e.l.f. Beauty (ELF) 10-Q7 Nov 242025 Q2 Quarterly reportFinancial data

Company Profile

Cover page

Cover page - shares	6 Months Ended
Cover page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		56,331,038
Amendment Flag	false
Document Fiscal Year Focus	2025
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, 2024	Mar. 31, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 96,768	$ 108,183	$ 167,763
Accounts receivable, net	146,559	123,797	86,683
Inventory, net	238,798	191,489	147,228
Prepaid expenses and other current assets	71,914	53,608	33,772
Total current assets	554,039	477,077	435,446
Property and equipment, net	15,563	13,974	7,624
Intangible assets, net	216,396	225,094	73,986
Goodwill	340,582	340,600	171,620
Other assets	110,435	72,502	58,260
Total assets	1,237,015	1,129,247	746,936
Current liabilities:
Current portion of long-term debt	100,250	100,307	5,228
Accounts payable	93,617	81,075	63,736
Accrued expenses and other current liabilities	117,030	117,733	83,407
Total current liabilities	310,897	299,115	152,371
Long-term debt	156,648	161,819	57,735
Deferred tax liabilities	4,833	3,666	4,901
Long-term operating lease obligations	36,176	21,459	14,559
Other long-term liabilities	766	616	942
Total liabilities	509,320	486,675	230,508
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, 2024, March 31, 2024 and September 30, 2023; 56,331,038, 55,583,660 and 54,621,561 shares issued and outstanding as of September 30, 2024, March 31, 2024 and September 30, 2023, respectively	562	555	545
Additional paid-in capital	954,455	936,403	851,634
Accumulated other comprehensive income (loss)	439	(50)	0
Accumulated deficit	(227,761)	(294,336)	(335,751)
Total stockholders' equity	727,695	642,572	516,428
Total liabilities and stockholders' equity	$ 1,237,015	$ 1,129,247	$ 746,936

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
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)	56,331,038	55,583,660	54,621,561
Common stock, shares outstanding (in shares)	56,331,038	55,583,660	54,621,561

Condensed consolidated statemen

Condensed consolidated statements of operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 301,075	$ 215,507	$ 625,552	$ 431,846
Cost of sales	87,016	63,142	180,210	126,909
Gross profit	214,059	152,365	445,342	304,937
Selling, general and administrative expenses	186,141	112,186	366,716	204,125
Operating income	27,918	40,179	78,626	100,812
Other income (expense), net	3,791	(1,062)	3,978	(663)
Impairment of equity investment	0	0	0	(1,720)
Interest (expense) income, net	(3,761)	623	(7,426)	964
Income before provision for income taxes	27,948	39,740	75,178	99,393
Income tax provision	(8,928)	(6,469)	(8,603)	(13,145)
Net income	$ 19,020	$ 33,271	$ 66,575	$ 86,248
Net income per share:
Basic (in USD per share)	$ 0.34	$ 0.61	$ 1.19	$ 1.59
Diluted (in USD per share)	$ 0.33	$ 0.58	$ 1.14	$ 1.50
Weighted average shares outstanding:
Basic (in shares)	56,345,648	54,425,384	56,160,796	54,183,091
Diluted (in shares)	58,482,530	57,438,152	58,517,993	57,308,342

Condensed consolidated statem_2

Condensed consolidated statements of comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,020	$ 33,271	$ 66,575	$ 86,248
Other comprehensive income, net of tax
Foreign currency translation adjustment	448	0	489	0
Other comprehensive income, net of tax	448	0	489	0
Comprehensive income	$ 19,468	$ 33,271	$ 67,064	$ 86,248

Condensed consolidated statem_3

Condensed consolidated statements of stockholders' equity (unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Mar. 31, 2023		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		53,571,577
Beginning balance at Mar. 31, 2023	411,017	$ 535	832,481	0	(421,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	86,248
Foreign currency translation adjustment	$ 0
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	0	(335,751)
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
Foreign currency translation adjustment	$ 0
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	0	(335,751)
Beginning balance (in shares) at Mar. 31, 2024	55,583,660	55,508,536
Beginning balance at Mar. 31, 2024	$ 642,572	$ 555	936,403	(50)	(294,336)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,555				47,555
Stock-based compensation	12,958		12,958
Exercise of stock options and vesting of restricted stock (in shares)		878,925
Exercise of stock options and vesting of restricted stock	464	$ 8	456
Foreign currency translation adjustment	41			41
Ending balance (in shares) at Jun. 30, 2024		56,387,461
Ending balance at Jun. 30, 2024	$ 703,590	$ 563	949,817	(9)	(246,781)
Beginning balance (in shares) at Mar. 31, 2024	55,583,660	55,508,536
Beginning balance at Mar. 31, 2024	$ 642,572	$ 555	936,403	(50)	(294,336)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 66,575
Repurchase of common stock (in shares)	108,753
Repurchase of common stock	$ (17,100)
Foreign currency translation adjustment	$ 489
Ending balance (in shares) at Sep. 30, 2024	56,331,038	56,331,038
Ending balance at Sep. 30, 2024	$ 727,695	$ 562	954,455	439	(227,761)
Beginning balance (in shares) at Jun. 30, 2024		56,387,461
Beginning balance at Jun. 30, 2024	703,590	$ 563	949,817	(9)	(246,781)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,020				19,020
Stock-based compensation	21,644		21,644
Exercise of stock options and vesting of restricted stock (in shares)		52,330
Exercise of stock options and vesting of restricted stock	$ 69		69
Repurchase of common stock (in shares)	108,753	(108,753)
Repurchase of common stock	$ (17,076)	$ (1)	(17,075)
Foreign currency translation adjustment	$ 448			448
Ending balance (in shares) at Sep. 30, 2024	56,331,038	56,331,038
Ending balance at Sep. 30, 2024	$ 727,695	$ 562	$ 954,455	$ 439	$ (227,761)

Condensed consolidated statem_4

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 66,575	$ 86,248
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and non-cash lease expense	23,803	12,311
Stock-based compensation expense	34,612	18,417
Amortization of debt issuance costs and discount on debt	276	149
Deferred income taxes	1,324	1,159
Impairment of equity investment	0	1,720
Other, net	18	221
Changes in operating assets and liabilities:
Accounts receivable	(21,221)	(18,812)
Inventory	(45,071)	(65,904)
Prepaid expenses and other assets	(48,863)	(27,090)
Accounts payable and accrued expenses	5,188	45,112
Other liabilities	(4,192)	(2,261)
Net cash provided by operating activities	12,449	51,270
Cash flows from investing activities:
Purchase of property and equipment	(2,409)	(1,465)
Other, net	(93)	0
Net cash used in investing activities	(2,502)	(1,465)
Cash flows from financing activities:
Repayment of long-term debt	(5,375)	(2,500)
Debt issuance costs paid	0	(665)
Repurchase of common stock	(17,076)	0
Proceeds from exercise of stock options	533	750
Other, net	(58)	(405)
Net cash used in financing activities	(21,976)	(2,820)
Effect of exchange rate changes on cash and cash equivalents	614	0
Net (decrease) increase in cash and cash equivalents	(11,415)	46,985
Cash and cash equivalents - beginning of period	108,183	120,778
Cash and cash equivalents - end of period	$ 96,768	$ 167,763

Nature of operations

Nature of operations	6 Months Ended
Nature of operations	Sep. 30, 2024
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 skin care 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	6 Months Ended
Summary of significant accounting policies	Sep. 30, 2024
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, 2024, March 31, 2024 and September 30, 2023, and its results of operations and stockholders' equity for the three and six months ended September 30, 2024 and September 30, 2023 and its cash flows for the six months ended September 30, 2024 and September 30, 2023. 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, 2024 (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, 2024 included in the Annual Report. 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 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: 2024 2023 2024 2023 United States $ 236,655 $ 181,857 $ 508,022 $ 370,451 International 64,420 33,650 117,530 61,395 Total net sales $ 301,075 $ 215,507 $ 625,552 $ 431,846 As of September 30, 2024, 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 New accounting pronouncements issued but not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280). The standard expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. ASU 2023-07 is effective for the Company’s annual period beginning April 1, 2024, and interim periods within fiscal years beginning April 1, 2025. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company expects ASU 2023-07 to only impact its disclosures with no impacts to the Company’s results of operations, cash flows, and financial condition. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new requirements apply to all entities subject to income taxes and will be effective for the Company’s annual periods beginning April 1, 2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and early adoption is permitted. The Company expects ASU 2023-09 to only impact its disclosures with no impacts to the Company’s results of operations, cash flows, and financial condition.

Acquisition

Acquisition	6 Months Ended
Acquisition	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition On October 4, 2023, the Company, through its wholly owned subsidiary, e.l.f. Cosmetics, Inc., completed its acquisition of Naturium LLC (“Naturium”) (including the indirect acquisition of equity interests in Naturium through the purchase of TCB-N Prelude Blocker Corp., a 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 skin care 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 in a combination of cash and Company stock. 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 $ 174,625 Liability assumed for acquisition-related seller expenses (2) (10,549) Net assets acquired (164,076) Goodwill $ 168,962 (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 zero and $2.4 million during the three months ended September 30, 2024 and September 30, 2023, respectively, and $0.4 million and $2.4 million during the six months ended September 30, 2024 and September 30, 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 were finalized during the quarter ended September 30, 2024. 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 purchase price allocation recorded in the Company's condensed consolidated balance sheet on the acquisition date and upon finalization during the quarter ended September 30, 2024. The adjustment reflects finalization of purchase accounting for facts and circumstances that existed upon the acquisition date as follows (in thousands): Cash $ 293 Accounts receivable 7,388 Inventory 16,236 Prepaid expenses and other current assets 1,899 Goodwill (1) 168,962 Intangible assets 162,100 Total assets acquired 356,878 Accounts payable (15,897) Accrued expenses and other current liabilities (6,025) Net deferred tax liability (1,918) Total liabilities assumed (23,840) 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 skin care products. A substantial amount of the goodwill is expected to be deductible for tax purposes. Intangible assets The estimated fair values (all considered level 3 measurements) of the identifiable intangible assets acquired as of the acquisition date, their estimated useful lives and fair value methodology are as follows: 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 17,600 3 Excess earnings method and with and without method Trademarks 124,500 15 Relief from Royalty method Total identified intangible assets $ 162,100

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
Goodwill and intangible assets	Sep. 30, 2024
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, 2024 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 97,600 $ (74,833) $ 22,767 Customer relationships – e-commerce 3 years 21,540 (9,807) 11,733 Trademarks 10 to 15 years 128,000 (9,904) 118,096 Total finite-lived intangibles 247,140 (94,544) 152,596 Trademarks Indefinite 63,800 — 63,800 Goodwill 340,582 — 340,582 Total goodwill and other intangibles $ 651,522 $ (94,544) $ 556,978 Information regarding the Company’s goodwill and intangible assets as of March 31, 2024 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 97,600 $ (73,393) $ 24,207 Customer relationships – e-commerce 3 years 21,540 (6,874) 14,666 Trademarks 10 to 15 years 128,000 (5,579) 122,421 Total finite-lived intangibles 247,140 (85,846) 161,294 Trademarks Indefinite 63,800 — 63,800 Goodwill 340,600 — 340,600 Total goodwill and other intangibles $ 651,540 $ (85,846) $ 565,694 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 Amortization expenses on finite-lived intangible assets were $4.3 million and $2.0 million in the three months ended September 30, 2024 and September 30, 2023, respectively, and $8.7 million and $4.1 million in the six months ended September 30, 2024 and September 30, 2023, 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, 2024 and September 30, 2023. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2024 is as follows (in thousands): Remainder of fiscal 2025 $ 8,698 2026 17,397 2027 14,463 2028 11,530 2029 11,530 Thereafter 88,978 Total $ 152,596

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
Accrued expenses and other current liabilities	Sep. 30, 2024
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, 2024, March 31, 2024 and September 30, 2023 consisted of the following (in thousands): September 30, 2024 March 31, 2024 September 30, 2023 Accrued expenses $ 44,535 $ 37,782 $ 28,249 Accrued inventory 21,103 16,478 19,247 Accrued marketing 20,887 29,282 17,084 Current portion of operating lease liabilities 8,192 7,016 4,172 Accrued compensation 11,864 17,423 8,199 Taxes payable 8,204 5,814 4,343 Other current liabilities 2,245 3,938 2,113 Accrued expenses and other current liabilities $ 117,030 $ 117,733 $ 83,407

Debt

Debt	6 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of September 30, 2024, March 31, 2024 and September 30, 2023 consisted of the following (in thousands): September 30, 2024 March 31, 2024 September 30, 2023 Revolving line of credit (1) $ 89,500 $ 89,500 $ — Term loan (1) 168,000 173,375 63,750 Finance lease obligations — 57 228 Total debt (2) 257,500 262,932 63,978 Less: debt issuance costs (602) (806) (1,015) Total debt, net of issuance costs 256,898 262,126 62,963 Less: current portion (100,250) (100,307) (5,228) Long-term portion of debt $ 156,648 $ 161,819 $ 57,735 (1) See further discussion below. As of September 30, 2024, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement (as defined below). (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 September 30, 2024 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 September 30, 2024 for the Amended Revolving Credit Facility and the Amended Term Loan Facility was approximately 6.0%. Second Amendment to 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 3 hereto) and to pay related fees and expenses in connection with the Acquisition and Second Amendment. The interest rate as of September 30, 2024 for the Incremental Term Loan was approximately 6.2%. 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. Third Amendment to Amended Credit Agreement On August 26, 2024, the Company entered into the Third Amendment to Amended and Restated Credit Agreement (the “Third Amendment”). Pursuant to the Third Amendment, the Company increased its capacity to make restricted payments, provided that after giving effect to any such payment, the Company complies with a certain consolidated total net leverage ratio.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Sep. 30, 2024
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	6 Months Ended
Income taxes	Sep. 30, 2024
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 income tax provision was $8.9 million and $6.5 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $8.6 million and $13.1 million for the six months ended September 30, 2024 and September 30, 2023, respectively, with an effective tax rate of 31.9% and 16.3% for the three months ended September 30, 2024 and September 30, 2023, respectively, and an effective tax rate of 11.4% and 13.2% for the six months ended September 30, 2024 and September 30, 2023, 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	6 Months Ended
Stock-based compensation	Sep. 30, 2024
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, 2024 2023 2024 2023 Service-based vesting options $ 18 $ 41 $ 37 $ 87 Restricted stock and RSUs 21,630 11,176 34,575 18,330 Total stock compensation expense $ 21,648 $ 11,217 $ 34,612 $ 18,417 As of September 30, 2024, there was $0.1 million and $109.0 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 1.0 year for service-based stock options and 1.8 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, 2024
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. This share repurchase program was exhausted following the Company’s repurchase of a total of 108,753 shares for $17.1 million at an average price of $157.04 per share during the three months ended September 30, 2024. The shares were immediately retired after repurchase. On August 27, 2024, the Company announced that its board of directors authorized a new share repurchase program to acquire up to $500.0 million of the Company’s common stock (the “2024 Share Repurchase Program”). Purchases under the 2024 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 2024 Share Repurchase Program will be determined based on market conditions, share price and other factors. The 2024 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 shares will be purchased under the 2024 Share Repurchase Program. Any shares that will be repurchased 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 2024 Share Repurchase Program. The Company did not repurchase any shares under the 2024 Share Repurchase Program during the three and six months ended September 30, 2024. A total of $500.0 million remains available for future share repurchases under the 2024 Share Repurchase Program as of September 30, 2024.

Net income per share

Net income per share	6 Months Ended
Net income per share	Sep. 30, 2024
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, 2024 2023 2024 2023 Numerator: Net income $ 19,020 $ 33,271 $ 66,575 $ 86,248 Denominator: Weighted-average common shares outstanding – basic 56,345,648 54,425,384 56,160,796 54,183,091 Dilutive common equivalent shares from equity awards 2,136,882 3,012,768 2,357,197 3,125,251 Weighted-average common shares outstanding – diluted 58,482,530 57,438,152 58,517,993 57,308,342 Net income per share: Basic $ 0.34 $ 0.61 $ 1.19 $ 1.59 Diluted $ 0.33 $ 0.58 $ 1.14 $ 1.50 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 318,072 3,947 210,732 72,677

Leases

Leases	6 Months Ended
Leases	Sep. 30, 2024
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. Supplemental balance sheet information related to leases as of September 30, 2024, March 31, 2024 and September 30, 2023 is as follows (in thousands): Classification September 30, 2024 March 31, 2024 September 30, 2023 Assets Operating lease assets Other assets $ 43,289 $ 27,415 $ 17,269 Finance lease assets (a) Other assets — — 35 Total leased assets $ 43,289 $ 27,415 $ 17,304 Liabilities Current Operating Accrued expenses and other current liabilities $ 8,192 $ 7,016 $ 4,172 Finance Current portion of long-term debt — 57 228 Noncurrent Operating Long-term operating lease obligations 36,176 21,459 14,559 Total lease liabilities $ 44,368 $ 28,532 $ 18,959 _____________________ (a) Finance leases are recorded net of accumulated amortization of $1.3 million, $1.5 million and $3.6 million as of September 30, 2024, March 31, 2024 and September 30, 2023, respectively. For the three and six months ended September 30, 2024 and September 30, 2023, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2024 2023 2024 2023 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 3,046 $ 1,425 $ 5,563 $ 2,702 Finance lease cost Amortization of leased assets SG&A expenses — 105 — 210 Interest on lease liabilities Interest expense, net — 3 — 7 Total lease cost $ 3,046 $ 1,533 $ 5,563 $ 2,919 As of September 30, 2024, the aggregate future minimum lease payments under non-cancellable operating leases presented in accordance with ASC 842 are as follows (in thousands): Remainder of fiscal 2025 $ 4,609 2026 6,114 2027 8,484 2028 5,705 2029 6,011 Thereafter 28,797 Total lease payments 59,720 Less: Interest 15,352 Present value of lease liabilities $ 44,368 As of September 30, 2024 and September 30, 2023, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2024 September 30, 2023 Weighted-average remaining lease term Operating leases 6.6 years 5.9 years Finance leases — 0.7 years Weighted-average discount rate Operating leases 5.9 % 3.7 % Finance leases — % 1.6 % Operating cash outflows from operating leases for the six months ended September 30, 2024 and September 30, 2023 were $4.6 million and $2.5 million, respectively. Right-of-use assets obtained in exchange for lease obligations for the six months ended September 30, 2024 and September 30, 2023 were $19.6 million and $5.3 million, respectively.
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. Supplemental balance sheet information related to leases as of September 30, 2024, March 31, 2024 and September 30, 2023 is as follows (in thousands): Classification September 30, 2024 March 31, 2024 September 30, 2023 Assets Operating lease assets Other assets $ 43,289 $ 27,415 $ 17,269 Finance lease assets (a) Other assets — — 35 Total leased assets $ 43,289 $ 27,415 $ 17,304 Liabilities Current Operating Accrued expenses and other current liabilities $ 8,192 $ 7,016 $ 4,172 Finance Current portion of long-term debt — 57 228 Noncurrent Operating Long-term operating lease obligations 36,176 21,459 14,559 Total lease liabilities $ 44,368 $ 28,532 $ 18,959 _____________________ (a) Finance leases are recorded net of accumulated amortization of $1.3 million, $1.5 million and $3.6 million as of September 30, 2024, March 31, 2024 and September 30, 2023, respectively. For the three and six months ended September 30, 2024 and September 30, 2023, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2024 2023 2024 2023 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 3,046 $ 1,425 $ 5,563 $ 2,702 Finance lease cost Amortization of leased assets SG&A expenses — 105 — 210 Interest on lease liabilities Interest expense, net — 3 — 7 Total lease cost $ 3,046 $ 1,533 $ 5,563 $ 2,919 As of September 30, 2024, the aggregate future minimum lease payments under non-cancellable operating leases presented in accordance with ASC 842 are as follows (in thousands): Remainder of fiscal 2025 $ 4,609 2026 6,114 2027 8,484 2028 5,705 2029 6,011 Thereafter 28,797 Total lease payments 59,720 Less: Interest 15,352 Present value of lease liabilities $ 44,368 As of September 30, 2024 and September 30, 2023, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2024 September 30, 2023 Weighted-average remaining lease term Operating leases 6.6 years 5.9 years Finance leases — 0.7 years Weighted-average discount rate Operating leases 5.9 % 3.7 % Finance leases — % 1.6 % Operating cash outflows from operating leases for the six months ended September 30, 2024 and September 30, 2023 were $4.6 million and $2.5 million, respectively. Right-of-use assets obtained in exchange for lease obligations for the six months ended September 30, 2024 and September 30, 2023 were $19.6 million and $5.3 million, respectively.

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, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 19,020	$ 47,555	$ 33,271	$ 52,977	$ 66,575	$ 86,248

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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)	6 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 2024
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, 2024, March 31, 2024 and September 30, 2023, and its results of operations and stockholders' equity for the three and six months ended September 30, 2024 and September 30, 2023 and its cash flows for the six months ended September 30, 2024 and September 30, 2023. 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 New accounting pronouncements issued but not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280). The standard expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. ASU 2023-07 is effective for the Company’s annual period beginning April 1, 2024, and interim periods within fiscal years beginning April 1, 2025. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company expects ASU 2023-07 to only impact its disclosures with no impacts to the Company’s results of operations, cash flows, and financial condition. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new requirements apply to all entities subject to income taxes and will be effective for the Company’s annual periods beginning April 1, 2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and early adoption is permitted. The Company expects ASU 2023-09 to only impact its disclosures with no impacts to the Company’s results of operations, cash flows, and financial condition.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	6 Months Ended
Summary of significant accounting policies (Tables)	Sep. 30, 2024
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: 2024 2023 2024 2023 United States $ 236,655 $ 181,857 $ 508,022 $ 370,451 International 64,420 33,650 117,530 61,395 Total net sales $ 301,075 $ 215,507 $ 625,552 $ 431,846

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
Acquisition (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 $ 174,625 Liability assumed for acquisition-related seller expenses (2) (10,549) Net assets acquired (164,076) Goodwill $ 168,962 (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 purchase price allocation recorded in the Company's condensed consolidated balance sheet on the acquisition date and upon finalization during the quarter ended September 30, 2024. The adjustment reflects finalization of purchase accounting for facts and circumstances that existed upon the acquisition date as follows (in thousands): Cash $ 293 Accounts receivable 7,388 Inventory 16,236 Prepaid expenses and other current assets 1,899 Goodwill (1) 168,962 Intangible assets 162,100 Total assets acquired 356,878 Accounts payable (15,897) Accrued expenses and other current liabilities (6,025) Net deferred tax liability (1,918) Total liabilities assumed (23,840) 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 skin care products. A substantial amount of the goodwill is expected to be deductible for tax purposes. Intangible assets The estimated fair values (all considered level 3 measurements) of the identifiable intangible assets acquired as of the acquisition date, their estimated useful lives and fair value methodology are as follows: 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 17,600 3 Excess earnings method and with and without method Trademarks 124,500 15 Relief from Royalty method Total identified intangible assets $ 162,100

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
Goodwill and intangible assets (Tables)	Sep. 30, 2024
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, 2024 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 97,600 $ (74,833) $ 22,767 Customer relationships – e-commerce 3 years 21,540 (9,807) 11,733 Trademarks 10 to 15 years 128,000 (9,904) 118,096 Total finite-lived intangibles 247,140 (94,544) 152,596 Trademarks Indefinite 63,800 — 63,800 Goodwill 340,582 — 340,582 Total goodwill and other intangibles $ 651,522 $ (94,544) $ 556,978 Information regarding the Company’s goodwill and intangible assets as of March 31, 2024 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 97,600 $ (73,393) $ 24,207 Customer relationships – e-commerce 3 years 21,540 (6,874) 14,666 Trademarks 10 to 15 years 128,000 (5,579) 122,421 Total finite-lived intangibles 247,140 (85,846) 161,294 Trademarks Indefinite 63,800 — 63,800 Goodwill 340,600 — 340,600 Total goodwill and other intangibles $ 651,540 $ (85,846) $ 565,694 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
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, 2024 is as follows (in thousands): Remainder of fiscal 2025 $ 8,698 2026 17,397 2027 14,463 2028 11,530 2029 11,530 Thereafter 88,978 Total $ 152,596

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, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of September 30, 2024, March 31, 2024 and September 30, 2023 consisted of the following (in thousands): September 30, 2024 March 31, 2024 September 30, 2023 Accrued expenses $ 44,535 $ 37,782 $ 28,249 Accrued inventory 21,103 16,478 19,247 Accrued marketing 20,887 29,282 17,084 Current portion of operating lease liabilities 8,192 7,016 4,172 Accrued compensation 11,864 17,423 8,199 Taxes payable 8,204 5,814 4,343 Other current liabilities 2,245 3,938 2,113 Accrued expenses and other current liabilities $ 117,030 $ 117,733 $ 83,407

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of September 30, 2024, March 31, 2024 and September 30, 2023 consisted of the following (in thousands): September 30, 2024 March 31, 2024 September 30, 2023 Revolving line of credit (1) $ 89,500 $ 89,500 $ — Term loan (1) 168,000 173,375 63,750 Finance lease obligations — 57 228 Total debt (2) 257,500 262,932 63,978 Less: debt issuance costs (602) (806) (1,015) Total debt, net of issuance costs 256,898 262,126 62,963 Less: current portion (100,250) (100,307) (5,228) Long-term portion of debt $ 156,648 $ 161,819 $ 57,735 (1) See further discussion below. As of September 30, 2024, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement (as defined below). (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, 2024
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, 2024 2023 2024 2023 Service-based vesting options $ 18 $ 41 $ 37 $ 87 Restricted stock and RSUs 21,630 11,176 34,575 18,330 Total stock compensation expense $ 21,648 $ 11,217 $ 34,612 $ 18,417

Net income per share (Tables)

Net income per share (Tables)	6 Months Ended
Net income per share (Tables)	Sep. 30, 2024
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, 2024 2023 2024 2023 Numerator: Net income $ 19,020 $ 33,271 $ 66,575 $ 86,248 Denominator: Weighted-average common shares outstanding – basic 56,345,648 54,425,384 56,160,796 54,183,091 Dilutive common equivalent shares from equity awards 2,136,882 3,012,768 2,357,197 3,125,251 Weighted-average common shares outstanding – diluted 58,482,530 57,438,152 58,517,993 57,308,342 Net income per share: Basic $ 0.34 $ 0.61 $ 1.19 $ 1.59 Diluted $ 0.33 $ 0.58 $ 1.14 $ 1.50 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 318,072 3,947 210,732 72,677

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Schedule of Balance Sheet Information	Supplemental balance sheet information related to leases as of September 30, 2024, March 31, 2024 and September 30, 2023 is as follows (in thousands): Classification September 30, 2024 March 31, 2024 September 30, 2023 Assets Operating lease assets Other assets $ 43,289 $ 27,415 $ 17,269 Finance lease assets (a) Other assets — — 35 Total leased assets $ 43,289 $ 27,415 $ 17,304 Liabilities Current Operating Accrued expenses and other current liabilities $ 8,192 $ 7,016 $ 4,172 Finance Current portion of long-term debt — 57 228 Noncurrent Operating Long-term operating lease obligations 36,176 21,459 14,559 Total lease liabilities $ 44,368 $ 28,532 $ 18,959 _____________________ (a) Finance leases are recorded net of accumulated amortization of $1.3 million, $1.5 million and $3.6 million as of September 30, 2024, March 31, 2024 and September 30, 2023, respectively. As of September 30, 2024 and September 30, 2023, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2024 September 30, 2023 Weighted-average remaining lease term Operating leases 6.6 years 5.9 years Finance leases — 0.7 years Weighted-average discount rate Operating leases 5.9 % 3.7 % Finance leases — % 1.6 %
Schedule of Components of Lease Expense	For the three and six months ended September 30, 2024 and September 30, 2023, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2024 2023 2024 2023 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 3,046 $ 1,425 $ 5,563 $ 2,702 Finance lease cost Amortization of leased assets SG&A expenses — 105 — 210 Interest on lease liabilities Interest expense, net — 3 — 7 Total lease cost $ 3,046 $ 1,533 $ 5,563 $ 2,919
Schedule of Maturities of Operating Lease Liabilities	As of September 30, 2024, the aggregate future minimum lease payments under non-cancellable operating leases presented in accordance with ASC 842 are as follows (in thousands): Remainder of fiscal 2025 $ 4,609 2026 6,114 2027 8,484 2028 5,705 2029 6,011 Thereafter 28,797 Total lease payments 59,720 Less: Interest 15,352 Present value of lease liabilities $ 44,368
Schedule of Maturities of Finance Lease Liabilities	As of September 30, 2024, the aggregate future minimum lease payments under non-cancellable operating leases presented in accordance with ASC 842 are as follows (in thousands): Remainder of fiscal 2025 $ 4,609 2026 6,114 2027 8,484 2028 5,705 2029 6,011 Thereafter 28,797 Total lease payments 59,720 Less: Interest 15,352 Present value of lease liabilities $ 44,368

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	6 Months Ended
	Sep. 30, 2024 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		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 301,075	$ 215,507	$ 625,552	$ 431,846
United States
Disaggregation of Revenue [Line Items]
Total net sales	236,655	181,857	508,022	370,451
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 64,420	$ 33,650	$ 117,530	$ 61,395

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
Acquisition - Additional Information (Details) - USD ($)	Oct. 04, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Acquisition transaction cost		$ 0	$ 2,400,000	$ 400,000	$ 2,400,000
Naturium LLC
Business Acquisition [Line Items]
Total consideration transferred	$ 333,038,000
Net deferred tax liability	$ (1,918,000)

Acquisition - Schedule of Consi

Acquisition - Schedule of Consideration Transferred (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 04, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Goodwill		$ 340,582	$ 340,600	$ 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	174,625
Liability assumed for acquisition-related seller expenses	(10,549)
Net assets acquired	(164,076)
Goodwill	$ 168,962
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 and Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Oct. 04, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 340,582	$ 340,600		$ 171,620
Naturium LLC
Business Acquisition [Line Items]
Cash			$ 293
Accounts receivable			7,388
Inventory			16,236
Prepaid expenses and other current assets			1,899
Goodwill			168,962
Intangible assets			162,100
Total assets acquired			356,878
Accounts payable			(15,897)
Accrued expenses and other current liabilities			(6,025)
Net deferred tax liability			(1,918)
Total liabilities assumed			(23,840)
Total purchase price			$ 333,038

Acquisition - Schedule of Goodw

Acquisition - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Oct. 04, 2023	Sep. 30, 2023
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
Naturium LLC
Business Acquisition [Line Items]
Intangible assets			$ 162,100
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			$ 17,600
Estimated useful life			3 years
Naturium LLC \| Trademarks
Business Acquisition [Line Items]
Intangible assets			$ 124,500
Estimated useful life			15 years

Goodwill and intangible asset_2

Goodwill and intangible assets - Information Regarding Company's Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Schedule Of Intangible Assets And Goodwill [Line Items]
Gross carrying amount	$ 247,140	$ 247,140	$ 85,040
Accumulated amortization	(94,544)	(85,846)	(74,854)
Net carrying amount	152,596	161,294	10,186
Goodwill	340,582	340,600	171,620
Goodwill and other intangibles, Gross carrying amount	651,522	651,540	320,460
Goodwill and other intangibles, Accumulated amortization	(94,544)	(85,846)	(74,854)
Goodwill and other intangibles, Net carrying amount	556,978	565,694	245,606
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Trademarks	$ 63,800	$ 63,800	$ 63,800
Customer relationships – retailers
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years	10 years	10 years
Gross carrying amount	$ 97,600	$ 97,600	$ 77,600
Accumulated amortization	(74,833)	(73,393)	(69,660)
Net carrying amount	$ 22,767	$ 24,207	$ 7,940
Customer relationships – e-commerce
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	3 years	3 years	3 years
Gross carrying amount	$ 21,540	$ 21,540	$ 3,940
Accumulated amortization	(9,807)	(6,874)	(3,940)
Net carrying amount	11,733	14,666	$ 0
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life			10 years
Gross carrying amount	128,000	128,000	$ 3,500
Accumulated amortization	(9,904)	(5,579)	(1,254)
Net carrying amount	$ 118,096	$ 122,421	$ 2,246
Trademarks \| Minimum
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years	10 years
Trademarks \| Maximum
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	15 years	15 years

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Depreciation and amortization	$ 4,300,000	$ 2,000,000	$ 8,700,000	$ 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, 2024	Mar. 31, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2025	$ 8,698
2026	17,397
2027	14,463
2028	11,530
2029	11,530
Thereafter	88,978
Net carrying amount	$ 152,596	$ 161,294	$ 10,186

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued expenses	$ 44,535	$ 37,782	$ 28,249
Accrued inventory	21,103	16,478	19,247
Accrued marketing	20,887	29,282	17,084
Current portion of operating lease liabilities	8,192	7,016	4,172
Accrued compensation	11,864	17,423	8,199
Taxes payable	8,204	5,814	4,343
Other current liabilities	2,245	3,938	2,113
Accrued expenses and other current liabilities	$ 117,030	$ 117,733	$ 83,407

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Revolving line of credit	$ 89,500	$ 89,500	$ 0
Finance lease obligations	0	57	228
Total debt	257,500	262,932	63,978
Less: debt issuance costs	(602)	(806)	(1,015)
Total debt, net of issuance costs	256,898	262,126	62,963
Less: current portion	(100,250)	(100,307)	(5,228)
Long-term portion of debt	156,648	161,819	57,735
Term Loan
Debt Instrument [Line Items]
Term loan	$ 168,000	$ 173,375	$ 63,750

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Aug. 28, 2023	Mar. 29, 2023	Apr. 30, 2021	Sep. 30, 2024
Second Amendment to Amended Credit Agreement \| Base Rate \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	1%
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 \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Revolving Credit Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%
Revolving Credit Facility \| Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term			5 years
Remaining borrowing capacity				$ 10,500,000
Interest rate at period end				6%
Revolving Credit Facility \| Amended Credit Agreement \| Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate			0%
Revolving Credit Facility \| Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Unused fee percentage			0.10%
Revolving Credit Facility \| Amended Credit Agreement \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Revolving Credit Facility \| Amended Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
Revolving Credit Facility \| Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Unused fee percentage			0.30%
Revolving Credit Facility \| Amended Credit Agreement \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.125%
Revolving Credit Facility \| Amended Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.125%
Revolving Credit Facility \| Amended Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 100,000,000
Revolving Credit Facility \| Amended Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			100,000,000
Letter of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			7,000,000
Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 5,000,000
Term Loan \| Amended Credit Agreement \| Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate			0%
Term Loan \| Amended Credit Agreement \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Term Loan \| Amended Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
Term Loan \| Amended Credit Agreement \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.125%
Term Loan \| Amended Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.125%
Term Loan \| Amended Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate at period end				6%
Incremental Term Loan \| Second Amendment to Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 115,000,000
Interest rate at period end				6.20%
Interest rate, amortization	5%
Quarterly installment rate	1.25%
Incremental Term Loan \| Second Amendment to Amended Credit Agreement \| SOFR \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Incremental Term Loan \| Second Amendment to Amended Credit Agreement \| Minimum \| Base Rate \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Incremental Term Loan \| Second Amendment to Amended Credit Agreement \| Minimum \| SOFR \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Incremental Term Loan \| Second Amendment to Amended Credit Agreement \| Maximum \| Base Rate \| Consolidated Total Net Leverage Ratio Levels
Debt Instrument [Line Items]
Basis spread on variable rate	1.375%
Incremental Term Loan \| Second Amendment to Amended Credit Agreement \| Maximum \| SOFR \| 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		6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 8,928	$ 6,469	$ 8,603	$ 13,145
Effective income tax rate	31.90%	16.30%	11.40%	13.20%

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 21,648	$ 11,217	$ 34,612	$ 18,417
Service-based vesting options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	18	41	37	87
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 21,630	$ 11,176	$ 34,575	$ 18,330

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) $ in Millions	6 Months Ended
	Sep. 30, 2024 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
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 109
Unrecognized stock-based compensation cost, expected weighted-average period of recognition	1 year 9 months 18 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, 2024	Sep. 30, 2024	Aug. 27, 2024	May 08, 2019
Class of Stock [Line Items]
Amount authorized under share repurchase program				$ 25,000,000
Repurchase of common stock (in shares)	108,753	108,753
Repurchase of common stock	$ 17,076,000	$ 17,100,000
Average price per share (in USD per share)	$ 157.04	$ 157.04
2024 Share Repurchase Program
Class of Stock [Line Items]
Amount authorized under share repurchase program			$ 500,000,000
Repurchase of common stock (in shares)	0	0
Remaining authorized repurchase amount	$ 500,000,000	$ 500,000,000

Net income per share (Details)

Net income per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 19,020	$ 47,555	$ 33,271	$ 52,977	$ 66,575	$ 86,248
Denominator:
Weighted average common shares outstanding - basic (in shares)	56,345,648		54,425,384		56,160,796	54,183,091
Dilutive common equivalent shares from equity awards (in shares)	2,136,882		3,012,768		2,357,197	3,125,251
Weighted average common shares outstanding - diluted (in shares)	58,482,530		57,438,152		58,517,993	57,308,342
Net income per share:
Basic (in USD per share)	$ 0.34		$ 0.61		$ 1.19	$ 1.59
Diluted (in USD per share)	$ 0.33		$ 0.58		$ 1.14	$ 1.50
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	318,072		3,947		210,732	72,677

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	6 Months Ended
Leases - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($) renewal_option	Sep. 30, 2023 USD ($)
Leases [Abstract]
Number of options to renew \| renewal_option	1
Lessee operating lease, option to extend	5 years
Operating cash flows from operating leases	$ 4.6	$ 2.5
Right-of-use assets obtained in exchange for lease obligations	$ 19.6	$ 5.3

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Assets
Operating lease assets	$ 43,289	$ 27,415	$ 17,269
Finance lease assets	0	0	35
Total leased assets	43,289	27,415	17,304
Current
Operating	8,192	7,016	4,172
Finance	0	57	228
Noncurrent
Operating	36,176	21,459	14,559
Total lease liabilities	$ 44,368	$ 28,532	$ 18,959
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 enumeration]	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 enumeration]	Current portion of long-term debt	Current portion of long-term debt	Current portion of long-term debt
Finance lease accumulated amortization	$ 1,300	$ 1,500	$ 3,600

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,046	$ 1,425	$ 5,563	$ 2,702
Finance lease cost
Amortization of leased assets	0	105	0	210
Interest on lease liabilities	0	3	0	7
Total lease cost	$ 3,046	$ 1,533	$ 5,563	$ 2,919

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of fiscal 2025	$ 4,609
2026	6,114
2027	8,484
2028	5,705
2029	6,011
Thereafter	28,797
Total lease payments	59,720
Less: Interest	15,352
Present value of lease liabilities	$ 44,368

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Sep. 30, 2024	Sep. 30, 2023
Weighted-average remaining lease term
Operating leases	6 years 7 months 6 days	5 years 10 months 24 days
Finance leases	0 years	8 months 12 days
Weighted-average discount rate
Operating leases	5.90%	3.70%
Finance leases	0%	1.60%