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Consolidated Balance Sheets - USD ($)
Feb. 29, 2024
Feb. 28, 2023
Current assets:    
Cash and cash equivalents $ 10,986,000 $ 6,134,000
Accounts receivable, net 71,066,000 82,753,000
Inventory, net 128,471,000 175,129,000
Receivables from vendors 1,192,000 112,000
Due from GalvanEyes LLC, current (Note 3) $ 1,238,000 $ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Prepaid expenses and other current assets $ 20,820,000 $ 19,817,000
Income tax receivable 2,095,000 1,076,000
Total current assets 235,868,000 285,021,000
Investment securities 828,000 1,053,000
Equity investments 21,380,000 22,018,000
Property, plant and equipment, net 45,070,000 47,044,000
Operating lease, right of use asset 2,577,000 3,632,000
Goodwill 63,931,000 65,308,000
Intangible assets, net 68,766,000 90,437,000
Due from GalvanEyes LLC, less current portion (Note 3) $ 1,340,000 $ 0
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Deferred income tax assets $ 1,452,000 $ 1,218,000
Other assets 2,794,000 3,720,000
Total assets 444,006,000 519,451,000
Current liabilities:    
Accounts payable 35,076,000 35,099,000
Accrued expenses and other current liabilities 38,238,000 41,856,000
Income taxes payable 1,123,000 2,276,000
Accrued sales incentives 18,236,000 21,778,000
Contingent consideration, current (Note 2) 0 4,500,000
Final arbitration award payable (Note 15) 0 43,388,000
Contract liabilities, current 3,810,000 3,990,000
Current portion of long-term debt 500,000 500,000
Total current liabilities 96,983,000 153,387,000
Long-term debt, net of debt issuance costs 71,881,000 37,513,000
Finance lease liabilities, less current portion 644,000 63,000
Operating lease liabilities, less current portion 1,884,000 2,509,000
Deferred compensation 828,000 1,053,000
Deferred income tax liabilities 2,690,000 4,855,000
Other tax liabilities 809,000 966,000
Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC (Note 3) 9,817,000 7,317,000
Other long-term liabilities 2,170,000 2,947,000
Total liabilities 187,706,000 210,610,000
Commitments and contingencies (Note 15)
Redeemable equity : Class A, $.01 par value; 577,581 shares at both February 29, 2024 and February 28, 2023 (Note 1(u)) 4,110,000 4,018,000
Redeemable non-controlling interest (Note 2) (3,203,000) (893,000)
Stockholders' equity:    
Preferred stock:
Paid-in capital 293,272,000 292,565,000
Retained earnings 58,272,000 99,122,000
Accumulated other comprehensive loss (17,366,000) (18,680,000)
Less: Treasury stock, at cost, 4,287,041 and 5,370,657 shares of Class A Common Stock at February 29, 2024 and February 28, 2023, respectively (39,573,000) (30,285,000)
Total VOXX International Corporation stockholders' equity 294,867,000 342,984,000
Non-controlling interest (39,474,000) (37,268,000)
Total stockholders' equity 255,393,000 305,716,000
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity 444,006,000 519,451,000
Common Class B [Member]    
Stockholders' equity:    
Common stock 22,000 22,000
Common Class A [Member]    
Stockholders' equity:    
Common stock $ 240,000 $ 240,000