GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Aug. 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)		August 31, 2023		February 28, 2023		Expense		August 31, 2023		February 28, 2023		August 31, 2023
Developed technology	4-6 years	$	26,895	$	97	$	26,992	$	26,735	$	257	$	26,992	$	160	$	-
Tradenames	10 years		30,046		65		30,111		22,704		959		23,663		7,342		6,448
Customer relationships	10-15 years		35,613		442		36,055		16,813		1,134		17,947		18,800		18,108
Patents	5 years		589		—		589		258				258		331		331
		$	93,143	$	604	$	93,747	$	66,510	$	2,350	$	68,860	$	26,633	$	24,887

(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 $42.8 million and $38.9 million at August 31, 2023 and February 28, 2023, respectively.

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 was $1.1 million and $2.4 million for the three and six months ended August 31, 2023, respectively. Amortization expense of intangible assets was $1.3 million and $2.7 million for the three and six months ended August 31, 2022, respectively.

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


2024 (remainder)	$	2,441
2025		4,446
2026		4,226
2027		2,606
2028		2,358
Thereafter		8,810
	$	24,887

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		1,061		—		1,061
Balance as of August 31, 2023	$	79,086	$	16,189	$	95,275