Analysis of Debt
Total Debt (Carrying Amount)
e.l.f. Beauty, Inc., balance sheet: debt
US$ in thousands
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).
Analysis of the total long-term debt carrying amount reveals two distinct phases: a sustained period of deleveraging followed by a significant escalation in total liabilities. From March 31, 2020, through March 31, 2023, total debt exhibited a consistent downward trend, decreasing from US$ 138,656 thousand to US$ 66,456 thousand. This period reflects a systematic reduction in both current and long-term obligations.
- Total Debt Trajectory
- A sharp reversal in the debt trend occurred between March 31, 2023, and March 31, 2024, where total debt rose from US$ 66,456 thousand to US$ 262,126 thousand. This represents a nearly fourfold increase in the carrying amount of long-term debt and finance lease obligations within a single fiscal year.
- Current Liability Shift
- The current portion of long-term debt and finance lease obligations remained relatively low between 2022 and 2023, staying below US$ 6 million. However, as of March 31, 2024, this figure escalated to US$ 100,307 thousand, indicating a substantial increase in obligations due within the short term.
- Long-Term Obligation Trends
- Long-term debt obligations decreased incrementally from US$ 126,088 thousand in 2020 to a low of US$ 60,881 thousand in 2023, before surging to US$ 161,819 thousand by March 31, 2024. The magnitude of the 2024 increase suggests a significant new financing event or a substantial expansion of finance lease commitments.
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Total Debt (Fair Value)
| Mar 31, 2024 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Total long-term debt, including current portion (fair value) | 262,932) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.00 |
Based on: 10-K (reporting date: 2024-03-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 6.83%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 6.70% | 89,500) | 5,997) | |
| 6.90% | 173,375) | 11,963) | |
| 1.60% | 57) | 1) | |
| Total | 262,932) | 17,960) | |
| 6.83% | |||
Based on: 10-K (reporting date: 2024-03-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 17,960 ÷ 262,932 = 6.83%