GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Nov. 30, 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)		November 30, 2023		February 28, 2023		Expense		November 30, 2023		February 28, 2023		November 30, 2023
Developed technology	4-6 years	$	26,895	$	169	$	27,064	$	26,735	$	329	$	27,064	$	160	$	-
Tradenames	10 years		30,046		60		30,106		22,704		1,437		24,141		7,342		5,965
Customer relationships	10-15 years		35,613		212		35,825		16,813		1,700		18,513		18,800		17,312
Patents	5 years		589		—		589		258				258		331		331
		$	93,143	$	441	$	93,584	$	66,510	$	3,466	$	69,976	$	26,633	$	23,608

(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 November 30, 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 $3.5 million for the three and nine months ended November 30, 2023, respectively. Amortization expense of intangible assets was $1.3 million and $4.0 million for the three and nine months ended November 30, 2022, respectively.

Estimated future amortization expense as of November 30, 2023 is as follows (in thousands):


2024 (remainder)	$	1,124
2025		4,493
2026		4,199
2027		2,579
2028		2,332
Thereafter		8,881
	$	23,608

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
Impairment loss		(58,247	)		(16,189	)		(74,436	)
Effect of exchange rate change on goodwill		805			—			805
Balance as of November 30, 2023	$	20,583		$	-		$	20,583

See Note 1, Description of Business, Basis of Presentation and Summary of Significant Accounting Policies, for discussion of the goodwill impairment charges recorded during the nine months ended November 30, 2023.