e.l.f. Beauty (ELF) 10-Q 5 Nov 20 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,033,310
Amendment Flag	false
Document Fiscal Year Focus	2021
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, 2020	Mar. 31, 2020	Sep. 30, 2019
Current assets:
Cash and cash equivalents	$ 41,041	$ 46,167	$ 58,747
Accounts receivable, net	33,844	29,721	27,715
Inventory, net	64,486	46,209	50,850
Prepaid expenses and other current assets	12,389	10,263	7,813
Total current assets	151,760	132,360	145,125
Property and equipment, net	16,270	17,171	16,059
Intangible assets, net	98,348	102,410	93,613
Goodwill	171,620	171,321	157,264
Investments	2,875	2,875	2,875
Other assets	32,551	26,967	22,091
Total assets	473,424	453,104	437,027
Current liabilities:
Current portion of long-term debt and finance lease obligations	14,219	12,568	11,310
Accounts payable	20,544	12,390	14,807
Accrued expenses and other current liabilities	26,264	26,165	20,424
Total current liabilities	61,027	51,123	46,541
Long-term debt and finance lease obligations	118,577	126,088	132,377
Deferred tax liabilities	19,466	21,892	20,096
Long-term operating lease obligations	19,185	11,239	5,846
Other long-term liabilities	516	591	479
Total liabilities	218,771	210,933	205,339
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of September 30, 2020, March 31, 2020 and September 30, 2019; 50,972,425, 50,003,531 and 50,013,772 shares issued and outstanding as of September 30, 2020, March 31, 2020 and September 30, 2019, respectively	494	489	485
Additional paid-in capital	763,731	753,213	750,395
Accumulated deficit	(509,572)	(511,531)	(519,192)
Total stockholders' equity	254,653	242,171	231,688
Total liabilities and stockholders' equity	$ 473,424	$ 453,104	$ 437,027

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
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)	50,972,425	50,003,531	50,013,772
Common stock, shares outstanding (in shares)	50,972,425	50,003,531	50,013,772

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 72,350	$ 67,615	$ 136,877	$ 127,379
Cost of sales	25,212	24,267	46,398	46,840
Gross profit	47,138	43,348	90,479	80,539
Selling, general and administrative expenses	45,170	38,444	85,502	70,499
Restructuring income	0	(4,198)	0	(5,990)
Operating income	1,968	9,102	4,977	16,030
Other (expense) income, net	(859)	586	(889)	937
Interest expense, net	(905)	(1,643)	(2,373)	(3,360)
Income before provision for income taxes	204	8,045	1,715	13,607
Income tax benefit (provision)	243	(1,528)	244	(3,384)
Net income	447	6,517	1,959	10,223
Comprehensive income	$ 447	$ 6,517	$ 1,959	$ 10,223
Net income per share:
Basic (in USD per share)	$ 0.01	$ 0.13	$ 0.04	$ 0.21
Diluted (in USD per share)	$ 0.01	$ 0.13	$ 0.04	$ 0.20
Weighted average shares outstanding:
Basic (in shares)	49,147,366	48,419,845	49,036,519	48,383,095
Diluted (in shares)	51,748,437	50,939,915	51,344,797	50,628,704

Condensed consolidated statem_2

Condensed consolidated statements of stockholders' equity (unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance at Mar. 31, 2019	$ 215,215	$ 483	$ 744,147	$ (529,415)
Beginning balance (in shares) at Mar. 31, 2019		48,288,720,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,706			3,706
Stock-based compensation	3,926		3,926
Exercise of stock options and vesting of restricted stock	240	$ 2	238
Exercise of stock options, net (in shares)		179,225,000
Repurchase of common stock	(1,079)	$ (1)	(1,078)
Repurchase of common stock (in shares)		(89,610,000)
Ending balance at Jun. 30, 2019	222,008	$ 484	747,233	(525,709)
Ending balance (in shares) at Jun. 30, 2019		48,378,335,000
Beginning balance at Mar. 31, 2019	215,215	$ 483	744,147	(529,415)
Beginning balance (in shares) at Mar. 31, 2019		48,288,720,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,223
Ending balance at Sep. 30, 2019	231,688	$ 485	750,395	(519,192)
Ending balance (in shares) at Sep. 30, 2019		48,526,112,000
Beginning balance at Jun. 30, 2019	222,008	$ 484	747,233	(525,709)
Beginning balance (in shares) at Jun. 30, 2019		48,378,335,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,517			6,517
Stock-based compensation	4,004		4,004
Exercise of stock options and vesting of restricted stock	626	$ 2	624
Exercise of stock options, net (in shares)		236,803,000
Repurchase of common stock	(1,467)	$ (1)	(1,466)
Repurchase of common stock (in shares)		(89,026,000)
Ending balance at Sep. 30, 2019	231,688	$ 485	750,395	(519,192)
Ending balance (in shares) at Sep. 30, 2019		48,526,112,000
Beginning balance at Mar. 31, 2020	242,171	$ 489	753,213	(511,531)
Beginning balance (in shares) at Mar. 31, 2020		48,874,742,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,512			1,512
Stock-based compensation	4,627		4,627
Exercise of stock options and vesting of restricted stock	398	$ 2	396
Exercise of stock options, net (in shares)		175,561,000
Ending balance at Jun. 30, 2020	248,708	$ 491	758,236	(510,019)
Ending balance (in shares) at Jun. 30, 2020		49,050,303,000
Beginning balance at Mar. 31, 2020	242,171	$ 489	753,213	(511,531)
Beginning balance (in shares) at Mar. 31, 2020		48,874,742,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,959
Ending balance at Sep. 30, 2020	254,653	$ 494	763,731	(509,572)
Ending balance (in shares) at Sep. 30, 2020		49,314,029,000
Beginning balance at Jun. 30, 2020	248,708	$ 491	758,236	(510,019)
Beginning balance (in shares) at Jun. 30, 2020		49,050,303,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	447			447
Stock-based compensation	5,385		5,385
Exercise of stock options and vesting of restricted stock	113	$ 3	110
Exercise of stock options, net (in shares)		263,726,000
Ending balance at Sep. 30, 2020	$ 254,653	$ 494	$ 763,731	$ (509,572)
Ending balance (in shares) at Sep. 30, 2020		49,314,029,000

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 1,959	$ 10,223
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,597	11,169
Restructuring income	0	(5,990)
Stock-based compensation expense	10,012	7,930
Amortization of debt issuance costs and discount on debt	428	379
Deferred income taxes	(2,465)	3,343
Other, net	(26)	364
Changes in operating assets and liabilities:
Accounts receivable	(4,123)	4,355
Inventories	(18,270)	(7,071)
Prepaid expenses and other assets	(3,008)	(1,202)
Accounts payable and accrued expenses	7,962	4,182
Other liabilities	(1,653)	(10,677)
Net cash provided by operating activities	3,413	17,005
Cash flows from investing activities:
Purchase of property and equipment	(2,746)	(5,534)
Net cash used in investing activities	(2,746)	(5,534)
Cash flows from financing activities:
Proceeds from revolving line of credit	20,000	0
Repayment of revolving line of credit	(20,000)	0
Repayment of long-term debt	(5,569)	(4,538)
Debt issuance costs paid	(334)	0
Repurchase of common stock	0	(2,546)
Cash received from issuance of common stock	511	866
Other, net	(401)	(380)
Net cash used in financing activities	(5,793)	(6,598)
Net (decrease) increase in cash and cash equivalents	(5,126)	4,873
Cash and cash equivalents - beginning of period	46,167	53,874
Cash and cash equivalents - end of period	$ 41,041	$ 58,747

Nature of operations

Nature of operations	6 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operationse.l.f. Beauty, Inc. (“e.l.f. Beauty,” and together with its subsidiaries, the “Company” or “we”) was formed as a Delaware corporation on December 20, 2013. e.l.f. Beauty is organized as a holding company and operates through its subsidiaries, e.l.f. Cosmetics, Inc. and W3LL PEOPLE, Inc. The Company’s brands are e.l.f Cosmetics, W3LL PEOPLE and Keys Soulcare. e.l.f. Cosmetics makes the best of beauty accessible to every eye, lip and face by offering high-quality, prestige-inspired cosmetics and skincare products at an extraordinary value, 100% vegan and cruelty-free. W3LL PEOPLE is a clean beauty pioneer, raising the standard for high-performance, plant-powered, cruelty-free cosmetics since 2008. Keys Soulcare is a lifestyle beauty brand created with artist, producer, actress and New York Times best-selling author Alicia Keys. With an inclusive point of view, an authentic voice and a line of skin-loving, dermatologist-developed, cruelty-free products, Keys Soulcare aims to bring new meaning to beauty by honoring ritual in our daily life and practicing intention in every action.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation This report reflects the Company's second quarter of the fiscal year ending March 31, 2021, covering the period from July 1, 2020 to September 30, 2020 for the three months ended September 30, 2020 and the period from April 1, 2020 to September 30, 2020 for the six months ended September 30, 2020. 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 (the “SEC”). In the opinion of the Company, these interim financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2020, March 31, 2020 and September 30, 2019, and its results of operations and stockholders' equity for the three and six months ended September 30, 2020 and September 30, 2019 and its cash flows for the six months ended September 30, 2020 and September 30, 2019. 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, 2020 (the “Annual Report”). Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Change in filing status The Company is currently an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012. Because the market value of the Company's common stock held by non-affiliates exceeded $700 million as of September 30, 2020, commencing April 1, 2021, the Company will be a large accelerated filer and, accordingly, will no longer qualify as an emerging growth company. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Segment reporting Operating segments are components of an enterprise for which separate financial information is available that is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Utilizing these criteria, the Company manages its business on the basis of one operating segment and one reportable segment. It is impracticable for the Company to provide revenue by product line. Significant accounting policies Business combinations The purchase price of a business acquisition is allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the business combination date. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Unanticipated events or circumstances may occur that could affect the accuracy of the Company's fair value estimates, and under different assumptions, the resulting valuations could be materially different. Costs that are incurred to complete the business combination, such as legal and other professional fees, are not considered as a part of consideration transferred and are charged to selling, general and administrative expense as they are incurred. The Company made no other material changes in the application of its significant accounting policies that were disclosed in Note 2, “Summary of significant accounting policies,” to the audited consolidated financial statements as of and for the fiscal year ended March 31, 2020 included in the Annual Report. Revenue recognition The Company distributes products both through national and international retailers, as well as direct-to-consumers through its e-commerce channel. The marketing and consumer engagement benefits that the direct-to-consumer channel provides is integral to the Company’s brand and product development strategy and drives sales across channels. As such, the Company views its two primary distribution channels as components of one integrated business, as opposed to discrete revenue streams. The Company sells a variety of beauty products but does not consider them to be meaningfully different revenue streams given similarities in the nature of the products, the target consumer and the innovation and distribution processes. The following table provides disaggregated revenue from contracts with customers by geographical market, as the nature, amount, timing and uncertainty of revenue and cash flows can differ between domestic and international customers (in thousands). Three months ended September 30, Six months ended September 30, Net sales by geographic region: 2020 2019 2020 2019 United States $ 63,655 $ 59,731 $ 121,552 $ 113,511 International 8,695 7,884 15,325 13,868 Total net sales $ 72,350 $ 67,615 $ 136,877 $ 127,379 As of September 30, 2020, other than accounts receivable, the Company had no material contract assets, contract liabilities or deferred contract costs recorded on its condensed consolidated balance sheet. Recent accounting pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on the Company’s financial statements: Recently adopted accounting standards Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40) The standard requires customers in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Certain implementation costs incurred during the application development stage would be deferred and capitalized (e.g., costs of integration with on-premises software, coding, configuration, customization). Other costs incurred during the preliminary project and post-implementation stages would be expensed (e.g., planning the project, training, maintenance after implementation, data conversion). The amendments in the ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. April 1, 2020 The Company adopted ASU 2018-15 prospectively, and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 24, 2020, the Company, through its wholly owned subsidiary, e.l.f. Cosmetics, Inc., completed its acquisition of W3LL PEOPLE, Inc., a Santa Fe, New Mexico-based privately held, clean beauty company with a mission to create premium quality clean products that help people be well, look well and do well. The purchase price of $25.9 million was in all cash and the total consideration in connection with the acquisition is subject to adjustment based on (i) purchase price adjustment provisions and (ii) indemnification obligations of W3LL PEOPLE, Inc.'s stockholders after the closing of the acquisition. 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 and calculation of residual goodwill was finalized during the quarter ended September 30, 2020. W3LL PEOPLE, Inc.'s results of operations have been included in the Company's consolidated financial statements from the date of acquisition. The following table presents the purchase price allocation recorded in the Company's consolidated balance sheet on acquisition date and upon finalization during the quarter ended September 30, 2020. An incremental adjustment of $0.3 million was recorded to increase contract liabilities and increase goodwill. The adjustment reflects finalization of purchase accounting for facts and circumstances that existed upon the acquisition date as follows (in thousands): Net tangible assets $ 1,978 Goodwill (1) 14,357 Intangible assets 12,340 Net deferred tax liability (2,752) Total purchase price consideration $ 25,923 (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 expected operational synergies. None of the goodwill is expected to be deductible for tax purposes. Intangible assets Fair Value Estimated Useful Life (in thousands) (in years) Customer relationships - retailers $ 8,800 10 Customer relationships - e-commerce 40 3 Trademarks 3,500 10 Total identified intangible assets $ 12,340

Investment in equity securities

Investment in equity securities	6 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Investment in equity securities	Investment in equity securitiesOn April 14, 2017, the Company invested $2.9 million in a social media analytics company, which is included in investments on its condensed consolidated balance sheets. The Company has elected the measurement alternative for equity investments that do not have readily determinable fair values. The Company did not record an impairment charge on its investment during the three and six months ended September 30, 2020 or 2019, as any identified events or changes in circumstances did not result in an indicator for impairment. Further, there were no observable price changes in orderly transactions for the identical or a similar investment of the same issuer during the three and six months ended September 30, 2020.

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Sep. 30, 2020
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, 2020 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (46,380) $ 31,220 Customer relationships – e-commerce 3 years 3,940 (3,908) 32 Trademarks 10 years 3,500 (204) 3,296 Total finite-lived intangibles 85,040 (50,492) 34,548 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (50,492) $ 269,968 Information regarding the Company’s goodwill and intangible assets as of March 31, 2020 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (42,500) $ 35,100 Customer relationships – e-commerce 3 years 3,940 (3,901) 39 Trademarks 10 years 3,500 (29) 3,471 Total finite-lived intangibles 85,040 (46,430) 38,610 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,321 — 171,321 Total goodwill and other intangibles $ 320,161 $ (46,430) $ 273,731 Information regarding the Company’s goodwill and intangible assets as of September 30, 2019 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 68,800 $ (38,987) $ 29,813 Customer relationships – e-commerce 3 years 3,900 (3,900) — Total finite-lived intangibles 72,700 (42,887) 29,813 Trademarks Indefinite 63,800 — 63,800 Goodwill 157,264 — 157,264 Total goodwill and other intangibles $ 293,764 $ (42,887) $ 250,877 Amortization expense on finite-lived intangible assets was $2.0 million and $4.1 million in the three and six months ended September 30, 2020, respectively, and $1.7 million and $3.4 million in the three and six months ended September 30, 2019, 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, 2020 and September 30, 2019. An incremental adjustment $0.3 million of goodwill was recorded in the quarter ended September 30, 2020 as the result of finalization of purchase accounting from the W3LL PEOPLE acquisition. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2020 is as follows (in thousands): Remainder of Fiscal 2021 $ 4,062 2022 8,123 2023 8,122 2024 6,963 2025 1,230 Thereafter 6,048 Total $ 34,548

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
	Sep. 30, 2020
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, 2020, March 31, 2020 and September 30, 2019 consisted of the following (in thousands): September 30, 2020 March 31, 2020 September 30, 2019 Accrued expenses $ 14,465 $ 12,518 $ 10,646 Current portion of operating lease liabilities 3,374 3,083 2,727 Accrued compensation 6,277 9,542 5,390 Other current liabilities 2,148 1,022 1,661 Accrued expenses and other current liabilities $ 26,264 $ 26,165 $ 20,424

Debt

Debt	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of September 30, 2020, March 31, 2020 and September 30, 2019 consisted of the following (in thousands): September 30, 2020 March 31, 2020 September 30, 2019 Term loan (1) $ 130,537 $ 135,853 $ 140,543 Finance lease obligations 2,611 3,012 3,402 Total debt (2) 133,148 138,865 143,945 Less: debt issuance costs (352) (209) (258) Total debt, net of issuance costs 132,796 138,656 143,687 Less: current portion (14,219) (12,568) (11,310) Long-term portion of debt $ 118,577 $ 126,088 $ 132,377 (1) See Note 10, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement (the "Credit Agreement”). As of September 30, 2020, the Company was in compliance with all applicable financial covenants under the Credit Agreement. (2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented. April 2020 Credit Agreement Amendment On April 8, 2020, the Company entered into a Third Amendment to Credit Agreement (the "Amendment"), amending the Credit Agreement to modify the Company’s quarterly maintenance covenants, and to add interest rates with respect to borrowings associated with the added increased maximum permitted total net leverage ratios. Pursuant to the Amendment, borrowings under both the $50.0 million revolving line of credit (the “Revolving Credit Facility”) and the $165.0 million term loan (the “Term Loan Facility”) bear interest, at the Company's option, at either a rate per annum equal to (i) a rate per annum equal to an adjusted LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for the applicable interest period (subject to a minimum floor of 0%) plus an applicable margin ranging from 1.50% to 3.25% based on the Company's consolidated total net leverage ratio or (ii) a floating base rate plus an applicable margin ranging from 0.50% to 2.25% based on the Company's consolidated total net leverage ratio. The interest rate as of September 30, 2020 for the Term Loan Facility was approximately 1.7%. All amounts under the Revolving Credit Facility are available for draw until the maturity date on August 25, 2022. The Revolving Credit Facility is collateralized by substantially all of the Company's assets and requires payment of an unused fee ranging from 0.35% to 0.25% (based on the Company's consolidated total net leverage ratio) times the average daily amount of unutilized commitments under the Revolving Credit Facility. The Revolving Credit Facility also provides for sub-facilities in the form of a $7.0 million letter of credit and a $5.0 million swing line loan; however, all amounts under the Revolving Credit

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies Legal contingencies From time to time, the Company is involved in legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any matters that management expects will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation Service-based vesting stock options The following table summarizes the activity for options that vest solely based upon the satisfaction of a service condition for the six months ended September 30, 2020: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2020 1,999,553 $ 13.17 Exercised (136,769) 3.32 Canceled or forfeited (14,641) 23.39 Balance as of September 30, 2020 1,848,143 $ 13.82 6.4 $ 8,961 Exercisable, September 30, 2020 1,354,782 $ 13.52 5.8 $ 6,992 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $18.37, as reported on the New York Stock Exchange on September 30, 2020. The Company recognized stock-based compensation cost related to service-based vesting options of $0.5 million and $1.1 million in the three and six months ended September 30, 2020, respectively, and $0.6 million and $1.2 million in the three and six months ended September 30, 2019, respectively. As of September 30, 2020, there was $2.1 million of total unrecognized stock-based compensation cost related to unvested service-based stock options, which is expected to be recognized over the remaining weighted-average period of 2.3 years. All stock-based compensation cost is recorded in selling, general and administrative expenses. Performance-based and market-based vesting stock options The following table summarizes the activity for stock options that vest based upon the satisfaction of performance- or market-based vesting conditions for the six months ended September 30, 2020: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2020 1,252,932 $ 7.97 Exercised (27,600) 1.84 Balance as of September 30, 2020 1,225,332 $ 8.07 4.5 $ 15,159 Exercisable, September 30, 2020 925,332 $ 1.99 3.9 $ 15,159 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $18.37, as reported on the New York Stock Exchange on September 30, 2020. As of September 30, 2020 and September 30, 2019, there was no unrecognized compensation cost related to stock options with performance-based and market-based vesting conditions. Restricted stock and RSUs The following table summarizes the activities for restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) for the six months ended September 30, 2020: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2020 2,311,768 $ 12.86 Granted 1,108,344 16.98 Vested (274,918) 14.15 Canceled or forfeited (150,819) 14.32 Balance as of September 30, 2020 2,994,375 $ 14.19 As of September 30, 2020, there were 1,658,396 unvested shares subject to RSAs outstanding. The Company recognized stock-based compensation cost related to RSAs and RSUs of $4.9 million and $8.9 million in the three and six months ended September 30, 2020, respectively, and $3.4 million and $6.7 million in the three and six months ended September 30, 2019, respectively. As of September 30, 2020, there was $32.8 million of total unrecognized stock-based compensation cost related to unvested RSAs and RSUs, which is expected to be recognized over a weighted-average period of 2.4 years.

Restructuring and other related

Restructuring and other related costs	6 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and other related costs	Restructuring and other related costs In February 2019, the Company closed all 22 e.l.f. retail stores and implemented a workforce reduction of employees that operated and managed the e.l.f. retail stores (the “Restructuring Plan”). The following table presents the restructuring (income) expenses incurred for the three and six months ended September 30, 2020 and September 30, 2019, respectively (in thousands) in connection with the Restructuring Plan: Three months ended September 30, Six months ended September 30, 2020 2019 2020 2019 Gain from extinguishment of lease liabilities $ — $ (5,096) $ — $ (7,733) Other costs, including other asset write-offs — 898 — 1,743 Total $ — $ (4,198) $ — $ (5,990) The gain from extinguishment of lease liabilities represents the difference between the aggregate operating lease liability and the aggregate cash payment incurred to extinguish such liability. The majority of the other costs incurred during the three and six months ended September 30, 2019 are legal fees related to these extinguishments. As of March 31, 2020, the Company had settled all outstanding lease liabilities related to its e.l.f. retail store closures and does not expect to incur additional costs associated with the Restructuring Plan. Accordingly, there were no restructuring expenses incurred during the three and six months ended September 30, 2020. Liabilities related to the Restructuring Plan are reported within accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. There were no costs incurred or cash disbursements made during the three and six months ended September 30, 2020. The following table presents a roll-forward of the Company's restructuring liability for the three and six months ended September 30, 2019 (in thousands): Employee severance and related expenses Other costs Total June 30, 2019 $ — $ 318 $ 318 Costs incurred — 898 898 Cash disbursements — (373) (373) Other adjustments — (6) (6) September 30, 2019 $ — $ 837 $ 837 Employee severance and related expenses Other costs Total March 31, 2019 $ 96 $ 675 $ 771 Costs incurred (22) 1,765 1,743 Cash disbursements (74) (1,466) (1,540) Other adjustments — (137) (137) September 30, 2019 $ — $ 837 $ 837 Outstanding lease liabilities are not included in the table above, as those liabilities were established upon adoption of ASC 842, not in connection with the Restructuring Plan.

Repurchase of common stock

Repurchase of common stock	6 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Repurchase of common stock	Repurchase of common stock On May 8, 2019, the Company's board of directors authorized a share repurchase program to acquire up to $25.0 million of the Company’s common stock (the “Share Repurchase Program”). Purchases under the Share Repurchase Program may be made from time to time through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, or by any combination of such methods. The timing and amount of any repurchases pursuant to the Share Repurchase Program will be determined based on market conditions, share price and other factors. The Share Repurchase Program does not require the Company to repurchase any specific number of shares of its common stock, and may be modified, suspended or terminated at any time without notice. There is no guarantee that any additional shares will be purchased under the Share Repurchase Program and such shares are intended to be retired after purchase. The Company did not repurchase any shares during the three and six months ended September 30, 2020. A total of $17.1 million remains available for purchase under the Share Repurchase Program as of September 30, 2020.

Net income per share

Net income per share	6 Months Ended
	Sep. 30, 2020
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, 2020 2019 2020 2019 Numerator: Net income $ 447 $ 6,517 $ 1,959 $ 10,223 Denominator: Weighted-average common shares outstanding - basic 49,147,366 48,419,845 49,036,519 48,383,095 Dilutive common equivalent shares from equity awards 2,601,071 2,520,070 2,308,278 2,245,609 Weighted-average common shares outstanding - diluted 51,748,437 50,939,915 51,344,797 50,628,704 Net income per share: Basic $ 0.01 $ 0.13 $ 0.04 $ 0.21 Diluted $ 0.01 $ 0.13 $ 0.04 $ 0.20 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 857,698 1,944,662 1,712,824 2,417,982

Leases

Leases	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases The Company leases warehouses, distribution centers, office space, retail space and equipment. Prior to the Restructuring Plan, the Company also leased 22 e.l.f. retail store locations. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution centers in Ontario, California and Columbus, Ohio. Significant judgment is required to determine whether commercial contracts contain a lease for purposes of ASC 842. The discount rate used in measuring lease liabilities is generally based on the interest rate on the Company’s revolving line of credit, assuming sufficient unused capacity exists at the time the lease liability is measured. A reconciliation of the balance sheet line items that were impacted or created as a result of the Company's adoption of ASC 842 as of September 30, 2020 and September 30, 2019 is as follows (in thousands): Classification September 30, 2020 September 30, 2019 Assets Operating lease assets (a) Other assets $ 21,548 $ 8,080 Finance lease assets (b) Other assets 1,599 2,591 Total leased assets $ 23,147 $ 10,671 Liabilities Current Operating (a) Accrued expenses and other current liabilities $ 3,374 $ 2,727 Finance Current portion of long-term debt and finance lease obligations 812 791 Noncurrent Operating (a) Long-term operating lease obligations 19,185 5,846 Finance Long-term debt and finance lease obligations 1,799 2,611 Total lease liabilities $ 25,170 $ 11,975 _____________________ (a) In accordance with ASC 842, $15.7 million of ROU assets related to operating leases were derecognized in the three months ended March 31, 2019 in connection with the Restructuring Plan. Pursuant to ASC 842, each related lease liability is derecognized only after the Company is released from that liability. See Note 10, “Restructuring and other related costs” for further details on the Restructuring Plan and the gain recorded on lease liabilities derecognized in the three and six months ended September 30, 2019. (b) Finance leases are recorded net of accumulated amortization of $3.4 million and $2.4 million as of September 30, 2020 and September 30, 2019, respectively. For the three and six months ended September 30, 2020 and September 30, 2019, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2020 2019 2020 2019 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,046 $ 755 $ 2,126 $ 1,384 Gain from extinguishment of lease liabilities Restructuring income — (5,096) — (7,733) Finance lease cost Amortization of leased assets SG&A expenses 247 249 495 499 Interest on lease liabilities Interest expense, net 36 46 74 94 Total lease cost (gain) $ 1,329 $ (4,046) $ 2,695 $ (5,756) As of September 30, 2020, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of Fiscal 2021 $ 1,896 $ 475 $ 2,371 2022 4,239 908 5,147 2023 3,973 1,208 5,181 2024 4,073 234 4,307 2025 3,673 — 3,673 Thereafter 7,063 — 7,063 Total lease payments 24,917 2,825 $ 27,742 Less: Interest 2,358 214 Present value of lease liabilities $ 22,559 $ 2,611 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of September 30, 2020 and September 30, 2019, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2020 September 30, 2019 Weighted-average remaining lease term Operating leases 6.5 years 3.5 years Finance leases 2.8 years 3.8 years Weighted-average discount rate Operating leases 2.8 % 4.6 % Finance leases 5.2 % 5.2 %
Leases	Leases The Company leases warehouses, distribution centers, office space, retail space and equipment. Prior to the Restructuring Plan, the Company also leased 22 e.l.f. retail store locations. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution centers in Ontario, California and Columbus, Ohio. Significant judgment is required to determine whether commercial contracts contain a lease for purposes of ASC 842. The discount rate used in measuring lease liabilities is generally based on the interest rate on the Company’s revolving line of credit, assuming sufficient unused capacity exists at the time the lease liability is measured. A reconciliation of the balance sheet line items that were impacted or created as a result of the Company's adoption of ASC 842 as of September 30, 2020 and September 30, 2019 is as follows (in thousands): Classification September 30, 2020 September 30, 2019 Assets Operating lease assets (a) Other assets $ 21,548 $ 8,080 Finance lease assets (b) Other assets 1,599 2,591 Total leased assets $ 23,147 $ 10,671 Liabilities Current Operating (a) Accrued expenses and other current liabilities $ 3,374 $ 2,727 Finance Current portion of long-term debt and finance lease obligations 812 791 Noncurrent Operating (a) Long-term operating lease obligations 19,185 5,846 Finance Long-term debt and finance lease obligations 1,799 2,611 Total lease liabilities $ 25,170 $ 11,975 _____________________ (a) In accordance with ASC 842, $15.7 million of ROU assets related to operating leases were derecognized in the three months ended March 31, 2019 in connection with the Restructuring Plan. Pursuant to ASC 842, each related lease liability is derecognized only after the Company is released from that liability. See Note 10, “Restructuring and other related costs” for further details on the Restructuring Plan and the gain recorded on lease liabilities derecognized in the three and six months ended September 30, 2019. (b) Finance leases are recorded net of accumulated amortization of $3.4 million and $2.4 million as of September 30, 2020 and September 30, 2019, respectively. For the three and six months ended September 30, 2020 and September 30, 2019, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2020 2019 2020 2019 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,046 $ 755 $ 2,126 $ 1,384 Gain from extinguishment of lease liabilities Restructuring income — (5,096) — (7,733) Finance lease cost Amortization of leased assets SG&A expenses 247 249 495 499 Interest on lease liabilities Interest expense, net 36 46 74 94 Total lease cost (gain) $ 1,329 $ (4,046) $ 2,695 $ (5,756) As of September 30, 2020, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of Fiscal 2021 $ 1,896 $ 475 $ 2,371 2022 4,239 908 5,147 2023 3,973 1,208 5,181 2024 4,073 234 4,307 2025 3,673 — 3,673 Thereafter 7,063 — 7,063 Total lease payments 24,917 2,825 $ 27,742 Less: Interest 2,358 214 Present value of lease liabilities $ 22,559 $ 2,611 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of September 30, 2020 and September 30, 2019, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2020 September 30, 2019 Weighted-average remaining lease term Operating leases 6.5 years 3.5 years Finance leases 2.8 years 3.8 years Weighted-average discount rate Operating leases 2.8 % 4.6 % Finance leases 5.2 % 5.2 %

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation This report reflects the Company's second quarter of the fiscal year ending March 31, 2021, covering the period from July 1, 2020 to September 30, 2020 for the three months ended September 30, 2020 and the period from April 1, 2020 to September 30, 2020 for the six months ended September 30, 2020. 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 (the “SEC”). In the opinion of the Company, these interim financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2020, March 31, 2020 and September 30, 2019, and its results of operations and stockholders' equity for the three and six months ended September 30, 2020 and September 30, 2019 and its cash flows for the six months ended September 30, 2020 and September 30, 2019. 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, 2020 (the “Annual Report”). Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform to the current year presentation.
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 is integral to the Company’s brand and product development strategy and drives sales across channels. As such, the Company views its two primary distribution channels as components of one integrated business, as opposed to discrete revenue streams. The Company sells a variety of beauty products but does not consider them to be meaningfully different revenue streams given similarities in the nature of the products, the target consumer and the innovation and distribution processes.
Recent accounting pronouncements	Recent accounting pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on the Company’s financial statements: Recently adopted accounting standards Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40) The standard requires customers in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Certain implementation costs incurred during the application development stage would be deferred and capitalized (e.g., costs of integration with on-premises software, coding, configuration, customization). Other costs incurred during the preliminary project and post-implementation stages would be expensed (e.g., planning the project, training, maintenance after implementation, data conversion). The amendments in the ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. April 1, 2020 The Company adopted ASU 2018-15 prospectively, and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
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: 2020 2019 2020 2019 United States $ 63,655 $ 59,731 $ 121,552 $ 113,511 International 8,695 7,884 15,325 13,868 Total net sales $ 72,350 $ 67,615 $ 136,877 $ 127,379

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The following table presents the purchase price allocation recorded in the Company's consolidated balance sheet on acquisition date and upon finalization during the quarter ended September 30, 2020. An incremental adjustment of $0.3 million was recorded to increase contract liabilities and increase goodwill. The adjustment reflects finalization of purchase accounting for facts and circumstances that existed upon the acquisition date as follows (in thousands): Net tangible assets $ 1,978 Goodwill (1) 14,357 Intangible assets 12,340 Net deferred tax liability (2,752) Total purchase price consideration $ 25,923 (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 expected operational synergies. None of the goodwill is expected to be deductible for tax purposes. Intangible assets Fair Value Estimated Useful Life (in thousands) (in years) Customer relationships - retailers $ 8,800 10 Customer relationships - e-commerce 40 3 Trademarks 3,500 10 Total identified intangible assets $ 12,340

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Information Regarding Company's Goodwill and Intangible Assets	Information regarding the Company’s goodwill and intangible assets as of September 30, 2020 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (46,380) $ 31,220 Customer relationships – e-commerce 3 years 3,940 (3,908) 32 Trademarks 10 years 3,500 (204) 3,296 Total finite-lived intangibles 85,040 (50,492) 34,548 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (50,492) $ 269,968 Information regarding the Company’s goodwill and intangible assets as of March 31, 2020 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (42,500) $ 35,100 Customer relationships – e-commerce 3 years 3,940 (3,901) 39 Trademarks 10 years 3,500 (29) 3,471 Total finite-lived intangibles 85,040 (46,430) 38,610 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,321 — 171,321 Total goodwill and other intangibles $ 320,161 $ (46,430) $ 273,731 Information regarding the Company’s goodwill and intangible assets as of September 30, 2019 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 68,800 $ (38,987) $ 29,813 Customer relationships – e-commerce 3 years 3,900 (3,900) — Total finite-lived intangibles 72,700 (42,887) 29,813 Trademarks Indefinite 63,800 — 63,800 Goodwill 157,264 — 157,264 Total goodwill and other intangibles $ 293,764 $ (42,887) $ 250,877
Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2020 is as follows (in thousands): Remainder of Fiscal 2021 $ 4,062 2022 8,123 2023 8,122 2024 6,963 2025 1,230 Thereafter 6,048 Total $ 34,548

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	6 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of September 30, 2020, March 31, 2020 and September 30, 2019 consisted of the following (in thousands): September 30, 2020 March 31, 2020 September 30, 2019 Accrued expenses $ 14,465 $ 12,518 $ 10,646 Current portion of operating lease liabilities 3,374 3,083 2,727 Accrued compensation 6,277 9,542 5,390 Other current liabilities 2,148 1,022 1,661 Accrued expenses and other current liabilities $ 26,264 $ 26,165 $ 20,424

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of September 30, 2020, March 31, 2020 and September 30, 2019 consisted of the following (in thousands): September 30, 2020 March 31, 2020 September 30, 2019 Term loan (1) $ 130,537 $ 135,853 $ 140,543 Finance lease obligations 2,611 3,012 3,402 Total debt (2) 133,148 138,865 143,945 Less: debt issuance costs (352) (209) (258) Total debt, net of issuance costs 132,796 138,656 143,687 Less: current portion (14,219) (12,568) (11,310) Long-term portion of debt $ 118,577 $ 126,088 $ 132,377 (1) See Note 10, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement (the "Credit Agreement”). As of September 30, 2020, the Company was in compliance with all applicable financial covenants under the Credit Agreement. (2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented.

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity and Related Information	The following table summarizes the activity for options that vest solely based upon the satisfaction of a service condition for the six months ended September 30, 2020: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2020 1,999,553 $ 13.17 Exercised (136,769) 3.32 Canceled or forfeited (14,641) 23.39 Balance as of September 30, 2020 1,848,143 $ 13.82 6.4 $ 8,961 Exercisable, September 30, 2020 1,354,782 $ 13.52 5.8 $ 6,992 The following table summarizes the activity for stock options that vest based upon the satisfaction of performance- or market-based vesting conditions for the six months ended September 30, 2020: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2020 1,252,932 $ 7.97 Exercised (27,600) 1.84 Balance as of September 30, 2020 1,225,332 $ 8.07 4.5 $ 15,159 Exercisable, September 30, 2020 925,332 $ 1.99 3.9 $ 15,159
Summary of Activities for Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs")	The following table summarizes the activities for restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) for the six months ended September 30, 2020: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2020 2,311,768 $ 12.86 Granted 1,108,344 16.98 Vested (274,918) 14.15 Canceled or forfeited (150,819) 14.32 Balance as of September 30, 2020 2,994,375 $ 14.19

Restructuring and other relat_2

Restructuring and other related costs (Tables)	6 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring Expenses	The following table presents the restructuring (income) expenses incurred for the three and six months ended September 30, 2020 and September 30, 2019, respectively (in thousands) in connection with the Restructuring Plan: Three months ended September 30, Six months ended September 30, 2020 2019 2020 2019 Gain from extinguishment of lease liabilities $ — $ (5,096) $ — $ (7,733) Other costs, including other asset write-offs — 898 — 1,743 Total $ — $ (4,198) $ — $ (5,990)
Restructuring Related Liabilities	The following table presents a roll-forward of the Company's restructuring liability for the three and six months ended September 30, 2019 (in thousands): Employee severance and related expenses Other costs Total June 30, 2019 $ — $ 318 $ 318 Costs incurred — 898 898 Cash disbursements — (373) (373) Other adjustments — (6) (6) September 30, 2019 $ — $ 837 $ 837 Employee severance and related expenses Other costs Total March 31, 2019 $ 96 $ 675 $ 771 Costs incurred (22) 1,765 1,743 Cash disbursements (74) (1,466) (1,540) Other adjustments — (137) (137) September 30, 2019 $ — $ 837 $ 837

Net income per share (Tables)

Net income per share (Tables)	6 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator in Basic and Diluted Net Income (Loss) 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, 2020 2019 2020 2019 Numerator: Net income $ 447 $ 6,517 $ 1,959 $ 10,223 Denominator: Weighted-average common shares outstanding - basic 49,147,366 48,419,845 49,036,519 48,383,095 Dilutive common equivalent shares from equity awards 2,601,071 2,520,070 2,308,278 2,245,609 Weighted-average common shares outstanding - diluted 51,748,437 50,939,915 51,344,797 50,628,704 Net income per share: Basic $ 0.01 $ 0.13 $ 0.04 $ 0.21 Diluted $ 0.01 $ 0.13 $ 0.04 $ 0.20 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 857,698 1,944,662 1,712,824 2,417,982

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Balance Sheet Information	A reconciliation of the balance sheet line items that were impacted or created as a result of the Company's adoption of ASC 842 as of September 30, 2020 and September 30, 2019 is as follows (in thousands): Classification September 30, 2020 September 30, 2019 Assets Operating lease assets (a) Other assets $ 21,548 $ 8,080 Finance lease assets (b) Other assets 1,599 2,591 Total leased assets $ 23,147 $ 10,671 Liabilities Current Operating (a) Accrued expenses and other current liabilities $ 3,374 $ 2,727 Finance Current portion of long-term debt and finance lease obligations 812 791 Noncurrent Operating (a) Long-term operating lease obligations 19,185 5,846 Finance Long-term debt and finance lease obligations 1,799 2,611 Total lease liabilities $ 25,170 $ 11,975 _____________________ (a) In accordance with ASC 842, $15.7 million of ROU assets related to operating leases were derecognized in the three months ended March 31, 2019 in connection with the Restructuring Plan. Pursuant to ASC 842, each related lease liability is derecognized only after the Company is released from that liability. See Note 10, “Restructuring and other related costs” for further details on the Restructuring Plan and the gain recorded on lease liabilities derecognized in the three and six months ended September 30, 2019. (b) Finance leases are recorded net of accumulated amortization of $3.4 million and $2.4 million as of September 30, 2020 and September 30, 2019, respectively. As of September 30, 2020 and September 30, 2019, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2020 September 30, 2019 Weighted-average remaining lease term Operating leases 6.5 years 3.5 years Finance leases 2.8 years 3.8 years Weighted-average discount rate Operating leases 2.8 % 4.6 % Finance leases 5.2 % 5.2 %
Components of Lease Expense	For the three and six months ended September 30, 2020 and September 30, 2019, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2020 2019 2020 2019 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,046 $ 755 $ 2,126 $ 1,384 Gain from extinguishment of lease liabilities Restructuring income — (5,096) — (7,733) Finance lease cost Amortization of leased assets SG&A expenses 247 249 495 499 Interest on lease liabilities Interest expense, net 36 46 74 94 Total lease cost (gain) $ 1,329 $ (4,046) $ 2,695 $ (5,756)
Maturities of Operating Lease Liabilities	As of September 30, 2020, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of Fiscal 2021 $ 1,896 $ 475 $ 2,371 2022 4,239 908 5,147 2023 3,973 1,208 5,181 2024 4,073 234 4,307 2025 3,673 — 3,673 Thereafter 7,063 — 7,063 Total lease payments 24,917 2,825 $ 27,742 Less: Interest 2,358 214 Present value of lease liabilities $ 22,559 $ 2,611
Maturities of Finance Lease Liabilities	As of September 30, 2020, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands): Operating Finance Total Remainder of Fiscal 2021 $ 1,896 $ 475 $ 2,371 2022 4,239 908 5,147 2023 3,973 1,208 5,181 2024 4,073 234 4,307 2025 3,673 — 3,673 Thereafter 7,063 — 7,063 Total lease payments 24,917 2,825 $ 27,742 Less: Interest 2,358 214 Present value of lease liabilities $ 22,559 $ 2,611

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	6 Months Ended
	Sep. 30, 2020segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reporting segments	1

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 72,350	$ 67,615	$ 136,877	$ 127,379
United States
Disaggregation of Revenue [Line Items]
Total net sales	63,655	59,731	121,552	113,511
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 8,695	$ 7,884	$ 15,325	$ 13,868

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Feb. 24, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill		$ 171,620	$ 171,620	$ 157,264	$ 171,321
W3LL People
Business Acquisition [Line Items]
Purchase price	$ 25,900
Goodwill adjustment		300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Net tangible assets		1,978	1,978
Goodwill		14,357	14,357
Intangible assets		12,340	12,340
Net deferred tax liability		(2,752)	(2,752)
Total purchase price consideration		25,923	25,923
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Total identified intangible assets		12,340	12,340
Customer relationships - retailers | W3LL People
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets		8,800	8,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Total identified intangible assets		8,800	$ 8,800
Estimated useful life			10 years
Customer relationships - e-commerce
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Estimated useful life			3 years	3 years	3 years
Customer relationships - e-commerce | W3LL People
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets		40	$ 40
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Total identified intangible assets		40	$ 40
Estimated useful life			3 years
Trademarks
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Estimated useful life			10 years		10 years
Trademarks | W3LL People
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets		3,500	$ 3,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Total identified intangible assets		$ 3,500	$ 3,500
Estimated useful life			10 years

Investment in equity securiti_2

Investment in equity securities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 14, 2017
Debt and Equity Securities, FV-NI [Line Items]
Impairment charges on investment	$ 0	$ 0	$ 0	$ 0
Social Media Analytics Company
Debt and Equity Securities, FV-NI [Line Items]
Amount invested in minority equity investment					$ 2,900,000

Goodwill and intangible asset_2

Goodwill and intangible assets - Information Regarding Company's Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Schedule Of Intangible Assets And Goodwill [Line Items]
Total finite-lived intangibles, Gross carrying amount	$ 85,040	$ 72,700	$ 85,040
Total finite-lived intangibles, Accumulated amortization	(50,492)	(42,887)	(46,430)
Total	34,548	29,813	38,610
Goodwill, Gross carrying amount	171,620	157,264	171,321
Goodwill, Accumulated amortization	0	0	0
Goodwill, Net carrying amount	171,620	157,264	171,321
Total goodwill and other intangibles, Gross carrying amount	320,460	293,764	320,161
Total goodwill and other intangibles, Accumulated amortization	(50,492)	(42,887)	(46,430)
Total goodwill and other intangibles, Net carrying amount	269,968	250,877	273,731
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Indefinite lived intangibles, Net carrying amount	$ 63,800	$ 63,800	$ 63,800
Customer relationships – retailers
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years	10 years	10 years
Total finite-lived intangibles, Gross carrying amount	$ 77,600	$ 68,800	$ 77,600
Total finite-lived intangibles, Accumulated amortization	(46,380)	(38,987)	(42,500)
Total	$ 31,220	$ 29,813	$ 35,100
Customer relationships – e-commerce
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	3 years	3 years	3 years
Total finite-lived intangibles, Gross carrying amount	$ 3,940	$ 3,900	$ 3,940
Total finite-lived intangibles, Accumulated amortization	(3,908)	(3,900)	(3,901)
Total	$ 32	$ 0	$ 39
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years		10 years
Total finite-lived intangibles, Gross carrying amount	$ 3,500		$ 3,500
Total finite-lived intangibles, Accumulated amortization	(204)		(29)
Total	$ 3,296		$ 3,471

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Line Items]
Amortization of Intangible Assets	$ 2,000,000	$ 1,700,000	$ 4,100,000	$ 3,400,000
Goodwill and Intangible Asset Impairment	0	$ 0	$ 0	$ 0
W3LL People
Goodwill [Line Items]
Goodwill adjustment	$ 300,000

Goodwill and intangible asset_4

Goodwill and intangible assets - Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2021	$ 4,062
2022	8,123
2023	8,122
2024	6,963
2025	1,230
Thereafter	6,048
Total	$ 34,548	$ 38,610	$ 29,813

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Payables and Accruals [Abstract]
Accrued expenses	$ 14,465	$ 12,518	$ 10,646
Current portion of operating lease liabilities	3,374	3,083	2,727
Accrued compensation	6,277	9,542	5,390
Other current liabilities	2,148	1,022	1,661
Accrued expenses and other current liabilities	$ 26,264	$ 26,165	$ 20,424

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Finance lease obligations	$ 2,611	$ 3,012	$ 3,402
Total debt	133,148	138,865	143,945
Less: debt issuance costs	(352)	(209)	(258)
Total debt, net of issuance costs	132,796	138,656	143,687
Less: current portion	(14,219)	(12,568)	(11,310)
Long-term portion of debt	118,577	126,088	132,377
Term Loan
Debt Instrument [Line Items]
Debt	$ 130,537	$ 135,853	$ 140,543

Debt - Narrative (Details)

Debt - Narrative (Details) - April 2020 Credit Agreement Amendment - USD ($)	Apr. 08, 2020	Sep. 30, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000	$ 50,000,000
Weighted average interest rate		1.70%
Remaining borrowing capacity		$ 49,800,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Unused fee percentage	0.35%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unused fee percentage	0.25%
Revolving Credit Facility | Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 165,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 7,000,000
Swing Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000,000

Stock-based compensation - Summ

Stock-based compensation - Summary of Activity for Options Vest Solely Based upon Satisfaction of Service Condition (Details) - Service-based Vesting Stock Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2020
Shares subject to options outstanding
Beginning balance (in shares)	1,999,553
Exercised (in shares)	(136,769)
Canceled or forfeited (in shares)	(14,641)
Ending balance (in shares)	1,848,143
Options outstanding, Exercisable (in shares)	1,354,782
Weighted-average exercise price
Beginning balance (in USD per share)	$ 13.17
Exercised (in USD per share)	3.32
Canceled or forfeited (in USD per share)	23.39
Ending balance (in USD per share)	13.82
Weighted-average exercise price, Exercisable (in USD per share)	$ 13.52
Weighted-average remaining contractual life (in years), Outstanding	6 years 4 months 24 days
Weighted-average remaining contractual life (in years), Exercisable	5 years 9 months 18 days
Aggregate intrinsic values, Outstanding	$ 8,961
Aggregate intrinsic values, Exercisable	$ 6,992

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (in USD per share)	$ 18.37		$ 18.37
Service-based Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 0.5	$ 0.6	$ 1.1	$ 1.2
Unrecognized stock-based compensation cost	$ 2.1		$ 2.1
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			2 years 3 months 18 days
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSAs outstanding (in shares)	1,658,396		1,658,396
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 4.9	$ 3.4	$ 8.9	$ 6.7
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			2 years 4 months 24 days
Unvested RSAs outstanding (in shares)	2,994,375		2,994,375		2,311,768
Unrecognized stock-based compensation cost	$ 32.8		$ 32.8

Stock-based compensation - Su_2

Stock-based compensation - Summary of Activity for Options Vest Based upon Performance or Market Conditions (Details) - Performance-based and Market-based Vesting Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2020
Shares subject to options outstanding
Beginning balance (in shares)	1,252,932
Exercised (in shares)	(27,600)
Ending balance (in shares)	1,225,332
Options outstanding, Exercisable (in shares)	925,332
Weighted-average exercise price
Beginning balance (in USD per share)	$ 7.97
Exercised (in USD per share)	1.84
Ending balance (in USD per share)	8.07
Weighted-average exercise price, Exercisable (in USD per share)	$ 1.99
Weighted-average remaining contractual life (in years), Outstanding	4 years 6 months
Weighted-average remaining contractual life (in years), Exercisable	3 years 10 months 24 days
Aggregate intrinsic values, Outstanding	$ 15,159
Aggregate intrinsic values, Exercisable	$ 15,159

Stock-based compensation - Su_3

Stock-based compensation - Summary of Activities for Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") (Details) - Restricted Stock Awards and Restricted Stock Units	6 Months Ended
	Sep. 30, 2020$ / sharesshares
RSUs and shares of restricted stock outstanding
Beginning balance (in shares) | shares	2,311,768
Granted (in shares) | shares	1,108,344
Vested (in shares) | shares	(274,918)
Canceled or forfeited (in shares) | shares	(150,819)
Ending balance (in shares) | shares	2,994,375
Weighted-average grant date fair value
Beginning balance (in USD per share) | $ / shares	$ 12.86
Granted (in USD per share) | $ / shares	16.98
Vested (in USD per share) | $ / shares	14.15
Canceled or forfeited (in USD per share) | $ / shares	14.32
Ending balance (in USD per share) | $ / shares	$ 14.19

Restructuring and other relat_3

Restructuring and other related costs - Narrative (Details)	1 Months Ended
	Feb. 28, 2019store
Restructuring and Related Activities [Abstract]
Number of stores closed	22

Restructuring and other relat_4

Restructuring and other related costs - Restructuring expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Gain from extinguishment of lease liabilities	$ 0	$ (5,096)	$ 0	$ (7,733)
Other costs, including other asset write-offs	0	898	0	1,743
Total	$ 0	$ (4,198)	$ 0	$ (5,990)

Restructuring and other relat_5

Restructuring and other related costs - Restructuring related liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Employee severance and related expenses
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0	$ 96
Costs incurred	0	(22)
Cash disbursements	0	(74)
Other adjustments	0	0
Ending balance	0	0
Other costs
Restructuring Reserve [Roll Forward]
Beginning balance	318	675
Costs incurred	898	1,765
Cash disbursements	(373)	(1,466)
Other adjustments	(6)	(137)
Ending balance	837	837
Total
Restructuring Reserve [Roll Forward]
Beginning balance	318	771
Costs incurred	898	1,743
Cash disbursements	(373)	(1,540)
Other adjustments	(6)	(137)
Ending balance	$ 837	$ 837

Repurchase of common stock - Na

Repurchase of common stock - Narrative (Details) - USD ($)	Sep. 30, 2020	May 08, 2019
Equity [Abstract]
Amount authorized under share repurchase program		$ 25,000,000
Remaining authorized repurchase amount	$ 17,100,000

Net income per share - Reconcil

Net income per share - Reconciliation of Numerator and Denominator in Basic and Diluted Net Income (Loss) Per Common Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income	$ 447	$ 1,512	$ 6,517	$ 3,706	$ 1,959	$ 10,223
Denominator:
Weighted average common shares outstanding - basic (in shares)	49,147,366		48,419,845		49,036,519	48,383,095
Dilutive common equivalent shares from equity awards (in shares)	2,601,071		2,520,070		2,308,278	2,245,609
Weighted average common shares outstanding - diluted (in shares)	51,748,437		50,939,915		51,344,797	50,628,704
Net income per share:
Basic (in USD per share)	$ 0.01		$ 0.13		$ 0.04	$ 0.21
Diluted (in USD per share)	$ 0.01		$ 0.13		$ 0.04	$ 0.20
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	857,698		1,944,662		1,712,824	2,417,982

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Sep. 30, 2020USD ($)store	Sep. 30, 2019USD ($)
Leases [Abstract]
Number of leased stores | store	22
Lessee operating lease, option to extend	five years
Operating cash flows from operating leases | $	$ 1.8	$ 9

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Assets
Operating lease assets		$ 21,548	$ 8,080
Finance lease assets		1,599	2,591
Total leased assets		23,147	10,671
Current
Operating	$ 3,083	3,374	2,727
Finance		812	791
Noncurrent
Operating	11,239	19,185	5,846
Finance		1,799	2,611
Total lease liabilities		25,170	11,975
ROU assets derecognized through restructuring	$ 15,700
Finance lease accumulated amortization		$ (3,400)	$ (2,400)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:AccruedLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:LongTermDebtAndCapitalLeaseObligations

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 1,046	$ 755	$ 2,126	$ 1,384
Gain from extinguishment of lease liabilities	0	(5,096)	0	(7,733)
Finance lease cost
Amortization of leased assets	247	249	495	499
Interest on lease liabilities	36	46	74	94
Total lease cost (gain)	$ 1,329	$ (4,046)	$ 2,695	$ (5,756)

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Operating leases
Remainder of 2021	$ 1,896
2022	4,239
2023	3,973
2024	4,073
2025	3,673
Thereafter	7,063
Total lease payments	24,917
Less: Interest	2,358
Present value of lease liabilities	22,559
Finance leases
Remainder of 2021	475
2022	908
2023	1,208
2024	234
2025	0
Thereafter	0
Total lease payments	2,825
Less: Interest	214
Present value of lease liabilities	2,611	$ 3,012	$ 3,402
Total
Remainder of 2021	2,371
2022	5,147
2023	5,181
2024	4,307
2025	3,673
Thereafter	7,063
Total lease payments	$ 27,742

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Sep. 30, 2020	Sep. 30, 2019
Weighted-average remaining lease term
Operating leases	6 years 6 months	3 years 6 months
Finance leases	2 years 9 months 18 days	3 years 9 months 18 days
Weighted-average discount rate
Operating leases	2.80%	4.60%
Finance leases	5.20%	5.20%