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e.l.f. Beauty, Inc. (NYSE:ELF)

This company has been moved to the archive! The financial data has not been updated since August 9, 2024.

Common-Size Balance Sheet: Assets
Quarterly Data

e.l.f. Beauty, Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019
Cash and cash equivalents 9.05 9.58 6.56 22.46 21.67 20.28 15.65 15.74 14.06 8.76 6.70 8.46 12.72 11.85 7.37 8.67 11.74 10.19 16.38 13.44 13.93
Accounts receivable, net 12.92 10.96 10.92 11.61 13.76 11.40 11.91 9.94 10.17 9.21 9.61 9.00 8.65 8.24 9.26 7.15 6.45 6.56 7.69 6.34 5.19
Inventory, net 16.56 16.96 18.45 19.71 14.90 13.65 14.62 14.99 13.69 17.08 17.36 15.58 10.94 11.66 14.26 13.62 11.42 10.20 10.60 11.64 11.70
Prepaid expenses and other current assets 5.49 4.75 5.11 4.52 5.97 5.59 5.11 4.96 4.24 3.96 4.03 3.74 4.35 3.16 2.44 2.62 1.89 2.27 1.77 1.79 1.56
Current assets 44.03% 42.25% 41.05% 58.30% 56.30% 50.93% 47.29% 45.63% 42.16% 39.02% 37.71% 36.77% 36.66% 34.91% 33.33% 32.06% 31.49% 29.21% 36.44% 33.21% 32.38%
Property and equipment, net 1.17 1.24 1.16 1.02 1.15 1.32 1.57 1.65 1.82 2.14 2.49 2.83 3.12 2.83 3.49 3.44 3.49 3.79 3.61 3.67 3.78
Intangible assets, net 18.32 19.93 20.81 9.91 11.55 13.10 14.40 15.14 16.37 17.42 17.96 18.30 18.51 19.34 20.03 20.77 21.72 22.60 20.14 21.42 21.87
Goodwill 28.27 30.16 30.69 22.98 26.09 28.81 30.87 31.66 33.40 34.70 34.96 34.81 34.43 35.21 35.69 36.25 37.08 37.81 34.47 35.98 36.07
Other assets 8.22 6.42 6.29 7.80 4.90 5.83 5.87 5.92 6.25 6.72 6.88 7.29 7.27 7.71 7.46 7.48 6.21 6.59 5.34 5.71 5.90
Noncurrent assets 55.97% 57.75% 58.95% 41.70% 43.70% 49.07% 52.71% 54.37% 57.84% 60.98% 62.29% 63.23% 63.34% 65.09% 66.67% 67.94% 68.51% 70.79% 63.56% 66.79% 67.62%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-06-30), 10-K (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30).

The asset structure exhibits a significant transition from a dominance of non-current assets toward an increased weighting of current assets, followed by a sharp structural shift in late 2023. For the first several years of the period, the balance sheet was characterized by a high concentration of intangible assets and goodwill, which gradually declined as the company shifted toward a more liquid asset base.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets showed a consistent upward trajectory, rising from 32.38% in June 2019 to a peak of 58.30% in September 2023. This growth was primarily driven by increases in accounts receivable and inventory. Accounts receivable grew steadily from 5.19% to 12.92% by June 2024, suggesting an expansion in sales volume or a shift in credit terms. Inventory also increased from approximately 11.70% to a high of 19.71% in September 2023, indicating higher stock levels relative to the total asset base to support growth.
Cash and cash equivalents exhibited high volatility. After a period of decline reaching a low of 6.70% in December 2021, cash levels surged to a peak of 22.46% in September 2023 before dropping sharply to 9.05% by June 2024, suggesting a significant deployment of capital.
Fixed and Non-Current Asset Evolution
Property and equipment, net, demonstrated a continuous decline as a percentage of total assets, falling from 3.78% in June 2019 to 1.17% in June 2024. This indicates a business model that relies minimally on heavy physical infrastructure relative to its overall growth.
Intangible assets and goodwill initially followed a downward trend. Goodwill decreased from 36.07% in June 2019 to a low of 22.98% in September 2023, while intangible assets fell from 21.87% to 9.91% over the same period. This suggests that as the company grew, the relative weight of these historical acquisition-related assets diminished.
Structural Shift in Late 2023
A primary inflection point occurred between September 2023 and December 2023. Non-current assets jumped from 41.70% to 58.95%, while current assets dropped from 58.30% to 41.05%. This shift is directly attributable to a sudden increase in intangible assets, which rose from 9.91% to 20.81%, and goodwill, which rose from 22.98% to 30.69% in a single quarter. Such a pattern is typical of a significant acquisition, where cash is deployed to acquire entities, resulting in the creation of new goodwill and intangible assets on the balance sheet.

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