Identify two items not included in (or derived from) the financial statements that you think would be important to someone considering whether to invest in your base company. Discuss your reasons for believing that these items would be important in making an investment decision.

ELF (Peer) Financial Statements 1 | Income Statement - Consolidated statements of operations and comprehensive income for the years ended March 31, 2022, March 31, 2021 e.l.f. Beauty, Inc. and subsidiaries Consolidated statements of operations and comprehensive Income (in thousands, except share and per share data) Year ended March 11, Net sales 392.155 S 318,110 Cost of sales 140,423 111 912 Gross profit 251,732 206 198 Selling, general and administrative expenses 221,912 194 157 Restructuring expense (income] 50 2,641 Operating income 29,770 9.400 Other (expense] income, net 1,438 (1.620 Interest expense, net (2.441 4,090 Loss on extinguishment of debt 460 Income before provision for income taxes 25,431 3.690 Income tax (provision] benefit 3,651 2.542 Net income 21,770 6,232 Comprehensive income 21,770 S 5,232 Net income per share: Basic 0,43 0,13 Diluted 0.41 0.12 Weighted average shares outstanding: Basic 50,940,808 19,377,410 Diluted 53,654,303 51,994 1452 | Balance Sheet - Consolidated balance sheets as of March 31, 2022 and March 31, 2021 e.LL Beauty, Inc. and subsidiaries Consolidated balance sheets (in thousands, except share and per share data March 11, X19 Mach 14, 121 Assets Current assets: Cash and cash equivalents 13 353 5 57.768 Accounts receivable, net 45.367 40, 183 Inventory, net 56 810 Prepaid expenses and other currant assets 19.611 15,381 Total current assets 193 029 170.144 Property and equipment, net 10 57 7 13,770 Intangible assets, not 86.163 94.286 Goodwill 171 620 171,620 Investments 2.875 2.RT5 Other assets 30.368 Total assets S 487,393 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt and finance lease obligations 5.726 S 16.281 Accounts payable 19 227 15.692 Accrued expenses and other current liabilities 41.331 Total current liabilities 65 017 73.331 Long-term debt and finance lease obligations 91 040 1 10 755 Deferred tax liabilities 13.479 Long-term operating lease obligations 15,744 20.034 Other long-term liabilities 764 598 Total liabilities 182 209 217.747 Commitments and contingencies (Note 9| Stockholders' equity Common stock, par value of 50 01 per share: 250 030.000 shares authorized as of March 31, 2022 and March 31, 2021; 52.243.754 and 51.590.810 shares issued and outstanding as of March 31, 2022 and March 31, 2021, respectively 515 Additional paid in capital 774 441 Accumulated deficit (483.5291 667 GOS Total stockholders' equity 12 419 269.645 Total liabilities and stockholders' equity 404.617 AR7 3233 | Statement of Cash Flows - Consolidated statements of cash flows for the years ended March 31, 2022, March 31, 2021 e.l.f. Beauty, Inc. and subsidiaries Consolidated statements of cash flows (in thousands) Year ended March 31, 2022 2021 Cash flows from operating activities: Net income 21,770 $ 6,237 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 27.083 25.179 Restructuring expense (income) 50 2,641 Stock based compensation expense 19.646 9.682 Amortization of debt issuance costs and discount on debt 394 847 Deferred income taxes 3,701) 8,584) Loss on extinguishment of debt 460 Other, net 496 3.93 Changes in operating assets and liabilities: Accounts receivable (5,597) 10,529) Inventories (27,655) 10,937) Prepaid expenses and other assets 10,555) (9,659) Accounts payable and accrued expenses 1,498 17.472 Other liabilities (4,376) 3,252 Net cash provided by operating activities 19.513 29.475 Cash flows from investing activities: Acquisition, net of cash acquired = Purchase of property and equipment 4,818) 6,474) Net cash used in investing activities 1.818 (6,474) Cash flows from financing activities: Proceeds from revolving line of credit 26 480 20,000 Repayment of revolving line of credit 26 480 20.000 Proceeds from long-term debt 25,581 Repayment of long-term debt (54.525) (11,756) Debt issuance costs paid (1.D64 (334) Repurchase of common stock Cash received from issuance of common stock 1,677 1,503 Other, net (779) (813) Net cash used in financing activities (29.110) 11,400] Net (decrease) increase in cash and cash equivalents (14,415) 11,601 Cash and cash equivalents - beginning of period $7,768 46.167 Cash and cash equivalents - end of period ESE'ED 57.768 Year ended March 21, 2022 2021 Supplemental disclosure of cash flow Information: Cash paid for interest 5 1,762 5 3,018 Cash paid for income taxes, net of refunds 7.573 2.301 Cash paid for interest on finance leases 63 137 Supplemental disclosure of noncash investing and financing activities: Property and equipment purchases included in accounts payable and accrued expenses 390 5 359ULTA (Base) Financial Statements 1 | Income Statement - Consolidated Statements of Income Ulta Beauty, Inc. Consolidated Statements of Income Fiscal year ended January 29, January 30, February 1, (In thousands, except per share data) 2022 2021 2020 Net sales S 8.630.889 6,151.953 S 7.398.068 Cost of sales 5.262.335 4,202.794 4.717,004 Gross profit 3.368.554 1.949.159 2.681.064 Selling, general and administrative expenses 2.061.545 1.583.017 1.760.716 Impairment, restructuring and other costs 114.322 Pre-opening expenses 9,517 15,000 19.254 Operating income ,297,492 236,820 901.094 Interest expense (income), net 1.663 5.735 (5.056) Income before income taxes 1,295,829 231,085 906.150 Income tax expense 309.992 65.250 200,205 Net income 985.837 175,835 705.945 Net income per common share: Basic 18.09 3.12 S 12.21 Diluted 17.98 3.11 12.15 Weighted average common shares outstanding: Basic 56,351 $7.840 Diluted 54.841 56.558 58.1052 | Balance Sheet - Consolidated Balance Sheets Ulta Beauty, Inc. Consolidated Balance Sheets January 29, January 30, (In thousands, except per share data) 2021 2021 Assets Current assets: Cash and cash equivalents 431.560 1.046.051 Receivables, net 233.682 193.109 Merchandise inventories, net 1.499.218 1.168.215 Prepaid expenses and other current assets 110,814 107.402 Prepaid income taxes 5,909 Total current assets 2.281.183 2.514.777 Property and equipment, net 914.476 995.795 Operating lease assets 1.482.256 1.504.614 Goodwill 10.87 10.870 Other intangible assets, net 1,538 2.465 Deferred compensation plan assets 38.40 33.223 Other long-term assets 35.647 28 225 Total assets 4.764.379 5.089-969 Liabilities and stockholders' equity Current liabilities: Accounts payable 352.730 477.052 Accrued liabilities 364.797 296.334 Deferred revenue 353.579 274.383 Current operating lease liabilities 274.118 253.415 Accrued income taxes 12,786 42 529 Total current liabilities 1,558,010 1.343.713 Non-current operating lease liabilities 1.572.638 1.643.386 Deferred income taxes 39,693 65.359 Other long-term liabilities 58.665 37.962 Liabilities and stockholders' equity Current liabilities: Accounts payable 552,730 477.052 Accrued liabilities 364.797 296.334 Deferred revenue 353.579 274.383 Current operating lease liabilities 274, 1 153,415 Accrued income taxes 2.786 42.529 Total current liabilities 1.558.010 1.343.713 Non-current operating lease liabilities 1.572.638 1.643.386 Deferred income taxes 39.693 65.359 Other long-term liabilities 58.665 37.962 Total liabilities 3.229,006 3.090,420 Commitments and contingencies (Note 9) Stockholders' equity: Common stock, $0.01 par value. 400.000 shares authorized: 53.049 and 56.952 shares issued: 52.311 and 56.260 shares outstanding: at January 29. 2022 and January 30. 2021. respectively 530 569 Treasury stock-common, at cos (33.478) (37.801) Additional paid-in capital 934.945 847.303 Retained earnings 653.376 1.189.422 Accumulated other comprehensive income Total stockholders' equity 1.535.373 1.999.549 Total liabilities and stockholders" equity 1.764.379 5089.9693 | Statement of Cash Flows - Consolidated Statements of Cash Flows Ulta Beauty, Inc. Consolidated Statements of Cash Flows Fiscal year ended January 29 January 30, February 1. (In thousands) 2012 2021 2020 Operating activities Net income 985,837 S 175,835 705.945 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 268.460 297.772 295.599 Non-cash lease expense 276.229 168.071 278.820 Long-lived asset impairment charge 12.533 Deferred income taxes 25.666 24,008) 5,503 Stock-based compensation expense 47.255 27.583 25.045 Loss on disposal of property and equipment 5,358 6,827 5,850 Change in operating assets and liabilities: Receivables (40.573 (53.772) 20.637) Merchandise inventories (331.003) 125.486 79.372) Prepaid expenses and other current assets (3.412 (4.363) 9.289 Income taxes (35.652 58,916 610 Accounts payable 66.156 62.324 9,993 Accrued liabilities 58.598 68.599 28.183 Deferred revenue 79,196 36.848 38.481 Operating lease liabilities 303.914) 297.513) 256.910 Other assets and liabilities 12.392 (783) 54.894 Net cash provided by operating activities 1.059.265 310.355 .101.293 Investing activities Purchases of short-term investments 110,000) Proceeds from short-term investments 110.000 Capital expenditure (172.187 151.866) 298.534) Acquisitions, net of cash acquired (1,220 Other investments (4,297) (5.665) 62,946) Investing activities Purchases of short-term investments (110,000) Proceeds from short-tern investments 110,000 Capital expenditures (172.187 151.866) (298.534) Acquisitions, net of cash acquired (1.220) Other investments (4,297) (62,946) Net cash used in investing activities 176.484) 48.751) 471,480) Financing activities Proceeds from long-term debt 800.000 Payments on long-term debt (800,000) Repurchase of common shares (1,521,925) 114.895) 680.979) Stock options exercised 40.386 12.229 43.780 Purchase of treasury shares 15.677 3,353 9.540) Debt issuance costs Net cash used in financing activities 1.497,216) (107.934) (646.739) Effect of exchange rate changes on cash and cash equivalents 136 Net increase (decrease) in cash and cash equivalents (614.491) 653.726 (16.926) Cash and cash equivalents at beginning of year 1.046.051 392.325 409.251 Cash and cash equivalents at end of year 431.560 .046.051 392.325 Supplemental information Cash paid for interest 2,132 6.987 Income taxes paid, net of refunds 370.646 19.454 133,861 Non-cash capital expenditures 39.874 20.487 26.901