Cover Page
Cover Page - shares | 6 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 $0.01 per share | |
Trading Symbol | ELF | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,938,112 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001600033 | |
Current Fiscal Year End Date | --03-31 |
Condensed consolidated balance
Condensed consolidated balance sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 85,317 | $ 43,353 | $ 41,694 |
Accounts receivable, net | 53,912 | 45,567 | 44,374 |
Inventory, net | 81,288 | 84,498 | 76,816 |
Prepaid expenses and other current assets | 26,881 | 19,611 | 18,420 |
Total current assets | 247,398 | 193,029 | 181,304 |
Property and equipment, net | 8,934 | 10,577 | 13,945 |
Intangible assets, net | 82,101 | 86,163 | 90,225 |
Goodwill | 171,620 | 171,620 | 171,620 |
Investments | 2,875 | 2,875 | 2,875 |
Other assets | 29,213 | 30,368 | 33,043 |
Total assets | 542,141 | 494,632 | 493,012 |
Current liabilities: | |||
Current portion of long-term debt and finance lease obligations | 5,801 | 5,786 | 19,254 |
Accounts payable | 19,279 | 19,227 | 19,299 |
Accrued expenses and other current liabilities | 46,868 | 40,004 | 32,665 |
Total current liabilities | 71,948 | 65,017 | 71,218 |
Long-term debt and finance lease obligations | 88,284 | 91,080 | 93,865 |
Deferred tax liabilities | 10,635 | 9,593 | 15,114 |
Long-term operating lease obligations | 13,440 | 15,744 | 17,919 |
Other long-term liabilities | 874 | 769 | 803 |
Total liabilities | 185,181 | 182,203 | 198,919 |
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, 2022, March 31, 2022 and September 30, 2021; 52,896,411, 52,243,764 and 52,035,864 shares issued and outstanding as of September 30, 2022, March 31, 2022 and September 30, 2021, respectively | 525 | 515 | 511 |
Additional paid-in capital | 813,785 | 795,443 | 784,881 |
Accumulated deficit | (457,350) | (483,529) | (491,299) |
Total stockholders' equity | 356,960 | 312,429 | 294,093 |
Total liabilities and stockholders' equity | $ 542,141 | $ 494,632 | $ 493,012 |
Condensed consolidated balanc_2
Condensed consolidated balance sheets (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
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) | 52,896,411 | 52,243,764 | 52,035,864 |
Common stock, shares outstanding (in shares) | 52,896,411 | 52,243,764 | 52,035,864 |
Condensed consolidated statemen
Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 122,349 | $ 91,855 | $ 244,950 | $ 188,902 |
Cost of sales | 42,789 | 33,870 | 82,405 | 69,011 |
Gross profit | 79,560 | 57,985 | 162,545 | 119,891 |
Selling, general and administrative expenses | 64,183 | 50,447 | 125,738 | 101,196 |
Restructuring expense | 0 | 96 | 0 | 82 |
Operating income | 15,377 | 7,442 | 36,807 | 18,613 |
Other expense, net | (1,262) | (646) | (2,925) | (808) |
Interest expense, net | (786) | (597) | (1,449) | (1,342) |
Loss on extinguishment of debt | 0 | 0 | 0 | (460) |
Income before provision for income taxes | 13,329 | 6,199 | 32,433 | 16,003 |
Income tax provision | (1,619) | (475) | (6,254) | (2,003) |
Net income | 11,710 | 5,724 | 26,179 | 14,000 |
Comprehensive income | $ 11,710 | $ 5,724 | $ 26,179 | $ 14,000 |
Net income per share: | ||||
Basic (in USD per share) | $ 0.22 | $ 0.11 | $ 0.50 | $ 0.28 |
Diluted (in USD per share) | $ 0.21 | $ 0.11 | $ 0.48 | $ 0.26 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 52,298,905 | 50,875,618 | 52,004,661 | 50,711,000 |
Diluted (in shares) | 55,037,514 | 53,541,724 | 54,437,752 | 53,475,988 |
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, 2021 | $ 269,646 | $ 504 | $ 774,441 | $ (505,299) |
Beginning balance (in shares) at Mar. 31, 2021 | 50,400,510 | |||
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 | |||
Ending balance at Jun. 30, 2021 | 282,622 | $ 508 | 779,137 | (497,023) |
Ending balance (in shares) at Jun. 30, 2021 | 50,759,085 | |||
Beginning balance at Mar. 31, 2021 | 269,646 | $ 504 | 774,441 | (505,299) |
Beginning balance (in shares) at Mar. 31, 2021 | 50,400,510 | |||
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 | |||
Beginning balance at Jun. 30, 2021 | 282,622 | $ 508 | 779,137 | (497,023) |
Beginning balance (in shares) at Jun. 30, 2021 | 50,759,085 | |||
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 | |||
Ending balance at Sep. 30, 2021 | 294,093 | $ 511 | 784,881 | (491,299) |
Ending balance (in shares) at Sep. 30, 2021 | 51,049,503 | |||
Beginning balance at Mar. 31, 2022 | 312,429 | $ 515 | 795,443 | (483,529) |
Beginning balance (in shares) at Mar. 31, 2022 | 51,524,307 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 14,469 | 14,469 | ||
Stock-based compensation | 6,549 | 6,549 | ||
Exercise of stock options and vesting of restricted stock | 2 | $ 2 | ||
Exercise of stock options and vesting of restricted stock (in shares) | 558,336 | |||
Ending balance at Jun. 30, 2022 | 333,449 | $ 517 | 801,992 | (469,060) |
Ending balance (in shares) at Jun. 30, 2022 | 52,082,643 | |||
Beginning balance at Mar. 31, 2022 | 312,429 | $ 515 | 795,443 | (483,529) |
Beginning balance (in shares) at Mar. 31, 2022 | 51,524,307 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 26,179 | |||
Ending balance at Sep. 30, 2022 | 356,960 | $ 525 | 813,785 | (457,350) |
Ending balance (in shares) at Sep. 30, 2022 | 52,554,609 | |||
Beginning balance at Jun. 30, 2022 | 333,449 | $ 517 | 801,992 | (469,060) |
Beginning balance (in shares) at Jun. 30, 2022 | 52,082,643 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 11,710 | 11,710 | ||
Stock-based compensation | 8,022 | 8,022 | ||
Exercise of stock options and vesting of restricted stock | 3,779 | $ 8 | 3,771 | |
Exercise of stock options and vesting of restricted stock (in shares) | 471,966 | |||
Ending balance at Sep. 30, 2022 | $ 356,960 | $ 525 | $ 813,785 | $ (457,350) |
Ending balance (in shares) at Sep. 30, 2022 | 52,554,609 |
Condensed consolidated statem_3
Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||||||
Net income | $ 11,710 | $ 14,469 | $ 5,724 | $ 8,276 | $ 26,179 | $ 14,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 11,075 | 13,349 | |||||
Restructuring expense | 0 | 96 | 0 | 82 | |||
Stock-based compensation expense | 14,576 | 9,387 | |||||
Amortization of debt issuance costs and discount on debt | 181 | 211 | |||||
Deferred income taxes | 1,042 | 1,635 | |||||
Loss on extinguishment of debt | 0 | 0 | 0 | 460 | |||
Other, net | (24) | 257 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (8,301) | (4,374) | |||||
Inventories | 3,210 | (19,958) | |||||
Prepaid expenses and other assets | (9,555) | (6,379) | |||||
Accounts payable and accrued expenses | 6,798 | (5,878) | |||||
Other liabilities | (2,135) | (2,018) | |||||
Net cash provided by operating activities | 43,046 | 774 | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (694) | (3,649) | |||||
Net cash used in investing activities | (694) | (3,649) | |||||
Cash flows from financing activities: | |||||||
Proceeds from revolving line of credit | 0 | 26,480 | |||||
Repayment of revolving line of credit | 0 | (13,000) | |||||
Proceeds from long-term debt | 0 | 25,581 | |||||
Repayment of long-term debt | (2,500) | (52,025) | |||||
Debt issuance costs paid | 0 | (1,064) | |||||
Cash received from issuance of common stock | 2,503 | 1,224 | |||||
Other, net | (391) | (395) | |||||
Net cash used in financing activities | (388) | (13,199) | |||||
Net increase in cash and cash equivalents | 41,964 | (16,074) | |||||
Cash and cash equivalents - beginning of period | $ 43,353 | $ 57,768 | 43,353 | 57,768 | $ 57,768 | ||
Cash and cash equivalents - end of period | $ 85,317 | $ 41,694 | $ 85,317 | $ 41,694 | $ 43,353 |
Nature of operations
Nature of operations | 6 Months Ended |
Sep. 30, 2022 | |
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, clean and cruelty-free cosmetics and skincare 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, clean, premium-quality products at accessible prices with broad appeal differentiates us in the beauty industry. We believe the combination of our innovation engine, core value proposition, 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, Well 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, 2022 | |
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. 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, 2022, March 31, 2022 and September 30, 2021, and its results of operations and stockholders' equity for the three and six months ended September 30, 2022 and September 30, 2021 and its cash flows for the six months ended September 30, 2022 and September 30, 2021. 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, 2022 (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, 2022 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: 2022 2021 2022 2021 United States $ 109,273 $ 81,354 $ 216,412 $ 167,325 International 13,076 10,501 28,538 21,577 Total net sales $ 122,349 $ 91,855 $ 244,950 $ 188,902 As of September 30, 2022, other than accounts receivable, the Company had no material contract assets, contract liabilities or deferred contract costs recorded on its unaudited condensed consolidated balance sheet. Recent accounting pronouncements 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, 2022 | |
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 unaudited 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, 2022 and September 30, 2021, 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, 2022. |
Goodwill and intangible assets
Goodwill and intangible assets | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (61,900) $ 15,700 Customer relationships – e-commerce 3 years 3,940 (3,935) 5 Trademarks 10 years 3,500 (904) 2,596 Total finite-lived intangibles 85,040 (66,739) 18,301 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (66,739) $ 253,721 Information regarding the Company’s goodwill and intangible assets as of March 31, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (58,020) $ 19,580 Customer relationships – e-commerce 3 years 3,940 (3,928) 12 Trademarks 10 years 3,500 (729) 2,771 Total finite-lived intangibles 85,040 (62,677) 22,363 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (62,677) $ 257,783 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 Amortization expenses on finite-lived intangible assets was $2.0 million and $4.1 million in the three and six months ended September 30, 2022 and September 30, 2021, 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, 2022 and September 30, 2021. The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2022 is as follows (in thousands): Remainder of fiscal 2023 $ 4,061 2024 6,963 2025 1,230 2026 1,230 2027 1,230 Thereafter 3,587 Total $ 18,301 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022, March 31, 2022 and September 30, 2021 consisted of the following (in thousands): September 30, 2022 March 31, 2022 September 30, 2021 Accrued expenses $ 30,277 $ 19,938 $ 20,777 Current portion of operating lease liabilities 4,458 4,391 4,233 Accrued compensation 7,216 11,532 4,315 Taxes payable 2,646 2,128 1,410 Other current liabilities 2,271 2,015 1,930 Accrued expenses and other current liabilities $ 46,868 $ 40,004 $ 32,665 |
Debt
Debt | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s outstanding debt as of September 30, 2022, March 31, 2022 and September 30, 2021 consisted of the following (in thousands): September 30, 2022 March 31, 2022 September 30, 2021 Revolving credit facility (1) $ — $ — $ 13,480 Term loan (1) 93,750 96,250 98,750 Finance lease obligations 1,030 1,419 1,803 Total debt (2) 94,780 97,669 114,033 Less: debt issuance costs (695) (803) (914) Total debt, net of issuance costs 94,085 96,866 113,119 Less: current portion (5,801) (5,786) (19,254) Long-term portion of debt $ 88,284 $ 91,080 $ 93,865 (1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement. As of September 30, 2022, 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, 2022 was $100.0 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 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, 2022 for the Amended Term Loan Facility was approximately 4.9%. 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, the amendment to the Company’s prior credit agreement was accounted for as both a debt modification and partial debt extinguishment, which resulted in the recognition of a loss on extinguishment of debt of $0.5 million for the year ended March 31, 2022. The Company incurred and capitalized $1.1 million of new debt issuance costs related to the amendment. |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022 | |
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, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,543,499 $ 15.05 Exercised (279,684) 11.46 Balance as of September 30, 2022 1,263,815 $ 15.84 4.7 $ 27,526 Exercisable, September 30, 2022 1,148,700 $ 16.12 4.4 $ 24,698 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $37.62, as reported on the New York Stock Exchange on September 30, 2022. The Company recognized stock-based compensation cost related to service-based vesting options of $0.1 million and $0.2 million in the three and six months ended September 30, 2022, respectively, and $0.2 million and $0.5 million in the three and six months ended September 30, 2021, respectively. As of September 30, 2022, there was $0.4 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 1.5 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, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,004,327 $ 9.40 Exercised (88,300) 6.49 Canceled or forfeited (25,800) 26.84 Balance as of September 30, 2022 890,227 $ 9.18 2.5 $ 25,320 Exercisable, September 30, 2022 890,227 $ 9.18 2.5 $ 25,320 The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the Company's closing stock price of $37.62, as reported on the New York Stock Exchange on September 30, 2022. As of September 30, 2022 and September 30, 2021, 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, 2022: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2022 2,275,742 $ 20.85 Granted 1,122,721 26.96 Vested (662,230) 20.03 Canceled or forfeited (193,278) 21.28 Balance as of September 30, 2022 2,542,955 $ 23.73 As of September 30, 2022, there were 341,802 unvested shares subject to RSAs outstanding. The Company recognized stock-based compensation cost related to RSAs and RSUs of $7.9 million and $14.4 million in the three and six months ended September 30, 2022, respectively, and $4.9 million and $8.9 million in the three and six months ended September 30, 2021, respectively. As of September 30, 2022, there was $57.4 million of total unrecognized stock-based compensation cost related to unvested shares subject to RSAs and RSUs, which is expected to be recognized over a weighted-average period of 2.4 years. As of September 30, 2022, there was $1.3 million of option proceeds not yet received. |
Repurchase of common stock
Repurchase of common stock | 6 Months Ended |
Sep. 30, 2022 | |
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. 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, 2022. A total of $17.1 million remains available for future share repurchases under the Share Repurchase Program as of September 30, 2022. |
Net income per share
Net income per share | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 2022 2021 Numerator: Net income $ 11,710 $ 5,724 $ 26,179 $ 14,000 Denominator: Weighted-average common shares outstanding – basic 52,298,905 50,875,618 52,004,661 50,711,000 Dilutive common equivalent shares from equity awards 2,738,609 2,666,106 2,433,091 2,764,988 Weighted-average common shares outstanding – diluted 55,037,514 53,541,724 54,437,752 53,475,988 Net income per share: Basic $ 0.22 $ 0.11 $ 0.50 $ 0.28 Diluted $ 0.21 $ 0.11 $ 0.48 $ 0.26 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 21,646 9,334 381,331 4,667 |
Leases
Leases | 6 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases warehouses, distribution centers, office space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution 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, 2022, March 31, 2022 and September 30, 2021 were as follows (in thousands): Classification September 30, 2022 March 31, 2022 September 30, 2021 Assets Operating lease assets Other assets $ 16,156 $ 18,218 $ 20,270 Finance lease assets (a) Other assets 455 664 874 Total leased assets $ 16,611 $ 18,882 $ 21,144 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,458 $ 4,391 $ 4,233 Finance Current portion of long-term debt and finance lease obligations 801 786 774 Noncurrent Operating Long-term operating lease obligations 13,440 15,744 17,919 Finance Long-term debt and finance lease obligations 229 633 1,029 Total lease liabilities $ 18,928 $ 21,554 $ 23,955 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.2 million, $3.0 million and $2.8 million as of September 30, 2022, March 31, 2022 and September 30, 2021, respectively. For the three and six months ended September 30, 2022 and September 30, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2022 2021 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,152 $ 1,242 $ 2,309 $ 2,312 Finance lease cost Amortization of leased assets SG&A expenses 105 105 210 226 Interest on lease liabilities Interest expense, net 8 15 18 39 Total lease cost $ 1,265 $ 1,362 $ 2,537 $ 2,577 As of September 30, 2022, 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 2023 $ 2,409 $ 408 $ 2,817 2024 4,838 582 5,420 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,225 — 3,225 Total lease payments 19,081 1,048 20,129 Less: Interest 1,183 18 1,201 Present value of lease liabilities $ 17,898 $ 1,030 $ 18,928 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, 2022 and September 30, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2022 September 30, 2021 Weighted-average remaining lease term Operating leases 4.9 years 5.6 years Finance leases 1.4 years 2.3 years Weighted-average discount rate Operating leases 2.6 % 2.8 % Finance leases 2.9 % 3.0 % |
Leases | Leases The Company leases warehouses, distribution centers, office space and equipment. The majority of the Company's leases include one or more options to renew, with renewal terms that can extend the lease term for up to five years. The exercise of lease renewal options is at the Company's sole discretion and such renewal options are included in the lease term if they are reasonably certain to be exercised. Certain leases also include options to purchase the leased asset. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's equipment leases are finance leases of assets used to operate its distribution 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, 2022, March 31, 2022 and September 30, 2021 were as follows (in thousands): Classification September 30, 2022 March 31, 2022 September 30, 2021 Assets Operating lease assets Other assets $ 16,156 $ 18,218 $ 20,270 Finance lease assets (a) Other assets 455 664 874 Total leased assets $ 16,611 $ 18,882 $ 21,144 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,458 $ 4,391 $ 4,233 Finance Current portion of long-term debt and finance lease obligations 801 786 774 Noncurrent Operating Long-term operating lease obligations 13,440 15,744 17,919 Finance Long-term debt and finance lease obligations 229 633 1,029 Total lease liabilities $ 18,928 $ 21,554 $ 23,955 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.2 million, $3.0 million and $2.8 million as of September 30, 2022, March 31, 2022 and September 30, 2021, respectively. For the three and six months ended September 30, 2022 and September 30, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2022 2021 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,152 $ 1,242 $ 2,309 $ 2,312 Finance lease cost Amortization of leased assets SG&A expenses 105 105 210 226 Interest on lease liabilities Interest expense, net 8 15 18 39 Total lease cost $ 1,265 $ 1,362 $ 2,537 $ 2,577 As of September 30, 2022, 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 2023 $ 2,409 $ 408 $ 2,817 2024 4,838 582 5,420 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,225 — 3,225 Total lease payments 19,081 1,048 20,129 Less: Interest 1,183 18 1,201 Present value of lease liabilities $ 17,898 $ 1,030 $ 18,928 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, 2022 and September 30, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2022 September 30, 2021 Weighted-average remaining lease term Operating leases 4.9 years 5.6 years Finance leases 1.4 years 2.3 years Weighted-average discount rate Operating leases 2.6 % 2.8 % Finance leases 2.9 % 3.0 % |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
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. 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, 2022, March 31, 2022 and September 30, 2021, and its results of operations and stockholders' equity for the three and six months ended September 30, 2022 and September 30, 2021 and its cash flows for the six months ended September 30, 2022 and September 30, 2021. 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, 2022 | |
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: 2022 2021 2022 2021 United States $ 109,273 $ 81,354 $ 216,412 $ 167,325 International 13,076 10,501 28,538 21,577 Total net sales $ 122,349 $ 91,855 $ 244,950 $ 188,902 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (61,900) $ 15,700 Customer relationships – e-commerce 3 years 3,940 (3,935) 5 Trademarks 10 years 3,500 (904) 2,596 Total finite-lived intangibles 85,040 (66,739) 18,301 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (66,739) $ 253,721 Information regarding the Company’s goodwill and intangible assets as of March 31, 2022 is as follows (in thousands): Estimated useful life Gross carrying amount Accumulated amortization Net carrying amount Customer relationships – retailers 10 years $ 77,600 $ (58,020) $ 19,580 Customer relationships – e-commerce 3 years 3,940 (3,928) 12 Trademarks 10 years 3,500 (729) 2,771 Total finite-lived intangibles 85,040 (62,677) 22,363 Trademarks Indefinite 63,800 — 63,800 Goodwill 171,620 — 171,620 Total goodwill and other intangibles $ 320,460 $ (62,677) $ 257,783 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 |
Future Amortization Expense for Intangible Assets | The estimated future amortization expense related to finite-lived intangible assets, assuming no impairment as of September 30, 2022 is as follows (in thousands): Remainder of fiscal 2023 $ 4,061 2024 6,963 2025 1,230 2026 1,230 2027 1,230 Thereafter 3,587 Total $ 18,301 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of September 30, 2022, March 31, 2022 and September 30, 2021 consisted of the following (in thousands): September 30, 2022 March 31, 2022 September 30, 2021 Accrued expenses $ 30,277 $ 19,938 $ 20,777 Current portion of operating lease liabilities 4,458 4,391 4,233 Accrued compensation 7,216 11,532 4,315 Taxes payable 2,646 2,128 1,410 Other current liabilities 2,271 2,015 1,930 Accrued expenses and other current liabilities $ 46,868 $ 40,004 $ 32,665 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | The Company’s outstanding debt as of September 30, 2022, March 31, 2022 and September 30, 2021 consisted of the following (in thousands): September 30, 2022 March 31, 2022 September 30, 2021 Revolving credit facility (1) $ — $ — $ 13,480 Term loan (1) 93,750 96,250 98,750 Finance lease obligations 1,030 1,419 1,803 Total debt (2) 94,780 97,669 114,033 Less: debt issuance costs (695) (803) (914) Total debt, net of issuance costs 94,085 96,866 113,119 Less: current portion (5,801) (5,786) (19,254) Long-term portion of debt $ 88,284 $ 91,080 $ 93,865 (1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement. As of September 30, 2022, 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, 2022 | |
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, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,543,499 $ 15.05 Exercised (279,684) 11.46 Balance as of September 30, 2022 1,263,815 $ 15.84 4.7 $ 27,526 Exercisable, September 30, 2022 1,148,700 $ 16.12 4.4 $ 24,698 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, 2022: Shares subject to options Weighted-average exercise price Weighted-average remaining Aggregate intrinsic Balance as of March 31, 2022 1,004,327 $ 9.40 Exercised (88,300) 6.49 Canceled or forfeited (25,800) 26.84 Balance as of September 30, 2022 890,227 $ 9.18 2.5 $ 25,320 Exercisable, September 30, 2022 890,227 $ 9.18 2.5 $ 25,320 |
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, 2022: RSUs and shares of restricted stock outstanding Weighted-average grant date fair value Balance as of March 31, 2022 2,275,742 $ 20.85 Granted 1,122,721 26.96 Vested (662,230) 20.03 Canceled or forfeited (193,278) 21.28 Balance as of September 30, 2022 2,542,955 $ 23.73 |
Net income per share (Tables)
Net income per share (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 2022 2021 Numerator: Net income $ 11,710 $ 5,724 $ 26,179 $ 14,000 Denominator: Weighted-average common shares outstanding – basic 52,298,905 50,875,618 52,004,661 50,711,000 Dilutive common equivalent shares from equity awards 2,738,609 2,666,106 2,433,091 2,764,988 Weighted-average common shares outstanding – diluted 55,037,514 53,541,724 54,437,752 53,475,988 Net income per share: Basic $ 0.22 $ 0.11 $ 0.50 $ 0.28 Diluted $ 0.21 $ 0.11 $ 0.48 $ 0.26 Weighted-average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share 21,646 9,334 381,331 4,667 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022, March 31, 2022 and September 30, 2021 were as follows (in thousands): Classification September 30, 2022 March 31, 2022 September 30, 2021 Assets Operating lease assets Other assets $ 16,156 $ 18,218 $ 20,270 Finance lease assets (a) Other assets 455 664 874 Total leased assets $ 16,611 $ 18,882 $ 21,144 Liabilities Current Operating Accrued expenses and other current liabilities $ 4,458 $ 4,391 $ 4,233 Finance Current portion of long-term debt and finance lease obligations 801 786 774 Noncurrent Operating Long-term operating lease obligations 13,440 15,744 17,919 Finance Long-term debt and finance lease obligations 229 633 1,029 Total lease liabilities $ 18,928 $ 21,554 $ 23,955 _____________________ (a) Finance leases are recorded net of accumulated amortization of $3.2 million, $3.0 million and $2.8 million as of September 30, 2022, March 31, 2022 and September 30, 2021, respectively. As of September 30, 2022 and September 30, 2021, the weighted-average remaining lease term (in years) and discount rate were as follows: September 30, 2022 September 30, 2021 Weighted-average remaining lease term Operating leases 4.9 years 5.6 years Finance leases 1.4 years 2.3 years Weighted-average discount rate Operating leases 2.6 % 2.8 % Finance leases 2.9 % 3.0 % |
Components of Lease Expense | For the three and six months ended September 30, 2022 and September 30, 2021, the components of operating and finance lease costs were as follows (in thousands): Three months ended September 30, Six months ended September 30, Classification 2022 2021 2022 2021 Operating lease cost Selling, general and administrative (“SG&A”) expenses $ 1,152 $ 1,242 $ 2,309 $ 2,312 Finance lease cost Amortization of leased assets SG&A expenses 105 105 210 226 Interest on lease liabilities Interest expense, net 8 15 18 39 Total lease cost $ 1,265 $ 1,362 $ 2,537 $ 2,577 |
Maturities of Operating Lease Liabilities | As of September 30, 2022, 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 2023 $ 2,409 $ 408 $ 2,817 2024 4,838 582 5,420 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,225 — 3,225 Total lease payments 19,081 1,048 20,129 Less: Interest 1,183 18 1,201 Present value of lease liabilities $ 17,898 $ 1,030 $ 18,928 |
Maturities of Finance Lease Liabilities | As of September 30, 2022, 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 2023 $ 2,409 $ 408 $ 2,817 2024 4,838 582 5,420 2025 4,071 58 4,129 2026 3,097 — 3,097 2027 1,441 — 1,441 Thereafter 3,225 — 3,225 Total lease payments 19,081 1,048 20,129 Less: Interest 1,183 18 1,201 Present value of lease liabilities $ 17,898 $ 1,030 $ 18,928 |
Summary of significant accoun_4
Summary of significant accounting policies - Additional Information (Details) | 6 Months Ended |
Sep. 30, 2022 segment distribution_channel | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Number of reporting segments | 1 |
Number of distribution channels | distribution_channel | 2 |
Summary of significant accoun_5
Summary of significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 122,349 | $ 91,855 | $ 244,950 | $ 188,902 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 109,273 | 81,354 | 216,412 | 167,325 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 13,076 | $ 10,501 | $ 28,538 | $ 21,577 |
Investment in equity securiti_2
Investment in equity securities - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | 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, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
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 | (66,739) | (58,615) | (62,677) |
Total | 18,301 | 26,425 | 22,363 |
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 | (66,739) | (58,615) | (62,677) |
Total goodwill and other intangibles, Net carrying amount | 253,721 | 261,845 | 257,783 |
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 | (61,900) | (54,140) | (58,020) |
Total | $ 15,700 | $ 23,460 | $ 19,580 |
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 | (3,935) | (3,921) | (3,928) |
Total | $ 5 | $ 19 | $ 12 |
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 | (904) | (554) | (729) |
Total | $ 2,596 | $ 2,946 | $ 2,771 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 2,000,000 | $ 4,100,000 | $ 2,000,000 | $ 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, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Remainder of fiscal 2023 | $ 4,061 | ||
2024 | 6,963 | ||
2025 | 1,230 | ||
2026 | 1,230 | ||
2027 | 1,230 | ||
Thereafter | 3,587 | ||
Total | $ 18,301 | $ 22,363 | $ 26,425 |
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, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Payables and Accruals [Abstract] | |||
Accrued expenses | $ 30,277 | $ 19,938 | $ 20,777 |
Current portion of operating lease liabilities | 4,458 | 4,391 | 4,233 |
Accrued compensation | 7,216 | 11,532 | 4,315 |
Taxes payable | 2,646 | 2,128 | 1,410 |
Other current liabilities | 2,271 | 2,015 | 1,930 |
Accrued expenses and other current liabilities | $ 46,868 | $ 40,004 | $ 32,665 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 1,030 | $ 1,419 | $ 1,803 |
Total debt | 94,780 | 97,669 | 114,033 |
Less: debt issuance costs | (695) | (803) | (914) |
Total debt, net of issuance costs | 94,085 | 96,866 | 113,119 |
Less: current portion | (5,801) | (5,786) | (19,254) |
Long-term portion of debt | 88,284 | 91,080 | 93,865 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt | 0 | 0 | 13,480 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Debt | $ 93,750 | $ 96,250 | $ 98,750 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Apr. 29, 2021 | |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 0 | $ 460,000 | |||
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 | $ 100,000,000 | $ 100,000,000 | |||||
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% | ||||||
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 | 4.90% | 4.90% | |||||
Term Loan | Amended Credit Agreement | Minimum Floor | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0% | ||||||
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, 2022 | |
Shares subject to options outstanding | |
Beginning balance (in shares) | 1,543,499 |
Exercised (in shares) | (279,684) |
Ending balance (in shares) | 1,263,815 |
Options outstanding, Exercisable (in shares) | 1,148,700 |
Weighted-average exercise price | |
Beginning balance (in USD per share) | $ 15.05 |
Exercised (in USD per share) | 11.46 |
Ending balance (in USD per share) | 15.84 |
Weighted-average exercise price, Exercisable (in USD per share) | $ 16.12 |
Weighted-average remaining contractual life (in years), Outstanding | 4 years 8 months 12 days |
Weighted-average remaining contractual life (in years), Exercisable | 4 years 4 months 24 days |
Aggregate intrinsic values, Outstanding | $ 27,526 |
Aggregate intrinsic values, Exercisable | $ 24,698 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Closing stock price (in USD per share) | $ 37.62 | $ 37.62 | |||
Option proceeds not yet received | $ 1,300,000 | $ 1,300,000 | |||
Service-based Vesting Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation cost | 100,000 | $ 200,000 | 200,000 | $ 500,000 | |
Unrecognized stock-based compensation cost | 400,000 | $ 400,000 | |||
Unrecognized stock-based compensation cost, expected weighted-average period of recognition | 1 year 6 months | ||||
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) | 341,802 | 341,802 | |||
Restricted Stock Awards and Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation cost | $ 7,900,000 | $ 4,900,000 | $ 14,400,000 | $ 8,900,000 | |
Unrecognized stock-based compensation cost, expected weighted-average period of recognition | 2 years 4 months 24 days | ||||
Unvested RSAs outstanding (in shares) | 2,542,955 | 2,542,955 | 2,275,742 | ||
Unrecognized stock-based compensation cost | $ 57,400,000 | $ 57,400,000 |
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, 2022 | |
Shares subject to options outstanding | |
Beginning balance (in shares) | 1,004,327 |
Exercised (in shares) | (88,300) |
Canceled or forfeited (in shares) | (25,800) |
Ending balance (in shares) | 890,227 |
Options outstanding, Exercisable (in shares) | 890,227 |
Weighted-average exercise price | |
Beginning balance (in USD per share) | $ 9.40 |
Exercised (in USD per share) | 6.49 |
Canceled or forfeited (in USD per share) | 26.84 |
Ending balance (in USD per share) | 9.18 |
Weighted-average exercise price, Exercisable (in USD per share) | $ 9.18 |
Weighted-average remaining contractual life (in years), Outstanding | 2 years 6 months |
Weighted-average remaining contractual life (in years), Exercisable | 2 years 6 months |
Aggregate intrinsic values, Outstanding | $ 25,320 |
Aggregate intrinsic values, Exercisable | $ 25,320 |
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, 2022 $ / shares shares | |
RSUs and shares of restricted stock outstanding | |
Beginning balance (in shares) | shares | 2,275,742 |
Granted (in shares) | shares | 1,122,721 |
Vested (in shares) | shares | (662,230) |
Canceled or forfeited (in shares) | shares | (193,278) |
Ending balance (in shares) | shares | 2,542,955 |
Weighted-average grant date fair value | |
Beginning balance (in USD per share) | $ / shares | $ 20.85 |
Granted (in USD per share) | $ / shares | 26.96 |
Vested (in USD per share) | $ / shares | 20.03 |
Canceled or forfeited (in USD per share) | $ / shares | 21.28 |
Ending balance (in USD per share) | $ / shares | $ 23.73 |
Repurchase of common stock - Na
Repurchase of common stock - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | May 08, 2019 | |
Equity [Abstract] | |||
Amount authorized under share repurchase program | $ 25,000,000 | ||
Repurchase of common stock (in shares) | 0 | 0 | |
Remaining authorized repurchase amount | $ 17,100,000 | $ 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, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||||
Net income | $ 11,710 | $ 14,469 | $ 5,724 | $ 8,276 | $ 26,179 | $ 14,000 |
Denominator: | ||||||
Weighted average common shares outstanding - basic (in shares) | 52,298,905 | 50,875,618 | 52,004,661 | 50,711,000 | ||
Dilutive common equivalent shares from equity awards (in shares) | 2,738,609 | 2,666,106 | 2,433,091 | 2,764,988 | ||
Weighted average common shares outstanding - diluted (in shares) | 55,037,514 | 53,541,724 | 54,437,752 | 53,475,988 | ||
Net income per share: | ||||||
Basic (in USD per share) | $ 0.22 | $ 0.11 | $ 0.50 | $ 0.28 | ||
Diluted (in USD per share) | $ 0.21 | $ 0.11 | $ 0.48 | $ 0.26 | ||
Anti-dilutive securities excluded from diluted EPS: | ||||||
Weighted average anti-dilutive shares from outstanding equity awards excluded from diluted earnings per share (in shares) | 21,646 | 9,334 | 381,331 | 4,667 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 6 Months Ended | |
Sep. 30, 2022 USD ($) renewal_options | Sep. 30, 2021 USD ($) | |
Leases [Abstract] | ||
Number of options to renew | renewal_options | 1 | |
Lessee operating lease, option to extend | 5 years | |
Operating cash flows from operating leases | $ | $ 2.5 | $ 2.5 |
Leases - Balance Sheet Line Ite
Leases - Balance Sheet Line Items (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Assets | |||
Operating lease assets | $ 16,156 | $ 18,218 | $ 20,270 |
Finance lease assets | 455 | 664 | 874 |
Total leased assets | 16,611 | 18,882 | 21,144 |
Current | |||
Operating | 4,458 | 4,391 | 4,233 |
Finance | 801 | 786 | 774 |
Noncurrent | |||
Operating | 13,440 | 15,744 | 17,919 |
Finance | 229 | 633 | 1,029 |
Total lease liabilities | $ 18,928 | $ 21,554 | $ 23,955 |
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 | $ 3,200 | $ 3,000 | $ 2,800 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,152 | $ 1,242 | $ 2,309 | $ 2,312 |
Finance lease cost | ||||
Amortization of leased assets | 105 | 105 | 210 | 226 |
Interest on lease liabilities | 8 | 15 | 18 | 39 |
Total lease cost | $ 1,265 | $ 1,362 | $ 2,537 | $ 2,577 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Operating leases | |||
Remainder of fiscal 2023 | $ 2,409 | ||
2024 | 4,838 | ||
2025 | 4,071 | ||
2026 | 3,097 | ||
2027 | 1,441 | ||
Thereafter | 3,225 | ||
Total lease payments | 19,081 | ||
Less: Interest | 1,183 | ||
Present value of lease liabilities | 17,898 | ||
Finance leases | |||
Remainder of fiscal 2023 | 408 | ||
2024 | 582 | ||
2025 | 58 | ||
2026 | 0 | ||
2027 | 0 | ||
Thereafter | 0 | ||
Total lease payments | 1,048 | ||
Less: Interest | 18 | ||
Present value of lease liabilities | 1,030 | $ 1,419 | $ 1,803 |
Total | |||
Remainder of fiscal 2023 | 2,817 | ||
2024 | 5,420 | ||
2025 | 4,129 | ||
2026 | 3,097 | ||
2027 | 1,441 | ||
Thereafter | 3,225 | ||
Total lease payments | 20,129 | ||
Less: Interest | 1,201 | ||
Total lease liabilities | $ 18,928 | $ 21,554 | $ 23,955 |
Leases - Weighted Average Assum
Leases - Weighted Average Assumptions (Details) | Sep. 30, 2022 | Sep. 30, 2021 |
Weighted-average remaining lease term | ||
Operating leases | 4 years 10 months 24 days | 5 years 7 months 6 days |
Finance leases | 1 year 4 months 24 days | 2 years 3 months 18 days |
Weighted-average discount rate | ||
Operating leases | 2.60% | 2.80% |
Finance leases | 2.90% | 3% |