Fair Value Measurement (Tables)

3 Months Ended

May 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following tables set forth details about our investments:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
May 31, 2022
Asset-backed securities	$	162	$	37	$	—	$	199
February 28, 2022
Asset-backed securities	$	162	$	46	$	—	$	208

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Our assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:

	May 31, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market	$	4	$	—	$	—	$	4
Total cash equivalents		4		—		—		4
Investments:
Asset-backed securities		—		199		—		199
Total investments		—		199		—		199
Total assets	$	4	$	199	$	—	$	203
Liabilities:
Tax receivable agreement liability	$	—	$	—	$	51,938	$	51,938
Warrant liability		24,150		—		37,534		61,684
Contingent consideration		—		—		41,368		41,368
Total liabilities	$	24,150	$	—	$	130,840	$	154,990

	February 28, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market	$	4	$	—	$	—	$	4
Total cash equivalents		4		—		—		4
Investments:
Asset-backed securities		—		208		—		208
Total investments		—		208		—		208
Total assets	$	4	$	208	$	—	$	212
Liabilities:
Tax receivable agreement liability	$	—	$	—	$	50,268	$	50,268
Warrant liability		27,324		—		39,815		67,139
Contingent consideration		—		—		45,568		45,568
Total liabilities	$	27,324	$	—	$	135,651	$	162,975

Reconciliation of Beginning and Ending Balances of Acquisition Related Accrued Earn-Outs Using Significant Unobservable Inputs (Level 3)

The following table provides a reconciliation of the beginning and ending balances of acquisition related accrued earn-outs and contingent consideration using significant unobservable inputs (Level 3) from March 1, 2022 through May 31, 2022 and March 1, 2021 through February 28, 2022:

($ in thousands)	May 31, 2022			February 28, 2022
Beginning of period	$	45,568		$	152,808
Conversion to Class A Common Stock		—			(175,000	)
Cash payments		—			(2,000	)
(Gain) loss from fair value of contingent consideration		(4,200	)		69,760
End of period	$	41,368		$	45,568

Reconciliation of Liability Measured at Fair Value

The following table provides a reconciliation of the portion of the tax receivable agreement liability measured at fair value under Level 3 from March 1, 2022 through May 31, 2022 and March 1, 2021 through February 28, 2022:

($ in thousands)	May 31, 2022		February 28, 2022
Beginning of period	$	50,268	$	50,114
Loss from fair value of tax receivable agreement liability		1,670		154
End of period	$	51,938	$	50,268

The following table provides a reconciliation of the warrant liability from March 1, 2022 through May 31, 2022 and March 1, 2021 through February 28, 2022:

($ in thousands)	May 31, 2022			February 28, 2022
Beginning of period	$	67,139		$	68,772
Gain from fair value of warrant liability		(5,455	)		(1,633	)
End of period	$	61,684		$	67,139