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.

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)

The quarterly financial data indicates significant fluctuations and evolving trends across revenue, expenses, and profitability metrics over the period analyzed.

Net Sales: Net sales exhibited a general upward trajectory, starting from $59.8 million in June 2019 and reaching $324.5 million by June 2024. While some quarters showed modest declines or plateaus, the overall trend reflects strong growth, particularly noticeable from mid-2022 onwards, with quarterly sales surpassing $300 million in the latest periods.
Cost of Sales: The cost of sales followed a broadly increasing path in line with net sales growth, moving from approximately $22.6 million in mid-2019 to over $93.1 million in mid-2024. Periods of accelerated cost increases, especially from late 2022 through 2024, suggest rising input or production expenses, potentially reflecting higher sales volumes or cost inflation.
Gross Profit: Gross profit consistently increased from about $37.2 million in June 2019 to $231.3 million in June 2024. There was a notable dip in early 2020 coinciding with the onset of the COVID-19 pandemic, but a strong recovery and subsequent growth occurred thereafter. The margin expansion implied by faster growth in gross profit relative to sales in some quarters suggests improving production efficiency or pricing power.
Selling, General and Administrative Expenses (SG&A): SG&A expenses increased substantially, from approximately $32.1 million in June 2019 to a peak of $210.2 million in March 2024, before declining somewhat in the most recent quarter. This sharp rise, especially in 2023 and early 2024, may indicate escalated marketing, administration, or operational costs, partially offsetting gains in gross profit.
Operating Income: Operating income showed considerable volatility. After peaking at around $12.9 million in late 2019, it plunged into negative territory in early 2021 but then rebounded strongly in later periods, achieving a significant peak of $60.6 million in June 2023. This variability suggests challenges balancing revenue growth and expense control, but improved operational leverage in recent quarters.
Other Income and Expenses: Other income and expenses remained relatively minor compared to core operations, with small fluctuations including some negative episodes. Interest expenses showed a declining trend from earlier periods, shifting to net interest income in some recent quarters, indicating potential debt reduction or favorable changes in financing costs.
Income Before Provision for Income Taxes: The income before taxes mirrored operating income trends, oscillating with a negative dip around early 2020 and mid-2021, then surging to a high of nearly $59.7 million in June 2023. This reflects the company's operational profitability trajectory adjusted by non-operating items.
Income Tax Provision: Income tax provisions have varied, including instances of benefits during quarters of losses or tax credits, notably in the first quarters of 2020 and 2023. These fluctuations contribute to irregular net income patterns across periods.
Net Income: Net income displayed considerable volatility, initially showing steady growth through 2019 then falling into losses in early 2020. It recovered and increased substantially starting in mid-2021, peaking at close to $52.9 million in June 2023, followed by a slight decline but maintaining strong profitability into mid-2024. This pattern reflects the overall resilience and improved profitability after earlier operational difficulties.

In summary, the financial data reveals a company experiencing strong top-line growth accompanied by rising costs and expense pressures, leading to fluctuating but ultimately improving profitability. Recent quarters demonstrate enhanced operating performance and net income, suggesting a successful adaptation to earlier challenges and effective scaling of the business. Continuous monitoring of SG&A expenses and cost of sales will be important to sustain profitability amid revenue expansion.

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

Income Statement Quarterly Data

Income Statement
Quarterly Data