Analysis of Geographic Areas
e.l.f. Beauty, Inc. operates in 2 regions: United States and International.
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2016
- Total Asset Turnover since 2016
- Analysis of Revenues
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Area Asset Turnover
e.l.f. Beauty, Inc., asset turnover by geographic area
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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 annual geographic area asset turnover data indicates notable variations and trends in the company's operational efficiency across the United States and international markets over the examined five-year period.
- United States Asset Turnover
- The asset turnover ratio in the United States demonstrates a consistent upward trajectory from the fiscal year ending March 31, 2020, through March 31, 2024. Initially, the ratio stood at 15.15 and increased steadily to 21.01 in 2021 and 33.53 in 2022. A significant acceleration is observed thereafter, with the ratio nearly doubling to 66.63 in 2023 before achieving 79.38 by 2024. This indicates improving efficiency in generating revenue relative to assets in the United States market, with an especially sharp increase in the last two years.
- International Asset Turnover
- The international asset turnover ratio exhibits a different pattern, characterized by strong growth in the initial years followed by a substantial decline in the most recent period. From 84.56 in 2020, the ratio increased markedly to 137.83 in 2021 and further to 208.74 in 2022. The upward trend continued but at a decelerated rate, reaching 268.97 in 2023. However, in the fiscal year ending 2024, there is a marked decrease to 51.3, which represents a significant deterioration in turnover efficiency internationally compared to previous years. This sharp drop may warrant further investigation to determine underlying causes.
- Comparative Insights
- Comparing the two geographic segments reveals contrasting dynamics. While the United States shows consistent and accelerating asset turnover growth, the international segment experiences high volatility with a notable peak in 2023 followed by a steep decline. Despite the drop in the latest year, the international turnover ratio remains above the earliest years but below the recent peak levels.
Overall, the data suggests enhanced operational efficiency domestically, contrasted by fluctuating and currently declining efficiency internationally. This divergence may reflect differences in market conditions, asset utilization, or strategic focus between the two regions.
Area Asset Turnover: United States
e.l.f. Beauty, Inc.; United States; area asset turnover calculation
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net sales ÷ Property and equipment, net
= ÷ =
Area Asset Turnover: International
e.l.f. Beauty, Inc.; International; area asset turnover calculation
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net sales ÷ Property and equipment, net
= ÷ =
Net sales
e.l.f. Beauty, Inc., net sales by geographic area
US$ in thousands
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
- United States Net Sales
- The net sales in the United States demonstrated a consistent upward trend over the five-year period. The figures increased from $255,284 thousand in 2020 to $868,076 thousand in 2024. The most significant year-over-year growth was observed between 2023 and 2024, where sales rose by approximately 71.3%, indicating strong domestic market expansion during this interval.
- International Net Sales
- International net sales also showed a steady increase each year, growing from $27,567 thousand in 2020 to $155,856 thousand in 2024. This represents a more than fivefold increase over the five years. Notably, the international market grew by 116.2% between 2023 and 2024, which suggests accelerated growth and increasing importance of the international segment in the company’s overall revenue.
- Total Net Sales
- Total net sales followed a similar positive trend, increasing from $282,851 thousand in 2020 to $1,023,932 thousand in 2024. The overall increase reflects cumulative growth in both domestic and international markets. The year-over-year growth was particularly strong in the last two years, with total net sales rising by 47.6% from 2022 to 2023, and by 76.9% from 2023 to 2024. This indicates robust revenue expansion.
- Insights and Observations
- Both domestic and international sales have increased consistently without any apparent downturns. The domestic market remains the largest contributor to total net sales, accounting for approximately 84.7% of total sales in 2024. However, the international market is growing at a faster relative pace, suggesting increasing diversification of geographic revenue streams. The accelerated growth rates in the most recent years imply successful market penetration strategies and expanding consumer demand.
Property and equipment, net
e.l.f. Beauty, Inc., property and equipment, net by geographic area
US$ in thousands
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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 property and equipment net values exhibit varying trends across the geographic areas over the analyzed five-year period. In the United States, there is a distinct downward trajectory from 2020 to 2023, with values decreasing from $16,845 thousand to a low of $7,606 thousand. However, in the most recent year, there is a noticeable rebound to $10,936 thousand, suggesting a partial recovery or renewed investment in property and equipment in this region.
Conversely, the International segment remains relatively minor in comparison but shows a contrasting pattern. From 2020 to 2023, the values fluctuate slightly downward, moving from $326 thousand to $268 thousand, before a substantial increase occurs in 2024, where the net property and equipment value jumps sharply to $3,038 thousand. This significant rise indicates a marked expansion or acquisition of assets internationally, pointing towards strategic geographic diversification or market development efforts.
The total net property and equipment values reflect these combined dynamics, showing an overall decline from $17,171 thousand in 2020 to $7,874 thousand in 2023, mainly influenced by the decrease in the United States segment. However, the pronounced growth in the International segment in 2024 elevates the total figure to $13,974 thousand, representing a strong recovery. This movement highlights an increased emphasis on international growth and a partial resurgence of investment within the United States.
- United States Segment
- Consistently declining values from 2020 to 2023, followed by a recovery in 2024.
- International Segment
- Relatively stable with minor fluctuations until 2023, then a significant increase in 2024.
- Total Property and Equipment, Net
- Overall downward trend until 2023, with a sharp rebound in 2024 driven largely by international expansion.