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

The analysis of the quarterly financial data reveals several notable trends and shifts in the composition of liabilities and stockholders' equity over the observed periods.

Current Portion of Long-Term Debt and Finance Lease Obligations

This component generally remained stable and low as a percentage of total liabilities and stockholders' equity from June 2019 through September 2022, fluctuating mostly between around 1% and 3%. However, a significant spike is observed starting December 2023 and continuing through June 2024, reaching values above 8%, indicating a sharp increase in the short-term portion of long-term obligations at the end of the period.

Accounts Payable

Accounts payable displayed some volatility with values typically ranging between about 3% and 5%, but starting mid-2022 through mid-2023, it showed a clear upward movement, peaking at over 8% in September 2023 before slightly reversing but still remaining elevated compared to earlier periods.

Accrued Expenses and Other Current Liabilities

The ratio for accrued expenses and other current liabilities showed an increasing trend particularly notable starting in late 2021, reaching above 11% around early 2023. Thereafter, it slightly declined but remained elevated in comparison to earlier years, suggesting rising short-term obligations related to accrued expenses.

Current Liabilities

Current liabilities as a whole exhibited a gradual upward movement from roughly 10% in mid-2019 up to a peak exceeding 27% in December 2023. Although a slight reduction is seen in the following quarters, the levels remain significantly above the starting point, indicating an increasing proportion of current liabilities over the analysis period.

Long-Term Debt and Finance Lease Obligations

A clear downward trend is evident in long-term debt and finance lease obligations, decreasing steadily from over 31% in mid-2019 to a trough around 7-9% in 2023. A moderate rebound appears late in 2023 and into mid-2024, where the metric rises to around 13-15%, signifying some increase in longer-term liabilities after a lengthy period of reduction.

Deferred Tax Liabilities

Deferred tax liabilities declined relatively consistently from just over 4% in 2019 to below 1% by mid-2024, reflecting possibly reduced tax-related obligations or changes in tax accounting.

Long-Term Operating Lease Obligations

This category showed some fluctuation but generally maintained a range between approximately 1.5% and 4%, with a peak around 4% in late 2020. Recent data reveal a slight increasing trend after a dip in 2022, reaching close to 2.8% by mid-2024.

Other Long-Term Liabilities

Other long-term liabilities remained quite stable and negligible throughout the period, consistently around 0.05% to 0.16%, indicating minimal impact on the overall liabilities structure.

Long-Term Liabilities (Aggregate)

Aggregate long-term liabilities declined significantly from above 38% in 2019 to under 15% by early 2023. The ratio then moderately increased again to about 16-17% by mid-2024, paralleling the patterns observed in specific long-term debt components.

Total Liabilities

Total liabilities decreased from near 49% to approximately 30% over the period until early 2023, followed by a sharp increase to over 44% during late 2023, before settling around 41-43% by mid-2024. This suggests a notable rise in overall liabilities late in the dataset after several years of reduction.

Common Stock, Par Value

This item remained virtually constant at around 0.1% of total liabilities and stockholders' equity, marginally decreasing to about 0.05% by 2024, indicating negligible change in this equity component.

Additional Paid-In Capital

This account demonstrated a consistent decreasing trend, falling from over 171% in 2019 down to under 80% by mid-2024. This trend may reflect share repurchases, amortization of capital accounts, or changes in capital structure affecting this component significantly.

Accumulated Other Comprehensive Loss

Amounts were minimal or zero throughout the period, indicating an immaterial effect on the overall financial position.

Accumulated Deficit

The accumulated deficit showed a steady improvement over time, decreasing (less negative) from around -120% in 2019 to approximately -20% by mid-2024. This improvement suggests strengthening retained earnings or earnings accumulation improving equity.

Stockholders’ Equity

Stockholders’ equity increased from about 51% in 2019 to peak near 71-72% by 2022-2023, before decreasing again to about 56-58% by mid-2024. This pattern shows an overall net positive movement year-on-year, offset by a slight contraction in recent quarters, consistent with the observed shifts in liabilities and capital components.

Total Liabilities and Stockholders’ Equity

By definition, this sum remained constant at 100% throughout the entire period, serving as a basis for comparison among the other components.

In summary, the data reveal a significant reshaping of the financial structure, characterized by a reduction in long-term liabilities and an improvement in equity positions through mid-2023, followed by an increase in current liabilities and total liabilities in the most recent periods. The increase in both current portion of long-term debt and accounts payable near the end of the timeline suggests a shift towards short-term obligations. Simultaneously, the declining additional paid-in capital alongside improving accumulated deficit points to an evolving equity configuration, possibly aligned with company strategies on financing and capital management.