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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Income Statement [Abstract]      
Net sales $ 468,911 $ 534,014 $ 635,920
Cost of sales 354,892 399,715 466,442
Gross profit 114,019 134,299 169,478
Operating expenses:      
Selling 43,090 46,967 50,507
General and administrative 69,228 73,638 75,955
Engineering and technical support 29,392 31,464 31,540
Acquisition costs 0 (36) 3,552
Goodwill impairment charge 0 7,373 0
Intangible asset impairment charges 14,214 1,300 0
Restructuring expenses 2,136 870 0
Total operating expenses 158,060 161,576 161,554
Operating (loss) income (44,041) (27,277) 7,924
Other (expense) income:      
Interest and bank charges (6,935) (4,643) (2,532)
Equity in income of equity investee 4,916 6,969 7,890
Final arbitration award (Note 15) 763 (3,944) (39,444)
Other, net (2,080) (2,055) 323
Total other expense, net (3,336) (3,673) (33,763)
Loss before income taxes [1] (47,377) [2],[3] (30,950) [2],[3] (25,839)
Income tax (benefit) expense (1,785) (39) 1,626
Net loss (45,592) (30,911) (27,465)
Less: net loss attributable to non-controlling interest (4,742) (3,460) (5,132)
Net loss attributable to VOXX International Corporation (40,850) (27,451) (22,333)
Other comprehensive income (loss):      
Foreign currency translation adjustments 1,375 (1,876) (3,317)
Derivatives designated for hedging, net of tax 16 309 633
Pension plan adjustments, net of tax (77) 390 158
Other comprehensive income (loss), net of tax 1,314 (1,177) (2,526)
Comprehensive loss attributable to VOXX International Corporation $ (39,536) $ (28,628) $ (24,859)
Net loss per common share attributable to VOXX International Corporation - basic $ (1.74) $ (1.13) $ (0.92)
Net loss per common share attributable to VOXX International Corporation - diluted $ (1.74) $ (1.13) $ (0.92)
Weighted-average common shares outstanding (basic) 23,428,473 24,325,938 24,287,179
Weighted-average common shares outstanding (diluted) 23,428,473 24,325,938 24,287,179
[1] Included within Income (loss) before income taxes within Corporate/Eliminations for the year ended February 28, 2022 is a charge of $39,444 recorded for an arbitration award unfavorable to the Company (see Note 15). Included within Loss before income taxes on Corporate/Eliminations for the year ended February 28, 2023 are charges of $3,944, representing interest expense, as well as charges for legal fee reimbursements and a settlement for a patent arbitration related to the final arbitration award.
[2] Included within Loss before income taxes within Corporate/Eliminations for the years ended February 29, 2024 and February 28, 2023 are foreign currency losses of $2,795 and $3,267, respectively, attributable to the Company's Onkyo subsidiary related to intercompany transactions and financial statement translation adjustments.
[3] Included within Loss before income taxes within the Consumer Electronics segment for the year ended February 29, 2024 are intangible asset impairment charges totaling $14,214. Included within Loss before income taxes within the Automotive Electronics segment for the year ended February 28, 2023 is a goodwill impairment charge of $7,373 and an intangible asset impairment charge of $1,300 (see Note 1(k)).