Good afternoon, everyone. It's my pleasure to welcome Elf Beauty back to Cagney. They are a category disruptor in beauty, owning the number one brand by unit share in U.S. color cosmetics and three of the fastest-growing skincare brands. The company has been busy since the last time they were on the Cagney stage. They continue to drive share gains on the core Elf brand, and they also acquired the Rode brand last year, which has quickly catapulted to becoming the number one brand in Sephora North America and has seen record-breaking launches in the U.K. and Australia. Elf has significant runway for growth ahead, both domestically and internationally, across its portfolio of brands, and we look forward to hearing more about their growth initiatives in today's presentation. We always appreciate how they help us Cagney members look like our best selves and hope you have a chance to stop by the breakfast Elf is sponsoring tomorrow morning. Thank you for the breakfast. Without further ado, I'd like to introduce Chairman and CEO Tarang Amin, CFO Mandy Fields, and CMO Corey Marsoto. Tarang, the floor is yours.

Thank you, Olivia. It's a pleasure to be here. Joining me today on the stage are going to be Mandy Fields and Corey Marchisoto. Now, let's get the legal disclaimers out of the way. We're known, this is the third time we're presenting at Cagney, and we're known to put on a pretty good show. So, since we're next to Disney, we thought we'd take that theme a bit, and we'd ask you to join us in the Elf rocket ship for a ride like no other. After all, it's an elf world, after all. And you're probably wondering, what do you mean by elf world after all? Well, we're going to use a contrast between the real world and what the elf world is to bring that to life. Now, in reality, in the real world, it's unlikely that a Kenyan-born Indian immigrant, just happy to be in this country, yes, this is me in the second grade, would spend 35 years in the consumer space in every category from hair care to paper to food to pet to nutritional supplements, leading one of the fastest-growing consumer companies and taking that company in beauty to the very top of every list from Barron's to Fast Company to Fortune. It's also unlikely that Mandy, who had aspirations of being on the big stage would find herself in investment banking, in oil and gas, and in grocery just to find her happy place at Elf with big red color and absolutely no regrets. Or Corey Martisoto, who, and also Mandy, taking obviously a perfect place for women in the workplace, strengthening our financial position. Corey, who I call our lightning bolt, spending two decades in prestige beauty, found herself sticking as our CMO and really propelling Elf to the very top of kind of the marketing hall of fame, as well as one of the most innovative marketing companies in the world. Now, the three of us are going to be your guides today. I'm going to take you through the superior performance of Elf Beauty and how differentiated we are relative to the rest of the category. Corey will cover the multiple areas of competitive advantage we have. And Mandy will talk about the significant white space we have ahead of us. Take our magic wand, and it's an elf world after all. Now, our vision is not only to be a different kind of beauty company, but to be a different kind of company, period. Elf, which started with a simple acronym. Elf, by the way, stands for eyes, lips, and face. Had a bold change agenda. And disruption is part of our DNA. We're founded selling premium cosmetics for $1 over the Internet in 2004. Everyone thought we're crazy. This is 22 years ago. You couldn't sell premium cosmetics for $1. You certainly couldn't sell them over the Internet, and impossible to make money at those price points. Yet that spirit of disruption is very much with us to this day. Walt Disney said, It's kind of fun to the impossible. Our saying is, anything is Elf-ing possible. Now, you can see that in the strength of our brand portfolio. Our namesake Elf Cosmetics brand is the number one unit share brand with clear line of sight to number one in dollars. Our Elf Skin brand, which we introduced just a few years ago, is already the number 11 mass skin care brand with the same model as Elf Cosmetics to bring you the best of beauty and making it accessible, growing at more than twice the category growth rate. Notorium, the clinically effective, biocompatible skincare brand we bought two and a half years ago, is already the number five mastige brand and growing multiples of the skincare category as well. And our latest acquisition, Rode, which we acquired in August, is already the number one brand amongst the four in North America and the U.K., with some of the fastest growth rates, or I believe one of the fastest growth rates throughout all of beauty. Now, these power brands have allowed us to defy gravity in terms of our results relative to the real world. Now, in the real world, beauty is one of the best consumer categories out there, exhibiting a 4% CAGR over the last decade. But in the elf world, our CAGR over the last decade has been 23% net sales growth, six times that of the category. Now, in the real world, there are 516 public consumer companies that have been averaging about 5% growth per quarter. In the elf world, we're one of only six public consumer companies out of that 516 that's been averaging over 20% growth per quarter. In the real world, those 516 public consumer companies average about four consecutive quarters of net sales growth. In the elf world, we just delivered our 28th consecutive quarter of net sales growth. That's seven years of consistent category-leading growth. Now, in the real world, the top ten mass color cosmetics brands over the last five years have lost about 30 basis points of share, telling you how competitive a space we're in. In the Elf world, over that same time period, we've gained 800 basis points of market share. And not only have we gained 800 basis points of market share, but we've done it 28 consecutive quarters. We haven't found another brand that's been able to do that. Now, I've got to be honest with you. I'm sometimes annoyed with some of you in the audience here, right? Because in your infatuation of weekly scanner data, the short-term differences between shipments and consumption, perhaps even market valuation, you've kind of missed the biggest thing in the room here, the elephant in the room. The hardest thing to do in the consumer space is grow market share. We're in competitive categories with sophisticated competitors. Being able to grow even a little bit of market share or something, to be able to grow 800 basis of market share and do it 28 consecutive quarters is an entirely different universe. Now, I'm not so annoyed, but I will show you the market share one more time. This is us against the top 10 brands in the color cosmetic space. You can see the level of over-delivery and the consistency of those results. The other thing in the real world is we're in a very competitive market with spot. There are 1,800 cosmetics and skincare brands tracked by Nielsen alone in the U.S. But the great thing about this category is it's very hard to scale brands. While there are 1,800 cosmetics and skincare brands, only 14 have passed $200 million in retail sales. Now, in the elf world, we have four brands that have passed that threshold. And these power brands, in turn, give us incredible strength. In the real world, most companies are hoping they can appeal to one generation. In the elf world, there are three generations we appeal to. We're the number one brand by far amongst Gen Z, Gen Alpha, and Millennials. And we also have multi-generational fandom, picking up every single demographic and income group in the process. In the real world, one hopes to capture lightning in a bottle one time in their career. In the elf world, we have, in fact, the lightning in the bottle one time in their career. I'm amazed by some of the big companies here. They only talk about one or two brands. It makes me wonder about what about the other dozens of brands in their portfolio, right? The only thing you're going to hear us talk about is the four growth brands we have, and all four of them are actually growing. Four lightnings in a bottle between Elf Color, Elf Skin, Nitorium, and Rode. And little examples. I already talked about Rode being the number one brand. It's Sephora. Nitorium, the number one body wash with Ulta. And our PowerGrip Primer in Elf Color being not only the number one item, number one SKU in masks, but also prestige. It's the number one item by far. And we win with the winners. We have leading productivity amongst almost every one of our retail partners around the world. Now, our results are really driven by our team. We have a passionate team of owners and a high-performing team culture. And that really fuels everything that we do. In the real world, amongst consumer companies, employee engagement is about 72%. In the elf world, we're 1,800 basis points higher than that in terms of level of engagement, and it shows in the results we're able to deliver. Now, we have a small but powerful team, and that team, we believe, has a real competitive advantage in representing the communities we serve. Our team's 71% women, 78% Gen Z and millennial, 43% diverse, absolutely reflecting the communities that we serve. But it's not just our team. We believe in placing women and diversity in the highest seats of power. That's why our board of directors has 60% women and 40% diverse representation, making us one of only 16 public consumer companies in the U.S. out of over 3,700 with those types of stats. Now, in the real world, the outlook for the 516 public consumer companies is about 4% net sales growth. We just raised our outlook in our Q3 earnings to our net sales growth this year being 22% to 23%. Again, almost six times with the real world average. Shows our confidence in the future. And as great as those results are, what I'm most excited about is that we have the ability, over the next few years, to more than double our business again, that Mandy will explain shortly. So it is an elf world, after all. With that, I'm going to pass the magic baton over to Corey to talk about our competitive advantages.

Attention, everyone. Please keep your eyes, lips, and faces inside the vehicle at all times. I'm Cori Marchesotto, your experiential tour guide for today, and I am about to take you on the ride of a lifetime. And since we're going to be together for about the next 20 minutes, I would encourage you to get cozy with me and feel free to call me by my nickname. See, my nickname is K-Boss, with two dollar signs. The first dollar sign, probably no surprise to anyone in this room, was given to me by our CFO, Mandy Fields, because she says spending money is my core competency. The second dollar sign was given to me by our CEO, Terang, because he said turning marketing dollars into hardworking ROI is also my core competency. And since we like to have a good time when we're in Disney World especially, and Walt set us up perfectly by saying it's kind of fun to do the impossible, join me on this ride where we're going to show you how elf beauty makes the impossible possible time and time again. Now I'm sure most of you have been to Disney and you don't like to wait in line. The truth is nobody does. At elf you can skip the line because we democratize access. What started as democratizing access to the best of beauty has since gone far beyond that. Yes we We make high premium quality products available at accessible price points. We also liberate access to employee equity, granting every single elf meaningful equity every year, everywhere in the world. We also democratize access to boardrooms, putting women and diversity in the highest seats of power. We democratize access to playing fields, opening pathways for growth for women in future leadership positions. And we even liberate access to wildest dreams by putting the first Vietnamese astronaut in space. And we do it by building brands that disrupt norms, shape culture, and connect communities through positivity, inclusivity, and accessibility in every single thing we do. And that is how we make the world a better place for every eye, lip, and face. now i want you to fasten your seat belts but not the kind you put around your waist i'm talking the harness you know like when you're getting ready to get on a roller coaster are y'all with me like reach behind you pull on because we are going to have a really good time and this is the kind of good time that we have at elf and that's not just about having fun on a ride it's about being part of the secret ingredient of success, because it's hard to beat a team that's having a good time. And we have a good time as we build our competitive moat with three core competitive advantages, our core value proposition, our powerhouse innovation, and our disruptive marketing engine. Let's start with the heart of the matter, our core value proposition. We have built a place of belonging for every eye, lip, and face, putting the capital E in every. Because after all, two-thirds of Americans live paycheck to paycheck, and premium beauty is really expensive. And we don't think people should have to trade a meal for a lipstick. And that's why for 22 years we've been working really hard, honing our skills to keep our price point below our mass competitors and far below the entry-level prestige, while at the same time delivering quality that is on par with prestige or even higher at a fraction of the price. You see, the real math at Elf is that every time you buy a piece of Elf, you actually save money. And this is not just girl math. This is real math we're talking here. You see, true happiness is having these incredible products on your vanity and part of your everyday routine. But the joy really comes from the $256 that it puts back into your wallet. And for those of you who are getting the Park Hopper Pass, this is $264 to get entrance into Disney. So buy those four products and you too can take one of your children to Disney on the Park Hopper Pass. But the real energy of ELF comes from the zero compromise. Because when you buy ELF, you have zero compromise to your wallet, to quality, to safety, or to your values. And being a value brand that delivers values is what has allowed us to be far ahead of the competition in unit volume. And I'm going to pause here on this slide for a minute because this is really important when you think about what really drives is unit growth. Our five-year growth in units is 16% CAGR, far ahead of the top cosmetic brands in our space. This is how you make the impossible possible. But the value proposition alone is not enough. We need to couple it with our powerhouse innovation. And our powerhouse innovation is anchored in the creation of holy grails. Now, Terang told me that many of you might not know what a holy grail actually is. So I'm going to pause here to explain it. A holy grail is a category disruptor that creates a viral obsession because it delivers superior payoff, making it a cult favorite. It's really hard to do a holy grail at all. What we do at Elf is, just like Walt said, we make the impossible possible by creating a constant state of holy grails. We have an entire portfolio of these cult favorites and these viral obsessions. But that is not the only innovation pillar that we have. In addition to creating holy grails, we also seize white space with new textures and formats and white space opportunities. We have buzz-generating SKUs, whether it's through our Liquid Death or H&M collaborations or our Jumbo Power Grip Primer. And we also take the signals from everything we do to determine what gets built into a franchise. In the last seven years alone, we have built four franchises in our house that have scaled above 200 million. Halo Glow, Glow Reviver, Power Grip, and Camo are bigger than brands in their own right. As Terang mentioned before, only 14 brands have been able to scale above 200 million. We have four franchises that have exceeded that threshold. So right now, I'm sure you're all asking yourselves, well, how the elf do you actually do it? I'm so glad you asked that question because I have the answers. You see, in the real world, manufacturing is either fully owned or fully outsourced. But what we've created at ELF is a hybrid model. And that hybrid model is bringing together asset light manufacturing with depth of expertise. We have over 100 incredible ELFs in Shanghai that have been working to hone that skill with our partners in our factories with a depth of expertise that spans over two decades. And that combination is what allows us to deliver quality, cost, and speed that is unparalleled by any brand in our industry. And that is also what's allowed us to deliver unbelievable results. We have a number one or number two ranked position in 21 leading categories in 2025 alone. And now, to put that into context, compare that to the eight categories we had in 2018, showing our ability to deliver consistent category-leading penetration in each of these categories. Now, the one I want to pinpoint here as a mini case study is Power Grip because it's one thing to know that it is the best-selling cosmetic product in all of Mass and Prestige, and it's another to know why that is so unique and why it is so rare. It's so rare because Primer is a Category 12. It is very far off in the solar system as the tiny little dot, and yes, this is built to scale. It is the 12th smallest category in cosmetics. And yet, we created a product that is bigger than the number one, number two, and number three categories. When you look at the top seven best-selling products in mass cosmetics, Power Grip Primer is number one by over one million units, ahead of the number one best-selling mascara in the market. What's even more impressive than that is of the top seven selling SKUs, three of them come from the Power Grip franchise alone. In the real world, a brand will launch a product that takes a slice of the pie. But in the elf world, we make the entire pie bigger. Since launching PowerGrip Primer, the entire Primer category has more than doubled in size while still leaving enough room for e.l.f. to have over 60% share. And you can see the consistency in our ability to use this unbelievable innovation engine where we have four of the top 10 products in 2025 on top of the six of the top 10 launches we had just one year prior. And while our value proposition and our powerhouse innovation is unparalleled, it's when you combine it with our disruptive marketing engine that the real magic happens. But what exactly is marketing in the elf world? Well, it's uniquely built. I heard a lot in this conference from a few of other brands that talk about being consumer-centric or community-centric. But does their organization represent those words? At Elf, we built a marketing engine that is essentially a giant hug wrapped around our community. An end-to-end ecosystem that allows us to move from product concept to community with zero friction at Elf speed. A true competitive advantage, ensuring that we're organized exactly to meet the unique needs, wants, and desires of our growing community. And where is that community? the truth is they're everywhere and we're able to meet them everywhere they are across our social ecosystem the primary channels secondary channels as well as new and emerging platforms and when you think about elf being an early adopter in all of these spaces it's no different than where we stand today conquesting new frontiers like tiktok shop where we're the fourth biggest brand out of over 6,000 on the platform. Or Roblox, where we have the number one brand experience. Or Twitch, where we're among the top 1% of brands on the platform and the first to pilot live stream selling. But it's not just about conquesting new frontiers. It's about creating a connected commerce ecosystem where all of the different pieces and parts work in tandem to build a fully connected commerce ecosystem where we have content, community, and commerce all working hand in hand. And they're working with zero distance, zero distance between us and the community we serve. And that's not lip service. That's actions and behaviors that we lead here in this room, in the highest seats of power from the C-suite. I torture Terang quarterly by making him go on TikTok. Well, he says I torment him, but I actually think he likes it. 15,000 people showed up in December to talk to Tarang about career advice, products they want to see in the pipeline, and how they too can work at Elf. Now, Mandy also gets sequestered onto our Twitch live stream. When we launched Fortune Island, a new game on Roblox, we live streamed on Twitch, and Mandy showed up to give financial advice. 110,000 people showed up to meet our CFO. That is zero distance. And the signals that we continue to take from our community who says, you're not just a beauty brand, Elf. You're our friend and our confidant, and we want to go through life with you together, is why we created our zero distance substack, where we essentially turn elf inside out, sharing everything. All of the magic is there for our community to share in the joy with us. And that's what creates the cultural relevance and the emotional resonance because our community knows by our behaviors that we are of them, by them, for them, co-created with them. Bringing together the best of beauty, culture, and entertainment to create a world that's elfing entertaining. A world that they grant us their most precious asset, their time, because we're worthy of their time. A world that's elf-made. And in this elf-made world, a world that nobody else has, you can find things like liquid death or new fragrances from elf and H&M. We collab with like-minded spirited disruptors, not only in other brands, but also in sports, in music or you can join us in making an elfing impact with our two percent pledge and right now you might all be thinking okay this sounds maybe a little bit like smoke and mirrors or is this theoretical or is this a marketing philosophy the truth is this is a scalable and repeatable ecosystem that we've created and i'm going to run water through the pipes for you by showing you our latest activation at the big game we brought together an incredible ensemble cast led by the brilliant Melissa McCarthy. And it all started by putting our ear to the ground, by tuning the elf in. And just what were we actually tuning in to?

If you didn't understand what I just said, you have four months to learn.

Challenge accepted, Bad Bunny. Challenge accepted. While he was challenging America to learn Spanish in four months, or to learn Espanol in four months, we were already speaking Elf Spanol. What does that mean? We had created a chart-topping music hit in Ojos Labioscada with Manuel Torrizo. We already had three telenovelas under our belt, or Elfa novellas, as we call them at Elf, with Descubre Elfecto, which were equally as popular in Mexico as they were in the U.S. We were already working on our Elf Spaniel skills. Why? Because the Latin community is incredibly important in beauty, over-indexing in our category. But they don't just over-index in our category, they over-index with Elf. They're 18% of our buying households, 29% higher than the category average. We also listen and know that people want humor. 90% of people will remember an ad that's funny. And Gen Z specifically says they want brands to make them laugh. They also want Glow Reviver lip oil. How do we know that? Because one is sold every 2.4 seconds, and this has been our bestseller for two years running. So we did what any brand would do. We called Melissa McCarthy and asked her to join Dr. Tito and telenovela royalty Itati Gonzalez together with Glow Reviver Lip Oil to create a piece that was humorous and entertaining, culturally relevant where it met the moment and also highlighting the absurdly incredible benefits of our Glow Reviver Lip Oil in the creation of Nelisa.

Elf presenta Get ready for the world's biggest reggaeton show. It's going to be a little bit.

But I don't speak Spanish. She's unforgettable.

Melissa McCarthy is Melissa McCarthy and Melissa.

What day is it?

Melissa, the big show is tonight. How is your Espanol?

Adios, soy un baño.

Normalmente, I wouldn't do this, but you need juicy lips so you can... Those R's. We have a lot of work to do.

Charrr. Vamos. Sombrero. Chancla. Beso. Beso. Matemática. Matemática.

Boba.

Bobo.

Now try this. Queso, juego, fuego, queso.

Queso.

You're better than this, me, you son. Juego, fuego, queso, juego. Gracias.

Who wants to try it with me? Queso, fuego, fuego, queso. Go on, Andrea, you got it. Okay, well, by every measure, it was an elfing touchdown in press impressions, sentiment, views, and also sales, traffic, and visits to our site. But what's most important here is the core competitive advantage of Elf Speed. You see, most companies take anywhere from 12 to 18 months to create a big game ad. But get ready for this. We did ours in 11 days, from shoot to showtime. That is how you put yourself at the center of the cultural zeitgeist, with the finger on the pulse of what's going on, and meet the moment in real time. So many of you may now be asking, well, so elfing what? What does that actually mean, and how does that translate into the $2 signs you started with in the beginning? it's not an accident that she says matematica so let me show you the matematica we have been increasing our marketing investment over time as we realize growth margin benefits we've reinvested it back into the marketing engine because marketing works how do we know it works we know it works because we studied it and we're delivering multiple ROI above benchmark consistently over time. But that's not the only measure of success. We also look at our unaided awareness. Do more people know about us? Are more people talking about us in addition to buying our brand? And the answer to that is resoundingly yes. In the last five years alone, we have tripled our unaided awareness in every major country that we track, a true mark of success in a marketing engine. So when you boil down our core competitive advantages, the value proposition is the heart, the powerhouse innovation is the superpower, and the disruptive marketing engine is the astronaut suit that allows you to blast off into space and conquest new frontiers. But the most important measure of success is the community that we wrap ourselves around with a giant hug. What do they have to say about all this? Across every measure, core value proposition, powerhouse innovation, disruptive marketing engine, they continue to score us up and to the right. And they reward us by purchasing our brand. Nine Elf products are sold every second somewhere in the world. making e.l.f. the most unit brand of any brand in our category and putting more e.l.f. products in the hands of consumers than any other brand. And if that is not making the impossible possible at Fun, I don't know what is. I'm going to turn it over now to Mandy Fields, who's going to walk us through our white space opportunities.

Gracias, Corey. I've been sent up here to do the matematica, so that is what I'm going to focus on. And I'm grateful because I've heard the CFO has been getting squeezed at the end of these presentations, but I have plenty of time to get through our portion. So I'm going to talk to you a little bit today about the consistency of the results that we have delivered and why you'd like to ride that ride over and over again with Elf. I'm also going to talk about the white space that we see ahead of us. So if we take a look back over the last 10 years, we've delivered a 23% net sales and adjusted EBITDA CAGR while picking up 105 basis points of market share each and every year as we've gone through. That's incredible consistent category leading growth. We've gotten a lot of questions recently as well on the consistency of the shipments versus consumption and how those marry up over time. So we took a look on a two-year, three-year, and five-year basis. That's pretty consistent as well. Shipments and consumption marry up over time. And we talked a lot about the real world versus the Elf world today. And I'm going to turn to gross margin where we talk about the real world. The real world, 41% is what you're looking at from a gross margin standpoint on publicly traded consumer companies. And that's where Elf was about 12 years ago. But as Corey mentioned, we've built up that gross margin over time, now out looking 70%. And that's allowed us to make those investments in marketing, in team, and infrastructure over time. And from an adjusted EBITDA margin standpoint, 14% is what you're going to see on average in the real world versus ELF at 20% or more as we've gone through. Again, strength of the P&L allowing us to make those investments that we need behind our growth initiatives as well as supporting our strategic extensions, which includes the the acquisition of Naturium, and more recently, the acquisition of Road as well. We've been able to do all of this while maintaining our net leverage at less than two times, illustrating the strength of our balance sheet as well. And now it's time for us to exit through the gift shop. And we do have elf bags ready for everyone. Before everybody loses their mind and rushes out of here, we're going to get through the white space opportunity that we see ahead. But if you want to text one of your kids and let them know, there is road in the bag this And so if you want to get folks lined up, you might want to do that. But first, let me walk you through the white space that we see. We see an opportunity to more than double our net sales over the coming years across cosmetics, skin care, and international. And I'm going to walk you through each, starting with cosmetics. In color cosmetics today, nationally, we have a 13% market share. We're the number one unit share brand and the number two dollar share brand overall. And we have our sights set on becoming the number one dollar share brand in the marketplace. Now, why do we believe we can do that? Well, one, we've already done it from a unit share standpoint. And secondly, we've done it at our longest standing retailer target. We have a 21% share and we are the number one cosmetics brand that they carry. now how have we gone about that our secret sauce is really in our productivity we are the most productive brand carried by the our top retailers as we go through and we've grown that productivity over time now growing that productivity has allowed us to have a consistent track record of space gains over time I always say productivity is the unlock to space gains and even when we look at the space that we have across our retailers it illustrates an opportunity that we can go even further with our retailers each and every one of them as we go through there's an opportunity for us to increase our footprint over time we also believe there's an opportunity to continue to build share within the segments that we have leadership Corey talked to you about just in 2018 there were only eight segments where we had a number one or two position versus today, we have 21 segments that have a number one or number two position, showing that we have the innovation and the ability to continue to build share in these subcategories. We also believe we have opportunity across face, lip, and eye as we go through. If you think about the big subcategories within each, foundation, lip color, and mascara, we have a great opportunity to continue to conquest those subcategories and continue to build share as well in cosmetics. What we believe is even a bigger opportunity is to pursue growth in skin care. We've nearly doubled our skin care penetration over the last five years, now representing 20% of our business. And we took a look at total distribution for skin care, and we looked at the top ten brands and then compared that against our most distributed skin care brand, Elfskin, Naturium, and Rode. And we believe this illustrates the opportunity for us to continue to distribute our skincare more broadly, continue to pick up share and grow our skincare portfolio. We also see an opportunity from an innovation standpoint across Elf Skin, Naturium, and Rode, building franchises just like we've done in color cosmetics. Whether that be Elf Skin with our Thirst Burst franchise, Naturium with our Glow Getter franchise, or Rode with the Glazing franchise that they have. We see a real opportunity to leverage innovation to continue to build share in skincare. And last but not least, international. We see a tremendous opportunity to grow our international penetration. Today, 20% of our net sales are outside of the U.S. versus 70% for our global beauty peers. We really have a two-pronged approach as we think about how we're going to drive that international penetration even further. One is driving productivity in our largest markets, and secondly, selectively expanding into new markets. And we've done both successfully. Over the last five years, we've delivered a 55% net sales CAGR in the international markets. A lot of that has been driven by where we have our largest markets in the UK and Canada. And now we have a beautiful portfolio of brands to take globally. Across Road, Naturium, Elf Color, and Elf Skin. Let's start with Elf Color. We took a look at the leading brand in color cosmetics and saw that they're distributed in 120 countries. When we looked at Elf Cosmetics, we're only in 16 countries today. With those 120 countries, the leading brand is driving about $5 billion in retail sales. Elf Cosmetics on 16 countries is driving $2 billion in retail sales, illustrating the opportunity for us to continue to expand our footprint internationally. On Naturium, we just acquired Naturium two and a half years ago or so, and we have taken them from about three customers and doubled their customer penetration and international footprint over that time frame. We see a lot of potential for Naturium globally on the road ahead. And then RODE, RODE we've outlooked at $360 million in net sales on an annualized basis this year. That's a 70% growth, and this is only a four-year-old brand. In every country that Rode has launched in, they have broken records. Here in the U.S. and Canada, two and a half times larger than any launch Sephora has had. In the U.K., five times larger than any launch Sephora has had. And in Mecca, in Australia and New Zealand, it is their largest launch they've ever had. There's a lot of pent-up demand for road. And currently, we're in less than 20% of global Sephora doors. And so certainly see an opportunity to continue to expand distribution on road as well. And so there you have it. Across cosmetics, skin care, and international. We see an opportunity to more than double our sales over the coming years. And so why come along for the ride? Well, I'm going to tell you. One, we democratize access. We are focused on bringing the best of beauty and making it accessible to every eye, lip, and face. We have built a durable, competitive moat. As Corey walks you through, our value proposition, powerhouse innovation and marketing engine underpin that competitive moat. It's really irreplicable from our perspective. We are delivering consistent category-leading growth and market share gains, as Terrain highlighted. And I just walked you through the tremendous white space opportunity that we see on the road ahead across cosmetics, skin care and international across our portfolio of brands. So I hope you join us for the ride because it is an elf world after all. And that's it. We're going to take questions over in the breakout room and we thank you so much for having us.