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LEASES
3 Months Ended
May 31, 2022
Leases [Abstract]  
LEASES

NOTE 8 – 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 2033. 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):

 

 

 

May 31, 2022

 

 

February 28, 2022

 

Assets

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

$

11,406

 

 

$

12,327

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Operating lease liabilities (current)

 

$

5,090

 

 

$

5,086

 

Operating lease liabilities (non-current)

 

 

12,091

 

 

 

13,382

 

Total lease liabilities

 

$

17,181

 

 

$

18,468

 

 

 

 

 

 

 

 

 

 

 

Lease Costs

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

 

 

Three months ended May 31,

 

 

2022

 

 

 

 

2021

 

Operating lease cost

$

1,119

 

 

 

 

$

1,131

 

Short-term lease cost

 

36

 

 

 

 

 

17

 

Variable lease cost

 

35

 

 

 

 

 

102

 

Total lease cost

$

1,190

 

 

 

 

$

1,250

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

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

 

 

 

 

Three Months Ended

 

 

 

May 31,

 

 

 

2022

 

 

 

 

2021

 

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

 

$

1,488

 

 

 

 

$

1,425

 

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

 

$

11

 

 

 

 

$

18

 

Weighted average remaining lease term

 

3.7 years

 

 

 

 

4.6 years

 

Weighted average discount rate

 

5.17%

 

 

 

 

 

5.36

%

 

 

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five fiscal years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of May 31, 2022 (in thousands):

 

Remainder of 2023

 

$

4,373

 

2024

 

 

5,532

 

2025

 

 

3,934

 

2026

 

 

3,071

 

2027

 

 

1,320

 

Thereafter

 

 

477

 

Total minimum lease payments

 

 

18,707

 

Less imputed interest

 

 

(1,526

)

Present value of future minimum lease payments

 

 

17,181

 

Less current obligations under leases

 

 

(5,090

)

Long-term lease obligations

 

$

12,091