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Acquisitions (Tables)
 12 Months Ended
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 
Inventory30,001 
Prepaid expenses and other current assets3,699 
Income taxes receivable4,169 
Property and equipment11,576 
Goodwill209,721 
Trade names - indefinite170,000 
Customer relationships - definite22,000 
Operating lease assets2,155 
Total assets465,758 
Liabilities:
Accounts payable3,780 
Accrued expenses and other current liabilities11,125 
Lease liabilities, non-current 1,719 
Deferred tax liabilities, net39,839 
Total liabilities56,463 
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 income2,906 
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)20232022
Sales revenue, net$2,079,759 $2,259,463 
Net income145,186 224,828 
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 income696 
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 income202,507 
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 
Inventory7,890 
Prepaid expenses and other current assets119 
Property and equipment212 
Goodwill117,108 
Trade names - definite21,000 
Customer relationships - definite12,000 
 Deferred tax assets, net360 
Total assets162,900 
Liabilities:
Accounts payable1,401 
Accrued expenses and other current liabilities2,813 
Income taxes payable2,572 
Deferred tax liabilities, net8,187 
Total liabilities14,973 
Net assets recorded$147,927