e.l.f. Beauty (ELF) 10-Q 4 Nov 21 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type		10-Q
Document Quarterly Report	true
Document Period End Date		Sep. 30, 2021
Document Transition Report		false
Entity File Number		001-37873
Entity Registrant Name		e.l.f. Beauty, Inc.
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		46-4464131
Entity Address, Address Line One		570 10th Street
Entity Address, City or Town		Oakland,
Entity Address, State or Province		CA
Entity Address, Postal Zip Code		94607
City Area Code		(510)
Local Phone Number		778-7787
Title of 12(b) Security		Common Stock, par value $0.01 per share
Trading Symbol		ELF
Security Exchange Name		NYSE
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Large Accelerated Filer
Entity Small Business		false
Entity Emerging Growth Company		false
Entity Shell Company		false
Entity Common Stock, Shares Outstanding			52,031,436
Amendment Flag		false
Document Fiscal Year Focus		2022
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, 2021	Mar. 31, 2021	Sep. 30, 2020
Current assets:
Cash and cash equivalents	$ 41,694	$ 57,768	$ 41,041
Accounts receivable, net	44,374	40,185	33,844
Inventory, net	76,816	56,810	64,486
Prepaid expenses and other current assets	18,420	15,381	12,389
Total current assets	181,304	170,144	151,760
Property and equipment, net	13,945	13,770	16,270
Intangible assets, net	90,225	94,286	98,348
Goodwill	171,620	171,620	171,620
Investments	2,875	2,875	2,875
Other assets	33,043	34,698	32,551
Total assets	493,012	487,393	473,424
Current liabilities:
Current portion of long-term debt and finance lease obligations	19,254	16,281	14,219
Accounts payable	19,299	15,699	20,544
Accrued expenses and other current liabilities	32,665	41,351	26,264
Total current liabilities	71,218	73,331	61,027
Long-term debt and finance lease obligations	93,865	110,255	118,577
Deferred tax liabilities	15,114	13,479	19,466
Long-term operating lease obligations	17,919	20,084	19,185
Other long-term liabilities	803	598	516
Total liabilities	198,919	217,747	218,771
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of September 30, 2021, March 31, 2021 and September 30, 2020; 52,035,864, 51,590,830 and 50,972,425 shares issued and outstanding as of September 30, 2021, March 31, 2021 and September 30, 2020, respectively	511	504	494
Additional paid-in capital	784,881	774,441	763,731
Accumulated deficit	(491,299)	(505,299)	(509,572)
Total stockholders' equity	294,093	269,646	254,653
Total liabilities and stockholders' equity	$ 493,012	$ 487,393	$ 473,424

Condensed consolidated balanc_2

Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
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)	52,035,864	51,590,830	50,972,425
Common stock, shares outstanding (in shares)	52,035,864	51,590,830	50,972,425

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 91,855	$ 72,350	$ 188,902	$ 136,877
Cost of sales	33,870	25,212	69,011	46,398
Gross profit	57,985	47,138	119,891	90,479
Selling, general and administrative expenses	50,447	45,170	101,196	85,502
Restructuring expense	96	0	82	0
Operating income	7,442	1,968	18,613	4,977
Other expense, net	(646)	(859)	(808)	(889)
Interest expense, net	(597)	(905)	(1,342)	(2,373)
Loss on extinguishment of debt	0	0	(460)	0
Income before provision for income taxes	6,199	204	16,003	1,715
Income tax (provision) benefit	(475)	243	(2,003)	244
Net income	5,724	447	14,000	1,959
Comprehensive income	$ 5,724	$ 447	$ 14,000	$ 1,959
Net income per share:
Basic (in USD per share)	$ 0.11	$ 0.01	$ 0.28	$ 0.04
Diluted (in USD per share)	$ 0.11	$ 0.01	$ 0.26	$ 0.04
Weighted average shares outstanding:
Basic (in shares)	50,875,618	49,147,366	50,711,000	49,036,519
Diluted (in shares)	53,541,724	51,748,437	53,475,988	51,344,797

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, 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 and vesting of restricted stock (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 and vesting of restricted stock (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
Beginning balance at Mar. 31, 2021	269,646	$ 504	774,441	(505,299)
Beginning balance (in shares) at Mar. 31, 2021		50,400,510,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,276			8,276
Stock-based compensation	4,190		4,190
Exercise of stock options and vesting of restricted stock	510	$ 4	506
Exercise of stock options and vesting of restricted stock (in shares)		358,575,000
Ending balance at Jun. 30, 2021	282,622	$ 508	779,137	(497,023)
Ending balance (in shares) at Jun. 30, 2021		50,759,085,000
Beginning balance at Mar. 31, 2021	269,646	$ 504	774,441	(505,299)
Beginning balance (in shares) at Mar. 31, 2021		50,400,510,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,000
Ending balance at Sep. 30, 2021	294,093	$ 511	784,881	(491,299)
Ending balance (in shares) at Sep. 30, 2021		51,049,503,000
Beginning balance at Jun. 30, 2021	282,622	$ 508	779,137	(497,023)
Beginning balance (in shares) at Jun. 30, 2021		50,759,085,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,724			5,724
Stock-based compensation	5,033		5,033
Exercise of stock options and vesting of restricted stock	714	$ 3	711
Exercise of stock options and vesting of restricted stock (in shares)		290,418,000
Ending balance at Sep. 30, 2021	$ 294,093	$ 511	$ 784,881	$ (491,299)
Ending balance (in shares) at Sep. 30, 2021		51,049,503,000

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 14,000	$ 1,959
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,349	12,597
Restructuring expense	82	0
Stock-based compensation expense	9,387	10,012
Amortization of debt issuance costs and discount on debt	211	428
Deferred income taxes	1,635	(2,465)
Loss on extinguishment of debt	460	0
Other, net	257	(26)
Changes in operating assets and liabilities:
Accounts receivable	(4,374)	(4,123)
Inventories	(19,958)	(18,270)
Prepaid expenses and other assets	(6,379)	(3,008)
Accounts payable and accrued expenses	(5,878)	7,962
Other liabilities	(2,018)	(1,653)
Net cash provided by operating activities	774	3,413
Cash flows from investing activities:
Purchase of property and equipment	(3,649)	(2,746)
Net cash used in investing activities	(3,649)	(2,746)
Cash flows from financing activities:
Proceeds from revolving line of credit	26,480	20,000
Repayment of revolving line of credit	(13,000)	(20,000)
Proceeds from long term debt	25,581	0
Repayment of long-term debt	(52,025)	(5,569)
Debt issuance costs paid	(1,064)	(334)
Cash received from issuance of common stock	1,224	511
Other, net	(395)	(401)
Net cash used in financing activities	(13,199)	(5,793)
Net decrease in cash and cash equivalents	(16,074)	(5,126)
Cash and cash equivalents - beginning of period	57,768	46,167
Cash and cash equivalents - end of period	$ 41,694	$ 41,041

Nature of operations

Nature of operations	6 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operations e.l.f. Beauty, Inc., a Delaware corporation, (“e.l.f. Beauty” and together with its subsidiaries, the “Company,” or “we”), is a multi-brand beauty company that offers inclusive, accessible, cruelty-free cosmetics and skin-care products. Our mission is to make the best of beauty accessible to every eye, lip and face. We believe our ability to deliver 100% cruelty-free, premium-quality products at accessible prices with broad appeal differentiates us in the beauty industry. We believe the combination of our fundamental value equation, digitally-led strategy, as well as our world-class team’s ability to execute with speed, has positioned us well to navigate a rapidly changing landscape in beauty. Our family of brands includes e.l.f. Cosmetics, e.l.f. Skin, W3LL PEOPLE and Keys Soulcare. Our brands are available online and across leading beauty, mass-market, and clean-beauty specialty retailers. We have strong relationships with our retail partners such as Walmart, Target, Ulta Beauty and other leading retailers that have enabled us to expand distribution both domestically and internationally.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Sep. 30, 2021
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, including normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2021, March 31, 2021 and September 30, 2020, and its results of operations and stockholders' equity for the three and six months ended September 30, 2021 and September 30, 2020 and its cash flows for the six months ended September 30, 2021 and September 30, 2020. 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, 2021 (the “Annual Report”). Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Segment reporting Operating segments are components of an enterprise for which separate financial information is available that is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Utilizing these criteria, the Company manages its business on the basis of one operating segment and one reportable segment. It is impracticable for the Company to provide revenue by product line. Significant accounting policies The Company made no material changes in the application of its significant accounting policies that were disclosed in Note 2, “Summary of significant accounting policies,” to the audited consolidated financial statements as of and for the fiscal year ended March 31, 2021 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: 2021 2020 2021 2020 United States $ 81,831 $ 63,655 $ 168,463 $ 121,552 International 10,024 8,695 20,439 15,325 Total net sales $ 91,855 $ 72,350 $ 188,902 $ 136,877 As of September 30, 2021, 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 No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

Investment in equity securities

Investment in equity securities	6 Months Ended
	Sep. 30, 2021
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, 2021 and September 30, 2020, 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, 2021.

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Sep. 30, 2021
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, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (54,140) $ 23,460 Customer relationships – e-commerce 3 years 3,940 (3,921) 19 Trademarks 10 years 3,500 (554) 2,946 Total finite-lived intangibles 85,040 (58,615) 26,425 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (58,615) $ 261,845 Information regarding the Company’s goodwill and intangible assets as of March 31, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (50,260) $ 27,340 Customer relationships – e-commerce 3 years 3,940 (3,915) 25 Trademarks 10 years 3,500 (379) 3,121 Total finite-lived intangibles 85,040 (54,554) 30,486 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (54,554) $ 265,906 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 Amortization expense on finite-lived intangible assets was $2.0 million and $4.1 million in the three and six months ended September 30, 2021 and September 30, 2020, 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, 2021 and September 30, 2020. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2021 is as follows (in thousands): Remainder of Fiscal 2022 $ 4,062 2023 8,122 2024 6,963 2025 1,230 2026 1,230 Thereafter 4,818 Total $ 26,425

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
	Sep. 30, 2021
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, 2021, March 31, 2021 and September 30, 2020 consisted of the following (in thousands): September 30, 2021 March 31, 2021 September 30, 2020 Accrued expenses $ 20,777 $ 21,300 $ 14,465 Current portion of operating lease liabilities 4,233 4,292 3,374 Accrued compensation 4,315 10,805 6,277 Other current liabilities 3,340 4,954 2,148 Accrued expenses and other current liabilities $ 32,665 $ 41,351 $ 26,264

Debt

Debt	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The Company’s outstanding debt as of September 30, 2021, March 31, 2021 and September 30, 2020 consisted of the following (in thousands): September 30, 2021 March 31, 2021 September 30, 2020 Revolving credit facility (1) $ 13,480 $ — $ — Term loan (1) 98,750 124,589 130,537 Finance lease obligations 1,803 2,200 2,611 Total debt (2) 114,033 126,789 133,148 Less: debt issuance costs (914) (253) (352) Total debt, net of issuance costs 113,119 126,536 132,796 Less: current portion (19,254) (16,281) (14,219) Long-term portion of debt $ 93,865 $ 110,255 $ 118,577 (1) See Note 10, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement, as amended (the "Amended Credit Agreement”). As of September 30, 2021, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement. (2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented. Amended credit agreement On April 30, 2021, the Company amended and restated its prior credit agreement (the “Amended Credit Agreement”), amended and restated the prior term loan facility and the prior revolving credit facility, and refinanced all loans under the prior credit agreement. The Amended Credit Agreement has a five year term and consists of (i) a $100 million revolving credit facility (the “Amended Revolving Credit Facility”) and (ii) a $100 million term loan facility (the “Amended Term Loan Facility”). The Company's prior credit agreement consisted of a $165 million term loan and a $50 million revolving credit facility. All amounts under the Amended Revolving Credit Facility are available for draw until the maturity date on April 30, 2026. The Amended Revolving Credit Facility is collateralized by substantially all of our assets and requires payment of an unused fee ranging from 0.10% to 0.30% (based on our consolidated total net leverage ratio (as defined in the Amended Credit Agreement)) times the average daily amount of unutilized commitments under the Amended Revolving Credit Facility. The Amended Revolving Credit Facility also provides for sub-facilities in the form of a $7 million letter of credit and a $5 million swing line loan; however, all amounts under the Amended Revolving Credit Facility cannot exceed $100 million. The unused balance of the Amended Revolving Credit Facility as of September 30, 2021 was $86.5 million. Both the Amended Revolving Credit Facility and the Amended Term Loan Facility bear interest, at borrowers’ option, at either (i) a rate per annum equal to an adjusted LIBOR rate determined by reference to the cost of funds for the United States ("U.S.") dollar deposits for the applicable interest period (subject to a minimum floor of 0%) plus an applicable margin ranging from 1.25% to 2.125% based on our consolidated total net leverage ratio or (ii) a floating base rate plus an applicable margin ranging from 0.25% to 1.125% based on our consolidated total net leverage ratio. The interest rate as of September 30, 2021 for both the Amended Term Loan Facility and the Amended Revolving Credit Facility were approximately 1.5%. The Amended Credit Agreement contains a number of covenants that, among other things, restrict our ability to (subject to certain exceptions) pay dividends and distributions or repurchase our capital stock, incur additional indebtedness, create liens on assets, engage in mergers or consolidations and sell or otherwise dispose of assets. The Amended Credit Agreement also includes reporting, financial and maintenance covenants that require us to, among other things, comply with certain consolidated total net leverage ratios and consolidated fixed charge coverage ratios. In accordance with ASC 470, Debt,

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies Legal contingencies The Company is from time to time subject to, and is currently involved in legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any matters that management expects will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Sep. 30, 2021
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, 2021: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2021 1,640,981 $ 14.86 Exercised (92,832) 11.12 Balance as of September 30, 2021 1,548,149 $ 15.08 5.6 $ 21,627 Exercisable, September 30, 2021 1,267,031 $ 15.23 5.2 $ 17,514 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $29.05, as reported on the New York Stock Exchange on September 30, 2021. The Company recognized stock-based compensation cost related to service-based vesting options of $0.2 million and $0.5 million in the three and six months ended September 30, 2021, respectively, and $0.5 million and $1.1 million in the three and six months ended September 30, 2020, respectively. As of September 30, 2021, there was $1.0 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 1.7 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, 2021: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2021 1,108,592 $ 8.72 Exercised (92,565) 2.08 Balance as of September 30, 2021 1,016,027 $ 9.33 3.5 $ 20,039 Exercisable, September 30, 2021 716,027 $ 1.99 2.8 $ 19,376 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $29.05, as reported on the New York Stock Exchange on September 30, 2021. As of September 30, 2021 and September 30, 2020, 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, 2021: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2021 2,289,615 $ 14.67 Granted 834,638 27.81 Vested (463,596) 15.00 Canceled or forfeited (144,923) 15.35 Balance as of September 30, 2021 2,515,734 $ 18.93 As of September 30, 2021, there were 986,361 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, 2021, respectively, and $4.9 million and $8.9 million in the three and six months ended September 30, 2020, respectively. As of September 30, 2021, there was $37.9 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 2.3 years.

Restructuring and other related

Restructuring and other related costs	6 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and other related costs	Restructuring and other related costs 2021 Restructuring Plan In March 2021, a restructuring plan (the "2021 Restructuring Plan") was approved to close the Company's manufacturing plant in Rancho Cucamonga, California. Activities associated with the 2021 Restructuring Plan included: (i) the closure of the facility; (ii) the impairment of plant assets, including equipment and leasehold improvements; (iii) the disposal of excess inventory on hand at the plant; and (iv) the termination of manufacturing plant employees. The following table presents the restructuring expense (income) incurred during the three and six months ended September 30, 2021 (in thousands) in connection with the 2021 Restructuring Plan: Three months ended September 30, 2021 Six months ended September 30, 2021 Gain on sale of property, plant and equipment $ — $ (152) Other costs, including other asset write-offs 96 234 Total $ 96 $ 82

Repurchase of common stock

Repurchase of common stock	6 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Repurchase of common stock	Repurchase of common stockOn 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. On April 30, 2021, the Company amended and restated its prior credit agreement. Subject to certain exceptions, the covenants in the Amended Credit Agreement require the Company to be in compliance with certain leverage ratios to make repurchases under the Share Repurchase Program. The Company did not repurchase any shares during the three and six months ended September 30, 2021. A total of $17.1 million remains available for purchase under the Share Repurchase Program as of September 30, 2021.

Net income per share

Net income per share	6 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Numerator: Net income $ 5,724 $ 447 $ 14,000 $ 1,959 Denominator: Weighted-average common shares outstanding – basic 50,875,618 49,147,366 50,711,000 49,036,519 Dilutive common equivalent shares from equity awards 2,666,106 2,601,071 2,764,988 2,308,278 Weighted-average common shares outstanding – diluted 53,541,724 51,748,437 53,475,988 51,344,797 Net income per share: Basic $ 0.11 $ 0.01 $ 0.28 $ 0.04 Diluted $ 0.11 $ 0.01 $ 0.26 $ 0.04 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 9,334 857,698 4,667 1,712,824

Leases

Leases	6 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases The Company leases warehouses, distribution centers, office space, retail space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution 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, 2021, March 31, 2021 and September 30, 2020 were as follows (in thousands): Classification September 30, 2021 March 31, 2021 September 30, 2020 Assets Operating lease assets Other assets $ 20,270 $ 22,691 $ 21,548 Finance lease assets (a) Other assets 874 1,100 1,599 Total leased assets $ 21,144 $ 23,791 $ 23,147 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,233 $ 4,292 $ 3,374 Finance Current portion of long-term debt and finance lease obligations 774 812 812 Noncurrent Operating Long-term operating lease obligations 17,919 20,084 19,185 Finance Long-term debt and finance lease obligations 1,029 1,388 1,799 Total lease liabilities $ 23,955 $ 26,576 $ 25,170 _____________________ (a) Finance leases are recorded net of accumulated amortization of $2.8 million, $3.2 million and $3.4 million as of September 30, 2021, March 31, 2021 and September 30, 2020, respectively. For the three and six months ended September 30, 2021 and September 30, 2020, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2021 2020 2021 2020 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,242 $ 1,046 $ 2,312 $ 2,126 Finance lease cost Amortization of leased assets SG&A expenses 105 247 226 495 Interest on lease liabilities Interest expense, net 15 36 39 74 Total lease cost $ 1,362 $ 1,329 $ 2,577 $ 2,695 As of September 30, 2021, 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 2022 $ 2,322 $ 408 $ 2,730 2023 4,864 816 5,680 2024 4,890 582 5,472 2025 4,075 58 4,133 2026 3,091 — 3,091 Thereafter 4,606 — 4,606 Total lease payments 23,848 1,864 25,712 Less: Interest 1,696 61 1,757 Present value of lease liabilities $ 22,152 $ 1,803 $ 23,955 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, 2021 and September 30, 2020, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2021 September 30, 2020 Weighted-average remaining lease term Operating leases 5.6 years 6.5 years Finance leases 2.3 years 2.8 years Weighted-average discount rate Operating leases 2.8 % 2.8 % Finance leases 3.0 % 5.2 %
Leases	Leases The Company leases warehouses, distribution centers, office space, retail space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution 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, 2021, March 31, 2021 and September 30, 2020 were as follows (in thousands): Classification September 30, 2021 March 31, 2021 September 30, 2020 Assets Operating lease assets Other assets $ 20,270 $ 22,691 $ 21,548 Finance lease assets (a) Other assets 874 1,100 1,599 Total leased assets $ 21,144 $ 23,791 $ 23,147 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,233 $ 4,292 $ 3,374 Finance Current portion of long-term debt and finance lease obligations 774 812 812 Noncurrent Operating Long-term operating lease obligations 17,919 20,084 19,185 Finance Long-term debt and finance lease obligations 1,029 1,388 1,799 Total lease liabilities $ 23,955 $ 26,576 $ 25,170 _____________________ (a) Finance leases are recorded net of accumulated amortization of $2.8 million, $3.2 million and $3.4 million as of September 30, 2021, March 31, 2021 and September 30, 2020, respectively. For the three and six months ended September 30, 2021 and September 30, 2020, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2021 2020 2021 2020 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,242 $ 1,046 $ 2,312 $ 2,126 Finance lease cost Amortization of leased assets SG&A expenses 105 247 226 495 Interest on lease liabilities Interest expense, net 15 36 39 74 Total lease cost $ 1,362 $ 1,329 $ 2,577 $ 2,695 As of September 30, 2021, 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 2022 $ 2,322 $ 408 $ 2,730 2023 4,864 816 5,680 2024 4,890 582 5,472 2025 4,075 58 4,133 2026 3,091 — 3,091 Thereafter 4,606 — 4,606 Total lease payments 23,848 1,864 25,712 Less: Interest 1,696 61 1,757 Present value of lease liabilities $ 22,152 $ 1,803 $ 23,955 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, 2021 and September 30, 2020, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2021 September 30, 2020 Weighted-average remaining lease term Operating leases 5.6 years 6.5 years Finance leases 2.3 years 2.8 years Weighted-average discount rate Operating leases 2.8 % 2.8 % Finance leases 3.0 % 5.2 %

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Sep. 30, 2021
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, including normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2021, March 31, 2021 and September 30, 2020, and its results of operations and stockholders' equity for the three and six months ended September 30, 2021 and September 30, 2020 and its cash flows for the six months ended September 30, 2021 and September 30, 2020. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Segment reporting	Segment reporting Operating segments are components of an enterprise for which separate financial information is available that is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Utilizing these criteria, the Company manages its business on the basis of one operating segment and one reportable segment. It is impracticable for the Company to provide revenue by product line.
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 No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	6 Months Ended
	Sep. 30, 2021
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: 2021 2020 2021 2020 United States $ 81,831 $ 63,655 $ 168,463 $ 121,552 International 10,024 8,695 20,439 15,325 Total net sales $ 91,855 $ 72,350 $ 188,902 $ 136,877

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Sep. 30, 2021
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, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (54,140) $ 23,460 Customer relationships – e-commerce 3 years 3,940 (3,921) 19 Trademarks 10 years 3,500 (554) 2,946 Total finite-lived intangibles 85,040 (58,615) 26,425 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (58,615) $ 261,845 Information regarding the Company’s goodwill and intangible assets as of March 31, 2021 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (50,260) $ 27,340 Customer relationships – e-commerce 3 years 3,940 (3,915) 25 Trademarks 10 years 3,500 (379) 3,121 Total finite-lived intangibles 85,040 (54,554) 30,486 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (54,554) $ 265,906 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
Future Amortization Expense for Intangible Assets	The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2021 is as follows (in thousands): Remainder of Fiscal 2022 $ 4,062 2023 8,122 2024 6,963 2025 1,230 2026 1,230 Thereafter 4,818 Total $ 26,425

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	6 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of September 30, 2021, March 31, 2021 and September 30, 2020 consisted of the following (in thousands): September 30, 2021 March 31, 2021 September 30, 2020 Accrued expenses $ 20,777 $ 21,300 $ 14,465 Current portion of operating lease liabilities 4,233 4,292 3,374 Accrued compensation 4,315 10,805 6,277 Other current liabilities 3,340 4,954 2,148 Accrued expenses and other current liabilities $ 32,665 $ 41,351 $ 26,264

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt as of September 30, 2021, March 31, 2021 and September 30, 2020 consisted of the following (in thousands): September 30, 2021 March 31, 2021 September 30, 2020 Revolving credit facility (1) $ 13,480 $ — $ — Term loan (1) 98,750 124,589 130,537 Finance lease obligations 1,803 2,200 2,611 Total debt (2) 114,033 126,789 133,148 Less: debt issuance costs (914) (253) (352) Total debt, net of issuance costs 113,119 126,536 132,796 Less: current portion (19,254) (16,281) (14,219) Long-term portion of debt $ 93,865 $ 110,255 $ 118,577 (1) See Note 10, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement, as amended (the "Amended Credit Agreement”). As of September 30, 2021, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement. (2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented.

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Sep. 30, 2021
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, 2021: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2021 1,640,981 $ 14.86 Exercised (92,832) 11.12 Balance as of September 30, 2021 1,548,149 $ 15.08 5.6 $ 21,627 Exercisable, September 30, 2021 1,267,031 $ 15.23 5.2 $ 17,514 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, 2021: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2021 1,108,592 $ 8.72 Exercised (92,565) 2.08 Balance as of September 30, 2021 1,016,027 $ 9.33 3.5 $ 20,039 Exercisable, September 30, 2021 716,027 $ 1.99 2.8 $ 19,376
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, 2021: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2021 2,289,615 $ 14.67 Granted 834,638 27.81 Vested (463,596) 15.00 Canceled or forfeited (144,923) 15.35 Balance as of September 30, 2021 2,515,734 $ 18.93

Restructuring and other relat_2

Restructuring and other related costs (Tables)	6 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Expense (Income)	The following table presents the restructuring expense (income) incurred during the three and six months ended September 30, 2021 (in thousands) in connection with the 2021 Restructuring Plan: Three months ended September 30, 2021 Six months ended September 30, 2021 Gain on sale of property, plant and equipment $ — $ (152) Other costs, including other asset write-offs 96 234 Total $ 96 $ 82

Net income per share (Tables)

Net income per share (Tables)	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator in Basic and Diluted Net Income Per Common Share Computations	The following is a reconciliation of the numerator and denominator in the basic and diluted net income per common share computations (in thousands, except share and per share data): Three months ended September 30, Six months ended September 30, 2021 2020 2021 2020 Numerator: Net income $ 5,724 $ 447 $ 14,000 $ 1,959 Denominator: Weighted-average common shares outstanding – basic 50,875,618 49,147,366 50,711,000 49,036,519 Dilutive common equivalent shares from equity awards 2,666,106 2,601,071 2,764,988 2,308,278 Weighted-average common shares outstanding – diluted 53,541,724 51,748,437 53,475,988 51,344,797 Net income per share: Basic $ 0.11 $ 0.01 $ 0.28 $ 0.04 Diluted $ 0.11 $ 0.01 $ 0.26 $ 0.04 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 9,334 857,698 4,667 1,712,824

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2021
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, 2021, March 31, 2021 and September 30, 2020 were as follows (in thousands): Classification September 30, 2021 March 31, 2021 September 30, 2020 Assets Operating lease assets Other assets $ 20,270 $ 22,691 $ 21,548 Finance lease assets (a) Other assets 874 1,100 1,599 Total leased assets $ 21,144 $ 23,791 $ 23,147 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,233 $ 4,292 $ 3,374 Finance Current portion of long-term debt and finance lease obligations 774 812 812 Noncurrent Operating Long-term operating lease obligations 17,919 20,084 19,185 Finance Long-term debt and finance lease obligations 1,029 1,388 1,799 Total lease liabilities $ 23,955 $ 26,576 $ 25,170 _____________________ (a) Finance leases are recorded net of accumulated amortization of $2.8 million, $3.2 million and $3.4 million as of September 30, 2021, March 31, 2021 and September 30, 2020, respectively. As of September 30, 2021 and September 30, 2020, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2021 September 30, 2020 Weighted-average remaining lease term Operating leases 5.6 years 6.5 years Finance leases 2.3 years 2.8 years Weighted-average discount rate Operating leases 2.8 % 2.8 % Finance leases 3.0 % 5.2 %
Components of Lease Expense	For the three and six months ended September 30, 2021 and September 30, 2020, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2021 2020 2021 2020 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,242 $ 1,046 $ 2,312 $ 2,126 Finance lease cost Amortization of leased assets SG&A expenses 105 247 226 495 Interest on lease liabilities Interest expense, net 15 36 39 74 Total lease cost $ 1,362 $ 1,329 $ 2,577 $ 2,695
Maturities of Operating Lease Liabilities	As of September 30, 2021, 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 2022 $ 2,322 $ 408 $ 2,730 2023 4,864 816 5,680 2024 4,890 582 5,472 2025 4,075 58 4,133 2026 3,091 — 3,091 Thereafter 4,606 — 4,606 Total lease payments 23,848 1,864 25,712 Less: Interest 1,696 61 1,757 Present value of lease liabilities $ 22,152 $ 1,803 $ 23,955
Maturities of Finance Lease Liabilities	As of September 30, 2021, 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 2022 $ 2,322 $ 408 $ 2,730 2023 4,864 816 5,680 2024 4,890 582 5,472 2025 4,075 58 4,133 2026 3,091 — 3,091 Thereafter 4,606 — 4,606 Total lease payments 23,848 1,864 25,712 Less: Interest 1,696 61 1,757 Present value of lease liabilities $ 22,152 $ 1,803 $ 23,955

Summary of significant accoun_4

Summary of significant accounting policies - Additional Information (Details)	6 Months Ended
	Sep. 30, 2021segment
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total net sales	$ 91,855	$ 72,350	$ 188,902	$ 136,877
United States
Disaggregation of Revenue [Line Items]
Total net sales	81,831	63,655	168,463	121,552
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 10,024	$ 8,695	$ 20,439	$ 15,325

Investment in equity securiti_2

Investment in equity securities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	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, 2021	Sep. 30, 2020	Mar. 31, 2021
Schedule Of Intangible Assets And Goodwill [Line Items]
Total finite-lived intangibles, Gross carrying amount	$ 85,040	$ 85,040	$ 85,040
Total finite-lived intangibles, Accumulated amortization	(58,615)	(50,492)	(54,554)
Total	26,425	34,548	30,486
Goodwill, Gross carrying amount	171,620	171,620	171,620
Goodwill, Accumulated amortization	0	0	0
Goodwill, Net carrying amount	171,620	171,620	171,620
Total goodwill and other intangibles, Gross carrying amount	320,460	320,460	320,460
Total goodwill and other intangibles, Accumulated amortization	(58,615)	(50,492)	(54,554)
Total goodwill and other intangibles, Net carrying amount	261,845	269,968	265,906
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	$ 77,600	$ 77,600
Total finite-lived intangibles, Accumulated amortization	(54,140)	(46,380)	(50,260)
Total	$ 23,460	$ 31,220	$ 27,340
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	$ 3,940	$ 3,940
Total finite-lived intangibles, Accumulated amortization	(3,921)	(3,908)	(3,915)
Total	$ 19	$ 32	$ 25
Trademarks
Schedule Of Intangible Assets And Goodwill [Line Items]
Estimated useful life	10 years	10 years	10 years
Total finite-lived intangibles, Gross carrying amount	$ 3,500	$ 3,500	$ 3,500
Total finite-lived intangibles, Accumulated amortization	(554)	(204)	(379)
Total	$ 2,946	$ 3,296	$ 3,121

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,000,000	$ 2,000,000	$ 4,100,000	$ 4,100,000
Goodwill and intangible asset impairment	$ 0	$ 0	$ 0	$ 0

Goodwill and intangible asset_4

Goodwill and intangible assets - Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2022	$ 4,062
2023	8,122
2024	6,963
2025	1,230
2026	1,230
Thereafter	4,818
Total	$ 26,425	$ 30,486	$ 34,548

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, 2021	Mar. 31, 2021	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued expenses	$ 20,777	$ 21,300	$ 14,465
Current portion of operating lease liabilities	4,233	4,292	3,374
Accrued compensation	4,315	10,805	6,277
Other current liabilities	3,340	4,954	2,148
Accrued expenses and other current liabilities	$ 32,665	$ 41,351	$ 26,264

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Finance lease obligations	$ 1,803	$ 2,200	$ 2,611
Total debt	114,033	126,789	133,148
Less: debt issuance costs	(914)	(253)	(352)
Total debt, net of issuance costs	113,119	126,536	132,796
Less: current portion	(19,254)	(16,281)	(14,219)
Long-term portion of debt	93,865	110,255	118,577
Revolving Credit Facility
Debt Instrument [Line Items]
Debt	13,480	0	0
Term Loan
Debt Instrument [Line Items]
Debt	$ 98,750	$ 124,589	$ 130,537

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Apr. 29, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0		$ 0	$ 460,000	$ 0
Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt issuance costs	$ 1,100,000
Prior Credit Agreement
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 500,000
Revolving Credit Facility | Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Remaining borrowing capacity		$ 86,500,000			$ 86,500,000
Interest rate at period end		1.50%			1.50%
Revolving Credit Facility | Amended Credit Agreement | Minimum
Debt Instrument [Line Items]
Unused fee percentage	0.10%
Revolving Credit Facility | Amended Credit Agreement | Maximum
Debt Instrument [Line Items]
Unused fee percentage	0.30%
Revolving Credit Facility | Amended Credit Agreement | Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility | Amended Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility | Amended Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Revolving Credit Facility | Amended Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility | Amended Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Revolving Credit Facility | Prior Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 50,000,000
Letter of Credit | Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 7,000,000
Swing Line of Credit | Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	5,000,000
Term Loan | Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Interest rate at period end		1.50%			1.50%
Term Loan | Amended Credit Agreement | Minimum Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Term Loan | Amended Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Term Loan | Amended Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Term Loan | Amended Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Term Loan | Amended Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Term Loan | Prior Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 165,000,000

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, 2021
Shares subject to options outstanding
Beginning balance (in shares)	1,640,981
Exercised (in shares)	(92,832)
Ending balance (in shares)	1,548,149
Options outstanding, Exercisable (in shares)	1,267,031
Weighted-average exercise price
Beginning balance (in USD per share)	$ 14.86
Exercised (in USD per share)	11.12
Ending balance (in USD per share)	15.08
Weighted-average exercise price, Exercisable (in USD per share)	$ 15.23
Weighted-average remaining contractual life (in years), Outstanding	5 years 7 months 6 days
Weighted-average remaining contractual life (in years), Exercisable	5 years 2 months 12 days
Aggregate intrinsic values, Outstanding	$ 21,627
Aggregate intrinsic values, Exercisable	$ 17,514

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (in USD per share)	$ 29.05		$ 29.05
Service-based Vesting Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 200,000	$ 500,000	$ 500,000	$ 1,100,000
Unrecognized stock-based compensation cost	1,000,000		$ 1,000,000
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			1 year 8 months 12 days
Performance-based and Market-based Vesting Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 0	0	$ 0	0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSAs outstanding (in shares)	986,361		986,361
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 4,900,000	$ 4,900,000	$ 8,900,000	$ 8,900,000
Unrecognized stock-based compensation cost, expected weighted-average period of recognition			2 years 3 months 18 days
Unvested RSAs outstanding (in shares)	2,515,734		2,515,734		2,289,615
Unrecognized stock-based compensation cost	$ 37,900,000		$ 37,900,000

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, 2021
Shares subject to options outstanding
Beginning balance (in shares)	1,108,592
Exercised (in shares)	(92,565)
Ending balance (in shares)	1,016,027
Options outstanding, Exercisable (in shares)	716,027
Weighted-average exercise price
Beginning balance (in USD per share)	$ 8.72
Exercised (in USD per share)	2.08
Ending balance (in USD per share)	9.33
Weighted-average exercise price, Exercisable (in USD per share)	$ 1.99
Weighted-average remaining contractual life (in years), Outstanding	3 years 6 months
Weighted-average remaining contractual life (in years), Exercisable	2 years 9 months 18 days
Aggregate intrinsic values, Outstanding	$ 20,039
Aggregate intrinsic values, Exercisable	$ 19,376

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, 2021$ / sharesshares
RSUs and shares of restricted stock outstanding
Beginning balance (in shares) | shares	2,289,615
Granted (in shares) | shares	834,638
Vested (in shares) | shares	(463,596)
Canceled or forfeited (in shares) | shares	(144,923)
Ending balance (in shares) | shares	2,515,734
Weighted-average grant date fair value
Beginning balance (in USD per share) | $ / shares	$ 14.67
Granted (in USD per share) | $ / shares	27.81
Vested (in USD per share) | $ / shares	15
Canceled or forfeited (in USD per share) | $ / shares	15.35
Ending balance (in USD per share) | $ / shares	$ 18.93

Restructuring and other relat_3

Restructuring and other related costs - Restructuring expense (income) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Gain on sale of property, plant and equipment	$ 0	$ (152)
Other costs, including other asset write-offs	96	234
Total	$ 96	$ 82

Repurchase of common stock - Na

Repurchase of common stock - Narrative (Details) - USD ($)	Sep. 30, 2021	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, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 5,724	$ 8,276	$ 447	$ 1,512	$ 14,000	$ 1,959
Denominator:
Weighted average common shares outstanding - basic (in shares)	50,875,618		49,147,366		50,711,000	49,036,519
Dilutive common equivalent shares from equity awards (in shares)	2,666,106		2,601,071		2,764,988	2,308,278
Weighted average common shares outstanding - diluted (in shares)	53,541,724		51,748,437		53,475,988	51,344,797
Net income per share:
Basic (in USD per share)	$ 0.11		$ 0.01		$ 0.28	$ 0.04
Diluted (in USD per share)	$ 0.11		$ 0.01		$ 0.26	$ 0.04
Anti-dilutive securities excluded from diluted EPS:
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares)	9,334		857,698		4,667	1,712,824

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Lessee operating lease, option to extend	five years
Operating cash flows from operating leases	$ 2.5	$ 1.8

Leases - Balance Sheet Line Ite

Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Assets
Operating lease assets	$ 20,270	$ 22,691	$ 21,548
Finance lease assets	874	1,100	1,599
Total leased assets	21,144	23,791	23,147
Current
Operating	4,233	4,292	3,374
Finance	774	812	812
Noncurrent
Operating	17,919	20,084	19,185
Finance	1,029	1,388	1,799
Total lease liabilities	$ 23,955	$ 26,576	$ 25,170
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt and finance lease obligations	Current portion of long-term debt and finance lease obligations	Current portion of long-term debt and finance lease obligations
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt and finance lease obligations	Long-term debt and finance lease obligations	Long-term debt and finance lease obligations
Finance lease accumulated amortization	$ 2,800	$ 3,200	$ 3,400

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 1,242	$ 1,046	$ 2,312	$ 2,126
Finance lease cost
Amortization of leased assets	105	247	226	495
Interest on lease liabilities	15	36	39	74
Total lease cost	$ 1,362	$ 1,329	$ 2,577	$ 2,695

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Operating leases
Remainder of Fiscal 2022	$ 2,322
2023	4,864
2024	4,890
2025	4,075
2026	3,091
Thereafter	4,606
Total lease payments	23,848
Less: Interest	1,696
Present value of lease liabilities	22,152
Finance leases
Remainder of Fiscal 2022	408
2023	816
2024	582
2025	58
2026	0
Thereafter	0
Total lease payments	1,864
Less: Interest	61
Present value of lease liabilities	1,803	$ 2,200	$ 2,611
Total
Remainder of Fiscal 2022	2,730
2023	5,680
2024	5,472
2025	4,133
2026	3,091
Thereafter	4,606
Total lease payments	25,712
Less: Interest	1,757
Total lease liabilities	$ 23,955	$ 26,576	$ 25,170

Leases - Weighted Average Assum

Leases - Weighted Average Assumptions (Details)	Sep. 30, 2021	Sep. 30, 2020
Weighted-average remaining lease term
Operating leases	5 years 7 months 6 days	6 years 6 months
Finance leases	2 years 3 months 18 days	2 years 9 months 18 days
Weighted-average discount rate
Operating leases	2.80%	2.80%
Finance leases	3.00%	5.20%