Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

e.l.f. Beauty, Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Current portion of long-term debt and finance lease obligations	100,307)	5,575)	5,786)	16,281)	12,568)
Accounts payable	81,075)	31,427)	19,227)	15,699)	12,390)
Accrued expenses	37,782)	22,726)	19,938)	21,300)	12,518)
Accrued inventory	16,478)	1,330)	—)	—)	—)
Accrued marketing	29,282)	23,761)	—)	—)	—)
Current portion of operating lease liabilities	7,016)	4,510)	4,391)	4,292)	3,083)
Accrued compensation	17,423)	13,098)	11,532)	10,805)	9,542)
Taxes payable	5,814)	2,851)	2,128)	—)	—)
Other current liabilities	3,938)	2,698)	2,015)	4,954)	1,022)
Accrued expenses and other current liabilities	117,733)	70,974)	40,004)	41,351)	26,165)
Current liabilities	299,115)	107,976)	65,017)	73,331)	51,123)
Long-term debt and finance lease obligations	161,819)	60,881)	91,080)	110,255)	126,088)
Deferred tax liabilities	3,666)	3,742)	9,593)	13,479)	21,892)
Long-term operating lease obligations	21,459)	11,201)	15,744)	20,084)	11,239)
Other long-term liabilities	616)	784)	769)	598)	591)
Long-term liabilities	187,560)	76,608)	117,186)	144,416)	159,810)
Total liabilities	486,675)	184,584)	182,203)	217,747)	210,933)
Common stock, par value of $0.01 per share	555)	535)	515)	504)	489)
Additional paid-in capital	936,403)	832,481)	795,443)	774,441)	753,213)
Accumulated other comprehensive loss	(50)	—)	—)	—)	—)
Accumulated deficit	(294,336)	(421,999)	(483,529)	(505,299)	(511,531)
Stockholders’ equity	642,572)	411,017)	312,429)	269,646)	242,171)
Total liabilities and stockholders’ equity	1,129,247)	595,601)	494,632)	487,393)	453,104)

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).

The financial data reveal several notable trends in the company’s liabilities and equity over the five-year period ending March 31, 2024.

Current Liabilities: Current liabilities have shown a substantial increase overall, rising from approximately $51.1 million in 2020 to almost $299.1 million in 2024. This increase is largely driven by significant growth in the current portion of long-term debt and finance lease obligations, which surged dramatically in 2024 to over $100 million from a level below $16.3 million in 2021. Additionally, accounts payable have grown steadily each year, accelerating notably from $31.4 million in 2023 to over $81 million in 2024. Accrued expenses and other current liabilities also expanded sharply, more than doubling from $70.9 million in 2023 to nearly $117.7 million in 2024, with major contributions from accrued marketing, accrued inventory, and accrued compensation.
Long-term Liabilities: Long-term debt and finance lease obligations exhibit a fluctuating but generally downward trend from 2020 through 2023, decreasing from approximately $126.1 million to about $60.9 million. However, in 2024 this liability increased substantially to $161.8 million. Deferred tax liabilities have been steadily declining from nearly $21.9 million in 2020 to just under $3.7 million in 2024. Long-term operating lease obligations present some volatility, peaking around 2021 at $20.1 million, decreasing thereafter, but rising again in 2024 to $21.5 million. Overall, total long-term liabilities decreased from $159.8 million in 2020 to $76.6 million in 2023 before rising significantly to $187.6 million in 2024.
Total Liabilities: Total liabilities reflect a moderate increase from $210.9 million in 2020 to $217.7 million in 2021, then declined over the next two years to $182.2 million in 2022 and $184.6 million in 2023. A marked escalation occurred in 2024, with total liabilities more than doubling to $486.7 million, largely attributable to the sharp rises in current liabilities, especially current portions of long-term debt, and long-term debt obligations.
Stockholders’ Equity: Stockholders’ equity demonstrates a continuous upward trajectory throughout the period, growing from $242.2 million in 2020 to $642.6 million in 2024. This increase is supported by rising additional paid-in capital, which grew steadily each year from $753.2 million to $936.4 million. Simultaneously, accumulated deficit diminished significantly—improving from a negative $511.5 million in 2020 to a negative $294.3 million in 2024—indicating reduced net losses or increased profitability over time. The company recorded a minor accumulated other comprehensive loss of $50 thousand by 2024.
Balance Sheet Total: The total of liabilities and stockholders’ equity increased consistently, from $453.1 million in 2020 to $1.13 billion by 2024, reflecting an overall expansion in the company’s financial size and operational scale during these years.

In summary, the data indicate a company that experienced a significant rise in liabilities, particularly current liabilities and debt components, in the latest fiscal year, alongside a strengthening equity base. The reduction in accumulated deficit combined with increased paid-in capital supports an improving financial position despite elevated leverage levels. The pronounced increase in current liabilities in 2024 warrants attention for liquidity and debt management going forward.

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

Balance Sheet: Liabilities and Stockholders’ Equity