ELF Beauty Inc (ELF)

Payables turnover

		Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Cost of revenue	US$ in thousands	892,964	515,001	370,285	317,507	259,201
Payables	US$ in thousands	81,075	31,427	19,227	15,699	12,390
Payables turnover		11.01	16.39	19.26	20.22	20.92

March 31, 2024 calculation

Payables turnover = Cost of revenue ÷ Payables
= $892,964K ÷ $81,075K
= 11.01

The payables turnover ratio for ELF Beauty Inc has been decreasing over the past five years, indicating that the company is taking longer to pay off its suppliers. In particular, the ratio dropped from 20.92 in March 2020 to 11.01 in March 2024. This trend suggests a potential deterioration in the efficiency of the company's accounts payable management. ELF Beauty Inc may be experiencing difficulties in managing its supplier relationships and cash flow, which could impact its overall working capital management. Further analysis would be required to determine the underlying reasons for the decrease in payables turnover and its potential implications for the company's financial health and operations.