e.l.f. Beauty (ELF) 10-Q4 Aug 222023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-37873
Entity Registrant Name	e.l.f. Beauty, Inc.
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ELF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,424,445
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001600033
Current Fiscal Year End Date	--03-31

Condensed consolidated balance

Condensed consolidated balance sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021
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
Current liabilities:
Current portion of long-term debt and finance 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 (Note 7)
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

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Common stock, shares issued (in shares)	52,424,445	52,243,764	51,826,156
Common stock, shares outstanding (in shares)	52,424,445	52,243,764	51,826,156

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
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	0	(14)
Operating income	21,430	11,171
Other expense, net	(1,663)	(162)
Interest expense, net	(663)	(745)
Loss on extinguishment of debt	0	(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 (in USD per share)	$ 0.28	$ 0.16
Diluted (in USD per share)	$ 0.27	$ 0.15
Weighted average shares outstanding:
Basic (in shares)	51,707,160	50,544,573
Diluted (in shares)	53,834,732	53,408,443

Condensed consolidated statem_2

Condensed consolidated statements of stockholders' equity (unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance at Mar. 31, 2021	$ 269,646	$ 504	$ 774,441	$ (505,299)
Beginning balance (in shares) at Mar. 31, 2021		50,400,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,276			8,276
Stock-based compensation	4,190		4,190
Exercise of stock options and vesting of restricted stock	510	$ 4	506
Exercise of stock options and vesting of restricted stock (in shares)		358,575
Ending balance at Jun. 30, 2021	282,622	$ 508	779,137	(497,023)
Ending balance (in shares) at Jun. 30, 2021		50,759,085
Beginning balance at Mar. 31, 2022	312,429	$ 515	795,443	(483,529)
Beginning balance (in shares) at Mar. 31, 2022		51,524,307
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,469			14,469
Stock-based compensation	6,549		6,549
Exercise of stock options and vesting of restricted stock	2	$ 2
Exercise of stock options and vesting of restricted stock (in shares)		558,336
Ending balance at Jun. 30, 2022	$ 333,449	$ 517	$ 801,992	$ (469,060)
Ending balance (in shares) at Jun. 30, 2022		52,082,643

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
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	0	(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	0	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	0	26,480
Proceeds from long-term debt	0	25,581
Repayment of long-term debt	(1,250)	(50,775)
Debt issuance costs paid	0	(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	$ 57,768
Cash and cash equivalents - end of period	$ 72,248	$ 63,402	$ 43,353

Nature of operations

Nature of operations	3 Months Ended
Nature of operations	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operationse.l.f. Beauty, Inc., a Delaware corporation, (“e.l.f. Beauty” and together with its subsidiaries, the “Company,” or “we”) is a multi-brand beauty company that offers inclusive, accessible, clean and cruelty-free cosmetics and skincare products. Our mission is to make the best of beauty accessible to every eye, lip and face. We believe our ability to deliver 100% cruelty-free, clean, premium-quality products at accessible prices with broad appeal differentiates us in the beauty industry. We believe the combination of our innovation engine, core value proposition, digitally-led strategy, as well as our world-class team’s ability to execute with speed has positioned us well to navigate a rapidly changing landscape in beauty.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, these interim financial statements contain all adjustments, including normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2022, March 31, 2022 and June 30, 2021, and its results of operations and stockholders' equity for the three months ended June 30, 2022 and June 30, 2021 and its cash flows for the three months ended June 30, 2022 and June 30, 2021. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 (the “Annual Report”). Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Segment reporting Operating segments are components of an enterprise for which separate financial information is available that is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Utilizing these criteria, the Company manages its business on the basis of one operating segment and one reportable segment. It is impracticable for the Company to provide revenue by product line. Significant accounting policies The Company made no material changes in the application of its significant accounting policies that were disclosed in Note 2, “Summary of significant accounting policies,” to the audited consolidated financial statements as of and for the fiscal year ended March 31, 2022 included in the Annual Report. Revenue recognition The Company distributes products both through national and international retailers, as well as direct-to-consumers through its e-commerce channel. The marketing and consumer engagement benefits that the direct-to-consumer channel provides is integral to the Company’s brand and product development strategy and drives sales across channels. As such, the Company views its two primary distribution channels as components of one integrated business, as opposed to discrete revenue streams. The Company sells a variety of beauty products but does not consider them to be meaningfully different revenue streams given similarities in the nature of the products, the target consumer and the innovation and distribution processes. The following table provides disaggregated revenue from contracts with customers by geographical market, as the nature, amount, timing and uncertainty of revenue and cash flows can differ between domestic and international customers (in thousands). Three months ended June 30, Net sales by geographic region: 2022 2021 United States $ 107,139 $ 85,971 International 15,462 11,076 Total net sales $ 122,601 $ 97,047 As of June 30, 2022, other than accounts receivable, the Company had no material contract assets, contract liabilities or deferred contract costs recorded on its unaudited condensed consolidated balance sheet. Recent accounting pronouncements No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

Investment in equity securities

Investment in equity securities	3 Months Ended
Investment in equity securities	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Investment in equity securities	Investment in equity securitiesOn April 14, 2017, the Company invested $2.9 million in a social media analytics company, which is included in investments on its unaudited condensed consolidated balance sheets. The Company has elected the measurement alternative for equity investments that do not have readily determinable fair values. The Company did not record an impairment charge on its investment during the three months ended June 30, 2022 and June 30, 2021, as any identified events or changes in circumstances did not result in an indicator for impairment. Further, there were no observable price changes in orderly transactions for the identical or a similar investment of the same issuer during the three months ended June 30, 2022.

Goodwill and intangible assets

Goodwill and intangible assets	3 Months Ended
Goodwill and intangible assets	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets Information regarding the Company’s goodwill and intangible assets as of June 30, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (59,960) $ 17,640 Customer relationships – e-commerce 3 years 3,940 (3,931) 9 Trademarks 10 years 3,500 (817) 2,683 Total finite-lived intangibles 85,040 (64,708) 20,332 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (64,708) $ 255,752 Information regarding the Company’s goodwill and intangible assets as of March 31, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (58,020) $ 19,580 Customer relationships – e-commerce 3 years 3,940 (3,928) 12 Trademarks 10 years 3,500 (729) 2,771 Total finite-lived intangibles 85,040 (62,677) 22,363 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (62,677) $ 257,783 Information regarding the Company’s goodwill and intangible assets as of June 30, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (52,200) $ 25,400 Customer relationships – e-commerce 3 years 3,940 (3,918) 22 Trademarks 10 years 3,500 (466) 3,034 Total finite-lived intangibles 85,040 (56,584) 28,456 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (56,584) $ 263,876 Amortization expenses on finite-lived intangible assets was $2.0 million for both the three months ended June 30, 2022 and June 30, 2021. Certain trademark assets have been classified as indefinite-lived intangible assets and accordingly, are not subject to amortization. There were no impairments of goodwill or intangible assets recorded in the three months ended June 30, 2022 and June 30, 2021. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of June 30, 2022 is as follows (in thousands): Remainder of fiscal 2023 $ 6,091 2024 6,963 2025 1,230 2026 1,230 2027 1,230 Thereafter 3,588 Total $ 20,332

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
Accrued expenses and other current liabilities	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities Accrued expenses and other current liabilities as of June 30, 2022, March 31, 2022 and June 30, 2021 consisted of the following (in thousands): June 30, 2022 March 31, 2022 June 30, 2021 Accrued expenses $ 25,798 $ 19,938 $ 22,835 Current portion of operating lease liabilities 4,508 4,391 4,168 Accrued compensation 4,640 11,532 3,297 Taxes payable 3,232 2,128 1,245 Other current liabilities 1,738 2,015 2,073 Accrued expenses and other current liabilities $ 39,916 $ 40,004 $ 33,617

Debt

Debt	3 Months Ended
Debt	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of June 30, 2022, March 31, 2022 and June 30, 2021 consisted of the following (in thousands): June 30, 2022 March 31, 2022 June 30, 2021 Revolving credit facility (1) $ — $ — $ 26,480 Term loan (1) 95,000 96,250 100,000 Finance lease obligations 1,226 1,419 1,993 Total debt (2) 96,226 97,669 128,473 Less: debt issuance costs (749) (803) (972) Total debt, net of issuance costs 95,477 96,866 127,501 Less: current portion (5,793) (5,786) (32,247) Long-term portion of debt $ 89,684 $ 91,080 $ 95,254 (1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement. As of June 30, 2022, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement. (2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented. Amended credit agreement On April 30, 2021, the Company amended and restated its prior credit agreement (the “Amended Credit Agreement”), amended and restated the prior term loan facility and the prior revolving credit facility, and refinanced all loans under the prior credit agreement. The Amended Credit Agreement has a five year term and consists of (i) a $100 million revolving credit facility (the “Amended Revolving Credit Facility”) and (ii) a $100 million term loan facility (the “Amended Term Loan Facility”). The Company's prior credit agreement consisted of a $165 million term loan and a $50 million revolving credit facility. All amounts under the Amended Revolving Credit Facility are available for draw until the maturity date on April 30, 2026. The Amended Revolving Credit Facility is collateralized by substantially all of our assets and requires payment of an unused fee ranging from 0.10% to 0.30% (based on our consolidated total net leverage ratio (as defined in the Amended Credit Agreement)) times the average daily amount of unutilized commitments under the Amended Revolving Credit Facility. The Amended Revolving Credit Facility also provides for sub-facilities in the form of a $7 million letter of credit and a $5 million swing line loan; however, all amounts under the Amended Revolving Credit Facility cannot exceed $100 million. The unused balance of the Amended Revolving Credit Facility as of June 30, 2022 was $100.0 million. Both the Amended Revolving Credit Facility and the Amended Term Loan Facility bear interest, at borrowers’ option, at either (i) a rate per annum equal to an adjusted LIBOR rate determined by reference to the cost of funds for the United States dollar deposits for the applicable interest period (subject to a minimum floor of 0%) plus an applicable margin ranging from 1.25% to 2.125% based on our consolidated total net leverage ratio or (ii) a floating base rate plus an applicable margin ranging from 0.25% to 1.125% based on our consolidated total net leverage ratio. The interest rate as of June 30, 2022 for the Amended Term Loan Facility was approximately 3.5%. The Amended Credit Agreement contains a number of covenants that, among other things, restrict our ability to (subject to certain exceptions) pay dividends and distributions or repurchase our capital stock, incur additional indebtedness, create liens on assets, engage in mergers or consolidations and sell or otherwise dispose of assets. The Amended Credit Agreement also includes reporting, financial and maintenance covenants that require us to, among other things, comply with certain consolidated total net leverage ratios and consolidated fixed charge coverage ratios. In accordance with ASC 470, Debt, the amendment to the Company’s prior credit agreement was accounted for as both a debt modification and partial debt extinguishment, which resulted in the recognition of a loss on extinguishment of debt of $0.5 million for the year ended March 31, 2022. The Company incurred and capitalized $1.1 million of new debt issuance costs related to the amendment.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Legal contingencies The Company is from time to time subject to, and is currently involved in legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any matters that management expects will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Stock-based compensation

Stock-based compensation	3 Months Ended
Stock-based compensation	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation Service-based vesting stock options The following table summarizes the activity for options that vest solely based upon the satisfaction of a service condition for the three months ended June 30, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,543,499 $ 15.05 Granted — — Exercised — — Canceled or forfeited — — Balance as of June 30, 2022 1,543,499 $ 15.05 4.4 $ 24,131 Exercisable, June 30, 2022 1,416,384 $ 15.20 4.2 $ 21,919 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $30.68, as reported on the New York Stock Exchange on June 30, 2022. The Company recognized stock-based compensation cost related to service-based vesting options of $0.1 million and $0.3 million in the three months ended June 30, 2022 and June 30, 2021, respectively. As of June 30, 2022, there was $0.5 million of total unrecognized stock-based compensation cost related to unvested service-based stock options, which is expected to be recognized over the remaining weighted-average period of 1.9 years. All stock-based compensation cost is recorded in selling, general and administrative expenses. Performance-based and market-based vesting stock options The following table summarizes the activity for stock options that vest based upon the satisfaction of performance- or market-based vesting conditions for the three months ended June 30, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,004,327 $ 9.40 Granted — — Exercised — — Canceled or forfeited (25,800) 26.84 Balance as of June 30, 2022 978,527 $ 8.94 2.6 $ 21,278 Exercisable, June 30, 2022 804,327 $ 5.06 2.1 $ 20,609 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $30.68, as reported on the New York Stock Exchange on June 30, 2022. As of June 30, 2022 and June 30, 2021, there was no unrecognized compensation cost related to stock options with performance-based and market-based vesting conditions. Restricted stock and RSUs The following table summarizes the activities for restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) for the three months ended June 30, 2022: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2022 2,275,742 $ 20.85 Granted 1,063,373 26.32 Vested (558,336) 19.13 Canceled or forfeited (154,247) 21.06 Balance as of June 30, 2022 2,626,532 $ 23.04 As of June 30, 2022, there were 341,802 unvested shares subject to RSAs outstanding. The Company recognized stock-based compensation cost related to RSAs and RSUs of $6.5 million and $4.0 million in the three months ended June 30, 2022 and June 30, 2021, respectively. As of June 30, 2022, there was $55.6 million of total unrecognized stock-based compensation cost related to unvested shares subject to RSAs and RSUs, which is expected to be recognized over a weighted-average period of 2.6 years.

Repurchase of common stock

Repurchase of common stock	3 Months Ended
Repurchase of common stock	Jun. 30, 2022
Equity [Abstract]
Repurchase of common stock	Repurchase of common stock On May 8, 2019, the Company announced that its board of directors authorized a share repurchase program to acquire up to $25.0 million of the Company’s common stock (the “Share Repurchase Program”). Purchases under the Share Repurchase Program may be made from time to time through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, or by any combination of such methods. The timing and amount of any repurchases pursuant to the Share Repurchase Program will be determined based on market conditions, share price and other factors. The Share Repurchase Program does not require the Company to repurchase any specific number of shares of its common stock, and may be modified, suspended or terminated at any time without notice. There is no guarantee that any additional shares will be purchased under the Share Repurchase Program and such shares are intended to be retired after purchase. On April 30, 2021, the Company amended and restated its prior credit agreement. Subject to certain exceptions, the covenants in the Amended Credit Agreement require the Company to be in compliance with certain leverage ratios to make repurchases under the Share Repurchase Program. The Company did not repurchase any shares during the three months ended June 30, 2022. A total of $17.1 million remains available for purchase under the Share Repurchase Program as of June 30, 2022.

Net income per share

Net income per share	3 Months Ended
Net income per share	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income per share	Net income per share The Company computes basic net income per share using the weighted-average number of shares of common stock outstanding. Diluted net income per share amounts are calculated using the treasury stock method for equity-based compensation awards. The following is a reconciliation of the numerator and denominator in the basic and diluted net income per common share computations (in thousands, except share and per share data): Three months ended June 30, 2022 2021 Numerator: Net income $ 14,469 $ 8,276 Denominator: Weighted-average common shares outstanding – basic 51,707,160 50,544,573 Dilutive common equivalent shares from equity awards 2,127,572 2,863,870 Weighted-average common shares outstanding – diluted 53,834,732 53,408,443 Net income per share: Basic $ 0.28 $ 0.16 Diluted $ 0.27 $ 0.15 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 741,016 —

Leases

Leases	3 Months Ended
Leases	Jun. 30, 2022
Leases [Abstract]
Leases	Leases The Company leases warehouses, distribution centers, office space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution centers in Ontario, California and Columbus, Ohio. Significant judgment is required to determine whether commercial contracts contain a lease for purposes of ASC 842. The discount rate used in measuring lease liabilities is generally based on the interest rate on the Company’s revolving line of credit, assuming sufficient unused capacity exists at the time the lease liability is measured. A reconciliation of the balance sheet line items that were impacted or created as a result of the Company's adoption of ASC 842 as of June 30, 2022, March 31, 2022 and June 30, 2021 were as follows (in thousands): Classification June 30, 2022 March 31, 2022 June 30, 2021 Assets Operating lease assets Other assets $ 17,188 $ 18,218 $ 21,490 Finance lease assets (a) Other assets 560 664 979 Total leased assets $ 17,748 $ 18,882 $ 22,469 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,508 $ 4,391 $ 4,168 Finance Current portion of long-term debt and finance lease obligations 793 786 768 Noncurrent Operating Long-term operating lease obligations 14,637 15,744 19,053 Finance Long-term debt and finance lease obligations 433 633 1,225 Total lease liabilities $ 20,371 $ 21,554 $ 25,214 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.1 million, $3.0 million and $2.7 million as of June 30, 2022, March 31, 2022 and June 30, 2021, respectively. For the three months ended June 30, 2022 and June 30, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended June 30, Classification 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,157 $ 1,070 Finance lease cost Amortization of leased assets SG&A expenses 105 121 Interest on lease liabilities Interest expense, net 10 24 Total lease cost $ 1,272 $ 1,215 As of June 30, 2022, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of fiscal 2023 $ 3,752 $ 613 $ 4,365 2024 4,862 582 5,444 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,224 — 3,224 Total lease payments 20,447 1,253 21,700 Less: Interest 1,302 27 1,329 Present value of lease liabilities $ 19,145 $ 1,226 $ 20,371 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of June 30, 2022 and June 30, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: June 30, 2022 June 30, 2021 Weighted-average remaining lease term Operating leases 5.0 years 5.8 years Finance leases 1.6 years 2.6 years Weighted-average discount rate Operating leases 2.7 % 2.8 % Finance leases 2.9 % 3.0 %
Leases	Leases The Company leases warehouses, distribution centers, office space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution centers in Ontario, California and Columbus, Ohio. Significant judgment is required to determine whether commercial contracts contain a lease for purposes of ASC 842. The discount rate used in measuring lease liabilities is generally based on the interest rate on the Company’s revolving line of credit, assuming sufficient unused capacity exists at the time the lease liability is measured. A reconciliation of the balance sheet line items that were impacted or created as a result of the Company's adoption of ASC 842 as of June 30, 2022, March 31, 2022 and June 30, 2021 were as follows (in thousands): Classification June 30, 2022 March 31, 2022 June 30, 2021 Assets Operating lease assets Other assets $ 17,188 $ 18,218 $ 21,490 Finance lease assets (a) Other assets 560 664 979 Total leased assets $ 17,748 $ 18,882 $ 22,469 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,508 $ 4,391 $ 4,168 Finance Current portion of long-term debt and finance lease obligations 793 786 768 Noncurrent Operating Long-term operating lease obligations 14,637 15,744 19,053 Finance Long-term debt and finance lease obligations 433 633 1,225 Total lease liabilities $ 20,371 $ 21,554 $ 25,214 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.1 million, $3.0 million and $2.7 million as of June 30, 2022, March 31, 2022 and June 30, 2021, respectively. For the three months ended June 30, 2022 and June 30, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended June 30, Classification 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,157 $ 1,070 Finance lease cost Amortization of leased assets SG&A expenses 105 121 Interest on lease liabilities Interest expense, net 10 24 Total lease cost $ 1,272 $ 1,215 As of June 30, 2022, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of fiscal 2023 $ 3,752 $ 613 $ 4,365 2024 4,862 582 5,444 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,224 — 3,224 Total lease payments 20,447 1,253 21,700 Less: Interest 1,302 27 1,329 Present value of lease liabilities $ 19,145 $ 1,226 $ 20,371 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of June 30, 2022 and June 30, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: June 30, 2022 June 30, 2021 Weighted-average remaining lease term Operating leases 5.0 years 5.8 years Finance leases 1.6 years 2.6 years Weighted-average discount rate Operating leases 2.7 % 2.8 % Finance leases 2.9 % 3.0 %

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of the Company, these interim financial statements contain all adjustments, including normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2022, March 31, 2022 and June 30, 2021, and its results of operations and stockholders' equity for the three months ended June 30, 2022 and June 30, 2021 and its cash flows for the three months ended June 30, 2022 and June 30, 2021. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Segment reporting	Segment reporting Operating segments are components of an enterprise for which separate financial information is available that is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Utilizing these criteria, the Company manages its business on the basis of one operating segment and one reportable segment. It is impracticable for the Company to provide revenue by product line.
Revenue recognition	Revenue recognition The Company distributes products both through national and international retailers, as well as direct-to-consumers through its e-commerce channel. The marketing and consumer engagement benefits that the direct-to-consumer channel provides is integral to the Company’s brand and product development strategy and drives sales across channels. As such, the Company views its two primary distribution channels as components of one integrated business, as opposed to discrete revenue streams. The Company sells a variety of beauty products but does not consider them to be meaningfully different revenue streams given similarities in the nature of the products, the target consumer and the innovation and distribution processes.
Recent accounting pronouncements	Recent accounting pronouncements No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	3 Months Ended
Summary of significant accounting policies (Tables)	Jun. 30, 2022
Accounting Policies [Abstract]
Disaggregation of Revenue	The following table provides disaggregated revenue from contracts with customers by geographical market, as the nature, amount, timing and uncertainty of revenue and cash flows can differ between domestic and international customers (in thousands). Three months ended June 30, Net sales by geographic region: 2022 2021 United States $ 107,139 $ 85,971 International 15,462 11,076 Total net sales $ 122,601 $ 97,047

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	3 Months Ended
Goodwill and intangible assets (Tables)	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Information Regarding Company's Goodwill and Intangible Assets	Information regarding the Company’s goodwill and intangible assets as of June 30, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (59,960) $ 17,640 Customer relationships – e-commerce 3 years 3,940 (3,931) 9 Trademarks 10 years 3,500 (817) 2,683 Total finite-lived intangibles 85,040 (64,708) 20,332 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (64,708) $ 255,752 Information regarding the Company’s goodwill and intangible assets as of March 31, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (58,020) $ 19,580 Customer relationships – e-commerce 3 years 3,940 (3,928) 12 Trademarks 10 years 3,500 (729) 2,771 Total finite-lived intangibles 85,040 (62,677) 22,363 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (62,677) $ 257,783 Information regarding the Company’s goodwill and intangible assets as of June 30, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (52,200) $ 25,400 Customer relationships – e-commerce 3 years 3,940 (3,918) 22 Trademarks 10 years 3,500 (466) 3,034 Total finite-lived intangibles 85,040 (56,584) 28,456 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (56,584) $ 263,876
Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of June 30, 2022 is as follows (in thousands): Remainder of fiscal 2023 $ 6,091 2024 6,963 2025 1,230 2026 1,230 2027 1,230 Thereafter 3,588 Total $ 20,332

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	3 Months Ended
Accrued expenses and other current liabilities (Tables)	Jun. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of June 30, 2022, March 31, 2022 and June 30, 2021 consisted of the following (in thousands): June 30, 2022 March 31, 2022 June 30, 2021 Accrued expenses $ 25,798 $ 19,938 $ 22,835 Current portion of operating lease liabilities 4,508 4,391 4,168 Accrued compensation 4,640 11,532 3,297 Taxes payable 3,232 2,128 1,245 Other current liabilities 1,738 2,015 2,073 Accrued expenses and other current liabilities $ 39,916 $ 40,004 $ 33,617

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of June 30, 2022, March 31, 2022 and June 30, 2021 consisted of the following (in thousands): June 30, 2022 March 31, 2022 June 30, 2021 Revolving credit facility (1) $ — $ — $ 26,480 Term loan (1) 95,000 96,250 100,000 Finance lease obligations 1,226 1,419 1,993 Total debt (2) 96,226 97,669 128,473 Less: debt issuance costs (749) (803) (972) Total debt, net of issuance costs 95,477 96,866 127,501 Less: current portion (5,793) (5,786) (32,247) Long-term portion of debt $ 89,684 $ 91,080 $ 95,254 (1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement. As of June 30, 2022, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement. (2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented.

Stock-based compensation (Table

Stock-based compensation (Tables)	3 Months Ended
Stock-based compensation (Tables)	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity and Related Information	The following table summarizes the activity for options that vest solely based upon the satisfaction of a service condition for the three months ended June 30, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,543,499 $ 15.05 Granted — — Exercised — — Canceled or forfeited — — Balance as of June 30, 2022 1,543,499 $ 15.05 4.4 $ 24,131 Exercisable, June 30, 2022 1,416,384 $ 15.20 4.2 $ 21,919 The following table summarizes the activity for stock options that vest based upon the satisfaction of performance- or market-based vesting conditions for the three months ended June 30, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,004,327 $ 9.40 Granted — — Exercised — — Canceled or forfeited (25,800) 26.84 Balance as of June 30, 2022 978,527 $ 8.94 2.6 $ 21,278 Exercisable, June 30, 2022 804,327 $ 5.06 2.1 $ 20,609
Summary of Activities for Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs")	The following table summarizes the activities for restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) for the three months ended June 30, 2022: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2022 2,275,742 $ 20.85 Granted 1,063,373 26.32 Vested (558,336) 19.13 Canceled or forfeited (154,247) 21.06 Balance as of June 30, 2022 2,626,532 $ 23.04

Net income per share (Tables)

Net income per share (Tables)	3 Months Ended
Net income per share (Tables)	Jun. 30, 2022
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator in Basic and Diluted Net Income Per Common Share Computations	The following is a reconciliation of the numerator and denominator in the basic and diluted net income per common share computations (in thousands, except share and per share data): Three months ended June 30, 2022 2021 Numerator: Net income $ 14,469 $ 8,276 Denominator: Weighted-average common shares outstanding – basic 51,707,160 50,544,573 Dilutive common equivalent shares from equity awards 2,127,572 2,863,870 Weighted-average common shares outstanding – diluted 53,834,732 53,408,443 Net income per share: Basic $ 0.28 $ 0.16 Diluted $ 0.27 $ 0.15 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 741,016 —

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Jun. 30, 2022
Leases [Abstract]
Balance Sheet Information	A reconciliation of the balance sheet line items that were impacted or created as a result of the Company's adoption of ASC 842 as of June 30, 2022, March 31, 2022 and June 30, 2021 were as follows (in thousands): Classification June 30, 2022 March 31, 2022 June 30, 2021 Assets Operating lease assets Other assets $ 17,188 $ 18,218 $ 21,490 Finance lease assets (a) Other assets 560 664 979 Total leased assets $ 17,748 $ 18,882 $ 22,469 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,508 $ 4,391 $ 4,168 Finance Current portion of long-term debt and finance lease obligations 793 786 768 Noncurrent Operating Long-term operating lease obligations 14,637 15,744 19,053 Finance Long-term debt and finance lease obligations 433 633 1,225 Total lease liabilities $ 20,371 $ 21,554 $ 25,214 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.1 million, $3.0 million and $2.7 million as of June 30, 2022, March 31, 2022 and June 30, 2021, respectively. As of June 30, 2022 and June 30, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: June 30, 2022 June 30, 2021 Weighted-average remaining lease term Operating leases 5.0 years 5.8 years Finance leases 1.6 years 2.6 years Weighted-average discount rate Operating leases 2.7 % 2.8 % Finance leases 2.9 % 3.0 %
Components of Lease Expense	For the three months ended June 30, 2022 and June 30, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended June 30, Classification 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,157 $ 1,070 Finance lease cost Amortization of leased assets SG&A expenses 105 121 Interest on lease liabilities Interest expense, net 10 24 Total lease cost $ 1,272 $ 1,215
Maturities of Operating Lease Liabilities	As of June 30, 2022, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of fiscal 2023 $ 3,752 $ 613 $ 4,365 2024 4,862 582 5,444 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,224 — 3,224 Total lease payments 20,447 1,253 21,700 Less: Interest 1,302 27 1,329 Present value of lease liabilities $ 19,145 $ 1,226 $ 20,371
Maturities of Finance Lease Liabilities	As of June 30, 2022, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of fiscal 2023 $ 3,752 $ 613 $ 4,365 2024 4,862 582 5,444 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,224 — 3,224 Total lease payments 20,447 1,253 21,700 Less: Interest 1,302 27 1,329 Present value of lease liabilities $ 19,145 $ 1,226 $ 20,371

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	3 Months Ended
	Jun. 30, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reporting segments	1

Summary of significant accoun_5

Summary of significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 122,601	$ 97,047
United States
Disaggregation of Revenue [Line Items]
Total net sales	107,139	85,971
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 15,462	$ 11,076

Investment in equity securiti_2

Investment in equity securities - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Apr. 14, 2017
Debt and Equity Securities, FV-NI [Line Items]
Impairment charges on investment	$ 0	$ 0
Social Media Analytics Company
Debt and Equity Securities, FV-NI [Line Items]
Amount invested in minority equity investment			$ 2,900,000

Goodwill and intangible asset_2

Goodwill and intangible assets - Information Regarding Company's Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Schedule Of Intangible Assets And Goodwill [Line Items]
Total finite-lived intangibles, Gross carrying amount	$ 85,040	$ 85,040	$ 85,040
Total finite-lived intangibles, Accumulated amortization	(64,708)	(56,584)	(62,677)
Total	20,332	28,456	22,363
Goodwill, Gross carrying amount	171,620	171,620	171,620
Goodwill, Accumulated amortization	0	0	0
Goodwill, Net carrying amount	171,620	171,620	171,620
Total goodwill and other intangibles, Gross carrying amount	320,460	320,460	320,460
Total goodwill and other intangibles, Accumulated amortization	(64,708)	(56,584)	(62,677)
Total goodwill and other intangibles, Net carrying amount	255,752	263,876	257,783
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Indefinite lived intangibles, Net carrying amount	$ 63,800	$ 63,800	$ 63,800
Customer relationships – retailers
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years	10 years	10 years
Total finite-lived intangibles, Gross carrying amount	$ 77,600	$ 77,600	$ 77,600
Total finite-lived intangibles, Accumulated amortization	(59,960)	(52,200)	(58,020)
Total	$ 17,640	$ 25,400	$ 19,580
Customer relationships – e-commerce
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	3 years	3 years	3 years
Total finite-lived intangibles, Gross carrying amount	$ 3,940	$ 3,940	$ 3,940
Total finite-lived intangibles, Accumulated amortization	(3,931)	(3,918)	(3,928)
Total	$ 9	$ 22	$ 12
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years	10 years	10 years
Total finite-lived intangibles, Gross carrying amount	$ 3,500	$ 3,500	$ 3,500
Total finite-lived intangibles, Accumulated amortization	(817)	(466)	(729)
Total	$ 2,683	$ 3,034	$ 2,771

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,000,000	$ 2,000,000
Goodwill and intangible asset impairment	$ 0	$ 0

Goodwill and intangible asset_4

Goodwill and intangible assets - Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2023	$ 6,091
2024	6,963
2025	1,230
2026	1,230
2027	1,230
Thereafter	3,588
Total	$ 20,332	$ 22,363	$ 28,456

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 25,798	$ 19,938	$ 22,835
Current portion of operating lease liabilities	4,508	4,391	4,168
Accrued compensation	4,640	11,532	3,297
Taxes payable	3,232	2,128	1,245
Other current liabilities	1,738	2,015	2,073
Accrued expenses and other current liabilities	$ 39,916	$ 40,004	$ 33,617

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Finance lease obligations	$ 1,226	$ 1,419	$ 1,993
Total debt	96,226	97,669	128,473
Less: debt issuance costs	(749)	(803)	(972)
Total debt, net of issuance costs	95,477	96,866	127,501
Less: current portion	(5,793)	(5,786)	(32,247)
Long-term portion of debt	89,684	91,080	95,254
Revolving Credit Facility
Debt Instrument [Line Items]
Debt	0	0	26,480
Term Loan
Debt Instrument [Line Items]
Debt	$ 95,000	$ 96,250	$ 100,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($)	Apr. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Apr. 29, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ 460,000
Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt issuance costs				$ 1,100,000
Prior Credit Agreement
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 500,000
Revolving Credit Facility \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Remaining borrowing capacity		$ 100,000,000
Revolving Credit Facility \| Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Unused fee percentage	0.10%
Revolving Credit Facility \| Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Unused fee percentage	0.30%
Revolving Credit Facility \| Amended Credit Agreement \| Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Revolving Credit Facility \| Amended Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility \| Amended Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Revolving Credit Facility \| Amended Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility \| Amended Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Revolving Credit Facility \| Prior Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 50,000,000
Letter of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 7,000,000
Swing Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	5,000,000
Term Loan \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Interest rate at period end		3.50%
Term Loan \| Amended Credit Agreement \| Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Term Loan \| Amended Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Term Loan \| Amended Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Term Loan \| Amended Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Term Loan \| Amended Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Term Loan \| Prior Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 165,000,000

Stock-based compensation - Summ

Stock-based compensation - Summary of Activity for Options Vest Solely Based upon Satisfaction of Service Condition (Details) - Service-based Vesting Stock Options $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Shares subject to options outstanding
Beginning balance (in shares) \| shares	1,543,499
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Canceled or forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	1,543,499
Options outstanding, Exercisable (in shares) \| shares	1,416,384
Weighted-average exercise price
Beginning balance (in USD per share) \| $ / shares	$ 15.05
Granted (in USD per share) \| $ / shares	0
Exercised (in USD per share) \| $ / shares	0
Canceled or forfeited (in USD per share) \| $ / shares	0
Ending balance (in USD per share) \| $ / shares	15.05
Weighted-average exercise price, Exercisable (in USD per share) \| $ / shares	$ 15.20
Weighted-average remaining contractual life (in years), Outstanding	4 years 4 months 24 days
Weighted-average remaining contractual life (in years), Exercisable	4 years 2 months 12 days
Aggregate intrinsic values, Outstanding \| $	$ 24,131
Aggregate intrinsic values, Exercisable \| $	$ 21,919

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - USD ($)	3 Months Ended
Stock-based compensation - Narrative (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (in USD per share)	$ 30.68
Service-based Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 100,000	$ 300,000
Unrecognized stock-based compensation cost	$ 500,000
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	1 year 10 months 24 days
Performance-based and Market-based Vesting Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 0	0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSAs outstanding (in shares)	341,802
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 6,500,000	$ 4,000,000
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	2 years 7 months 6 days
Unvested RSAs outstanding (in shares)	2,626,532		2,275,742
Unrecognized stock-based compensation cost	$ 55,600,000

Stock-based compensation - Su_2

Stock-based compensation - Summary of Activity for Options Vest Based upon Performance or Market Conditions (Details) - Performance-based and Market-based Vesting Options $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Shares subject to options outstanding
Beginning balance (in shares) \| shares	1,004,327
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Canceled or forfeited (in shares) \| shares	25,800
Ending balance (in shares) \| shares	978,527
Options outstanding, Exercisable (in shares) \| shares	804,327
Weighted-average exercise price
Beginning balance (in USD per share) \| $ / shares	$ 9.40
Granted (in USD per share) \| $ / shares	0
Exercised (in USD per share) \| $ / shares	0
Canceled or forfeited (in USD per share) \| $ / shares	26.84
Ending balance (in USD per share) \| $ / shares	8.94
Weighted-average exercise price, Exercisable (in USD per share) \| $ / shares	$ 5.06
Weighted-average remaining contractual life (in years), Outstanding	2 years 7 months 6 days
Weighted-average remaining contractual life (in years), Exercisable	2 years 1 month 6 days
Aggregate intrinsic values, Outstanding \| $	$ 21,278
Aggregate intrinsic values, Exercisable \| $	$ 20,609

Stock-based compensation - Su_3

Stock-based compensation - Summary of Activities for Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") (Details) - Restricted Stock Awards and Restricted Stock Units	3 Months Ended
	Jun. 30, 2022 $ / shares shares
RSUs and shares of restricted stock outstanding
Beginning balance (in shares) \| shares	2,275,742
Granted (in shares) \| shares	1,063,373
Vested (in shares) \| shares	(558,336)
Canceled or forfeited (in shares) \| shares	(154,247)
Ending balance (in shares) \| shares	2,626,532
Weighted-average grant date fair value
Beginning balance (in USD per share) \| $ / shares	$ 20.85
Granted (in USD per share) \| $ / shares	26.32
Vested (in USD per share) \| $ / shares	19.13
Canceled or forfeited (in USD per share) \| $ / shares	21.06
Ending balance (in USD per share) \| $ / shares	$ 23.04

Repurchase of common stock - Na

Repurchase of common stock - Narrative (Details) - USD ($)	3 Months Ended
Repurchase of common stock - Narrative (Details) - USD ($)	Jun. 30, 2022	May 08, 2019
Equity [Abstract]
Amount authorized under share repurchase program		$ 25,000,000
Total shares repurchased (in shares)	0
Remaining authorized repurchase amount	$ 17,100,000

Net income per share - Reconcil

Net income per share - Reconciliation of Numerator and Denominator in Basic and Diluted Net Income (Loss) Per Common Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 14,469	$ 8,276
Denominator:
Weighted average common shares outstanding - basic (in shares)	51,707,160	50,544,573
Dilutive common equivalent shares from equity awards (in shares)	2,127,572	2,863,870
Weighted average common shares outstanding - diluted (in shares)	53,834,732	53,408,443
Net income per share:
Basic (in USD per share)	$ 0.28	$ 0.16
Diluted (in USD per share)	$ 0.27	$ 0.15
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	741,016	0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Lessee operating lease, option to extend	five years
Operating cash flows from operating leases	$ 1.1	$ 1.3

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021
Assets
Operating lease assets	$ 17,188	$ 18,218	$ 21,490
Finance lease assets	560	664	979
Total leased assets	17,748	18,882	22,469
Current
Operating	4,508	4,391	4,168
Finance	793	786	768
Noncurrent
Operating	14,637	15,744	19,053
Finance	433	633	1,225
Total lease liabilities	$ 20,371	$ 21,554	$ 25,214
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt and finance lease obligations	Current portion of long-term debt and finance lease obligations	Current portion of long-term debt and finance lease obligations
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt and finance lease obligations	Long-term debt and finance lease obligations	Long-term debt and finance lease obligations
Finance lease accumulated amortization	$ 3,100	$ 3,000	$ 2,700

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 1,157	$ 1,070
Finance lease cost
Amortization of leased assets	105	121
Interest on lease liabilities	10	24
Total lease cost	$ 1,272	$ 1,215

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021
Operating leases
Remainder of fiscal 2023	$ 3,752
2024	4,862
2025	4,071
2026	3,097
2027	1,441
Thereafter	3,224
Total lease payments	20,447
Less: Interest	1,302
Present value of lease liabilities	19,145
Finance leases
Remainder of fiscal 2023	613
2024	582
2025	58
2026	0
2027	0
Thereafter	0
Total lease payments	1,253
Less: Interest	27
Present value of lease liabilities	1,226	$ 1,419	$ 1,993
Total
Remainder of fiscal 2023	4,365
2024	5,444
2025	4,129
2026	3,097
2027	1,441
Thereafter	3,224
Total lease payments	21,700
Less: Interest	1,329
Total lease liabilities	$ 20,371	$ 21,554	$ 25,214

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Jun. 30, 2022	Jun. 30, 2021
Weighted-average remaining lease term
Operating leases	5 years	5 years 9 months 18 days
Finance leases	1 year 7 months 6 days	2 years 7 months 6 days
Weighted-average discount rate
Operating leases	2.70%	2.80%
Finance leases	2.90%	3%