XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Cash flows from operating activities:      
Net loss $ (45,592) $ (30,911) $ (27,465)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities      
Depreciation and amortization 12,444 13,130 12,398
Amortization of deferred financing costs 404 262 272
Impairment charges 14,214 8,673 0
Bad debt expense (recovery) 146 (86) 222
Reduction in the carrying amount of the right of use asset 1,377 1,508 1,383
(Gain) loss on forward contracts 0 (61) 209
Equity in income of equity investee (4,916) (6,969) (7,890)
Distribution of income from equity investees 5,554 6,300 9,809
Deferred income tax benefit, net (2,445) (1,793) (1,339)
(Gain) loss on disposal of property, plant and equipment (13) 11 1
Non-cash compensation adjustment (224) (178) (546)
Non-cash stock-based compensation expense 798 609 907
Gain on sale of intangible asset (700) 0 0
Changes in operating assets and liabilities (net of assets and liabilities) acquired):      
Accounts receivable 11,765 21,482 (1,244)
Inventory 47,184 (1,928) (45,115)
Receivables from vendors (1,080) 248 (89)
Prepaid expenses and other (2,721) 1,322 (1,610)
Investment securities-equity 224 178 546
Accounts payable, accrued expenses, accrued sales incentives and other current liabilities (54,587) (49,246) 55,719
Income taxes receivable/payable (2,355) (759) 872
Net cash used in operating activities (20,523) (38,208) (2,960)
Cash flows from investing activities:      
Purchases of property, plant and equipment (2,731) (3,557) (3,902)
Proceeds from sale of property, plant and equipment 33 1 0
Proceeds from sale of intangible asset 700 0 0
Purchase of acquired businesses (Note 2) 0 0 (30,406)
Net cash used in investing activities (1,998) (3,556) (34,308)
Cash flows from financing activities:      
Borrowings from bank obligations 195,105 202,983 3,687
Repayments on bank obligations (160,761) (176,257) (2,197)
Principal payments on finance lease obligations (354) (287) (407)
Deferred financing costs (112) (398) (667)
Payment of market stock unit awards   (4,000) 0
Withholding taxes paid on net issuance of stock award 0 (404) (857)
Settlement of market stock unit awards 0 (81) 0
Proceeds of the issuance of subsidiary shares to non-controlling interest 0 0 2,069
Proceeds of the issuance of long-term debt to non-controlling interest 0 0 4,877
Purchase of treasury stock (9,178) (5,147) (1,220)
Net cash provided by financing activities 24,700 16,409 5,285
Effect of exchange rate changes on cash 2,673 3,701 367
Net increase (decrease) in cash and cash equivalents 4,852 (21,654) (31,616)
Cash and cash equivalents at beginning of year 6,134 27,788 59,404
Cash and cash equivalents at end of year 10,986 6,134 27,788
Non-cash investing and financing activities:      
Adjustments to goodwill due to measurement period adjustments, net 0 1,051 (1,353)
Gross issuance of shares 0 1 1
Contingent purchase price consideration in connection with business acquisition 0 0 6,778
Recording of redeemable equity 92 (63) 290
Recording of excise tax attributable to treasury stock purchases 110 0 0
Reclassification of stockholders' equity to redeemable equity 0 531 0
Right of use assets obtained in exchange for operating lease obligations 516 1,016 1,238
Property, plant, and equipment obtained in exchange for finance lease obligations 1,081 251 0
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 1,290 1,401 1,383
Operating cash flows from finance leases 53 4 11
Financing cash flows from finance leases 354 287 407
Interest, excluding bank charges 5,063 2,813 760
Income taxes (net of refunds) $ 2,985 $ 2,603 $ 1,983