DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Feb. 28, 2022

In the fourth quarter of fiscal 2020 and throughout fiscal 2021, we determined that the prolonged secular decline in revenues from our legacy LoJack U.S. stolen vehicle recovery (“SVR”) products coupled with the slower than anticipated market penetration of our telematics solutions in the U.S. automotive dealership channel represented determinate indications of impairment. These factors were further exacerbated by the continuing unfavorable impact that the COVID-19 pandemic has had on the automotive end markets over the past year. As a result, we initiated an assessment of the carrying amount of the related goodwill, intangible and long-lived assets supporting these products including the LoJack tradename and dealer and customer relationships in both fiscal years. Based upon our assessment of economic conditions, our expectations of future business conditions and trends, our projected revenues, earnings, and cash flows, we determined that goodwill and certain of our long-lived assets were impaired in fiscal year 2021 and 2020 as follows (in thousands):

	Year Ended February 28/29,
	2021		2020
LoJack U.S. SVR Products goodwill	$	12,023	$	-
Other intangible assets:
Developed technology		478		-
Tradenames		-		11,540
Dealer and customer relationships		1,005		6,194
Property and equipment and other assets		10,483		514
Operating lease right-of-use assets and related liabilities		658		895
Total	$	24,647	$	19,143

ASU 2014-09 [Member]

Summary of Disaggregation of Revenue by Type of Goods and Services and by Timing of Revenue Recognition

We disaggregate revenue from contracts with customers into reportable segments, geography, type of goods and services and timing of revenue recognition. See Note 20, Segment and Geographic Data, for our revenue by segment and geography. The disaggregation of revenue by type of goods and services and by timing of revenue recognition is as follows (in thousands):

	Year Ended February 28/29,
	2022		2021		2020
Revenue by type of goods and services:
Telematics devices and accessories	$	182,916	$	193,486	$	214,374
Rental income and other services		19,265		17,844		21,587
Recurring application subscriptions		93,658		97,257		85,812
Total	$	295,839	$	308,587	$	321,773

Revenue by timing of revenue recognition:
Revenue recognized at a point in time	$	195,399	$	209,902	$	232,971
Revenue recognized over time		100,440		98,685		88,802
Total	$	295,839	$	308,587	$	321,773