Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

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

US$ in thousands

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).

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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.

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

	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).

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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.

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

US$ in thousands

	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).

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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.

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

US$ in thousands

		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).

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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.

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

US$ in thousands

	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

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

	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

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	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%

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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.

	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

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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.

	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

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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.

	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%

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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.

	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%

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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.

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

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

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

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

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

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)