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

Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Net sales	324,477)	321,143)	270,943)	215,507)	216,339)	187,357)	146,537)	122,349)	122,601)	105,135)	98,118)	91,855)	97,047)	92,671)	88,562)	72,350)	64,527)	74,712)	80,760)	67,615)	59,764)
Cost of sales	(93,194)	(93,941)	(78,986)	(63,142)	(63,767)	(58,231)	(47,812)	(42,789)	(39,616)	(37,635)	(33,777)	(33,870)	(35,141)	(34,071)	(31,443)	(25,212)	(21,186)	(26,648)	(28,240)	(24,267)	(22,573)
Gross profit	231,283)	227,202)	191,957)	152,365)	152,572)	129,126)	98,725)	79,560)	82,985)	67,500)	64,341)	57,985)	61,906)	58,600)	57,119)	47,138)	43,341)	48,064)	52,520)	43,348)	37,191)
Selling, general and administrative expenses	(180,575)	(210,172)	(160,121)	(112,186)	(91,939)	(121,081)	(75,434)	(64,183)	(61,555)	(65,332)	(55,384)	(50,447)	(50,749)	(57,827)	(50,828)	(45,170)	(40,332)	(47,024)	(39,632)	(38,444)	(32,055)
Restructuring (expense) income	—)	—)	—)	—)	—)	—)	—)	—)	—)	18)	14)	(96)	14)	(2,641)	—)	—)	—)	—)	(8)	4,198)	1,792)
Operating income	50,708)	17,030)	31,836)	40,179)	60,633)	8,045)	23,291)	15,377)	21,430)	2,186)	8,971)	7,442)	11,171)	(1,868)	6,291)	1,968)	3,009)	1,040)	12,880)	9,102)	6,928)
Other income (expense), net	187)	(692)	2,565)	(1,062)	399)	320)	730)	(1,262)	(1,663)	(484)	(146)	(646)	(162)	(54)	(677)	(859)	(30)	(176)	(335)	586)	351)
Impairment of equity investment	—)	(1,155)	—)	—)	(1,720)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Interest income (expense), net	(3,665)	(4,002)	(3,985)	623)	341)	(106)	(463)	(786)	(663)	(529)	(570)	(597)	(745)	(862)	(855)	(905)	(1,468)	(1,387)	(1,560)	(1,643)	(1,717)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	(176)	—)	—)	—)	—)	—)	(460)	—)	—)	—)	—)	—)	—)	—)	—)
Income before provision for income taxes	47,230)	11,181)	30,416)	39,740)	59,653)	8,259)	23,382)	13,329)	19,104)	1,173)	8,255)	6,199)	9,804)	(2,784)	4,759)	204)	1,511)	(523)	10,985)	8,045)	5,562)
Income tax (provision) benefit	325)	3,346)	(3,528)	(6,469)	(6,676)	7,987)	(4,277)	(1,619)	(4,635)	383)	(2,041)	(475)	(1,528)	2,760)	(462)	243)	1)	182)	(2,983)	(1,528)	(1,856)
Net income	47,555)	14,527)	26,888)	33,271)	52,977)	16,246)	19,105)	11,710)	14,469)	1,556)	6,214)	5,724)	8,276)	(24)	4,297)	447)	1,512)	(341)	8,002)	6,517)	3,706)

Financial performance analysis reveals a trajectory of aggressive revenue expansion and strengthening operational efficiency over the five-year period ending June 30, 2024.

Revenue Growth Trends: Net sales demonstrate exponential growth, increasing from 59.8 million in June 2019 to 324.5 million by June 2024. This represents more than a five-fold increase in quarterly turnover. The acceleration became particularly pronounced after December 2022, where sales rose from 146.5 million to peak at 324.5 million in the final observed quarter.
Gross Profitability and Margin Expansion: Gross profit has scaled significantly, rising from 37.2 million in June 2019 to 231.3 million in June 2024. The gross profit margin improved from approximately 62% to 71% over the period, indicating an increase in production efficiency or a favorable shift in pricing and product mix.
Operating Expense Management: Selling, general and administrative expenses have increased in absolute terms to support rapid growth, moving from 32.1 million in June 2019 to 180.6 million in June 2024. While these expenses generally track with revenue, there is evidence of volatility, specifically a peak of 210.2 million in March 2024. Despite this, operating income has transitioned from a period of instability and occasional losses between 2020 and 2022 to a state of substantial profitability, reaching 50.7 million in the most recent quarter.
Bottom-Line Performance: Net income has exhibited a strong upward trend, albeit with quarterly fluctuations. After experiencing marginal losses or low profitability between March 2020 and March 2021, net income grew aggressively, reaching 53.0 million in June 2023 and 47.6 million in June 2024. The increase in net income is closely aligned with the expansion of net sales and the improvement in gross margins.
Other Financial Items: Interest income and expenses have remained relatively small compared to total revenue, though a notable increase in interest expenses was observed in early 2024. Occasional impairment of equity investments and losses on debt extinguishment have appeared as non-recurring items, but they have not materially offset the primary growth trend of the business.

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

Income StatementQuarterly Data

Income Statement
Quarterly Data