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LEASES
6 Months Ended
Aug. 31, 2021
Leases [Abstract]  
LEASES

NOTE 9 – LEASES

We have various non-cancelable operating leases for our offices in California, Texas, Massachusetts, Indiana, Minnesota and Virginia 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 2031. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate.

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

 

 

 

Classification

 

August 31, 2021

 

 

February 28, 2021

 

Assets

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

Operating lease right-of-use assets

 

$

14,131

 

 

$

14,273

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities (current)

 

Other current liabilities

 

$

5,024

 

 

$

4,926

 

Operating lease liabilities (noncurrent)

 

Operating lease liabilities

 

 

15,986

 

 

 

17,061

 

Total lease liabilities

 

 

 

$

21,010

 

 

$

21,987

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease Costs

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

 

 

For the Three Months

Ended August 31,

 

 

For the Six Months

Ended August 31,

 

 

2021

 

 

 

 

2020

 

 

2021

 

 

 

 

2020

 

Operating lease cost

$

1,157

 

 

 

 

$

1,837

 

 

$

2,288

 

 

 

 

$

3,426

 

Short-term lease cost

 

14

 

 

 

 

 

82

 

 

 

31

 

 

 

 

 

163

 

Variable lease cost

 

101

 

 

 

 

 

114

 

 

 

203

 

 

 

 

 

228

 

Total lease cost

$

1,272

 

 

 

 

$

2,033

 

 

$

2,522

 

 

 

 

$

3,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

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

 

 

 

 

Six Months Ended

 

 

 

August 31,

 

 

 

2021

 

 

 

 

2020

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

$

2,835

 

 

 

 

$

3,605

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

1,919

 

 

 

 

$

5,425

 

Weighted average remaining lease term

 

4.44 years

 

 

 

 

6.48 years

 

Weighted average discount rate

 

5.17%

 

 

 

 

 

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 condensed consolidated balance sheet as of August 31, 2021 (in thousands):

Remainder of 2022

 

$

2,865

 

2023

 

 

5,486

 

2024

 

 

5,095

 

2025

 

 

3,439

 

2026

 

 

2,739

 

Thereafter

 

 

2,158

 

Total minimum lease payments

 

 

21,782

 

Less imputed interest

 

 

(772

)

Present value of future minimum lease payments

 

 

21,010

 

Less current obligations under leases

 

 

(5,024

)

Long-term lease obligations

 

$

15,986