v3.25.2
Leases (Tables)
 3 Months Ended
May 31, 2025
Leases [Abstract]  
Lease, Cost as of May 31, 2025 and February 28, 2025 (in thousands):
As of
May 31, 2025February 28, 2025
AssetsBalance Sheet Classification
Operating right-of-use assetsRight-of-use assets$17,596 $19,471 
Finance right-of-use assets Right-of-use assets9,948 6,480 
Liabilities
Operating lease liabilities ― short-termLease liability - short-term6,089 6,373 
Operating lease liabilities ― long-termLease liability - long-term12,122 13,741 
Finance lease liabilities ― short-termLease liability - short-term2,115 1,376 
Finance lease liabilities ― long-termLease liability - long-term8,046 5,271 
Supplemental information related to our leases was as follows (in thousands, except years and percentages):
Three Months Ended May 31,
20252024
Operating cash flows from operating leases included in lease liabilities$1,881 $1,779 
Lease liabilities obtained from new ROU assets - operating16 217 
Decrease in ROU assets related to lease terminations(467)— 
Operating cash flows from finance leases included in lease liabilities142 68 
Financing cash flows from finance leases included in lease liabilities434 196 
Lease liabilities obtained from new ROU assets - finance leases4,127 410 
As of
May 31, 2025February 28, 2025
Weighted-average remaining lease term - operating leases3.61 years3.79 years
Weighted-average discount rate - operating leases5.07 %5.06 %
Weighted-average remaining lease term - finance leases4.38 years4.57 years
Weighted-average discount rate - finance leases6.90 %6.86 %
The following table outlines the classification of lease expense related to operating and finance leases in the statements of operations (in thousands):
Three Months Ended May 31,
20252024
Operating lease expense:
Cost of sales$1,829 $1,432 
Selling, general and administrative508 480 
Total operating lease expense2,337 1,912 
Financing lease expense:
Cost of sales487 223 
Interest expense142 68 
Total financing lease expense629 291 
Variable lease expense:
Cost of sales249 113 
Total variable lease expense249 113 
Short-term lease expense:
Cost of sales1,802 1,458 
Selling, general and administrative5 9 
Total short-term lease expense1,807 1,467 
Total lease expense$5,022 $3,783 
Sublease income for the three months ended May 31, 2025 and 2024 was as follows (in thousands):
Three Months Ended May 31,
20252024
Sublease income $266 $261 
Lessee, Operating Lease, Liability, Maturity
As of May 31, 2025, maturities of our lease liabilities were as follows (in thousands):
Fiscal year:Operating LeasesFinance LeasesTotal
2026$5,206 $2,051 $7,257 
20275,713 2,713 8,426 
20283,766 2,618 6,384 
20293,128 2,413 5,541 
20301,207 1,741 2,948 
2031540 219 759 
Thereafter363 3 366 
Total lease payments19,923 11,758 31,681 
Less imputed interest(1,712)(1,597)(3,309)
Total$18,211 $10,161 $28,372 
Finance Lease, Liability, Maturity
As of May 31, 2025, maturities of our lease liabilities were as follows (in thousands):
Fiscal year:Operating LeasesFinance LeasesTotal
2026$5,206 $2,051 $7,257 
20275,713 2,713 8,426 
20283,766 2,618 6,384 
20293,128 2,413 5,541 
20301,207 1,741 2,948 
2031540 219 759 
Thereafter363 3 366 
Total lease payments19,923 11,758 31,681 
Less imputed interest(1,712)(1,597)(3,309)
Total$18,211 $10,161 $28,372