voxx-10q_20200831.htm
0000807707 --02-28 2021 Q2 false P12M 0 P5Y P10Y 0 0 0 0 0 0 0 50 0000807707 2020-03-01 2020-08-31 xbrli:shares 0000807707 us-gaap:CommonClassAMember 2020-10-08 0000807707 us-gaap:CommonClassBMember 2020-10-08 iso4217:USD 0000807707 2020-08-31 0000807707 2020-02-29 0000807707 us-gaap:CommonClassAMember 2020-08-31 0000807707 us-gaap:CommonClassAMember 2020-02-29 0000807707 us-gaap:CommonClassBMember 2020-08-31 0000807707 us-gaap:CommonClassBMember 2020-02-29 iso4217:USD xbrli:shares 0000807707 2020-06-01 2020-08-31 0000807707 2019-06-01 2019-08-31 0000807707 2019-03-01 2019-08-31 0000807707 us-gaap:CommonStockMember 2020-02-29 0000807707 us-gaap:AdditionalPaidInCapitalMember 2020-02-29 0000807707 us-gaap:RetainedEarningsMember 2020-02-29 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-02-29 0000807707 us-gaap:NoncontrollingInterestMember 2020-02-29 0000807707 us-gaap:TreasuryStockMember 2020-02-29 0000807707 us-gaap:RedeemablePreferredStockMember 2020-02-29 0000807707 us-gaap:CommonStockMember 2020-03-01 2020-05-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2020-03-01 2020-05-31 0000807707 us-gaap:RetainedEarningsMember 2020-03-01 2020-05-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-01 2020-05-31 0000807707 us-gaap:NoncontrollingInterestMember 2020-03-01 2020-05-31 0000807707 us-gaap:TreasuryStockMember 2020-03-01 2020-05-31 0000807707 us-gaap:RedeemablePreferredStockMember 2020-03-01 2020-05-31 0000807707 2020-03-01 2020-05-31 0000807707 us-gaap:CommonStockMember 2020-05-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2020-05-31 0000807707 us-gaap:RetainedEarningsMember 2020-05-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-05-31 0000807707 us-gaap:NoncontrollingInterestMember 2020-05-31 0000807707 us-gaap:TreasuryStockMember 2020-05-31 0000807707 us-gaap:RedeemablePreferredStockMember 2020-05-31 0000807707 2020-05-31 0000807707 us-gaap:CommonStockMember 2020-06-01 2020-08-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2020-06-01 2020-08-31 0000807707 us-gaap:RetainedEarningsMember 2020-06-01 2020-08-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-01 2020-08-31 0000807707 us-gaap:NoncontrollingInterestMember 2020-06-01 2020-08-31 0000807707 us-gaap:TreasuryStockMember 2020-06-01 2020-08-31 0000807707 us-gaap:RedeemablePreferredStockMember 2020-06-01 2020-08-31 0000807707 us-gaap:CommonStockMember 2020-08-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2020-08-31 0000807707 us-gaap:RetainedEarningsMember 2020-08-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-08-31 0000807707 us-gaap:NoncontrollingInterestMember 2020-08-31 0000807707 us-gaap:TreasuryStockMember 2020-08-31 0000807707 us-gaap:RedeemablePreferredStockMember 2020-08-31 0000807707 us-gaap:CommonStockMember 2019-02-28 0000807707 us-gaap:AdditionalPaidInCapitalMember 2019-02-28 0000807707 us-gaap:RetainedEarningsMember 2019-02-28 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-02-28 0000807707 us-gaap:NoncontrollingInterestMember 2019-02-28 0000807707 us-gaap:TreasuryStockMember 2019-02-28 0000807707 us-gaap:RedeemablePreferredStockMember 2019-02-28 0000807707 2019-02-28 0000807707 us-gaap:CommonStockMember 2019-03-01 2019-05-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2019-03-01 2019-05-31 0000807707 us-gaap:RetainedEarningsMember 2019-03-01 2019-05-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-01 2019-05-31 0000807707 us-gaap:NoncontrollingInterestMember 2019-03-01 2019-05-31 0000807707 us-gaap:TreasuryStockMember 2019-03-01 2019-05-31 0000807707 us-gaap:RedeemablePreferredStockMember 2019-03-01 2019-05-31 0000807707 2019-03-01 2019-05-31 0000807707 us-gaap:CommonStockMember 2019-05-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2019-05-31 0000807707 us-gaap:RetainedEarningsMember 2019-05-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-05-31 0000807707 us-gaap:NoncontrollingInterestMember 2019-05-31 0000807707 us-gaap:TreasuryStockMember 2019-05-31 0000807707 us-gaap:RedeemablePreferredStockMember 2019-05-31 0000807707 2019-05-31 0000807707 us-gaap:CommonStockMember 2019-06-01 2019-08-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2019-06-01 2019-08-31 0000807707 us-gaap:RetainedEarningsMember 2019-06-01 2019-08-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-01 2019-08-31 0000807707 us-gaap:NoncontrollingInterestMember 2019-06-01 2019-08-31 0000807707 us-gaap:TreasuryStockMember 2019-06-01 2019-08-31 0000807707 us-gaap:RedeemablePreferredStockMember 2019-06-01 2019-08-31 0000807707 us-gaap:CommonStockMember 2019-08-31 0000807707 us-gaap:AdditionalPaidInCapitalMember 2019-08-31 0000807707 us-gaap:RetainedEarningsMember 2019-08-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-08-31 0000807707 us-gaap:NoncontrollingInterestMember 2019-08-31 0000807707 us-gaap:TreasuryStockMember 2019-08-31 0000807707 us-gaap:RedeemablePreferredStockMember 2019-08-31 0000807707 2019-08-31 0000807707 voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember 2020-03-01 2020-08-31 0000807707 voxx:VehicleSafetyHoldingsCorpMember 2020-03-01 2020-08-31 0000807707 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-01 2020-08-31 voxx:Segment 0000807707 voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember 2020-07-01 2020-07-01 xbrli:pure 0000807707 voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember voxx:VOXXDEILLCAndVOXXDEICanadaLtdMember 2020-06-01 2020-08-31 0000807707 voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember voxx:VOXXDEILLCAndVOXXDEICanadaLtdMember 2020-03-01 2020-08-31 0000807707 voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember 2020-07-01 0000807707 us-gaap:CustomerRelationshipsMember voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember 2020-07-01 0000807707 us-gaap:TrademarksMember voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember 2020-07-01 0000807707 us-gaap:PatentedTechnologyMember voxx:DirectedLLCAndDirectedElectronicsCanadaIncMember 2020-07-01 0000807707 2020-01-31 2020-01-31 0000807707 2020-01-31 0000807707 srt:MaximumMember 2020-01-31 0000807707 voxx:VehicleSafetyHoldingsCorpMember voxx:VSMRostraLLCMember 2020-06-01 2020-08-31 0000807707 voxx:VehicleSafetyHoldingsCorpMember voxx:VSMRostraLLCMember 2020-03-01 2020-08-31 0000807707 voxx:VehicleSafetyHoldingsCorpMember 2020-01-31 0000807707 us-gaap:CustomerRelationshipsMember voxx:VehicleSafetyHoldingsCorpMember 2020-01-31 0000807707 us-gaap:TrademarksMember voxx:VehicleSafetyHoldingsCorpMember 2020-01-31 0000807707 us-gaap:PatentedTechnologyMember voxx:VehicleSafetyHoldingsCorpMember 2020-01-31 0000807707 us-gaap:MutualFundMember 2020-08-31 0000807707 us-gaap:MutualFundMember 2020-02-29 0000807707 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-08-31 0000807707 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-02-29 0000807707 us-gaap:FairValueInputsLevel1Member 2020-08-31 0000807707 us-gaap:FairValueInputsLevel2Member 2020-08-31 0000807707 us-gaap:EquitySecuritiesMember 2020-08-31 0000807707 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2020-08-31 0000807707 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2020-08-31 0000807707 us-gaap:FairValueInputsLevel1Member 2020-02-29 0000807707 us-gaap:FairValueInputsLevel2Member 2020-02-29 0000807707 us-gaap:EquitySecuritiesMember 2020-02-29 0000807707 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2020-02-29 0000807707 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2020-02-29 0000807707 2015-07-20 0000807707 srt:MinimumMember 2020-03-01 2020-08-31 0000807707 srt:MaximumMember 2020-03-01 2020-08-31 0000807707 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeForwardMember 2020-08-31 0000807707 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ForeignExchangeForwardMember 2020-02-29 0000807707 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember 2020-08-31 0000807707 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember 2020-02-29 0000807707 us-gaap:ForeignExchangeForwardMember 2020-08-31 0000807707 us-gaap:InterestRateSwapMember 2020-08-31 0000807707 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-01 2020-08-31 0000807707 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-01 2020-08-31 0000807707 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-01 2020-08-31 0000807707 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-01 2020-08-31 0000807707 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-01 2019-08-31 0000807707 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-01 2019-08-31 0000807707 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-03-01 2019-08-31 0000807707 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-03-01 2019-08-31 0000807707 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-02-29 0000807707 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-02-29 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2020-02-29 0000807707 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-03-01 2020-08-31 0000807707 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-03-01 2020-08-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2020-03-01 2020-08-31 0000807707 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-08-31 0000807707 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-08-31 0000807707 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2020-08-31 0000807707 voxx:IntercompanyTransactionsOfLongTermInvestmentNatureMember us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-03-01 2020-08-31 0000807707 voxx:TranslatingFinancialStatementsMember us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-03-01 2020-08-31 0000807707 us-gaap:AccountingStandardsUpdate201602Member 2019-03-01 2019-08-31 0000807707 us-gaap:RestrictedStockUnitsRSUMember voxx:TwoThousandFourteenEquityIncentivePlanMember 2014-03-01 2015-02-28 0000807707 srt:MinimumMember us-gaap:RestrictedStockUnitsRSUMember voxx:TwoThousandFourteenEquityIncentivePlanMember 2014-03-01 2015-02-28 0000807707 us-gaap:RestrictedStockUnitsRSUMember voxx:TwoThousandFourteenEquityIncentivePlanMember 2020-07-01 2020-07-31 0000807707 srt:ChiefExecutiveOfficerMember 2019-07-08 0000807707 srt:ChiefExecutiveOfficerMember us-gaap:CommonClassAMember 2019-07-08 2019-07-08 0000807707 srt:ChiefExecutiveOfficerMember us-gaap:CommonClassAMember voxx:TwoThousandTwelveEquityIncentivePlanMember 2019-07-08 2019-07-08 0000807707 srt:ChiefExecutiveOfficerMember us-gaap:CommonClassAMember voxx:FirstYearMember 2019-07-08 2019-07-08 0000807707 srt:ChiefExecutiveOfficerMember us-gaap:CommonClassAMember voxx:SecondYearMember 2019-07-08 2019-07-08 0000807707 srt:ChiefExecutiveOfficerMember us-gaap:CommonClassAMember voxx:ThirdYearMember 2019-07-08 2019-07-08 0000807707 srt:ChiefExecutiveOfficerMember us-gaap:CommonClassAMember 2020-06-01 2020-08-31 0000807707 srt:ChiefExecutiveOfficerMember us-gaap:CommonClassAMember 2020-03-01 2020-08-31 0000807707 srt:ChiefExecutiveOfficerMember 2019-07-08 2019-07-08 0000807707 srt:ChiefExecutiveOfficerMember 2020-06-01 2020-08-31 0000807707 srt:ChiefExecutiveOfficerMember 2020-03-01 2020-08-31 0000807707 voxx:TwoThousandFourteenEquityIncentivePlanMember us-gaap:RestrictedStockUnitsRSUMember 2020-02-29 0000807707 voxx:TwoThousandFourteenEquityIncentivePlanMember us-gaap:RestrictedStockUnitsRSUMember 2020-03-01 2020-08-31 0000807707 voxx:TwoThousandFourteenEquityIncentivePlanMember us-gaap:RestrictedStockUnitsRSUMember 2020-08-31 0000807707 voxx:TwoThousandFourteenEquityIncentivePlanMember voxx:UnsettledRestrictedStockUnitAwardsMember 2020-03-01 2020-08-31 0000807707 us-gaap:RestrictedStockMember 2020-06-01 2020-08-31 0000807707 us-gaap:RestrictedStockMember 2020-03-01 2020-08-31 0000807707 us-gaap:RestrictedStockMember 2020-08-31 0000807707 voxx:AutomotiveElectronicsMember 2020-02-29 0000807707 voxx:AutomotiveElectronicsMember 2020-03-01 2020-08-31 0000807707 voxx:AutomotiveElectronicsMember 2020-08-31 0000807707 voxx:ConsumerElectronicsMember 2020-02-29 0000807707 voxx:ConsumerElectronicsMember 2020-03-01 2020-08-31 0000807707 voxx:ConsumerElectronicsMember 2020-08-31 0000807707 voxx:BiometricsMember 2020-08-31 0000807707 voxx:BiometricsMember 2020-02-29 0000807707 us-gaap:CustomerRelationshipsMember 2020-08-31 0000807707 us-gaap:TrademarksAndTradeNamesMember 2020-08-31 0000807707 us-gaap:PatentedTechnologyMember 2020-08-31 0000807707 us-gaap:PatentsMember 2020-08-31 0000807707 us-gaap:LicensingAgreementsMember 2020-08-31 0000807707 us-gaap:ContractualRightsMember 2020-08-31 0000807707 us-gaap:TrademarksMember 2020-08-31 0000807707 us-gaap:CustomerRelationshipsMember 2020-02-29 0000807707 us-gaap:TrademarksAndTradeNamesMember 2020-02-29 0000807707 us-gaap:PatentedTechnologyMember 2020-02-29 0000807707 us-gaap:PatentsMember 2020-02-29 0000807707 us-gaap:LicensingAgreementsMember 2020-02-29 0000807707 us-gaap:ContractualRightsMember 2020-02-29 0000807707 us-gaap:TrademarksMember 2020-02-29 0000807707 voxx:ASAElectronicsLLCMember 2020-08-31 0000807707 voxx:ASAElectronicsLLCMember 2020-02-29 0000807707 voxx:ASAElectronicsLLCMember 2020-03-01 2020-08-31 0000807707 voxx:ASAElectronicsLLCMember 2019-03-01 2019-08-31 0000807707 us-gaap:RevolvingCreditFacilityMember 2020-08-31 0000807707 us-gaap:MortgagesMember 2020-08-31 0000807707 us-gaap:MortgagesMember 2020-02-29 0000807707 us-gaap:ForeignLineOfCreditMember voxx:MagnatMember 2020-08-31 0000807707 us-gaap:ForeignLineOfCreditMember voxx:MagnatMember 2020-02-29 0000807707 us-gaap:RevolvingCreditFacilityMember 2020-08-31 0000807707 us-gaap:LetterOfCreditMember 2020-08-31 0000807707 us-gaap:LoansMember 2020-08-31 0000807707 us-gaap:LondonInterbankOfferedRateLIBORMember srt:MinimumMember 2020-03-01 2020-08-31 0000807707 us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2020-03-01 2020-08-31 0000807707 us-gaap:BaseRateMember srt:MinimumMember 2020-03-01 2020-08-31 0000807707 us-gaap:BaseRateMember srt:MaximumMember 2020-03-01 2020-08-31 0000807707 2020-06-30 0000807707 voxx:JuneTwoThousandTwentyAmendmentToCreditFacilityMember 2020-03-01 2020-08-31 0000807707 voxx:JuneTwoThousandTwentyAmendmentToCreditFacilityMember 2020-06-01 2020-08-31 0000807707 us-gaap:RevolvingCreditFacilityMember 2020-06-01 2020-06-30 0000807707 us-gaap:LineOfCreditMember 2020-08-31 0000807707 2015-07-06 utr:Rate 0000807707 us-gaap:MortgagesMember 2020-03-01 2020-08-31 0000807707 us-gaap:MortgagesMember 2020-06-01 2020-08-31 0000807707 us-gaap:MortgagesMember 2019-06-01 2019-08-31 0000807707 us-gaap:MortgagesMember 2019-03-01 2019-08-31 iso4217:EUR 0000807707 us-gaap:ForeignLineOfCreditMember voxx:AudiovoxGermanyMember 2000-10-23 0000807707 us-gaap:ForeignLineOfCreditMember voxx:AudiovoxGermanyMember 2020-03-01 2020-08-31 0000807707 us-gaap:ForeignLineOfCreditMember voxx:AudiovoxGermanyMember 2020-08-31 0000807707 us-gaap:ForeignLineOfCreditMember voxx:MagnatMember 2020-03-01 2020-08-31 0000807707 srt:ExecutiveOfficerMember 2020-03-01 2020-08-31 0000807707 voxx:KlipschGroupIncorporationMember 2019-03-01 2019-08-31 0000807707 currency:VES 2020-08-31 0000807707 currency:VES 2019-08-31 0000807707 country:VE 2020-06-01 2020-08-31 0000807707 country:VE 2020-03-01 2020-08-31 0000807707 country:VE 2019-06-01 2019-08-31 0000807707 country:VE 2019-03-01 2019-08-31 0000807707 us-gaap:PreferredStockMember 2020-08-31 0000807707 us-gaap:SeriesAPreferredStockMember 2020-08-31 0000807707 us-gaap:PreferredStockMember 2020-02-29 0000807707 us-gaap:SeriesAPreferredStockMember 2020-02-29 0000807707 us-gaap:PreferredStockMember 2020-03-01 2020-08-31 0000807707 us-gaap:SeriesAPreferredStockMember 2020-03-01 2020-08-31 0000807707 us-gaap:CommonClassAMember 2020-03-01 2020-08-31 0000807707 us-gaap:CommonClassBMember 2020-03-01 2020-08-31 0000807707 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-03-01 2019-02-28 0000807707 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-08-31 0000807707 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-02-29 0000807707 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-06-01 2020-08-31 0000807707 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-01 2019-08-31 0000807707 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-03-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveElectronicsMember 2020-06-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2020-06-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2020-06-01 2020-08-31 0000807707 us-gaap:CorporateNonSegmentMember 2020-06-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveElectronicsMember 2019-06-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2019-06-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2019-06-01 2019-08-31 0000807707 us-gaap:CorporateNonSegmentMember 2019-06-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveElectronicsMember 2020-03-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2020-03-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2020-03-01 2020-08-31 0000807707 us-gaap:CorporateNonSegmentMember 2020-03-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveElectronicsMember 2019-03-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2019-03-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2019-03-01 2019-08-31 0000807707 us-gaap:CorporateNonSegmentMember 2019-03-01 2019-08-31 0000807707 voxx:TelematicSubscriptionServicesMember 2020-08-31 0000807707 voxx:OEMProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2020-06-01 2020-08-31 0000807707 voxx:OEMProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2019-06-01 2019-08-31 0000807707 voxx:OEMProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2020-03-01 2020-08-31 0000807707 voxx:OEMProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2019-03-01 2019-08-31 0000807707 voxx:AftermarketProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2020-06-01 2020-08-31 0000807707 voxx:AftermarketProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2019-06-01 2019-08-31 0000807707 voxx:AftermarketProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2020-03-01 2020-08-31 0000807707 voxx:AftermarketProductsMember us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2019-03-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2020-06-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2019-06-01 2019-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2020-03-01 2020-08-31 0000807707 us-gaap:OperatingSegmentsMember voxx:AutomotiveMember 2019-03-01 2019-08-31 0000807707 voxx:PremiumAudioProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2020-06-01 2020-08-31 0000807707 voxx:PremiumAudioProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2019-06-01 2019-08-31 0000807707 voxx:PremiumAudioProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2020-03-01 2020-08-31 0000807707 voxx:PremiumAudioProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2019-03-01 2019-08-31 0000807707 voxx:OtherConsumerElectronicProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2020-06-01 2020-08-31 0000807707 voxx:OtherConsumerElectronicProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2019-06-01 2019-08-31 0000807707 voxx:OtherConsumerElectronicProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2020-03-01 2020-08-31 0000807707 voxx:OtherConsumerElectronicProductsMember us-gaap:OperatingSegmentsMember voxx:ConsumerElectronicsMember 2019-03-01 2019-08-31 0000807707 voxx:BiometricProductsMember us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2020-06-01 2020-08-31 0000807707 voxx:BiometricProductsMember us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2019-06-01 2019-08-31 0000807707 voxx:BiometricProductsMember us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2020-03-01 2020-08-31 0000807707 voxx:BiometricProductsMember us-gaap:OperatingSegmentsMember voxx:BiometricsMember 2019-03-01 2019-08-31

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended August 31, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 0-28839

 

VOXX International Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of

incorporation or organization)

 

13-1964841

(IRS Employer Identification No.)

2351 J Lawson Blvd., Orlando, Florida

(Address of principal executive offices)

 

32824

(Zip Code)

 

 

 

(800645-7750

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:

Trading Symbol:

Name of Each Exchange on which Registered

Class A Common Stock $.01 par value

VOXX

The Nasdaq Stock Market LLC

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of shares of each class of the issuer's common stock outstanding as of the latest practicable date.

 

Class

 

As of October 8, 2020

Class A Common Stock

 

21,656,976 Shares

Class B Common Stock

 

2,260,954 Shares

 

 

 


 

VOXX International Corporation and Subsidiaries

Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1

 

FINANCIAL STATEMENTS

 

 

 

 

Consolidated Balance Sheets at August 31, 2020 (unaudited) and February 29, 2020

 

3

 

 

Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended August 31, 2020 and 2019

 

4

 

 

Unaudited Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended August 31, 2020 and 2019

 

5

 

 

Unaudited Consolidated Statements of Cash Flows for the Six Months Ended August 31, 2020 and 2019

 

6

 

 

Notes to Unaudited Consolidated Financial Statements

 

7

Item 2

 

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

31

Item 3

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

44

Item 4

 

CONTROLS AND PROCEDURES

 

44

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1

 

LEGAL PROCEEDINGS

 

45

Item 1A

 

RISK FACTORS

 

45

Item 2

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

45

Item 6

 

EXHIBITS

 

46

SIGNATURES

 

47

 

 

 

 

2


 

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

VOXX International Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

 

August 31,

2020

 

 

February 29,

2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,889

 

 

$

37,425

 

Accounts receivable, net

 

 

104,613

 

 

 

69,714

 

Inventory

 

 

126,407

 

 

 

99,110

 

Receivables from vendors

 

 

567

 

 

 

230

 

Prepaid expenses and other current assets

 

 

14,294

 

 

 

10,885

 

Income tax receivable

 

 

443

 

 

 

456

 

Total current assets

 

 

292,213

 

 

 

217,820

 

Investment securities

 

 

1,838

 

 

 

2,282

 

Equity investment

 

 

22,305

 

 

 

21,924

 

Property, plant and equipment, net

 

 

52,846

 

 

 

51,424

 

Operating lease, right of use asset

 

 

4,990

 

 

 

3,143

 

Goodwill

 

 

58,383

 

 

 

55,000

 

Intangible assets, net

 

 

94,350

 

 

 

88,288

 

Deferred income tax assets

 

 

56

 

 

 

52

 

Other assets

 

 

1,524

 

 

 

1,638

 

Total assets

 

$

528,505

 

 

$

441,571

 

Liabilities, Redeemable Equity, and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

58,376

 

 

$

22,096

 

Accrued expenses and other current liabilities

 

 

45,743

 

 

 

34,046

 

Income taxes payable

 

 

2,424

 

 

 

1,523

 

Accrued sales incentives

 

 

17,543

 

 

 

12,250

 

Contract liabilities, current

 

 

4,486

 

 

 

 

Current portion of long-term debt

 

 

959

 

 

 

1,107

 

Total current liabilities

 

 

129,531

 

 

 

71,022

 

Long-term debt, net of debt issuance costs

 

 

26,319

 

 

 

6,099

 

Finance lease liabilities, less current portion

 

 

490

 

 

 

720

 

Operating lease liabilities, less current portion

 

 

3,996

 

 

 

2,391

 

Contract liabilities, less current portion

 

 

1,070

 

 

 

 

Deferred compensation

 

 

1,838

 

 

 

2,282

 

Deferred income tax liabilities

 

 

6,786

 

 

 

3,828

 

Other tax liabilities

 

 

1,094

 

 

 

1,225

 

Other long-term liabilities

 

 

6,130

 

 

 

3,294

 

Total liabilities

 

 

177,254

 

 

 

90,861

 

Commitments and contingencies (see Note 25)

 

 

 

 

 

 

 

 

Redeemable equity (see Note 8)

 

 

2,767

 

 

 

2,481

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock:

 

 

 

 

 

 

 

 

No shares issued or outstanding (see Note 21)

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

 

Class A, $.01 par value, 60,000,000 shares authorized, 24,406,194 and 24,306,194 shares issued and 21,656,976 and 21,556,976 shares outstanding at August 31, 2020 and February 29, 2020, respectively

 

 

245

 

 

 

244

 

Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and outstanding at both August 31, 2020 and February 29, 2020

 

 

22

 

 

 

22

 

Paid-in capital

 

 

299,339

 

 

 

299,228

 

Retained earnings

 

 

121,207

 

 

 

122,139

 

Accumulated other comprehensive loss

 

 

(16,076

)

 

 

(19,055

)

Less: Treasury stock, at cost, 2,749,218 shares of Class A Common Stock at both August 31, 2020 and February 29, 2020

 

 

(23,918

)

 

 

(23,918

)

Less: Redeemable equity

 

 

(2,767

)

 

 

(2,481

)

Total VOXX International Corporation stockholders' equity

 

 

378,052

 

 

 

376,179

 

Non-controlling interest

 

 

(29,568

)

 

 

(27,950

)

Total stockholders' equity

 

 

348,484

 

 

 

348,229

 

Total liabilities, redeemable equity, and stockholders' equity

 

$

528,505

 

 

$

441,571

 

See accompanying notes to unaudited consolidated financial statements.

 

3


 

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except share and per share data)

 

 

 

Three months ended

August 31,

 

 

Six months ended

August 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

128,032

 

 

$

90,246

 

 

$

200,019

 

 

$

183,700

 

Cost of sales

 

 

89,956

 

 

 

66,477

 

 

 

141,968

 

 

 

133,922

 

Gross profit

 

 

38,076

 

 

 

23,769

 

 

 

58,051

 

 

 

49,778

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

9,067

 

 

 

8,701

 

 

 

17,429

 

 

 

18,582

 

General and administrative

 

 

15,545

 

 

 

17,782

 

 

 

30,540

 

 

 

35,207

 

Engineering and technical support

 

 

4,781

 

 

 

5,035

 

 

 

9,266

 

 

 

10,842

 

Total operating expenses

 

 

29,393

 

 

 

31,518

 

 

 

57,235

 

 

 

64,631

 

Operating income (loss)

 

 

8,683

 

 

 

(7,749

)

 

 

816

 

 

 

(14,853

)

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and bank charges

 

 

(1,010

)

 

 

(887

)

 

 

(1,863

)

 

 

(1,884

)

Equity in income of equity investee

 

 

1,883

 

 

 

1,265

 

 

 

2,745

 

 

 

2,705

 

Investment gain

 

 

 

 

 

775

 

 

 

 

 

 

775

 

Other, net

 

 

(392

)

 

 

547

 

 

 

142

 

 

 

2,191

 

Total other income, net

 

 

481

 

 

 

1,700

 

 

 

1,024

 

 

 

3,787

 

Income (loss) before income taxes

 

 

9,164

 

 

 

(6,049

)

 

 

1,840

 

 

 

(11,066

)

Income tax expense (benefit)

 

 

2,609

 

 

 

1,115

 

 

 

4,390

 

 

 

(1,530

)

Net income (loss)

 

 

6,555

 

 

 

(7,164

)

 

 

(2,550

)

 

 

(9,536

)

Less: net loss attributable to non-controlling interest

 

 

(785

)

 

 

(1,200

)

 

 

(1,618

)

 

 

(2,424

)

Net income (loss) attributable to VOXX International Corporation

 

$

7,340

 

 

$

(5,964

)

 

$

(932

)

 

$

(7,112

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

3,025

 

 

 

(215

)

 

 

3,529

 

 

 

(1,026

)

Derivatives designated for hedging

 

 

(294

)

 

 

(177

)

 

 

(471

)

 

 

(284

)

Pension plan adjustments

 

 

(65

)

 

 

9

 

 

 

(79

)

 

 

23

 

Other comprehensive income (loss), net of tax

 

 

2,666

 

 

 

(383

)

 

 

2,979

 

 

 

(1,287

)

Comprehensive income (loss) attributable to VOXX International Corporation

 

$

10,006

 

 

$

(6,347

)

 

$

2,047

 

 

$

(8,399

)

Income (loss) per share - basic: Attributable to VOXX International Corporation

 

$

0.30

 

 

$

(0.24

)

 

$

(0.04

)

 

$

(0.29

)

Income (loss) per share - diluted: Attributable to VOXX International Corporation

 

$

0.30

 

 

$

(0.24

)

 

$

(0.04

)

 

$

(0.29

)

Weighted-average common shares outstanding (basic)

 

 

24,224,478

 

 

 

24,481,477

 

 

 

24,223,935

 

 

 

24,457,482

 

Weighted-average common shares outstanding (diluted)

 

 

24,552,064

 

 

 

24,481,477

 

 

 

24,223,935

 

 

 

24,457,482

 

 

See accompanying notes to unaudited consolidated financial statements.

4


 

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Stockholders' Equity

For the three and six months ended August 31, 2020 and 2019

(In thousands, except share and per share data)

 

 

 

Class A

and Class B

Common

Stock

 

 

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Non-

controlling

Interests

 

 

Treasury

Stock

 

 

Redeemable Equity

 

 

Total

Stock-

holders'

Equity

 

Balances at February 29, 2020

 

$

266

 

 

$

299,228

 

 

$

122,139

 

 

$

(19,055

)

 

$

(27,950

)

 

$

(23,918

)

 

$

(2,481

)

 

$

348,229

 

Net loss

 

 

 

 

 

 

 

 

(8,272

)

 

 

 

 

 

(833

)

 

 

 

 

 

 

 

 

(9,105

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

313

 

 

 

 

 

 

 

 

 

 

 

 

313

 

Stock-based compensation expense

 

 

1

 

 

 

351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(201

)

 

 

151

 

Balances at May 31, 2020

 

 

267

 

 

 

299,579

 

 

 

113,867

 

 

 

(18,742

)

 

 

(28,783

)

 

 

(23,918

)

 

 

(2,682

)

 

 

339,588

 

Net income (loss)

 

 

 

 

 

 

 

 

7,340

 

 

 

 

 

 

(785

)

 

 

 

 

 

 

 

 

6,555

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

2,666

 

 

 

 

 

 

 

 

 

 

 

 

2,666

 

Settlement of SERP restricted stock units

 

 

 

 

 

(575

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(575

)

Stock-based compensation expense

 

 

 

 

 

335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85

)

 

 

250

 

Balances at August 31, 2020

 

$

267

 

 

$

299,339

 

 

$

121,207

 

 

$

(16,076

)

 

$

(29,568

)

 

$

(23,918

)

 

$

(2,767

)

 

$

348,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at February 28, 2019

 

$

264

 

 

$

296,946

 

 

$

148,582

 

 

$

(16,944

)

 

$

(12,571

)

 

$

(21,176

)

 

$

-

 

 

$

395,101

 

Net loss

 

 

 

 

 

 

 

 

(1,148

)

 

 

 

 

 

(1,224

)

 

 

 

 

 

 

 

 

(2,372

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(904

)

 

 

 

 

 

 

 

 

 

 

 

(904

)

Stock-based compensation expense

 

 

 

 

 

159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159

 

Balances at May 31, 2019

 

 

264

 

 

 

297,105

 

 

 

147,434

 

 

 

(17,848

)

 

 

(13,795

)

 

 

(21,176

)

 

 

-

 

 

 

391,984

 

Net loss

 

 

 

 

 

 

 

 

(5,964

)

 

 

 

 

 

(1,200

)

 

 

 

 

 

 

 

 

(7,164

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(383

)

 

 

 

 

 

 

 

 

 

 

 

(383

)

Stock-based compensation expense

 

 

2

 

 

 

1,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,025

)

 

 

161

 

Reclassifications of stockholders' equity to redeemable equity (see Note 8)