e.l.f. Beauty (ELF) FY2023 results: revenue $579 million, up 47.6% on the year

e.l.f. Beauty, Inc. (ELF) reported revenue of $579 million for fiscal 2023, the year ended 31 March 2023, up 47.6% on the year before. Net income was $62 million, up 182.6%, and diluted earnings per share $1.11. The figures are the company's own, from the 10-K it filed with the SEC on 25 May 2023.

Revenue

$579 million

+47.6% on the year

FY2020FY2023

Operating margin

11.8%

7.6% a year earlier

FY2020FY2023

Net income

$62 million

+182.6% on the year

FY2020FY2023

Diluted EPS

$1.11

+170.7% on the year

FY2020FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	579	392	318	+47.6%
Cost of revenue	188	140	112	+34.2%
Gross profit	390	252	206	+55.1%
Gross margin	67.4%	64.2%	64.8%
Selling, general and administrative	322	222	194	+45.2%
Operating income	68.1	29.8	9.4	+128.9%
Operating margin	11.8%	7.6%	3.0%
Pre-tax income	64.1	25.4	3.7	+152.0%
Income tax	2.5	3.7	-2.5	-30.5%
Effective tax rate	4.0%	14.4%	-68.9%
Net income	61.5	21.8	6.2	+182.6%
Net margin	10.6%	5.6%	2.0%
Diluted EPS	$1.11	$0.41	$0.12	+170.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	102	19.5	29.5	+422.1%
Capital expenditure	1.7	4.8	6.5	-64.2%
Free cash flow	100	14.7	23.0	+581.6%
Free cash flow margin	17.3%	3.7%	7.2%
Cash from investing	-1.7	-4.8	-6.5
Cash from financing	-22.7	-29.1	-11.4
Depreciation and amortisation	17.6	27.1	25.2	-35.0%
Share-based compensation	29.1	19.6	19.7	+48.2%
Buybacks	0.0	0.0	0.0
Diluted shares, weighted	55m	54m	52m	+3.1%
Shares outstanding at period end	54m	52m	52m	+2.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	411	312	270	+31.6%
Debt	66.5	96.9	127	-31.4%
Operating lease liabilities	11.2	15.7	20.1	-28.9%
Finance lease liabilities	0.1	0.6	1.4	-90.8%
Other liabilities	107	69.0	69.7	+55.0%
Total liabilities and equity	596	495	487	+20.4%
Fixed assets	7.9	10.6	13.8	-25.6%
Goodwill	172	172	172	0.0%
Intangible assets	78.0	86.2	94.3	-9.4%
Cash and equivalents	121	43.4	57.8	+178.6%
Receivables	67.9	45.6	40.2	+49.1%
Inventory	81.3	84.5	56.8	-3.8%
Other assets	68.0	52.9	53.0	+28.7%
Total assets	596	495	487	+20.4%

10-K for the year ended 31 March 2023, filed 25 May 2023: the filing.