Stock Analysis on Net
Stock Analysis on Net

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

This company has been moved to the archive! The financial data has not been updated since August 9, 2024.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

e.l.f. Beauty, Inc., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel
12 months ended: Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
US federal 12,505 7,065 5,637 4,772 2,681
State 4,078 1,854 1,715 1,186 1,066
Foreign 20 26 10 84 (5)
Current 16,603 8,945 7,362 6,042 3,742
US federal (2,130) (5,035) (3,146) (7,159) 2,532
State (746) (816) (738) (1,293) (99)
Foreign (400) (550) 183 (132) 10
Deferred (3,276) (6,401) (3,701) (8,584) 2,443
Provision (benefit) for income taxes 13,327 2,544 3,661 (2,542) 6,185

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).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. e.l.f. Beauty, Inc. current increased from 2022 to 2023 and from 2023 to 2024.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. e.l.f. Beauty, Inc. deferred decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Provision (benefit) for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. e.l.f. Beauty, Inc. provision (benefit) for income taxes decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Effective Income Tax Rate (EITR)

e.l.f. Beauty, Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Federal statutory tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
State tax, net of federal benefit 1.80% 1.00% 2.60% -10.60% 3.70%
State tax deferred rate change, net of federal benefit 0.00% 0.00% -0.10% -1.60% 0.10%
Nondeductible business expenses 0.40% 0.60% 0.40% 2.10% 0.80%
Nondeductible employee compensation 4.30% 2.50% 1.10% 9.10% 0.40%
Provision-to-return adjustment -0.20% -0.10% -0.30% 1.50% 0.00%
Uncertain tax positions 0.00% 0.00% 0.10% 1.00% -0.20%
Stock based compensation -18.40% -20.30% -12.00% -90.70% -0.80%
Change in valuation allowance 0.40% -0.60% 1.50% 0.00% 0.00%
Others 0.20% -0.10% 0.10% -0.70% 0.70%
Effective tax rate 9.50% 4.00% 14.40% -68.90% 25.70%

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).

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. e.l.f. Beauty, Inc. effective tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Components of Deferred Tax Assets and Liabilities

e.l.f. Beauty, Inc., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Compensation 222 354 489 624 760
Inventory and receivables 13,465 9,976 7,939 5,710 3,472
Accrued expenses 3,782 2,734 2,225 2,067 1,996
Stock compensation 7,349 8,247 7,567 7,247 3,706
Net operating losses 1,188 571 426 272 92
Right of use liability 5,026 3,782 4,763 5,731 3,443
Capitalized research and development 2,051 858 — — —
Other 1,792 774 874 560 558
Gross deferred tax assets 34,875 27,296 24,283 22,211 14,027
Valuation allowance (744) — (370) — —
Net deferred tax assets 34,131 27,296 23,913 22,211 14,027
Goodwill (3,546) (5,180) (3,084) (4,090) (3,468)
Fixed assets and internally developed software (5,746) (2,451) (2,894) (2,506) (3,294)
Intangible assets (21,326) (19,107) (22,740) (23,162) (25,287)
Right of use asset (4,801) (3,359) (4,294) (5,294) (3,292)
Other (557) (378) (494) (463) (563)
Deferred tax liabilities (35,976) (30,475) (33,506) (35,515) (35,904)
Net deferred tax assets (liabilities) (1,845) (3,179) (9,593) (13,304) (21,877)

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).

Item Description The company
Gross deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. e.l.f. Beauty, Inc. gross deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. e.l.f. Beauty, Inc. net deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. e.l.f. Beauty, Inc. net deferred tax assets (liabilities) increased from 2022 to 2023 and from 2023 to 2024.

Deferred Tax Assets and Liabilities, Classification

e.l.f. Beauty, Inc., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Deferred tax assets 1,821 563 — 175 15
Deferred tax liabilities 3,666 3,742 9,593 13,479 21,892

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).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. e.l.f. Beauty, Inc. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. e.l.f. Beauty, Inc. deferred tax liabilities decreased from 2022 to 2023 and from 2023 to 2024.

Adjustments to Financial Statements: Removal of Deferred Taxes

e.l.f. Beauty, Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Adjustment to Total Assets
Total assets (as reported) 1,129,247 595,601 494,632 487,393 453,104
Less: Noncurrent deferred tax assets, net 1,821 563 — 175 15
Total assets (adjusted) 1,127,426 595,038 494,632 487,218 453,089
Adjustment to Total Liabilities
Total liabilities (as reported) 486,675 184,584 182,203 217,747 210,933
Less: Noncurrent deferred tax liabilities, net 3,666 3,742 9,593 13,479 21,892
Total liabilities (adjusted) 483,009 180,842 172,610 204,268 189,041
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 642,572 411,017 312,429 269,646 242,171
Less: Net deferred tax assets (liabilities) (1,845) (3,179) (9,593) (13,304) (21,877)
Stockholders’ equity (adjusted) 644,417 414,196 322,022 282,950 264,048
Adjustment to Net Income
Net income (as reported) 127,663 61,530 21,770 6,232 17,884
Add: Deferred income tax expense (benefit) (3,276) (6,401) (3,701) (8,584) 2,443
Net income (adjusted) 124,387 55,129 18,069 (2,352) 20,327

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).

e.l.f. Beauty, Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

e.l.f. Beauty, Inc., adjusted financial ratios

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
Net Profit Margin
Reported net profit margin 12.47% 10.63% 5.55% 1.96% 6.32%
Adjusted net profit margin 12.15% 9.52% 4.61% -0.74% 7.19%
Total Asset Turnover
Reported total asset turnover 0.91 0.97 0.79 0.65 0.62
Adjusted total asset turnover 0.91 0.97 0.79 0.65 0.62
Financial Leverage
Reported financial leverage 1.76 1.45 1.58 1.81 1.87
Adjusted financial leverage 1.75 1.44 1.54 1.72 1.72
Return on Equity (ROE)
Reported ROE 19.87% 14.97% 6.97% 2.31% 7.38%
Adjusted ROE 19.30% 13.31% 5.61% -0.83% 7.70%
Return on Assets (ROA)
Reported ROA 11.31% 10.33% 4.40% 1.28% 3.95%
Adjusted ROA 11.03% 9.26% 3.65% -0.48% 4.49%

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).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. e.l.f. Beauty, Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 e.l.f. Beauty, Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. e.l.f. Beauty, Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

e.l.f. Beauty, Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income 127,663 61,530 21,770 6,232 17,884
Net sales 1,023,932 578,844 392,155 318,110 282,851
Profitability Ratio
Net profit margin1 12.47% 10.63% 5.55% 1.96% 6.32%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income 124,387 55,129 18,069 (2,352) 20,327
Net sales 1,023,932 578,844 392,155 318,110 282,851
Profitability Ratio
Adjusted net profit margin2 12.15% 9.52% 4.61% -0.74% 7.19%

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).

2024 Calculations

1 Net profit margin = 100 × Net income ÷ Net sales
= 100 × 127,663 ÷ 1,023,932 = 12.47%

2 Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 124,387 ÷ 1,023,932 = 12.15%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. e.l.f. Beauty, Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Total Asset Turnover

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net sales 1,023,932 578,844 392,155 318,110 282,851
Total assets 1,129,247 595,601 494,632 487,393 453,104
Activity Ratio
Total asset turnover1 0.91 0.97 0.79 0.65 0.62
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales 1,023,932 578,844 392,155 318,110 282,851
Adjusted total assets 1,127,426 595,038 494,632 487,218 453,089
Activity Ratio
Adjusted total asset turnover2 0.91 0.97 0.79 0.65 0.62

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).

2024 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 1,023,932 ÷ 1,129,247 = 0.91

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 1,023,932 ÷ 1,127,426 = 0.91

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Total assets 1,129,247 595,601 494,632 487,393 453,104
Stockholders’ equity 642,572 411,017 312,429 269,646 242,171
Solvency Ratio
Financial leverage1 1.76 1.45 1.58 1.81 1.87
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets 1,127,426 595,038 494,632 487,218 453,089
Adjusted stockholders’ equity 644,417 414,196 322,022 282,950 264,048
Solvency Ratio
Adjusted financial leverage2 1.75 1.44 1.54 1.72 1.72

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).

2024 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 1,129,247 ÷ 642,572 = 1.76

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 1,127,426 ÷ 644,417 = 1.75

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 e.l.f. Beauty, Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income 127,663 61,530 21,770 6,232 17,884
Stockholders’ equity 642,572 411,017 312,429 269,646 242,171
Profitability Ratio
ROE1 19.87% 14.97% 6.97% 2.31% 7.38%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income 124,387 55,129 18,069 (2,352) 20,327
Adjusted stockholders’ equity 644,417 414,196 322,022 282,950 264,048
Profitability Ratio
Adjusted ROE2 19.30% 13.31% 5.61% -0.83% 7.70%

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).

2024 Calculations

1 ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 127,663 ÷ 642,572 = 19.87%

2 Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 124,387 ÷ 644,417 = 19.30%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. e.l.f. Beauty, Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Mar 31, 2021 Mar 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income 127,663 61,530 21,770 6,232 17,884
Total assets 1,129,247 595,601 494,632 487,393 453,104
Profitability Ratio
ROA1 11.31% 10.33% 4.40% 1.28% 3.95%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income 124,387 55,129 18,069 (2,352) 20,327
Adjusted total assets 1,127,426 595,038 494,632 487,218 453,089
Profitability Ratio
Adjusted ROA2 11.03% 9.26% 3.65% -0.48% 4.49%

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).

2024 Calculations

1 ROA = 100 × Net income ÷ Total assets
= 100 × 127,663 ÷ 1,129,247 = 11.31%

2 Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 124,387 ÷ 1,127,426 = 11.03%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. e.l.f. Beauty, Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.