Name: e.l.f. Beauty, Inc. (NYSE:ELF) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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e.l.f. Beauty, Inc., consolidated income statement

US$ in thousands

12 months ended:	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Net sales	1,023,932)	578,844)	392,155)	318,110)	282,851)
Cost of sales	(299,836)	(188,448)	(140,423)	(111,912)	(101,728)
Gross profit	724,096)	390,396)	251,732)	206,198)	181,123)
Selling, general and administrative expenses	(574,418)	(322,253)	(221,912)	(194,157)	(157,155)
Restructuring (expense) income	—)	—)	(50)	(2,641)	5,982)
Operating income	149,678)	68,143)	29,770)	9,400)	29,950)
Other income (expense), net	1,210)	(1,875)	(1,438)	(1,620)	426)
Impairment of equity investment	(2,875)	—)	—)	—)	—)
Interest on term loan debt	(8,294)	(3,450)	(1,708)	(2,912)	(6,095)
Amortization of debt issuance costs	(430)	(346)	(331)	(847)	(747)
Interest on revolving line of credit	(3,106)	(163)	(342)	(199)	(149)
Interest on finance leases	(10)	(31)	(63)	(137)	(179)
Interest expense	(11,840)	(3,990)	(2,444)	(4,095)	(7,170)
Interest income	4,817)	1,972)	3)	5)	863)
Interest expense, net	(7,023)	(2,018)	(2,441)	(4,090)	(6,307)
Loss on extinguishment of debt	—)	(176)	(460)	—)	—)
Income before provision for income taxes	140,990)	64,074)	25,431)	3,690)	24,069)
Income tax (provision) benefit	(13,327)	(2,544)	(3,661)	2,542)	(6,185)
Net income	127,663)	61,530)	21,770)	6,232)	17,884)

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).

Revenue exhibits a consistent and accelerating upward trajectory over the five-year period, with net sales increasing from US$ 282.8 million in 2020 to US$ 1.02 billion in 2024. This growth is accompanied by a strengthening of profit margins and an expansion of the operational scale, particularly between 2023 and 2024, where net sales nearly doubled.

Revenue and Gross Profitability: Gross profit grew from US$ 181.1 million in 2020 to US$ 724.1 million in 2024. The gross margin improved from approximately 64% in 2020 to 71% in 2024, indicating enhanced production efficiency or a favorable shift in product mix and pricing power.
Operating Performance and Expense Management: Operating income experienced a decline in 2021, dropping to US$ 9.4 million, before rebounding and growing exponentially to US$ 149.7 million by 2024. Selling, general and administrative expenses grew in tandem with sales, rising from US$ 157.2 million in 2020 to US$ 574.4 million in 2024. However, the growth in operating income suggests that the company achieved significant operating leverage in the latter years of the period.
Financial Costs and Debt Obligations: Interest expenses remained relatively stable between 2020 and 2023 but saw a sharp increase in 2024, rising to US$ 11.8 million. This increase is primarily driven by a substantial rise in interest on the revolving line of credit, which grew from US$ 163 thousand in 2023 to US$ 3.1 million in 2024, alongside increased interest on term loan debt.
Net Income and Tax Impact: Net income followed the trajectory of operating income, showing a significant surge from US$ 6.2 million in 2021 to US$ 127.7 million in 2024. The income tax provision also increased significantly in the final year, reaching US$ 13.3 million, reflecting the higher taxable income generated by the growth in operations.

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