikTok hashtag challenge, which started out with an original music track and quickly became the most viral campaign in TikTok U.S. history with over 5.3 billion views and over 3.5 million user-generated videos. e.l.f. became a global music sensation, as the song generated over 16 million streams outside of TikTok and a #4 spot on Spotify's Global Viral 50 list. Fans desired more, so we partnered with Republic Records to produce a full-length Eyes. Lips. Face. music video, which garnered over 2.3 million views on YouTube.

乘著這一勢頭，我們於 10 月推出了開創性的 Eyes。嘴唇。臉。TikTok 標籤挑戰賽以原創音樂曲目開始，並迅速成為 TikTok 美國歷史上最具病毒性的活動，觀看次數超過 53 億次，用戶生成的視頻超過 350 萬個。e.l.f.這首歌轟動了全球音樂界，在 TikTok 之外產生了超過 1600 萬次播放量，並在 Spotify 的全球病毒 50 強排行榜上名列第四。粉絲們想要更多，因此我們與 Republic Records 合作製作了完整的《Eyes》。嘴唇。臉。音樂視頻在 YouTube 上獲得了超過 230 萬次觀看。

In March, to further amplify our presence on TikTok, we launched the @elfyeah channel, a designation for Gen Z. @elfyeah delivers customized daily content, featuring personalities, products and premium entertainment designed to engage TikTok's rapidly growing audience. @elfyeah has already amassed over 80,000 followers and 1.5 million likes. Our efforts to drive brand demand delivered impressive results.

3 月份，為了進一步擴大我們在TikTok 上的影響力，我們推出了@elfyeah 頻道，這是Z 世代的稱呼。@elfyeah 提供定制的日常內容，以個性、產品和優質娛樂為特色，旨在吸引TikTok快速增長的受眾。@elfyeah 已經擁有超過 80,000 名粉絲和 150 萬個贊。我們推動品牌需求的努力取得了令人矚目的成果。

And just this week, our Eyes. Lips. Face. TikTok campaign won 2 prestigious Webby Awards, including the People's Voice Award, that honor the best content on the Internet. Year-over-year, Google Search trends were up 6%. Our Instagram follower growth was up 22%. And our earned media value was up over 60% for the year.

就在本週，我們的眼睛。嘴唇。臉。TikTok 活動贏得了兩項著名的威比獎，包括人民之聲獎，該獎旨在表彰互聯網上的最佳內容。與去年同期相比，Google 搜索趨勢增長了 6%。我們的 Instagram 粉絲增長了 22%。今年我們贏得的媒體價值增長了 60% 以上。

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We also saw sales spikes in products that went viral on TikTok, including our Bite-Size Eyeshadow palettes and existing Lip Exfoliator and Gentle Peeling Exfoliant.

我們還看到在 TikTok 上走紅的產品銷量激增，包括我們的 Bite-Size 眼影調色板以及現有的唇部去角質劑和溫和去角質去角質劑。

Our second strategic imperative is a major step-up in digital. True to our digitally native routes, we continue to lead with a digital-first strategy. elfcosmetics.com, the #1 mass cosmetics e-commerce site, powers our digital ecosystem. In FY '20, we drove double-digit growth in traffic and new consumers to elfcosmetics.com. Our Beauty squad Loyalty Program grew to 1.8 million members. We also enabled social shopping to connect consumers to a unified social storefront across retailer.coms. Consumption on our retailer.coms and Amazon was up over 50%.

我們的第二個戰略要務是數字化方面的重大進步。秉承我們的數字原生路線，我們繼續以數字優先戰略為主導。elfcosmetics.com 是排名第一的大眾化妝品電子商務網站，為我們的數字生態系統提供動力。20 財年，我們推動 elfcosmetics.com 的流量和新消費者實現了兩位數的增長。我們的美容團隊忠誠度計劃會員數量已增至 180 萬名。我們還啟用了社交購物，將消費者連接到retailer.com 上的統一社交店面。我們的 Retailer.com 和亞馬遜上的消費增長了 50% 以上。

We're also delivering wow moments, transforming social and further bridging the physical and digital realms. Last quarter, we discussed the launch of our new e.l.f. mobile app, which already has over 60,000 downloads. The app incorporates features such as augmented reality, receipt scanning and access to our recently introduced e.l.f. Discovery and e.l.f. Cares content hubs. These initiatives are timely. In the past few weeks, we've seen triple-digit growth in sales on elfcosmetics.com and a number of our retailer.coms.

我們還創造令人驚嘆的時刻，改變社交並進一步連接物理和數字領域。上個季度，我們討論了新 e.l.f. 的推出。移動應用程序，下載量已超過 60,000 次。該應用程序包含增強現實、收據掃描和訪問我們最近推出的 e.l.f. 等功能。發現和 e.l.f.關心內容中心。這些舉措是及時的。在過去的幾周里，我們看到 elfcosmetics.com 和我們的一些retailer.com 上的銷售額出現了三位數的增長。

Our third imperative of providing first-to-mass prestige-quality products also delivered strong results. During the year, we further strengthened our leading position in primers, brushes and brow, gaining significant market share in these core hero segments. Our poreless putty primer and camo concealers also helped drive our share in complexion. Our $8 poreless putty primer is the best-selling primer in the U.S. and the #1 SKU in the face category. We recently extended these into franchises with the introduction of our mattifying and luminous poreless putty primers and hydrating camo concealers and ended the year with share increases in both the primary and concealer categories. Our Liquid Glitter and Bite-Size Eyeshadows were also well received first-to-mass introductions later in the year.

我們的第三個當務之急是提供一流的優質產品，也取得了強勁的成果。年內，我們進一步鞏固了在底漆、刷子和眉筆領域的領先地位，在這些核心細分領域獲得了顯著的市場份額。我們的無孔膩子底漆和迷彩遮瑕膏也有助於提高我們在膚色中的份額。我們的 8 美元無孔膩子底漆是美國最暢銷的底漆，也是面部類別中排名第一的 SKU。最近，我們將這些產品擴展到特許經營領域，推出了啞光、發光無孔膩子底漆和保濕迷彩遮瑕膏，並在年底實現了主要和遮瑕膏類別的份額增長。我們的液體閃粉和一口大小眼影在今年晚些時候首次大規模推出也廣受好評。

We continue to focus on skin care as a strategically important category. Skin care exemplifies our ability to deliver prestige quality at great value. Our Holy Hydration, Cannabis Sativa and Supers lines fueled growth in skin care, with sales up 27% in FY '20. We launched the first Full Spectrum CBD line in mass this month and have a strong product pipeline in skin care for this fall.

我們繼續將皮膚護理作為具有重要戰略意義的類別來重點關注。皮膚護理體現了我們以巨大價值提供信譽品質的能力。我們的 Holy Hydration、Cannabis Sativa 和 Supers 系列推動了皮膚護理產品的增長，20 財年銷售額增長了 27%。我們本月大規模推出了第一個全譜 CBD 系列，並在今年秋季擁有強大的皮膚護理產品線。

Our fourth strategic imperative is driving national retailer productivity and centers around Project Unicorn, our initiative to improve assortment and navigation at shelf. We received 3 patents during the year for our Unicorn designs, which allow us to better display our products while fitting more items on shelf. Unicorn has enabled us to elevate our brand presentation and expand our position as the most productive brand in color cosmetics at Target and Walmart. Our consumption at Ulta Beauty and other retailers was also strong for the year.

我們的第四個戰略要務是提高全國零售商的生產力，並以“獨角獸計劃”為中心，這是我們改善貨架分類和導航的舉措。今年，我們的獨角獸設計獲得了 3 項專利，這使我們能夠更好地展示我們的產品，同時在貨架上放置更多商品。獨角獸使我們能夠提升我們的品牌形象，並擴大我們作為塔吉特和沃爾瑪彩妝領域最俱生產力品牌的地位。今年我們在 Ulta Beauty 和其他零售商的消費也很強勁。

In terms of space expansion, given the strength of our productivity, innovation and consumer engagement, Walmart and Ulta Beauty plan to expand e.l.f. space this fall in a subset of their doors.

在空間擴張方面，鑑於我們的生產力、創新和消費者參與度的優勢，沃爾瑪和 Ulta Beauty 計劃擴大 e.l.f.今年秋天，他們的門的一部分裡有空間。

In our international business, we had mixed results. We've been winding down business with certain distributors in favor of shifting to a more direct relationship with key beauty accounts. This weighed on our results with overall international down 4%. We remain confident that international represents major white space and that our brand resonates. We had a great year in the U.K. with strong growth on elfcosmetics.com, Superdrug and Boots. We're also excited about expanding our global digital footprint with a particular focus on China and the EU.

在我們的國際業務中，我們的業績好壞參半。我們已經結束了與某些經銷商的業務，轉而與主要美容客戶建立更直接的關係。這影響了我們的業績，國際整體業績下降了 4%。我們仍然相信，國際化代表著主要的空白，並且我們的品牌能引起共鳴。我們在英國度過了美好的一年，elfcosmetics.com、Superdrug 和 Boots 均實現強勁增長。我們也很高興擴大我們的全球數字足跡，特別關注中國和歐盟。

Our fifth imperative is cost savings to help fuel brand investments. Our biggest cost savings initiative to date was closing our 22 e.l.f. stores in February of 2019. We successfully redeployed the $13.7 million of savings from e.l.f. stores to our digital and national retailer business. In FY '20, we also took pricing up on approximately 1/3 of our SKUs, which along with cost savings and favorable FX more than offset tariffs on China goods.

我們的第五個當務之急是節省成本，以幫助推動品牌投資。迄今為止，我們最大的成本節約舉措是關閉我們的 22 e.l.f.2019年2月開店。我們成功地重新部署了 e.l.f. 的 1,370 萬美元儲蓄。商店到我們的數字和全國零售商業務。在 20 財年，我們還提高了約 1/3 的 SKU 的定價，這加上成本節約和有利的匯率，足以抵消對中國商品的關稅。

We are particularly pleased with our pricing execution. Recall, this was the biggest pricing action that we've taken in our 16-year history. Our approach worked well. We targeted SKUs that we believed offered the strongest value or where the leading competitor SKU would likely also face tariffs. Not only did many competitors follow our price increases, but we were able to maintain our value, which is more important than ever in an uncertain economy.

我們對我們的定價執行特別滿意。回想一下，這是我們 16 年曆史上採取的最大的定價行動。我們的方法效果很好。我們的目標是我們認為提供最強價值的 SKU，或者主要競爭對手 SKU 也可能面臨關稅的 SKU。不僅許多競爭對手跟隨我們的價格上漲，而且我們能夠保持我們的價值，這在不確定的經濟中比以往任何時候都更加重要。

Our new liquid fill manufacturing plant in California is set to start up in July. This is delayed by one quarter due to the impact of COVID-19. Our new U.S. plant provides us further supply diversification while also significantly reducing lead times. We also continue to strengthen our China operations advantage using lean techniques. I'm particularly proud of our China team. We were one of the first beauty companies to be fully operational in China when COVID-19 restrictions were lifted. Thanks to the strict health protocols and dedication of our team and suppliers, our team has remained healthy.

我們位於加利福尼亞州的新液體灌裝製造工廠將於 7 月投產。由於 COVID-19 的影響，這一時間推遲了四分之一。我們的新美國工廠為我們提供了進一步的供應多元化，同時也顯著縮短了交貨時間。我們還繼續利用精益技術加強我們在中國的運營優勢。我對我們的中國團隊感到特別自豪。當 COVID-19 限制解除時，我們是首批在中國全面運營的美容公司之一。由於嚴格的健康協議以及我們的團隊和供應商的奉獻精神，我們的團隊一直保持健康。

The progress on our 5 strategic imperatives has been terrific, and we have further opportunity with each. We're equally excited about our progress on strategic extensions. We strongly believe there's an opportunity for significant value creation, leveraging the investments we've made in our team and infrastructure for other brands, both acquisitions and brands that we create.

我們的 5 項戰略要務取得了巨大進展，每一項戰略都給我們帶來了進一步的機會。我們對戰略擴展方面的進展同樣感到興奮。我們堅信，利用我們對團隊和其他品牌（包括收購和我們創建的品牌）的基礎設施的投資，有機會創造重大價值。

Our first strategic extension was the acquisition 3 months ago of the pioneer in clean beauty brand W3LL PEOPLE. This acquisition was strategically important as consumers are becoming increasingly conscious of the ingredients in their products. And clean is one of the fastest growing segments within beauty.

我們的第一個戰略擴展是 3 個月前收購清潔美容品牌先驅 W3LL PEOPLE。隨著消費者越來越關注其產品成分，此次收購具有重要的戰略意義。清潔是美容領域增長最快的領域之一。

Our thesis is that we can benefit from the 12-year history W3LL PEOPLE has as a pioneer in clean beauty with 40 EWG VERIFIED products, and in turn, leverage the investments we've made in our team and infrastructure to scale W3LL PEOPLE. We fully integrated this acquisition onto the e.l.f. platform, realizing synergies and making progress on growth initiatives. We're receiving incredibly positive feedback from our national retail partners, where W3LL PEOPLE is more productive than many other clean beauty brands.

我們的論點是，我們可以從 W3LL PEOPLE 作為清潔美容領域先驅的 12 年曆史中受益，擁有 40 種 EWG 驗證產品，反過來，利用我們在團隊和基礎設施方面的投資來擴大 W3LL PEOPLE 規模。我們將此次收購完全整合到 e.l.f.平台，實現協同效應並在增長舉措上取得進展。我們從全國零售合作夥伴那裡收到了令人難以置信的積極反饋，其中 W3LL PEOPLE 比許多其他清潔美容品牌更俱生產力。

Additionally, we have identified supply chain synergies and are working with vendors for efficiencies. In the coming months, we plan to launch a W3LL PEOPLE brand recharge as we did for e.l.f.

此外，我們已經確定了供應鏈協同效應，並正在與供應商合作以提高效率。在接下來的幾個月裡，我們計劃推出 W3LL PEOPLE 品牌充值，就像我們為 e.l.f 所做的那樣。

In addition to acquisitions, our team has been working to create a new brand for calendar year 2021 that I look forward to discussing during our August call.

除了收購之外，我們的團隊還一直致力於為 2021 年創建一個新品牌，我期待在 8 月份的電話會議上討論這一問題。

We believe strategic extensions are key to our long-term growth as we evolve from a single brand to a multi-brand beauty company. As I will outline later, we have a number of competitive advantages that we plan to leverage to scale fast growing emerging brands and consumer segments. Though we're in the early days of this journey, the W3LL PEOPLE integration and the progress developing a new brand gives me confidence that we have the right road map for growth.

我們相信，隨著我們從單一品牌發展為多品牌美容公司，戰略擴展是我們長期增長的關鍵。正如我稍後將概述的那樣，我們擁有許多競爭優勢，我們計劃利用這些優勢來擴大快速增長的新興品牌和消費群體的規模。儘管我們正處於這一旅程的早期階段，但 W3LL PEOPLE 整合和新品牌開發的進展讓我相信我們擁有正確的發展路線圖。

Before I turn the call over to Mandy, let me update you on our response to COVID-19. Similar to other companies in our space, we've seen COVID-19 negatively impact consumer behavior and significantly reduced cosmetics and skin care category sales. So far, while our business is down, we are faring better than the categories in which we compete and are taking market share. We believe we're better positioned than other brands to come out of this, given our value proposition and digital strength.

在將電話轉接給 Mandy 之前，請允許我向您介紹我們對 COVID-19 的最新應對措施。與我們領域的其他公司類似，我們看到 COVID-19 對消費者行為產生了負面影響，並顯著減少了化妝品和護膚品類別的銷售額。到目前為止，雖然我們的業務有所下降，但我們的表現比我們競爭並佔據市場份額的類別要好。我們相信，鑑於我們的價值主張和數字實力，我們比其他品牌更有能力走出困境。

Our team has taken a number of decisive actions in response to COVID-19. Our first priority is the safety and well-being of our employees and consumer community. I am proud of our employees and the resilience they're showing as we navigate this crisis. I already mentioned the incredible efforts of our China team and suppliers to be one of the first beauty companies fully operational coming out of COVID-19 in China. We've taken many of the same protocols we used in China for our U.S. employees. We sent safety kits with gloves, hand sanitizers and disinfectant wipes to all employees and provided assistance with other needs. We have an extremely talented team, and we are determined to protect as many jobs as possible during this time.

我們的團隊針對 COVID-19 採取了一系列果斷行動。我們的首要任務是員工和消費者群體的安全和福祉。我為我們的員工以及他們在應對這場危機時所表現出的韌性感到自豪。我已經提到過，我們的中國團隊和供應商付出了令人難以置信的努力，成為中國首批擺脫 COVID-19 影響並全面運營的美容公司之一。我們對美國員工採取了許多與在中國使用的相同的協議。我們向所有員工發送了包含手套、洗手液和消毒濕巾的安全包，並提供其他需求方面的幫助。我們擁有一支非常有才華的團隊，我們決心在這段時間保護盡可能多的工作崗位。

E.l.f. is also caring for our consumer community. We reached out to our community through donations to food banks, mental health organizations and health care workers. Drawing on the success of our original TikTok hashtag challenge, we remixed Eyes. Lips. Face. into a new Eyes. Lips. Face. SAFE. public service announcement to raise awareness of basic preventive measures we can all take to help stop the spread of the virus. Nearly 10,000 videos were created using Eyes. Lips. Face. SAFE., garnering close to 4 million likes and over 23,000 shares on TikTok alone.

E.l.f.也關心我們的消費者群體。我們通過向食品銀行、心理健康組織和醫護人員捐款來接觸社區。借鑒我們最初的 TikTok 標籤挑戰的成功，我們重新混合了 Eyes。嘴唇。臉。進入新的眼睛。嘴唇。臉。安全的。公共服務公告，旨在提高人們對我們都可以採取的基本預防措施的認識，以幫助阻止病毒的傳播。使用 Eyes 創建了近 10,000 個視頻。嘴唇。臉。SAFE.，僅在 TikTok 上就獲得了近 400 萬個贊和超過 23,000 次分享。

We also manufactured hand sanitizer that we've shared with our team and partners and are shipping for a limited time with every order on elfcosmetics.com. Our focus will always be on our community, and I'm proud of our efforts to get through this together.

我們還生產了洗手液，並與我們的團隊和合作夥伴共享，並在 elfcosmetics.com 上的每筆訂單限時發貨。我們的重點將始終放在我們的社區上，我為我們共同度過難關所做的努力感到自豪。

We know that strong financial discipline is needed to weather this challenging period. We amended our credit agreement to provide greater flexibility and access $20 million of our $50 million revolver, giving us $65 million in cash on hand. We're also tightly managing inventory, receivables and capital expenditures. We are reducing expenses and scaling back marketing digital investments in proportion to net sales. Similarly, we've gone after costs in short-term merchandising and operational savings. At the same time, we are keeping the long term in mind, investing in our digital footprint across the European Union and China. We're also continuing to develop W3LL PEOPLE and a new brand to ensure that we have a healthy portfolio of brands for the future.

我們知道，需要強有力的財務紀律來度過這一充滿挑戰的時期。我們修改了信貸協議，以提供更大的靈活性，並可以使用我們 5000 萬美元左輪手槍中的 2000 萬美元，從而使我們手頭現金達到 6500 萬美元。我們還嚴格管理庫存、應收賬款和資本支出。我們正在減少開支，並按淨銷售額的比例縮減營銷數字投資。同樣，我們也追求短期銷售成本和運營節省。與此同時，我們著眼長遠，投資於我們在歐盟和中國的數字足跡。我們還將繼續開發 W3LL PEOPLE 和新品牌，以確保我們未來擁有健康的品牌組合。

In summary, we are moving at e.l.f. speed to respond to the current retail environment and position ourselves to continue to gain market share. I believe that our digital strength and core value proposition will enable us to outpace the category in this uncertain economy.

總而言之，我們正在 e.l.f 前進。快速響應當前的零售環境並定位自己以繼續獲得市場份額。我相信，我們的數字實力和核心價值主張將使我們能夠在這個不確定的經濟中超越同類產品。

I'll now turn the call over to Mandy to discuss the financials.

我現在將電話轉給曼迪討論財務問題。

Thank you, Tarang, and thank you for joining us this afternoon. Today, I'll cover our strong fiscal 2020 results, discuss in more detail the financial actions we're taking in the COVID-19 environment and share what we are currently seeing in our longer-term perspective.

謝謝你，塔朗，也謝謝你今天下午加入我們。今天，我將介紹我們強勁的 2020 財年業績，更詳細地討論我們在 COVID-19 環境下採取的財務行動，並分享我們目前從長期角度看到的情況。

I'm quite pleased with our Q4 and overall fiscal 2020 results. As Tarang mentioned earlier, we drove positive net sales growth in every quarter, wrapping up the year with a positive 16% in Q4. The focus on our strategic imperatives allowed us to invest significantly behind our brand, drive top line growth and deliver adjusted EBITDA slightly ahead of prior year.

我對我們的第四季度和 2020 財年整體業績非常滿意。正如 Tarang 之前提到的，我們每個季度都推動了淨銷售額的正增長，第四季度以 16% 的正增長結束了這一年。對戰略要務的關注使我們能夠大力投資於我們的品牌、推動營收增長並實現調整後的 EBITDA 略高於去年。

We delivered net sales of $283 million in fiscal 2020, up 11% from a year ago. This growth outpaced the large legacy brands in our space and was fueled by disciplined execution against our strategic imperatives.

2020 財年，我們實現淨銷售額 2.83 億美元，同比增長 11%。這種增長超過了我們領域內的大型傳統品牌，並且是通過嚴格執行我們的戰略要求而推動的。

Gross margin of 64% was up 300 basis points compared to prior year. I am particularly proud of the progress we made here. Recall, this time last year, there was concern over gross margin, given 25% tariffs being implemented on the majority of our COGS. Not only did we overcome tariff headwinds, but we continued our gross margin progression through a combination of cost savings, margin accretive mix, the price increases we implemented last July and the onetime benefit of favorable FX rates.

毛利率為 64%，比上年增長 300 個基點。我對我們在這裡取得的進展感到特別自豪。回想一下，去年的這個時候，鑑於我們對大部分銷貨成本實施 25% 的關稅，人們對毛利率感到擔憂。我們不僅克服了關稅阻力，而且通過成本節約、利潤增值組合、去年 7 月實施的價格上漲以及有利的外匯匯率的一次性好處相結合，繼續提高毛利率。

On an adjusted basis, SG&A as a percentage of sales was 49% compared to 45% last year, primarily driven by increased investment in our marketing and digital initiatives, which increased from 7% in fiscal '19 to 13% in fiscal '20. The increase in rate was also driven by funding bonus accrual and investments in merchandising programs. This was partially offset by not operating our stores in fiscal 2020. Recall, closing our stores was a strategic move to allow us to invest more behind the brand via marketing and digital.

調整後，SG&A 佔銷售額的百分比為 49%，而去年為 45%，這主要是由於我們對營銷和數字計劃的投資增加，從 19 財年的 7% 增加到 20 財年的 13%。利率的增長也是由獎金應計資金和銷售計劃投資推動的。這部分被 2020 財年我們不再營業的商店所抵消。回想一下，關閉我們的商店是一項戰略舉措，讓我們能夠通過營銷和數字化在品牌背後進行更多投資。

Fiscal 2020 adjusted EBITDA of $63 million came in at 22% of net sales and slightly ahead of last year even after funding the investments we made throughout the year. Adjusted net income was $32 million or $0.63 per diluted share compared to $33 million or $0.66 per diluted share a year ago. The change in adjusted net income was driven by higher depreciation in fiscal '20. And a change in adjusted EPS was further driven by increased share count.

2020 財年調整後 EBITDA 為 6300 萬美元，占淨銷售額的 22%，即使在為我們全年的投資提供資金之後，仍略高於去年。調整後淨利潤為 3200 萬美元，即稀釋後每股收益 0.63 美元，而一年前為 3300 萬美元，即稀釋後每股收益 0.66 美元。調整後淨收入的變化是由 20 財年較高的折舊率推動的。股票數量的增加進一步推動了調整後每股收益的變化。

In fiscal 2020, we generated $44 million in cash flow from operations, driven by our strong operating results. The increased cash flow enabled us to fund the $26 million acquisition of W3LL PEOPLE and approximately $8 million in share repurchases. Even with these investments, our March 31 cash balance was $46 million compared to a cash balance of $54 million a year ago.

2020 財年，在我們強勁的經營業績的推動下，我們的運營現金流達到了 4400 萬美元。增加的現金流使我們能夠為 W3LL PEOPLE 的 2600 萬美元收購和約 800 萬美元的股票回購提供資金。即使有了這些投資，我們 3 月 31 日的現金餘額仍為 4600 萬美元，而一年前的現金餘額為 5400 萬美元。

Fiscal 2020 was a fantastic year overall and provided us with momentum for fiscal '21 until COVID-19 impacted all aspects of our lives, consumer behavior and category trends. Let me talk a bit about what we've seen so far and how we're navigating the COVID environment.

總體而言，2020 財年是非常棒的一年，為我們的 21 財年提供了動力，直到 COVID-19 影響了我們生活、消費者行為和品類趨勢的各個方面。讓我談談我們迄今為止所看到的情況以及我們如何應對新冠疫情環境。

Going into the COVID-19 crisis, our consumption was strong, with e.l.f. track channel sales up 13% for the 4 weeks ending February 22. Nielsen data for the initial COVID period for the 4 weeks ending April 18 showed our consumption declined 29%. More recently, the 4-week period through May 2 showed e.l.f. track channel sales down 9%. We believe the improvement in recent weeks has been driven by the onetime impact of government stimulus checks. Net consumption data has an all over the map. Outside of track channels, we are seeing strong results on elfcosmetics.com and through our retailer.coms. Ulta Beauty store closures and softness internationally has, however, almost fully offset the e-commerce benefit.

進入 COVID-19 危機時，我們的消費強勁，e.l.f.截至 2 月 22 日的 4 週內，跟踪渠道銷售額增長了 13%。尼爾森關於新冠疫情初期截至 4 月 18 日的 4 週的數據顯示，我們的消費量下降了 29%。最近，截至 5 月 2 日的 4 週期間顯示 e.l.f.Track渠道銷售額下降9%。我們認為，最近幾週的改善是由政府刺激檢查的一次性影響推動的。淨消費數據一目了然。在軌道渠道之外，我們在 elfcosmetics.com 和 Retailer.com 上看到了強勁的業績。然而，Ulta Beauty 門店的關閉和國際市場的疲軟幾乎完全抵消了電子商務的好處。

Over the next several months, we believe there will be volatility in the category and in our sales performance. Given this volatility, we will not provide fiscal '21 guidance today. It is simply too challenging to predict the entire year with the overhang of COVID-19.

在接下來的幾個月裡，我們相信該類別和我們的銷售業績將會出現波動。鑑於這種波動性，我們今天不會提供 21 財年指引。在 COVID-19 肆虐的情況下，預測全年的情況實在太具有挑戰性。

Tarang already outlined the principles guiding our COVID-19 response plans. I will touch on each of these and the work we've done over the last few weeks. Protecting our people is at the top of our list as we believe we have built the strongest team in beauty. We plan to protect as many jobs as possible and are looking at other areas of cost savings, which I will outline shortly.

Tarang 已經概述了指導我們的 COVID-19 應對計劃的原則。我將逐一介紹這些內容以及我們過去幾週所做的工作。保護我們的員工是我們的首要任務，因為我們相信我們已經建立了美容領域最強大的團隊。我們計劃保護盡可能多的就業機會，並正在考慮其他節省成本的領域，我將很快概述這些領域。

In caring for our consumers, we found it most of these efforts out of our fiscal 2020 marketing budgets. We are proud of the charitable donations we were able to make to help our communities during this unprecedented time.

在關心消費者方面，我們發現大部分努力都超出了 2020 財年的營銷預算。我們為能夠在這個前所未有的時期為幫助我們的社區提供慈善捐款而感到自豪。

On the liquidity front, we have worked with our banks to ensure we have additional financial flexibility. We have a strong liquidity position with approximately $65 million in cash on hand and access to an additional $30 million undrawn on our revolving credit facility.

在流動性方面，我們與銀行合作，確保我們擁有額外的財務靈活性。我們擁有強大的流動性頭寸，手頭現金約為 6500 萬美元，並可利用我們的循環信貸額度獲得額外的 3000 萬美元未提取資金。

In April, we amended our credit agreement, modifying our covenant levels to reduce the minimum fixed charge coverage ratio and increase the maximum permitted total net leverage ratio through June of 2021. This allows us to weather significant declines in adjusted EBITDA without triggering covenants. Details of our credit agreement amendment can be found in the 8-K filed on April 9.

4 月份，我們修訂了信貸協議，修改了我們的契約水平，以降低最低固定費用覆蓋率，並提高截至 2021 年 6 月的最大允許總淨槓桿率。這使我們能夠在不觸發契約的情況下應對調整後 EBITDA 的大幅下降。我們的信貸協議修正案的詳細信息可以在 4 月 9 日提交的 8-K 中找到。

Also, as Tarang mentioned, we are tightly managing inventory, receivables and capital expenditures to further fortify our balance sheet. We've reduced our planned inventory levels by $10 million and our planned capital expenditures by over $1 million through September.

此外，正如塔朗提到的，我們正在嚴格管理庫存、應收賬款和資本支出，以進一步強化我們的資產負債表。截至 9 月份，我們已將計劃庫存水平減少了 1000 萬美元，並將計劃資本支出減少了超過 100 萬美元。

On the expense front, we are taking steps to reduce where we can while still investing in our long-term growth. In the short term, we're reducing marketing expenses to better match spend with the sales decline, pushing on operation savings, holding headcount open and scouring the balance of the P&L for nonessential spend. This has been a significant effort, with the team cutting over $15 million in expenses from our operating plan for the first half of the year. While this does not translate directly to reductions on a year-over-year basis, it does demonstrate the major efforts the organization has made to ensure we're containing costs in this environment. Given the decline in sales we're anticipating for the next several months, we expect adjusted SG&A to delever versus prior year.

在費用方面，我們正在採取措施盡可能減少費用，同時仍然投資於我們的長期增長。短期來看，我們正在減少營銷費用，以更好地匹配支出與銷售下降的情況，推動運營節約，保持人員編制，並清理損益表餘額中的非必要支出。這是一項重大努力，團隊從我們上半年的運營計劃中削減了超過 1500 萬美元的開支。雖然這並不直接意味著逐年減少，但它確實表明了該組織為確保我們在這種環境下控製成本所做的重大努力。鑑於我們預計未來幾個月的銷售額將下降，我們預計調整後的銷售及一般費用將較上年去槓桿化。

In summary, as we face the headwinds of COVID-19, we expect net sales trends to be volatile, similar to what you may see in track channels over the next several months. While we are actively cutting expenses from our operating plan, given the timing of COVID-19 restrictions and plans already in motion, most of our year-over-year expense reductions will not begin to take shape until Q2. We expect our liquidity to remain strong even in this declining sales environment.

總之，當我們面臨 COVID-19 的逆風時，我們預計淨銷售趨勢將出現波動，類似於未來幾個月在軌道渠道中可能看到的情況。雖然我們正在積極削減運營計劃中的費用，但考慮到 COVID-19 限制的時間和已經實施的計劃，我們的大部分同比費用削減要到第二季度才會開始顯現。我們預計，即使在銷售下滑的環境下，我們的流動性仍將保持強勁。

Last quarter, prior to COVID-19, I discussed our 3-year outlook with the expectation for growth. Recall, we presented 2 scenarios. The first reflects a low- to mid-single-digit net sales CAGR, which assumes no significant shelf space or strategic extensions. The second scenario reflects a mid- to high single-digit net sales CAGR that is inclusive of significant shelf space and integrating strategic extensions over time.

上個季度，在 COVID-19 爆發之前，我討論了我們的 3 年前景和增長預期。回想一下，我們提出了 2 個場景。第一個反映了中低個位數的淨銷售額複合年增長率，假設沒有顯著的貨架空間或戰略擴展。第二種情況反映了中高個位數的淨銷售額複合年增長率，其中包括大量的貨架空間和隨著時間的推移整合戰略擴展。

In both cases, we anticipate adjusted EBITDA leverage will be achieved through a mix of top line growth and annual cost savings in COGS and/or SG&A. While the short term is uncertain and requires us to push the model out, we still believe in our long-term algorithm once the retail environment returns to normalcy. We believe our value proposition positions the e.l.f. brand for growth. And with the addition of W3LL PEOPLE and the new brand we're developing, we anticipate that growth can be further accelerated.

在這兩種情況下，我們預計調整後的 EBITDA 槓桿將通過營收增長和 COGS 和/或 SG&A 的年度成本節省來實現。雖然短期存在不確定性，需要我們推出該模型，但一旦零售環境恢復正常，我們仍然相信我們的長期算法。我們相信我們的價值主張定位於 e.l.f.品牌成長。隨著 W3LL PEOPLE 和我們正在開發的新品牌的加入，我們預計增長會進一步加速。

With that, I'll turn the presentation back to Tarang.

接下來，我將把演示轉回塔朗。

Thank you, Mandy. Before I open up the call to questions, I'd like to underscore that e.l.f. delivered outstanding FY '20 results and we believe is better positioned than many of our competitors to navigate this challenging time, given our strength in digital and strong value equation.

謝謝你，曼迪。在開始提問之前，我想強調一下 e.l.f.交付了出色的 20 財年業績，我們相信，鑑於我們在數字化方面的實力和強大的價值方程式，我們比許多競爭對手更有能力應對這個充滿挑戰的時期。

Our confidence in the long-term growth and investment thesis is based on our unique advantages. We have the right team with an employee base that's 70% female, 55% millennial and 45% diverse and represents the consumers that we serve. We hire from blue chip academy, beauty and consumer companies with people who want to move at e.l.f. speed.

我們對長期增長和投資主題的信心基於我們獨特的優勢。我們擁有合適的團隊，員工群體中 70% 為女性，55% 為千禧一代，45% 為多元化員工，代表了我們所服務的消費者。我們從藍籌學院、美容和消費品公司招聘想要加入 e.l.f. 的員工。速度。

We're 1 of only 10 public companies with a Board that is over 60% female. Our Board is highly experienced in public company governance. We know our consumers and how to engage them with our #1 mass e-commerce site and reach on key digital platforms. We know how to make products people want with a unique ability to launch holy grail first-to-mass products. We move at e.l.f. speed with the ability to bring new products to market in as few as 13 weeks. We have world-class operations providing us the best combination of cost, quality and speed. We know how to go to market and grow through strong relationships with our national retail partners. We've expanded our shelf space from 11,000 to 110,000 linear feet in the last 5 years. We have significant opportunities in both additional space and geographies. We know how to build brands as we move from a single brand company to a house of brands.

我們是僅有 10 家董事會女性比例超過 60% 的上市公司之一。我們的董事會在上市公司治理方面擁有豐富的經驗。我們了解我們的消費者，也了解如何讓他們與我們排名第一的大眾電子商務網站互動並覆蓋主要數字平台。我們知道如何製造人們想要的產品，並具有推出聖杯首批大眾產品的獨特能力。我們搬到 e.l.f.能夠在短短 13 週內將新產品推向市場。我們擁有世界一流的運營能力，為我們提供了成本、質量和速度的最佳組合。我們知道如何通過與全國零售合作夥伴的牢固關係進入市場並實現增長。在過去 5 年裡，我們已將貨架空間從 11,000 線性英尺擴大到 110,000 線性英尺。我們在額外的空間和地理位置上都擁有重要的機會。當我們從單一品牌公司轉變為品牌之家時，我們知道如何打造品牌。

While these are difficult times, we are optimistic in the long-term potential of this company. We believe our digital strength and core value proposition will enable us to gain market share in the short term. We continue to have a great deal of white space and are confident to be able to return to our long-term economic model once this crisis is over.

儘管現在是困難時期，但我們對這家公司的長期潛力感到樂觀。我們相信我們的數字實力和核心價值主張將使我們能夠在短期內獲得市場份額。我們仍然有大量的空白空間，並且有信心在這場危機結束後能夠恢復我們的長期經濟模式。

In summary, we're optimistic in the long-term potential of this company. Not only did we deliver an outstanding FY '20, I believe we're better positioned than most companies in our space to navigate these challenging times. Our mission to make the best of beauty accessible to every eye, lip and face is more important than ever. I am so grateful to our team, our partners and the consumers that we serve.

綜上所述，我們對這家公司的長期潛力持樂觀態度。我們不僅在 20 財年取得了出色的業績，而且我相信我們比業內大多數公司更有能力應對這些充滿挑戰的時代。我們的使命是讓每個眼睛、嘴唇和臉部都能享受到最好的美麗，這一使命比以往任何時候都更加重要。我非常感謝我們的團隊、合作夥伴以及我們所服務的消費者。

We look forward to seeing you virtually at the upcoming William Blair, Jefferies, Piper and Cowen conferences where various members of our executive team will provide further color on how we are navigating these times and plan to build upon the advantages that made FY '20 such a success. We continue to have a great deal of white space and are confident to be able to return to our long-term economic model once this crisis is over. Thank you.

我們期待在即將召開的William Blair、Jefferies、Piper 和Cowen 會議上與您見面，我們的執行團隊的各個成員將在會上進一步闡述我們如何應對這些時代，併計劃在20 財年取得如此成就的優勢基礎上再接再厲。成功。我們仍然有大量的空白空間，並且有信心在這場危機結束後能夠恢復我們的長期經濟模式。謝謝。

With that, operator, you may open the call to questions. For those who'd like to ask a question, please do so through a separate dial-in line at (866) 807-9684 or (412) 317-5415 internationally. Those not asking questions can hear the question-and-answer session through the webcast.

這樣，接線員，您就可以開始提問。如果您想提問，請通過單獨的撥入線路（國際） (866) 807-9684 或 (412) 317-5415 進行提問。那些沒有提問的人可以通過網絡廣播聽到問答環節。

With that, we will pause for 5 minutes for those seeking to ask questions to queue up on the dial-in line.

之後，我們將暫停 5 分鐘，以便那些想要提問的人在撥入線路上排隊。

(Operator Instructions) The first question comes from Andrea Teixeira of JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Andrea Teixeira。

Hope all is well. Tarang and team, congrats on the results and the new presentation format to individuals. If you can help us understand what's happening quarter-to-date, you're relatively doing better, and obviously, appreciate Mandy's analysis of the Nielsen data. But my first question is, if the shipments are now shaping -- how they're shaping up now quarter-to-date, if they're less negative in May than in April? And if you see the inventory levels at the bricks-and-mortar now that some states are reopening, how you're seeing those inventory levels? And my second question is just a clarification on Mandy's point about the deleveraging, operational deleveraging. Is that a commentary just for the first half of the year that despite the efforts to reduce $15 million, I believe, was the commentary on SG&A that we're still going to see SG&A -- the operating deleverage on the EBIT level?

希望一切安好。Tarang 和團隊祝賀我們取得的成果以及新的個人演示格式。如果您能幫助我們了解本季度迄今為止發生的情況，那麼您的表現相對會更好，而且顯然，您會欣賞 Mandy 對尼爾森數據的分析。但我的第一個問題是，如果出貨量現在正在形成——季度至今它們的情況如何，五月份的負面影響是否比四月份要小？如果您現在看到一些州重新開放後實體店的庫存水平，您如何看待這些庫存水平？我的第二個問題只是對曼迪關於去槓桿、操作性去槓桿的觀點進行澄清。這是針對今年上半年的評論嗎？儘管我們努力減少了 1500 萬美元，但我相信，我們仍然會看到 SG&A（即息稅前利潤水平上的運營去槓桿化）對 SG&A 的評論嗎？

So nice to hear from you. So on the quarter-to-date, what we have going on, as I disclosed on the Nielsen data, we have seen things tick up a bit since the 4/18 read. So in the 4/18 read of Nielsen, we were down 29%. And in the latest 4 weeks ending 5/02, we were down 9%. And we really feel that, that has been driven by the impact of government stimulus checks, hitting those consumers and they're out there spending. And so what I would say is that I can't give you any color on our shipments quarter-to-date, but I can anchor you back to the Nielsen data we're seeing. And again, that -- the latest 4 weeks ending 5/02, we do think, was a onetime event related to consumers and government stimulus checks.

很高興收到你的來信。因此，就本季度至今，正如我在尼爾森數據中披露的那樣，我們看到自 4 月 18 日以來情況有所好轉。因此，根據尼爾森 4 月 18 日的數據，我們下跌了 29%。在截至 5 月 2 日的最近 4 週內，我們下跌了 9%。我們確實認為，這是由政府刺激檢查的影響推動的，打擊了那些消費者，他們在那裡消費。因此，我想說的是，我無法為您提供我們季度至今的出貨量的任何信息，但我可以讓您回到我們看到的尼爾森數據。再說一次，我們確實認為，截至 5 月 2 日的最近 4 周是與消費者和政府刺激檢查相關的一次性事件。

In terms of the deleveraging, so the way that I'm approaching this year, given the volatility that we're seeing, is I'm really focused on the first half of the year. And so the $15 million in cost reductions that I spoke about, that was versus our operating plan. I would say on a year-over-year basis, we are still expecting SG&A -- adjusted SG&A to deleverage versus a year ago, given the magnitude of the sales declines that we're seeing.

就去槓桿化而言，考慮到我們所看到的波動性，我今年的應對方式是，我真正關注的是今年上半年。因此，我所說的 1500 萬美元的成本削減與我們的運營計劃是不相符的。我想說，與去年同期相比，考慮到我們所看到的銷售下降幅度，我們仍然預計SG&A——調整後的SG&A，以與一年前相比去槓桿化。

The next question comes from Dara Mohsenian of Morgan Stanley.

下一個問題來自摩根士丹利的達拉·莫森尼安。

So Tarang, obviously, significant cosmetics category weakness in the U.S. mass channel recently. Can you just give us a bit of a conceptual overview of when you might expect to see a more sustained rebound in U.S. mass cosmetics trends? And what's the driver behind that? Is it more people returning to work or feeling comfortable shopping the shelves? Or is it more consumers' comfort with their financial situation? I'd assume it's more the latter, but you did mention the temporary boost with the stimulus check. So just curious for what might be the drivers behind that. And then secondly, can you just discuss the potential for consumers to trade down into the mass beauty category for more premium products with macro weakness and e.l.f.'s ability to potentially capitalize on that?

因此，塔朗（Tarang）顯然是最近美國大眾渠道化妝品類別的顯著疲軟。您能否給我們提供一些概念性概述，說明您預計何時會看到美國大眾化妝品趨勢出現更持續的反彈？這背後的驅動因素是什麼？是有更多的人重返工作崗位，還是在貨架上購物感到安心？還是消費者對自己的財務狀況更加滿意？我認為更多的是後者，但你確實提到了刺激檢查的暫時提振。所以只是好奇這背後的驅動因素是什麼。其次，您能否討論一下消費者在宏觀經濟疲軟的情況下轉向大眾美容品類購買更優質產品的潛力，以及 e.l.f. 是否有能力利用這一點？

I would say on the first question in terms of what the outlook would be is one of the reasons we suspended '21 guidance. Things are just too volatile right now. As Mandy said, the 4 weeks ending April 18, we saw pretty significant declines in the category and in health. And so one of the things we're really paying close attention to is what we're seeing from a consumer behavior standpoint. Certainly, in the last few weeks, we've seen a major uptick. Again, we believe that's due to stimulus checks and -- as well as some parts of the country starting to open up. So I would say the things we're focused on is when do we turn to some level of normalcy, whether that's people coming back to work, ability to go into retail stores. Once they're done with, and I think we're starting to see, the initial hoarding on essential products, particularly with the stimulus checks, I think we saw both Walmart and Target talk about their discretionary spending going up. So we're paying close attention to what happens with that consumer behavior, but I do believe it will factor into both the normalcy of getting people back to their normal lives as well as the amount of unemployment that is out there.

關於第一個問題，我想說的是，前景是我們暫停 21 年指導的原因之一。現在的情況太不穩定了。正如 Mandy 所說，截至 4 月 18 日的 4 週內，我們看到該品類和健康狀況出現了相當顯著的下降。因此，我們真正密切關注的事情之一是我們從消費者行為的角度看到的情況。當然，在過去幾周里，我們看到了大幅上升。我們再次相信，這是由於刺激檢查以及該國某些地區開始開放。因此，我想說，我們關注的事情是我們何時才能恢復某種程度的正常狀態，無論是人們重返工作崗位，還是進入零售商店的能力。一旦他們完成了，我想我們開始看到，對必需品的最初囤積，特別是刺激支票，我想我們看到沃爾瑪和塔吉特都在談論他們的可自由支配支出的增加。因此，我們正在密切關註消費者行為的變化，但我確實相信，這將影響人們恢復正常生活的正常情況以及失業率。

In terms of us and what we're seeing in the category, we believe we're well positioned. So even in that period in mid-April where the category was particularly soft, we picked up pretty significant share. Our share in that 4 weeks ending 4/18 with a 5.2% share, up 60 basis points versus a year ago, continue to see good share results. And one of the things that we're really focused on is our relative performance to the category. And I would tell you we're well positioned not only the strength that we have in digital but overall value proposition. We know over the last few years, as the economy was booming, there certainly was trade up into prestige. We believe our ability to provide prestige quality products with these extraordinary values positions us really well. So we're looking forward to continue to take share as we go forward.

就我們以及我們在該類別中看到的情況而言，我們相信我們處於有利地位。因此，即使在 4 月中旬該類別特別疲軟的時期，我們也獲得了相當大的份額。截至 4 月 18 日的 4 週內，我們的份額為 5.2%，比一年前上升了 60 個基點，繼續取得良好的份額業績。我們真正關注的事情之一是我們相對於該類別的表現。我想告訴你，我們不僅在數字領域的實力而且在整體價值主張方面都處於有利地位。我們知道，在過去的幾年裡，隨著經濟的蓬勃發展，聲譽肯定會得到提升。我們相信，我們有能力提供具有這些非凡價值的優質產品，這使我們處於有利地位。因此，我們期待著在前進的過程中繼續分享。

The next question today comes from Oliver Chen of Cowen.

今天的下一個問題來自 Cowen 的 Oliver Chen。

Our question is about thinking about the crisis. And what are permanent changes and/or surprises that you see as you approach marketing and/or product development? And we'd also love your take on how you're going to prioritize thinking about being multi-brand. And there's a lot of opportunity ahead. So what are some of the thoughts around frameworks about what you should focus on next as you embark in that part of your strategy as well?

我們的問題是關於對危機的思考。當您進行營銷和/或產品開發時，您看到的永久性變化和/或驚喜是什麼？我們也希望您能了解您將如何優先考慮多品牌。未來還有很多機會。那麼，當您開始實施這部分戰略時，您下一步應該關注什麼，圍繞框架有哪些想法呢？

Sure. Oliver, I would say in terms of core changes we're seeing, our first focus is always on people, and I'm incredibly proud of our team and our ability to navigate so far this crisis. Starts with our China team, we've been dealing with this since January as they were impacted by COVID-19 in China. I'm proud that we're one of the first beauty companies to come out of the crisis there. I think within a week, all of our suppliers were up and running. Within 5 weeks, we're at 100% capacity. And that really went through the regimen that our team took from a health and hygiene standpoint level of coordination we have really talks a lot about our advantages. We're taking many of the same tactics here in the U.S. to take care of our employees and our communities, first and foremost.

當然。奧利弗，我想說，就我們所看到的核心變化而言，我們的首要關注點始終是人，我對我們的團隊以及迄今為止應對這場危機的能力感到非常自豪。從我們的中國團隊開始，我們自 1 月份以來就一直在處理這個問題，因為他們在中國受到了 COVID-19 的影響。我很自豪我們是最早擺脫危機的美容公司之一。我認為一周之內，我們所有的供應商都已啟動並運行。5 週內，我們的產能達到 100%。這確實經歷了我們團隊從健康和衛生角度協調的角度採取的方案，我們確實談論了很多我們的優勢。我們在美國採取了許多相同的策略，首先是為了照顧我們的員工和社區。

In terms of within particular categories that we take a look at, we've had strength really for a very long time in primers. We saw that get even stronger in this past year with our Poreless Putty Primer, which we've now made a franchise with the introduction of our Luminous and mattifying putty primers. Poreless Putty Primer is now not only the #1 primer in the U.S. but the #1 face product. And we've also gotten some anecdotal notes that have been great to see came from a number of nurses who said the only thing they could kind of put in their faces as they wore a lot of masks and didn't want soil them was our Poreless Putty Primer. It really helped save their face. And so we continue to see strength there. We see strength in concealers.

就我們所關注的特定類別而言，我們長期以來在底漆方面確實擁有實力。我們看到，在過去的一年裡，我們的無孔膩子底漆變得更加強大，我們現在通過推出我們的夜光和啞光膩子底漆，使其成為特許經營產品。Poreless Putty Primer 現在不僅是美國排名第一的底漆，也是排名第一的面部產品。我們還收到了一些來自一些護士的軼事，很高興看到他們說，因為他們戴著很多口罩並且不想弄髒他們，所以他們唯一可以放在臉上的東西就是我們的口罩。無孔膩子底漆。這確實幫了他們挽回面子。因此我們繼續看到那裡的力量。我們看到遮瑕膏的力量。

And then particularly in skin care, skin care was strong all year. The consumption data was plus 27% for FY '20, and that doesn't even include Ulta Beauty, which expanded skin care full chain. So we'll continue to see a focus on skin care. I'm particularly pleased with some of the more recent introductions, both our Cannabis sativa line as well as our Full Spectrum CBD line that we launched just a couple of weeks ago. I think there's a real desire from consumers for wellness. And we're positioned well again with our skin care offering, prestige quality at these extraordinary prices.

然後特別是在皮膚護理方面，全年皮膚護理都很強勁。20 財年的消費數據增長了 27%，這還不包括拓展護膚全鏈條的 Ulta Beauty。因此，我們將繼續關注皮膚護理。我對最近推出的一些產品感到特別滿意，包括我們的 Cannabis sativa 系列以及我們幾週前推出的全譜 CBD 系列。我認為消費者確實渴望健康。我們憑藉我們的護膚產品、卓越的品質和非凡的價格再次佔據了有利地位。

And I'd say the third thing that we're really focused on is digital. We've long -- it's a digitally native brand. That's been the key focus that drives everything that we do from a consumer engagement standpoint. But as I mentioned, in the last few weeks, we've seen triple-digit increases on elfcosmetics.com as well as many of our retailer dot-coms. And I believe you'll continue to see increased emphasis on digital.

我想說我們真正關注的第三件事是數字化。我們很早就——它是一個數字原生品牌。從消費者參與的角度來看，這是推動我們所做一切的關鍵焦點。但正如我提到的，在過去的幾周里，我們看到 elfcosmetics.com 以及我們的許多零售商網絡公司的銷售額出現了三位數的增長。我相信您將繼續看到人們對數字化的重視程度越來越高。

And then on the second question regarding multi-brand, we've long believed that the investments we've made in the team and infrastructure and the capabilities we have could be applied to other brands and a significant leverage in being able to do that. I'm really pleased with the integration that we've had with our W3LL PEOPLE acquisition. Within 3 months, we fully integrated it into all of our e.l.f. systems operationally as well as starting to map out the growth path on W3LL PEOPLE. It's a great example of being able to take something that has a lot of potential that can leverage the e.l.f. chassis that we have. I'm equally excited about a new brand that we've been developing for some time but we'll be able to talk about more in the August time frame, similar type of approach of being able to leverage the chassis that we've built, whether it be in an adjacent category or different price points that again can leverage the investments we've made in team and infrastructure.

關於多品牌的第二個問題，我們長期以來相信，我們在團隊和基礎設施方面的投資以及我們擁有的能力可以應用於其他品牌，並且能夠實現這一點具有重要的影響力。我對我們通過收購 W3LL PEOPLE 進行的整合感到非常滿意。3個月內，我們將其完全融入到我們所有的e.l.f.中。系統正在運行，並開始規劃 W3LL PEOPLE 的增長路徑。這是一個很好的例子，說明能夠利用具有很大潛力的東西來利用 e.l.f.我們擁有的機箱。我同樣對我們已經開發了一段時間的新品牌感到興奮，但我們將能夠在八月的時間範圍內討論更多內容，類似的方法能夠利用我們構建的底盤，無論是相鄰類別還是不同價位，都可以再次利用我們在團隊和基礎設施方面的投資。

Tarang, our last question is just Target and Walmart have done a great job with curbside pickup and the Drive Up curbside experiencing as well as rethinking stores in the age of social distancing is becoming a big topic. Does that have implications for how you think about planning and/or where you are with Project Unicorn? Project Unicorn, it sounds like it's been really successful and you've had a lot of momentum there.

Tarang，我們的最後一個問題是塔吉特和沃爾瑪在路邊取貨和駕車路邊體驗以及在社交距離時代重新思考商店正在成為一個大話題。這對您如何看待規劃和/或您在獨角獸計劃中的進展有影響嗎？獨角獸計劃，聽起來真的很成功，而且你們在那裡有很大的動力。

Yes. We've been really pleased with what we've seen at both Target and Walmart on their buy online, pick up curbside. Those businesses have been particularly strong for us and I believe other brands as well. And I think what it relates to is also our efforts on the retailer dot-com front. We've seen pretty strong growth all year not only on the different retailer dot-coms but also Amazon. So I think it's a continuation of a trend we've been seeing, which is more comfort online and being able to leverage the physical spaces that retailers have. And then as that relates to Unicorn, you're going to hear me talk about Unicorn for many quarters to come because it's got multiple phases and we continue to drive improvements in productivity through Unicorn. And that includes our ability to do better visual merchandising, and how we do that both online and the one comes into their stores as well as what we think about a new reality of when they're navigating even the websites of our customers is also another dimension that we'll be looking at with Unicorn.

是的。我們對塔吉特和沃爾瑪在線購買、路邊提貨的情況感到非常滿意。這些業務對我們來說尤其強勁，我相信其他品牌也是如此。我認為這也與我們在零售商互聯網領域的努力有關。我們全年都看到了相當強勁的增長，不僅是不同的零售商網絡公司，還有亞馬遜。因此，我認為這是我們所看到的趨勢的延續，即在線上更加舒適，並且能夠利用零售商擁有的物理空間。然後，由於這與獨角獸有關，您將在未來的許多季度中聽到我談論獨角獸，因為它有多個階段，並且我們將繼續通過獨角獸推動生產力的提高。這包括我們進行更好的視覺營銷的能力，以及我們如何在網上和進入他們的商店中做到這一點，以及我們對他們甚至在瀏覽我們客戶的網站時的新現實的看法也是另一回事我們將通過Unicorn 來研究這個維度。

Great. Nice job on Chipotle.

偉大的。Chipotle 做得很好。

Thanks.

謝謝。

Thanks, Oliver.

謝謝，奧利弗。

Next question today comes from Steph Wissink of Jefferies.

今天的下一個問題來自 Jefferies 的 Steph Wissink。

We have a 2-part question on skin care. Tarang, you just started talking about it in response to the prior question, but I'm curious if you can just contextualize for us a bit more. How big is skin as a percentage of your total business? And can you help us think about how big at retail versus some of your more advanced channels like your own dot-com or maybe even Ulta as a specialty partner?

我們有一個關於皮膚護理的問題，分為兩部分。Tarang，您剛剛開始談論這個問題是為了回答之前的問題，但我很好奇您是否能為我們提供更多背景信息。皮膚業務佔您總業務的比例有多大？您能否幫助我們思考一下，與您的一些更先進的渠道（例如您自己的網絡公司，甚至作為專業合作夥伴的 Ulta）相比，零售業的規模有多大？

Sure. Steph, so skin care has been a pretty big strategic focus of ours for some time going back, let's say at least 18 months. Part of that reflects what we've seen from a category standpoint and the ability for it to really drive incremental sales. But more importantly, it follows our model really well, where we do some of the best products on the Prestige side and our ability to make those more accessible to consumers. So it's still a small part of our business. It's still less than 10% of our total business, but it's one of the fastest-growing parts of our business. And I think you'll continue to see it grow fast mainly because of the innovation pipeline that we can bring. The example I gave on Full Spectrum, Cannabis sativa line I mean -- sorry, Full Spectrum CBD line that we just introduced is a good indication of our capabilities in terms of bringing real innovation and news in skin care and having it be more accessible.

當然。Steph，皮膚護理在一段時間內一直是我們的一個相當大的戰略重點，比如說至少 18 個月。這部分反映了我們從品類角度看到的情況以及它真正推動增量銷售的能力。但更重要的是，它很好地遵循了我們的模式，我們在 Prestige 方面提供了一些最好的產品，並且我們有能力讓消費者更容易獲得這些產品。所以這仍然是我們業務的一小部分。它仍然不到我們總業務的 10%，但卻是我們業務中增長最快的部分之一。我認為您將繼續看到它快速增長，主要是因為我們可以帶來創新渠道。我在全譜大麻系列上給出的例子，我的意思是——抱歉，我們剛剛推出的全譜CBD 系列很好地表明了我們在皮膚護理方面帶來真正的創新和新聞並使其更容易獲得的能力。

And then in terms of footprint, I would say skin care has tremendous white space. The most developed customer that we have from a skin care standpoint is Target. Ulta only started rolling it out full chain last year, and we've seen great results with both customers on our skin care. They're making up an increasingly large portion of our business there -- or a larger portion of our business. It's still a small portion of our overall business. And then I'd say the thing that gives me the greatest heart for skin care and what its potential is, is its significantly larger portion of our online sales. So -- where we're able to have the full assortment, which tells me that over time, as more retailers take in skin care from e.l.f. and allocate more space to skin care, it can be a much bigger part of our business.

然後就足跡而言，我想說護膚品有巨大的空白。從皮膚護理的角度來看，我們擁有的最成熟的客戶是 Target。Ulta 去年才開始在全鏈條上推廣，我們在皮膚護理方面已經看到了兩位客戶的良好成果。他們在我們那裡的業務中所佔的比例越來越大，或者說在我們業務中所佔的比例越來越大。這仍然只是我們整體業務的一小部分。然後我想說的是，讓我對皮膚護理最熱衷及其潛力的事情是它在我們在線銷售中所佔的比例要大得多。所以——我們能夠擁有完整的品種，這告訴我，隨著時間的推移，隨著越來越多的零售商從 e.l.f. 購買護膚品。並為皮膚護理分配更多空間，它可以成為我們業務的更大組成部分。

That's great. And then just one follow-up on your marketing strategy as we progress into the back half of this year and you think about potentially more of a recessionary environment. I know you've not leaned very heavily into price as an agent for driving awareness and utilization, but is that an opportunity lever that you see to really press into your value proposition in addition to your other advantages?

那太棒了。然後，隨著我們進入今年下半年，您會考慮更多可能的經濟衰退環境，對您的營銷策略進行一次後續行動。我知道您並沒有非常依賴價格作為提高認知度和利用率的代理，但除了您的其他優勢之外，您認為這是真正推動您的價值主張的機會槓桿嗎？

Absolutely. I think our value proposition is one of our core superpowers. And in this environment in particular, we're seeing consumers really respond to those messages. So we're already -- we're not staying quiet during this time. We think it's a great opportunity for us to build share. We have taken marketing down relative to our original plans, but it's still proportionate to net sales. And that's because we want to keep the fuel on in terms of our engagement efforts, which have been quite successful. And as part of those engagement efforts, we're constantly testing and learning different approaches. What we've seen over the past number of weeks is some of our value messaging that we've done digitally have been -- consumers have been quite responsive to, have done really well. So you're -- I think you're going to continue to see us really hone that area of our advantage and find different ways of communicating it, and you won't have to wait until the back half.

絕對地。我認為我們的價值主張是我們的核心超能力之一。特別是在這種環境下，我們看到消費者對這些信息做出了真正的回應。所以我們在這段時間不會保持沉默。我們認為這是我們建立共享的絕佳機會。相對於我們原來的計劃，我們已經減少了營銷活動，但它仍然與淨銷售額成比例。這是因為我們希望繼續推動我們的參與工作，這些工作已經相當成功。作為這些參與工作的一部分，我們不斷測試和學習不同的方法。在過去的幾周里，我們看到的是我們通過數字方式傳遞的一些價值信息——消費者對此反應非常積極，做得非常好。所以我想你會繼續看到我們真正磨練我們的優勢領域並找到不同的溝通方式，而你不必等到後半段。

The next question today comes from Erinn Murphy of Piper Sandler.

今天的下一個問題來自 Piper Sandler 的 Erinn Murphy。

I guess my first question is for you, Tarang. I'm curious. You talked about kind of space gains secured for Walmart and Target in a portion of their doors. Could you just kind of elaborate a little bit more about when we should be expecting those? Maybe what percent of the fleet, respectively, are getting them. Is it kind of a pre-holiday or kind of spring reset plan?

我想我的第一個問題是問你的，塔朗。我很好奇。您談到了沃爾瑪和塔吉特在其部分門內獲得的空間收益。您能否詳細說明一下我們何時應該期待這些？也許機隊中分別有多少百分比獲得了它們。這是節前的計劃還是春季重置計劃？

Sure. Erinn, so we're really pleased that with the strength that we saw throughout FY '20, particularly on the productivity front, the strength of our innovation program and our consumer profile, retailers continue to reward us with more space. So as I mentioned in our prepared remarks, both Walmart and Ulta will be expanding e.l.f. space in a subset of their doors. It will be -- the timing will be this fall. So it won't have to wait until next spring's planograms, and that's the current kind of time line that they're on. For competitive reasons, neither customer likes us to reveal what that footprint will look like. So you'll have to unfortunately wait until the fall to see it in their stores. We believe there's still plenty of white space even in our most established customer, Target. Last year as part of Unicorn, us developing these flex towers with them that allow us to highlight some of our key innovation and most productive items proved to be almost a mini space gain within Target. And we're taking those merchandising vehicles that we're seeing across customers and particularly in this environment, maybe related to the previous question on really highlighting our price/value equation and the price statements we can make, really looking at that as an opportunity with the additional space to really make those statements.

當然。Erinn，因此，我們非常高興看到，憑藉我們在整個20 財年所看到的實力，特別是在生產力方面、我們的創新計劃的實力以及我們的消費者形象，零售商繼續為我們提供更多的空間。正如我在準備好的發言中提到的，沃爾瑪和 Ulta 都將擴大 e.l.f.他們的門的子集中的空間。時間將是今年秋天。因此，它不必等到明年春天的貨架圖，這就是他們目前的時間線。出於競爭原因，兩個客戶都不希望我們透露該足蹟的樣子。因此，不幸的是，您必須等到秋天才能在他們的商店中看到它。我們相信，即使是我們最成熟的客戶塔吉特 (Target) 也仍然存在大量空白。去年，作為 Unicorn 的一部分，我們與他們一起開發了這些柔性塔，這使我們能夠突出我們的一些關鍵創新和最俱生產力的項目，事實證明，這幾乎是塔吉特內部的一個迷你空間增益。我們正在採用我們在客戶中看到的那些推銷工具，特別是在這種環境下，可能與之前的問題有關，即真正強調我們的價格/價值方程式以及我們可以做出的價格聲明，真正將其視為一個機會有額外的空間來真正做出這些陳述。

Okay. That's helpful. And then I guess I recognize retailers have been prioritizing, particularly when you look at Walmart and Target, kind of the essentials in this initial phase of the pandemic. But as we sit now and you're seeing more retail open, how are your key retailers talking about replenishment? Are they starting to look at replenishment yet? And the reason I ask is as we walk towards it, it definitely feels like for your brand and some -- several of the cosmetic brands, there's a lot of stock-outs right now. So I'm just curious on when you kind of expect that to potentially change.

好的。這很有幫助。然後我想我認識到零售商一直在優先考慮，特別是當你看看沃爾瑪和塔吉特時，這是大流行初期階段的必需品。但當我們現在坐下來時，您會看到更多的零售店開業，您的主要零售商如何談論補貨？他們開始考慮補貨了嗎？我問的原因是，當我們走向這個目標時，對於你們的品牌和一些化妝品品牌來說，現在肯定有很多缺貨的感覺。所以我只是好奇你什麼時候期望這種情況可能會改變。

Yes. Well, as you say, for sure, the retailers were prioritizing essentials particularly in an initial period where we had such unprecedented demand for essential products. We've always run fairly lean when it comes to an inventory standpoint with our retailers. We're in very close contact with them. We've penetrated the supply chains pretty well with each of our retailers and are working closely with them to make sure that we have better in-stock positions going forward and pretty confident of our ability to do that given our history.

是的。嗯，正如你所說，零售商肯定會優先考慮必需品，特別是在我們對必需品有著前所未有的需求的初期。從零售商的庫存角度來看，我們一直相當精簡。我們與他們保持著非常密切的聯繫。我們已經很好地滲透了每個零售商的供應鏈，並與他們密切合作，以確保我們未來擁有更好的庫存狀況，並且鑑於我們的歷史，我們對我們做到這一點的能力充滿信心。

And sorry, just to clarify, are the retailers starting to replenish though the category?

抱歉，想澄清一下，零售商是否開始通過該類別進行補貨？

They've always replenished it. I think part of it has to do with our relative performance, as I mentioned, while the category was way down. And we were to -- particularly during the point with stimulus checks, we performed extremely well relative to the category. So it's what we've seen in the past because e.l.f. moves much faster because we have this great value equation. Consumers are buying more of it, which creates the need for replenishment. But we've -- they've been replenishing. We ship every week to each of our major customers, and so I would expect that to catch up in short order.

他們一直都在補充。正如我所提到的，我認為部分原因與我們的相對錶現有關，而該類別的表現卻大幅下降。我們要——特別是在刺激檢查期間，我們相對於該類別的表現非常好。這就是我們過去所看到的，因為 e.l.f.因為我們有這個偉大的價值方程式，所以進展得更快。消費者購買的商品越來越多，這就產生了補貨的需求。但我們——他們一直在補充。我們每週都會向每個主要客戶發貨，因此我希望能夠在短時間內趕上。

Okay. And then, Mandy, sorry, I do have one more for you. You guys have done a nice job seeing a strong gross margin acceleration particularly this last year at a 64% level. Can you just kind of share with us what are some of the key kind of puts and takes from here particularly as you think about the next 12 months?

好的。然後，曼迪，抱歉，我還有一份給你。你們做得很好，看到了毛利率的強勁增長，特別是去年達到了 64% 的水平。您能否與我們分享一下這裡的一些關鍵看跌期權和賣出期權，特別是您對未來 12 個月的看法？

Yes. So Erinn, we are not giving guidance today, and that would pertain to gross margin as well. But what I can tell you is that we have done a great job of offsetting the impact of tariffs through a mix of pricing, our margin-accretive innovation, cost savings and, of course, the onetime benefits that we're seeing with foreign exchange. And that's what I can tell you. We've made great progress there, and we've been able to not only maintain but improve our gross margin in fiscal '20. And we're really proud of that.

是的。因此，Erinn，我們今天不會提供指導，這也與毛利率有關。但我可以告訴你的是，我們通過定價、利潤增值創新、成本節約，當然還有我們在外匯方面看到的一次性好處，在抵消關稅的影響方面做得很好。 。這就是我可以告訴你的。我們在這方面取得了巨大進展，我們不僅能夠維持而且還提高了 20 財年的毛利率。我們對此感到非常自豪。

The next question comes from Rupesh Parikh of Oppenheimer.

下一個問題來自奧本海默的魯佩什·帕里克（Rupesh Parikh）。

I guess a question for you, Tarang. Just wanted to get a sense in terms of how you're thinking about demand for makeup in this environment, especially more people working from home and people going out less in public areas.

我想問你一個問題，塔朗。只是想了解一下您如何看待這種環境下的化妝品需求，尤其是越來越多的人在家工作，人們減少在公共場所外出。

Well, we certainly, particularly in the initial period, saw the category decline, consumer behavior changed where you did not need to wear makeup as much when you're just at home. And so certainly, there was disruption from a demand standpoint in initial periods. More recently, we've seen an uptick. I think it will be some time before we know whether how much of that was due to the stimulus checks that were out there versus consumers frankly being maybe a little pent up and wanting to get back to their lives and normalcy. We also are, with each of our retailers, pulling data for different regions of the country of when people are able to kind of get back and restrictions are lifted. And we do see better results in those markets where restrictions have been lifted. But again, the long-term impact of this, I think we're going to have to continue to monitor over time.

嗯，我們當然，特別是在最初階段，看到了品類的下降，消費者行為的改變，當你在家時不需要那麼多化妝。因此，從需求的角度來看，初期確實存在干擾。最近，我們看到了上升。我認為，我們還需要一段時間才能知道其中有多少是由於現有的刺激性檢查，而坦率地說，消費者可能有點壓抑並希望恢復正常的生活。我們還與每個零售商一起提取該國不同地區的數據，了解人們何時能夠返回並取消限制。我們確實在那些取消限制的市場中看到了更好的結果。但同樣，我認為我們將不得不隨著時間的推移繼續監測其長期影響。

Great. And then I guess just one more question. As you look at the competitive backdrop out there, some of these smaller brands have definitely made traction in makeup the past few years. Like how are you thinking of the backlog coming out of this? Like does it get less competitive? Maybe there's less money going into some of these smaller brands. Just any thoughts there would be helpful.

偉大的。然後我想還有一個問題。當你看到那裡的競爭背景時，你會發現其中一些小品牌在過去幾年裡確實在化妝品領域取得了巨大的成功。您如何看待由此產生的積壓？比如它的競爭力會降低嗎？也許投入到一些較小品牌的資金較少。只要有任何想法都會有幫助。

I started my career on beauty almost 30 years ago, and I used to tell people then it's a highly competitive category. And I haven't seen anything change other than that competitive rivalry increasing particularly when brands can go direct-to-consumer online, including the genesis and the formation of e.l.f. that way. What I will also tell you though is very few brands have scaled above that $100 million mark. And so you will constantly see a flow of brands come in and out. In that context, I feel we're very well positioned. I think not only did we grow the most share of the top 5 brands last year in FY '20, but even in this initial period in COVID-19, I think we're the only brand growing share out of those top brands. And so I believe as long as we continue to execute our strategic imperatives and we put real focus on our leveraging, what we call our superpowers, I think we're well situated in the market.

大約 30 年前，我開始了我的美容職業生涯，我曾經告訴人們這是一個競爭非常激烈的類別。除了競爭加劇之外，我沒有看到任何變化，特別是當品牌可以在網上直接面向消費者時，包括 e.l.f. 的起源和形成。那樣。不過，我還要告訴您的是，很少有品牌的銷售額能突破 1 億美元大關。因此，你會不斷看到品牌不斷進進出出。在這種情況下，我覺得我們處於非常有利的位置。我認為，我們不僅在去年 20 財年的前 5 名品牌中增長了最大的份額，而且即使在 COVID-19 的初始階段，我認為我們也是這些頂級品牌中唯一增長份額的品牌。因此，我相信，只要我們繼續執行我們的戰略要務，並真正關注我們的槓桿作用，即我們所說的超級大國，我認為我們在市場上處於有利地位。

The next question comes from Bill Chappell of SunTrust.

下一個問題來自 SunTrust 的 Bill Chappell。

Two questions. One, how good of a visibility do you have into the pantries of your customers? And when I say that, I mean has -- have sales tracked kind of usage? Or is it hard to tell? And when I say that, I assume a fair amount of your consumers, they've stayed at home, they've used less cosmetics because they're not going out, they're not going to the store, they're not doing whatever. And as things open back up, they will. But I don't know if your sales over the past 2 to 3 months have tracked that or if there's been pantry loading and then de-loading. Or how do you look at those past few months and then as things open up?

兩個問題。第一，您對顧客食品儲藏室的了解程度如何？當我這麼說時，我的意思是——銷售人員是否跟踪了使用情況？還是很難說清楚？當我這麼說時，我假設有相當多的消費者，他們呆在家裡，他們使用的化妝品較少，因為他們不出去，他們不去商店，他們不做任何事情任何。隨著事情重新開放，他們會的。但我不知道你們過去 2 到 3 個月的銷售是否跟踪了這一情況，或者是否有食品儲藏室裝載然後卸載。或者你如何看待過去幾個月以及事態的發展？

Yes. So I'd tell you, first of all, Bill, that we don't have great visibility in terms of the pantries. And part of that has to do with a loyal cosmetics consumer will have a number of different brands and many products, particularly the core enthusiasts. There's no such thing as enough makeup. And so while the short term, we have seen behavior change because it's being shelter at home, we believe when people are able to return to a more normal lifestyle, we'll see good consumption there. I think the other things that we pay really close attention where we do have really good data is on elfcosmetics.com and with all the initiatives we've had there. And what we're seeing is very strong response right now. And so I think this will be a matter of when does retail fully really open up to change kind of the overall dynamic, but we're seeing quite a bit on elfcosmetics.com. And it's anything. All of the metrics are higher. The number of new users coming to our site, the levels not only of traffic but our conversion, even our average order values, are really quite something right now and these will help in terms of what we'll see later.

是的。所以我首先要告訴你，比爾，我們對食品儲藏室的能見度並不高。其中一部分與忠實的化妝品消費者將擁有許多不同的品牌和許多產品有關，尤其是核心愛好者。沒有足夠的化妝品。因此，雖然短期內，我們看到行為發生了變化，因為它是在家裡避難，但我們相信，當人們能夠恢復到更正常的生活方式時，我們會看到那裡的良好消費。我認為我們真正密切關注的其他事情是在 elfcosmetics.com 上以及我們在那裡採取的所有舉措，我們確實擁有非常好的數據。我們現在看到的是非常強烈的反應。因此，我認為這將是零售業何時真正完全開放以改變整體動態的問題，但我們在 elfcosmetics.com 上看到了很多。它是什麼。所有指標都更高。來到我們網站的新用戶數量，不僅是流量水平，還有我們的轉化率，甚至是我們的平均訂單價值，現在都非常重要，這些對於我們稍後看到的情況將有所幫助。

But I guess just a follow-up into that, do you expect a pickup as states -- or are you seeing in some states that are further along -- as you know, I mean Georgia, it's -- were opening a little bit faster than some people would like. Are you seeing faster sales as people are getting back out in those states? Or is it hard to tell?

但我想這只是後續行動，你是否期望隨著各州的開放速度加快，或者你是否看到一些進展較快的州，如你所知，我指的是佐治亞州，開放速度會更快一些比某些人想要的。隨著人們返回這些州，您是否看到銷售速度加快？還是很難說清楚？

We are. We do track stores where restrictions have been lifted and the sales are better in those. Now what the long-term impact is, is there another wave that comes, what happens there is also one of the reasons why we're not prepared to give guidance at this point. But what I would tell you is you definitely can see -- once restrictions are lifted, you do see a pretty significant uptick.

我們是。我們確實追踪了限制解除且銷售情況較好的商店。現在的長期影響是什麼，是否會出現另一波浪潮，會發生什麼，這也是我們目前不准備提供指導的原因之一。但我要告訴你的是，你肯定可以看到——一旦限制解除，你確實會看到相當顯著的上升。

Got it. And then just one follow-up, and Mandy, you may not answer this. But you have the 2 plans in any given year, one with shelf space gains, one with less shelf space gains. Could you tell us what you were thinking in the plan? Was it going to be pre-COVID based on what you've said about Walmart and Ulta in shelf space gains?

知道了。然後只有一個後續行動，曼迪，你可能不會回答這個問題。但在任何一年你都有兩個計劃，一個增加貨架空間，一個減少貨架空間。您能告訴我們您在計劃中的想法嗎？根據您所說的沃爾瑪和 Ulta 的貨架空間增長情況，這是否會發生在新冠疫情之前？

Yes. So I just -- Bill, I will answer that question. So we were -- before we got into COVID, if you recall the chart that we just showed here, we were up 13% for the 4 weeks ending February 22. So we had a lot of momentum coming into fiscal '21. And so I tell you, we probably would have been at that higher-end scenario with the shelf space gains, with the strategic extension of W3LL PEOPLE and the -- we just announced a new brand, but that will be more -- so calendar 2021. But we had a lot of momentum as we came in. And so we were feeling good about that second scenario.

是的。所以我只是——比爾，我會回答這個問題。所以，在我們進入新冠疫情之前，如果你還記得我們剛剛在此處顯示的圖表，我們在截至 2 月 22 日的 4 週內上漲了 13%。因此，我們在進入 21 財年時勢頭強勁。所以我告訴你，隨著貨架空間的增加、W3LL PEOPLE 的戰略擴展以及——我們剛剛宣布了一個新品牌，但那會更多——所以日曆，我們可能會處於更高端的場景2021 年。但當我們進來時，我們有很大的動力。所以我們對第二種情況感覺很好。

The next question comes from Linda Bolton-Weiser of D.A. Davidson.

下一個問題來自 D.A. 的 Linda Bolton-Weiser。戴維森。

Can you talk about -- a little bit more about Target? And they've redone their beauty section and reorganized it and kind of come up with a new format. Can you talk about whether all their stores have converted yet to the new format and also what it means for you? Like does it literally convert over to the same amount of linear footage? Or does it modify things just by the format? Or can you talk a little bit more about that?

您能多談談塔吉特嗎？他們重新設計了美容部分並重新組織了它，並想出了一種新的格式。您能談談他們的所有商店是否都已轉換為新格式以及這對您意味著什麼嗎？就像它真的會轉換成相同數量的線性鏡頭嗎？或者它只是通過格式來修改內容？或者你能多談談這個嗎？

Sure. Linda, as far as Target goes, it's about 1,800 doors. And I would say we probably drop north of 30 different planograms for them depending on their different formats. So they don't have any one standard. They do have a -- I think -- and I always get the names wrong, but I think it's called beauty blowout concept, which is their best expression of beauty. We tend to have more space in those beauty blowout stores. And as they convert more of those stores to beauty blowout, we tend to pick up more space because we just have a bigger amount of this footprint dedicated to beauty in those stores with elevated presentation. And so we've been in those beauty blowout stores. As they continue to roll those out, we get enhanced presence in those stores. And then I'd say in the balance, Target is not only our longest-standing partner, but it's where we have the greatest presence. And so even if it's not a beauty blowout store, our brand does quite well because they've been able to supplement the space they have, whether it be things like our flex towers or other merchandising that they do with e.l.f. So we have a pretty strong presence chain-wide regardless of the format.

當然。Linda，就 Target 而言，大約有 1,800 個門。我想說，根據它們不同的格式，我們可能會為它們提供 30 種不同的貨架圖。所以他們沒有任何一個標準。他們確實有一個——我認為——我總是把名字弄錯，但我認為這就是所謂的“美麗井噴”概念，這是他們對美的最好表達。我們傾向於在那些井噴的美容店裡擁有更多的空間。隨著他們將更多的商店轉變為美容店，我們往往會佔用更多的空間，因為我們在那些具有較高外觀的商店中有更多的空間專門用於美容。所以我們一直在那些美容店井噴。隨著他們繼續推出這些產品，我們在這些商店的影響力得到了增強。然後我想說的是，塔吉特不僅是我們最長久的合作夥伴，而且是我們影響力最大的地方。因此，即使這不是一家美容店，我們的品牌也做得很好，因為他們能夠補充現有的空間，無論是像我們的彈性塔這樣的東西，還是他們用 e.l.f. 做的其他商品。因此，無論形式如何，我們在全鏈條範圍內都有相當強大的影響力。

And then also, can I ask you about your viewpoint toward M&A currently? Because it seems like you're going ahead with the launch of a new brand organically. So does that mean you would also consider, during this time frame, additional M&A? And do you think opportunities are being created given the crisis?

另外，我能問一下您目前對併購的看法嗎？因為看起來你正在有機地推出一個新品牌。那麼這是否意味著您還會考慮在這段時間內進行額外的併購？您認為危機是否正在創造機會？

Sure. So I'd say our first focus is the e.l.f. brand and the tremendous potential we have on e.l.f. and best evidenced by the 5 strategic imperatives that we've executed against. And you'll continue to see us do that particularly in the short term. I'd say our second priority is the other brands we already have. So the integration of W3LL PEOPLE, now that that's been integrated, really the growth thesis that we had, its time of acquisition, for me, there's a great deal of white space on W3LL PEOPLE. And I'm really excited and hope to be able to talk to you in August about the new brand that we've organically created, and that is also really exciting. So I'd say for a short term, we have our hands full and are fully dedicated to realizing the potential of all 3 of those brands with our team. I'd say longer term, there certainly are going to be opportunities in this marketplace. There's going to be some brands that can benefit from the platform that we've created that we can also see a strong growth thesis to. Of course, it's premature to talk about that given our current focus, but I'm hoping both valuations come down and are more reasonably and that there are good opportunities in the future.

當然。所以我想說我們的首要關注點是 e.l.f.品牌以及我們在 e.l.f. 上擁有的巨大潛力。我們所執行的 5 項戰略要務就是最好的證明。您將繼續看到我們這樣做，特別是在短期內。我想說我們的第二優先事項是我們已經擁有的其他品牌。所以 W3LL PEOPLE 的整合，現在已經整合了，這確實是我們的增長論點，收購的時候，對我來說，W3LL PEOPLE 上有大量的空白。我真的很興奮，希望能夠在八月份與您談論我們有機創建的新品牌，這也非常令人興奮。因此，我想說，短期內，我們會全力以赴，並完全致力於與我們的團隊一起實現這三個品牌的潛力。我想說，從長遠來看，這個市場肯定會有機會。將會有一些品牌可以從我們創建的平台中受益，我們也可以看到該平台的強勁增長。當然，考慮到我們目前的重點，現在談論這個還為時過早，但我希望估值都能下降並且更加合理，並且未來有很好的機會。

The next question comes from Jon Andersen of William Blair.

下一個問題來自威廉·布萊爾的喬恩·安德森。

I wanted to follow up on kind of the last question. You've talked a lot about building a multi-brand platform. And I don't want to ask about any specific M&A or internal efforts. Obviously, there's more news to come on that. But Tarang, if you look out 3 years or 5 years, whatever the horizon, and you think about the business as a multi-brand platform, how many businesses or brands are we talking about? Are there some guardrails in terms of the sheer number of categories, the brands that you feel can be optimally managed by the company? And then is there some size criteria as well? Are you committed to fewer brands perhaps with more size and scale to support investments in innovation and marketing? Or are you open to kind of a portfolio with a longer tail? I know there's a lot there but just kind of bigger picture, some guardrails around this.

我想跟進最後一個問題。您已經談論了很多關於建立多品牌平台的問題。我不想詢問任何具體的併購或內部努力。顯然，還有更多關於這方面的消息。但是 Tarang，如果你展望 3 年或 5 年，無論視野如何，並且你將業務視為多品牌平台，我們談論的是多少個企業或品牌？就您認為公司可以最佳管理的品類和品牌數量而言，是否存在一些護欄？那麼還有一些尺寸標準嗎？您是否致力於打造更少的品牌，或許擁有更大的規模和規模，以支持創新和營銷方面的投資？或者您是否願意接受長尾投資組合？我知道那裡有很多東西，但只是更大的圖景，周圍有一些護欄。

Sure. So Jon, maybe building on my last point, the best opportunity we have is with the e.l.f. brand and continuing to realize its full potential. And so that will clearly be our main focus. Having said that, we have an incredibly talented team and a set of capabilities that can be applied to other brands. And so we look forward to proving that out both with W3LL PEOPLE as well as the brand that we're currently in development on. I'd say we do not have any magic number of how many brands do we want in the portfolio. In terms of guardrails, we'll continue to be highly disciplined from a financial standpoint. If you think about it, we've had this "pursue strategic extensions" as part of our strategy for a few years and it wasn't -- it was only 3 months ago that we did our first strategic extension, and we feel really great about the brand that we're developing organically from a financial perspective that's much more attractive but also in terms of where -- what it's looking at.

當然。所以喬恩，也許在我的最後一點的基礎上，我們最好的機會是與 e.l.f.品牌並繼續充分發揮其潛力。因此，這顯然將是我們的主要關注點。話雖如此，我們擁有一支非常有才華的團隊和一套可以應用於其他品牌的能力。因此，我們期待通過 W3LL PEOPLE 以及我們目前正在開發的品牌來證明這一點。我想說的是，對於我們想要在產品組合中加入多少個品牌，我們並沒有任何神奇的數字。在護欄方面，我們將繼續從財務角度嚴格遵守紀律。如果你想一想，我們幾年來一直將“追求戰略擴展”作為我們戰略的一部分，但事實並非如此——就在三個月前，我們才進行了第一次戰略擴展，我們真的覺得我們從財務角度有機開發的品牌非常出色，它更具吸引力，而且還體現在它所關注的領域。

I'd say the second point for me would be the criteria is things that can both leverage our platform as well as exhibit really strong growth. And so that is probably the bigger guidepost than any particular size of what we're looking for or number of brands that we're looking for. And so I believe what you'll see us do over the next at least couple of quarters is further flesh out, let me tell you about our plans on W3LL PEOPLE, let me tell you about this new brand and why we're really excited in calendar 2021. That's not to say we wouldn't look at or pursue other M&A if it made sense particularly in this environment. There may be things that look attractive, but that's really our current focus.

我想說的第二點是，標準是既可以利用我們的平台又可以展現出真正強勁增長的東西。因此，這可能是比我們正在尋找的任何特定規模或我們正在尋找的品牌數量更大的路標。因此，我相信您將看到我們在接下來的至少幾個季度中所做的事情會進一步充實，讓我告訴您我們在W3LL PEOPLE 上的計劃，讓我告訴您這個新品牌以及為什麼我們真的很興奮在 2021 年日曆中。這並不是說我們不會考慮或尋求其他併購，如果它特別在這種環境下有意義的話。也許有些東西看起來很吸引人，但這確實是我們當前的重點。

That's really helpful. Last one for me. International, it sounds like the U.K. was quite strong, maybe other international markets less so. What's happening there, maybe in some of the markets that aren't -- haven't been quite as strong? And what are you doing to kind of return that business to growth?

這真的很有幫助。最後一張給我。國際方面，聽起來英國相當強大，也許其他國際市場不那麼強大。那裡正在發生什麼，也許是在一些沒有那麼強勁的市場？您正在採取哪些措施來使該業務恢復增長？

Sure. So international still represents major white space for us. And I'd say we've been on this journey probably longer than a year now, probably the last couple of years, where if you looked at our international footprint 2 years ago, it was primarily comprised of distributor relationships and a variety of different markets around the world. And what we realize is a number of those distributors either couldn't scale to the extent that we needed in the scale or we didn't have the level of control that we wanted to have in that market. And so we tried something very different with the U.K. that's proven to be quite successful, which is direct headquarters coverage. So we started by taking away the distributor that had our website in the U.K. and basically brought in-house elfcosmetics.com in the U.K. Direct relationships with both Superdrug and Boots, we've seen incredibly strong growth in the U.K.

當然。因此，國際化仍然是我們的主要空白。我想說，我們的這段旅程可能已經超過一年了，可能是過去幾年，如果你看看我們兩年前的國際足跡，它主要由分銷商關係和各種不同的業務組成。世界各地的市場。我們意識到，許多分銷商要么無法擴大到我們需要的規模，要么我們沒有達到我們想要的市場控制水平。因此，我們在英國嘗試了一些非常不同的方法，這被證明是非常成功的，那就是直接總部覆蓋。因此，我們首先取消了在英國擁有我們網站的分銷商，並基本上在英國引入了內部 elfcosmetics.com。與 Superdrug 和 Boots 都有直接關係，我們在英國看到了令人難以置信的強勁增長。

So that's our model going forward. That's not to say we won't have some distributors in certain markets. But what you saw in international was us continuing this journey of pulling business away from distributors in favor of our own direct coverage. And probably the 2 best countries of that are -- represented would be Canada, which is where our first start was, where we go direct to Walmart and other leading retailers there, and the U.K. And you'll see us take that model to other countries. We've been talking about testing the brand in Germany as we go forward. We talked last call in terms of our potential in China particularly on e-commerce. And on this call, I just mentioned our focus area of the EU from an e-commerce standpoint. So getting that direct coverage and direct control both in our own website as well as key leading beauty retailer is really the focus going forward. And I feel really great about that strategy because that's what we've actually used here in the U.S. and it's also a more profitable model. As you cut out the distributor margin, you can also have a better value equation in any of those particular markets.

這就是我們未來的模型。這並不是說我們在某些市場上不會有一些經銷商。但你在國際上看到的是，我們繼續將業務從分銷商手中奪走，轉而進行我們自己的直接覆蓋。其中最好的兩個國家可能是加拿大，這是我們的第一個起點，我們直接進入沃爾瑪和那裡的其他領先零售商，還有英國，你會看到我們將這種模式推廣到其他國家國家。隨著我們的發展，我們一直在討論在德國測試該品牌。我們在上次電話會議中談到了我們在中國的潛力，特別是在電子商務方面。在這次電話會議上，我剛剛從電子商務的角度提到了我們在歐盟的重點領域。因此，在我們自己的網站以及主要領先的美容零售商中獲得直接覆蓋和直接控制確實是未來的重點。我對這個策略感覺非常好，因為這就是我們在美國實際使用的策略，而且它也是一種更有利可圖的模式。當您削減分銷商利潤時，您還可以在任何這些特定市場中獲得更好的價值方程式。

The next question comes from Mark Astrachan of Stifel.

下一個問題來自 Stifel 的 Mark Astrachan。

I guess just first question on online. I'm curious, to the extent that you want to talk about it, what percent of sales we're at right now in terms of your website, other retailer dot-com, et cetera, just all sales coming from that channel given obviously what's going on in the world and presumably a permanent shift to more online and buy online, pick up in store, et cetera. And it's -- could you remind us or update us on kind of where your market share is online versus off-line, please?

我想這只是網上的第一個問題。我很好奇，就您想談論的程度而言，我們現在在您的網站、其他零售商網絡等方面的銷售額佔多少百分比，所有銷售額都來自該渠道，顯然是這樣的世界上正在發生的事情，大概會永久轉向更多的在線購物、在線購買、商店提貨等等。您能否提醒我們或更新一下您在線上和線下的市場份額？

Yes. So I'll take that one, Mark. So overall, our digital business is approximately 11% of our total sales, and that was for fiscal '20. As we've talked about seeing in recent weeks, our own e-commerce, our retailer dot-coms really ramped up. That percentage has accelerated, but 11% is where we were for fiscal '20.

是的。所以我就選那個，馬克。總體而言，我們的數字業務約占我們總銷售額的 11%，這是 20 財年的數據。正如我們最近幾週所談到的，我們自己的電子商務、我們的零售商網絡公司確實在發展。這個百分比有所增加，但 11% 是我們 20 財年的水平。

And how do you think about market share online versus off-line?

您如何看待線上和線下的市場份額？

It's really hard to measure. Where we do get some indication is through some of our retail partners, but they don't share all of their category data. We certainly know what we do in elfcosmetics.com. I would say the summary point there is it's going to be a continued area of focus, and we believe we have a set of capabilities that make us a great partner with even retailer dot-coms as well as Amazon. And so I think you'd see as a proportion of our business, our hope would be our digital business will go higher. And I'd say the other thing I'll tell you is even less than the commerce part of it is the engine that drives everything else. Our entire consumer engagement model is 100% digitally oriented. elfcosmetics.com and a lot of the investments we made behind it is the central hub of our consumer engagement activities. And if you -- particularly if you go on our new app, which already has 60,000 downloads, I think it gives you a good indication of where we're going both in terms of kind of the virtual makeup try-ons, the receipt scanning, which allows us to combine all of our customer data in one place, our loyalty program. And then our more recent content hubs, whether it be the e.l.f. Discovery hub or the e.l.f. Cares hub, gives you a real good view of how we're using that to not only drive our e-commerce sales but more importantly, our overall sales as a company.

這確實很難衡量。我們確實通過一些零售合作夥伴獲得了一些指示，但他們並不共享所有類別數據。我們當然知道我們在 elfcosmetics.com 做什麼。我想說的要點是，這將是一個持續關注的領域，我們相信我們擁有一系列能力，使我們成為零售商網絡公司和亞馬遜的優秀合作夥伴。因此，我認為您會看到，作為我們業務的一部分，我們希望我們的數字業務能夠走得更高。我想說的是，我要告訴你的另一件事甚至比商業部分還要少，那就是驅動其他一切的引擎。我們的整個消費者參與模型是 100% 數字化的。elfcosmetics.com 以及我們在其背後進行的大量投資是我們消費者參與活動的中心樞紐。如果你——特別是如果你使用我們的新應用程序，它已經有 60,000 次下載，我認為它可以很好地告訴你我們在虛擬試妝、收據掃描方面的發展方向，這使我們能夠將所有客戶數據整合到一個地方，即我們的忠誠度計劃。然後是我們最近的內容中心，無論是 e.l.f.探索中心或 e.l.f.Cares 中心讓您真正了解我們如何利用它來推動我們的電子商務銷售，更重要的是，我們作為一家公司的整體銷售。

Got it. Okay. And then just lastly, not trying to steal thunder from more commentary about the new brand launch upcoming. But maybe just talk a bit about how you think about where this is put on shelf. Is it existing retailers? Is it something, for example, that those existing retailers may have come to you and said, "We see an opportunity more upmarket," as you kind of alluded to, and therefore, there's kind of an ease of ability to get shelf space? And just sort of how you think about it being potentially complementary to what you're already doing with your existing retailer footprint?

知道了。好的。最後，不要試圖從有關即將推出的新品牌的更多評論中搶走風頭。但也許只是談談你如何看待這個東西放在貨架上的位置。是現有的零售商嗎？例如，那些現有的零售商可能會來找你說，“我們看到了一個更高檔的機會”，正如你所提到的，因此，有一種輕鬆的能力來獲得貨架空間？您如何看待它可能對您現有的零售商足跡所做的事情進行補充？

Yes. So we see it highly complementary. Certainly, our approach will be to leverage our strong relationships with our existing retailers, our capabilities online and the rest of the chassis I talked about, particularly on our strength operationally of the best combination of cost, quality and speed. But it is going to be complementary to e.l.f. So we'll most likely start in a different category, start with different price points. And when we're able to announce it, I think it will be a lot clearer than my hypothetical discussions right now. And so I look forward hopefully in the August call where we could give you much greater color on that, but it's something that we're tremendously excited about. And part of that excitement comes being able to leverage the tremendous talent we have as our team and our capabilities and really be able to apply to create something special.

是的。所以我們認為它具有很強的互補性。當然，我們的方法將是利用我們與現有零售商的牢固關係、我們的在線能力以及我談到的其他基礎，特別是我們在成本、質量和速度的最佳組合方面的運營優勢。但它將與 e.l.f 形成互補。因此，我們很可能會從不同的類別開始，從不同的價位開始。當我們能夠宣布它時，我認為它會比我現在假設的討論清楚得多。因此，我希望在八月份的電話會議中我們能夠為您提供更多的信息，但這是我們非常興奮的事情。這種興奮的一部分來自於能夠利用我們團隊所擁有的巨大人才和我們的能力，並真正能夠創造出一些特別的東西。

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

我們的問答環節到此結束。我想將會議轉回塔朗·阿明發表閉幕詞。

Great. Well, thank you, everyone. I really appreciate the time today. I hope everyone stays safe and healthy and navigate these challenging times we're in. I remain confident in our ability to continue to gain market share. Thanks to the talent we have as a team, our digital strength as well as overall value proposition. We look forward to updating you hopefully when things return more to normal. Thanks, everyone.

偉大的。嗯，謝謝大家。我真的很感激今天的時間。我希望每個人都保持安全和健康，並度過我們所處的這個充滿挑戰的時期。我對我們繼續獲得市場份額的能力仍然充滿信心。這要歸功於我們團隊的人才、數字化實力以及整體價值主張。我們期待著當一切恢復正常後向您通報最新情況。感謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。