(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | |||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Exhibits. |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
e.l.f. Beauty, Inc. | ||||||||||||||||||||
Date: August 3, 2022 | By: | /s/ Mandy Fields | ||||||||||||||||||
Mandy Fields | ||||||||||||||||||||
Chief Financial Officer |
Updated Fiscal 2023 Outlook | Previous Fiscal 2023 Outlook | |||||||
Net sales | $448-456 million | $432-440 million | ||||||
Adjusted EBITDA | $83.5-85.0 million | $80.5-82.0 million | ||||||
Adjusted effective tax rate | 25-26% | 27-28% | ||||||
Adjusted net income | $47.0-48.5 million | $43.5-45.5 million | ||||||
Adjusted diluted earnings per share | $0.84-0.87 | $0.78-0.81 | ||||||
Weighted average diluted shares outstanding | 56 million | 56 million |
Investors: | Media: | |||||||||||||
KC Katten | Melinda Fried | |||||||||||||
VP, Corporate Development & Investor Relations, e.l.f. Beauty KKatten@elfbeauty.com | Head of Corporate Communications, e.l.f. Beauty mfried@elfbeauty.com |
Three months ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net sales | $ | 122,601 | $ | 97,047 | ||||||||||
Cost of sales | 39,616 | 35,141 | ||||||||||||
Gross profit | 82,985 | 61,906 | ||||||||||||
Selling, general and administrative expenses | 61,555 | 50,749 | ||||||||||||
Restructuring income | — | (14) | ||||||||||||
Operating income | 21,430 | 11,171 | ||||||||||||
Other expense, net | (1,663) | (162) | ||||||||||||
Interest expense, net | (663) | (745) | ||||||||||||
Loss on extinguishment of debt | — | (460) | ||||||||||||
Income before provision for income taxes | 19,104 | 9,804 | ||||||||||||
Income tax provision | (4,635) | (1,528) | ||||||||||||
Net income | $ | 14,469 | $ | 8,276 | ||||||||||
Comprehensive income | $ | 14,469 | $ | 8,276 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.28 | $ | 0.16 | ||||||||||
Diluted | $ | 0.27 | $ | 0.15 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 51,707,160 | 50,544,573 | ||||||||||||
Diluted | 53,834,732 | 53,408,443 |
June 30, 2022 | March 31, 2022 | June 30, 2021 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 72,248 | $ | 43,353 | $ | 63,402 | ||||||||||||||
Accounts receivable, net | 52,281 | 45,567 | 43,127 | |||||||||||||||||
Inventory, net | 70,339 | 84,498 | 54,528 | |||||||||||||||||
Prepaid expenses and other current assets | 21,772 | 19,611 | 21,674 | |||||||||||||||||
Total current assets | 216,640 | 193,029 | 182,731 | |||||||||||||||||
Property and equipment, net | 9,339 | 10,577 | 15,561 | |||||||||||||||||
Intangible assets, net | 84,132 | 86,163 | 92,256 | |||||||||||||||||
Goodwill | 171,620 | 171,620 | 171,620 | |||||||||||||||||
Investments | 2,875 | 2,875 | 2,875 | |||||||||||||||||
Other assets | 29,251 | 30,368 | 33,349 | |||||||||||||||||
Total assets | $ | 513,857 | $ | 494,632 | $ | 498,392 | ||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt and capital lease obligations | $ | 5,793 | $ | 5,786 | $ | 32,247 | ||||||||||||||
Accounts payable | 16,023 | 19,227 | 17,113 | |||||||||||||||||
Accrued expenses and other current liabilities | 39,916 | 40,004 | 33,617 | |||||||||||||||||
Total current liabilities | 61,732 | 65,017 | 82,977 | |||||||||||||||||
Long-term debt and finance lease obligations | 89,684 | 91,080 | 95,254 | |||||||||||||||||
Deferred tax liabilities | 13,538 | 9,593 | 17,750 | |||||||||||||||||
Long-term operating lease obligations | 14,637 | 15,744 | 19,053 | |||||||||||||||||
Other long-term liabilities | 817 | 769 | 736 | |||||||||||||||||
Total liabilities | 180,408 | 182,203 | 215,770 | |||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of June 30, 2022, March 31, 2022 and June 30, 2021; 52,424,445, 52,243,764 and 51,826,156 shares issued and outstanding as of June 30, 2022, March 31, 2022 and June 30, 2021, respectively | 517 | 515 | 508 | |||||||||||||||||
Additional paid-in capital | 801,992 | 795,443 | 779,137 | |||||||||||||||||
Accumulated deficit | (469,060) | (483,529) | (497,023) | |||||||||||||||||
Total stockholders' equity | 333,449 | 312,429 | 282,622 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 513,857 | $ | 494,632 | $ | 498,392 |
Three months ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 14,469 | $ | 8,276 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 5,724 | 6,222 | ||||||||||||
Restructuring income | — | (14) | ||||||||||||
Stock-based compensation expense | 6,542 | 4,280 | ||||||||||||
Amortization of debt issuance costs and discount on debt | 91 | 118 | ||||||||||||
Deferred income taxes | 3,945 | 4,271 | ||||||||||||
Loss on extinguishment of debt | — | 460 | ||||||||||||
Other, net | 21 | 97 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | (6,727) | (2,971) | ||||||||||||
Inventories | 14,158 | 2,320 | ||||||||||||
Prepaid expenses and other assets | (3,258) | (7,131) | ||||||||||||
Accounts payable and accrued expenses | (3,442) | (7,419) | ||||||||||||
Other liabilities | (945) | (1,017) | ||||||||||||
Net cash provided by operating activities | 30,578 | 7,492 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of property and equipment | (241) | (2,336) | ||||||||||||
Net cash used in investing activities | (241) | (2,336) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from revolving line of credit | — | 26,480 | ||||||||||||
Proceeds from long-term debt | — | 25,581 | ||||||||||||
Repayment of long-term debt | (1,250) | (50,775) | ||||||||||||
Debt issuance costs paid | — | (1,064) | ||||||||||||
Cash received from issuance of common stock | 2 | 463 | ||||||||||||
Other, net | (194) | (207) | ||||||||||||
Net cash (used in) provided by financing activities | (1,442) | 478 | ||||||||||||
Net increase in cash and cash equivalents | 28,895 | 5,634 | ||||||||||||
Cash and cash equivalents - beginning of period | 43,353 | 57,768 | ||||||||||||
Cash and cash equivalents - end of period | $ | 72,248 | $ | 63,402 |
Three months ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net income | $ | 14,469 | $ | 8,276 | ||||||||||
Interest expense, net | 663 | 745 | ||||||||||||
Income tax provision | 4,635 | 1,528 | ||||||||||||
Depreciation and amortization | 4,693 | 5,121 | ||||||||||||
EBITDA | $ | 24,460 | $ | 15,670 | ||||||||||
Restructuring income (a) | — | (14) | ||||||||||||
Stock-based compensation | 6,542 | 4,280 | ||||||||||||
Loss on extinguishment of debt (b) | — | 460 | ||||||||||||
Other non-cash and non-recurring items (c) | 679 | 1,302 | ||||||||||||
Adjusted EBITDA | $ | 31,681 | $ | 21,698 | ||||||||||
Three months ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Selling, general and administrative expenses | $ | 61,555 | $ | 50,749 | |||||||
Stock-based compensation | (6,549) | (4,190) | |||||||||
Other non-cash and non-recurring items (a) | — | (997) | |||||||||
Adjusted selling, general and administrative expenses | $ | 55,006 | $ | 45,562 | |||||||
Three months ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net income | $ | 14,469 | $ | 8,276 | ||||||||||
Restructuring income (a) | — | (14) | ||||||||||||
Stock-based compensation | 6,542 | 4,280 | ||||||||||||
Other non-cash and non-recurring items (b) | — | 997 | ||||||||||||
Loss on extinguishment of debt (c) | — | 460 | ||||||||||||
Amortization of acquired intangible assets (d) | 2,031 | 2,031 | ||||||||||||
Tax Impact (e) | (1,917) | (1,745) | ||||||||||||
Adjusted net income | $ | 21,125 | $ | 14,285 | ||||||||||
Weighted average number of shares outstanding – diluted | 53,834,732 | 53,408,443 | ||||||||||||
Adjusted diluted earnings per share | $ | 0.39 | $ | 0.27 | ||||||||||
Cover Page |
Aug. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 03, 2022 |
Entity Registrant Name | e.l.f. Beauty, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37873 |
Entity Tax Identification Number | 46-4464131 |
Entity Address, Address Line One | 570 10th Street |
Entity Address, City or Town | Oakland |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94607 |
City Area Code | 510 |
Local Phone Number | 778-7787 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | ELF |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001600033 |
Amendment Flag | false |
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