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Acquisitions (Tables) | 12 Months Ended
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Feb. 28, 2022
Business Combinations [Abstract] |
Schedule of net assets recorded upon acquisition | The following table presents the preliminary net assets recorded upon acquisition of Osprey at December 29, 2021:
(in thousands) |
Assets: |
Receivables | $ | 11,758 |
Inventory | 30,056 |
Prepaid expenses and other current assets | 3,699 |
Income taxes receivable | 4,197 |
Property and equipment | 11,386 |
Goodwill | 208,972 |
Trade names - indefinite | 170,000 |
Customer relationships - definite | 22,000 |
Operating lease assets | 2,155 |
Total assets | 464,223 |
Liabilities: |
Accounts payable | 4,487 |
Accrued expenses and other current liabilities | 7,345 |
Lease liabilities, non-current | 1,719 |
Deferred tax liabilities, net | 39,792 |
Total liabilities | 53,343 |
Net assets recorded | $ | 410,880 |
The following table presents the net assets recorded upon acquisition of Drybar Products at January 23, 2020:
(in thousands) |
Assets: |
Receivables | $ | 7,710 |
Inventory | 16,603 |
Prepaid expenses and other current assets | 190 |
Property and equipment | 1,472 |
Goodwill | 172,933 |
Trade names - definite | 30,000 |
Other intangible assets - definite | 33,000 |
Subtotal - assets | 261,908 |
Liabilities: |
Accounts payable | 1,948 |
Accrued expenses | 4,099 |
Subtotal - liabilities | 6,047 |
Net assets recorded | $ | 255,861 |
Schedule of supplemental pro forma impact on consolidated condensed statements of income | The impact of the acquisition of Osprey on our consolidated statements of income for fiscal 2022 is as follows:
December 29, 2021 (acquisition date) through February 28, 2022 (in thousands, except earnings per share data) | Fiscal Year Ended February 28, 2022
Sales revenue, net | $ | 24,373 |
Net income | 696 |
EPS: |
Basic | $ | 0.03 |
Diluted | $ | 0.03 |
The following supplemental unaudited pro forma information presents our financial results as if the acquisition of Osprey had occurred on March 1, 2020. This supplemental pro forma information has been prepared for comparative purposes and would not necessarily indicate what may have occurred if the acquisition had been completed on March 1, 2020, and this information is not intended to be indicative of future results:
| Fiscal Years Ended the Last Day of February,
(in thousands, except earnings per share data) | 2022 |  | 2021
Sales revenue, net | $ | 2,361,906 |  |  | $ | 2,224,196 |
Net income | 202,507 |  |  | 259,311 |
EPS: |  |  |
Basic | $ | 8.39 |  |  | $ | 10.38 |
Diluted | $ | 8.30 |  |  | $ | 10.29 |
The impact of the acquisition of Drybar Products on our consolidated statements of income for fiscal 2020 is as follows:
January 23, 2020 (acquisition date) through February 29, 2020 (in thousands, except earnings per share data) | Fiscal Year Ended February 29, 2020
Sales revenue, net | $ | 6,039 |
Net income | 1,483 |
EPS: |
Basic | $ | 0.06 |
Diluted | $ | 0.06 |
The following supplemental unaudited pro forma information presents our financial results as if the acquisition of Drybar Products had occurred on March 1, 2018. This supplemental pro forma information has been prepared for comparative purposes and would not necessarily indicate what may have occurred as if the acquisition had been completed on March 1, 2018, and this information is not intended to be indicative of future results:
(in thousands, except earnings per share data) | Fiscal Year Ended February 29, 2020 |  |
Sales revenue, net | $ | 1,773,592 |  |  |
Net income | 162,114 |  |  |
EPS: |  |  |
Basic | $ | 6.45 |  |  |
Diluted | $ | 6.40 |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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