e.l.f. Beauty (ELF) 10-Q2 Feb 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover page

Cover page - shares	9 Months Ended
Cover page - shares	Dec. 31, 2022	Jan. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		53,294,702
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001600033
Current Fiscal Year End Date	--03-31

Condensed consolidated balance

Condensed consolidated balance sheets (unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 87,021	$ 43,353	$ 32,889
Accounts receivable, net	66,237	45,567	47,180
Inventory, net	81,250	84,498	85,248
Prepaid expenses and other current assets	28,382	19,611	19,808
Total current assets	262,890	193,029	185,125
Property and equipment, net	8,726	10,577	12,231
Intangible assets, net	80,071	86,163	88,194
Goodwill	171,620	171,620	171,620
Investments	2,875	2,875	2,875
Other assets	29,743	30,368	30,905
Total assets	555,925	494,632	490,950
Current liabilities:
Current portion of long-term debt and finance lease obligations	5,690	5,786	5,780
Accounts payable	32,049	19,227	22,756
Accrued expenses and other current liabilities	49,798	40,004	33,977
Total current liabilities	87,537	65,017	62,513
Long-term debt and finance lease obligations	62,177	91,080	92,474
Deferred tax liabilities	7,783	9,593	13,078
Long-term operating lease obligations	12,329	15,744	16,659
Other long-term liabilities	795	769	758
Total liabilities	170,621	182,203	185,482
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of December 31, 2022, March 31, 2022 and December 31, 2021; 53,165,462, 52,243,764 and 52,120,683 shares issued and outstanding as of December 31, 2022, March 31, 2022 and December 31, 2021, respectively	528	515	512
Additional paid-in capital	823,021	795,443	790,041
Accumulated deficit	(438,245)	(483,529)	(485,085)
Total stockholders' equity	385,304	312,429	305,468
Total liabilities and stockholders' equity	$ 555,925	$ 494,632	$ 490,950

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 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)	53,165,462	52,243,764	52,120,683
Common stock, shares outstanding (in shares)	53,165,462	52,243,764	52,120,683

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 146,537	$ 98,118	$ 391,487	$ 287,020
Cost of sales	47,812	33,777	130,217	102,788
Gross profit	98,725	64,341	261,270	184,232
Selling, general and administrative expenses	75,434	55,384	201,172	156,580
Restructuring (income) expense	0	(14)	0	68
Operating income	23,291	8,971	60,098	27,584
Other income and expenses, net	730	(146)	(2,195)	(954)
Interest expense, net	(463)	(570)	(1,912)	(1,912)
Loss on extinguishment of debt	(176)	0	(176)	(460)
Income before provision for income taxes	23,382	8,255	55,815	24,258
Income tax provision	(4,277)	(2,041)	(10,531)	(4,044)
Net income	19,105	6,214	45,284	20,214
Comprehensive income	$ 19,105	$ 6,214	$ 45,284	$ 20,214
Net income per share:
Basic (in USD per share)	$ 0.36	$ 0.12	$ 0.87	$ 0.40
Diluted (in USD per share)	$ 0.34	$ 0.12	$ 0.82	$ 0.38
Weighted average shares outstanding:
Basic (in shares)	52,707,406	51,072,639	52,239,761	50,831,985
Diluted (in shares)	55,840,137	53,891,438	54,906,065	53,614,910

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, 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	20,214
Ending balance at Dec. 31, 2021	305,468	$ 512	790,041	(485,085)
Ending balance (in shares) at Dec. 31, 2021		51,134,322
Beginning balance at Jun. 30, 2021	282,622	$ 508	779,137	(497,023)
Beginning balance (in shares) at Jun. 30, 2021		50,759,085
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,724			5,724
Stock-based compensation	5,033		5,033
Exercise of stock options and vesting of restricted stock	714	$ 3	711
Exercise of stock options and vesting of restricted stock (in shares)		290,418
Ending balance at Sep. 30, 2021	294,093	$ 511	784,881	(491,299)
Ending balance (in shares) at Sep. 30, 2021		51,049,503
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,214			6,214
Stock-based compensation	5,149		5,149
Exercise of stock options and vesting of restricted stock	12	$ 1	11
Exercise of stock options and vesting of restricted stock (in shares)		84,819
Ending balance at Dec. 31, 2021	305,468	$ 512	790,041	(485,085)
Ending balance (in shares) at Dec. 31, 2021		51,134,322
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
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	45,284
Ending balance at Dec. 31, 2022	385,304	$ 528	823,021	(438,245)
Ending balance (in shares) at Dec. 31, 2022		52,823,660
Beginning balance at Jun. 30, 2022	333,449	$ 517	801,992	(469,060)
Beginning balance (in shares) at Jun. 30, 2022		52,082,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,710			11,710
Stock-based compensation	8,022		8,022
Exercise of stock options and vesting of restricted stock	3,779	$ 8	3,771
Exercise of stock options and vesting of restricted stock (in shares)		471,966
Ending balance at Sep. 30, 2022	356,960	$ 525	813,785	(457,350)
Ending balance (in shares) at Sep. 30, 2022		52,554,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,105			19,105
Stock-based compensation	7,239		7,239
Exercise of stock options and vesting of restricted stock	2,000	$ 3	1,997
Exercise of stock options and vesting of restricted stock (in shares)		269,051
Ending balance at Dec. 31, 2022	$ 385,304	$ 528	$ 823,021	$ (438,245)
Ending balance (in shares) at Dec. 31, 2022		52,823,660

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 19,105	$ 14,469	$ 6,214	$ 8,276	$ 45,284	$ 20,214
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					16,496	20,317
Restructuring expense	0		(14)		0	68
Stock-based compensation expense					21,833	14,598
Amortization of debt issuance costs and discount on debt					271	304
Deferred income taxes					(1,819)	(401)
Loss on extinguishment of debt	176		0		176	460
Other, net					(1)	457
Changes in operating assets and liabilities:
Accounts receivable					(20,620)	(7,211)
Inventory					3,248	(28,390)
Prepaid expenses and other assets					(15,223)	(8,585)
Accounts payable and accrued expenses					22,610	(691)
Other liabilities					(3,254)	(3,314)
Net cash provided by operating activities					69,001	7,826
Cash flows from investing activities:
Purchase of property and equipment					(1,647)	(4,596)
Net cash used in investing activities					(1,647)	(4,596)
Cash flows from financing activities:
Proceeds from revolving line of credit					0	26,480
Repayment of revolving line of credit					0	(26,480)
Proceeds from long-term debt					0	25,581
Repayment of long-term debt					(28,750)	(53,275)
Debt issuance costs paid					0	(1,064)
Cash received from issuance of common stock					5,652	1,236
Other, net					(588)	(587)
Net cash used in financing activities					(23,686)	(28,109)
Net increase (decrease) in cash and cash equivalents					43,668	(24,879)
Cash and cash equivalents - beginning of period		$ 43,353		$ 57,768	43,353	57,768	$ 57,768
Cash and cash equivalents - end of period	$ 87,021		$ 32,889		$ 87,021	$ 32,889	$ 43,353

Nature of operations

Nature of operations	9 Months Ended
Nature of operations	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operations e.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, face and skin concern. 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 value proposition, innovation engine, ability to attract and engage consumers, 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. Our family of brands includes e.l.f. Cosmetics, e.l.f. SKIN, Well People and Keys Soulcare. Our brands are available online and across leading beauty, mass-market and clean-beauty specialty retailers. We have strong relationships with our retail partners such as Walmart, Target, Ulta Beauty and other leading retailers that have enabled us to expand distribution both domestically and internationally.

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
Summary of significant accounting policies	Dec. 31, 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 December 31, 2022, March 31, 2022 and December 31, 2021, and its results of operations and stockholders' equity for the three and nine months ended December 31, 2022 and December 31, 2021 and its cash flows for the nine months ended December 31, 2022 and December 31, 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 December 31, Nine months ended December 31, Net sales by geographic region: 2022 2021 2022 2021 United States $ 127,457 $ 87,367 $ 343,869 $ 254,691 International 19,080 10,751 47,618 32,329 Total net sales $ 146,537 $ 98,118 $ 391,487 $ 287,020 As of December 31, 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	9 Months Ended
Investment in equity securities	Dec. 31, 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 and nine months ended December 31, 2022 and December 31, 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 and nine months ended December 31, 2022.

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
Goodwill and intangible assets	Dec. 31, 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 December 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 $ (63,840) $ 13,760 Customer relationships – e-commerce 3 years 3,940 (3,938) 2 Trademarks 10 years 3,500 (991) 2,509 Total finite-lived intangibles 85,040 (68,769) 16,271 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (68,769) $ 251,691 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 December 31, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (56,080) $ 21,520 Customer relationships – e-commerce 3 years 3,940 (3,924) 16 Trademarks 10 years 3,500 (642) 2,858 Total finite-lived intangibles 85,040 (60,646) 24,394 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (60,646) $ 259,814 Amortization expenses on finite-lived intangible assets was $2.0 million and $6.1 million in the three and nine months ended December 31, 2022 and December 31, 2021, respectively. 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 and nine months ended December 31, 2022 and December 31, 2021. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of December 31, 2022 is as follows (in thousands): Remainder of fiscal 2023 $ 2,030 2024 6,963 2025 1,230 2026 1,230 2027 1,230 Thereafter 3,588 Total $ 16,271

Accrued expenses and other curr

Accrued expenses and other current liabilities	9 Months Ended
Accrued expenses and other current liabilities	Dec. 31, 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 December 31, 2022, March 31, 2022 and December 31, 2021 consisted of the following (in thousands): December 31, 2022 March 31, 2022 December 31, 2021 Accrued expenses $ 26,802 $ 19,938 $ 18,516 Current portion of operating lease liabilities 4,528 4,391 4,243 Accrued compensation 10,591 11,532 6,180 Taxes payable 5,076 2,128 2,017 Other current liabilities 2,801 2,015 3,021 Accrued expenses and other current liabilities $ 49,798 $ 40,004 $ 33,977

Debt

Debt	9 Months Ended
Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of December 31, 2022, March 31, 2022 and December 31, 2021 consisted of the following (in thousands): December 31, 2022 March 31, 2022 December 31, 2021 Term loan (1) $ 67,500 $ 96,250 $ 97,500 Finance lease obligations 832 1,419 1,612 Total debt (2) 68,332 97,669 99,112 Less: debt issuance costs (465) (803) (858) Total debt, net of issuance costs 67,867 96,866 98,254 Less: current portion (5,690) (5,786) (5,780) Long-term portion of debt $ 62,177 $ 91,080 $ 92,474 (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 December 31, 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 $100.0 million revolving credit facility (the “Amended Revolving Credit Facility”) and (ii) a $100.0 million term loan facility (the “Amended Term Loan Facility”). The Company's prior credit agreement consisted of a $165.0 million term loan and a $50.0 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 $7.0 million letter of credit and a $5.0 million swing line loan; however, all amounts under the Amended Revolving Credit Facility cannot exceed $100.0 million. The unused balance of the Amended Revolving Credit Facility as of December 31, 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 December 31, 2022 for the Amended Term Loan Facility was approximately 6.0%. 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. In the three and nine months ended December 31, 2022, the Company recognized a loss on extinguishment of debt of $176 thousand, primarily related partial prepayment of term loan borrowings in the amount of $25.0 million.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Dec. 31, 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	9 Months Ended
Stock-based compensation	Dec. 31, 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 nine months ended December 31, 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 Exercised (383,634) 12.97 Balance as of December 31, 2022 1,159,865 $ 15.73 4.4 $ 45,894 Exercisable, December 31, 2022 1,044,750 $ 16.03 4.1 $ 41,030 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $55.30, as reported on the New York Stock Exchange on December 31, 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 and nine months ended December 31, 2022, respectively, and $0.2 million and $0.7 million in the three and nine months ended December 31, 2021, respectively. As of December 31, 2022, there was $0.3 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 1.2 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 nine months ended December 31, 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 Exercised (212,528) 3.77 Canceled or forfeited (25,800) 26.84 Balance as of December 31, 2022 765,999 $ 10.37 2.4 $ 34,418 Exercisable, December 31, 2022 765,999 $ 10.37 2.4 $ 34,418 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $55.30, as reported on the New York Stock Exchange on December 31, 2022. As of December 31, 2022 and December 31, 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 nine months ended December 31, 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 1,156,431 27.73 Vested (703,103) 20.07 Canceled or forfeited (229,080) 22.01 Balance as of December 31, 2022 2,499,990 $ 24.14 As of December 31, 2022, there were 341,802 unvested shares subject to RSAs outstanding. The Company recognized stock-based compensation cost related to RSAs and RSUs of $7.2 million and $21.6 million in the three and nine months ended December 31, 2022, respectively, and $5.0 million and $13.9 million in the three and nine months ended December 31, 2021, respectively. As of December 31, 2022, there was $51.2 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 2.1 years.

Repurchase of common stock

Repurchase of common stock	9 Months Ended
Repurchase of common stock	Dec. 31, 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 and nine months ended December 31, 2022. A total of $17.1 million remains available for future share repurchases under the Share Repurchase Program as of December 31, 2022.

Net income per share

Net income per share	9 Months Ended
Net income per share	Dec. 31, 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 December 31, Nine months ended December 31, 2022 2021 2022 2021 Numerator: Net income $ 19,105 $ 6,214 $ 45,284 $ 20,214 Denominator: Weighted-average common shares outstanding – basic 52,707,406 51,072,639 52,239,761 50,831,985 Dilutive common equivalent shares from equity awards 3,132,731 2,818,799 2,666,304 2,782,925 Weighted-average common shares outstanding – diluted 55,840,137 53,891,438 54,906,065 53,614,910 Net income per share: Basic $ 0.36 $ 0.12 $ 0.87 $ 0.40 Diluted $ 0.34 $ 0.12 $ 0.82 $ 0.38 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 9,215 — 257,292 3,111

Leases

Leases	9 Months Ended
Leases	Dec. 31, 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 December 31, 2022, March 31, 2022 and December 31, 2021 were as follows (in thousands): Classification December 31, 2022 March 31, 2022 December 31, 2021 Assets Operating lease assets Other assets $ 15,120 $ 18,218 $ 18,982 Finance lease assets (a) Other assets 350 664 769 Total leased assets $ 15,470 $ 18,882 $ 19,751 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,528 $ 4,391 $ 4,243 Finance Current portion of long-term debt and finance lease obligations 690 786 780 Noncurrent Operating Long-term operating lease obligations 12,329 15,744 16,659 Finance Long-term debt and finance lease obligations 142 633 832 Total lease liabilities $ 17,689 $ 21,554 $ 22,514 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.3 million, $3.0 million and $2.9 million as of December 31, 2022, March 31, 2022 and December 31, 2021, respectively. For the three and nine months ended December 31, 2022 and December 31, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2022 2021 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,149 $ 1,221 $ 3,458 $ 3,533 Finance lease cost Amortization of leased assets SG&A expenses 105 105 315 331 Interest on lease liabilities Interest expense, net 7 13 25 52 Total lease cost $ 1,261 $ 1,339 $ 3,798 $ 3,916 As of December 31, 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 $ 1,252 $ 204 $ 1,456 2024 4,849 582 5,431 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,218 — 3,218 Total lease payments 17,928 844 18,772 Less: Interest 1,071 12 1,083 Present value of lease liabilities $ 16,857 $ 832 $ 17,689 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 December 31, 2022 and December 31, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2022 December 31, 2021 Weighted-average remaining lease term Operating leases 4.7 years 5.4 years Finance leases 1.1 years 2.1 years Weighted-average discount rate Operating leases 2.6 % 2.8 % Finance leases 2.8 % 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 December 31, 2022, March 31, 2022 and December 31, 2021 were as follows (in thousands): Classification December 31, 2022 March 31, 2022 December 31, 2021 Assets Operating lease assets Other assets $ 15,120 $ 18,218 $ 18,982 Finance lease assets (a) Other assets 350 664 769 Total leased assets $ 15,470 $ 18,882 $ 19,751 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,528 $ 4,391 $ 4,243 Finance Current portion of long-term debt and finance lease obligations 690 786 780 Noncurrent Operating Long-term operating lease obligations 12,329 15,744 16,659 Finance Long-term debt and finance lease obligations 142 633 832 Total lease liabilities $ 17,689 $ 21,554 $ 22,514 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.3 million, $3.0 million and $2.9 million as of December 31, 2022, March 31, 2022 and December 31, 2021, respectively. For the three and nine months ended December 31, 2022 and December 31, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2022 2021 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,149 $ 1,221 $ 3,458 $ 3,533 Finance lease cost Amortization of leased assets SG&A expenses 105 105 315 331 Interest on lease liabilities Interest expense, net 7 13 25 52 Total lease cost $ 1,261 $ 1,339 $ 3,798 $ 3,916 As of December 31, 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 $ 1,252 $ 204 $ 1,456 2024 4,849 582 5,431 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,218 — 3,218 Total lease payments 17,928 844 18,772 Less: Interest 1,071 12 1,083 Present value of lease liabilities $ 16,857 $ 832 $ 17,689 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 December 31, 2022 and December 31, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2022 December 31, 2021 Weighted-average remaining lease term Operating leases 4.7 years 5.4 years Finance leases 1.1 years 2.1 years Weighted-average discount rate Operating leases 2.6 % 2.8 % Finance leases 2.8 % 3.0 %

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 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 December 31, 2022, March 31, 2022 and December 31, 2021, and its results of operations and stockholders' equity for the three and nine months ended December 31, 2022 and December 31, 2021 and its cash flows for the nine months ended December 31, 2022 and December 31, 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)	9 Months Ended
Summary of significant accounting policies (Tables)	Dec. 31, 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 December 31, Nine months ended December 31, Net sales by geographic region: 2022 2021 2022 2021 United States $ 127,457 $ 87,367 $ 343,869 $ 254,691 International 19,080 10,751 47,618 32,329 Total net sales $ 146,537 $ 98,118 $ 391,487 $ 287,020

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
Goodwill and intangible assets (Tables)	Dec. 31, 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 December 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 $ (63,840) $ 13,760 Customer relationships – e-commerce 3 years 3,940 (3,938) 2 Trademarks 10 years 3,500 (991) 2,509 Total finite-lived intangibles 85,040 (68,769) 16,271 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (68,769) $ 251,691 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 December 31, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (56,080) $ 21,520 Customer relationships – e-commerce 3 years 3,940 (3,924) 16 Trademarks 10 years 3,500 (642) 2,858 Total finite-lived intangibles 85,040 (60,646) 24,394 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (60,646) $ 259,814
Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of December 31, 2022 is as follows (in thousands): Remainder of fiscal 2023 $ 2,030 2024 6,963 2025 1,230 2026 1,230 2027 1,230 Thereafter 3,588 Total $ 16,271

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	9 Months Ended
Accrued expenses and other current liabilities (Tables)	Dec. 31, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of December 31, 2022, March 31, 2022 and December 31, 2021 consisted of the following (in thousands): December 31, 2022 March 31, 2022 December 31, 2021 Accrued expenses $ 26,802 $ 19,938 $ 18,516 Current portion of operating lease liabilities 4,528 4,391 4,243 Accrued compensation 10,591 11,532 6,180 Taxes payable 5,076 2,128 2,017 Other current liabilities 2,801 2,015 3,021 Accrued expenses and other current liabilities $ 49,798 $ 40,004 $ 33,977

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of December 31, 2022, March 31, 2022 and December 31, 2021 consisted of the following (in thousands): December 31, 2022 March 31, 2022 December 31, 2021 Term loan (1) $ 67,500 $ 96,250 $ 97,500 Finance lease obligations 832 1,419 1,612 Total debt (2) 68,332 97,669 99,112 Less: debt issuance costs (465) (803) (858) Total debt, net of issuance costs 67,867 96,866 98,254 Less: current portion (5,690) (5,786) (5,780) Long-term portion of debt $ 62,177 $ 91,080 $ 92,474 (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 December 31, 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)	9 Months Ended
Stock-based compensation (Tables)	Dec. 31, 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 nine months ended December 31, 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 Exercised (383,634) 12.97 Balance as of December 31, 2022 1,159,865 $ 15.73 4.4 $ 45,894 Exercisable, December 31, 2022 1,044,750 $ 16.03 4.1 $ 41,030 The following table summarizes the activity for stock options that vest based upon the satisfaction of performance- or market-based vesting conditions for the nine months ended December 31, 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 Exercised (212,528) 3.77 Canceled or forfeited (25,800) 26.84 Balance as of December 31, 2022 765,999 $ 10.37 2.4 $ 34,418 Exercisable, December 31, 2022 765,999 $ 10.37 2.4 $ 34,418
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 nine months ended December 31, 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 1,156,431 27.73 Vested (703,103) 20.07 Canceled or forfeited (229,080) 22.01 Balance as of December 31, 2022 2,499,990 $ 24.14

Net income per share (Tables)

Net income per share (Tables)	9 Months Ended
Net income per share (Tables)	Dec. 31, 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 December 31, Nine months ended December 31, 2022 2021 2022 2021 Numerator: Net income $ 19,105 $ 6,214 $ 45,284 $ 20,214 Denominator: Weighted-average common shares outstanding – basic 52,707,406 51,072,639 52,239,761 50,831,985 Dilutive common equivalent shares from equity awards 3,132,731 2,818,799 2,666,304 2,782,925 Weighted-average common shares outstanding – diluted 55,840,137 53,891,438 54,906,065 53,614,910 Net income per share: Basic $ 0.36 $ 0.12 $ 0.87 $ 0.40 Diluted $ 0.34 $ 0.12 $ 0.82 $ 0.38 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 9,215 — 257,292 3,111

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Dec. 31, 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 December 31, 2022, March 31, 2022 and December 31, 2021 were as follows (in thousands): Classification December 31, 2022 March 31, 2022 December 31, 2021 Assets Operating lease assets Other assets $ 15,120 $ 18,218 $ 18,982 Finance lease assets (a) Other assets 350 664 769 Total leased assets $ 15,470 $ 18,882 $ 19,751 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,528 $ 4,391 $ 4,243 Finance Current portion of long-term debt and finance lease obligations 690 786 780 Noncurrent Operating Long-term operating lease obligations 12,329 15,744 16,659 Finance Long-term debt and finance lease obligations 142 633 832 Total lease liabilities $ 17,689 $ 21,554 $ 22,514 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.3 million, $3.0 million and $2.9 million as of December 31, 2022, March 31, 2022 and December 31, 2021, respectively. As of December 31, 2022 and December 31, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2022 December 31, 2021 Weighted-average remaining lease term Operating leases 4.7 years 5.4 years Finance leases 1.1 years 2.1 years Weighted-average discount rate Operating leases 2.6 % 2.8 % Finance leases 2.8 % 3.0 %
Components of Lease Expense	For the three and nine months ended December 31, 2022 and December 31, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2022 2021 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,149 $ 1,221 $ 3,458 $ 3,533 Finance lease cost Amortization of leased assets SG&A expenses 105 105 315 331 Interest on lease liabilities Interest expense, net 7 13 25 52 Total lease cost $ 1,261 $ 1,339 $ 3,798 $ 3,916
Maturities of Operating Lease Liabilities	As of December 31, 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 $ 1,252 $ 204 $ 1,456 2024 4,849 582 5,431 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,218 — 3,218 Total lease payments 17,928 844 18,772 Less: Interest 1,071 12 1,083 Present value of lease liabilities $ 16,857 $ 832 $ 17,689
Maturities of Finance Lease Liabilities	As of December 31, 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 $ 1,252 $ 204 $ 1,456 2024 4,849 582 5,431 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,218 — 3,218 Total lease payments 17,928 844 18,772 Less: Interest 1,071 12 1,083 Present value of lease liabilities $ 16,857 $ 832 $ 17,689

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	9 Months Ended
	Dec. 31, 2022 distribution_channel segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reporting segments	1
Number of distribution channels \| distribution_channel	2

Summary of significant accoun_5

Summary of significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 146,537	$ 98,118	$ 391,487	$ 287,020
United States
Disaggregation of Revenue [Line Items]
Total net sales	127,457	87,367	343,869	254,691
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 19,080	$ 10,751	$ 47,618	$ 32,329

Investment in equity securiti_2

Investment in equity securities - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Apr. 14, 2017
Debt and Equity Securities, FV-NI [Line Items]
Impairment charges on investment	$ 0	$ 0	$ 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	9 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 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	(68,769)	(60,646)	(62,677)
Total	16,271	24,394	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	(68,769)	(60,646)	(62,677)
Total goodwill and other intangibles, Net carrying amount	251,691	259,814	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	(63,840)	(56,080)	(58,020)
Total	$ 13,760	$ 21,520	$ 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	(3,938)	(3,924)	(3,928)
Total	$ 2	$ 16	$ 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	(991)	(642)	(729)
Total	$ 2,509	$ 2,858	$ 2,771

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,000,000	$ 6,100,000	$ 2,000,000	$ 6,100,000
Goodwill and intangible asset impairment	$ 0	$ 0	$ 0	$ 0

Goodwill and intangible asset_4

Goodwill and intangible assets - Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2023	$ 2,030
2024	6,963
2025	1,230
2026	1,230
2027	1,230
Thereafter	3,588
Total	$ 16,271	$ 22,363	$ 24,394

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 26,802	$ 19,938	$ 18,516
Current portion of operating lease liabilities	4,528	4,391	4,243
Accrued compensation	10,591	11,532	6,180
Taxes payable	5,076	2,128	2,017
Other current liabilities	2,801	2,015	3,021
Accrued expenses and other current liabilities	$ 49,798	$ 40,004	$ 33,977

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance lease obligations	$ 832	$ 1,419	$ 1,612
Total debt	68,332	97,669	99,112
Less: debt issuance costs	(465)	(803)	(858)
Total debt, net of issuance costs	67,867	96,866	98,254
Less: current portion	(5,690)	(5,786)	(5,780)
Long-term portion of debt	62,177	91,080	92,474
Term Loan
Debt Instrument [Line Items]
Term loan	$ 67,500	$ 96,250	$ 97,500

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($)	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Apr. 29, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 176,000	$ 0	$ 176,000	$ 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		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
Debt Instrument [Line Items]
Loss on extinguishment of debt		176,000		176,000
Prepayment of term loan borrowings		$ 25,000,000		$ 25,000,000
Term Loan \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Interest rate at period end		6%		6%
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 - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2022
Shares subject to options outstanding
Beginning balance (in shares)	1,543,499
Exercised (in shares)	(383,634)
Ending balance (in shares)	1,159,865
Options outstanding, Exercisable (in shares)	1,044,750
Weighted-average exercise price
Beginning balance (in USD per share)	$ 15.05
Exercised (in USD per share)	12.97
Ending balance (in USD per share)	15.73
Weighted-average exercise price, Exercisable (in USD per share)	$ 16.03
Weighted-average remaining contractual life (in years), Outstanding	4 years 4 months 24 days
Weighted-average remaining contractual life (in years), Exercisable	4 years 1 month 6 days
Aggregate intrinsic values, Outstanding	$ 45,894
Aggregate intrinsic values, Exercisable	$ 41,030

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Stock-based compensation - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (in USD per share)	$ 55.30		$ 55.30
Service-based Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 100,000	$ 200,000	$ 300,000	$ 700,000
Unrecognized stock-based compensation cost	300,000		$ 300,000
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			1 year 2 months 12 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	$ 0	0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSAs outstanding (in shares)	341,802		341,802
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 7,200,000	$ 5,000,000	$ 21,600,000	$ 13,900,000
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			2 years 1 month 6 days
Unvested RSAs outstanding (in shares)	2,499,990		2,499,990		2,275,742
Unrecognized stock-based compensation cost	$ 51,200,000		$ 51,200,000

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 - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2022
Shares subject to options outstanding
Beginning balance (in shares)	1,004,327
Exercised (in shares)	(212,528)
Canceled or forfeited (in shares)	(25,800)
Ending balance (in shares)	765,999
Options outstanding, Exercisable (in shares)	765,999
Weighted-average exercise price
Beginning balance (in USD per share)	$ 9.40
Exercised (in USD per share)	3.77
Canceled or forfeited (in USD per share)	26.84
Ending balance (in USD per share)	10.37
Weighted-average exercise price, Exercisable (in USD per share)	$ 10.37
Weighted-average remaining contractual life (in years), Outstanding	2 years 4 months 24 days
Weighted-average remaining contractual life (in years), Exercisable	2 years 4 months 24 days
Aggregate intrinsic values, Outstanding	$ 34,418
Aggregate intrinsic values, Exercisable	$ 34,418

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	9 Months Ended
	Dec. 31, 2022 $ / shares shares
RSUs and shares of restricted stock outstanding
Beginning balance (in shares) \| shares	2,275,742
Granted (in shares) \| shares	1,156,431
Vested (in shares) \| shares	(703,103)
Canceled or forfeited (in shares) \| shares	(229,080)
Ending balance (in shares) \| shares	2,499,990
Weighted-average grant date fair value
Beginning balance (in USD per share) \| $ / shares	$ 20.85
Granted (in USD per share) \| $ / shares	27.73
Vested (in USD per share) \| $ / shares	20.07
Canceled or forfeited (in USD per share) \| $ / shares	22.01
Ending balance (in USD per share) \| $ / shares	$ 24.14

Repurchase of common stock - Na

Repurchase of common stock - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
Repurchase of common stock - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2022	May 08, 2019
Equity [Abstract]
Amount authorized under share repurchase program			$ 25,000,000
Repurchase of common stock (in shares)	0	0
Remaining authorized repurchase amount	$ 17,100,000	$ 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						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 19,105	$ 11,710	$ 14,469	$ 6,214	$ 5,724	$ 8,276	$ 45,284	$ 20,214
Denominator:
Weighted average common shares outstanding - basic (in shares)	52,707,406			51,072,639			52,239,761	50,831,985
Dilutive common equivalent shares from equity awards (in shares)	3,132,731			2,818,799			2,666,304	2,782,925
Weighted average common shares outstanding - diluted (in shares)	55,840,137			53,891,438			54,906,065	53,614,910
Net income per share:
Basic (in USD per share)	$ 0.36			$ 0.12			$ 0.87	$ 0.40
Diluted (in USD per share)	$ 0.34			$ 0.12			$ 0.82	$ 0.38
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	9,215			0			257,292	3,111

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	9 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) renewal_options	Dec. 31, 2021 USD ($)
Leases [Abstract]
Number of options to renew \| renewal_options	1
Lessee operating lease, option to extend	5 years
Operating cash flows from operating leases \| $	$ 3.6	$ 3.9

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Operating lease assets	$ 15,120	$ 18,218	$ 18,982
Finance lease assets	350	664	769
Total leased assets	15,470	18,882	19,751
Current
Operating	4,528	4,391	4,243
Finance	690	786	780
Noncurrent
Operating	12,329	15,744	16,659
Finance	142	633	832
Total lease liabilities	$ 17,689	$ 21,554	$ 22,514
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	$ 3,300	$ 3,000	$ 2,900

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,149	$ 1,221	$ 3,458	$ 3,533
Finance lease cost
Amortization of leased assets	105	105	315	331
Interest on lease liabilities	7	13	25	52
Total lease cost	$ 1,261	$ 1,339	$ 3,798	$ 3,916

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Operating leases
Remainder of fiscal 2023	$ 1,252
2024	4,849
2025	4,071
2026	3,097
2027	1,441
Thereafter	3,218
Total lease payments	17,928
Less: Interest	1,071
Present value of lease liabilities	16,857
Finance leases
Remainder of fiscal 2023	204
2024	582
2025	58
2026	0
2027	0
Thereafter	0
Total lease payments	844
Less: Interest	12
Present value of lease liabilities	832	$ 1,419	$ 1,612
Total
Remainder of fiscal 2023	1,456
2024	5,431
2025	4,129
2026	3,097
2027	1,441
Thereafter	3,218
Total lease payments	18,772
Less: Interest	1,083
Total lease liabilities	$ 17,689	$ 21,554	$ 22,514

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease term
Operating leases	4 years 8 months 12 days	5 years 4 months 24 days
Finance leases	1 year 1 month 6 days	2 years 1 month 6 days
Weighted-average discount rate
Operating leases	2.60%	2.80%
Finance leases	2.80%	3%