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. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2016
- Aggregate Accruals
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e.l.f. Beauty, Inc., consolidated income statement
US$ in thousands
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).
- Net sales
- Net sales exhibited a consistent upward trajectory over the five-year period, increasing from $282.9 million in 2020 to $1.02 billion in 2024. The growth rate accelerated notably after 2022, with sales nearly doubling between 2023 and 2024.
- Cost of sales
- Cost of sales rose steadily in absolute terms, from approximately $101.7 million in 2020 to roughly $299.8 million in 2024. The increase closely trailed net sales, maintaining a generally proportional relationship despite rising overall expenses.
- Gross profit
- Gross profit strengthened significantly, expanding from $181.1 million in 2020 to $724.1 million in 2024. This reflects an improvement in gross margin due to the faster growth in net sales relative to cost of sales, especially after 2022.
- Selling, general and administrative expenses (SG&A)
- SG&A expenses also increased considerably, growing from $157.2 million in 2020 to $574.4 million in 2024. The growth in SG&A tracked the increase in revenues but at a pace that suggests ongoing investments in operational scale and possibly marketing or infrastructure.
- Restructuring (expense) income
- Restructuring items were variable, with a positive income of $6.0 million in 2020, followed by a loss of $2.6 million in 2021, and a minor loss in 2022. No data is available for the subsequent years, indicating either minimal impact or undisclosed figures.
- Operating income
- Operating income displayed fluctuations but an overall growth trend. It declined sharply from $29.9 million in 2020 to $9.4 million in 2021, then recovered to $29.8 million in 2022, accelerated growth to $68.1 million in 2023, and more than doubled to $149.7 million in 2024. This reflects improved operational efficiency and scaling benefits.
- Other income (expense), net
- Other income/(expense) was marginally negative from 2021 to 2023 but recorded a positive turnaround of $1.2 million in 2024, indicating some volatility in non-operating revenues and expenses that slightly affected net results.
- Impairment of equity investment
- An impairment charge of $2.9 million was recognized in 2024, impacting net income through non-operating expenses and indicating an isolated investment write-down during this period.
- Interest expenses and related costs
- Interest expenses overall decreased from $7.2 million in 2020 to $2.4 million in 2022 but rose significantly to $11.8 million in 2024. Interest on term loans fluctuated, with a notable increase in 2024 to $8.3 million. Interest on revolving credit and amortization of debt issuance costs followed a generally stable to increasing pattern in later years. The net interest expense was lowest in 2023 at $2.0 million but increased sharply again to $7.0 million in 2024.
- Interest income
- Interest income was minimal through 2022 but rose sharply in 2023 and 2024, reaching $4.8 million in 2024, partially offsetting interest expenses and indicating improved cash or investment returns in recent years.
- Loss on extinguishment of debt
- There were small losses recorded in 2022 and 2023 related to debt extinguishment but no data for other years, suggesting occasional refinancing costs with limited impact on overall financials.
- Income before provision for income taxes
- Income before income taxes showed variability with a significant dip in 2021 to $3.7 million followed by a robust recovery to $141.0 million in 2024, mirroring trends in operating income and highlighting improved profitability over the period.
- Income tax (provision) benefit
- Income tax provision was negative in most years, except for a tax benefit in 2021. The tax charge increased notably to $13.3 million in 2024, consistent with higher pre-tax income and taxable earnings.
- Net income
- Net income showed an overall increasing pattern with some fluctuations. The net income was $17.9 million in 2020, fell to $6.2 million in 2021, then steadily increased to a peak of $127.7 million in 2024. This reflects the cumulative effects of revenue growth, improved operational efficiency, and effective cost control despite rising expenses and interest charges.