e.l.f. Beauty (ELF) 10-Q2 Aug 232024 Q1 Quarterly reportFinancial data

Company Profile

Cover page

Cover page - shares	3 Months Ended
Cover page - shares	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		54,457,319
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2023	Mar. 31, 2023	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 142,549	$ 120,778	$ 72,248
Accounts receivable, net	90,531	67,928	52,281
Inventory, net	98,053	81,323	70,339
Prepaid expenses and other current assets	39,276	33,296	21,772
Total current assets	370,409	303,325	216,640
Property and equipment, net	7,581	7,874	9,339
Intangible assets, net	76,013	78,041	84,132
Goodwill	171,620	171,620	171,620
Investments	1,155	2,875	2,875
Other assets	31,103	31,866	29,251
Total assets	657,881	595,601	513,857
Current liabilities:
Current portion of long-term debt and finance lease obligations	5,431	5,575	5,793
Accounts payable	53,237	31,427	16,023
Accrued expenses and other current liabilities	51,037	70,974	39,916
Total current liabilities	109,705	107,976	61,732
Long-term debt and finance lease obligations	59,612	60,881	89,684
Deferred tax liabilities	5,855	3,742	13,538
Long-term operating lease obligations	10,137	11,201	14,637
Other long-term liabilities	870	784	817
Total liabilities	186,179	184,584	180,408
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, 2023, March 31, 2023 and June 30, 2022; 54,417,579, 53,770,482 and 52,424,445 shares issued and outstanding as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively	543	535	517
Additional paid-in capital	840,181	832,481	801,992
Accumulated deficit	(369,022)	(421,999)	(469,060)
Total stockholders' equity	471,702	411,017	333,449
Total liabilities and stockholders' equity	$ 657,881	$ 595,601	$ 513,857

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
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)	54,417,579	53,770,482	52,424,445
Common stock, shares outstanding (in shares)	54,417,579	53,770,482	52,424,445

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 216,339	$ 122,601
Cost of sales	63,767	39,616
Gross profit	152,572	82,985
Selling, general and administrative expenses	91,939	61,555
Operating income	60,633	21,430
Other income (expense), net	399	(1,663)
Impairment of equity investment	(1,720)	0
Interest income (expense), net	341	(663)
Income before provision for income taxes	59,653	19,104
Income tax provision	(6,676)	(4,635)
Net income	52,977	14,469
Comprehensive income	$ 52,977	$ 14,469
Net income per share:
Basic (in USD per share)	$ 0.98	$ 0.28
Diluted (in USD per share)	$ 0.93	$ 0.27
Weighted average shares outstanding:
Basic (in shares)	53,938,136	51,707,160
Diluted (in shares)	57,175,870	53,834,732

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 (in shares) at Mar. 31, 2022		51,524,307
Beginning balance at Mar. 31, 2022	$ 312,429	$ 515	$ 795,443	$ (483,529)
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 (in shares)		558,336
Exercise of stock options and vesting of restricted stock	2	$ 2
Ending balance (in shares) at Jun. 30, 2022		52,082,643
Ending balance at Jun. 30, 2022	333,449	$ 517	801,992	(469,060)
Beginning balance (in shares) at Mar. 31, 2023		53,571,577
Beginning balance at Mar. 31, 2023	411,017	$ 535	832,481	(421,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52,977			52,977
Stock-based compensation	7,223		7,223
Exercise of stock options and vesting of restricted stock (in shares)		754,953
Exercise of stock options and vesting of restricted stock	485	$ 8	477
Ending balance (in shares) at Jun. 30, 2023		54,326,530
Ending balance at Jun. 30, 2023	$ 471,702	$ 543	$ 840,181	$ (369,022)

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 52,977	$ 14,469
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,637	5,724
Stock-based compensation expense	7,200	6,542
Amortization of debt issuance costs and discount on debt	75	91
Deferred income taxes	2,113	3,945
Impairment of equity investment	1,720	0
Other, net	71	21
Changes in operating assets and liabilities:
Accounts receivable	(22,615)	(6,727)
Inventory	(16,729)	14,158
Prepaid expenses and other assets	(8,094)	(3,258)
Accounts payable and accrued expenses	2,014	(3,442)
Other liabilities	(1,015)	(945)
Net cash provided by operating activities	23,354	30,578
Cash flows from investing activities:
Purchase of property and equipment	(616)	(241)
Net cash used in investing activities	(616)	(241)
Cash flows from financing activities:
Repayment of long-term debt	(1,250)	(1,250)
Cash received from issuance of common stock	485	2
Other, net	(202)	(194)
Net cash used in financing activities	(967)	(1,442)
Net increase in cash and cash equivalents	21,771	28,895
Cash and cash equivalents - beginning of period	120,778	43,353
Cash and cash equivalents - end of period	$ 142,549	$ 72,248

Nature of operations

Nature of operations	3 Months Ended
Nature of operations	Jun. 30, 2023
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, vegan and cruelty-free cosmetics and skincare products. The Company's mission is to make the best of beauty accessible to every eye, lip, face and skin concern. The Company believes its ability to deliver cruelty-free, clean, vegan and premium-quality products at accessible prices with broad appeal differentiates it in the beauty industry. The Company believes the combination of its value proposition, innovation engine, ability to attract and engage consumers, and its world-class team’s ability to execute with speed, has positioned the Company well to navigate the competitive beauty market. The Company's family of brands includes e.l.f. Cosmetics, e.l.f. SKIN, Well People and Keys Soulcare. The Company's brands are available online and across leading beauty, mass-market and specialty retailers. The Company has strong relationships with its retail customers such as Target, Walmart, Ulta Beauty and other leading retailers that have enabled the Company to expand distribution both domestically and internationally.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Jun. 30, 2023
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, 2023, March 31, 2023 and June 30, 2022, and its results of operations and stockholders' equity for the three months ended June 30, 2023 and June 30, 2022 and its cash flows for the three months ended June 30, 2023 and June 30, 2022. 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, 2023 (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, 2023 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: 2023 2022 United States $ 188,595 $ 107,139 International 27,744 15,462 Total net sales $ 216,339 $ 122,601 As of June 30, 2023, 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, 2023
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 recorded an impairment charge of $1.7 million as a separate line under other income (expense) on its investment during the three months ended June 30, 2023, as an identified event or change in circumstances resulted in an indicator for impairment.

Goodwill and intangible assets

Goodwill and intangible assets	3 Months Ended
Goodwill and intangible assets	Jun. 30, 2023
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, 2023 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (67,720) $ 9,880 Customer relationships – e-commerce 3 years 3,940 (3,940) — Trademarks 10 years 3,500 (1,167) 2,333 Total finite-lived intangibles 85,040 (72,827) 12,213 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (72,827) $ 247,633 Information regarding the Company’s goodwill and intangible assets as of March 31, 2023 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (65,780) $ 11,820 Customer relationships – e-commerce 3 years 3,940 (3,940) — Trademarks 10 years 3,500 (1,079) 2,421 Total finite-lived intangibles 85,040 (70,799) 14,241 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (70,799) $ 249,661 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 Amortization expenses on finite-lived intangible assets was $2.0 million in both the three months ended June 30, 2023 and June 30, 2022. 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, 2023 and June 30, 2022. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of June 30, 2023 is as follows (in thousands): Remainder of fiscal 2024 $ 4,935 2025 1,230 2026 1,230 2027 1,230 2028 1,230 Thereafter 2,358 Total $ 12,213

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
Accrued expenses and other current liabilities	Jun. 30, 2023
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, 2023, March 31, 2023 and June 30, 2022 consisted of the following (in thousands): June 30, 2023 March 31, 2023 June 30, 2022 Accrued expenses $ 35,309 $ 47,817 $ 25,798 Current portion of operating lease liabilities 4,474 4,510 4,508 Accrued compensation 5,165 13,098 4,640 Taxes payable 3,594 2,851 3,232 Other current liabilities 2,495 2,698 1,738 Accrued expenses and other current liabilities $ 51,037 $ 70,974 $ 39,916

Debt

Debt	3 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of June 30, 2023, March 31, 2023 and June 30, 2022 consisted of the following (in thousands): June 30, 2023 March 31, 2023 June 30, 2022 Term loan (1) $ 65,000 $ 66,250 $ 95,000 Finance lease obligations 431 633 1,226 Total debt (2) 65,431 66,883 96,226 Less: debt issuance costs (388) (427) (749) Total debt, net of issuance costs 65,043 66,456 95,477 Less: current portion (5,431) (5,575) (5,793) Long-term portion of debt $ 59,612 $ 60,881 $ 89,684 (1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Amended Credit Agreement. As of June 30, 2023, 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 (as further amended, supplemented or modified from time to time, the “Amended Credit Agreement”) 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”). 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 drawn under the Amended Revolving Credit Facility cannot exceed $100 million. The unused balance of the Amended Revolving Credit Facility as of June 30, 2023 was $100.0 million. Prior to the First Amendment (as defined below), both the Amended Revolving Credit Facility and the Amended Term Loan Facility bore interest, at the 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. On March 29, 2023, the Company amended the Amended Credit Agreement to transition the benchmark from LIBOR to an adjusted Secured Overnight Financing Rate (“SOFR”) (which is equal to the applicable SOFR plus 0.10%) (such transaction, the “First Amendment”). In connection with the First Amendment, all outstanding LIBOR loans were converted to SOFR loans. The annual interest rate for SOFR borrowings will be equal to term SOFR, subject to a floor of 0%, plus a margin ranging from 1.25% to 2.125%. The all-in interest rate as of June 30, 2023 for the Amended Term Loan Facility was approximately 6.6%. 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.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Jun. 30, 2023
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, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation Stock based compensation expense is recognized on a straight-line basis over the requisite service period. Total stock-based compensation is shown in the table below (in thousands): Three months ended June 30, 2023 2022 Service-based vesting options $ 46 $ 88 Restricted stock and RSUs 7,154 6,454 Total stock compensation expense $ 7,200 $ 6,542

Repurchase of common stock

Repurchase of common stock	3 Months Ended
Repurchase of common stock	Jun. 30, 2023
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. 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, 2023. A total of $17.1 million remains available for future share repurchases under the Share Repurchase Program as of June 30, 2023.

Net income per share

Net income per share	3 Months Ended
Net income per share	Jun. 30, 2023
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, 2023 2022 Numerator: Net income $ 52,977 $ 14,469 Denominator: Weighted-average common shares outstanding – basic 53,938,136 51,707,160 Dilutive common equivalent shares from equity awards 3,237,734 2,127,572 Weighted-average common shares outstanding – diluted 57,175,870 53,834,732 Net income per share: Basic $ 0.98 $ 0.28 Diluted $ 0.93 $ 0.27 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 141,407 741,016

Leases

Leases	3 Months Ended
Leases	Jun. 30, 2023
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 Company uses its incremental borrowing rate to determine the present value of lease payments. 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, 2023, March 31, 2023 and June 30, 2022 were as follows (in thousands): Classification June 30, 2023 March 31, 2023 June 30, 2022 Assets Operating lease assets Other assets $ 13,020 $ 14,071 $ 17,188 Finance lease assets (a) Other assets 140 245 560 Total leased assets $ 13,160 $ 14,316 $ 17,748 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,474 $ 4,510 $ 4,508 Finance Current portion of long-term debt and finance lease obligations 431 575 793 Noncurrent Operating Long-term operating lease obligations 10,137 11,201 14,637 Finance Long-term debt and finance lease obligations — 58 433 Total lease liabilities $ 15,042 $ 16,344 $ 20,371 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.5 million, $3.4 million and $3.1 million as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively. For the three months ended June 30, 2023 and June 30, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended June 30, Classification 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,277 $ 1,157 Finance lease cost Amortization of leased assets SG&A expenses 105 105 Interest on lease liabilities Interest expense, net 4 10 Total lease cost $ 1,386 $ 1,272 As of June 30, 2023, 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 2024 $ 3,655 $ 377 $ 4,032 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 2028 846 — 846 Thereafter 2,374 — 2,374 Total lease payments 15,484 435 15,919 Less: Interest 873 4 877 Present value of lease liabilities $ 14,611 $ 431 $ 15,042 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, 2023 and June 30, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: June 30, 2023 June 30, 2022 Weighted-average remaining lease term Operating leases 4.4 years 5.0 years Finance leases 0.7 years 1.6 years Weighted-average discount rate Operating leases 2.6 % 2.7 % Finance leases 2.4 % 2.9 %
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 Company uses its incremental borrowing rate to determine the present value of lease payments. 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, 2023, March 31, 2023 and June 30, 2022 were as follows (in thousands): Classification June 30, 2023 March 31, 2023 June 30, 2022 Assets Operating lease assets Other assets $ 13,020 $ 14,071 $ 17,188 Finance lease assets (a) Other assets 140 245 560 Total leased assets $ 13,160 $ 14,316 $ 17,748 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,474 $ 4,510 $ 4,508 Finance Current portion of long-term debt and finance lease obligations 431 575 793 Noncurrent Operating Long-term operating lease obligations 10,137 11,201 14,637 Finance Long-term debt and finance lease obligations — 58 433 Total lease liabilities $ 15,042 $ 16,344 $ 20,371 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.5 million, $3.4 million and $3.1 million as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively. For the three months ended June 30, 2023 and June 30, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended June 30, Classification 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,277 $ 1,157 Finance lease cost Amortization of leased assets SG&A expenses 105 105 Interest on lease liabilities Interest expense, net 4 10 Total lease cost $ 1,386 $ 1,272 As of June 30, 2023, 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 2024 $ 3,655 $ 377 $ 4,032 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 2028 846 — 846 Thereafter 2,374 — 2,374 Total lease payments 15,484 435 15,919 Less: Interest 873 4 877 Present value of lease liabilities $ 14,611 $ 431 $ 15,042 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, 2023 and June 30, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: June 30, 2023 June 30, 2022 Weighted-average remaining lease term Operating leases 4.4 years 5.0 years Finance leases 0.7 years 1.6 years Weighted-average discount rate Operating leases 2.6 % 2.7 % Finance leases 2.4 % 2.9 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 52,977	$ 14,469

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	As of the date of this Quarterly Report, each of the Company's executive officers has entered into a Rule 10b5-1 trading plan that remains in effect. The following table sets forth the material terms of each Rule 10b5-1 trading plan that was adopted, modified or terminated by an officer or director of the Company during the three months ended June 30, 2023. Trading Arrangement Total Shares to be Sold (1) Expiration Date Officer/Director Action Date Rule 10b5-1* Non-Rule 10b5-1** Tarang Amin Adopt 6/8/2023 X Up to 456,252 9/30/2024 Chairman, Chief Executive Officer, and President Mandy Fields Modify (2) 5/30/2023 X Up to 121,292 8/23/2024 SVP and Chief Financial Officer Josh Franks Adopt 6/8/2023 X Up to 114,286 9/27/2024 SVP, Operations Jennie Laar Adopt 6/6/2023 X Up to 26,359 8/30/2024 SVP and Chief Commercial Officer Kory Marchisotto Adopt 5/30/2023 X Up to 88,560 8/23/2024 SVP and Chief Marketing Officer * Intended to satisfy the affirmative defense of Rule 10b5-1(c). ** Not intended to satisfy the affirmative defense of Rule 10b5-1(c). (1) The total shares to be sold for each officer cannot be determined at the date of this Quarterly Report as the planned sale amount for each officer is equal to a designated percentage of the net number of shares after a portion of the shares have been sold to cover withholding taxes from RSU or RSA vesting, as well as performance stock units that will only vest upon achievement of applicable performance targets and may not vest at all. The amount listed for each officer reflects the maximum number of shares available to be sold multiplied by the designated percentages set forth in each officer's respective 10b5-1 trading plan. (2) Changed the amount of shares to be sold under the trading arrangement, the price limits for sales under the trading arrangement and the timing of sales under the trading arrangement originally adopted on November 14, 2022.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Tarang Amin [Member]
Trading Arrangements, by Individual
Name	Tarang Amin
Title	Chairman, Chief Executive Officer, and President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/8/2023
Arrangement Duration	480 days
Aggregate Available	456,252
Mandy Fields [Member]
Trading Arrangements, by Individual
Name	Mandy Fields
Title	SVP and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	451 days
Aggregate Available	121,292
Josh Franks [Member]
Trading Arrangements, by Individual
Name	Josh Franks
Title	SVP, Operations
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/8/2023
Arrangement Duration	477 days
Aggregate Available	114,286
Jennie Laar [Member]
Trading Arrangements, by Individual
Name	Jennie Laar
Title	SVP and Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/6/2023
Arrangement Duration	451 days
Aggregate Available	26,359
Kory Marchisotto [Member]
Trading Arrangements, by Individual
Name	Kory Marchisotto
Title	SVP and Chief Marketing Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/30/2023
Arrangement Duration	451 days
Aggregate Available	88,560

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2023
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, 2023, March 31, 2023 and June 30, 2022, and its results of operations and stockholders' equity for the three months ended June 30, 2023 and June 30, 2022 and its cash flows for the three months ended June 30, 2023 and June 30, 2022. 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, 2023
Accounting Policies [Abstract]
Schedule of 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: 2023 2022 United States $ 188,595 $ 107,139 International 27,744 15,462 Total net sales $ 216,339 $ 122,601

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	3 Months Ended
Goodwill and intangible assets (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Information Regarding Company's Goodwill and Intangible Assets	Information regarding the Company’s goodwill and intangible assets as of June 30, 2023 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (67,720) $ 9,880 Customer relationships – e-commerce 3 years 3,940 (3,940) — Trademarks 10 years 3,500 (1,167) 2,333 Total finite-lived intangibles 85,040 (72,827) 12,213 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (72,827) $ 247,633 Information regarding the Company’s goodwill and intangible assets as of March 31, 2023 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (65,780) $ 11,820 Customer relationships – e-commerce 3 years 3,940 (3,940) — Trademarks 10 years 3,500 (1,079) 2,421 Total finite-lived intangibles 85,040 (70,799) 14,241 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (70,799) $ 249,661 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
Schedule of Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of June 30, 2023 is as follows (in thousands): Remainder of fiscal 2024 $ 4,935 2025 1,230 2026 1,230 2027 1,230 2028 1,230 Thereafter 2,358 Total $ 12,213

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, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of June 30, 2023, March 31, 2023 and June 30, 2022 consisted of the following (in thousands): June 30, 2023 March 31, 2023 June 30, 2022 Accrued expenses $ 35,309 $ 47,817 $ 25,798 Current portion of operating lease liabilities 4,474 4,510 4,508 Accrued compensation 5,165 13,098 4,640 Taxes payable 3,594 2,851 3,232 Other current liabilities 2,495 2,698 1,738 Accrued expenses and other current liabilities $ 51,037 $ 70,974 $ 39,916

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of June 30, 2023, March 31, 2023 and June 30, 2022 consisted of the following (in thousands): June 30, 2023 March 31, 2023 June 30, 2022 Term loan (1) $ 65,000 $ 66,250 $ 95,000 Finance lease obligations 431 633 1,226 Total debt (2) 65,431 66,883 96,226 Less: debt issuance costs (388) (427) (749) Total debt, net of issuance costs 65,043 66,456 95,477 Less: current portion (5,431) (5,575) (5,793) Long-term portion of debt $ 59,612 $ 60,881 $ 89,684 (1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Amended Credit Agreement. As of June 30, 2023, 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, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation is shown in the table below (in thousands): Three months ended June 30, 2023 2022 Service-based vesting options $ 46 $ 88 Restricted stock and RSUs 7,154 6,454 Total stock compensation expense $ 7,200 $ 6,542

Net income per share (Tables)

Net income per share (Tables)	3 Months Ended
Net income per share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of 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, 2023 2022 Numerator: Net income $ 52,977 $ 14,469 Denominator: Weighted-average common shares outstanding – basic 53,938,136 51,707,160 Dilutive common equivalent shares from equity awards 3,237,734 2,127,572 Weighted-average common shares outstanding – diluted 57,175,870 53,834,732 Net income per share: Basic $ 0.98 $ 0.28 Diluted $ 0.93 $ 0.27 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 141,407 741,016

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of 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, 2023, March 31, 2023 and June 30, 2022 were as follows (in thousands): Classification June 30, 2023 March 31, 2023 June 30, 2022 Assets Operating lease assets Other assets $ 13,020 $ 14,071 $ 17,188 Finance lease assets (a) Other assets 140 245 560 Total leased assets $ 13,160 $ 14,316 $ 17,748 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,474 $ 4,510 $ 4,508 Finance Current portion of long-term debt and finance lease obligations 431 575 793 Noncurrent Operating Long-term operating lease obligations 10,137 11,201 14,637 Finance Long-term debt and finance lease obligations — 58 433 Total lease liabilities $ 15,042 $ 16,344 $ 20,371 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.5 million, $3.4 million and $3.1 million as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively. As of June 30, 2023 and June 30, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: June 30, 2023 June 30, 2022 Weighted-average remaining lease term Operating leases 4.4 years 5.0 years Finance leases 0.7 years 1.6 years Weighted-average discount rate Operating leases 2.6 % 2.7 % Finance leases 2.4 % 2.9 %
Schedule of Components of Lease Expense	For the three months ended June 30, 2023 and June 30, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended June 30, Classification 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,277 $ 1,157 Finance lease cost Amortization of leased assets SG&A expenses 105 105 Interest on lease liabilities Interest expense, net 4 10 Total lease cost $ 1,386 $ 1,272
Schedule of Maturities of Operating Lease Liabilities	As of June 30, 2023, 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 2024 $ 3,655 $ 377 $ 4,032 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 2028 846 — 846 Thereafter 2,374 — 2,374 Total lease payments 15,484 435 15,919 Less: Interest 873 4 877 Present value of lease liabilities $ 14,611 $ 431 $ 15,042
Schedule of Maturities of Finance Lease Liabilities	As of June 30, 2023, 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 2024 $ 3,655 $ 377 $ 4,032 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 2028 846 — 846 Thereafter 2,374 — 2,374 Total lease payments 15,484 435 15,919 Less: Interest 873 4 877 Present value of lease liabilities $ 14,611 $ 431 $ 15,042

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	3 Months Ended
	Jun. 30, 2023 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
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 216,339	$ 122,601
United States
Disaggregation of Revenue [Line Items]
Total net sales	188,595	107,139
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 27,744	$ 15,462

Investment in equity securiti_2

Investment in equity securities - (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Apr. 14, 2017
Debt and Equity Securities, FV-NI [Line Items]
Impairment of equity investment	$ 1.7
Social Media Analytics Company
Debt and Equity Securities, FV-NI [Line Items]
Amount invested		$ 2.9

Goodwill and intangible asset_2

Goodwill and intangible assets - Information Regarding Company's Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite-lived intangibles, Gross carrying amount	$ 85,040	$ 85,040	$ 85,040
Finite-lived intangibles, Accumulated amortization	(72,827)	(70,799)	(64,708)
Finite-lived intangibles, Net carrying amount	12,213	14,241	20,332
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
Goodwill and other intangibles, Gross carrying amount	320,460	320,460	320,460
Goodwill and other intangibles, Accumulated amortization	(72,827)	(70,799)	(64,708)
Goodwill and other intangibles, Net carrying amount	247,633	249,661	255,752
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Indefinite-lived intangibles, gross carrying amount	63,800	63,800	63,800
Indefinite lived intangibles, Net carrying amount	63,800	63,800	63,800
Customer relationships – retailers
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite-lived intangibles, Gross carrying amount	77,600	77,600	77,600
Finite-lived intangibles, Accumulated amortization	(67,720)	(65,780)	(59,960)
Finite-lived intangibles, Net carrying amount	$ 9,880	$ 11,820	$ 17,640
Finite-Lived Intangible Asset, Useful Life	10 years	10 years	10 years
Customer relationships – e-commerce
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite-lived intangibles, Gross carrying amount	$ 3,940	$ 3,940	$ 3,940
Finite-lived intangibles, Accumulated amortization	(3,940)	(3,940)	(3,931)
Finite-lived intangibles, Net carrying amount	$ 0	$ 0	$ 9
Finite-Lived Intangible Asset, Useful Life	3 years	3 years	3 years
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite-lived intangibles, Gross carrying amount	$ 3,500	$ 3,500	$ 3,500
Finite-lived intangibles, Accumulated amortization	(1,167)	(1,079)	(817)
Finite-lived intangibles, Net carrying amount	$ 2,333	$ 2,421	$ 2,683
Finite-Lived Intangible Asset, Useful Life	10 years	10 years	10 years

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Depreciation and amortization	$ 2,000,000
Goodwill and intangible asset impairment	0	$ 0
Impairment of finite-lived intangible assets	$ 0

Goodwill and intangible asset_4

Goodwill and intangible assets - Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2024	$ 4,935
2025	1,230
2026	1,230
2027	1,230
2028	1,230
Thereafter	2,358
Finite-lived intangibles, Net carrying amount	$ 12,213	$ 14,241	$ 20,332

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 35,309	$ 47,817	$ 25,798
Current portion of operating lease liabilities	4,474	4,510	4,508
Accrued compensation	5,165	13,098	4,640
Taxes payable	3,594	2,851	3,232
Other current liabilities	2,495	2,698	1,738
Accrued expenses and other current liabilities	$ 51,037	$ 70,974	$ 39,916

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Finance lease obligations	$ 431	$ 633	$ 1,226
Total debt	65,431	66,883	96,226
Less: debt issuance costs	(388)	(427)	(749)
Total debt, net of issuance costs	65,043	66,456	95,477
Less: current portion	(5,431)	(5,575)	(5,793)
Long-term portion of debt	59,612	60,881	89,684
Term Loan
Debt Instrument [Line Items]
Term loan	$ 65,000	$ 66,250	$ 95,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Mar. 29, 2023	Apr. 30, 2021	Jun. 30, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate at period end	0%
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Revolving Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Amended Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Remaining borrowing capacity			$ 100,000,000
Amended Credit Agreement \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused fee percentage		0.10%
Amended Credit Agreement \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused fee percentage		0.30%
Amended Credit Agreement \| Revolving Credit Facility \| Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate		0%
Amended Credit Agreement \| Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Amended Credit Agreement \| Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
Amended Credit Agreement \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Amended Credit Agreement \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Amended Credit Agreement \| Term Loan \| Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate		0%
Amended Credit Agreement \| Term Loan \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Amended Credit Agreement \| Term Loan \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
Amended Credit Agreement \| Term Loan \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Amended Credit Agreement \| Term Loan \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Amended Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 7,000,000
Amended Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		5,000,000
Amended Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000,000
Amended Term Loan Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
2016 Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Interest rate at period end			6.60%

Stock-based compensation - Sche

Stock-based compensation - Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 7,200	$ 6,542
Service-based Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	46	88
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 7,154	$ 6,454

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Service-based Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 0.2
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	1 year 9 months 18 days
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 85.1
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	2 years 3 months 18 days

Repurchase of common stock (Det

Repurchase of common stock (Details) - USD ($)	3 Months Ended
Repurchase of common stock (Details) - USD ($)	Jun. 30, 2023	May 08, 2019
Equity [Abstract]
Amount authorized under share repurchase program		$ 25,000,000
Repurchase of common stock (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, 2023	Jun. 30, 2022
Numerator:
Net income	$ 52,977	$ 14,469
Denominator:
Weighted average common shares outstanding - basic (in shares)	53,938,136	51,707,160
Dilutive common equivalent shares from equity awards (in shares)	3,237,734	2,127,572
Weighted average common shares outstanding - diluted (in shares)	57,175,870	53,834,732
Net income per share:
Basic (in USD per share)	$ 0.98	$ 0.28
Diluted (in USD per share)	$ 0.93	$ 0.27
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	141,407	741,016

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended
Leases - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($) renewal_options	Jun. 30, 2022 USD ($)
Leases [Abstract]
Number of options to renew \| renewal_options	1
Lessee operating lease, option to extend	5 years
Operating cash flows from operating leases \| $	$ 1.2	$ 1.1

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Assets
Operating lease assets	$ 13,020	$ 14,071	$ 17,188
Finance lease assets	140	245	560
Total leased assets	13,160	14,316	17,748
Current
Operating	4,474	4,510	4,508
Finance	431	575	793
Noncurrent
Operating	10,137	11,201	14,637
Finance	0	58	433
Total lease liabilities	$ 15,042	$ 16,344	$ 20,371
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	$ 3,500	$ 3,400	$ 3,100

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 1,277	$ 1,157
Finance lease cost
Amortization of leased assets	105	105
Interest on lease liabilities	4	10
Total lease cost	$ 1,386	$ 1,272

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Operating leases
Remainder of fiscal 2024	$ 3,655
2025	4,071
2026	3,097
2027	1,441
2028	846
Thereafter	2,374
Total lease payments	15,484
Less: Interest	873
Present value of lease liabilities	14,611
Finance leases
Remainder of fiscal 2024	377
2025	58
2026	0
2027	0
2028	0
Thereafter	0
Total lease payments	435
Less: Interest	4
Present value of lease liabilities	431	$ 633	$ 1,226
Total
Remainder of fiscal 2024	4,032
2025	4,129
2026	3,097
2027	1,441
2028	846
Thereafter	2,374
Total lease payments	15,919
Less: Interest	877
Total lease liabilities	$ 15,042	$ 16,344	$ 20,371

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Jun. 30, 2023	Jun. 30, 2022
Weighted-average remaining lease term
Operating leases	4 years 4 months 24 days	5 years
Finance leases	8 months 12 days	1 year 7 months 6 days
Weighted-average discount rate
Operating leases	2.60%	2.70%
Finance leases	2.40%	2.90%