e.l.f. Beauty (ELF) 10-Q7 Feb 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover page

Cover page - shares	9 Months Ended
Cover page - shares	Dec. 31, 2023	Feb. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		55,506,934
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001600033
Current Fiscal Year End Date	--03-31

Condensed consolidated balance

Condensed consolidated balance sheets (unaudited) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 72,705	$ 120,778	$ 87,021
Accounts receivable, net	121,061	67,928	66,237
Inventory, net	204,504	81,323	81,250
Prepaid expenses and other current assets	56,630	33,296	28,382
Total current assets	454,900	303,325	262,890
Property and equipment, net	12,805	7,874	8,726
Intangible assets, net	230,658	78,041	80,071
Goodwill	340,165	171,620	171,620
Investments	1,155	2,875	2,875
Other assets	68,601	31,866	29,743
Total assets	1,108,284	595,601	555,925
Current liabilities:
Current portion of long-term debt and finance lease obligations	100,394	5,575	5,690
Accounts payable	72,917	31,427	32,049
Accrued expenses and other current liabilities	129,628	70,974	49,798
Total current liabilities	302,939	107,976	87,537
Long-term debt and finance lease obligations	164,403	60,881	62,177
Deferred tax liabilities	4,281	3,742	7,783
Long-term operating lease obligations	21,720	11,201	12,329
Other long-term liabilities	717	784	795
Total liabilities	494,060	184,584	170,621
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of December 31, 2023, March 31, 2023 and December 31, 2022; 55,412,234, 53,770,482 and 53,165,462 shares issued and outstanding as of December 31, 2023, March 31, 2023 and December 31, 2022, respectively	553	535	528
Additional paid-in capital	922,592	832,481	823,021
Accumulated other comprehensive loss	(58)	0	0
Accumulated deficit	(308,863)	(421,999)	(438,245)
Total stockholders' equity	614,224	411,017	385,304
Total liabilities and stockholders' equity	$ 1,108,284	$ 595,601	$ 555,925

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 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)	55,412,234	53,770,482	53,165,462
Common stock, shares outstanding (in shares)	55,412,234	53,770,482	53,165,462

Condensed consolidated statemen

Condensed consolidated statements of operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 270,943	$ 146,537	$ 702,789	$ 391,487
Cost of sales	78,986	47,812	205,895	130,217
Gross profit	191,957	98,725	496,894	261,270
Selling, general and administrative expenses	160,121	75,434	364,246	201,172
Operating income	31,836	23,291	132,648	60,098
Other income (expense), net	2,565	730	1,902	(2,195)
Impairment of equity investment	0	0	(1,720)	0
Interest expense, net	(3,985)	(463)	(3,021)	(1,912)
Loss on extinguishment of debt	0	(176)	0	(176)
Income before provision for income taxes	30,416	23,382	129,809	55,815
Income tax provision	(3,528)	(4,277)	(16,673)	(10,531)
Net income	$ 26,888	$ 19,105	$ 113,136	$ 45,284
Net income per share:
Basic (in USD per share)	$ 0.49	$ 0.36	$ 2.08	$ 0.87
Diluted (in USD per share)	$ 0.46	$ 0.34	$ 1.97	$ 0.82
Weighted average shares outstanding:
Basic (in shares)	55,140,887	52,707,406	54,503,518	52,239,761
Diluted (in shares)	58,030,115	55,840,137	57,550,094	54,906,065

Statement of comprehensive inco

Statement of comprehensive income (Statement) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 26,888	$ 19,105	$ 113,136	$ 45,284
Other comprehensive loss, net of tax
Foreign currency translation adjustment	(58)	0	(58)	0
Other comprehensive loss, net of tax	(58)	0	(58)	0
Comprehensive income	$ 26,830	$ 19,105	$ 113,078	$ 45,284

Condensed consolidated statem_2

Condensed consolidated statements of stockholders' equity (unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	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	45,284
Foreign currency translation adjustment	$ 0
Ending balance (in shares) at Dec. 31, 2022	53,165,462	52,823,660
Ending balance at Dec. 31, 2022	$ 385,304	$ 528	823,021		(438,245)
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		52,554,609
Ending balance at Sep. 30, 2022	356,960	$ 525	813,785		(457,350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,105				19,105
Stock-based compensation	7,239		7,239
Exercise of stock options and vesting of restricted stock (in shares)		269,051
Exercise of stock options and vesting of restricted stock	2,000	$ 3	1,997
Foreign currency translation adjustment	$ 0
Ending balance (in shares) at Dec. 31, 2022	53,165,462	52,823,660
Ending balance at Dec. 31, 2022	$ 385,304	$ 528	823,021		(438,245)
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	$ 0	(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	0	(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	0	(421,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,136
Foreign currency translation adjustment	$ (58)
Ending balance (in shares) at Dec. 31, 2023	55,412,234	55,321,185
Ending balance at Dec. 31, 2023	$ 614,224	$ 553	922,592	(58)	(308,863)
Beginning balance (in shares) at Jun. 30, 2023		54,326,530
Beginning balance at Jun. 30, 2023	471,702	$ 543	840,181	0	(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		54,530,512
Ending balance at Sep. 30, 2023	516,428	$ 545	851,634	0	(335,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,888				26,888
Stock-based compensation	11,051		11,051
Exercise of stock options and vesting of restricted stock (in shares)		213,014
Exercise of stock options and vesting of restricted stock	2,143	$ 2	2,141
Issuance of common stock as consideration for acquisition (in shares)		577,659
Issuance of common stock as consideration for acquisition	57,772	$ 6	57,766
Foreign currency translation adjustment	$ (58)			(58)
Ending balance (in shares) at Dec. 31, 2023	55,412,234	55,321,185
Ending balance at Dec. 31, 2023	$ 614,224	$ 553	$ 922,592	$ (58)	$ (308,863)

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 113,136	$ 45,284
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,247	16,496
Stock-based compensation expense	29,459	21,833
Amortization of debt issuance costs and discount on debt	290	271
Deferred income taxes	(1,684)	(1,819)
Impairment of equity investment	1,720	0
Acquisition-related seller expenses	(10,549)	0
Loss on extinguishment of debt	0	176
Other, net	27	(1)
Changes in operating assets and liabilities:
Accounts receivable	(45,878)	(20,620)
Inventory	(106,898)	3,248
Prepaid expenses and other assets	(50,696)	(15,223)
Accounts payable and accrued expenses	84,733	22,610
Other liabilities	(3,768)	(3,254)
Net cash provided by operating activities	34,139	69,001
Cash flows from investing activities:
Acquisition, net of cash acquired	(274,973)	0
Purchase of property and equipment	(5,984)	(1,647)
Net cash used in investing activities	(280,957)	(1,647)
Cash flows from financing activities:
Proceeds from revolving line of credit	89,500	0
Proceeds from long-term debt	115,000	0
Repayment of long-term debt	(5,188)	(28,750)
Debt issuance costs paid	(665)	0
Cash received from issuance of common stock	2,893	5,652
Other, net	(489)	(588)
Net cash provided by (used in) financing activities	201,051	(23,686)
Effect of exchange rate changes on cash and cash equivalents	(56)	0
Net (decrease) increase in cash, cash equivalents and restricted cash	(45,823)	43,668
Cash, cash equivalents and restricted cash - beginning of period	120,778	43,353
Cash, cash equivalents and restricted cash - end of period	$ 74,955	$ 87,021

Nature of operations

Nature of operations	9 Months Ended
Nature of operations	Dec. 31, 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”), 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, Naturium, 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	9 Months Ended
Summary of significant accounting policies	Dec. 31, 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 December 31, 2023, March 31, 2023 and December 31, 2022, and its results of operations and stockholders' equity for the three and nine months ended December 31, 2023 and December 31, 2022 and its cash flows for the nine months ended December 31, 2023 and December 31, 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 Business combinations The purchase price of a business acquisition is allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the business combination date. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Unanticipated events or circumstances may occur that could affect the accuracy of the Company’s fair value estimates, and under different assumptions, the resulting valuations could be materially different. Costs that are incurred to complete the business combination, such as legal and other professional fees, are not considered as a part of consideration transferred and are charged to selling, general and administrative expense as they are incurred. The Company made no other 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 December 31, Nine months ended December 31, Net sales by geographic region: 2023 2022 2023 2022 United States $ 229,101 $ 127,457 $ 599,552 $ 343,869 International 41,842 19,080 103,237 47,618 Total net sales $ 270,943 $ 146,537 $ 702,789 $ 391,487 As of December 31, 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.

Restricted cash

Restricted cash	9 Months Ended
Restricted cash	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Restricted cash	Restricted cash Restricted cash amounting to $2.3 million as of December 31, 2023, included in prepaid expenses and other current assets on the accompanying unaudited condensed consolidated balance sheets, represents part of the purchase consideration held in escrow for the settlement of general representation and warranty provisions in connection with the Company’s acquisition of Naturium LLC (“Naturium”). The Company determines current or non-current classification of restricted cash based on the expected duration of the restriction. The reconciliation of cash, cash equivalents and restricted cash recorded in the condensed consolidated balance sheets to amounts reported in the condensed consolidated statements of cash flows are as follows (in thousands): Nine months ended December 31, Balance sheet classification 2023 2022 Cash and cash equivalents Cash and cash equivalents $ 72,705 $ 87,021 Restricted cash held in escrow Prepaid expenses and other current assets 2,250 — Cash, cash equivalents and restricted cash - end of period $ 74,955 $ 87,021

Investment in equity securities

Investment in equity securities	9 Months Ended
Investment in equity securities	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Investment in equity securities	Investment in equity securities On 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 on its investment as a separate line under other income (expense), net during the three months ended June 30, 2023, as an identified event or change in circumstances resulted in an indicator of impairment. The Company did not record an additional impairment charge on its investment during the three months ended December 31, 2023.

Acquisition

Acquisition	9 Months Ended
Acquisition	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On October 4, 2023, the Company, through its wholly owned subsidiary, e.l.f. Cosmetics, Inc., completed its acquisition of Naturium (including the indirect acquisition of equity interests in Naturium through the purchase of a “tax blocker” holding company) (the “Acquisition”), which furthered the Company’s mission to make the best of beauty accessible to every eye, lip, face and skin concern. Naturium is a skincare company that provides clinically effective products at an affordable price. The Company directly and indirectly acquired all rights, title and interest in and to the outstanding equity securities of Naturium for a purchase price of $333.0 million. The following table summarizes the fair market value of the consideration transferred and how the Company calculates the goodwill resulting from the acquisition (in thousands): Cash consideration $ 275,266 Equity consideration (common stock issued) (1) 57,772 Total consideration transferred 333,038 Less: Net assets acquired Net assets acquired, excluding liability assumed for acquisition-related seller expenses $ 175,042 Liability assumed for acquisition-related seller expenses (2) (10,549) Net assets acquired (164,493) Goodwill $ 168,545 (1) The fair market value of the $57.8 million common stock issued (equivalent to 577,659 shares of common stock) was determined on the basis of the opening market price of the Company’s stock of $100.01 per share on the acquisition date. (2) In connection with the Acquisition, the Company paid Naturium’s acquisition-related expenses of $10.5 million recognized as an assumed liability at the acquisition date. The Company incurred and expensed acquisition transaction costs of $0.6 million and $3.1 million during the three and nine months ended December 31, 2023, respectively, which are included as a component of selling, general and administrative expenses in the condensed consolidated statements of operations. The Acquisition has been accounted for as a business combination under the acquisition method and, accordingly, the total purchase price is allocated to the tangible and intangible assets acquired and the liabilities assumed based on their respective fair values on the acquisition date. The purchase price allocation, deferred tax calculations and residual goodwill are preliminary and pending finalization. Naturium’s results of operations have been included in the Company's condensed consolidated financial statements from the date of acquisition. The following table presents the preliminary purchase price allocation recorded in the Company's condensed consolidated balance sheet on the acquisition date (in thousands): Cash $ 293 Accounts receivable 7,388 Inventory 16,282 Prepaid expenses and other current assets 1,899 Property and equipment 28 Goodwill (1) 168,545 Intangible assets 162,800 Total assets acquired 357,235 Accounts payable (15,897) Accrued expenses and other current liabilities (6,077) Net deferred tax liability (2,223) Total liabilities assumed (24,197) Total purchase price $ 333,038 (1) The goodwill represents the excess value over both tangible and intangible assets acquired and liabilities assumed. The goodwill recognized in this transaction is primarily attributable to the Company’s expectation that Naturium can continue to expand distribution and deliver new skincare products. A substantial amount of the goodwill is expected to be deductible for tax purposes. Intangible assets Fair Value Estimated Useful Life (in thousands) (in years) Fair Value Methodology Customer relationships – retailers $ 20,000 10 Excess earnings method Customer relationships – e-commerce 18,300 3 Excess earnings method and with and without method Trademarks 124,500 15 Relief from Royalty method Total identified intangible assets $ 162,800 Certain financial information (unaudited) The amounts of Naturium’s net sales included in the Company's condensed consolidated financial statements from the date of acquisition and the net sales of the combined companies on an unaudited pro forma basis, had the acquisition date been April 1, 2022), are as follows (in thousands): Amount Actual Naturium net sales from October 4, 2023 to December 31, 2023 $ 22,458 Supplemental pro forma combined net sales for the three months ended December 31, 2023 271,579 Supplemental pro forma combined net sales for the nine months ended December 31, 2023 744,583 Supplemental pro forma combined net sales for the three months ended December 31, 2022 159,811 Supplemental pro forma combined net sales for the nine months ended December 31, 2022 425,423 The unaudited pro forma financial information shown in the table above are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place at April 1, 2022 (the beginning of comparable period presented). The pro forma earnings of the combined companies are not presented as the effects of the Acquisition in earnings are not material in relation to the overall consolidated financial statements.

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
Goodwill and intangible assets	Dec. 31, 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 December 31, 2023 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 97,600 $ (72,100) $ 25,500 Customer relationships – e-commerce 3 years 22,240 (5,465) 16,775 Trademarks 10 to 15 years 128,000 (3,417) 124,583 Total finite-lived intangibles 247,840 (80,982) 166,858 Trademarks Indefinite 63,800 — 63,800 Goodwill 340,165 — 340,165 Total goodwill and other intangibles $ 651,805 $ (80,982) $ 570,823 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 December 31, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (63,840) $ 13,760 Customer relationships – e-commerce 3 years 3,940 (3,938) 2 Trademarks 10 years 3,500 (991) 2,509 Total finite-lived intangibles 85,040 (68,769) 16,271 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (68,769) $ 251,691 Amortization expenses on finite-lived intangible assets were $6.1 million and $2.0 million in the three months ended December 31, 2023 and December 31, 2022, respectively, and $10.2 million and $6.1 million in the nine months ended December 31, 2023 and December 31, 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 nine months ended December 31, 2023 and December 31, 2022. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of December 31, 2023 is as follows (in thousands): Remainder of fiscal 2024 $ 4,981 2025 17,630 2026 17,630 2027 14,580 2028 11,530 Thereafter 100,507 Total $ 166,858

Accrued expenses and other curr

Accrued expenses and other current liabilities	9 Months Ended
Accrued expenses and other current liabilities	Dec. 31, 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 December 31, 2023, March 31, 2023 and December 31, 2022 consisted of the following (in thousands): December 31, 2023 March 31, 2023 December 31, 2022 Accrued expenses $ 44,979 $ 22,726 $ 19,298 Accrued inventory 23,562 1,330 468 Accrued marketing 21,241 23,761 7,036 Current portion of operating lease liabilities 7,010 4,510 4,528 Accrued compensation 16,588 13,098 10,591 Taxes payable 9,937 2,851 5,076 Other current liabilities 6,311 2,698 2,801 Accrued expenses and other current liabilities $ 129,628 $ 70,974 $ 49,798

Debt

Debt	9 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of December 31, 2023, March 31, 2023 and December 31, 2022 consisted of the following (in thousands): December 31, 2023 March 31, 2023 December 31, 2022 Revolving line of credit (1) $ 89,500 $ — $ — Term loan (1) 176,063 66,250 67,500 Finance lease obligations 144 633 832 Total debt (2) 265,707 66,883 68,332 Less: debt issuance costs (910) (427) (465) Total debt, net of issuance costs 264,797 66,456 67,867 Less: current portion (100,394) (5,575) (5,690) Long-term portion of debt $ 164,403 $ 60,881 $ 62,177 (1) See further discussion below. As of December 31, 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 the Company’s assets and requires payment of an unused fee ranging from 0.10% to 0.30% (based on the Company’s 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 December 31, 2023 was $10.5 million. Prior to the Second 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%. The interest rate as of December 31, 2023 for the Amended Revolving Credit Facility and the Amended Term Loan Facility was approximately 6.7%. 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 5 hereto) and to pay related fees and expenses in connection with the Acquisition and Second Amendment. The interest rate as of December 31, 2023 for the Incremental Term Loan was approximately 6.9%. The Amended Credit Agreement contains a number of covenants that, among other things and subject to certain exceptions, restrict the Company’s ability to 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	9 Months Ended
Commitments and contingencies	Dec. 31, 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.

Income taxes

Income taxes	9 Months Ended
Income taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company’s quarterly tax provision is based upon an estimated annual effective tax rate as adjusted for any discrete items. The Company’s provision for income taxes were $3.5 million and $4.3 million for the three months ended December 31, 2023 and December 31, 2022, respectively, and $16.7 million and $10.5 million for the nine months ended December 31, 2023 and December 31, 2022, respectively, with an effective tax rate of 11.6% and 18.3% for the three months ended December 31, 2023 and December 31, 2022, respectively, and an effective tax rate of 12.8% and 18.9% for the nine months ended December 31, 2023 and December 31, 2022, respectively. The effective tax rate differs from the U.S. statutory tax rate primarily due to discrete tax benefit related to stock-based compensation.

Stock-based compensation

Stock-based compensation	9 Months Ended
Stock-based compensation	Dec. 31, 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 December 31, Nine months ended December 31, 2023 2022 2023 2022 Service-based vesting options $ 41 $ 89 $ 128 $ 266 Restricted stock and RSUs 11,001 7,168 29,331 21,567 Total stock compensation expense $ 11,042 $ 7,257 $ 29,459 $ 21,833 As of December 31, 2023, there was $0.1 million and $88.3 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 1.8 years for service-based stock options and 2.0 years for shares subject to RSAs and RSUs, respectively.

Repurchase of common stock

Repurchase of common stock	9 Months Ended
Repurchase of common stock	Dec. 31, 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 have an expiration date, 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 nine months ended December 31, 2023. A total of $17.1 million remains available for future share repurchases under the Share Repurchase Program as of December 31, 2023.

Net income per share

Net income per share	9 Months Ended
Net income per share	Dec. 31, 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 December 31, Nine months ended December 31, 2023 2022 2023 2022 Numerator: Net income $ 26,888 $ 19,105 $ 113,136 $ 45,284 Denominator: Weighted-average common shares outstanding – basic 55,140,887 52,707,406 54,503,518 52,239,761 Dilutive common equivalent shares from equity awards 2,889,228 3,132,731 3,046,576 2,666,304 Weighted-average common shares outstanding – diluted 58,030,115 55,840,137 57,550,094 54,906,065 Net income per share: Basic $ 0.49 $ 0.36 $ 2.08 $ 0.87 Diluted $ 0.46 $ 0.34 $ 1.97 $ 0.82 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 31,021 9,215 58,792 257,292

Leases

Leases	9 Months Ended
Leases	Dec. 31, 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 center in Ontario, California. 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. Supplemental balance sheet information related to leases as of December 31, 2023, March 31, 2023 and December 31, 2022 is as follows (in thousands): Classification December 31, 2023 March 31, 2023 December 31, 2022 Assets Operating lease assets Other assets $ 27,224 $ 14,071 $ 15,120 Finance lease assets (a) Other assets — 245 350 Total leased assets $ 27,224 $ 14,316 $ 15,470 Liabilities Current Operating Accrued expenses and other current liabilities $ 7,010 $ 4,510 $ 4,528 Finance Current portion of long-term debt and finance lease obligations 144 575 690 Noncurrent Operating Long-term operating lease obligations 21,720 11,201 12,329 Finance Long-term debt and finance lease obligations — 58 142 Total lease liabilities $ 28,874 $ 16,344 $ 17,689 _____________________ (a) Finance leases are recorded net of accumulated amortization of $1.5 million, $3.4 million and $3.3 million as of December 31, 2023, March 31, 2023 and December 31, 2022, respectively. For the three and nine months ended December 31, 2023 and December 31, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2023 2022 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 2,203 $ 1,149 $ 4,905 $ 3,458 Finance lease cost Amortization of leased assets SG&A expenses — 105 210 315 Interest on lease liabilities Interest expense, net 3 7 10 25 Total lease cost $ 2,206 $ 1,261 $ 5,125 $ 3,798 As of December 31, 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 $ 1,985 $ 87 $ 2,072 2025 8,434 58 8,492 2026 8,424 — 8,424 2027 5,060 — 5,060 2028 1,921 — 1,921 Thereafter 6,994 — 6,994 Total lease payments 32,818 145 32,963 Less: Interest 4,088 1 4,089 Present value of lease liabilities $ 28,730 $ 144 $ 28,874 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of December 31, 2023 and December 31, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 4.8 years 4.7 years Finance leases 0.4 years 1.1 years Weighted-average discount rate Operating leases 4.9 % 2.6 % Finance leases 1.6 % 2.8 %
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 center in Ontario, California. 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. Supplemental balance sheet information related to leases as of December 31, 2023, March 31, 2023 and December 31, 2022 is as follows (in thousands): Classification December 31, 2023 March 31, 2023 December 31, 2022 Assets Operating lease assets Other assets $ 27,224 $ 14,071 $ 15,120 Finance lease assets (a) Other assets — 245 350 Total leased assets $ 27,224 $ 14,316 $ 15,470 Liabilities Current Operating Accrued expenses and other current liabilities $ 7,010 $ 4,510 $ 4,528 Finance Current portion of long-term debt and finance lease obligations 144 575 690 Noncurrent Operating Long-term operating lease obligations 21,720 11,201 12,329 Finance Long-term debt and finance lease obligations — 58 142 Total lease liabilities $ 28,874 $ 16,344 $ 17,689 _____________________ (a) Finance leases are recorded net of accumulated amortization of $1.5 million, $3.4 million and $3.3 million as of December 31, 2023, March 31, 2023 and December 31, 2022, respectively. For the three and nine months ended December 31, 2023 and December 31, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2023 2022 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 2,203 $ 1,149 $ 4,905 $ 3,458 Finance lease cost Amortization of leased assets SG&A expenses — 105 210 315 Interest on lease liabilities Interest expense, net 3 7 10 25 Total lease cost $ 2,206 $ 1,261 $ 5,125 $ 3,798 As of December 31, 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 $ 1,985 $ 87 $ 2,072 2025 8,434 58 8,492 2026 8,424 — 8,424 2027 5,060 — 5,060 2028 1,921 — 1,921 Thereafter 6,994 — 6,994 Total lease payments 32,818 145 32,963 Less: Interest 4,088 1 4,089 Present value of lease liabilities $ 28,730 $ 144 $ 28,874 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of December 31, 2023 and December 31, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 4.8 years 4.7 years Finance leases 0.4 years 1.1 years Weighted-average discount rate Operating leases 4.9 % 2.6 % Finance leases 1.6 % 2.8 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 26,888	$ 33,271	$ 52,977	$ 19,105	$ 11,710	$ 14,469	$ 113,136	$ 45,284

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 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 December 31, 2023, March 31, 2023 and December 31, 2022, and its results of operations and stockholders' equity for the three and nine months ended December 31, 2023 and December 31, 2022 and its cash flows for the nine months ended December 31, 2023 and December 31, 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.
Business combinations	Business combinations The purchase price of a business acquisition is allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the business combination date. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Unanticipated events or circumstances may occur that could affect the accuracy of the Company’s fair value estimates, and under different assumptions, the resulting valuations could be materially different. Costs that are incurred to complete the business combination, such as legal and other professional fees, are not considered as a part of consideration transferred and are charged to selling, general and administrative expense as they are incurred.
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)	9 Months Ended
Summary of significant accounting policies (Tables)	Dec. 31, 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 December 31, Nine months ended December 31, Net sales by geographic region: 2023 2022 2023 2022 United States $ 229,101 $ 127,457 $ 599,552 $ 343,869 International 41,842 19,080 103,237 47,618 Total net sales $ 270,943 $ 146,537 $ 702,789 $ 391,487

Restricted cash (Tables)

Restricted cash (Tables)	9 Months Ended
Restricted cash (Tables)	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents, and Restricted Cash	The reconciliation of cash, cash equivalents and restricted cash recorded in the condensed consolidated balance sheets to amounts reported in the condensed consolidated statements of cash flows are as follows (in thousands): Nine months ended December 31, Balance sheet classification 2023 2022 Cash and cash equivalents Cash and cash equivalents $ 72,705 $ 87,021 Restricted cash held in escrow Prepaid expenses and other current assets 2,250 — Cash, cash equivalents and restricted cash - end of period $ 74,955 $ 87,021

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
Acquisition (Tables)	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Consideration Transferred	The following table summarizes the fair market value of the consideration transferred and how the Company calculates the goodwill resulting from the acquisition (in thousands): Cash consideration $ 275,266 Equity consideration (common stock issued) (1) 57,772 Total consideration transferred 333,038 Less: Net assets acquired Net assets acquired, excluding liability assumed for acquisition-related seller expenses $ 175,042 Liability assumed for acquisition-related seller expenses (2) (10,549) Net assets acquired (164,493) Goodwill $ 168,545 (1) The fair market value of the $57.8 million common stock issued (equivalent to 577,659 shares of common stock) was determined on the basis of the opening market price of the Company’s stock of $100.01 per share on the acquisition date. (2) In connection with the Acquisition, the Company paid Naturium’s acquisition-related expenses of $10.5 million recognized as an assumed liability at the acquisition date.
Schedule of Purchase Price Allocation and Intangible Assets and Liabilities Acquired	The following table presents the preliminary purchase price allocation recorded in the Company's condensed consolidated balance sheet on the acquisition date (in thousands): Cash $ 293 Accounts receivable 7,388 Inventory 16,282 Prepaid expenses and other current assets 1,899 Property and equipment 28 Goodwill (1) 168,545 Intangible assets 162,800 Total assets acquired 357,235 Accounts payable (15,897) Accrued expenses and other current liabilities (6,077) Net deferred tax liability (2,223) Total liabilities assumed (24,197) Total purchase price $ 333,038 (1) The goodwill represents the excess value over both tangible and intangible assets acquired and liabilities assumed. The goodwill recognized in this transaction is primarily attributable to the Company’s expectation that Naturium can continue to expand distribution and deliver new skincare products. A substantial amount of the goodwill is expected to be deductible for tax purposes. Intangible assets Fair Value Estimated Useful Life (in thousands) (in years) Fair Value Methodology Customer relationships – retailers $ 20,000 10 Excess earnings method Customer relationships – e-commerce 18,300 3 Excess earnings method and with and without method Trademarks 124,500 15 Relief from Royalty method Total identified intangible assets $ 162,800
Schedule of Acquisition Net Sales	The amounts of Naturium’s net sales included in the Company's condensed consolidated financial statements from the date of acquisition and the net sales of the combined companies on an unaudited pro forma basis, had the acquisition date been April 1, 2022), are as follows (in thousands): Amount Actual Naturium net sales from October 4, 2023 to December 31, 2023 $ 22,458 Supplemental pro forma combined net sales for the three months ended December 31, 2023 271,579 Supplemental pro forma combined net sales for the nine months ended December 31, 2023 744,583 Supplemental pro forma combined net sales for the three months ended December 31, 2022 159,811 Supplemental pro forma combined net sales for the nine months ended December 31, 2022 425,423

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
Goodwill and intangible assets (Tables)	Dec. 31, 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 December 31, 2023 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 97,600 $ (72,100) $ 25,500 Customer relationships – e-commerce 3 years 22,240 (5,465) 16,775 Trademarks 10 to 15 years 128,000 (3,417) 124,583 Total finite-lived intangibles 247,840 (80,982) 166,858 Trademarks Indefinite 63,800 — 63,800 Goodwill 340,165 — 340,165 Total goodwill and other intangibles $ 651,805 $ (80,982) $ 570,823 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 December 31, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (63,840) $ 13,760 Customer relationships – e-commerce 3 years 3,940 (3,938) 2 Trademarks 10 years 3,500 (991) 2,509 Total finite-lived intangibles 85,040 (68,769) 16,271 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (68,769) $ 251,691
Schedule of Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of December 31, 2023 is as follows (in thousands): Remainder of fiscal 2024 $ 4,981 2025 17,630 2026 17,630 2027 14,580 2028 11,530 Thereafter 100,507 Total $ 166,858

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	9 Months Ended
Accrued expenses and other current liabilities (Tables)	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of December 31, 2023, March 31, 2023 and December 31, 2022 consisted of the following (in thousands): December 31, 2023 March 31, 2023 December 31, 2022 Accrued expenses $ 44,979 $ 22,726 $ 19,298 Accrued inventory 23,562 1,330 468 Accrued marketing 21,241 23,761 7,036 Current portion of operating lease liabilities 7,010 4,510 4,528 Accrued compensation 16,588 13,098 10,591 Taxes payable 9,937 2,851 5,076 Other current liabilities 6,311 2,698 2,801 Accrued expenses and other current liabilities $ 129,628 $ 70,974 $ 49,798

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of December 31, 2023, March 31, 2023 and December 31, 2022 consisted of the following (in thousands): December 31, 2023 March 31, 2023 December 31, 2022 Revolving line of credit (1) $ 89,500 $ — $ — Term loan (1) 176,063 66,250 67,500 Finance lease obligations 144 633 832 Total debt (2) 265,707 66,883 68,332 Less: debt issuance costs (910) (427) (465) Total debt, net of issuance costs 264,797 66,456 67,867 Less: current portion (100,394) (5,575) (5,690) Long-term portion of debt $ 164,403 $ 60,881 $ 62,177 (1) See further discussion below. As of December 31, 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)	9 Months Ended
Stock-based compensation (Tables)	Dec. 31, 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 December 31, Nine months ended December 31, 2023 2022 2023 2022 Service-based vesting options $ 41 $ 89 $ 128 $ 266 Restricted stock and RSUs 11,001 7,168 29,331 21,567 Total stock compensation expense $ 11,042 $ 7,257 $ 29,459 $ 21,833

Net income per share (Tables)

Net income per share (Tables)	9 Months Ended
Net income per share (Tables)	Dec. 31, 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 December 31, Nine months ended December 31, 2023 2022 2023 2022 Numerator: Net income $ 26,888 $ 19,105 $ 113,136 $ 45,284 Denominator: Weighted-average common shares outstanding – basic 55,140,887 52,707,406 54,503,518 52,239,761 Dilutive common equivalent shares from equity awards 2,889,228 3,132,731 3,046,576 2,666,304 Weighted-average common shares outstanding – diluted 58,030,115 55,840,137 57,550,094 54,906,065 Net income per share: Basic $ 0.49 $ 0.36 $ 2.08 $ 0.87 Diluted $ 0.46 $ 0.34 $ 1.97 $ 0.82 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 31,021 9,215 58,792 257,292

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Schedule of Balance Sheet Information	Supplemental balance sheet information related to leases as of December 31, 2023, March 31, 2023 and December 31, 2022 is as follows (in thousands): Classification December 31, 2023 March 31, 2023 December 31, 2022 Assets Operating lease assets Other assets $ 27,224 $ 14,071 $ 15,120 Finance lease assets (a) Other assets — 245 350 Total leased assets $ 27,224 $ 14,316 $ 15,470 Liabilities Current Operating Accrued expenses and other current liabilities $ 7,010 $ 4,510 $ 4,528 Finance Current portion of long-term debt and finance lease obligations 144 575 690 Noncurrent Operating Long-term operating lease obligations 21,720 11,201 12,329 Finance Long-term debt and finance lease obligations — 58 142 Total lease liabilities $ 28,874 $ 16,344 $ 17,689 _____________________ (a) Finance leases are recorded net of accumulated amortization of $1.5 million, $3.4 million and $3.3 million as of December 31, 2023, March 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and December 31, 2022, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 4.8 years 4.7 years Finance leases 0.4 years 1.1 years Weighted-average discount rate Operating leases 4.9 % 2.6 % Finance leases 1.6 % 2.8 %
Schedule of Components of Lease Expense	For the three and nine months ended December 31, 2023 and December 31, 2022, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2023 2022 2023 2022 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 2,203 $ 1,149 $ 4,905 $ 3,458 Finance lease cost Amortization of leased assets SG&A expenses — 105 210 315 Interest on lease liabilities Interest expense, net 3 7 10 25 Total lease cost $ 2,206 $ 1,261 $ 5,125 $ 3,798
Schedule of Maturities of Operating Lease Liabilities	As of December 31, 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 $ 1,985 $ 87 $ 2,072 2025 8,434 58 8,492 2026 8,424 — 8,424 2027 5,060 — 5,060 2028 1,921 — 1,921 Thereafter 6,994 — 6,994 Total lease payments 32,818 145 32,963 Less: Interest 4,088 1 4,089 Present value of lease liabilities $ 28,730 $ 144 $ 28,874
Schedule of Maturities of Finance Lease Liabilities	As of December 31, 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 $ 1,985 $ 87 $ 2,072 2025 8,434 58 8,492 2026 8,424 — 8,424 2027 5,060 — 5,060 2028 1,921 — 1,921 Thereafter 6,994 — 6,994 Total lease payments 32,818 145 32,963 Less: Interest 4,088 1 4,089 Present value of lease liabilities $ 28,730 $ 144 $ 28,874

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	9 Months Ended
	Dec. 31, 2023 segment distribution_channel
Accounting Policies [Abstract]
Number of operating segments	1
Number of reporting segments	1
Number of distribution channels \| distribution_channel	2

Summary of significant accoun_5

Summary of significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 270,943	$ 146,537	$ 702,789	$ 391,487
United States
Disaggregation of Revenue [Line Items]
Total net sales	229,101	127,457	599,552	343,869
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 41,842	$ 19,080	$ 103,237	$ 47,618

Restricted cash - Narrative (De

Restricted cash - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 74,955	$ 120,778	$ 87,021	$ 43,353
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,250		$ 0

Restricted cash - Schedule of C

Restricted cash - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 74,955	$ 120,778	$ 87,021	$ 43,353
Cash and cash equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	72,705		87,021
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,250		$ 0

Investment in equity securiti_2

Investment in equity securities - (Details) - USD ($)	3 Months Ended
Investment in equity securities - (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 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

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Thousands	Oct. 04, 2023	Dec. 31, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Acquisition transaction cost		$ 600	$ 3,100
Naturium LLC
Business Acquisition [Line Items]
Total consideration transferred	$ 333,038
Equity consideration (common stock issued)	$ 57,772

Acquisition - Schedule of Consi

Acquisition - Schedule of Consideration Transferred (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 04, 2023	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 340,165	$ 171,620	$ 171,620
Naturium LLC
Business Acquisition [Line Items]
Cash consideration	$ 275,266
Equity consideration (common stock issued)	57,772
Total consideration transferred	333,038
Net assets acquired, excluding liability assumed for acquisition-related seller expenses	175,042
Liability assumed for acquisition-related seller expenses	(10,549)
Net assets acquired	(164,493)
Goodwill	$ 168,545
Common stock issued (in shares)	577,659
Business acquisition, share price (in usd per share)	$ 100.01

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 04, 2023	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 340,165		$ 171,620	$ 171,620
Naturium LLC
Business Acquisition [Line Items]
Cash		$ 293
Accounts receivable		7,388
Inventory		16,282
Prepaid expenses and other current assets		1,899
Property and equipment		28
Goodwill		168,545
Intangible assets		162,800
Total assets acquired		357,235
Accounts payable		(15,897)
Accrued expenses and other current liabilities		(6,077)
Net deferred tax liability		(2,223)
Total liabilities assumed		(24,197)
Total purchase price		$ 333,038

Acquisition - Schedule of Goodw

Acquisition - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 04, 2023	Mar. 31, 2023	Dec. 31, 2022
Customer relationships – e-commerce
Business Acquisition [Line Items]
Estimated useful life	3 years		3 years	3 years
Trademarks
Business Acquisition [Line Items]
Estimated useful life			10 years	10 years
Naturium LLC
Business Acquisition [Line Items]
Intangible assets		$ 162,800
Naturium LLC \| Customer relationships – retailers
Business Acquisition [Line Items]
Intangible assets		$ 20,000
Estimated useful life		10 years
Naturium LLC \| Customer relationships – e-commerce
Business Acquisition [Line Items]
Intangible assets		$ 18,300
Estimated useful life		3 years
Naturium LLC \| Trademarks
Business Acquisition [Line Items]
Intangible assets		$ 124,500
Estimated useful life		15 years

Acquisition - Schedule of Acqui

Acquisition - Schedule of Acquisition Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Naturium LLC
Business Acquisition [Line Items]
Pro forma revenue	$ 271,579	$ 22,458	$ 159,811	$ 744,583	$ 425,423

Goodwill and intangible asset_2

Goodwill and intangible assets - Information Regarding Company's Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite-lived intangibles, Gross carrying amount	$ 247,840	$ 85,040	$ 85,040
Finite-lived intangibles, Accumulated amortization	(80,982)	(70,799)	(68,769)
Finite-lived intangibles, Net carrying amount	166,858	14,241	16,271
Goodwill	340,165	171,620	171,620
Goodwill and other intangibles, Gross carrying amount	651,805	320,460	320,460
Goodwill and other intangibles, Accumulated amortization	(80,982)	(70,799)	(68,769)
Goodwill and other intangibles, Net carrying amount	570,823	249,661	251,691
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	97,600	77,600	77,600
Finite-lived intangibles, Accumulated amortization	(72,100)	(65,780)	(63,840)
Finite-lived intangibles, Net carrying amount	$ 25,500	$ 11,820	$ 13,760
Estimated 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	$ 22,240	$ 3,940	$ 3,940
Finite-lived intangibles, Accumulated amortization	(5,465)	(3,940)	(3,938)
Finite-lived intangibles, Net carrying amount	$ 16,775	$ 0	$ 2
Estimated useful life	3 years	3 years	3 years
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite-lived intangibles, Gross carrying amount	$ 128,000	$ 3,500	$ 3,500
Finite-lived intangibles, Accumulated amortization	(3,417)	(1,079)	(991)
Finite-lived intangibles, Net carrying amount	$ 124,583	$ 2,421	$ 2,509
Estimated useful life		10 years	10 years
Trademarks \| Minimum
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years
Trademarks \| Maximum
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	15 years

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Depreciation and amortization	$ 6,100,000	$ 2,000,000	$ 10,200,000	$ 6,100,000
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	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2024	$ 4,981
2025	17,630
2026	17,630
2027	14,580
2028	11,530
Thereafter	100,507
Finite-lived intangibles, Net carrying amount	$ 166,858	$ 14,241	$ 16,271

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 44,979	$ 22,726	$ 19,298
Accrued inventory	23,562	1,330	468
Accrued marketing	21,241	23,761	7,036
Current portion of operating lease liabilities	7,010	4,510	4,528
Accrued compensation	16,588	13,098	10,591
Taxes payable	9,937	2,851	5,076
Other current liabilities	6,311	2,698	2,801
Accrued expenses and other current liabilities	$ 129,628	$ 70,974	$ 49,798

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Revolving line of credit	$ 89,500	$ 0	$ 0
Finance lease obligations	144	633	832
Total debt	265,707	66,883	68,332
Less: debt issuance costs	(910)	(427)	(465)
Total debt, net of issuance costs	264,797	66,456	67,867
Less: current portion	(100,394)	(5,575)	(5,690)
Long-term portion of debt	164,403	60,881	62,177
Term Loan
Debt Instrument [Line Items]
Term loan	$ 176,063	$ 66,250	$ 67,500

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Aug. 28, 2023	Mar. 29, 2023	Apr. 30, 2021	Dec. 31, 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				$ 10,500,000
Interest rate at period end				6.70%
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 Revolving Credit Facility \| Term Loan
Debt Instrument [Line Items]
Interest rate at period end				6.70%
Amended Term Loan Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 100,000,000
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 at period end				6.90%
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%

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 3,528	$ 4,277	$ 16,673	$ 10,531
Effective income tax rate (percentage)	11.60%	18.30%	12.80%	18.90%

Stock-based compensation - Sche

Stock-based compensation - Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 11,042	$ 7,257	$ 29,459	$ 21,833
Service-based vesting options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	41	89	128	266
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 11,001	$ 7,168	$ 29,331	$ 21,567

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) $ in Millions	9 Months Ended
	Dec. 31, 2023 USD ($)
Service-based vesting options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 0.1
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	1 year 9 months 18 days
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 88.3
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	2 years

Repurchase of common stock (Det

Repurchase of common stock (Details) - USD ($)	3 Months Ended	9 Months Ended
Repurchase of common stock (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 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						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ 26,888	$ 33,271	$ 52,977	$ 19,105	$ 11,710	$ 14,469	$ 113,136	$ 45,284
Denominator:
Weighted average common shares outstanding - basic (in shares)	55,140,887			52,707,406			54,503,518	52,239,761
Dilutive common equivalent shares from equity awards (in shares)	2,889,228			3,132,731			3,046,576	2,666,304
Weighted average common shares outstanding - diluted (in shares)	58,030,115			55,840,137			57,550,094	54,906,065
Net income per share:
Basic (in USD per share)	$ 0.49			$ 0.36			$ 2.08	$ 0.87
Diluted (in USD per share)	$ 0.46			$ 0.34			$ 1.97	$ 0.82
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	31,021			9,215			58,792	257,292

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	9 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($) renewal_option	Dec. 31, 2022 USD ($)
Leases [Abstract]
Number of options to renew \| renewal_option	1
Lessee operating lease, option to extend	5 years
Operating cash flows from operating leases \| $	$ 3.2	$ 3.6

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 27,224	$ 14,071	$ 15,120
Finance lease assets	0	245	350
Total leased assets	27,224	14,316	15,470
Current
Operating	7,010	4,510	4,528
Finance	144	575	690
Noncurrent
Operating	21,720	11,201	12,329
Finance	0	58	142
Total lease liabilities	$ 28,874	$ 16,344	$ 17,689
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	$ 1,500	$ 3,400	$ 3,300

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 2,203	$ 1,149	$ 4,905	$ 3,458
Finance lease cost
Amortization of leased assets	0	105	210	315
Interest on lease liabilities	3	7	10	25
Total lease cost	$ 2,206	$ 1,261	$ 5,125	$ 3,798

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Operating leases
Remainder of fiscal 2024	$ 1,985
2025	8,434
2026	8,424
2027	5,060
2028	1,921
Thereafter	6,994
Total lease payments	32,818
Less: Interest	4,088
Present value of lease liabilities	28,730
Finance leases
Remainder of fiscal 2024	87
2025	58
2026	0
2027	0
2028	0
Thereafter	0
Total lease payments	145
Less: Interest	1
Present value of lease liabilities	144	$ 633	$ 832
Total
Remainder of fiscal 2024	2,072
2025	8,492
2026	8,424
2027	5,060
2028	1,921
Thereafter	6,994
Total lease payments	32,963
Less: Interest	4,089
Total lease liabilities	$ 28,874	$ 16,344	$ 17,689

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term
Operating leases	4 years 9 months 18 days	4 years 8 months 12 days
Finance leases	4 months 24 days	1 year 1 month 6 days
Weighted-average discount rate
Operating leases	4.90%	2.60%
Finance leases	1.60%	2.80%