E.l.f. has grown for 20 straight quarters. CFO Mandy Fields on what’s driving that momentum—and the beauty brand’s Super Bowl play

For the period ended Dec. 31, e.l.f. Beauty just recorded its 20th consecutive quarter of growth—but Mandy Fields, CFO since 2019, says that’s just the tip of the iceberg.

“We’re celebrating our 20th anniversary this year, and we’ve really only had two quarters in that time where we didn’t have growth,” Fields told Fortune.

Already boasting a strong Gen Z following, e.l.f. is working to court more millennials, Gen Xers, and even baby boomers, Fields said. For example, the brand launched a 15-minute true-crime parody documentary in January that plays ahead of Paramount Pictures’ new film Mean Girls.

The Oakland-based company, founded in 2004, reported on Tuesday that net sales for the quarter ended Dec. 31 increased 85% to $270.9 million year over year, primarily driven by strength in both retailer and e-commerce channels. The firm’s updated outlook for fiscal 2024 reflects an expected 69% to 71% year-over-year increase in net sales, compared with a previous figure of 55% to 57%. In January, shares climbed more than 10%.

What’s boosting the growth?

Fields pointed to three growth drivers: “Our value proposition continues to stand out, especially in an environment where the consumers are having to make choices,” she explained. Most products are still only $6 on average, compared with about $9 for other mass cosmetic brands or as much as $20 for several prestige brands.

Another driver is the company’s “holy grail innovation,” she said. For example, this quarter, e.l.f. launched Camo Liquid Blush for $7, versus its prestige-brand equivalent at $23. “And our lip oil was demanded from us by our community. We were able to launch that for $8 compared to a prestige item at $40.”

The third driver is marketing. “Last year we spent about 17% of net sales on marketing,” she explained. “This year, we spent 26%.”

Finance chiefs traditionally have viewed marketing as a cost center. But that’s not Fields’ perspective.

“We invest behind marketing to drive net sales,” Fields explained. “I always take a balanced approach. I never want to get over our skis and invest so much behind marketing that that’s at the detriment of our Ebitda margin. We expect adjusted Ebitda margin leverage of approximately 200 basis points year over year.”

As a result of efforts in marketing, including digital channels like TikTok, e.l.f.’s brand awareness in the U.S. has doubled from 13% to 26% since 2020, she said.

Super Bowl repeat

Last year, the company ran its first-ever Super Bowl ad. It featured Jennifer Coolidge, who had a comical take on e.l.f.’s popular Power Grip Primer.

“We saw 57 billion global impressions behind the Super Bowl,” Fields said. “In the two minutes after it aired, we saw 10 times the number of visitors to our website.”

Looking at those metrics, Fields said e.l.f. decided to return to the big game this year—Super Bowl LVIII—on Feb. 11, with one key difference: Last year’s ad was regional, and this year’s is national. The company declined to say what it paid for this year’s spot, but 30-second Super Bowl ads have sold for $7 million, the New York Times reported.

The commercial reunites three of the stars of Suits, Gina Torres, Rick Hoffman, and Sarah Rafferty, People Magazine first reported. The legal TV drama aired on the USA Network from 2011 to 2019 and recently found an even greater audience via streaming networks.

Halo Glow Liquid Filter complexion booster, a top-selling product, is promoted in the commercial directed by Zach Woods, an actor best known for roles on HBO’s Silicon Valley and NBC’s The Office.

“We have a lot of surprises in store for that Super Bowl ad,” said Fields, who explained her rooting interest in Sunday’s Chiefs-49ers matchup.

“I’ve lived in the Bay Area almost 20 years; I love the 49ers,” she said. “I am also loving what’s happening with Travis Kelce and Taylor Swift, and so I’m also rooting for them.”

This story was originally featured on Fortune.com