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

Company Profile

Cover page

Cover page - shares	6 Months Ended
Cover page - shares	Sep. 30, 2023	Oct. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		55,199,220
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001600033
Current Fiscal Year End Date	--03-31

Condensed consolidated balance

Condensed consolidated balance sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 167,763	$ 120,778	$ 85,317
Accounts receivable, net	86,683	67,928	53,912
Inventory, net	147,228	81,323	81,288
Prepaid expenses and other current assets	33,772	33,296	26,881
Total current assets	435,446	303,325	247,398
Property and equipment, net	7,624	7,874	8,934
Intangible assets, net	73,986	78,041	82,101
Goodwill	171,620	171,620	171,620
Investments	1,155	2,875	2,875
Other assets	57,105	31,866	29,213
Total assets	746,936	595,601	542,141
Current liabilities:
Current portion of long-term debt and finance lease obligations	5,228	5,575	5,801
Accounts payable	63,736	31,427	19,279
Accrued expenses and other current liabilities	83,407	70,974	46,868
Total current liabilities	152,371	107,976	71,948
Long-term debt and finance lease obligations	57,735	60,881	88,284
Deferred tax liabilities	4,901	3,742	10,635
Long-term operating lease obligations	14,559	11,201	13,440
Other long-term liabilities	942	784	874
Total liabilities	230,508	184,584	185,181
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of September 30, 2023, March 31, 2023 and September 30, 2022; 54,621,561, 53,770,482 and 52,896,411 shares issued and outstanding as of September 30, 2023, March 31, 2023 and September 30, 2022, respectively	545	535	525
Additional paid-in capital	851,634	832,481	813,785
Accumulated deficit	(335,751)	(421,999)	(457,350)
Total stockholders' equity	516,428	411,017	356,960
Total liabilities and stockholders' equity	$ 746,936	$ 595,601	$ 542,141

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Mar. 31, 2023	Sep. 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)	54,621,561	53,770,482	52,896,411
Common stock, shares outstanding (in shares)	54,621,561	53,770,482	52,896,411

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 215,507	$ 122,349	$ 431,846	$ 244,950
Cost of sales	63,142	42,789	126,909	82,405
Gross profit	152,365	79,560	304,937	162,545
Selling, general and administrative expenses	112,186	64,183	204,125	125,738
Operating income	40,179	15,377	100,812	36,807
Other expense, net	(1,062)	(1,262)	(663)	(2,925)
Impairment of equity investment	0	0	(1,720)	0
Interest income (expense), net	623	(786)	964	(1,449)
Income before provision for income taxes	39,740	13,329	99,393	32,433
Income tax provision	(6,469)	(1,619)	(13,145)	(6,254)
Net income	33,271	11,710	86,248	26,179
Comprehensive income	$ 33,271	$ 11,710	$ 86,248	$ 26,179
Net income per share:
Basic (in USD per share)	$ 0.61	$ 0.22	$ 1.59	$ 0.50
Diluted (in USD per share)	$ 0.58	$ 0.21	$ 1.50	$ 0.48
Weighted average shares outstanding:
Basic (in shares)	54,425,384	52,298,905	54,183,091	52,004,661
Diluted (in shares)	57,438,152	55,037,514	57,308,342	54,437,752

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, 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	$ 26,179
Ending balance (in shares) at Sep. 30, 2022	52,896,411	52,554,609
Ending balance at Sep. 30, 2022	$ 356,960	$ 525	813,785	(457,350)
Beginning balance (in shares) at Jun. 30, 2022		52,082,643
Beginning balance at Jun. 30, 2022	333,449	$ 517	801,992	(469,060)
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 (in shares)		471,966
Exercise of stock options and vesting of restricted stock	$ 3,779	$ 8	3,771
Ending balance (in shares) at Sep. 30, 2022	52,896,411	52,554,609
Ending balance at Sep. 30, 2022	$ 356,960	$ 525	813,785	(457,350)
Beginning balance (in shares) at Mar. 31, 2023	53,770,482	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)
Beginning balance (in shares) at Mar. 31, 2023	53,770,482	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	$ 86,248
Ending balance (in shares) at Sep. 30, 2023	54,621,561	54,530,512
Ending balance at Sep. 30, 2023	$ 516,428	$ 545	851,634	(335,751)
Beginning balance (in shares) at Jun. 30, 2023		54,326,530
Beginning balance at Jun. 30, 2023	471,702	$ 543	840,181	(369,022)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33,271			33,271
Stock-based compensation	11,190		11,190
Exercise of stock options and vesting of restricted stock (in shares)		203,982
Exercise of stock options and vesting of restricted stock	$ 265	$ 2	263
Ending balance (in shares) at Sep. 30, 2023	54,621,561	54,530,512
Ending balance at Sep. 30, 2023	$ 516,428	$ 545	$ 851,634	$ (335,751)

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 86,248	$ 26,179
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,311	11,075
Stock-based compensation expense	18,417	14,576
Amortization of debt issuance costs and discount on debt	149	181
Deferred income taxes	1,159	1,042
Impairment of equity investment	1,720	0
Other, net	221	(24)
Changes in operating assets and liabilities:
Accounts receivable	(18,812)	(8,301)
Inventory	(65,904)	3,210
Prepaid expenses and other assets	(27,090)	(9,555)
Accounts payable and accrued expenses	45,112	6,798
Other liabilities	(2,261)	(2,135)
Net cash provided by operating activities	51,270	43,046
Cash flows from investing activities:
Purchase of property and equipment	(1,465)	(694)
Net cash used in investing activities	(1,465)	(694)
Cash flows from financing activities:
Repayment of long-term debt	(2,500)	(2,500)
Debt issuance costs paid	(665)	0
Cash received from issuance of common stock	750	2,503
Other, net	(405)	(391)
Net cash used in financing activities	(2,820)	(388)
Net increase in cash and cash equivalents	46,985	41,964
Cash and cash equivalents - beginning of period	120,778	43,353
Cash and cash equivalents - end of period	$ 167,763	$ 85,317

Nature of operations

Nature of operations	6 Months Ended
Nature of operations	Sep. 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	6 Months Ended
Summary of significant accounting policies	Sep. 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. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. 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 September 30, 2023, March 31, 2023 and September 30, 2022, and its results of operations and stockholders' equity for the three and six months ended September 30, 2023 and September 30, 2022 and its cash flows for the six months ended September 30, 2023 and September 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 are integral to the Company’s brand and product development strategy and drive 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 September 30, Six months ended September 30, Net sales by geographic region: 2023 2022 2023 2022 United States $ 181,857 $ 109,273 $ 370,451 $ 216,412 International 33,650 13,076 61,395 28,538 Total net sales $ 215,507 $ 122,349 $ 431,846 $ 244,950 As of September 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	6 Months Ended
Investment in equity securities	Sep. 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. The Company did not record an additional impairment charge on its investment during the three months ended September 30, 2023.

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
Goodwill and intangible assets	Sep. 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 September 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 $ (69,660) $ 7,940 Customer relationships – e-commerce 3 years 3,940 (3,940) — Trademarks 10 years 3,500 (1,254) 2,246 Total finite-lived intangibles 85,040 (74,854) 10,186 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (74,854) $ 245,606 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 September 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 $ (61,900) $ 15,700 Customer relationships – e-commerce 3 years 3,940 (3,935) 5 Trademarks 10 years 3,500 (904) 2,596 Total finite-lived intangibles 85,040 (66,739) 18,301 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (66,739) $ 253,721 Amortization expenses on finite-lived intangible assets were $2.0 million and $4.1 million in both the three and six months ended September 30, 2023 and September 30, 2022, 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 six months ended September 30, 2023 and September 30, 2022. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2023 is as follows (in thousands): Remainder of fiscal 2024 $ 2,908 2025 1,230 2026 1,230 2027 1,230 2028 1,230 Thereafter 2,358 Total $ 10,186

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
Accrued expenses and other current liabilities	Sep. 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 September 30, 2023, March 31, 2023 and September 30, 2022 consisted of the following (in thousands): September 30, 2023 March 31, 2023 September 30, 2022 Accrued expenses $ 28,249 $ 22,726 $ 13,584 Accrued inventory 19,247 1,330 12,195 Accrued marketing 17,084 23,761 4,498 Current portion of operating lease liabilities 4,172 4,510 4,458 Accrued compensation 8,199 13,098 7,216 Taxes payable 4,343 2,851 2,646 Other current liabilities 2,113 2,698 2,271 Accrued expenses and other current liabilities $ 83,407 $ 70,974 $ 46,868

Debt

Debt	6 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of September 30, 2023, March 31, 2023 and September 30, 2022 consisted of the following (in thousands): September 30, 2023 March 31, 2023 September 30, 2022 Term loan (1) $ 63,750 $ 66,250 $ 93,750 Finance lease obligations 228 633 1,030 Total debt (2) 63,978 66,883 94,780 Less: debt issuance costs (1,015) (427) (695) Total debt, net of issuance costs 62,963 66,456 94,085 Less: current portion (5,228) (5,575) (5,801) Long-term portion of debt $ 57,735 $ 60,881 $ 88,284 (1) See further discussion below. As of September 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 (such amended and restated 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 September 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 (“US”) 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 plus 0.10%, subject to a floor of 0%, plus a margin ranging from 1.25% to 2.125%. Second Amended Credit Agreement On August 28, 2023, the Company entered into the Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”). Pursuant to the Second Amendment, the Company may borrow incremental term loans in a principal amount equal to $115.0 million under the Amended Credit Agreement (the “Incremental Term Loan”). The Incremental Term Loan will bear interest at a rate per annum equal to, at the Company’s election, adjusted term SOFR or an alternate base rate as set forth in the Second Amendment, plus an interest rate margin, to be based on consolidated total net leverage ratio levels, ranging from, (i) in the case of SOFR loans, 1.50% to 2.375%; provided that if SOFR is less than 0.00%, such rate shall be deemed to be 0.00%, and (ii) in the case of alternate base rate loans, 0.50% to 1.375%; provided that if the alternate base rate is less than 1.00%, such rate shall be deemed to be 1.00%. The Incremental Term Loan amortizes at 5.00% per annum payable in equal quarterly installments of 1.25% per annum, commencing with the fiscal quarter ending on December 31, 2023. The Company used the Incremental Term Loan together with cash from its balance sheet and additional borrowings under its Amended Revolving Credit Facility to consummate the Acquisition (as defined in Note 12 hereto) and to pay related fees and expenses in connection with the Acquisition and Second Amendment. The interest rate as of September 30, 2023 for the Amended Term Loan Facility was approximately 6.7%. The Amended Credit Agreement contains a number of covenants that, among other things, restrict the Company’s ability to (subject to certain exceptions) pay dividends and distributions or repurchase 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 the Company to, among other things, comply with certain consolidated total net leverage ratios and consolidated fixed charge coverage ratios.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Sep. 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	6 Months Ended
Stock-based compensation	Sep. 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 September 30, Six months ended September 30, 2023 2022 2023 2022 Service-based vesting options $ 41 $ 89 $ 87 $ 177 Restricted stock and RSUs 11,176 7,945 18,330 14,399 Total stock compensation expense $ 11,217 $ 8,034 $ 18,417 $ 14,576 As of September 30, 2023, there was $0.2 million and $92.0 million of total unrecognized stock-based compensation cost related to unvested service-based stock options and shares subject to RSAs and RSUs, respectively. The unrecognized stock-based compensation is expected to be recognized over the remaining weighted-average period of 1.3 years for service-based stock options and 2.1 years for shares subject to RSAs and RSUs, respectively.

Repurchase of common stock

Repurchase of common stock	6 Months Ended
Repurchase of common stock	Sep. 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, in such amounts as management deems appropriate, 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 and six months ended September 30, 2023. A total of $17.1 million remains available for future share repurchases under the Share Repurchase Program as of September 30, 2023.

Net income per share

Net income per share	6 Months Ended
Net income per share	Sep. 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 September 30, Six months ended September 30, 2023 2022 2023 2022 Numerator: Net income $ 33,271 $ 11,710 $ 86,248 $ 26,179 Denominator: Weighted-average common shares outstanding – basic 54,425,384 52,298,905 54,183,091 52,004,661 Dilutive common equivalent shares from equity awards 3,012,768 2,738,609 3,125,251 2,433,091 Weighted-average common shares outstanding – diluted 57,438,152 55,037,514 57,308,342 54,437,752 Net income per share: Basic $ 0.61 $ 0.22 $ 1.59 $ 0.50 Diluted $ 0.58 $ 0.21 $ 1.50 $ 0.48 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 3,947 21,646 72,677 381,331

Leases

Leases	6 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Leases	LeasesThe 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. Balance sheet lines related to accounting for leases as of September 30, 2023, March 31, 2023 and September 30, 2022 are as follows (in thousands): Classification September 30, 2023 March 31, 2023 September 30, 2022 Assets Operating lease assets Other assets $ 17,269 $ 14,071 $ 16,156 Finance lease assets (a) Other assets 35 245 455 Total leased assets $ 17,304 $ 14,316 $ 16,611 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,172 $ 4,510 $ 4,458 Finance Current portion of long-term debt and finance lease obligations 228 575 801 Noncurrent Operating Long-term operating lease obligations 14,559 11,201 13,440 Finance Long-term debt and finance lease obligations — 58 229 Total lease liabilities $ 18,959 $ 16,344 $ 18,928 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.6 million, $3.4 million and $3.2 million as of September 30, 2023, March 31, 2023 and September 30, 2022, respectively. For the three and six months ended September 30, 2023 and September 30, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2023 2022 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,425 $ 1,152 $ 2,702 $ 2,309 Finance lease cost Amortization of leased assets SG&A expenses 105 105 210 210 Interest on lease liabilities Interest expense, net 3 8 7 18 Total lease cost $ 1,533 $ 1,265 $ 2,919 $ 2,537 As of September 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 $ 2,479 $ 173 $ 2,652 2025 4,404 57 4,461 2026 3,999 — 3,999 2027 2,343 — 2,343 2028 1,748 — 1,748 Thereafter 6,728 — 6,728 Total lease payments 21,701 230 21,931 Less: Interest 2,970 2 2,972 Present value of lease liabilities $ 18,731 $ 228 $ 18,959 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 September 30, 2023 and September 30, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2023 September 30, 2022 Weighted-average remaining lease term Operating leases 5.9 years 4.9 years Finance leases 0.7 years 1.4 years Weighted-average discount rate Operating leases 3.7 % 2.6 % Finance leases 1.6 % 2.9 %
Leases	LeasesThe 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. Balance sheet lines related to accounting for leases as of September 30, 2023, March 31, 2023 and September 30, 2022 are as follows (in thousands): Classification September 30, 2023 March 31, 2023 September 30, 2022 Assets Operating lease assets Other assets $ 17,269 $ 14,071 $ 16,156 Finance lease assets (a) Other assets 35 245 455 Total leased assets $ 17,304 $ 14,316 $ 16,611 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,172 $ 4,510 $ 4,458 Finance Current portion of long-term debt and finance lease obligations 228 575 801 Noncurrent Operating Long-term operating lease obligations 14,559 11,201 13,440 Finance Long-term debt and finance lease obligations — 58 229 Total lease liabilities $ 18,959 $ 16,344 $ 18,928 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.6 million, $3.4 million and $3.2 million as of September 30, 2023, March 31, 2023 and September 30, 2022, respectively. For the three and six months ended September 30, 2023 and September 30, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2023 2022 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,425 $ 1,152 $ 2,702 $ 2,309 Finance lease cost Amortization of leased assets SG&A expenses 105 105 210 210 Interest on lease liabilities Interest expense, net 3 8 7 18 Total lease cost $ 1,533 $ 1,265 $ 2,919 $ 2,537 As of September 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 $ 2,479 $ 173 $ 2,652 2025 4,404 57 4,461 2026 3,999 — 3,999 2027 2,343 — 2,343 2028 1,748 — 1,748 Thereafter 6,728 — 6,728 Total lease payments 21,701 230 21,931 Less: Interest 2,970 2 2,972 Present value of lease liabilities $ 18,731 $ 228 $ 18,959 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 September 30, 2023 and September 30, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2023 September 30, 2022 Weighted-average remaining lease term Operating leases 5.9 years 4.9 years Finance leases 0.7 years 1.4 years Weighted-average discount rate Operating leases 3.7 % 2.6 % Finance leases 1.6 % 2.9 %

Subsequent Event

Subsequent Event	6 Months Ended
Subsequent Event	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Naturium Acquisition On August 28, 2023, the Company entered into a definitive agreement to acquire all of the sellers’ rights, title and interest in and to the outstanding equity securities of Naturium LLC, a Delaware limited liability company (“Naturium”), and TCB-N Preclude Blocker Corp. (“Blocker”) (the transaction contemplated thereby, the “Acquisition”). The Acquisition closed on October 4, 2023, for a purchase price of $355 million payable in cash and shares of the Company's common stock. The Acquisition is expected to expand the Company's brand portfolio and provide additional skincare products. The Acquisition will be accounted for as a business combination using the acquisition method of accounting, which requires certain assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. As of the date of this filing, the Company is currently evaluating the preliminary allocation of the purchase price to the net assets acquired and liabilities assumed in the Acquisition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 33,271	$ 52,977	$ 11,710	$ 14,469	$ 86,248	$ 26,179

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Sep. 30, 2023	Sep. 30, 2023
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 September 30, 2023. Trading Arrangement Total Shares to be Sold (1) Expiration Date Officer/Director Action Date Rule 10b5-1* Non-Rule 10b5-1** Scott Milsten Adopt 9/8/2023 X Up to 118,713 9/30/2024 SVP, General Counsel and Chief People 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.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Scott Milsten [Member]
Trading Arrangements, by Individual
Name	Scott Milsten
Title	SVP, General Counsel and Chief People Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/8/2023
Arrangement Duration	388 days
Tarang Amin [Member]
Trading Arrangements, by Individual
Arrangement Duration	480 days
Mandy Fields [Member]
Trading Arrangements, by Individual
Arrangement Duration	451 days
Josh Franks [Member]
Trading Arrangements, by Individual
Arrangement Duration	477 days
Jennie Laar [Member]
Trading Arrangements, by Individual
Arrangement Duration	451 days
Kory Marchisotto [Member]
Trading Arrangements, by Individual
Arrangement Duration	451 days

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Sep. 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. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. 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 September 30, 2023, March 31, 2023 and September 30, 2022, and its results of operations and stockholders' equity for the three and six months ended September 30, 2023 and September 30, 2022 and its cash flows for the six months ended September 30, 2023 and September 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 are integral to the Company’s brand and product development strategy and drive 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)	6 Months Ended
Summary of significant accounting policies (Tables)	Sep. 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 September 30, Six months ended September 30, Net sales by geographic region: 2023 2022 2023 2022 United States $ 181,857 $ 109,273 $ 370,451 $ 216,412 International 33,650 13,076 61,395 28,538 Total net sales $ 215,507 $ 122,349 $ 431,846 $ 244,950

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
Goodwill and intangible assets (Tables)	Sep. 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 September 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 $ (69,660) $ 7,940 Customer relationships – e-commerce 3 years 3,940 (3,940) — Trademarks 10 years 3,500 (1,254) 2,246 Total finite-lived intangibles 85,040 (74,854) 10,186 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (74,854) $ 245,606 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 September 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 $ (61,900) $ 15,700 Customer relationships – e-commerce 3 years 3,940 (3,935) 5 Trademarks 10 years 3,500 (904) 2,596 Total finite-lived intangibles 85,040 (66,739) 18,301 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (66,739) $ 253,721
Schedule of Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2023 is as follows (in thousands): Remainder of fiscal 2024 $ 2,908 2025 1,230 2026 1,230 2027 1,230 2028 1,230 Thereafter 2,358 Total $ 10,186

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	6 Months Ended
Accrued expenses and other current liabilities (Tables)	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of September 30, 2023, March 31, 2023 and September 30, 2022 consisted of the following (in thousands): September 30, 2023 March 31, 2023 September 30, 2022 Accrued expenses $ 28,249 $ 22,726 $ 13,584 Accrued inventory 19,247 1,330 12,195 Accrued marketing 17,084 23,761 4,498 Current portion of operating lease liabilities 4,172 4,510 4,458 Accrued compensation 8,199 13,098 7,216 Taxes payable 4,343 2,851 2,646 Other current liabilities 2,113 2,698 2,271 Accrued expenses and other current liabilities $ 83,407 $ 70,974 $ 46,868

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of September 30, 2023, March 31, 2023 and September 30, 2022 consisted of the following (in thousands): September 30, 2023 March 31, 2023 September 30, 2022 Term loan (1) $ 63,750 $ 66,250 $ 93,750 Finance lease obligations 228 633 1,030 Total debt (2) 63,978 66,883 94,780 Less: debt issuance costs (1,015) (427) (695) Total debt, net of issuance costs 62,963 66,456 94,085 Less: current portion (5,228) (5,575) (5,801) Long-term portion of debt $ 57,735 $ 60,881 $ 88,284 (1) See further discussion below. As of September 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)	6 Months Ended
Stock-based compensation (Tables)	Sep. 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 September 30, Six months ended September 30, 2023 2022 2023 2022 Service-based vesting options $ 41 $ 89 $ 87 $ 177 Restricted stock and RSUs 11,176 7,945 18,330 14,399 Total stock compensation expense $ 11,217 $ 8,034 $ 18,417 $ 14,576

Net income per share (Tables)

Net income per share (Tables)	6 Months Ended
Net income per share (Tables)	Sep. 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 September 30, Six months ended September 30, 2023 2022 2023 2022 Numerator: Net income $ 33,271 $ 11,710 $ 86,248 $ 26,179 Denominator: Weighted-average common shares outstanding – basic 54,425,384 52,298,905 54,183,091 52,004,661 Dilutive common equivalent shares from equity awards 3,012,768 2,738,609 3,125,251 2,433,091 Weighted-average common shares outstanding – diluted 57,438,152 55,037,514 57,308,342 54,437,752 Net income per share: Basic $ 0.61 $ 0.22 $ 1.59 $ 0.50 Diluted $ 0.58 $ 0.21 $ 1.50 $ 0.48 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 3,947 21,646 72,677 381,331

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Balance Sheet Information	Balance sheet lines related to accounting for leases as of September 30, 2023, March 31, 2023 and September 30, 2022 are as follows (in thousands): Classification September 30, 2023 March 31, 2023 September 30, 2022 Assets Operating lease assets Other assets $ 17,269 $ 14,071 $ 16,156 Finance lease assets (a) Other assets 35 245 455 Total leased assets $ 17,304 $ 14,316 $ 16,611 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,172 $ 4,510 $ 4,458 Finance Current portion of long-term debt and finance lease obligations 228 575 801 Noncurrent Operating Long-term operating lease obligations 14,559 11,201 13,440 Finance Long-term debt and finance lease obligations — 58 229 Total lease liabilities $ 18,959 $ 16,344 $ 18,928 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.6 million, $3.4 million and $3.2 million as of September 30, 2023, March 31, 2023 and September 30, 2022, respectively. As of September 30, 2023 and September 30, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2023 September 30, 2022 Weighted-average remaining lease term Operating leases 5.9 years 4.9 years Finance leases 0.7 years 1.4 years Weighted-average discount rate Operating leases 3.7 % 2.6 % Finance leases 1.6 % 2.9 %
Schedule of Components of Lease Expense	For the three and six months ended September 30, 2023 and September 30, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2023 2022 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,425 $ 1,152 $ 2,702 $ 2,309 Finance lease cost Amortization of leased assets SG&A expenses 105 105 210 210 Interest on lease liabilities Interest expense, net 3 8 7 18 Total lease cost $ 1,533 $ 1,265 $ 2,919 $ 2,537
Schedule of Maturities of Operating Lease Liabilities	As of September 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 $ 2,479 $ 173 $ 2,652 2025 4,404 57 4,461 2026 3,999 — 3,999 2027 2,343 — 2,343 2028 1,748 — 1,748 Thereafter 6,728 — 6,728 Total lease payments 21,701 230 21,931 Less: Interest 2,970 2 2,972 Present value of lease liabilities $ 18,731 $ 228 $ 18,959
Schedule of Maturities of Finance Lease Liabilities	As of September 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 $ 2,479 $ 173 $ 2,652 2025 4,404 57 4,461 2026 3,999 — 3,999 2027 2,343 — 2,343 2028 1,748 — 1,748 Thereafter 6,728 — 6,728 Total lease payments 21,701 230 21,931 Less: Interest 2,970 2 2,972 Present value of lease liabilities $ 18,731 $ 228 $ 18,959

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	6 Months Ended
	Sep. 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		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 215,507	$ 122,349	$ 431,846	$ 244,950
United States
Disaggregation of Revenue [Line Items]
Total net sales	181,857	109,273	370,451	216,412
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 33,650	$ 13,076	$ 61,395	$ 28,538

Investment in equity securiti_2

Investment in equity securities - (Details) - USD ($)	3 Months Ended
Investment in equity securities - (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Apr. 14, 2017
Debt and Equity Securities, FV-NI [Line Items]
Investments	$ 1,155,000		$ 2,875,000	$ 2,875,000
Impairment charge	$ 0	$ 1,700,000
Social Media Analytics Company
Debt and Equity Securities, FV-NI [Line Items]
Investments					$ 2,900,000

Goodwill and intangible asset_2

Goodwill and intangible assets - Information Regarding Company's Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 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	(74,854)	(70,799)	(66,739)
Finite-lived intangibles, Net carrying amount	10,186	14,241	18,301
Goodwill	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	(74,854)	(70,799)	(66,739)
Goodwill and other intangibles, Net carrying amount	245,606	249,661	253,721
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]
Finite-lived intangibles, Gross carrying amount	77,600	77,600	77,600
Finite-lived intangibles, Accumulated amortization	(69,660)	(65,780)	(61,900)
Finite-lived intangibles, Net carrying amount	$ 7,940	$ 11,820	$ 15,700
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)	(3,935)
Finite-lived intangibles, Net carrying amount	$ 0	$ 0	$ 5
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	(1,254)	(1,079)	(904)
Finite-lived intangibles, Net carrying amount	$ 2,246	$ 2,421	$ 2,596
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		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Depreciation and amortization	$ 2,000,000	$ 4,100,000	$ 2,000,000	$ 4,100,000
Goodwill and intangible asset impairment	$ 0	$ 0	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	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2024	$ 2,908
2025	1,230
2026	1,230
2027	1,230
2028	1,230
Thereafter	2,358
Finite-lived intangibles, Net carrying amount	$ 10,186	$ 14,241	$ 18,301

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 28,249	$ 22,726	$ 13,584
Accrued inventory	19,247	1,330	12,195
Accrued marketing	17,084	23,761	4,498
Current portion of operating lease liabilities	4,172	4,510	4,458
Accrued compensation	8,199	13,098	7,216
Taxes payable	4,343	2,851	2,646
Other current liabilities	2,113	2,698	2,271
Accrued expenses and other current liabilities	$ 83,407	$ 70,974	$ 46,868

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Finance lease obligations	$ 228	$ 633	$ 1,030
Total debt	63,978	66,883	94,780
Less: debt issuance costs	(1,015)	(427)	(695)
Total debt, net of issuance costs	62,963	66,456	94,085
Less: current portion	(5,228)	(5,575)	(5,801)
Long-term portion of debt	57,735	60,881	88,284
Term Loan
Debt Instrument [Line Items]
Term loan	$ 63,750	$ 66,250	$ 93,750

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Aug. 28, 2023	Mar. 29, 2023	Apr. 30, 2021	Sep. 30, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		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 \| 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 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 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
Amended Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Interest rate at period end				6.70%
Second Amendment \| Base Rate \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Second Amendment \| Incremental Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 115,000,000
Interest rate, amortization	5%
Quarterly installment rate	1.25%
Second Amendment \| Incremental Term Loan \| Base Rate \| Minimum \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Second Amendment \| Incremental Term Loan \| Base Rate \| Maximum \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	1.375%
Second Amendment \| Incremental Term Loan \| SOFR \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Second Amendment \| Incremental Term Loan \| SOFR \| Minimum \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Second Amendment \| Incremental Term Loan \| SOFR \| Maximum \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	2.375%

Stock-based compensation - Sche

Stock-based compensation - Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 11,217	$ 8,034	$ 18,417	$ 14,576
Service-based vesting options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	41	89	87	177
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 11,176	$ 7,945	$ 18,330	$ 14,399

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) $ in Millions	6 Months Ended
	Sep. 30, 2023 USD ($)
Service-based vesting 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 3 months 18 days
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 92
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	2 years 1 month 6 days

Repurchase of common stock (Det

Repurchase of common stock (Details) - USD ($)	3 Months Ended	6 Months Ended
Repurchase of common stock (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	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				6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 33,271	$ 52,977	$ 11,710	$ 14,469	$ 86,248	$ 26,179
Denominator:
Weighted average common shares outstanding - basic (in shares)	54,425,384		52,298,905		54,183,091	52,004,661
Dilutive common equivalent shares from equity awards (in shares)	3,012,768		2,738,609		3,125,251	2,433,091
Weighted average common shares outstanding - diluted (in shares)	57,438,152		55,037,514		57,308,342	54,437,752
Net income per share:
Basic (in USD per share)	$ 0.61		$ 0.22		$ 1.59	$ 0.50
Diluted (in USD per share)	$ 0.58		$ 0.21		$ 1.50	$ 0.48
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	3,947		21,646		72,677	381,331

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	6 Months Ended
Leases - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($) renewal_options	Sep. 30, 2022 USD ($)
Leases [Abstract]
Number of options to renew \| renewal_options	1
Lessee operating lease, option to extend	5 years
Operating cash flows from operating leases \| $	$ 2.5	$ 2.5

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Assets
Operating lease assets	$ 17,269	$ 14,071	$ 16,156
Finance lease assets	35	245	455
Total leased assets	17,304	14,316	16,611
Current
Operating	4,172	4,510	4,458
Finance	228	575	801
Noncurrent
Operating	14,559	11,201	13,440
Finance	0	58	229
Total lease liabilities	$ 18,959	$ 16,344	$ 18,928
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	$ 3,600	$ 3,400	$ 3,200

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 1,425	$ 1,152	$ 2,702	$ 2,309
Finance lease cost
Amortization of leased assets	105	105	210	210
Interest on lease liabilities	3	8	7	18
Total lease cost	$ 1,533	$ 1,265	$ 2,919	$ 2,537

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Operating leases
Remainder of fiscal 2024	$ 2,479
2025	4,404
2026	3,999
2027	2,343
2028	1,748
Thereafter	6,728
Total lease payments	21,701
Less: Interest	2,970
Present value of lease liabilities	18,731
Finance leases
Remainder of fiscal 2024	173
2025	57
2026	0
2027	0
2028	0
Thereafter	0
Total lease payments	230
Less: Interest	2
Present value of lease liabilities	228	$ 633	$ 1,030
Total
Remainder of fiscal 2024	2,652
2025	4,461
2026	3,999
2027	2,343
2028	1,748
Thereafter	6,728
Total lease payments	21,931
Less: Interest	2,972
Total lease liabilities	$ 18,959	$ 16,344	$ 18,928

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Sep. 30, 2023	Sep. 30, 2022
Weighted-average remaining lease term
Operating leases	5 years 10 months 24 days	4 years 10 months 24 days
Finance leases	8 months 12 days	1 year 4 months 24 days
Weighted-average discount rate
Operating leases	3.70%	2.60%
Finance leases	1.60%	2.90%

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Oct. 04, 2023 USD ($)
Subsequent Event \| Naturium LLC and TCB-N Preclude Blocker Corp
Subsequent Event [Line Items]
Purchase price	$ 355