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Acquisitions (Tables) | 3 Months Ended
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May 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of business acquisitions, by acquisition | The following table presents the preliminary estimated fair values of assets acquired and liabilities assumed at the acquisition date:
(in thousands) |
Assets: |
Receivables | $ | 3,874 |
Inventory | 7,890 |
Prepaid expenses and other current assets | 119 |
Property and equipment | 212 |
Goodwill | 118,529 |
Trade names - definite | 21,000 |
Customer relationships - definite | 12,000 |
Deferred tax assets, net | 395 |
Total assets | 164,019 |
Liabilities: |
Accounts payable | 1,335 |
Accrued expenses and other current liabilities | 1,854 |
Income taxes payable | 2,947 |
Deferred tax liabilities, net | 8,187 |
Total liabilities | 14,323 |
Net assets recorded | $ | 149,696 |
The following table presents the preliminary estimated fair values of assets acquired and liabilities assumed at the acquisition date:
(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 | 206,680 |
Trade names - indefinite | 170,000 |
Customer relationships - definite | 22,000 |
Operating lease assets | 2,155 |
Total assets | 461,931 |
Liabilities: |
Accounts payable | 3,780 |
Accrued expenses and other current liabilities | 7,345 |
Lease liabilities, non-current | 1,719 |
Deferred tax liabilities, net | 39,792 |
Total liabilities | 52,636 |
Net assets recorded | $ | 409,295 |
Business acquisition, pro forma information | The impact of the acquisition of Curlsmith on our condensed consolidated statement of income for the first quarter of fiscal 2023 was as follows:
April 22, 2022 (acquisition date) through May 31, 2022 (in thousands, except earnings per share data) | Three Months Ended May 31, 2022
Sales revenue, net | $ | 3,246 |
Net income | 439 |
EPS: |
Basic | $ | 0.02 |
Diluted | $ | 0.02 |
The following supplemental unaudited pro forma information presents our financial results as if the acquisition of Curlsmith had occurred on March 1, 2021. 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, 2021, and this information is not intended to be indicative of future results:
| Three Months Ended May 31,
(in thousands, except earnings per share data) | 2022 |  | 2021
Sales revenue, net | $ | 515,170 |  |  | $ | 550,857 |
Net income | 26,508 |  |  | 55,104 |
EPS: |  |  |
Basic | $ | 1.11 |  |  | $ | 2.26 |
Diluted | $ | 1.10 |  |  | $ | 2.24 |

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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 https://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 https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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