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.

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).

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.

Download chart

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

Income Statement