Income Taxes

3 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

The Company is subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. The quarterly income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period.

Our effective tax rate for the three months ended May 31, 2023 and 2022 was 28.0%. The Company made cash payments for income taxes of $1.1 million and $0.1 million, respectively, for the three months ended May 31, 2023 and 2022.