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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
May 31, 2023
May 31, 2022
Cash Flows From Operating Activities:    
Net income (loss) available to common shareholders $ 24,922 $ 24,077
Net income (loss) from discontinued operations 0 8,724
Dividends on preferred stock 3,600 0
Net income from continuing operations 28,522 15,353
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Bad debt expense 18 246
Depreciation and amortization 18,524 11,973
Deferred income taxes (2,022) (2,340)
Equity in earnings of unconsolidated entities (1,420) 0
Net (gain) on sale of property, plant and equipment (2) (29)
Amortization of debt financing costs 3,029 1,541
Share-based compensation expense 1,904 1,998
Effects of changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts receivable 12,936 (20,941)
Inventories (1,198) (10,362)
Prepaid expenses and other (2,494) (8,374)
Other assets 43 49
Net change in contract assets and liabilities (1,949) (5,885)
Accounts payable (2,665) 37,915
Other accrued liabilities and income taxes payable (6,333) 531
Net cash provided by operating activities of continuing operations 46,893 21,675
Cash flows from investing activities    
Other investing activities 9 33
Acquisition of subsidiaries, net of cash acquired 0 (1,298,514)
Purchase of property, plant and equipment (17,036) (6,472)
Net cash used in investing activities of continuing operations (17,027) (1,304,953)
Cash flows from financing activities:    
Payments for taxes related to net share settlement of equity awards (1,710) (2,314)
Proceeds from revolving loan 92,000 39,000
Payments on revolving loan (112,000) (116,000)
Proceeds from long term debt 0 1,540,000
Payments of debt financing costs 0 (87,555)
Payments of dividends (7,835) (4,192)
Net cash provided by (used in) financing activities of continuing operations (29,545) 1,368,939
Effect of exchange rate changes on cash 737 (49)
Net cash used in operating activities from discontinued operations 0 1,636
Net cash used in investing activities from discontinued operations 0 (1,332)
Net cash provided by financing activities from discontinued operations 0 0
Cash used in discontinued operations 0 304
Net increase in cash and cash equivalents 1,058 85,916
Cash and cash equivalents at beginning of period 2,820 15,082
Cash and cash equivalents at end of period 3,878 100,998
Cash and cash equivalents at end of period 3,878 97,998
Less: Cash and cash equivalents from discontinued operations at end of period 0 (3,000)
Supplemental disclosures of non-cash investing and financing activities    
Cash paid for interest 25,866 4,161
Cash paid for income taxes 895 4,034
Accrued dividends on Series A Preferred Stock 2,400 0
Accruals for capital expenditures $ 2,409 $ 1,136