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

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e.l.f. Beauty, Inc., adjusted total assets

US$ in thousands

	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
As Reported
Total assets	1,129,247)	595,601)	494,632)	487,393)	453,104)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for doubtful accounts	1,200)	100)	100)	200)	1,000)
Less: Deferred tax assets²	1,821)	563)	—)	175)	15)
After Adjustment
Adjusted total assets	1,128,626)	595,138)	494,732)	487,418)	454,089)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

Total assets exhibit a significant upward trajectory over the five-year period ending March 31, 2024. While growth was moderate between 2020 and 2022, a substantial acceleration occurred in 2023 and 2024, culminating in an asset base that more than doubled in the final fiscal year analyzed.

Asset Expansion Trends: Total assets grew from 453,104 thousand USD in 2020 to 1,129,247 thousand USD in 2024. The most pronounced increase was observed between March 31, 2023, and March 31, 2024, where assets increased by approximately 89.6%, signaling a rapid expansion of the company's resource base.
Variance in Asset Adjustments: The difference between total assets and adjusted total assets remains marginal across all reporting periods. Between 2020 and 2022, adjusted total assets were slightly higher than reported total assets. This trend shifted in 2023 and 2024, where the adjusted figures were marginally lower than the reported totals, with a decrease of 621 thousand USD noted in the final period.
Materiality of Adjustments: The scale of the adjustments is immaterial relative to the total asset volume. By March 31, 2024, the variance between the reported and adjusted figures represented less than 0.1% of total assets, suggesting that these adjustments do not significantly impact the overall interpretation of the company's financial position or growth trajectory.

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e.l.f. Beauty, Inc., adjusted total liabilities

US$ in thousands

	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
As Reported
Total liabilities	486,675)	184,584)	182,203)	217,747)	210,933)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	3,666)	3,742)	9,593)	13,479)	21,892)
After Adjustment
Adjusted total liabilities	483,009)	180,842)	172,610)	204,268)	189,041)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

An analysis of total and adjusted liabilities from March 31, 2020, to March 31, 2024, reveals a period of relative stability followed by a substantial increase in the final fiscal year.

Liability Trajectory: Total liabilities remained within a constrained range between 2020 and 2023, peaking at 217,747 thousand in 2021 before declining to 182,203 thousand in 2022 and holding steady at 184,584 thousand in 2023. A significant escalation is observed by March 31, 2024, where total liabilities rose to 486,675 thousand, representing an increase of approximately 163.7% compared to the previous year.
Adjustment Variance Analysis: The variance between total liabilities and adjusted total liabilities has narrowed consistently over the observed five-year period. The difference stood at 21,892 thousand in 2020 and decreased incrementally each year, reaching its lowest point of 3,666 thousand by March 31, 2024. This indicates a diminishing scale of adjustments relative to the overall liability volume.
Proportional Impact of Adjustments: The relative impact of the adjustments has shifted significantly. In 2020, the adjustment represented approximately 10.4% of total liabilities. By 2024, despite the massive increase in nominal liability values, the adjustment constituted only about 0.75% of total liabilities. This suggests that the surge in liabilities in 2024 was driven by items that did not require adjustment.

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e.l.f. Beauty, Inc., adjusted stockholders’ equity

US$ in thousands

	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
As Reported
Stockholders’ equity	642,572)	411,017)	312,429)	269,646)	242,171)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(1,845)	(3,179)	(9,593)	(13,304)	(21,877)
Add: Allowance for doubtful accounts	1,200)	100)	100)	200)	1,000)
After Adjustment
Adjusted stockholders’ equity	645,617)	414,296)	322,122)	283,150)	265,048)

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).

¹ Net deferred tax assets (liabilities). See details »

Stockholders' equity demonstrates a consistent and accelerating upward trajectory over the five-year period ending March 31, 2024. The growth rate increased markedly in the latter years, reflecting a substantial accumulation of capital and an expansion of the company's net asset base.

Equity Growth Acceleration: Stockholders' equity rose from 242,171 thousand dollars in 2020 to 642,572 thousand dollars in 2024. A significant acceleration in growth is observed, with the increase between 2023 and 2024 reaching approximately 56%, contrasting with the more moderate 11% increase observed between 2020 and 2021.
Convergence of Adjusted Equity: Adjusted stockholders' equity followed a parallel growth path, increasing from 265,048 thousand dollars in 2020 to 645,617 thousand dollars in 2024. The variance between reported stockholders' equity and adjusted stockholders' equity has narrowed consistently over the analyzed period.
Analysis of Adjustment Materiality: The absolute difference between reported and adjusted equity declined from 22,877 thousand dollars in 2020 to 3,045 thousand dollars in 2024. Consequently, the relative materiality of these adjustments decreased from approximately 9.4% of total equity in 2020 to approximately 0.5% in 2024, indicating that adjustments have become nearly negligible relative to the total equity volume.

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e.l.f. Beauty, Inc., adjusted capitalization table

US$ in thousands

	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
As Reported
Current portion of long-term debt and finance lease obligations	100,307)	5,575)	5,786)	16,281)	12,568)
Long-term debt and finance lease obligations	161,819)	60,881)	91,080)	110,255)	126,088)
Total reported debt	262,126)	66,456)	96,866)	126,536)	138,656)
Stockholders’ equity	642,572)	411,017)	312,429)	269,646)	242,171)
Total reported capital	904,698)	477,473)	409,295)	396,182)	380,827)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current portion of operating lease liabilities²	7,016)	4,510)	4,391)	4,292)	3,083)
Add: Long-term operating lease obligations³	21,459)	11,201)	15,744)	20,084)	11,239)
Adjusted total debt	290,601)	82,167)	117,001)	150,912)	152,978)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(1,845)	(3,179)	(9,593)	(13,304)	(21,877)
Add: Allowance for doubtful accounts	1,200)	100)	100)	200)	1,000)
Adjusted stockholders’ equity	645,617)	414,296)	322,122)	283,150)	265,048)
After Adjustment
Adjusted total capital	936,218)	496,463)	439,123)	434,062)	418,026)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current portion of operating lease liabilities. See details »

³ Long-term operating lease obligations. See details »

⁴ Net deferred tax assets (liabilities). See details »

The capitalization structure exhibits a period of steady deleveraging followed by a significant expansion of both debt and equity in the most recent fiscal year. Total capital has grown substantially over the five-year period, reflecting an aggressive scaling of the balance sheet.

Debt Trends

Reported debt experienced a consistent downward trajectory from March 31, 2020, through March 31, 2023, decreasing from 138,656 thousand USD to 66,456 thousand USD. This trend was abruptly reversed in March 31, 2024, with debt increasing to 262,126 thousand USD, representing a nearly fourfold increase from the previous year.

Equity Growth

Stockholders’ equity demonstrated an uninterrupted upward trend throughout the analyzed period. Equity grew from 242,171 thousand USD in 2020 to 642,572 thousand USD in 2024. The most significant growth occurred between 2023 and 2024, where equity increased by approximately 56%.

Total Capital Expansion

Total reported capital remained relatively stable between 2020 and 2022 before accelerating upward. The transition from 477,473 thousand USD in 2023 to 904,698 thousand USD in 2024 indicates a massive expansion in the total financing base, driven by the simultaneous increase in both debt and equity components.

Adjusted Capitalization Variance: A consistent variance is observed between reported and adjusted figures. Adjusted total debt remains higher than reported debt in every period, suggesting the inclusion of capitalized obligations. Similarly, adjusted stockholders' equity and adjusted total capital are consistently higher than their reported counterparts, though the gap between reported and adjusted equity narrowed significantly by 2024.

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e.l.f. Beauty, Inc., adjusted net income

US$ in thousands

12 months ended:	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
As Reported
Net income	127,663)	61,530)	21,770)	6,232)	17,884)
Adjustments
Add: Deferred income tax expense (benefit)¹	(3,276)	(6,401)	(3,701)	(8,584)	2,443)
Add: Increase (decrease) in allowance for doubtful accounts	1,100)	—)	(100)	(800)	700)
Add: Other comprehensive loss, net of tax	(50)	—)	—)	—)	—)
After Adjustment
Adjusted net income	125,437)	55,129)	17,969)	(3,152)	21,027)

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).

¹ Deferred income tax expense (benefit). See details »

The financial results exhibit a significant upward trajectory in both reported and adjusted net income over the five-year period ending March 31, 2024. Following a period of volatility between 2020 and 2021, a pattern of accelerated growth emerged, with earnings increasing substantially in the final two fiscal years of the observed period.

Net Income Performance: Reported net income experienced a sharp decline in 2021, falling to 6,232 thousand USD from 17,884 thousand USD in 2020. This downturn was followed by a consistent and rapid recovery, with income rising to 21,770 thousand USD in 2022, 61,530 thousand USD in 2023, and reaching 127,663 thousand USD in 2024.
Adjusted Net Income Trends: Adjusted net income displayed higher volatility in the initial years, specifically dipping into a deficit of -3,152 thousand USD in 2021. Subsequent years showed a strong rebound, with adjusted figures climbing to 17,969 thousand USD in 2022, 55,129 thousand USD in 2023, and 125,437 thousand USD in 2024.
Analysis of Earnings Adjustments: The variance between reported and adjusted net income fluctuates throughout the period. In 2020, adjusted income exceeded reported income, whereas in 2021, a stark divergence occurred where reported income remained positive while adjusted income became negative, suggesting the impact of non-recurring gains in the reported figures. By 2024, the gap between the two metrics narrowed significantly, indicating that non-recurring items have a diminishing impact on the overall earnings profile as the scale of operations increases.

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