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     353  0 Kommentare e.l.f. Beauty Announces Fourth Quarter and Full Fiscal 2024 Results

    e.l.f. Beauty (NYSE: ELF) today announced results for the three and twelve months ended March 31, 2024.

    “Fiscal 2024 marked our strongest year of net sales growth on record, a continuation of the exceptional, consistent, category-leading growth we’ve delivered,” said Tarang Amin, e.l.f. Beauty’s Chairman and Chief Executive Officer. “In Q4, we grew net sales by 71% and expanded our market share by 325 basis points, marking our 21st consecutive quarter of net sales and market share growth. As we look ahead, we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty across cosmetics, skin care and international markets.”

    Fourth Quarter Fiscal 2024 Review

    For the three months ended March 31, 2024, compared to the three months ended March 31, 2023:

    • Net sales increased 71% to $321.1 million, primarily driven by strength across our retailer and e-commerce channels.
    • Gross margin increased approximately 180 basis points to 71%, primarily driven by favorable foreign exchange impacts, international price increases, lower costs from retailer activity, cost savings and mix, and improved transportation costs, partially offset by inventory adjustments.
    • Selling, general and administrative (“SG&A”) expenses increased $89.1 million to $210.2 million, or 65% of net sales. Adjusted SG&A (SG&A excluding the items identified in the reconciliation table below) was $196.9 million, or 61% of net sales. The year over year increase in SG&A dollars was primarily due to an increase in marketing and digital spend, compensation and benefits, operations costs, retail fixturing and visual merchandising costs, depreciation and amortization and professional fees.
    • Net income was $14.5 million on a GAAP basis. Adjusted net income (net income excluding the items identified in the reconciliation table below) was $30.8 million.
    • Diluted earnings per share were $0.25 on a GAAP basis. Adjusted diluted earnings per share (diluted earnings per share calculated with adjusted net income excluding the items identified in the reconciliation table below) were $0.53.
    • Adjusted EBITDA (EBITDA excluding the items identified in the reconciliation table below) was $40.9 million, or 13% of net sales, up 93% year over year.

    Full Year Fiscal 2024 Review

    For the twelve months ended March 31, 2024, compared to the twelve months ended March 31, 2023:

    • Net sales increased 77% to $1,023.9 million, primarily driven by strength across our retailer and e-commerce channels.
    • Gross margin increased approximately 330 basis points to 71%, primarily driven by favorable foreign exchange impacts, cost savings and mix, improved transportation costs, inventory adjustments, and international price increases, partially offset by costs related to retailer activity.
    • SG&A increased $252.2 million to $574.4 million, or 56% of net sales. Adjusted SG&A was $526.4 million, or 51% of net sales. The year over year increase in SG&A dollars was primarily due to an increase in marketing and digital spend, compensation and benefits, operations costs, retail fixturing and visual merchandising costs, depreciation and amortization and professional fees.
    • Net income was $127.7 million on a GAAP basis. Adjusted net income was $183.8 million.
    • Diluted earnings per share were $2.21 on a GAAP basis. Adjusted diluted earnings per share were $3.18.
    • Adjusted EBITDA was $234.7 million, or 23% of net sales, up 101% year over year.

    Balance Sheet

    The Company ended fiscal 2024 with $108.2 million in cash and cash equivalents and $161.8 million of long-term debt and finance lease obligations, as compared to $120.8 million in cash and cash equivalents and $60.9 million of long-term debt and finance lease obligations at the end of fiscal 2023.

    Naturium Acquisition

    On October 4, 2023, the Company closed the acquisition of Naturium, a fast-growing, high performance skin care brand, for $333.0 million in a combination of cash and Company stock. The acquisition furthers the Company’s mission to make the best of beauty accessible to every eye, lip, face and skin concern.

    Fiscal 2025 Outlook

    The Company is providing the following outlook for fiscal 2025. When compared to fiscal 2024, the outlook for fiscal 2025 reflects an expected 20-22% increase in net sales.

     

     

    Fiscal 2025 Outlook

     

    Fiscal 2024 Actuals

    Net sales

     

    $1,230-1,250 million

     

    $1,024 million

    Adjusted EBITDA

     

    $285-289 million

     

    $235 million

    Adjusted effective tax rate

     

    20-21%

     

    11%

    Adjusted net income

     

    $187-191 million

     

    $184 million

    Adjusted diluted earnings per share

     

    $3.20-3.25

     

    $3.18

    Weighted average diluted shares outstanding

     

    59 million

     

    58 million

    Webcast Details

    The Company will hold a webcast to discuss the results from its fourth quarter fiscal 2024 today, May 22, 2024, at 4:30 p.m. Eastern Time. The webcast will be broadcast live at https://investor.elfbeauty.com/news-and-events/events. For those unable to listen to the live broadcast, an archived version will be available at the same location.

    About e.l.f. Beauty

    e.l.f. Beauty, Inc. builds brands designed to disrupt norms, shape culture and connect communities through positivity, inclusivity and accessibility. A digitally disruptive brand from the start, we launched in 2004 selling premium-quality makeup for $1 online. Today, we have five visionary, purpose-driven brands, all of which make the best of beauty accessible to every eye, lip, face and skin concern. Our brand portfolio includes e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People and Keys Soulcare. With a focus on clean, cruelty free and vegan products, we are also the first beauty company with a Fair Trade certified manufacturing facility. e.l.f. Beauty brands are sold online and at leading beauty, mass market, and specialty retailers in the U.S. and internationally.

    Learn more by visiting https://investor.elfbeauty.com.

    Note Regarding non-GAAP Financial Measures

    This press release includes references to non-GAAP measures, including adjusted EBITDA, adjusted SG&A, adjusted net income and adjusted diluted earnings per share. The Company presents these non-GAAP measures because its management uses them as supplemental measures in assessing its operating performance, and believes they are helpful to investors, securities analysts and other interested parties in evaluating the Company’s performance. The non-GAAP measures included in this press release are not measurements of financial performance under GAAP and they should not be considered as alternatives to or substitutes for measures of performance derived in accordance with GAAP. In addition, these non-GAAP measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. These non-GAAP measures have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing the Company’s results as reported under GAAP. The Company’s definitions and calculations of these non-GAAP measures are not necessarily comparable to other similarly titled measures used by other companies due to different methods of calculation.

    Adjusted EBITDA excludes expense or income related to stock-based compensation, impairment of equity investment, loss on extinguishment of debt and other non-cash and non-recurring items. Such other non-cash or non-recurring items include amortization of internal-use software costs related to cloud applications, costs related to the acquisition of Naturium, and cloud computing ERP implementation costs.

    Adjusted SG&A excludes expense related to stock-based compensation and other non-recurring items. Such other non-recurring items include other non-recurring cloud computing ERP implementation costs and costs related to the acquisition of Naturium.

    Adjusted effective tax rate is the tax rate when excluding the pre-tax impact of expense or income related to stock-based compensation, other non-cash and non-recurring items, impairment of equity investment, loss on extinguishment of debt, amortization of acquired intangible assets, as well as the related tax impact for these items, calculated utilizing the statutory rate for where the impact was incurred.

    Adjusted net income excludes expense or income related to stock-based compensation, other non-recurring items, impairment of equity investment, loss on extinguishment of debt, amortization of acquired intangible assets and the tax impact of the foregoing adjustments. Such other non-recurring items include other non-recurring cloud computing ERP implementation costs and costs related to the acquisition of Naturium.

    With respect to the Company’s expectations under “Fiscal 2025 Outlook” above, the Company is not able to provide a quantitative reconciliation of the adjusted EBITDA, adjusted net income and adjusted diluted earnings per share guidance non-GAAP measures to the corresponding net income and diluted earnings per share GAAP measures without unreasonable efforts. The Company cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

    Forward-looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws, including those statements relating to the Company's outlook for fiscal 2025 under “Fiscal 2025 Outlook” above and those statements that we believe we are still in the early innings of unlocking the full potential we see for e.l.f. Beauty across cosmetics, skin care and international markets. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, actual results and the timing of selected events may differ materially from those expectations. Factors that could cause actual results to differ materially from those in the forward looking statements include, among other things, the risks and uncertainties that are described in the Company's most recent Annual Report on Form 10-K, as updated from time to time in the Company's SEC filings, as well as the Company’s ability to effectively compete with other beauty companies; the Company’s ability to successfully introduce new products; the Company's ability to successfully address any difficulties and challenges encountered in connection with its acquisition of Naturium, including the integration of Naturium's business with the Company's business; the Company’s ability to attract new retail customers and/or expand business with its existing retail customers; the Company’s ability to optimize shelf space at its key retail customers; the loss of any of the Company’s key retail customers or if the general business performance of its key retail customers declines; and the Company’s ability to effectively manage its SG&A and other expenses. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

     

    e.l.f. Beauty, Inc. and subsidiaries

    Condensed consolidated statements of operations

    (unaudited)

    (in thousands, except share and per share data)

     

     

     

    Three months ended March 31,

     

    Twelve months ended March 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

    Net sales

     

    $

    321,143

     

     

    $

    187,357

     

     

    $

    1,023,932

     

     

    $

    578,844

     

    Cost of sales

     

     

    93,941

     

     

     

    58,231

     

     

     

    299,836

     

     

     

    188,448

     

    Gross profit

     

     

    227,202

     

     

     

    129,126

     

     

     

    724,096

     

     

     

    390,396

     

    Selling, general and administrative expenses

     

     

    210,172

     

     

     

    121,081

     

     

     

    574,418

     

     

     

    322,253

     

    Operating income

     

     

    17,030

     

     

     

    8,045

     

     

     

    149,678

     

     

     

    68,143

     

    Other (expense) income, net

     

     

    (692

    )

     

     

    320

     

     

     

    1,210

     

     

     

    (1,875

    )

    Impairment of equity investment

     

     

    (1,155

    )

     

     

     

     

     

    (2,875

    )

     

     

     

    Interest expense, net

     

     

    (4,002

    )

     

     

    (106

    )

     

     

    (7,023

    )

     

     

    (2,018

    )

    Loss on extinguishment of debt

     

     

     

     

     

     

     

     

     

     

     

    (176

    )

    Income before income taxes

     

     

    11,181

     

     

     

    8,259

     

     

     

    140,990

     

     

     

    64,074

     

    Income tax benefit (provision)

     

     

    3,346

     

     

     

    7,987

     

     

     

    (13,327

    )

     

     

    (2,544

    )

    Net income

     

    $

    14,527

     

     

    $

    16,246

     

     

    $

    127,663

     

     

    $

    61,530

     

    Net income per share:

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.26

     

     

    $

    0.31

     

     

    $

    2.33

     

     

    $

    1.17

     

    Diluted

     

    $

    0.25

     

     

    $

    0.29

     

     

    $

    2.21

     

     

    $

    1.11

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

     

    Basic

     

     

    55,465,190

     

     

     

    53,189,447

     

     

     

    54,747,930

     

     

     

    52,474,811

     

    Diluted

     

     

    58,487,557

     

     

     

    56,641,510

     

     

     

    57,788,454

     

     

     

    55,337,554

     

    e.l.f. Beauty, Inc. and subsidiaries

    Condensed consolidated balance sheets

    (unaudited)

    (in thousands, except share and per share data)

     

     

     

    March 31, 2024

     

    March 31, 2023

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    108,183

     

     

    $

    120,778

     

    Accounts receivable, net

     

     

    123,797

     

     

     

    67,928

     

    Inventory, net

     

     

    191,489

     

     

     

    81,323

     

    Prepaid expenses and other current assets

     

     

    53,608

     

     

     

    33,296

     

    Total current assets

     

     

    477,077

     

     

     

    303,325

     

    Property and equipment, net

     

     

    13,974

     

     

     

    7,874

     

    Intangible assets, net

     

     

    225,094

     

     

     

    78,041

     

    Goodwill

     

     

    340,600

     

     

     

    171,620

     

    Other assets

     

     

    72,502

     

     

     

    34,741

     

    Total assets

     

    $

    1,129,247

     

     

    $

    595,601

     

     

     

     

     

     

    Liabilities and stockholders' equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Current portion of long-term debt and capital lease obligations

     

    $

    100,307

     

     

    $

    5,575

     

    Accounts payable

     

     

    81,075

     

     

     

    31,427

     

    Accrued expenses and other current liabilities

     

     

    117,733

     

     

     

    70,974

     

    Total current liabilities

     

     

    299,115

     

     

     

    107,976

     

    Long-term debt and finance lease obligations

     

     

    161,819

     

     

     

    60,881

     

    Deferred tax liabilities

     

     

    3,666

     

     

     

    3,742

     

    Long-term operating lease obligations

     

     

    21,459

     

     

     

    11,201

     

    Other long-term liabilities

     

     

    616

     

     

     

    784

     

    Total liabilities

     

     

    486,675

     

     

     

    184,584

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of March 31, 2024 and March 31, 2023; 55,583,660 and 53,770,482 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively

     

     

    555

     

     

     

    535

     

    Additional paid-in capital

     

     

    936,403

     

     

     

    832,481

     

    Accumulated other comprehensive loss

     

     

    (50

    )

     

     

     

    Accumulated deficit

     

     

    (294,336

    )

     

     

    (421,999

    )

    Total stockholders' equity

     

     

    642,572

     

     

     

    411,017

     

    Total liabilities and stockholders' equity

     

    $

    1,129,247

     

     

    $

    595,601

     

    e.l.f. Beauty, Inc. and subsidiaries

    Condensed consolidated statements of cash flows

    (unaudited)

    (in thousands)

     

     

     

    Twelve months ended March 31,

     

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    127,663

     

     

    $

    61,530

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    35,913

     

     

     

    22,164

     

    Stock-based compensation expense

     

     

    40,625

     

     

     

    29,117

     

    Amortization of debt issuance costs and discount on debt

     

     

    430

     

     

     

    346

     

    Deferred income taxes

     

     

    (3,276

    )

     

     

    (6,401

    )

    Impairment of equity investment

     

     

    2,875

     

     

     

     

    Acquisition-related seller expenses

     

     

    (10,549

    )

     

     

     

    Loss on extinguishment of debt

     

     

     

     

     

    176

     

    Other, net

     

     

    1,227

     

     

     

    179

     

    Changes in operating assets and liabilities:

     

     

     

     

    Accounts receivable

     

     

    (49,598

    )

     

     

    (22,432

    )

    Inventory

     

     

    (93,930

    )

     

     

    3,174

     

    Prepaid expenses and other assets

     

     

    (55,182

    )

     

     

    (24,553

    )

    Accounts payable and accrued expenses

     

     

    81,215

     

     

     

    42,995

     

    Other liabilities

     

     

    (6,259

    )

     

     

    (4,412

    )

    Net cash provided by operating activities

     

     

    71,154

     

     

     

    101,883

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

    Acquisition, net of cash acquired

     

     

    (274,973

    )

     

     

     

    Purchase of property and equipment

     

     

    (8,659

    )

     

     

    (1,723

    )

    Investment contributions

     

     

    (1,028

    )

     

     

     

    Net cash used in investing activities

     

     

    (284,660

    )

     

     

    (1,723

    )

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

    Proceeds from revolving line of credit

     

     

    89,500

     

     

     

     

    Proceeds from long-term debt

     

     

    115,000

     

     

     

     

    Repayment of long-term debt

     

     

    (7,875

    )

     

     

    (30,000

    )

    Debt issuance costs paid

     

     

    (665

    )

     

     

     

    Cash received from issuance of common stock

     

     

    5,561

     

     

     

    8,053

     

    Other, net

     

     

    (576

    )

     

     

    (788

    )

    Net cash provided by (used in) financing activities

     

     

    200,945

     

     

     

    (22,735

    )

     

     

     

     

     

    Effect of exchange rate changes on cash and cash equivalents

     

     

    (34

    )

     

     

     

     

     

     

     

     

    Net (decrease) increase in cash and cash equivalents

     

     

    (12,595

    )

     

     

    77,425

     

    Cash and cash equivalents - beginning of period

     

     

    120,778

     

     

     

    43,353

     

    Cash and cash equivalents - end of period

     

    $

    108,183

     

     

    $

    120,778

     

    e.l.f. Beauty, Inc. and subsidiaries

    Reconciliation of GAAP net income to non-GAAP adjusted EBITDA

    (unaudited)

    (in thousands)

     

     

     

    Three months ended March 31,

     

    Twelve months ended March 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    14,527

     

     

    $

    16,246

     

     

    $

    127,663

     

    $

    61,530

    Interest expense, net

     

     

    4,002

     

     

     

    106

     

     

     

    7,023

     

     

    2,018

    Income tax (benefit) provision

     

     

    (3,346

    )

     

     

    (7,987

    )

     

     

    13,327

     

     

    2,544

    Depreciation and amortization

     

     

    9,722

     

     

     

    4,617

     

     

     

    30,167

     

     

    18,016

    EBITDA

     

    $

    24,905

     

     

    $

    12,982

     

     

    $

    178,180

     

    $

    84,108

    Stock-based compensation

     

     

    11,166

     

     

     

    7,284

     

     

     

    40,625

     

     

    29,117

    Impairment of equity investment (a)

     

     

    1,155

     

     

     

     

     

     

    2,875

     

     

    Loss on extinguishment of debt (b)

     

     

     

     

     

     

     

     

     

     

    176

    Other non-cash and non-recurring items (c)

     

     

    3,704

     

     

     

    977

     

     

     

    13,061

     

     

    3,380

    Adjusted EBITDA

     

    $

    40,930

     

     

    $

    21,243

     

     

    $

    234,741

     

    $

    116,781

    (a)

    Represents an impairment of equity investment recorded during the three and twelve months ended March 31, 2024.

    (b)

    Loss on extinguishment of debt includes the write-off of existing debt issuance costs and certain fees paid related to the amended credit agreement.

    (c)

    Represents other non-cash or non-recurring items, which include amortization of internal-use software costs related to cloud applications, costs related to the acquisition of Naturium, and cloud computing ERP implementation costs.

    e.l.f. Beauty, Inc. and subsidiaries

    Reconciliation of GAAP SG&A to non-GAAP adjusted SG&A

    (unaudited)

    (in thousands)

     

     

     

    Three months ended March 31,

     

    Twelve months ended March 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Selling, general, and administrative expenses

     

    $

    210,172

     

     

    $

    121,081

     

     

    $

    574,418

     

     

    $

    322,253

     

    Stock-based compensation

     

     

    (11,145

    )

     

     

    (7,195

    )

     

     

    (40,609

    )

     

     

    (29,005

    )

    Other non-recurring items (a)

     

     

    (2,134

    )

     

     

     

     

     

    (7,401

    )

     

     

     

    Adjusted selling, general, and administrative expenses

     

    $

    196,893

     

     

    $

    113,886

     

     

    $

    526,408

     

     

    $

    293,248

     

    (a)

    Represents non-recurring cloud computing ERP implementation costs and costs related to the acquisition of Naturium.

    e.l.f. Beauty, Inc. and subsidiaries

    Reconciliation of GAAP net income to non-GAAP adjusted net income

    (unaudited)

    (in thousands, except share and per share data)

     

     

     

    Three months ended March 31,

     

    Twelve months ended March 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Net income

     

    $

    14,527

     

     

    $

    16,246

     

     

    $

    127,663

     

     

    $

    61,530

     

    Stock-based compensation

     

     

    11,166

     

     

     

    7,284

     

     

     

    40,625

     

     

     

    29,117

     

    Other non-recurring items (a)

     

     

    2,444

     

     

     

     

     

     

    8,041

     

     

     

     

    Impairment of equity investment (b)

     

     

    1,155

     

     

     

     

     

     

    2,875

     

     

     

     

    Loss on extinguishment of debt (c)

     

     

     

     

     

     

     

     

     

     

     

    176

     

    Amortization of acquired intangible assets (d)

     

     

    4,864

     

     

     

    2,029

     

     

     

    15,047

     

     

     

    8,122

     

    Tax Impact (e)

     

     

    (3,311

    )

     

     

    (1,730

    )

     

     

    (10,485

    )

     

     

    (7,132

    )

    Adjusted net income

     

    $

    30,845

     

     

    $

    23,829

     

     

    $

    183,766

     

     

    $

    91,813

     

     

     

     

     

     

     

     

     

     

    Weighted average number of shares outstanding -

    diluted

     

     

    58,487,557

     

     

     

    56,641,510

     

     

     

    57,788,454

     

     

     

    55,337,554

     

    Adjusted diluted earnings per share

     

    $

    0.53

     

     

    $

    0.42

     

     

    $

    3.18

     

     

    $

    1.66

     

    (a)

    Represents non-recurring cloud computing ERP implementation costs and costs related to the acquisition of Naturium.

    (b)

    Represents an impairment of equity investment recorded during the three and twelve months ended March 31, 2024.

    (c)

    Loss on extinguishment of debt includes the write-off of existing debt issuance costs and certain fees paid related to the amended credit agreement.

    (d)

    Represents amortization expense of acquired intangible assets consisting of customer relationships and trademarks.

    (e)

    Represents the tax impact of the above adjustments.

     


    The elf Beauty Stock at the time of publication of the news with a fall of -10,89 % to 130,6EUR on Lang & Schwarz stock exchange (22. Mai 2024, 22:10 Uhr).


    Business Wire (engl.)
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