Leases (Tables)

3 Months Ended

May 31, 2019

Leases [Abstract]

Schedule of Right-of-Use Assets and Lease Liabilities

Supplemental balance sheet information related to leases was as follows (in thousands, except for lease term and discount rate):

	Balance Sheet Classification	May 31, 2019		February 28, 2019
Assets:
Operating	Operating right-of-use assets, net	$	224,371	$	—
Finance	Property and equipment, net of accumulated depreciation and amortization	579		281
Total leased assets		$	224,950	$	281
Liabilities:
Current:
Operating	Accounts payable and accrued expenses	$	46,633	$	—
Finance	Other current obligations	256		282
Long-term:
Operating	Operating lease liabilities	188,133		—
Finance	Other long-term obligations	336		6
Total lease liabilities		$	235,358	$	288

Schedule of Lease Term and Discount Rate

Supplemental information related to leases was as follows:

	May 31, 2019
Weighted average remaining lease term:
Operating leases	7.33 years
Finance leases	3.45 years

	May 31, 2019
Weighted average discount rate:
Operating leases	3.7	%
Finance leases	3.3	%

Schedule of components of lease expense

The components of lease expense were as follows (in thousands):

		Three Months Ended
	Statement of Operations Classification	May 31, 2019		May 31, 2018
Operating lease expense	Cost of revenue, Operating expense	$	14,666	see note (1)
Variable lease expense	Cost of revenue, Operating expense	1,176		see note (1)
Finance lease expense:
Amortization of leased assets	Cost of revenue, Operating expense	146		276
Interest on lease liabilities	Interest expense	6		7
Total lease expense (2)		$	15,994	$	283

____________________ 

⁽¹⁾  Rent expense under operating leases was $13.4 million for the three months ended May 31, 2018.

⁽²⁾ 

Sublease income is recognized as a reduction to operating expense in the Consolidated Statement of Operations and is not material.

Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows (in thousands):

	Three Months Ended May 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	14,043
Operating cash outflows from finance leases	$	6
Financing cash outflows from finance leases	$	112
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	762
Finance leases	$	133

Schedule of maturities of lease liabilities

Maturities of lease liabilities were as follows (in thousands):

Fiscal Year	Operating leases			Finance leases
2020 (excluding the three months ended May 31, 2019)	$	40,737		$	258
2021	47,858			101
2022	42,467			101
2023	33,438			101
2024	26,339			82
Thereafter	79,125			—
Total lease payments	269,964			643
Less imputed interest	(35,198		)	(51		)
Total	$	234,766		$	592

Schedule of future minimum payments for operating and capital lease

The following table, which was included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2019, depicts gross minimum lease payments under non-cancellable operating and capital leases (in thousands):

Fiscal Year	Operating Leases		Capital Leases
2020	$	60,722	$	282
2021	51,060		6
2022	41,173		—
2023	32,016		—
2024	27,479		—
Thereafter	79,530		—
Total minimum lease payments	$	291,980	$	288