Acquisitions (Tables)

3 Months Ended

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