e.l.f. Beauty (ELF) 10-Q 4 Feb 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2020	Jan. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		51,240,997
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001600033
Current Fiscal Year End Date	--03-31

Condensed consolidated balance

Condensed consolidated balance sheets (unaudited) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 35,439	$ 46,167	$ 74,740
Accounts receivable, net	44,555	29,721	35,082
Inventory, net	68,567	46,209	48,382
Prepaid expenses and other current assets	11,728	10,263	8,054
Total current assets	160,289	132,360	166,258
Property and equipment, net	16,790	17,171	16,487
Intangible assets, net	96,317	102,410	91,893
Goodwill	171,620	171,321	157,264
Investments	2,875	2,875	2,875
Other assets	33,014	26,967	21,474
Total assets	480,905	453,104	456,251
Current liabilities:
Current portion of long-term debt and finance lease obligations	15,250	12,568	11,939
Accounts payable	20,108	12,390	19,589
Accrued expenses and other current liabilities	31,322	26,165	29,767
Total current liabilities	66,680	51,123	61,295
Long-term debt and finance lease obligations	114,421	126,088	129,236
Deferred tax liabilities	16,247	21,892	17,633
Long-term operating lease obligations	18,370	11,239	5,084
Other long-term liabilities	585	591	556
Total liabilities	216,303	210,933	213,804
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of December 31, 2020, March 31, 2020 and December 31, 2019; 51,240,997, 50,003,531 and 49,914,987 shares issued and outstanding as of December 31, 2020, March 31, 2020 and December 31, 2019, respectively	497	489	486
Additional paid-in capital	769,380	753,213	753,151
Accumulated deficit	(505,275)	(511,531)	(511,190)
Total stockholders' equity	264,602	242,171	242,447
Total liabilities and stockholders' equity	$ 480,905	$ 453,104	$ 456,251

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 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)	51,240,997	50,003,531	49,914,987
Common stock, shares outstanding (in shares)	51,240,997	50,003,531	49,914,987

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 88,562	$ 80,760	$ 225,439	$ 208,139
Cost of sales	31,443	28,240	77,841	75,080
Gross profit	57,119	52,520	147,598	133,059
Selling, general and administrative expenses	50,828	39,632	136,330	110,131
Restructuring expense (income)	0	8	0	(5,982)
Operating income	6,291	12,880	11,268	28,910
Other (expense) income, net	(677)	(335)	(1,566)	602
Interest expense, net	(855)	(1,560)	(3,228)	(4,920)
Income before provision for income taxes	4,759	10,985	6,474	24,592
Income tax provision	(462)	(2,983)	(218)	(6,367)
Net income	4,297	8,002	6,256	18,225
Comprehensive income	$ 4,297	$ 8,002	$ 6,256	$ 18,225
Net income per share:
Basic (in USD per share)	$ 0.09	$ 0.16	$ 0.13	$ 0.38
Diluted (in USD per share)	$ 0.08	$ 0.16	$ 0.12	$ 0.36
Weighted average shares outstanding:
Basic (in shares)	49,459,837	48,525,904	49,178,138	48,430,871
Diluted (in shares)	52,335,821	50,966,550	51,675,651	50,741,492

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 (in shares)		(89,610,000)
Repurchase of common stock	(1,079)	$ (1)	(1,078)
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	18,225
Ending balance at Dec. 31, 2019	242,447	$ 486	753,151	(511,190)
Ending balance (in shares) at Dec. 31, 2019		48,559,167,000
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 (in shares)		(89,026,000)
Repurchase of common stock	(1,467)	$ (1)	(1,466)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,002			8,002
Stock-based compensation	3,352		3,352
Exercise of stock options and vesting of restricted stock	408	$ 2	406
Exercise of stock options, net (in shares)		93,182,000
Repurchase of common stock (in shares)		(60,127,000)
Repurchase of common stock	(1,003)	$ (1)	(1,002)
Ending balance at Dec. 31, 2019	242,447	$ 486	753,151	(511,190)
Ending balance (in shares) at Dec. 31, 2019		48,559,167,000
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	6,256
Ending balance at Dec. 31, 2020	264,602	$ 497	769,380	(505,275)
Ending balance (in shares) at Dec. 31, 2020		49,663,311,000
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,297			4,297
Stock-based compensation	5,028		5,028
Exercise of stock options and vesting of restricted stock	624	$ 3	621
Exercise of stock options, net (in shares)		349,282,000
Ending balance at Dec. 31, 2020	$ 264,602	$ 497	$ 769,380	$ (505,275)
Ending balance (in shares) at Dec. 31, 2020		49,663,311,000

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 6,256	$ 18,225
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,808	16,863
Restructuring income	0	(5,982)
Stock-based compensation expense	15,040	11,282
Amortization of debt issuance costs and discount on debt	641	565
Deferred income taxes	(5,684)	880
Other, net	54	410
Changes in operating assets and liabilities:
Accounts receivable	(14,870)	(3,027)
Inventories	(22,351)	(4,603)
Prepaid expenses and other assets	(5,013)	(3,260)
Accounts payable and accrued expenses	11,421	17,628
Other liabilities	(2,352)	(11,181)
Net cash provided by operating activities	1,950	37,800
Cash flows from investing activities:
Purchase of property and equipment	(3,958)	(7,073)
Net cash used in investing activities	(3,958)	(7,073)
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	(8,663)	(7,013)
Debt issuance costs paid	(334)	0
Repurchase of common stock	0	(3,546)
Cash received from issuance of common stock	882	1,272
Other, net	(605)	(574)
Net cash used in financing activities	(8,720)	(9,861)
Net (decrease) increase in cash and cash equivalents	(10,728)	20,866
Cash and cash equivalents - beginning of period	46,167	53,874
Cash and cash equivalents - end of period	$ 35,439	$ 74,740

Nature of operations

Nature of operations	9 Months Ended
	Dec. 31, 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	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (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 December 31, 2020, March 31, 2020 and December 31, 2019, and its results of operations and stockholders' equity for the three and nine months ended December 31, 2020 and December 31, 2019 and its cash flows for the nine months ended December 31, 2020 and December 31, 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. 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 brand. 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 December 31, Nine months ended December 31, Net sales by geographic region: 2020 2019 2020 2019 United States $ 79,454 $ 74,282 $ 201,006 $ 187,793 International 9,108 6,478 24,433 20,346 Total net sales $ 88,562 $ 80,760 $ 225,439 $ 208,139 As of December 31, 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	9 Months Ended
	Dec. 31, 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	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2020 and December 31, 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 nine months ended December 31, 2020.

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Dec. 31, 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 December 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 $ (48,320) $ 29,280 Customer relationships – e-commerce 3 years 3,940 (3,911) 29 Trademarks 10 years 3,500 (292) 3,208 Total finite-lived intangibles 85,040 (52,523) 32,517 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (52,523) $ 267,937 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 December 31, 2019 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 68,800 $ (40,707) $ 28,093 Customer relationships – e-commerce 3 years 3,900 (3,900) — Total finite-lived intangibles 72,700 (44,607) 28,093 Trademarks Indefinite 63,800 — 63,800 Goodwill 157,264 — 157,264 Total goodwill and other intangibles $ 293,764 $ (44,607) $ 249,157 Amortization expense on finite-lived intangible assets was $2.0 million and $6.1 million in the three and nine months ended December 31, 2020, respectively, and $1.7 million and $5.2 million in the three and nine months ended December 31, 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 nine months ended December 31, 2020 and December 31, 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 December 31, 2020 is as follows (in thousands): Remainder of Fiscal 2021 $ 2,031 2022 8,123 2023 8,122 2024 6,963 2025 1,230 Thereafter 6,048 Total $ 32,517

Accrued expenses and other curr

Accrued expenses and other current liabilities	9 Months Ended
	Dec. 31, 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 December 31, 2020, March 31, 2020 and December 31, 2019 consisted of the following (in thousands): December 31, 2020 March 31, 2020 December 31, 2019 Accrued expenses $ 14,815 $ 12,518 $ 15,489 Current portion of operating lease liabilities 3,517 3,083 2,916 Accrued compensation 9,492 9,542 7,134 Other current liabilities 3,498 1,022 4,228 Accrued expenses and other current liabilities $ 31,322 $ 26,165 $ 29,767

Debt

Debt	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of December 31, 2020, March 31, 2020 and December 31, 2019 consisted of the following (in thousands): December 31, 2020 March 31, 2020 December 31, 2019 Term loan (1) $ 127,566 $ 135,853 $ 138,199 Finance lease obligations 2,406 3,012 3,209 Total debt (2) 129,972 138,865 141,408 Less: debt issuance costs (301) (209) (233) Total debt, net of issuance costs 129,671 138,656 141,175 Less: current portion (15,250) (12,568) (11,939) Long-term portion of debt $ 114,421 $ 126,088 $ 129,236 (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 December 31, 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 December 31, 2020 for the Term Loan Facility was approximately 1.8%. 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 Facility cannot exceed $50.0 million. The unused balance of the Revolving Credit Facility as of December 31, 2020 was $49.8 million.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 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	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 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 (256,347) 3.73 Canceled or forfeited (19,816) 24.29 Balance as of December 31, 2020 1,723,390 $ 14.45 6.3 $ 18,602 Exercisable, December 31, 2020 1,234,544 $ 14.33 5.7 $ 13,475 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $25.19, as reported on the New York Stock Exchange on December 31, 2020. The Company recognized stock-based compensation cost related to service-based vesting options of $0.3 million and $1.4 million in the three and nine months ended December 31, 2020, respectively, and $0.5 million and $1.7 million in the three and nine months ended December 31, 2019, respectively. As of December 31, 2020, there was $1.8 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 2.0 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 nine months ended December 31, 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 (96,400) 1.84 Balance as of December 31, 2020 1,156,532 $ 8.44 4.3 $ 19,863 Exercisable, December 31, 2020 856,532 $ 2.00 3.6 $ 19,863 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $25.19, as reported on the New York Stock Exchange on December 31, 2020. As of December 31, 2020 and December 31, 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 nine months ended December 31, 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 1,188,620 17.33 Vested (435,822) 13.57 Canceled or forfeited (159,362) 14.26 Balance as of December 31, 2020 2,905,204 $ 14.51 As of December 31, 2020, there were 1,577,686 unvested shares subject to RSAs outstanding. The Company recognized stock-based compensation cost related to RSAs and RSUs of $4.7 million and $13.6 million in the three and nine months ended December 31, 2020, respectively, and $2.8 million and $9.6 million in the three and nine months ended December 31, 2019, respectively. As of December 31, 2020, there was $29.7 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 2.2 years.

Restructuring and other related

Restructuring and other related costs	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2020 and December 31, 2019, respectively (in thousands) in connection with the Restructuring Plan: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Gain from extinguishment of lease liabilities $ — $ — $ — $ (7,733) Other costs, including other asset write-offs — 8 — 1,751 Total $ — $ 8 $ — $ (5,982) 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 nine months ended December 31, 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 nine months ended December 31, 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 nine months ended December 31, 2020. The following table presents a roll-forward of the Company's restructuring liability for the three and nine months ended December 31, 2019 (in thousands): Employee severance and related expenses Other costs Total September 30, 2019 $ — $ 837 $ 837 Costs incurred — 8 8 Cash disbursements — (6) (6) Other adjustments — (2) (2) December 31, 2019 $ — $ 837 $ 837 Employee severance and related expenses Other costs Total March 31, 2019 $ 96 $ 675 $ 771 Costs incurred (22) 1,773 1,751 Cash disbursements (74) (1,472) (1,546) Other adjustments — (139) (139) December 31, 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	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Repurchase of common stock	Repurchase of common stock On May 8, 2019, the Company announced that its board of directors authorized a share repurchase program to acquire up to $25.0 million of the Company’s common stock (the “Share Repurchase Program”). Purchases under the Share Repurchase Program may be made from time to time 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 nine months ended December 31, 2020. A total of $17.1 million remains available for purchase under the Share Repurchase Program as of December 31, 2020.

Net income per share

Net income per share	9 Months Ended
	Dec. 31, 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 December 31, Nine months ended December 31, 2020 2019 2020 2019 Numerator: Net income $ 4,297 $ 8,002 $ 6,256 $ 18,225 Denominator: Weighted-average common shares outstanding – basic 49,459,837 48,525,904 49,178,138 48,430,871 Dilutive common equivalent shares from equity awards 2,875,984 2,440,646 2,497,513 2,310,621 Weighted-average common shares outstanding –diluted 52,335,821 50,966,550 51,675,651 50,741,492 Net income per share: Basic $ 0.09 $ 0.16 $ 0.13 $ 0.38 Diluted $ 0.08 $ 0.16 $ 0.12 $ 0.36 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 368,722 1,861,620 1,264,790 2,232,528

Leases

Leases	9 Months Ended
	Dec. 31, 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 December 31, 2020, March 31, 2020 and December 31, 2019 were as follows (in thousands): Classification December 31, 2020 March 31, 2020 December 31, 2019 Assets Operating lease assets (a) Other assets $ 20,569 $ 13,668 $ 7,395 Finance lease assets (b) Other assets 1,351 2,094 2,342 Total leased assets $ 21,920 $ 15,762 $ 9,737 Liabilities Current Operating (a) Accrued expenses and other current liabilities $ 3,517 $ 3,083 $ 2,916 Finance Current portion of long-term debt and finance lease obligations 812 812 802 Noncurrent Operating (a) Long-term operating lease obligations 18,370 11,239 5,084 Finance Long-term debt and finance lease obligations 1,594 2,200 2,407 Total lease liabilities $ 24,293 $ 17,334 $ 11,209 _____________________ (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 nine months ended December 31, 2019. (b) Finance leases are recorded net of accumulated amortization of $3.7 million, $2.9 million and $2.7 million as of December 31, 2020, March 31, 2020 and December 31, 2019, respectively. For the three and nine months ended December 31, 2020 and December 31, 2019, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2020 2019 2020 2019 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,192 $ 778 $ 3,318 $ 2,161 Gain from extinguishment of lease liabilities Restructuring income — — — (7,733) Finance lease cost Amortization of leased assets SG&A expenses 248 248 743 747 Interest on lease liabilities Interest expense, net 33 44 107 138 Total lease cost (gain) $ 1,473 $ 1,070 $ 4,168 $ (4,687) As of December 31, 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 $ 1,014 $ 236 $ 1,250 2022 4,243 908 5,151 2023 3,978 1,208 5,186 2024 4,078 235 4,313 2025 3,678 — 3,678 Thereafter 7,103 — 7,103 Total lease payments 24,094 2,587 $ 26,681 Less: Interest 2,207 181 Present value of lease liabilities $ 21,887 $ 2,406 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of December 31, 2020 and December 31, 2019, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2020 December 31, 2019 Weighted-average remaining lease term Operating leases 6.4 years 3.5 years Finance leases 2.5 years 3.5 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 December 31, 2020, March 31, 2020 and December 31, 2019 were as follows (in thousands): Classification December 31, 2020 March 31, 2020 December 31, 2019 Assets Operating lease assets (a) Other assets $ 20,569 $ 13,668 $ 7,395 Finance lease assets (b) Other assets 1,351 2,094 2,342 Total leased assets $ 21,920 $ 15,762 $ 9,737 Liabilities Current Operating (a) Accrued expenses and other current liabilities $ 3,517 $ 3,083 $ 2,916 Finance Current portion of long-term debt and finance lease obligations 812 812 802 Noncurrent Operating (a) Long-term operating lease obligations 18,370 11,239 5,084 Finance Long-term debt and finance lease obligations 1,594 2,200 2,407 Total lease liabilities $ 24,293 $ 17,334 $ 11,209 _____________________ (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 nine months ended December 31, 2019. (b) Finance leases are recorded net of accumulated amortization of $3.7 million, $2.9 million and $2.7 million as of December 31, 2020, March 31, 2020 and December 31, 2019, respectively. For the three and nine months ended December 31, 2020 and December 31, 2019, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2020 2019 2020 2019 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,192 $ 778 $ 3,318 $ 2,161 Gain from extinguishment of lease liabilities Restructuring income — — — (7,733) Finance lease cost Amortization of leased assets SG&A expenses 248 248 743 747 Interest on lease liabilities Interest expense, net 33 44 107 138 Total lease cost (gain) $ 1,473 $ 1,070 $ 4,168 $ (4,687) As of December 31, 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 $ 1,014 $ 236 $ 1,250 2022 4,243 908 5,151 2023 3,978 1,208 5,186 2024 4,078 235 4,313 2025 3,678 — 3,678 Thereafter 7,103 — 7,103 Total lease payments 24,094 2,587 $ 26,681 Less: Interest 2,207 181 Present value of lease liabilities $ 21,887 $ 2,406 For leases commencing prior to January 1, 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. These payments can be either fixed or variable, depending on the lease. As of December 31, 2020 and December 31, 2019, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2020 December 31, 2019 Weighted-average remaining lease term Operating leases 6.4 years 3.5 years Finance leases 2.5 years 3.5 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)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (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 December 31, 2020, March 31, 2020 and December 31, 2019, and its results of operations and stockholders' equity for the three and nine months ended December 31, 2020 and December 31, 2019 and its cash flows for the nine months ended December 31, 2020 and December 31, 2019. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Change in filing status	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.
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 brand.
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)	9 Months Ended
	Dec. 31, 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 December 31, Nine months ended December 31, Net sales by geographic region: 2020 2019 2020 2019 United States $ 79,454 $ 74,282 $ 201,006 $ 187,793 International 9,108 6,478 24,433 20,346 Total net sales $ 88,562 $ 80,760 $ 225,439 $ 208,139

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 31, 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)	9 Months Ended
	Dec. 31, 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 December 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 $ (48,320) $ 29,280 Customer relationships – e-commerce 3 years 3,940 (3,911) 29 Trademarks 10 years 3,500 (292) 3,208 Total finite-lived intangibles 85,040 (52,523) 32,517 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (52,523) $ 267,937 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 December 31, 2019 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 68,800 $ (40,707) $ 28,093 Customer relationships – e-commerce 3 years 3,900 (3,900) — Total finite-lived intangibles 72,700 (44,607) 28,093 Trademarks Indefinite 63,800 — 63,800 Goodwill 157,264 — 157,264 Total goodwill and other intangibles $ 293,764 $ (44,607) $ 249,157
Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of December 31, 2020 is as follows (in thousands): Remainder of Fiscal 2021 $ 2,031 2022 8,123 2023 8,122 2024 6,963 2025 1,230 Thereafter 6,048 Total $ 32,517

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	9 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of December 31, 2020, March 31, 2020 and December 31, 2019 consisted of the following (in thousands): December 31, 2020 March 31, 2020 December 31, 2019 Accrued expenses $ 14,815 $ 12,518 $ 15,489 Current portion of operating lease liabilities 3,517 3,083 2,916 Accrued compensation 9,492 9,542 7,134 Other current liabilities 3,498 1,022 4,228 Accrued expenses and other current liabilities $ 31,322 $ 26,165 $ 29,767

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of December 31, 2020, March 31, 2020 and December 31, 2019 consisted of the following (in thousands): December 31, 2020 March 31, 2020 December 31, 2019 Term loan (1) $ 127,566 $ 135,853 $ 138,199 Finance lease obligations 2,406 3,012 3,209 Total debt (2) 129,972 138,865 141,408 Less: debt issuance costs (301) (209) (233) Total debt, net of issuance costs 129,671 138,656 141,175 Less: current portion (15,250) (12,568) (11,939) Long-term portion of debt $ 114,421 $ 126,088 $ 129,236 (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 December 31, 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)	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 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 (256,347) 3.73 Canceled or forfeited (19,816) 24.29 Balance as of December 31, 2020 1,723,390 $ 14.45 6.3 $ 18,602 Exercisable, December 31, 2020 1,234,544 $ 14.33 5.7 $ 13,475 The following table summarizes the activity for stock options that vest based upon the satisfaction of performance- or market-based vesting conditions for the nine months ended December 31, 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 (96,400) 1.84 Balance as of December 31, 2020 1,156,532 $ 8.44 4.3 $ 19,863 Exercisable, December 31, 2020 856,532 $ 2.00 3.6 $ 19,863
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 nine months ended December 31, 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 1,188,620 17.33 Vested (435,822) 13.57 Canceled or forfeited (159,362) 14.26 Balance as of December 31, 2020 2,905,204 $ 14.51

Restructuring and other relat_2

Restructuring and other related costs (Tables)	9 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring Expenses	The following table presents the restructuring (income) expenses incurred for the three and nine months ended December 31, 2020 and December 31, 2019, respectively (in thousands) in connection with the Restructuring Plan: Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Gain from extinguishment of lease liabilities $ — $ — $ — $ (7,733) Other costs, including other asset write-offs — 8 — 1,751 Total $ — $ 8 $ — $ (5,982)
Restructuring Related Liabilities	The following table presents a roll-forward of the Company's restructuring liability for the three and nine months ended December 31, 2019 (in thousands): Employee severance and related expenses Other costs Total September 30, 2019 $ — $ 837 $ 837 Costs incurred — 8 8 Cash disbursements — (6) (6) Other adjustments — (2) (2) December 31, 2019 $ — $ 837 $ 837 Employee severance and related expenses Other costs Total March 31, 2019 $ 96 $ 675 $ 771 Costs incurred (22) 1,773 1,751 Cash disbursements (74) (1,472) (1,546) Other adjustments — (139) (139) December 31, 2019 $ — $ 837 $ 837

Net income per share (Tables)

Net income per share (Tables)	9 Months Ended
	Dec. 31, 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 December 31, Nine months ended December 31, 2020 2019 2020 2019 Numerator: Net income $ 4,297 $ 8,002 $ 6,256 $ 18,225 Denominator: Weighted-average common shares outstanding – basic 49,459,837 48,525,904 49,178,138 48,430,871 Dilutive common equivalent shares from equity awards 2,875,984 2,440,646 2,497,513 2,310,621 Weighted-average common shares outstanding –diluted 52,335,821 50,966,550 51,675,651 50,741,492 Net income per share: Basic $ 0.09 $ 0.16 $ 0.13 $ 0.38 Diluted $ 0.08 $ 0.16 $ 0.12 $ 0.36 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 368,722 1,861,620 1,264,790 2,232,528

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2020, March 31, 2020 and December 31, 2019 were as follows (in thousands): Classification December 31, 2020 March 31, 2020 December 31, 2019 Assets Operating lease assets (a) Other assets $ 20,569 $ 13,668 $ 7,395 Finance lease assets (b) Other assets 1,351 2,094 2,342 Total leased assets $ 21,920 $ 15,762 $ 9,737 Liabilities Current Operating (a) Accrued expenses and other current liabilities $ 3,517 $ 3,083 $ 2,916 Finance Current portion of long-term debt and finance lease obligations 812 812 802 Noncurrent Operating (a) Long-term operating lease obligations 18,370 11,239 5,084 Finance Long-term debt and finance lease obligations 1,594 2,200 2,407 Total lease liabilities $ 24,293 $ 17,334 $ 11,209 _____________________ (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 nine months ended December 31, 2019. (b) Finance leases are recorded net of accumulated amortization of $3.7 million, $2.9 million and $2.7 million as of December 31, 2020, March 31, 2020 and December 31, 2019, respectively. As of December 31, 2020 and December 31, 2019, the weighted-average remaining lease term (in years) and discount rate were as follows: December 31, 2020 December 31, 2019 Weighted-average remaining lease term Operating leases 6.4 years 3.5 years Finance leases 2.5 years 3.5 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 nine months ended December 31, 2020 and December 31, 2019, the components of operating and finance lease costs were as follows (in thousands): Three months ended December 31, Nine months ended December 31, Classification 2020 2019 2020 2019 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,192 $ 778 $ 3,318 $ 2,161 Gain from extinguishment of lease liabilities Restructuring income — — — (7,733) Finance lease cost Amortization of leased assets SG&A expenses 248 248 743 747 Interest on lease liabilities Interest expense, net 33 44 107 138 Total lease cost (gain) $ 1,473 $ 1,070 $ 4,168 $ (4,687)
Maturities of Operating Lease Liabilities	As of December 31, 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 $ 1,014 $ 236 $ 1,250 2022 4,243 908 5,151 2023 3,978 1,208 5,186 2024 4,078 235 4,313 2025 3,678 — 3,678 Thereafter 7,103 — 7,103 Total lease payments 24,094 2,587 $ 26,681 Less: Interest 2,207 181 Present value of lease liabilities $ 21,887 $ 2,406
Maturities of Finance Lease Liabilities	As of December 31, 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 $ 1,014 $ 236 $ 1,250 2022 4,243 908 5,151 2023 3,978 1,208 5,186 2024 4,078 235 4,313 2025 3,678 — 3,678 Thereafter 7,103 — 7,103 Total lease payments 24,094 2,587 $ 26,681 Less: Interest 2,207 181 Present value of lease liabilities $ 21,887 $ 2,406

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 88,562	$ 80,760	$ 225,439	$ 208,139
United States
Disaggregation of Revenue [Line Items]
Total net sales	79,454	74,282	201,006	187,793
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 9,108	$ 6,478	$ 24,433	$ 20,346

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Feb. 24, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill			$ 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
Goodwill		14,357
Intangible assets		12,340			12,340
Net deferred tax liability		(2,752)
Total purchase price consideration		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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Total identified intangible assets					$ 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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Total identified intangible assets					$ 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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Total identified intangible assets					$ 3,500
Estimated useful life					10 years

Investment in equity securiti_2

Investment in equity securities - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 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	9 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 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	(52,523)	(44,607)	(46,430)
Total	32,517	28,093	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	(52,523)	(44,607)	(46,430)
Total goodwill and other intangibles, Net carrying amount	267,937	249,157	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	(48,320)	(40,707)	(42,500)
Total	$ 29,280	$ 28,093	$ 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	(3,911)	(3,900)	(3,901)
Total	$ 29	$ 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	(292)		(29)
Total	$ 3,208		$ 3,471

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Amortization of Intangible Assets	$ 2,000,000		$ 1,700,000	$ 6,100,000	$ 5,200,000
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	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2021	$ 2,031
2022	8,123
2023	8,122
2024	6,963
2025	1,230
Thereafter	6,048
Total	$ 32,517	$ 38,610	$ 28,093

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued expenses	$ 14,815	$ 12,518	$ 15,489
Current portion of operating lease liabilities	3,517	3,083	2,916
Accrued compensation	9,492	9,542	7,134
Other current liabilities	3,498	1,022	4,228
Accrued expenses and other current liabilities	$ 31,322	$ 26,165	$ 29,767

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease obligations	$ 2,406	$ 3,012	$ 3,209
Total debt	129,972	138,865	141,408
Less: debt issuance costs	(301)	(209)	(233)
Total debt, net of issuance costs	129,671	138,656	141,175
Less: current portion	(15,250)	(12,568)	(11,939)
Long-term portion of debt	114,421	126,088	129,236
Term Loan
Debt Instrument [Line Items]
Debt	$ 127,566	$ 135,853	$ 138,199

Debt - Narrative (Details)

Debt - Narrative (Details) - April 2020 Credit Agreement Amendment - USD ($)	Apr. 08, 2020	Dec. 31, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000	$ 50,000,000
Weighted average interest rate		1.80%
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	9 Months Ended
	Dec. 31, 2020
Shares subject to options outstanding
Beginning balance (in shares)	1,999,553
Exercised (in shares)	(256,347)
Canceled or forfeited (in shares)	(19,816)
Ending balance (in shares)	1,723,390
Options outstanding, Exercisable (in shares)	1,234,544
Weighted-average exercise price
Beginning balance (in USD per share)	$ 13.17
Exercised (in USD per share)	3.73
Canceled or forfeited (in USD per share)	24.29
Ending balance (in USD per share)	14.45
Weighted-average exercise price, Exercisable (in USD per share)	$ 14.33
Weighted-average remaining contractual life (in years), Outstanding	6 years 3 months 18 days
Weighted-average remaining contractual life (in years), Exercisable	5 years 8 months 12 days
Aggregate intrinsic values, Outstanding	$ 18,602
Aggregate intrinsic values, Exercisable	$ 13,475

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (in USD per share)	$ 25.19		$ 25.19
Service-based Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 0.3	$ 0.5	$ 1.4	$ 1.7
Unrecognized stock-based compensation cost	$ 1.8		$ 1.8
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			2 years
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSAs outstanding (in shares)	1,577,686		1,577,686
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 4.7	$ 2.8	$ 13.6	$ 9.6
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			2 years 2 months 12 days
Unvested RSAs outstanding (in shares)	2,905,204		2,905,204		2,311,768
Unrecognized stock-based compensation cost	$ 29.7		$ 29.7

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	9 Months Ended
	Dec. 31, 2020
Shares subject to options outstanding
Beginning balance (in shares)	1,252,932
Exercised (in shares)	(96,400)
Ending balance (in shares)	1,156,532
Options outstanding, Exercisable (in shares)	856,532
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)	8.44
Weighted-average exercise price, Exercisable (in USD per share)	$ 2
Weighted-average remaining contractual life (in years), Outstanding	4 years 3 months 18 days
Weighted-average remaining contractual life (in years), Exercisable	3 years 7 months 6 days
Aggregate intrinsic values, Outstanding	$ 19,863
Aggregate intrinsic values, Exercisable	$ 19,863

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	9 Months Ended
	Dec. 31, 2020$ / sharesshares
RSUs and shares of restricted stock outstanding
Beginning balance (in shares) | shares	2,311,768
Granted (in shares) | shares	1,188,620
Vested (in shares) | shares	(435,822)
Canceled or forfeited (in shares) | shares	(159,362)
Ending balance (in shares) | shares	2,905,204
Weighted-average grant date fair value
Beginning balance (in USD per share) | $ / shares	$ 12.86
Granted (in USD per share) | $ / shares	17.33
Vested (in USD per share) | $ / shares	13.57
Canceled or forfeited (in USD per share) | $ / shares	14.26
Ending balance (in USD per share) | $ / shares	$ 14.51

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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Gain from extinguishment of lease liabilities	$ 0	$ 0	$ 0	$ (7,733)
Other costs, including other asset write-offs	0	8	0	1,751
Total	$ 0	$ 8	$ 0	$ (5,982)

Restructuring and other relat_5

Restructuring and other related costs - Restructuring related liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 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	837	675
Costs incurred	8	1,773
Cash disbursements	(6)	(1,472)
Other adjustments	(2)	(139)
Ending balance	837	837
Total
Restructuring Reserve [Roll Forward]
Beginning balance	837	771
Costs incurred	8	1,751
Cash disbursements	(6)	(1,546)
Other adjustments	(2)	(139)
Ending balance	$ 837	$ 837

Repurchase of common stock - Na

Repurchase of common stock - Narrative (Details) - USD ($)	Dec. 31, 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						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 4,297	$ 447	$ 1,512	$ 8,002	$ 6,517	$ 3,706	$ 6,256	$ 18,225
Denominator:
Weighted average common shares outstanding - basic (in shares)	49,459,837			48,525,904			49,178,138	48,430,871
Dilutive common equivalent shares from equity awards (in shares)	2,875,984			2,440,646			2,497,513	2,310,621
Weighted average common shares outstanding - diluted (in shares)	52,335,821			50,966,550			51,675,651	50,741,492
Net income per share:
Basic (in USD per share)	$ 0.09			$ 0.16			$ 0.13	$ 0.38
Diluted (in USD per share)	$ 0.08			$ 0.16			$ 0.12	$ 0.36
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	368,722			1,861,620			1,264,790	2,232,528

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	9 Months Ended
	Dec. 31, 2020USD ($)store	Dec. 31, 2019USD ($)
Leases [Abstract]
Number of leased stores | store	22
Lessee operating lease, option to extend	five years
Operating cash flows from operating leases | $	$ 2.7	$ 9.7

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets
Operating lease assets		$ 20,569	$ 13,668	$ 7,395
Finance lease assets		1,351	2,094	2,342
Total leased assets		21,920	15,762	9,737
Current
Operating		3,517	3,083	2,916
Finance		812	812	802
Noncurrent
Operating		18,370	11,239	5,084
Finance		1,594	2,200	2,407
Total lease liabilities		24,293	17,334	11,209
ROU assets derecognized through restructuring	$ 15,700
Finance lease accumulated amortization		$ 3,700	$ 2,900	$ 2,700
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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 1,192	$ 778	$ 3,318	$ 2,161
Gain from extinguishment of lease liabilities	0	0	0	(7,733)
Finance lease cost
Amortization of leased assets	248	248	743	747
Interest on lease liabilities	33	44	107	138
Total lease cost (gain)	$ 1,473	$ 1,070	$ 4,168	$ (4,687)

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Operating leases
Remainder of 2021	$ 1,014
2022	4,243
2023	3,978
2024	4,078
2025	3,678
Thereafter	7,103
Total lease payments	24,094
Less: Interest	2,207
Present value of lease liabilities	21,887
Finance leases
Remainder of Fiscal 2021	236
2022	908
2023	1,208
2024	235
2025	0
Thereafter	0
Total lease payments	2,587
Less: Interest	181
Present value of lease liabilities	2,406	$ 3,012	$ 3,209
Total
Remainder of Fiscal 2021	1,250
2022	5,151
2023	5,186
2024	4,313
2025	3,678
Thereafter	7,103
Total lease payments	$ 26,681

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term
Operating leases	6 years 4 months 24 days	3 years 6 months
Finance leases	2 years 6 months	3 years 6 months
Weighted-average discount rate
Operating leases	2.80%	4.60%
Finance leases	5.20%	5.20%