Analysis of Inventory
Inventory Disclosure
e.l.f. Beauty, Inc., balance sheet: inventory
US$ in thousands
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Finished goods | 191,489) | 81,323) | 84,498) | 56,810) | 46,209) | ||||||
| Inventory, net | 191,489) | 81,323) | 84,498) | 56,810) | 46,209) |
Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
The inventory levels of e.l.f. Beauty, Inc. exhibit a significant upward trajectory over the five-year period ending March 31, 2024. While growth was steady during the initial years of the period, the most recent fiscal year shows a sharp acceleration in inventory accumulation.
- Inventory Growth Pattern
- Inventory, net increased from 46,209 thousand US dollars in 2020 to 84,498 thousand US dollars by 2022, representing an approximate 82.7% increase. A marginal contraction was observed in 2023, with levels dipping slightly to 81,323 thousand US dollars. This stability was followed by a substantial surge in 2024, where inventory rose to 191,489 thousand US dollars, marking a year-over-year increase of approximately 135.5%.
- Inventory Composition and Operational Insight
- A consistent 1:1 correlation exists between finished goods and total net inventory across all reporting periods. The absence of raw materials or work-in-process inventory suggests a lean operational model centered on outsourced contract manufacturing. Under this structure, inventory is recognized only as completed products, shifting the burden of raw material holding to third-party suppliers.
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