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DISCONTINUED OPERATIONS (Tables)
9 Months Ended
Nov. 30, 2021
Discontinued Operations And Disposal Groups [Abstract]  
Summary of Financial Results of Discontinued Operations

The below table presents the amounts by balance sheet classification related to our discontinued operations (in thousands):

 

 

February 28,

 

 

2021

 

Carrying amounts of the major classes of assets included in discontinued operations:

 

 

 

Accounts receivable, net

$

5,050

 

Inventories

 

1,721

 

Prepaid expenses and other current assets

 

1,101

 

Total assets

$

7,872

 

Carrying amounts of the major classes of liabilities included in discontinued operations:

 

 

 

Accounts payable

$

1,956

 

Deferred revenue

 

1,849

 

Other current liabilities

 

291

 

Current liabilities of discontinued operations

 

4,096

 

Non-current liabilities

 

1,773

 

            Total liabilities

$

5,869

 

 

 

 

 

 

The amounts in the statement of operations that are included in discontinued operations are summarized in the following table (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$

 

 

$

9,500

 

 

$

823

 

 

$

25,124

 

Cost of revenues

 

 

 

 

 

5,733

 

 

 

950

 

 

 

16,061

 

Gross profit (loss)

 

 

 

 

 

3,767

 

 

 

(127

)

 

 

9,063

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

367

 

 

 

32

 

 

 

1,171

 

Selling and marketing

 

 

 

 

 

2,817

 

 

 

167

 

 

 

7,283

 

General and administrative

 

 

 

 

 

1,680

 

 

 

75

 

 

 

5,307

 

Intangible asset amortization

 

 

 

 

 

654

 

 

 

141

 

 

 

2,024

 

Restructuring

 

 

 

 

 

192

 

 

 

404

 

 

 

634

 

Impairment losses

 

 

 

 

 

17,999

 

 

 

 

 

 

22,288

 

Total operating expenses

 

 

 

 

 

23,709

 

 

 

819

 

 

 

38,707

 

Operating loss from discontinued operations

 

 

 

 

 

(19,942

)

 

 

(946

)

 

 

(29,644

)

Gain (loss) on sale of discontinued operations

 

 

(895

)

 

 

 

 

 

4,103

 

 

 

 

Net income (loss) from discontinued operations, net of tax

 

$

(895

)

 

$

(19,942

)

 

$

3,157

 

 

$

(29,644

)

 

 

The amounts in the statement of cash flow that are included in discontinued operations are summarized in the following table (in thousands):

 

 

Nine Months Ended

 

 

November 30,

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

Net income (loss) from discontinued operations, net of tax

$

3,157

 

 

$

(29,644

)

Adjustments to reconcile net income (loss) from discontinued operations to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation

 

 

 

 

2,145

 

Intangible asset amortization

 

141

 

 

 

2,024

 

Stock-based compensation

 

25

 

 

 

1,133

 

Impairment losses

 

 

 

 

22,288

 

Gain on sale of discontinued operations

 

(4,103

)

 

 

 

Noncash operating lease cost

 

 

 

 

2,218

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

452

 

 

 

972

 

Inventories

 

425

 

 

 

1,943

 

Prepaid expenses and other current assets

 

4

 

 

 

514

 

Accounts payable

 

(331

)

 

 

(3,580

)

Accrued liabilities

 

(135

)

 

 

(1,631

)

Deferred revenue

 

(30

)

 

 

(46

)

Operating lease liabilities

 

 

 

 

(2,513

)

NET CASH USED IN OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS

 

(395

)

 

 

(4,177

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

(2,117

)

Net proceeds from sale of discontinued operations

 

5,721

 

 

 

 

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS

 

5,721

 

 

 

(2,117

)

Net change in cash and cash equivalents

$

5,326

 

 

$

(6,294

)