Stock Analysis on Net
Stock Analysis on Net

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 Income Statement 
Quarterly Data

e.l.f. Beauty, Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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
Net sales 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
Cost of sales -28.72 -29.25 -29.15 -29.30 -29.48 -31.08 -32.63 -34.97 -32.31 -35.80 -34.42 -36.87 -36.21 -36.77 -35.50 -34.85 -32.83 -35.67 -34.97 -35.89 -37.77
Gross profit 71.28% 70.75% 70.85% 70.70% 70.52% 68.92% 67.37% 65.03% 67.69% 64.20% 65.58% 63.13% 63.79% 63.23% 64.50% 65.15% 67.17% 64.33% 65.03% 64.11% 62.23%
Selling, general and administrative expenses -55.65 -65.44 -59.10 -52.06 -42.50 -64.63 -51.48 -52.46 -50.21 -62.14 -56.45 -54.92 -52.29 -62.40 -57.39 -62.43 -62.50 -62.94 -49.07 -56.86 -53.64
Restructuring (expense) income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01 -0.10 0.01 -2.85 0.00 0.00 0.00 0.00 -0.01 6.21 3.00
Operating income 15.63% 5.30% 11.75% 18.64% 28.03% 4.29% 15.89% 12.57% 17.48% 2.08% 9.14% 8.10% 11.51% -2.02% 7.10% 2.72% 4.66% 1.39% 15.95% 13.46% 11.59%
Other income (expense), net 0.06 -0.22 0.95 -0.49 0.18 0.17 0.50 -1.03 -1.36 -0.46 -0.15 -0.70 -0.17 -0.06 -0.76 -1.19 -0.05 -0.24 -0.41 0.87 0.59
Impairment of equity investment 0.00 -0.36 0.00 0.00 -0.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest income (expense), net -1.13 -1.25 -1.47 0.29 0.16 -0.06 -0.32 -0.64 -0.54 -0.50 -0.58 -0.65 -0.77 -0.93 -0.97 -1.25 -2.28 -1.86 -1.93 -2.43 -2.87
Loss on extinguishment of debt 0.00 0.00 0.00 0.00 0.00 0.00 -0.12 0.00 0.00 0.00 0.00 0.00 -0.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income before provision for income taxes 14.56% 3.48% 11.23% 18.44% 27.57% 4.41% 15.96% 10.89% 15.58% 1.12% 8.41% 6.75% 10.10% -3.00% 5.37% 0.28% 2.34% -0.70% 13.60% 11.90% 9.31%
Income tax (provision) benefit 0.10 1.04 -1.30 -3.00 -3.09 4.26 -2.92 -1.32 -3.78 0.36 -2.08 -0.52 -1.57 2.98 -0.52 0.34 0.00 0.24 -3.69 -2.26 -3.11
Net income 14.66% 4.52% 9.92% 15.44% 24.49% 8.67% 13.04% 9.57% 11.80% 1.48% 6.33% 6.23% 8.53% -0.03% 4.85% 0.62% 2.34% -0.46% 9.91% 9.64% 6.20%

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).

Gross Profit Trend
Gross profit as a percentage of net sales generally shows an upward trend over the periods analyzed. Starting at 62.23% in June 2019, it fluctuated slightly but increased consistently from mid-2021 onwards, reaching a peak of 71.28% by June 2024. This indicates improving efficiency in managing production and sales costs relative to net sales.
Cost of Sales Trend
The cost of sales as a percentage of net sales exhibited a downward trend overall. Beginning at 37.77% in June 2019, it gradually declined to 28.72% in June 2024, reflecting a reduction in direct costs associated with producing goods or services sold. This decrease contributed positively to the rising gross profit margins over time.
Selling, General and Administrative Expenses
These expenses as a percentage of net sales showed considerable variability across quarters. They were notably high and volatile during the early part of the period, peaking at -65.44% in March 2024. However, some quarters such as June 2023 reported a significant reduction to -42.5%. This suggests fluctuating operating efficiency and potentially varying investment levels in sales and administrative functions.
Operating Income Fluctuations
Operating income as a percentage of net sales displayed significant volatility. From a high of 15.95% in December 2019, there was a sharp decline to 1.39% in March 2020, coinciding with the onset of market or economic challenges. Subsequent quarters showed recovery and variability, with notable peaks such as 28.03% in June 2023, but also dips into negative territory at -2.02% in March 2021. This indicates sensitivity to operational cost management and external factors affecting profitability.
Income Before Taxes and Tax Provision
Income before income taxes mirrored the operating income trend, with sharp fluctuations and periodic negative values, notably -3% in March 2021. Income tax provisions as a percentage of net sales also varied, with some quarters showing tax benefits (positive percentages) corresponding to periods of loss or low profitability, indicating possible deferred tax assets or tax management strategies.
Net Income Pattern
Net income as a percent of net sales followed a cyclical pattern with notable variability. It started at 6.2% in June 2019, rose to near 10% by December 2019, then declined sharply into negative territory (-0.46% in March 2020 and -0.03% in March 2021). A recovery phase occurred from mid-2021 to mid-2023, with net income peaking at 24.49% in June 2023, followed by moderate declines. The general trend suggests recovery and growth in profitability after earlier disturbances.
Other Income/Expense and Interest Trends
Other income/expense net values were mostly small and fluctuated around zero, with occasional minor negative impacts, indicating limited influence on overall profitability. Net interest expense steadily decreased from -2.87% in June 2019 to near zero or slight positive figures in mid-2023, reflecting possible improved financing costs or reduced debt levels, but with an uptick again in late 2023 and early 2024.
Special Items and Impairments
Restructuring expenses fluctuated and were only occasionally reported, with small net positive or negative impacts. Notable was an impairment of equity investment in late 2023 and early 2024, negatively affecting profitability during those quarters.