LEASES

12 Months Ended

Feb. 28, 2023

Leases [Abstract]

LEASES

NOTE 12 – LEASES

We have various non-cancelable operating leases for our offices in California, Texas, Massachusetts, Indiana and Minnesota in the United States, and Italy, Mexico and the United Kingdom. We also have various non-cancelable operating leases for towers and vehicles throughout the United States, Italy and Mexico. These leases expire at various times through 2033. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate.

The following table below presents lease-related assets and liabilities recorded on the consolidated balance sheet (in thousands):

		February 28,
	Classification	2023		2022
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	12,293	$	12,327
Liabilities
Operating lease liabilities (current)	Other current liabilities	$	4,884	$	5,086
Operating lease liabilities (noncurrent)	Operating lease liabilities		12,314		13,382
Total lease liabilities		$	17,198	$	18,468

Lease Costs

The following lease costs were included in our consolidated statements of comprehensive income (loss) as follows (in thousands):

	Years ended February 28,
	2023		2022		2021
Operating lease cost	$	4,330	$	4,741	$	6,842
Short-term lease cost		155		75		168
Variable lease cost		123		102		442
Total lease cost	$	4,608	$	4,918	$	7,452

Supplemental Information

The table below presents supplemental information related to operating leases (in thousands, except weighted-average information):

	Years ended February 28,
	2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,465	$	6,005
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,402	$	3,087
Weighted average remaining lease term	4.0 years		3.8 years
Weighted average discount rate	5.24%		5.17%

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of February 28, 2023 (in thousands):

2024	$	5,594
2025		4,739
2026		3,957
2027		2,199
2028		1,179
Thereafter		1,231
Total minimum lease payments		18,899
Less imputed interest		(1,701	)
Present value of future minimum lease payments		17,198
Less current obligations under leases		(4,884	)
Long-term lease obligations	$	12,314