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Acquisitions (Tables) | 12 Months Ended
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Feb. 29, 2024
Business Combinations [Abstract] |
Schedule of net assets recorded upon acquisition | The following table presents the estimated fair values of assets acquired and liabilities assumed at the acquisition date:
(in thousands) |
Assets: |
Receivables | $ | 12,437 |
Inventory | 30,001 |
Prepaid expenses and other current assets | 3,699 |
Income taxes receivable | 4,169 |
Property and equipment | 11,576 |
Goodwill | 209,721 |
Trade names - indefinite | 170,000 |
Customer relationships - definite | 22,000 |
Operating lease assets | 2,155 |
Total assets | 465,758 |
Liabilities: |
Accounts payable | 3,780 |
Accrued expenses and other current liabilities | 11,125 |
Lease liabilities, non-current | 1,719 |
Deferred tax liabilities, net | 39,839 |
Total liabilities | 56,463 |
Net assets recorded | $ | 409,295 |
Schedule of supplemental pro forma impact on consolidated condensed statements of income | The impact of the acquisition of Curlsmith on our consolidated statement of income for fiscal 2023 was as follows:
April 22, 2022 (acquisition date) through February 28, 2023 (in thousands, except earnings per share data) | Fiscal Year Ended February 28, 2023 (1)
Sales revenue, net | $ | 35,530 |
Net income | 2,906 |
EPS: |
Basic | $ | 0.12 |
Diluted | $ | 0.12 |
(1)Represents approximately forty-five weeks of operating results from Curlsmith, acquired April 22, 2022. Net income and EPS amounts include allocations for corporate expenses, interest expense and income tax expense. 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 does 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:
| Fiscal Years Ended Last Day of February, |  |
(in thousands, except earnings per share data) | 2023 |  | 2022 |  |
Sales revenue, net | $ | 2,079,759 |  |  | $ | 2,259,463 |  |  |
Net income | 145,186 |  |  | 224,828 |  |  |
EPS: |  |  |  |  |
Basic | $ | 6.06 |  |  | $ | 9.31 |  |  |
Diluted | $ | 6.03 |  |  | $ | 9.21 |  |  |
The impact of the acquisition of Osprey on our consolidated statement of income for fiscal 2022 was as follows:
December 29, 2021 (acquisition date) through February 28, 2022 (in thousands, except earnings per share data) | Fiscal Year Ended February 28, 2022 (1)
Sales revenue, net | $ | 24,373 |
Net income | 696 |
EPS: |
Basic | $ | 0.03 |
Diluted | $ | 0.03 |
(1)Net income and EPS amounts include allocations for corporate expenses, interest expense and income tax expense. 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 does 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:
(in thousands, except earnings per share data) | Fiscal Year Ended February 28, 2022 |  |
Sales revenue, net | $ | 2,361,906 |  |  |
Net income | 202,507 |  |  |
EPS: |  |  |
Basic | $ | 8.39 |  |  |
Diluted | $ | 8.30 |  |  |
Schedule of fair values of assets acquired and liabilities assumed in acquisition | The following table presents the estimated fair values of assets acquired and liabilities assumed at the acquisition date:
(in thousands) |
Assets: |
Receivables | $ | 4,211 |
Inventory | 7,890 |
Prepaid expenses and other current assets | 119 |
Property and equipment | 212 |
Goodwill | 117,108 |
Trade names - definite | 21,000 |
Customer relationships - definite | 12,000 |
Deferred tax assets, net | 360 |
Total assets | 162,900 |
Liabilities: |
Accounts payable | 1,401 |
Accrued expenses and other current liabilities | 2,813 |
Income taxes payable | 2,572 |
Deferred tax liabilities, net | 8,187 |
Total liabilities | 14,973 |
Net assets recorded | $ | 147,927 |

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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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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