e.l.f. Beauty (ELF) FY2024 results: revenue $1.0 billion, up 76.9% on the year

e.l.f. Beauty, Inc. (ELF) reported revenue of $1.0 billion for fiscal 2024, the year ended 31 March 2024, up 76.9% on the year before. Net income was $128 million, up 107.5%, and diluted earnings per share $2.21. The figures are the company's own, from the 10-K it filed with the SEC on 23 May 2024.

Revenue

$1.0 billion

+76.9% on the year

FY2020FY2024

Operating margin

14.6%

11.8% a year earlier

FY2020FY2024

Net income

$128 million

+107.5% on the year

FY2020FY2024

Diluted EPS

$2.21

+99.1% on the year

FY2020FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,024	579	392	+76.9%
Cost of revenue	300	188	140	+59.1%
Gross profit	724	390	252	+85.5%
Gross margin	70.7%	67.4%	64.2%
Selling, general and administrative	574	322	222	+78.3%
Operating income	150	68.1	29.8	+119.7%
Operating margin	14.6%	11.8%	7.6%
Pre-tax income	141	64.1	25.4	+120.0%
Income tax	13.3	2.5	3.7	+423.9%
Effective tax rate	9.5%	4.0%	14.4%
Net income	128	61.5	21.8	+107.5%
Net margin	12.5%	10.6%	5.6%
Diluted EPS	$2.21	$1.11	$0.41	+99.1%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	71.2	102	19.5	-30.2%
Capital expenditure	8.7	1.7	4.8	+402.6%
Free cash flow	62.5	100	14.7	-37.6%
Free cash flow margin	6.1%	17.3%	3.7%
Cash from investing	-285	-1.7	-4.8
Cash from financing	201	-22.7	-29.1
Depreciation and amortisation	30.2	17.6	27.1	+71.4%
Share-based compensation	40.6	29.1	19.6	+39.5%
Buybacks	0.0	0.0	0.0
Diluted shares, weighted	58m	55m	54m	+4.4%
Shares outstanding at period end	56m	54m	52m	+3.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	643	411	312	+56.3%
Debt	262	66.5	96.9	+294.4%
Operating lease liabilities	21.5	11.2	15.7	+91.6%
Finance lease liabilities	0.0	0.1	0.6
Other liabilities	203	107	69.0	+90.0%
Total liabilities and equity	1,129	596	495	+89.6%
Fixed assets	14.0	7.9	10.6	+77.5%
Goodwill	341	172	172	+98.5%
Intangible assets	225	78.0	86.2	+188.4%
Cash and equivalents	108	121	43.4	-10.4%
Receivables	124	67.9	45.6	+82.2%
Inventory	191	81.3	84.5	+135.5%
Other assets	126	68.0	52.9	+85.4%
Total assets	1,129	596	495	+89.6%

10-K for the year ended 31 March 2024, filed 23 May 2024: the filing.