Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 29, 2024

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

	As of February 28, 2023
	As Previously Reported		Adjustment			As Revised
Consolidated Balance Sheets
Redeemable non-controlling interest	$	232	$	(1,125	)	$	(893	)
Retained earnings		97,997		1,125			99,122
Total VOXX International Corporation stockholders' equity		341,859		1,125			342,984
Total stockholders' equity		304,591		1,125			305,716

	For the year ended February 28, 2023
	As Previously Reported			Adjustment			As Revised
Consolidated Statements of Comprehensive Loss
Less: net income (loss) attributable to non-controlling interest	$	(2,335	)	$	(1,125	)	$	(3,460	)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries		(28,576	)		1,125			(27,451	)
Comprehensive income (loss) attributable to VOXX International Corporation and Subsidiaries		(29,753	)		1,125			(28,628	)
Net income (loss) per share attributable to VOXX International Corporation
Basic	$	(1.17	)	$	0.05		$	(1.13	)
Diluted	$	(1.17	)	$	0.05		$	(1.13	)

Assets and Liabilities Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis at February 29, 2024:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	10,986	$	10,986	$	—	$	—
Mutual funds		828		828		-		-
Derivatives designated for hedging		263		-		263		-

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2023:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	6,134	$	6,134	$	—	$	—
Mutual funds		1,053		1,053		-		-
Derivatives designated for hedging		207		-		207		-

Fair Value, by Balance Sheet Grouping

The following table discloses the fair value as of February 29, 2024 and February 28, 2023 of the Company's derivative instruments:

	Derivative Assets and Liabilities
		Fair Value
	Account	February 29, 2024		February 28, 2023
Derivative instruments
Foreign currency contracts designated as cash flow hedges	Prepaid expenses and other current assets	$	121	$	—
Interest rate swap designated as cash flow hedges	Other assets		142		207
Total derivatives		$	263	$	207

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Activity related to cash flow hedges and derivative instruments not designated as cash flow hedges recorded during the years ended February 29, 2024 and February 28, 2023 was as follows:

	February 29, 2024					February 28, 2023
	Pretax Gain (Loss) Recognized in Other Comprehensive Income			Pretax Loss Reclassified from Accumulated Other Comprehensive Income		Pretax Gain Recognized in Other Comprehensive Income		Pretax Loss Reclassified from Accumulated Other Comprehensive Income
Cash flow hedges
Foreign currency contracts	$	121		$	—	$	-	$	63
Interest rate swaps		(65	)		-		395		-

Summary of Investment Securities

As of February 29, 2024 and February 28, 2023, the Company had the following investments:

	February 29, 2024
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	828
Total Marketable Equity Securities		828
Total Investment Securities	$	828

	February 28, 2023
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,053
Total Marketable Equity Securities		1,053
Total Investment Securities	$	1,053

Schedule of Accounts Receivable

Accounts receivable are comprised of the following:

	February 29, 2024		February 28, 2023
Trade accounts receivable	$	74,107	$	85,268
Less:
Allowance for credit losses		1,952		1,398
Allowance for cash discounts		1,089		1,117
	$	71,066	$	82,753

Schedule of Inventory, Current

Inventories by major category are as follows:

	February 29, 2024		February 28, 2023
Raw materials	$	21,527	$	28,048
Work in process		736		1,363
Finished goods		106,208		145,718
Inventory, net	$	128,471	$	175,129

Summary of Property, Plant and Equipment, Net

A summary of property, plant and equipment, net, is as follows:

	February 29, 2024		February 28, 2023
Land	$	7,117	$	7,101
Buildings		45,820		44,669
Property under finance lease		3,835		2,754
Furniture and fixtures		4,679		4,600
Machinery and equipment		13,835		10,514
Construction-in-progress		1,517		748
Computer hardware and software		43,634		46,313
Automobiles		720		681
Leasehold improvements		3,004		3,008
		124,161		120,388
Less accumulated depreciation and amortization		79,091		73,344
	$	45,070	$	47,044

Summary of Estimated Useful Lives of Assets

Depreciation is calculated on the straight-line method over the estimated useful lives of the assets as follows:

Buildings and improvements	20	-	40 years
Furniture and fixtures	5	-	15 years
Machinery and equipment	5	-	15 years
Computer hardware and software	3	-	5 years
Automobiles			3 years

Change in Carrying Value of Goodwill

The change in the carrying value of goodwill is as follows:

	February 29, 2024			February 28, 2023			February 28, 2022
Beginning of period	$	65,308		$	74,320		$	58,311
Goodwill acquired (see Note 2)		—			—			18,160
Adjustments to goodwill acquired, net (see Note 2)		—			1,051			(1,353	)
Impairment charge		—			(7,373	)		—
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	63,931		$	65,308		$	74,320
Gross carrying value	$	103,467		$	104,844		$	106,483
Accumulated impairment charges		(39,536	)		(39,536	)		(32,163	)
Net carrying value	$	63,931		$	65,308		$	74,320

	February 29, 2024			February 28, 2023			February 28, 2022
Automotive Electronics
Beginning of period	$	3,052		$	10,425		$	11,778
Adjustments to goodwill acquired, net		—			—			(1,353	)
Impairment charge		—			(7,373	)		—
End of period	$	3,052		$	3,052		$	10,425
Gross carrying value	$	10,425		$	10,425		$	10,425
Accumulated impairment charge		(7,373	)		(7,373	)		—
Net carrying value	$	3,052		$	3,052		$	10,425
Consumer Electronics
Beginning of period	$	62,256		$	63,895		$	46,533
Goodwill acquired (see Note 2)		-			-			18,160
Adjustments to goodwill acquired (see Note 2)		-			1,051			-
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	60,879		$	62,256		$	63,895
Gross carrying value	$	93,042		$	94,419		$	96,058
Accumulated impairment charge		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	60,879		$	62,256		$	63,895
Total goodwill, net	$	63,931		$	65,308		$	74,320

Note: The Company's Biometrics segment did not carry a balance for goodwill at February 29, 2024, February 28, 2023, or February 28, 2022.

Schedule of Intangible Assets, Excluding Goodwill

At February 29, 2024 and February 28, 2023, intangible assets consisted of the following:

	February 29, 2024
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,915	$	46,037	$	7,878
Trademarks/Tradenames (10-15 years)		20,323		5,031		15,292
Developed technology (7-8 years)		18,970		15,743		3,227
Patents (4-13 years)		6,736		6,128		608
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	102,900	$	75,895		27,005
Indefinite-lived intangible assets
Trademarks						41,761
Total intangible assets, net					$	68,766

	February 28, 2023
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,790	$	42,786	$	11,004
Trademarks/Tradenames (10-15 years)		21,205		3,360		17,845
Developed technology (7-8 years)		19,434		14,645		4,789
Patents (4-13 years)		6,736		5,845		891
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	104,121	$	69,592		34,529
Indefinite-lived intangible assets
Trademarks						55,908
Total intangible assets, net					$	90,437

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

At February 29, 2024, the estimated aggregate amortization expense for all amortizable intangibles for each of the succeeding five fiscal years is as follows:

Fiscal Year	Amount
2025	$	5,813
2026		5,713
2027		3,480
2028		3,007
2029		2,899

Summary of Activity with Respect to Accrued Sales Incentives

A summary of the activity with respect to accrued sales incentives is provided below:

	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Accrued sales incentives, opening balance	$	21,778		$	23,755		$	25,313
Accruals		44,519			50,056			58,490
Payments and credits		(47,635	)		(51,894	)		(59,644	)
Reversals for unearned sales incentives		(426	)		(139	)		(404	)
Accrued sales incentives, ending balance	$	18,236		$	21,778		$	23,755

Changes in Accrued Product Warranties and Product Repair Costs

Changes in the Company's accrued product warranties and product repair costs are as follows:

	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Beginning balance	$	6,759		$	5,622		$	5,290
Liabilities adjusted during acquisitions		-			-			(352	)
Accrual for warranties issued during the year and repair cost		4,197			6,525			4,583
Warranty claims settled during the year		(4,363	)		(5,388	)		(3,899	)
Ending balance	$	6,593		$	6,759		$	5,622

Reconciliation Between Denominator of Basic and Diluted Net Income (Loss) Per Common Share

A reconciliation between the denominator of basic and diluted net loss per common share is as follows:

	Year Ended		Year Ended		Year Ended
	February 29, 2024		February 28, 2023		February 28, 2022
Weighted-average common shares outstanding (basic)		23,428,473		24,325,938		24,287,179
Effect of dilutive securities:
Restricted stock units, market stock units, and stock grants		-		-		-
Weighted-average common and potential common shares outstanding (diluted)		23,428,473		24,325,938		24,287,179

Schedule of Other Nonoperating (Expense) Income

Other (expense) income is comprised of the following:

	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Foreign currency loss, net	$	(3,232	)	$	(3,674	)	$	(635	)
Interest income		158			36			72
Rental income		937			911			678
Miscellaneous		57			672			208
Total other, net	$	(2,080	)	$	(2,055	)	$	323

Schedule of Redeemable Equity Related to Stock Awards and Shares

A rollforward of redeemable equity related to stock awards and shares held by Mr. Lavelle for the years ended February 29, 2024, February 28, 2023, and February 28, 2022 is as follows:

	Redeemable Equity
Balance at February 28, 2021	$	3,260
Stock based compensation expense		290
Balance at February 28, 2022		3,550
Reclassification of stockholders' equity to redeemable equity		(63	)
Stock based compensation expense		531
Balance at February 28, 2023		4,018
Stock based compensation expense		92
Balance at February 29, 2024	$	4,110

Summary of Activity Related to 2014 Plan and Initial Stock Grant and Additional Stock Grants under Employment Agreement

The following table presents a summary of the activity related to the 2014 Plan and stock grants under executive employment agreements for the years ended February 29, 2024, February 28, 2023, and February 28, 2022:

	Number of shares			Weighted Average Grant Date Fair Value
Unvested share balance at February 28, 2021		603,724		$	5.18
Granted		48,527			13.59
Vested		(197,891	)		5.76
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2022		354,360		$	6.30
Granted		66,556			9.00
Vested		(33,930	)		6.10
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2023		286,986		$	7.70
Granted		18,116			9.89
Vested		(113,790	)		7.00
Vested and settled		(15,000	)		10.66
Forfeited		—			—
Unvested share balance at February 29, 2024		176,312		$	8.93

Schedule of Accumulated Other Comprehensive Loss

v)Accumulated Other Comprehensive Loss

	Foreign Currency Translation (Losses) Gains			Pension plan adjustments, net of tax			Derivatives designated in a hedging relationship, net of tax			Total
Balance at February 28, 2021	$	(13,374	)	$	(869	)	$	(734	)	$	(14,977	)
Other comprehensive (loss) income before reclassifications		(3,317	)		158			485			(2,674	)
Reclassified from accumulated other comprehensive loss		-			-			148			148
Net current-period other comprehensive (loss) income		(3,317	)		158			633			(2,526	)
Balance at February 28, 2022	$	(16,691	)	$	(711	)	$	(101	)	$	(17,503	)
Other comprehensive (loss) income before reclassifications		(1,876	)		390			352			(1,134	)
Reclassified from accumulated other comprehensive loss		-			-			(43	)		(43	)
Net current-period other comprehensive (loss) income		(1,876	)		390			309			(1,177	)
Balance at February 28, 2023	$	(18,567	)	$	(321	)	$	208		$	(18,680	)
Other comprehensive income (loss) before reclassifications		1,375			(77	)		16			1,314
Reclassified from accumulated other comprehensive loss		-			-			-			-
Net current-period other comprehensive income (loss)		1,375			(77	)		16			1,314
Balance at February 29, 2024	$	(17,192	)	$	(398	)	$	224		$	(17,366	)