GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

May 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS

Other intangible assets consist of the following (in thousands):


		Gross (2)						Accumulated Amortization (2)						Net
	Useful Life	February 28, 2023		Additions & Adjustments, net (1)		May 31, 2023		February 28, 2023		Expense		May 31, 2023		February 28, 2023		May 31, 2023
Developed technology	4-6 years	$	26,895	$	23	$	26,918	$	26,735	$	183	$	26,918	$	160	$	-
Tradenames	10 years		30,046		37		30,083		22,704		529		23,233		7,342		6,850
Customer relationships	10-15 years		35,613		224		35,837		16,813		510		17,323		18,800		18,514
Patents	5 years		589		—		589		258				258		331		331
		$	93,143	$	284	$	93,427	$	66,510	$	1,222	$	67,732	$	26,633	$	25,695

(1)

Amounts also include any net changes in intangible asset balances for the periods presented that resulted from foreign currency translations.

(2)

This table excludes the gross value of fully amortized intangible assets totaling $38.9 million at May 31, 2023 and February 28, 2023.

Intangible assets with finite lives are amortized on a straight-line basis over the expected period to be benefited by future cash flows. We monitor and assess these assets for impairment on a periodic basis. Our assessment includes various new product lines and services, which leverage the existing intangible assets as well as consideration of historical and projected revenues and cash flows. Amortization expense of intangible assets from continuing operations was $1.2 million and $1.3 million for the three months ended May 31, 2023 and 2022, respectively.

Estimated future amortization expense as of May 31, 2023 is as follows (in thousands):


2024 (remainder)	$	3,525
2025		4,390
2026		4,175
2027		2,555
2028		2,307
Thereafter		8,743
	$	25,695

Changes in goodwill are as follows (in thousands):


	Software & Subscription Services		Telematics Products		Total
Balance as of February 28, 2023	$	78,025	$	16,189	$	94,214
Effect of exchange rate change on goodwill		494		—		494
Balance as of May 31, 2023	$	78,519	$	16,189	$	94,708