Bowflex (BFXXQ) 10-Q 9 Aug 21 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-31321
Entity Registrant Name	NAUTILUS, INC.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	94-3002667
Entity Address, Address Line One	17750 S.E. 6th Way
Entity Address, City or Town	Vancouver
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98683
City Area Code	360
Local Phone Number	859-2900
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	NLS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,930,700
Entity Central Index Key	0001078207
Current Fiscal Year End Date	--03-31
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 25,218	$ 38,441
Restricted cash	1,339	1,339
Available-for-sale securities	56,264	73,448
Trade receivables, net of allowances of $1,311 and $1,177	98,160	88,657
Inventories	111,132	68,085
Prepaids and other current assets	15,650	25,840
Income taxes receivable	9,500	0
Total current assets	317,263	295,810
Property, plant and equipment, net	24,718	24,496
Operating lease right-of-use assets	25,662	19,108
Other intangible assets, net	9,350	9,365
Deferred income tax assets, non-current	3,068	2,144
Other assets	2,325	3,307
Total assets	382,386	354,230
Liabilities and Shareholders' Equity
Trade payables	114,602	98,878
Accrued liabilities	14,515	19,627
Operating lease liabilities, current portion	4,706	3,384
Warranty obligations, current portion	8,191	7,243
Income taxes payable, current portion	845	5,709
Debt payable, current portion, net of unamortized debt issuance costs of $83 and $83	3,125	3,000
Total current liabilities	145,984	137,841
Operating lease liabilities, non-current	23,221	17,875
Warranty obligations, non-current	1,593	1,408
Income taxes payable, non-current	3,805	3,657
Other non-current liabilities	606	607
Debt payable, non-current, net of unamortized debt issuance costs of $215 and $236	10,296	10,297
Total liabilities	185,505	171,685
Commitments and contingencies (Note 15)
Shareholders' equity:
Common stock - no par value, 75,000 shares authorized, 30,794 and 30,576 shares issued and outstanding	2,411	2,176
Retained earnings	194,408	180,524
Accumulated other comprehensive income (loss)	62	(155)
Total shareholders' equity	196,881	182,545
Total liabilities and shareholders' equity	$ 382,386	$ 354,230

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful trade receivables	$ 1,311	$ 1,177
Debt Issuance Costs, Current, Net	83	83
Debt Issuance Costs, Noncurrent, Net	$ 215	$ 236
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	30,794,000	30,576,000
Common stock, shares outstanding	30,794,000	30,576,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 13,884	$ (5,110)
Other comprehensive income:
Unrealized gain on available-for-sale securities, net of income tax benefit of $7 and $—	0	0
Foreign currency translation, net of income tax benefit of $13 and $15	217	353
Net other comprehensive income (loss) during period	217	353
Comprehensive income (loss)	$ 14,101	$ (4,757)

Condensed Condensed Consolidate

Condensed Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on marketable securities, tax (benefit) expense	$ (7)	$ 0
Foreign currency translation, tax (benefit) expense	$ (13)	$ (15)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 184,593	$ 114,188
Cost of sales	129,088	66,792
Gross profit	55,505	47,396
Operating expenses:
Selling and marketing	21,300	12,446
General and administrative	11,523	9,315
Research and development	4,815	3,728
Loss on disposal group	0	29,013
Total operating expenses	37,638	54,502
Operating income (loss)	17,867	(7,106)
Other expense:
Interest income	21	1
Interest expense	(314)	(338)
Other, net	(120)	115
Total other expense, net	(413)	(222)
Income (loss) from continuing operations before income taxes	17,454	(7,328)
Income tax expense (benefit)	3,438	(2,342)
Income (loss) from continuing operations	14,016	(4,986)
Discontinued operations:
Loss from discontinued operations before income taxes	(126)	(29)
Income tax expense of discontinued operations	6	95
Loss from discontinued operations	(132)	(124)
Net income (loss)	$ 13,884	$ (5,110)
Earnings Per Share, Basic [Abstract]
Basic income (loss) per share from continuing operations (in dollars per share)	$ 0.46	$ (0.17)
Basic loss per share from discontinued operation (in dollars per share)	(0.01)	0
Basic net income (loss) per share (in dollars per share)	0.45	(0.17)
Earnings Per Share, Diluted [Abstract]
Diluted income (loss) per share from continuing operations (in dollars per share)	0.43	(0.17)
Diluted loss per share from discontinued operation (in dollars per share)	0	0
Diluted net income (loss) per share (in dollars per share)	$ 0.43	$ (0.17)
Shares used in per share calculations:
Basic (in shares)	30,697	29,909
Diluted (in shares)	32,508	29,909

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Mar. 31, 2020	$ 92,925	$ 1,781	$ 92,456	$ (1,312)
Balance, shares at Mar. 31, 2020		29,817
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,110)		(5,110)
Unrealized loss on marketable securities, net of income tax benefit	0
Foreign currency translation adjustment, including income tax expense (benefit)	353			353
Stock-based compensation expense	865	$ 865	0
Common stock issued under equity compensation plan, net of shares withheld for tax payments (in shares)		87
Common stock issued under equity compensation plan, net of shares withheld for tax payments	0	$ 0
Common stock issued under employee stock purchase plan, shares		63
Common stock issued under employee stock purchase plan	83	$ 83
Balance, shares at Jun. 30, 2020		29,967
Ending balance at Jun. 30, 2020	89,116	$ 2,729	87,346	(959)
Beginning balance at Mar. 31, 2021	182,545	$ 2,176	180,524	(155)
Balance, shares at Mar. 31, 2021		30,576
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	13,884		13,884
Unrealized loss on marketable securities, net of income tax benefit	0			0
Foreign currency translation adjustment, including income tax expense (benefit)	217			217
Stock-based compensation expense	1,225	$ 1,225	0
Common stock issued under equity compensation plan, net of shares withheld for tax payments (in shares)		201
Common stock issued under equity compensation plan, net of shares withheld for tax payments	(1,259)	$ (1,259)
Common stock issued under employee stock purchase plan, shares		17
Common stock issued under employee stock purchase plan	269	$ 269
Balance, shares at Jun. 30, 2021		30,794
Ending balance at Jun. 30, 2021	$ 196,881	$ 2,411	$ 194,408	$ 62

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - Parenthetical (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Unrealized gain (loss) on marketable securities, tax (benefit) expense	$ (7)	$ 0
Foreign currency translation tax expense (benefit)	$ (13)	$ (15)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Income (loss) from continuing operations	$ 14,016	$ (4,986)
Loss from discontinued operations	(132)	(124)
Net income (loss)	13,884	(5,110)
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,054	2,646
Provision for allowance for doubtful accounts	(156)	596
Inventory lower of cost or net realizable value	(134)	773
Stock-based compensation expense	1,225	865
Loss on asset dispositions	0	184
Loss on disposal group, goodwill and other intangible impairment charge	0	29,013
Deferred income taxes, net of valuation allowances	(908)	(7,523)
Other	1,125	(961)
Changes in operating assets and liabilities:
Trade receivables	(9,638)	(7,995)
Inventories	(43,259)	1,506
Prepaids and other assets	3,706	(611)
Income taxes receivable	(9,512)	4,823
Trade payables	15,200	19,742
Accrued liabilities and other liabilities, including warranty obligations	(1,743)	2,264
Net cash (used in) provided by operating activities	(28,156)	40,212
Cash flows from investing activities:
Proceeds from sales and maturities of available-for-sale securities	17,185	0
Purchases of property, plant and equipment	(1,850)	(2,965)
Net cash provided by (used in) investing activities	15,335	(2,965)
Cash flows from financing activities:
Proceeds from long-term debt	1,185	575
Payments on long-term debt	(1,337)	(13,167)
Proceeds from employee stock purchases	269	0
Proceeds from exercise of stock options	63	83
Tax payments related to stock award issuances	(1,322)	0
Net cash used in financing activities	(1,142)	(12,509)
Effect of exchange rate changes on cash and cash equivalents	740	644
(Decrease) increase in cash, cash equivalents and restricted cash	(13,223)	25,382
Less: Net change in cash balances classified as assets held-for-sale	0	(3,986)
Net change in cash, cash equivalents and restricted cash	(13,223)	21,396
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash at beginning of period	39,780	26,456
Cash, cash equivalents and restricted cash at end of period	26,557	47,852
Supplemental disclosure of cash flow information:
Cash paid for interest	60	212
Cash paid for income taxes, net	18,562	447
Supplemental disclosure of non-cash investing activities:
Capital expenditures incurred but not yet paid	786	652
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the total of the same amounts shown above:
Cash and cash equivalents	25,218	45,656
Restricted cash	1,339	2,196
Total cash, cash equivalents and restricted cash	$ 26,557	$ 47,852

General Information

General Information	3 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information	GENERAL INFORMATION Basis of Consolidation and Presentation The accompanying condensed consolidated financial statements present the financial position, results of operations and cash flows of Nautilus, Inc. and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances have been eliminated in consolidation. On December 30, 2020, our Board of Directors approved a change in our fiscal year end from December 31st to March 31st. This document reflects our first quarter ending June 30, 2021 covering our fiscal year from April 1, 2021 through March 31, 2022. The accompanying condensed consolidated financial statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management believes the disclosures contained herein are adequate to make the information presented not misleading. However, these condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). 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 as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Uncertainties regarding such estimates and assumptions are inherent in the preparation of financial statements and actual results could differ from those estimates. These uncertainties will be heightened by the COVID-19 pandemic, as we may be unable to accurately predict the impact of COVID-19 going forward and as a result our estimates may change in the near term. Further information regarding significant estimates can be found in our 2020 Form 10-K. We have reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. On the consolidated balance sheets, we have reclassified from accrued liabilities to income taxes payable, current portion. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2021 and March 31, 2021, and our results of operations, comprehensive income and shareholders' equity for the three-month periods ended June 30, 2021 and 2020 and our cash flows for the three-month periods ended June 30, 2021 and 2020. Interim results are not necessarily indicative of results for a full year. Our revenues typically vary seasonally, and this seasonality can have a significant effect on operating results, inventory levels and working capital needs. Unless indicated otherwise, all information regarding our operating results pertain to our continuing operations. Recent Accounting Pronouncements Recently Adopted Pronouncements ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in ASU 2019-12 introduce the following new guidance: (1) provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax; and (2) provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction. The amendments in ASU 2019-12 make changes to the following current guidance: (1) making an intraperiod allocation if there is a loss in continuing operations and a gain outside of continuing operations; (2) determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting; (3) accounting for tax law changes and year-to-date losses in interim periods; and (4) determining how to apply the income tax guidance to franchise taxes that are partially based on income. ASU 2019-12 is effective for public business entities' fiscal years, including interim periods within those fiscal years, beginning after December 15, 2020 with early adoption permitted. Our adoption of ASU 2019-12 as of January 1, 2021 had no material impact on our financial position, results of operations or cash flows. Recently Issued Pronouncements Not Yet Adopted ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides optional guidance related to reference rate reform and provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable for our borrowing instruments, which use London Inter-bank Offered Rate (“LIBOR”) as a reference rate, which is effective beginning on March 12, 2020, and we may elect to apply the amendments prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. We do not expect the adoption of this guidance to have a material impact on our financial position, results of operations and cash flows. ASU 2020-01 In January 2020, the FASB issued ASU 2020-01, “Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815).” The amendments in ASU 2020-01 clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this guidance would have a material impact on our financial position, results of operations and cash flows. ASU 2016-13 In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In May 2019, the FASB issued ASU 2019-05, which provides entities to have certain instruments with an option to irrevocably elect the fair value option. In November 2019 , the FASB issued ASU 2019-11, which provides clarification and addresses specific issues about certain aspects of ASU 2016-13. In March 2020, the FASB issued ASC 2020-03, which provides an update to clarify or address specific issues. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the adoption of this guidance would have a material impact on our financial position, results of operations and cash flows.

Revenues

Revenues	3 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES Our revenues from contracts with customers disaggregated by revenue source, excluding sales-based taxes, were as follows (in thousands): Three-Months Ended June 30, 2021 2020 Product sales $ 179,811 $ 110,595 Extended warranties and services 1,756 1,465 Other (1) 3,026 2,128 Net sales $ 184,593 $ 114,188 (1) Other revenue is primarily freight and delivery, royalty income and subscription revenue. Our revenues disaggregated by geographic region, based on ship-to address, were as follows (in thousands): Three-Months Ended June 30, 2021 2020 United States $ 147,149 $ 97,363 Canada 19,362 6,248 Europe, the Middle East and Africa 14,442 8,493 All other 3,640 2,084 Net sales $ 184,593 $ 114,188 As of June 30, 2021, estimated revenue expected to be recognized in the future totaled $145.0 million, primarily related to customer order backlog, which includes firm orders for future shipment and unfulfilled orders to our Retail customers, as well as unfulfilled consumer orders within the Direct channel. We have further refined our Retail backlog to include unfilled future orders. Direct orders of $3.1 million and Retail orders of $141.9 million, comprised our backlog as of June 30, 2021, compared to Direct orders of $20.6 million and Retail orders of $130.0 million as of June 30, 2020. The estimated future revenues are net of contractual rebates and consideration payable for applicable Retail customers, and net of current promotional programs and sales discounts for our Direct customers. The following table provides information about our liabilities from contracts with customers, primarily customer deposits and deferred revenue for which advance consideration is received prior to the transfer of control. Revenue is recognized when transfer of control occurs. All customer deposits and deferred revenue received are short-term in nature and were recorded on the condensed consolidated balance sheets as accrued liabilities. Significant changes in contract liabilities balances, including revenue recognized in the reporting period that was included in opening contract liabilities, are shown below (in thousands): Three-Months Ended June 30, 2021 2020 Balance, beginning of period $ 5,551 $ 2,050 Cash additions 1,089 2,371 Revenue recognition (4,883) (918) Balance, end of period $ 1,757 $ 3,503

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Factors used in determining the fair value of financial assets and liabilities are summarized into three broad categories: • Level 1 - observable inputs such as quoted prices (unadjusted) in active liquid markets for identical securities as of the reporting date; • Level 2 - other significant directly or indirectly observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds and credit risk; or observable market prices in markets with insufficient volume and/or infrequent transactions; and • Level 3 - significant inputs that are generally unobservable inputs for which there is little or no market data available, including our own assumptions in determining fair value. Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash Equivalents Money market funds $ 6,184 $ — $ — $ 6,184 Total cash equivalents 6,184 — — 6,184 Available-for-Sale Securities Commercial paper — 7,998 — 7,998 Corporate bonds — 8,153 — 8,153 U.S. government bonds — 40,113 — 40,113 Total available-for-sale securities — 56,264 — 56,264 Total assets measured at fair value $ 6,184 $ 56,264 $ — $ 62,448 Liabilities: Derivatives Foreign currency forward contracts $ — $ 510 $ — $ 510 Total liabilities measured at fair value $ — $ 510 $ — $ 510 March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash Equivalents Money market funds $ 9,679 $ — $ — $ 9,679 Total cash equivalents 9,679 — — 9,679 Available-for-Sale Securities Commercial paper — 9,994 — 9,994 Corporate bonds — 8,227 — 8,227 U.S. government bonds — 55,227 — 55,227 Total available-for-sale securities — 73,448 — 73,448 Total assets measured at fair value $ 9,679 $ 73,448 $ — $ 83,127 Liabilities: Derivatives Foreign currency forward contracts $ — $ 672 $ — $ 672 Total liabilities measured at fair value $ — $ 672 $ — $ 672 For our assets measured at fair value on a recurring basis, we recognize transfers between levels at the actual date of the event or change in circumstance that caused the transfer. There were no transfers between levels during the three-month period ended June 30, 2021, nor for the period ended March 31, 2021. We classify our marketable securities as available-for-sale and, accordingly, record them at fair value. Level 1 investment valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 investment valuations are obtained from inputs, other than quoted market prices in active markets for identical assets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions. The factors or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in comprehensive income until realized. The fair values of our foreign currency forward contracts are calculated as the present value of estimated future cash flows using discount factors derived from relevant Level 2 market inputs, including forward curves and volatility levels. We did not have any changes to our valuation techniques during the three-month period ended June 30, 2021, nor for the year ended March 31, 2021. We recognize or disclose the fair value of certain assets, such as non-financial assets, primarily property, plant and equipment, goodwill, other intangible assets and certain other long-lived assets in connection with impairment evaluations. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. As of June 30, 2021 and March 31, 2021, there were no assets or liabilities that were recorded at fair value on a nonrecurring basis. The carrying values of cash and cash equivalents, restricted cash, trade receivables, prepaids and other current assets, trade payables and accrued liabilities approximate fair value due to their short maturities. The carrying value of our debt approximates its fair value and falls under Level 2 of the fair value hierarchy, as the interest rate is variable and based on current market rates.

Derivatives

Derivatives	3 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES From time to time, we enter into foreign exchange forward contracts to offset the earnings impacts of exchange rate fluctuations on certain monetary assets and liabilities. We do not enter into derivative instruments for any purpose other than to manage foreign currency exposure. That is, we do not engage in currency exchange rate speculation using derivative instruments. We may hedge our net recognized foreign currency assets and liabilities with forward foreign exchange contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates. These derivative instruments hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value with changes in the fair value recorded as other income. These derivative instruments do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. As of June 30, 2021, total outstanding contract notional amounts were $66.0 million and had maturities of 79 days or less. The fair value of our derivative instruments was included in our condensed consolidated balance sheets as follows (in thousands): Balance Sheet Classification As of June 30, 2021 March 31, 2021 Derivative instruments not designated as cash flow hedges: Accrued liabilities $ 510 $ 672 The effect of derivative instruments on our condensed consolidated statements of operations was as follows (in thousands): Statement of Operations Classification Three-Months Ended June 30, 2021 2020 Derivative instruments not designated as cash flow hedges: Loss recognized in earnings Other, net $ (17) $ (141) Income tax (benefit) expense Income tax expense (benefit) (4) 35

Inventories

Inventories	3 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at the lower of cost and net realizable value, with cost determined based on the first-in, first-out method. Our inventories consisted of the following (in thousands): As of June 30, 2021 March 31, 2021 Finished goods $ 106,413 $ 63,918 Parts and components 4,719 4,167 Total inventories $ 111,132 $ 68,085

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands): Estimated As of June 30, 2021 March 31, 2021 Automobiles 5 $ 23 $ 23 Leasehold improvements 4 to 20 3,060 3,059 Computer software and equipment 2 to 7 38,244 36,956 Machinery and equipment 3 to 5 15,790 15,699 Furniture and fixtures 5 to 20 2,587 2,586 Work in progress (1) N/A 2,196 1,314 Total cost 61,900 59,637 Accumulated depreciation (37,182) (35,141) Total property, plant and equipment, net $ 24,718 $ 24,496 (1) Work in progress includes information technology assets and production tooling. Depreciation expense was as follows (in thousands): Three-Months Ended June 30, 2021 2020 Depreciation expense $ 2,039 $ 1,843

Other Intangible Assets

Other Intangible Assets	3 Months Ended
	Jun. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Other Intangible Assets	OTHER INTANGIBLE ASSETS Other intangible assets consisted of the following (in thousands): Estimated As of June 30, 2021 March 31, 2021 Indefinite-lived trademarks N/A $ 9,052 $ 9,052 Patents 7 to 24 1,443 1,443 10,495 10,495 Accumulated amortization - definite-lived intangible assets (1,145) (1,130) Other intangible assets, net $ 9,350 $ 9,365 Amortization expense was as follows (in thousands): Three-Months Ended June 30, 2021 2020 Amortization expense $ 15 $ 803 Future amortization of definite-lived intangible assets is as follows (in thousands): 2022 $ 46 2023 61 2024 61 2025 61 2026 47 Thereafter 22 $ 298

Leases

Leases	3 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	LEASES We have several non-cancellable operating leases, primarily for office space, that expire at various dates over the next nine years. These leases generally contain renewal options to extend for one lease term of five years. For leases that we are reasonably certain we will exercise the lease renewal options, the options were considered in determining the lease term, and associated potential option payments are included in the lease payments. The payments used in the renewal term were estimated using the percentage rate increase of historical rent payments for each location where the renewal will be exercised. Payments due under the lease contracts include annual fixed payments for office space. Variable payments including payments for our proportionate share of the building’s property taxes, insurance, and common area maintenance are treated as non-lease components and are recognized in the period for which the costs occur. Operating lease expense was as follows (in thousands): Three-Months Ended June 30, 2021 2020 Operating lease expense $ 1,466 $ 1,145 Leases with an initial term of 12 months or less (“short-term lease”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. Other information related to leases was as follows (dollars in thousands): As of June 30, 2021 March 31, 2021 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flow from operating leases $ 1,352 $ 1,076 Additional operating lease information: Reductions to ROU assets resulting from reductions to operating lease obligations $ 359 $ 268 Weighted average remaining operating lease term (years) 6.26 6.97 Weighted average discount rate on operating leases 5.00% 4.95% We determined the discount rate for leases using a portfolio approach to determine an incremental borrowing rate to calculate the right-of-use assets and lease liabilities. Maturities of operating lease liabilities under non-cancellable leases were as follows (in thousands): As of June 30, 2021 2022 $ 4,502 2023 5,606 2024 5,168 2025 5,330 2026 4,267 Thereafter 7,969 Total undiscounted lease payments 32,842 Less imputed interest (4,915) Total lease liabilities $ 27,927

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consisted of the following (in thousands): As of June 30, 2021 March 31, 2021 Payroll and related liabilities $ 5,485 $ 6,616 Reserves (1) 3,405 2,624 Deferred revenue 1,757 5,551 Other 3,868 4,836 Total accrued liabilities $ 14,515 $ 19,627 (1) Reserves is primarily sales return, inventory, sales tax and product liability reserves.

Product Warranties

Product Warranties	3 Months Ended
	Jun. 30, 2021
Product Warranties Disclosures [Abstract]
Product Warranties	PRODUCT WARRANTIES Our products carry defined warranties for defects in materials or workmanship which, according to their terms, generally obligate us to pay the costs of supplying and shipping replacement parts to customers and, in certain instances, pay for labor and other costs to service products. Outstanding product warranty periods range from thirty days to, in limited circumstances, the lifetime of certain product components. We record a liability at the time of sale for the estimated costs of fulfilling future warranty claims. If necessary, we adjust the liability for specific warranty-related matters when they become known and are reasonably estimable. Estimated warranty expense is included in cost of sales, based on historical warranty claim experience and available product quality data. Warranty expense is affected by the performance of new products, significant manufacturing or design defects not discovered until after the product is delivered to the customer, product failure rates, and higher or lower than expected repair costs. If warranty expense differs from previous estimates, or if circumstances change such that the assumptions inherent in previous estimates are no longer valid, the amount of product warranty obligations is adjusted accordingly. Changes in our product warranty obligations were as follows (in thousands): Three-Months Ended June 30, 2021 2020 Balance, beginning of period $ 8,651 $ 3,154 Accruals 3,226 276 Payments (2,093) (879) Balance, end of period $ 9,784 $ 2,551

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)The following tables set forth the changes in accumulated other comprehensive loss, net of tax (in thousands): Unrealized Loss on Available-for-Sale Securities Gain (Loss) on Derivative Securities Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income Balance, March 31, 2021 $ (8) $ — $ (147) $ (155) Current period other comprehensive loss before reclassifications — — 217 217 Net other comprehensive loss during period — — 217 217 Balance, June 30, 2021 $ (8) $ — $ 70 $ 62 Unrealized (Loss) Gain on Available-for-Sale Securities Gain (Loss) on Derivative Securities Foreign Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance, March 31, 2020 $ — $ — $ (1,312) $ (1,312) Current period other comprehensive loss before reclassifications — — 353 353 Net other comprehensive loss during period — — 353 353 Balance, June 30, 2020 $ — $ — $ (959) $ (959)

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) Per Share	INCOME (LOSS) PER SHARE Basic per share amounts were computed using the weighted average number of common shares outstanding. Diluted per share amounts were calculated using the number of basic weighted average shares outstanding increased by dilutive potential common shares related to stock-based awards, as determined by the treasury stock method. Basic income per share amounts were computed using the weighted average number of common shares outstanding. Diluted income per share amounts were calculated using the number of basic weighted average shares outstanding increased by dilutive potential common shares related to stock-based awards, as determined by the treasury stock method. The weighted average numbers of shares outstanding used to compute income per share were as follows (in thousands): Three-Months Ended June 30, 2021 2020 Shares used to calculate basic income per share 30,697 29,909 Dilutive effect of outstanding stock options, performance stock units and restricted stock units 1,811 — Shares used to calculate diluted income per share 32,508 29,909 The weighted average numbers of shares outstanding listed in the table below were anti-dilutive and excluded from the computation of diluted income per share. In the case of restricted stock units, this is because unrecognized compensation expense exceeds the current value of the awards (i.e., grant date market value was higher than current average market price). In the case of stock options, this is because the average market price did not exceed the exercise price. These shares may be anti-dilutive potential common shares in the future (in thousands): Three-Months Ended June 30, 2021 2020 Restricted stock units 220 580 Stock options — 45

Segment and Enterprise-wide Inf

Segment and Enterprise-wide Information	3 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment and Enterprise-wide Information	SEGMENT AND ENTERPRISE-WIDE INFORMATION We have two operating segments, Direct and Retail. There were no changes in our operating segments during the three-months ended June 30, 2021. We evaluate performance of the operating segments using several factors, of which the primary financial measures are net sales and reportable segment contribution. Contribution is the measure of profit or loss, defined as net sales less product costs and directly attributable expenses. Directly attributable expenses include selling and marketing expenses, general and administrative expenses, and research and development expenses that are directly related to segment operations. Segment assets are those directly assigned to an operating segment's operations, primarily accounts receivable, inventories and other intangible assets. Unallocated assets primarily include cash, cash equivalents and restricted cash, derivative securities, shared information technology infrastructure, distribution centers, corporate headquarters, prepaids and other current assets, deferred income tax assets and other assets. Capital expenditures directly attributable to the Direct and Retail segments were not significant in any period. Following is summary information by reportable segment (in thousands): Three-Months Ended June 30, 2021 2020 Net sales: Direct $ 63,396 $ 50,433 Retail 120,484 62,948 Royalty 713 807 Consolidated net sales $ 184,593 $ 114,188 Contribution: Direct $ 6,759 $ 16,995 Retail 22,090 11,613 Royalty 713 807 Consolidated contribution $ 29,562 $ 29,415 Reconciliation of consolidated contribution to income (loss) from continuing operations: Consolidated contribution $ 29,562 $ 29,415 Amounts not directly related to segments: Operating expenses (11,695) (36,521) Other expense, net (413) (222) Income tax (expense) benefit (3,438) 2,342 Income (loss) from continuing operations $ 14,016 $ (4,986) As of June 30, March 31, Assets: 2021 2021 Direct $ 45,176 $ 47,002 Retail 192,189 146,001 Unallocated corporate 145,021 161,227 Total assets $ 382,386 $ 354,230 The following customers accounted for 10% or more of total net sales as follows: Three-Months Ended June 30, 2021 2020 Amazon.com 17.9 % 18.0 % Best Buy 17.1 % * *Less than 10% of total net sales.

Borrowings

Borrowings	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Borrowings	BORROWINGS Wells Fargo Bank Credit Agreement On May 14, 2021, we amended the January 31, 2020 Credit Agreement with Wells Fargo Bank, National Association (“Wells Fargo”) and lenders from time to time party thereto (collectively with Wells Fargo the “Lenders”) (“Credit Agreement”), pursuant to which the Lenders have agreed, among other things, to make available to us an asset-based revolving loan facility in the aggregate principal amount of up to $55.0 million, subject to a borrowing base (the “ABL Revolving Facility”), and a term loan facility in the aggregate principal amount of $15.0 million (the “Term Loan Facility” and together with the ABL Revolving Facility, the “Wells Fargo Financing"), in each case, as such amounts may increase or decrease in accordance with the terms of the Credit Agreement. S everal key features have been beneficially amended including permanently removing the $7.5 million minimum liquidity covenant and minimum EBITDA covenant that was scheduled to commence February 1, 2022. The Credit Facility now contains a single market-based 1.0x springing fixed charge coverage ratio tested only when availability is less than the greater of $6.0 million and 12.5% of the Loan Cap, as defined in the Credit Agreement. Various borrowing base definitions and limits were also amended that will result in improved availability under the asset-based revolver. In addition to the above structural improvements, the interest rate on the term loan was reduced to LIBOR plus 4.50% versus 5.00%. The maturity date remains January 31, 2025 and the term loan continues to contain amortization as originally scheduled. The repayment of obligations under the Credit Agreement is secured by substantially all of our assets. Principal and interest amounts are required to be paid as scheduled. Interest on the ABL Revolving Facility will accrue at LIBOR plus a margin of 1.75% to 2.25% (based on average quarterly availability) and interest on the Term Loan Facility will accrue at LIBOR plus 4.50%. As of June 30, 2021, our interest rate was 1.85% for the ABL Revolving Facility and 4.60% for the Term Loan Facility. As of June 30, 2021,outstanding borrowings, net of debt issuance costs, totaled $13.4 million, with $11.9 million and $1.5 million under our Term Loan Facility and ABL Revolving Facility, respectively. As of June 30, 2021, we were in compliance with the financial covenants of the Credit Agreement and $53.6 million was available for borrowing under the ABL Revolving Facility. Any outstanding balance is due and payable on January 31, 2025. The balance sheet classification of the borrowings under the revolving loan credit facility has been determined in accordance with ASC 470, Debt

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees, Commitments and Off-Balance Sheet Arrangements As of June 30, 2021, we had standby letters of credit of $0.9 million. We have long lead times for inventory purchases and, therefore, must secure factory capacity from our vendors in advance. As of June 30, 2021, we had approximately $174.9 million compared to $216.3 million as of March 31, 2021 in non-cancelable market-based purchase obligations, primarily to secured additional factory capacity for inventory purchases in the next twelve months. Purchase obligations can vary from quarter-to-quarter and versus the same period in prior years due to a number of factors, including the amount of products that are shipped directly to Retail customer warehouses versus through Nautilus warehouses. In the ordinary course of business, we enter into agreements that require us to indemnify counterparties against third-party claims. These may include: agreements with vendors and suppliers, under which we may indemnify them against claims arising from use of their products or services; agreements with customers, under which we may indemnify them against claims arising from their use or sale of our products; real estate and equipment leases, under which we may indemnify lessors against third-party claims relating to the use of their property; agreements with licensees or licensors, under which we may indemnify the licensee or licensor against claims arising from their use of our intellectual property or our use of their intellectual property; and agreements with parties to debt arrangements, under which we may indemnify them against claims relating to their participation in the transactions. The nature and terms of these indemnification obligations vary from contract to contract, and generally a maximum obligation is not stated within the agreements. We hold insurance policies that mitigate potential losses arising from certain types of indemnification obligations. Management does not deem these obligations to be significant to our financial position, results of operations or cash flows, and therefore, no related liabilities were recorded as of June 30, 2021. Legal Matters From time to time, in the ordinary course of business, we may be involved in various claims, lawsuits and other proceedings. These legal and tax proceedings involve uncertainty as to the eventual outcomes and losses which may be realized when one or more future events occur or fail to occur. We regularly monitor our estimated exposure to these contingencies and, as additional information becomes known, may change our estimates accordingly. We evaluate, on a quarterly basis, developments in legal proceedings, investigations or claims that could affect the amount of any accrual, as well as any developments that would make a loss probable or reasonably possible, and whether the amount of a probable or reasonably possible loss is estimable. Among other factors, we evaluate the advice of internal and external counsel, the outcomes from similar litigation, the current status of the lawsuits (including settlement initiatives), legislative developments and other factors. Due to the numerous variables associated with these judgments and assumptions, both the precision and reliability of the resulting estimates of the related loss contingencies are subject to substantial uncertainties. Further, while we face contingencies that are reasonably possible to occur, we are unable to estimate the possible loss or range of loss at this time. As such, zero liability is recorded as of June 30, 2021. As of the date of filing of this Quarterly Report on Form 10-Q, we were not involved in any material legal proceedings.

General Information (Policies)

General Information (Policies)	3 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in ASU 2019-12 introduce the following new guidance: (1) provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax; and (2) provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction. The amendments in ASU 2019-12 make changes to the following current guidance: (1) making an intraperiod allocation if there is a loss in continuing operations and a gain outside of continuing operations; (2) determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting; (3) accounting for tax law changes and year-to-date losses in interim periods; and (4) determining how to apply the income tax guidance to franchise taxes that are partially based on income. ASU 2019-12 is effective for public business entities' fiscal years, including interim periods within those fiscal years, beginning after December 15, 2020 with early adoption permitted. Our adoption of ASU 2019-12 as of January 1, 2021 had no material impact on our financial position, results of operations or cash flows. Recently Issued Pronouncements Not Yet Adopted ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides optional guidance related to reference rate reform and provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable for our borrowing instruments, which use London Inter-bank Offered Rate (“LIBOR”) as a reference rate, which is effective beginning on March 12, 2020, and we may elect to apply the amendments prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. We do not expect the adoption of this guidance to have a material impact on our financial position, results of operations and cash flows. ASU 2020-01 In January 2020, the FASB issued ASU 2020-01, “Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815).” The amendments in ASU 2020-01 clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We do not expect the adoption of this guidance would have a material impact on our financial position, results of operations and cash flows. ASU 2016-13 In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In May 2019, the FASB issued ASU 2019-05, which provides entities to have certain instruments with an option to irrevocably elect the fair value option. In November 2019 , the FASB issued ASU 2019-11, which provides clarification and addresses specific issues about certain aspects of ASU 2016-13. In March 2020, the FASB issued ASC 2020-03, which provides an update to clarify or address specific issues. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the adoption of this guidance would have a material impact on our financial position, results of operations and cash flows.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenues from contracts with customers disaggregated by revenue source, excluding sales-based taxes, were as follows (in thousands): Three-Months Ended June 30, 2021 2020 Product sales $ 179,811 $ 110,595 Extended warranties and services 1,756 1,465 Other (1) 3,026 2,128 Net sales $ 184,593 $ 114,188 (1) Other revenue is primarily freight and delivery, royalty income and subscription revenue. Our revenues disaggregated by geographic region, based on ship-to address, were as follows (in thousands): Three-Months Ended June 30, 2021 2020 United States $ 147,149 $ 97,363 Canada 19,362 6,248 Europe, the Middle East and Africa 14,442 8,493 All other 3,640 2,084 Net sales $ 184,593 $ 114,188
Contract with Customer, Asset and Liability	The following table provides information about our liabilities from contracts with customers, primarily customer deposits and deferred revenue for which advance consideration is received prior to the transfer of control. Revenue is recognized when transfer of control occurs. All customer deposits and deferred revenue received are short-term in nature and were recorded on the condensed consolidated balance sheets as accrued liabilities. Significant changes in contract liabilities balances, including revenue recognized in the reporting period that was included in opening contract liabilities, are shown below (in thousands): Three-Months Ended June 30, 2021 2020 Balance, beginning of period $ 5,551 $ 2,050 Cash additions 1,089 2,371 Revenue recognition (4,883) (918) Balance, end of period $ 1,757 $ 3,503

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Assets measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash Equivalents Money market funds $ 6,184 $ — $ — $ 6,184 Total cash equivalents 6,184 — — 6,184 Available-for-Sale Securities Commercial paper — 7,998 — 7,998 Corporate bonds — 8,153 — 8,153 U.S. government bonds — 40,113 — 40,113 Total available-for-sale securities — 56,264 — 56,264 Total assets measured at fair value $ 6,184 $ 56,264 $ — $ 62,448 Liabilities: Derivatives Foreign currency forward contracts $ — $ 510 $ — $ 510 Total liabilities measured at fair value $ — $ 510 $ — $ 510 March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash Equivalents Money market funds $ 9,679 $ — $ — $ 9,679 Total cash equivalents 9,679 — — 9,679 Available-for-Sale Securities Commercial paper — 9,994 — 9,994 Corporate bonds — 8,227 — 8,227 U.S. government bonds — 55,227 — 55,227 Total available-for-sale securities — 73,448 — 73,448 Total assets measured at fair value $ 9,679 $ 73,448 $ — $ 83,127 Liabilities: Derivatives Foreign currency forward contracts $ — $ 672 $ — $ 672 Total liabilities measured at fair value $ — $ 672 $ — $ 672

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of our derivative instruments was included in our condensed consolidated balance sheets as follows (in thousands): Balance Sheet Classification As of June 30, 2021 March 31, 2021 Derivative instruments not designated as cash flow hedges: Accrued liabilities $ 510 $ 672
Derivative Instruments, Gain (Loss)	The effect of derivative instruments on our condensed consolidated statements of operations was as follows (in thousands): Statement of Operations Classification Three-Months Ended June 30, 2021 2020 Derivative instruments not designated as cash flow hedges: Loss recognized in earnings Other, net $ (17) $ (141) Income tax (benefit) expense Income tax expense (benefit) (4) 35

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories, Net of Valuation Allowances	Our inventories consisted of the following (in thousands): As of June 30, 2021 March 31, 2021 Finished goods $ 106,413 $ 63,918 Parts and components 4,719 4,167 Total inventories $ 111,132 $ 68,085

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	3 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following (in thousands): Estimated As of June 30, 2021 March 31, 2021 Automobiles 5 $ 23 $ 23 Leasehold improvements 4 to 20 3,060 3,059 Computer software and equipment 2 to 7 38,244 36,956 Machinery and equipment 3 to 5 15,790 15,699 Furniture and fixtures 5 to 20 2,587 2,586 Work in progress (1) N/A 2,196 1,314 Total cost 61,900 59,637 Accumulated depreciation (37,182) (35,141) Total property, plant and equipment, net $ 24,718 $ 24,496 (1) Work in progress includes information technology assets and production tooling.
Schedule Of Depreciation Expense	Depreciation expense was as follows (in thousands): Three-Months Ended June 30, 2021 2020 Depreciation expense $ 2,039 $ 1,843

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Finite-Lived Intangible Assets	Other intangible assets consisted of the following (in thousands): Estimated As of June 30, 2021 March 31, 2021 Indefinite-lived trademarks N/A $ 9,052 $ 9,052 Patents 7 to 24 1,443 1,443 10,495 10,495 Accumulated amortization - definite-lived intangible assets (1,145) (1,130) Other intangible assets, net $ 9,350 $ 9,365
Schedule of Indefinite-Lived Intangible Assets	Other intangible assets consisted of the following (in thousands): Estimated As of June 30, 2021 March 31, 2021 Indefinite-lived trademarks N/A $ 9,052 $ 9,052 Patents 7 to 24 1,443 1,443 10,495 10,495 Accumulated amortization - definite-lived intangible assets (1,145) (1,130) Other intangible assets, net $ 9,350 $ 9,365
Amortization Expense	Amortization expense was as follows (in thousands): Three-Months Ended June 30, 2021 2020 Amortization expense $ 15 $ 803
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future amortization of definite-lived intangible assets is as follows (in thousands): 2022 $ 46 2023 61 2024 61 2025 61 2026 47 Thereafter 22 $ 298

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Lease, Cost	Operating lease expense was as follows (in thousands): Three-Months Ended June 30, 2021 2020 Operating lease expense $ 1,466 $ 1,145
Lessee, Supplemental Cash Flows Information	Other information related to leases was as follows (dollars in thousands): As of June 30, 2021 March 31, 2021 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flow from operating leases $ 1,352 $ 1,076 Additional operating lease information: Reductions to ROU assets resulting from reductions to operating lease obligations $ 359 $ 268 Weighted average remaining operating lease term (years) 6.26 6.97 Weighted average discount rate on operating leases 5.00% 4.95%
Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities under non-cancellable leases were as follows (in thousands): As of June 30, 2021 2022 $ 4,502 2023 5,606 2024 5,168 2025 5,330 2026 4,267 Thereafter 7,969 Total undiscounted lease payments 32,842 Less imputed interest (4,915) Total lease liabilities $ 27,927

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): As of June 30, 2021 March 31, 2021 Payroll and related liabilities $ 5,485 $ 6,616 Reserves (1) 3,405 2,624 Deferred revenue 1,757 5,551 Other 3,868 4,836 Total accrued liabilities $ 14,515 $ 19,627 (1) Reserves is primarily sales return, inventory, sales tax and product liability reserves.

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Jun. 30, 2021
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	Changes in our product warranty obligations were as follows (in thousands): Three-Months Ended June 30, 2021 2020 Balance, beginning of period $ 8,651 $ 3,154 Accruals 3,226 276 Payments (2,093) (879) Balance, end of period $ 9,784 $ 2,551

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the changes in accumulated other comprehensive loss, net of tax (in thousands): Unrealized Loss on Available-for-Sale Securities Gain (Loss) on Derivative Securities Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income Balance, March 31, 2021 $ (8) $ — $ (147) $ (155) Current period other comprehensive loss before reclassifications — — 217 217 Net other comprehensive loss during period — — 217 217 Balance, June 30, 2021 $ (8) $ — $ 70 $ 62 Unrealized (Loss) Gain on Available-for-Sale Securities Gain (Loss) on Derivative Securities Foreign Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance, March 31, 2020 $ — $ — $ (1,312) $ (1,312) Current period other comprehensive loss before reclassifications — — 353 353 Net other comprehensive loss during period — — 353 353 Balance, June 30, 2020 $ — $ — $ (959) $ (959)

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The weighted average numbers of shares outstanding used to compute income per share were as follows (in thousands): Three-Months Ended June 30, 2021 2020 Shares used to calculate basic income per share 30,697 29,909 Dilutive effect of outstanding stock options, performance stock units and restricted stock units 1,811 — Shares used to calculate diluted income per share 32,508 29,909
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The weighted average numbers of shares outstanding listed in the table below were anti-dilutive and excluded from the computation of diluted income per share. In the case of restricted stock units, this is because unrecognized compensation expense exceeds the current value of the awards (i.e., grant date market value was higher than current average market price). In the case of stock options, this is because the average market price did not exceed the exercise price. These shares may be anti-dilutive potential common shares in the future (in thousands): Three-Months Ended June 30, 2021 2020 Restricted stock units 220 580 Stock options — 45

Segment and Enterprise-wide I_2

Segment and Enterprise-wide Information (Tables)	3 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary Information by Reportable Segments	Following is summary information by reportable segment (in thousands): Three-Months Ended June 30, 2021 2020 Net sales: Direct $ 63,396 $ 50,433 Retail 120,484 62,948 Royalty 713 807 Consolidated net sales $ 184,593 $ 114,188 Contribution: Direct $ 6,759 $ 16,995 Retail 22,090 11,613 Royalty 713 807 Consolidated contribution $ 29,562 $ 29,415 Reconciliation of consolidated contribution to income (loss) from continuing operations: Consolidated contribution $ 29,562 $ 29,415 Amounts not directly related to segments: Operating expenses (11,695) (36,521) Other expense, net (413) (222) Income tax (expense) benefit (3,438) 2,342 Income (loss) from continuing operations $ 14,016 $ (4,986) As of June 30, March 31, Assets: 2021 2021 Direct $ 45,176 $ 47,002 Retail 192,189 146,001 Unallocated corporate 145,021 161,227 Total assets $ 382,386 $ 354,230
Schedules of Concentration of Risk, by Risk Factor	The following customers accounted for 10% or more of total net sales as follows: Three-Months Ended June 30, 2021 2020 Amazon.com 17.9 % 18.0 % Best Buy 17.1 % * *Less than 10% of total net sales.

General Information (Details)

General Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 1,339	$ 1,339	$ 2,196

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 184,593	$ 114,188
Remaining performance obligation	145,000
Change In Contract With Customer Liability [Roll Forward]
Balance, beginning of period	5,551	2,050
Cash additions	1,089	2,371
Revenue recognition	(4,883)	(918)
Balance, end of period	1,757	3,503
United States
Disaggregation of Revenue [Line Items]
Net sales	147,149	97,363
Canada
Disaggregation of Revenue [Line Items]
Net sales	19,362	6,248
Europe, the Middle East and Africa
Disaggregation of Revenue [Line Items]
Net sales	14,442	8,493
All other
Disaggregation of Revenue [Line Items]
Net sales	3,640	2,084
Product sales
Disaggregation of Revenue [Line Items]
Net sales	179,811	110,595
Extended warranties and services
Disaggregation of Revenue [Line Items]
Net sales	1,756	1,465
Other
Disaggregation of Revenue [Line Items]
Net sales	3,026	2,128
Retail Orders
Disaggregation of Revenue [Line Items]
Remaining performance obligation	141,900	130,000
Direct Orders
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 3,100	$ 20,600

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	$ 6,184	$ 9,679
Available-for-Sale Securities	56,264	73,448
Total assets measured at fair value	62,448	83,127
Total liabilities measured at fair value	510	672
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	6,184	9,679
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	7,998	9,994
Corporate Bond Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	8,153	8,227
US Treasury and Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	40,113	55,227
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	6,184	9,679
Available-for-Sale Securities	0	0
Total assets measured at fair value	6,184	9,679
Total liabilities measured at fair value	0	0
Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	6,184	9,679
Level 1 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Level 1 | Corporate Bond Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Level 1 | US Treasury and Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0	0
Available-for-Sale Securities	56,264	73,448
Total assets measured at fair value	56,264	73,448
Total liabilities measured at fair value	510	672
Level 2 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0	0
Level 2 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	7,998	9,994
Level 2 | Corporate Bond Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	8,153	8,227
Level 2 | US Treasury and Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	40,113	55,227
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0	0
Available-for-Sale Securities	0	0
Total assets measured at fair value	0	0
Total liabilities measured at fair value	0	0
Level 3 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0	0
Level 3 | Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Level 3 | Corporate Bond Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Level 3 | US Treasury and Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts	510	672
Foreign currency forward contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts	0	0
Foreign currency forward contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts	510	672
Foreign currency forward contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts	$ 0	$ 0

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - Foreign currency forward contracts $ in Millions	3 Months Ended
	Jun. 30, 2021USD ($)
Derivative [Line Items]
Derivative, notional amount	$ 66
Derivative, term of contract	79 days

Derivatives - Fair value of der

Derivatives - Fair value of derivative instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Foreign currency forward contracts | Derivative instruments not designated as cash flow hedges: | Accrued liabilities
Derivatives, Fair Value [Line Items]
Fair value of liability derivatives	$ 510	$ 672

Derivatives - Effect On Condens

Derivatives - Effect On Condensed Consolidated Statements of Operations (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Other, net
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in earnings	$ (17)	$ (141)
Income tax expense (benefit)
Derivative Instruments, Gain (Loss) [Line Items]
Income tax benefit	$ (4)	$ 35

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 106,413	$ 63,918
Parts and components	4,719	4,167
Total inventories	$ 111,132	$ 68,085

Property, Plant and Equipment (

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 61,900	$ 59,637
Accumulated depreciation	(37,182)	(35,141)
Total property, plant and equipment, net	24,718	24,496
Automobiles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 23	23
Automobiles | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,060	3,059
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	4 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	20 years
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 38,244	36,956
Computer software and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	2 years
Computer software and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15,790	15,699
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,587	2,586
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	20 years
Work in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,196	$ 1,314

Property, Plant and Equipment -

Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 2,039	$ 1,843

Other Intangible Assets (Detail

Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Goodwill [Line Items]
Indefinite-lived trademarks	$ 9,052	$ 9,052
Total other intangible assets, gross	10,495	10,495
Accumulated amortization - definite-lived intangible assets	(1,145)	(1,130)
Other intangible assets, net	9,350	9,365
Patents
Goodwill [Line Items]
Finite-lived intangible assets, gross	$ 1,443	$ 1,443
Patents | Minimum
Goodwill [Line Items]
Estimated Useful Life (in years)	7 years
Patents | Maximum
Goodwill [Line Items]
Estimated Useful Life (in years)	24 years

Other Intangible Assets - Paten

Other Intangible Assets - Patent amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expense	$ 15	$ 803

Other Intangible Assets - Futur

Other Intangible Assets - Future intangible amortization (Details) $ in Thousands	Jun. 30, 2021USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2022	$ 46
2023	61
2024	61
2025	61
2026	47
Thereafter	22
Finite-Lived Intangible Assets, Net	$ 298

Leases - Additional information

Leases - Additional information (Details)	Jun. 30, 2021term
Leases [Abstract]
Operating lease, term of contract	9 years
Operating lease, number of renewal terms	1
Operating lease, renewal term	5 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease expense	$ 1,466	$ 1,145

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Leases [Abstract]
Operating cash flow from operating leases	$ 1,352	$ 1,076
Reductions to ROU assets resulting from reductions to operating lease obligations	$ 359	$ 268
Weighted average remaining operating lease term (years)	6 years 3 months 3 days	6 years 11 months 19 days
Weighted average discount rate on operating leases	5.00%	4.95%

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Jun. 30, 2021USD ($)
Operating leases
2022	$ 4,502
2023	5,606
2024	5,168
2025	5,330
2026	4,267
Thereafter	7,969
Total undiscounted lease payments	32,842
Less imputed interest	(4,915)
Total lease liabilities	$ 27,927

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Payroll and related liabilities	$ 5,485	$ 6,616
Reserves	3,405	2,624
Deferred revenue	1,757	5,551
Other	3,868	4,836
Total accrued liabilities	$ 14,515	$ 19,627

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Movement in Product Warranty Liability [Roll Forward]
Balance, beginning of period	$ 8,651	$ 3,154
Accruals	(3,226)	(276)
Payments	(2,093)	(879)
Balance, end of period	$ 9,784	$ 2,551
Minimum
Product Liability Contingency [Line Items]
Product warranty period	30 days

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 182,545	$ 92,925
Current period other comprehensive income (loss) before reclassifications	217	353
Net other comprehensive income (loss) during period	217	353
Ending balance	196,881	89,116
Unrealized (Loss) Gain on Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8)	0
Current period other comprehensive income (loss) before reclassifications	0	0
Net other comprehensive income (loss) during period	0	0
Ending balance	(8)	0
Gain (Loss) on Derivative Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0
Current period other comprehensive income (loss) before reclassifications	0	0
Net other comprehensive income (loss) during period	0	0
Ending balance	0	0
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(147)	(1,312)
Current period other comprehensive income (loss) before reclassifications	217	353
Net other comprehensive income (loss) during period	217	353
Ending balance	70	(959)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(155)	(1,312)
Ending balance	$ 62	$ (959)

Income (Loss) Per Share - Weigh

Income (Loss) Per Share - Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Shares used to calculate basic income (loss) per share (in shares)	30,697	29,909
Dilutive effect of outstanding stock options, performance stock units and restricted stock units (in shares)	1,811	0
Shares used to calculate diluted income per share (in shares)	32,508	29,909

Income (Loss) Per Share - Anti-

Income (Loss) Per Share - Anti-dilutive Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted income per share (in shares)	220	580
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted income per share (in shares)	0	45

Segment and Enterprise-wide I_3

Segment and Enterprise-wide Information (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	2
Net sales	$ 184,593	$ 114,188
Contribution	29,562	29,415
Reconciliation of consolidated contribution to income (loss) from continuing operations:
Operating expenses	(37,638)	(54,502)
Income tax (expense) benefit	(3,438)	2,342
Income (loss) from continuing operations	14,016	(4,986)
Assets	382,386		$ 354,230
Royalty
Segment Reporting Information [Line Items]
Net sales	713	807
Contribution	713	807
Unallocated corporate
Reconciliation of consolidated contribution to income (loss) from continuing operations:
Assets	145,021		161,227
Operating Segments | Direct
Segment Reporting Information [Line Items]
Net sales	63,396	50,433
Contribution	6,759	16,995
Reconciliation of consolidated contribution to income (loss) from continuing operations:
Assets	45,176		47,002
Operating Segments | Retail
Segment Reporting Information [Line Items]
Net sales	120,484	62,948
Contribution	22,090	11,613
Reconciliation of consolidated contribution to income (loss) from continuing operations:
Assets	192,189		$ 146,001
Corporate, Non-Segment
Reconciliation of consolidated contribution to income (loss) from continuing operations:
Operating expenses	11,695	36,521
Other expense, net	(413)	(222)
Income tax (expense) benefit	$ 3,438	$ (2,342)

Segment and Enterprise-wide I_4

Segment and Enterprise-wide Information - Concentration (Details) - Sales Revenue, Net - Customer Concentration Risk	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Amazon.com
Concentration Risk [Line Items]
Concentration risk, percentage	17.90%	18.00%
Best Buy
Concentration Risk [Line Items]
Concentration risk, percentage	17.10%

Borrowings (Loan Agreement) (De

Borrowings (Loan Agreement) (Details) - Wells Fargo Bank	May 14, 2021USD ($)	May 13, 2021	Jun. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Minimum liquidity and EBITDA covenant	$ 7,500,000
Springing fixed charge coverage ratio	1
Borrowing capacity percent of loan cap	12.50%
Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity threshold	$ 6,000,000
Amount outstanding			$ 13,400,000
Line of Credit | ABL Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum revolving secured credit line	55,000,000
Borrowing rate under agreement, at period end			1.85%
Amount outstanding			$ 1,500,000
Avaiable for borrowing under line of credit			$ 53,600,000
Line of Credit | Term Loan
Line of Credit Facility [Line Items]
Maximum revolving secured credit line	$ 15,000,000
Borrowing rate under agreement, at period end			4.60%
Amount outstanding			$ 11,900,000
London Interbank Offered Rate (LIBOR) | Line of Credit | Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.50%	5.00%
Minimum | London Interbank Offered Rate (LIBOR) | Line of Credit | ABL Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Maximum | London Interbank Offered Rate (LIBOR) | Line of Credit | ABL Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Standby letters of credit outstanding	$ 900,000
Loss contingency liability	0
Inventories
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Non-cancelable market-based purchase obligation	$ 174,900,000	$ 216,300,000