ELF Beauty Inc (ELF)

Inventory turnover

		Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Cost of revenue (ttm)	US$ in thousands	894,584	763,468	643,612	575,256	519,001	442,122	408,023	385,464	370,337	266,889	260,156	246,267	221,884	221,910	206,971	194,555	185,325	271,179	268,949	268,112
Inventory	US$ in thousands	191,489	204,504	147,228	98,053	81,323	81,250	81,288	70,339	84,498	85,248	76,816	54,528	56,810	68,567	64,486	52,752	46,209	48,382	50,850	51,020
Inventory turnover		4.67	3.73	4.37	5.87	6.38	5.44	5.02	5.48	4.38	3.13	3.39	4.52	3.91	3.24	3.21	3.69	4.01	5.60	5.29	5.26

March 31, 2024 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $894,584K ÷ $191,489K
= 4.67

ELF Beauty Inc's inventory turnover has shown some fluctuation over the past few quarters. The highest inventory turnover ratio was seen in March 2023 at 6.38, indicating that the company sold and replaced its inventory 6.38 times during that quarter. This suggests efficient management of inventory levels and quick turnover of products.

The lowest inventory turnover ratio occurred in September 2021 at 3.13, indicating a slower rate of inventory turnover during that period. This may suggest challenges in selling products or possibly an excess of inventory on hand.

Overall, the trend in inventory turnover ratios for ELF Beauty Inc has shown variability, but generally, the company has maintained a reasonable level of inventory turnover, with most ratios ranging between 3 and 6. It is important for the company to monitor its inventory turnover closely to ensure efficient management of inventory levels and optimize its working capital.