XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.23.4

Acquisition of Curlsmith (Tables) | 9 Months Ended
--- | ---
Nov. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of business acquisitions, by 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 |
Business acquisition, pro forma information | The impact of the acquisition of Curlsmith on our condensed consolidated statements of income for the periods presented was as follows:
(in thousands, except earnings per share data) | Three Months Ended November 30, 2022 (1) |  | Nine Months Ended November 30, 2022 (1) (2)
Sales revenue, net | $ | 13,091 |  |  | $ | 26,544 |
Net income | 2,077 |  |  | 3,953 |
EPS: |  |  |
Basic | $ | 0.09 |  |  | $ | 0.17 |
Diluted | $ | 0.09 |  |  | $ | 0.16 |
(1)Net income and EPS amounts include allocations for corporate expenses, interest expense and income tax expense. (2)Represents approximately thirty-two weeks of operating results from Curlsmith, acquired April 22, 2022. 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.
(in thousands, except earnings per share data) | Three Months Ended November 30, 2022 |  |  |  | Nine Months Ended November 30, 2022 |  |
Sales revenue, net | $ | 558,606 |  |  |  |  | $ | 1,595,176 |  |  |
Net income | 51,826 |  |  |  |  | 109,006 |  |  |
EPS: |  |  |  |  |  |  |
Basic | $ | 2.16 |  |  |  |  | $ | 4.55 |  |  |
Diluted | $ | 2.15 |  |  |  |  | $ | 4.53 |  |  |

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration