0001564590-22-020425 | 10-K | XBRL Viewer

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Description of Business and Summary of Significant Accounting Policies - Accounts Receivable - Additional Information (Details) $ in Thousands		12 Months Ended
	Mar. 01, 2020	Feb. 28, 2022	Feb. 28, 2022 USD ($)	Feb. 28, 2022	Feb. 28, 2022 Rate	Feb. 28, 2022 Customer	Feb. 28, 2021 USD ($) Rate	Feb. 29, 2020 USD ($)
Proceeds from sale of continuing operations			$ 89,400				$ 100,800	$ 79,100
Interest and Bank Charges [Member]
Fees incurred in connection with the agreements			$ 260				$ 330	$ 370
ASU 2016-13 [Member]
Change in accounting principle accounting standards update adoption date	Mar. 01, 2020
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
Customer [Member] \| Accounts Receivable [Member]
Number of largest customer \| Customer						5
Largest Customer [Member] \| Customer [Member] \| Accounts Receivable [Member]
Concentration risk, percentage				24.00%	24.00%		25.00%
Minimum [Member]
Due date of AR, number of days		30 days
Due date of trade receivables number of days	30 days
Maximum [Member]
Due date of AR, number of days		60 days
Due date of trade receivables number of days	60 days

Contingencies

12 Months Ended

Feb. 28, 2022

Commitments And Contingencies Disclosure [Abstract]

Contingencies

15)	Contingencies

The Company is currently, and has in the past, been a party to various routine legal proceedings incident to the ordinary course of business. If management determines, based on the underlying facts and circumstances of each matter, that it is probable a loss will result from a litigation contingency and the amount of the loss can be reasonably estimated, the estimated loss is accrued for.

The products the Company sells are continually changing as a result of improved technology. As a result, although the Company and its suppliers attempt to avoid infringing known proprietary rights, the Company may be subject to legal proceedings and claims for alleged infringement by patent, trademark, or other intellectual property owners. Any claims relating to the infringement of third-party proprietary rights, even if not meritorious, could result in costly litigation, divert management’s attention and resources, or require the Company to either enter into royalty or license agreements which are not advantageous to the Company or pay material amounts of damages.

In March 2007, the Company entered into a contract with Seaguard Electronics, LLC (“Seaguard”) relating to the Company’s purchase from Seaguard of a stolen vehicle recovery product and back-end services. In August 2018, Seaguard filed a demand for arbitration against the Company with the American Arbitration Association (“AAA”) alleging claims for breach of contract and patent infringement. Seaguard originally sought damages of approximately $10,000 and on the seventh day of an eight-day fact witness portion of the arbitration in June 2021, amended its damages demand to $40,000, which was effected by the service of Claimant’s notice dated July 14, 2021.

On November 29, 2021, the Arbitrator issued an interim award (the “Interim Award”) with Seaguard prevailing on its breach of contract claim. The Company’s affirmative defenses relating to those claims, however, were denied in their entirety. Seaguard was awarded damages in the amount of $39,444 against the Company. On March 3, 2022, the Arbitrator issued a Partial Final Award on Bifurcated Issue in the amount of $39,444, plus $798 for its attorneys’ fees and costs. On March 11, 2022, the Arbitrator fixed the schedule of the patent portion of the bifurcated arbitration, with a trial date set for October 16, 2023. The Company has put its suppliers on notice of its indemnification rights with respect to the alleged infringing products.

On March 14, 2022, Seaguard filed a Petition in the United States District Court, Central District of California, Western Division, to confirm the Partial Final Award. On April 25, 2022, the Company filed its opposition to Seaguard’s Petition to Confirm and a Counter-Petition to Vacate the Partial Final Award. A hearing on the Petition and Counter-Petition is presently scheduled for June 3, 2022.

At February 28, 2022, the Company has recorded a charge of $39,444 within Other (expense) income in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income. No accrual or reserve was included in the Company’s issued financial statements prior to the quarter ended November 30, 2021, based on an assessment that an award of damages in the arbitration proceeding would not be material and that the amount as determined by the Arbitrator’s award was not probable. The Company made its accrual determination in accordance with reports and evaluations from its damages expert, as well as from the guidance and opinion letters received from the Company’s trial attorneys.

Description of Business and Summary of Significant Accounting Policies - Fair Value Measurements and Derivatives - Additional Information (Details)	12 Months Ended
	Feb. 28, 2022 USD ($)	Feb. 28, 2021 USD ($)	Jul. 20, 2015	Jul. 20, 2015 Rate
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Derivative, Fixed Interest Rate			3.48%	3.48%
Foreign currency contracts settled date	Feb. 28, 2022
Maximum length of time - recognition of settled forward contracts into earnings	3 months
Amount excluded from assessment of hedge effectiveness	$ 0
Foreign currency contracts terminated	0
Foreign currency contracts de-designated	0	0
Interest Rate Swap [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Current outstanding notional value	$ 6,614,000
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Asset measured at fair value		$ 0
Liabilities measured at fair value		$ 0

Description of Business and Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Feb. 28, 2022 USD ($)
Accounting Policies [Abstract]
2023	$ 6,501
2024	6,148
2025	5,886
2026	5,783
2027	$ 3,551

Financial and Product Information About Foreign and Domestic Operations (Tables)

12 Months Ended

Feb. 28, 2022

Segment Reporting [Abstract]

Schedule of Segment Data from Continuing Operations

Segment data for each of the Company's segments are presented below:

	Automotive Electronics			Consumer Electronics		Biometrics			Corporate/ Eliminations			Total
Fiscal Year Ended February 28, 2022
Net sales	$	200,594		$	433,925	$	882		$	519		$	635,920
Equity in income of equity investees		7,890			—		—			—			7,890
Interest expense and bank charges		1,510			7,827		1,662			(8,467	)		2,532
Depreciation and amortization expense		3,049			4,957		297			4,095			12,398
Income (loss) before income taxes (a)		8,471			28,645		(9,354	)		(53,601	)		(25,839	)

Fiscal Year Ended February 28, 2021
Net sales	$	163,903		$	398,263	$	836		$	603		$	563,605
Equity in income of equity investees		7,350			—		—			—			7,350
Interest expense and bank charges		1,540			8,537		1,475			(8,573	)		2,979
Depreciation and amortization expense		2,881			3,856		322			3,974			11,033
Income (loss) before income taxes (b)		9,608			38,939		(8,726	)		(12,183	)		27,638

Fiscal Year Ended February 29, 2020
Net sales	$	114,154		$	279,675	$	461		$	599		$	394,889
Equity in income of equity investees		5,174			—		—			—			5,174
Interest expense and bank charges		436			9,482		1,279			(8,222	)		2,975
Depreciation and amortization expense		878			4,390		3,136			3,994			12,398
(Loss) income before income taxes (c)		(724	)		9,385		(39,241	)		(10,360	)		(40,940	)

(a)

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 interim arbitration award unfavorable to the Company (see Note 15).

(b)

Included within Income (loss) before income taxes for the year ended February 28, 2021 is an intangible asset impairment charge of $1,300 within the Consumer Electronics segment (see Note 1(k)).

(c)

Included within (Loss) income before income taxes for the year ended February 29, 2020 are intangible asset impairment charges totaling $30,230 ($2,828 within the Consumer Electronics segment and $27,402 within the Biometrics segment) (see Note 1(k)). Also included within Income (loss) before taxes for the year ended February 29, 2020 is the gain on the sale of real property in Pulheim, Germany of $4,057 within the Consumer Electronics segment (see Note 11).

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Geographic net sales information in the table below is based on the location of the selling entity. Long-lived assets, consisting of fixed assets, are reported below based on the location of the asset.

	United States		Europe		Other		Total
Fiscal Year Ended February 28, 2022
Net sales	$	506,226	$	97,396	$	32,298	$	635,920
Long-lived assets		44,751		3,422		1,621		49,794

Fiscal Year Ended February 29, 2021
Net sales	$	477,608	$	82,134	$	3,863	$	563,605
Long-lived assets		46,614		3,569		1,843		52,026

Fiscal Year Ended February 29, 2020
Net sales	$	322,612	$	69,755	$	2,522	$	394,889
Long-lived assets		48,111		3,099		214		51,424

Description of Business and Summary of Significant Accounting Policies - Summary of Investment Securities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Gain (Loss) on Securities [Line Items]
Marketable Equity Securities	$ 1,231	$ 1,777
Mutual funds	1,231	1,777
Mutual Funds [Member]
Gain (Loss) on Securities [Line Items]
Marketable Equity Securities	1,231	1,777
Mutual funds	$ 1,231	$ 1,777

Income Taxes

12 Months Ended

Feb. 28, 2022

Income Tax Disclosure [Abstract]

Income Taxes

8)	Income Taxes

The components of income (loss) before the provision (benefit) for income taxes are as follows:

	Year Ended			Year Ended		Year Ended
	February 28, 2022			February 28, 2021		February 29, 2020
Domestic Operations	$	(26,665	)	$	24,485	$	(47,249	)
Foreign Operations		826			3,153		6,309
	$	(25,839	)	$	27,638	$	(40,940	)

The provision (benefit) for income taxes is comprised of the following:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Current provision (benefit)
Federal	$	20		$	(10	)	$	(26	)
State		804			1,172			395
Foreign		2,148			496			1,824
Total current provision	$	2,972		$	1,658		$	2,193
Deferred (benefit) provision
Federal	$	(2,300	)	$	3,362		$	(1,850	)
State		1,010			(84	)		(564	)
Foreign		(56	)		(664	)		1,103
Total deferred (benefit) provision	$	(1,346	)	$	2,614		$	(1,311	)
Total (benefit) provision
Federal	$	(2,280	)	$	3,352		$	(1,876	)
State		1,814			1,088			(169	)
Foreign		2,092			(168	)		2,927
Total provision	$	1,626		$	4,272		$	882

The effective tax rate before income taxes varies from the current statutory U.S. federal income tax rate as follows:

	Year Ended					Year Ended					Year Ended
	February 28, 2022					February 28, 2021					February 29, 2020
Tax benefit at Federal statutory rates	$	(5,426	)	21.0	%	$	5,804		21.0	%	$	(8,598	)	21.0	%
State income taxes, net of Federal benefit		(282	)	1.1			983		3.5			(611	)	1.5
Change in valuation allowance		7,214		(28.0	)		(3,365	)	(12.2	)		4,218		(10.3	)
Change in tax reserves		(227	)	0.9			(311	)	(1.1	)		(52	)	-
Non-controlling interest		766		(3.0	)		714		2.6			3,229		(7.9	)
U.S. effects of foreign operations		787		(3.1	)		412		1.5			1,403		(3.4	)
Permanent differences and other		581		(2.2	)		(192	)	(0.7	)		1,170		(2.9	)
U.S. GILTI inclusion		232		(0.9	)		521		1.9			710		(1.7	)
Change in tax rate		105		(0.4	)		102		0.4			(151	)	0.4
Research & development credits		243		(0.9	)		-		-			-		-
Foreign derived intangible income deduction		(975	)	3.8			-		-			-		-
Foreign tax credits		(1,392	)	5.4			(396	)	(1.4	)		(436	)	1.1
Effective tax rate	$	1,626		(6.3	)%	$	4,272		15.5	%	$	882		(2.2	)%

The U.S. effects of foreign operations include differences in the statutory tax rates of the foreign countries as compared to the statutory tax rate in the U.S. Permanent differences and other include nondeductible expenses, Section 162(m) limitation on executive compensation, and other adjustments.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying values of assets and liabilities for financial reporting and tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows:

	February 28, 2022			February 28, 2021
Deferred tax assets:
Accounts receivable	$	301		$	271
Inventory		4,356			3,270
Property, plant and equipment		1,903			1,480
Interim arbitration award		9,515			—
Operating lease		999			1,184
Accruals and reserves		5,946			5,303
Deferred compensation		297			433
Warranty reserves		692			752
Unrealized gains and losses		4,219			4,373
Partnership investments		3,399			3,661
Net operating losses		6,278			6,104
Foreign tax credits		2,254			3,805
Other tax credits		5,220			5,433
Deferred tax assets before valuation allowance		45,379			36,069
Less: valuation allowance		(30,059	)		(22,845	)
Total deferred tax assets		15,320			13,224
Deferred tax liabilities:
Intangible assets		(17,464	)		(16,948	)
Prepaid expenses		(2,079	)		(1,588	)
Operating lease		(977	)		(1,152	)
Deferred financing fees		(60	)		(82	)
Total deferred tax liabilities		(20,580	)		(19,770	)
Net deferred tax liability	$	(5,260	)	$	(6,546	)

In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating loss carryforwards can be utilized. We consider the level of historical taxable income, scheduled reversal of temporary differences, tax planning strategies and projected future taxable income in determining whether a valuation allowance is warranted. Significant weight is given to positive and negative evidence that is objectively verifiable.

The Company evaluates the realizability of deferred tax assets on a jurisdictional basis at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more likely than not realizable, we establish a valuation allowance. In addition, the Company maintains a valuation allowance against deferred tax assets in certain foreign jurisdictions. The Company's valuation allowance increased by $7,214 during the year ended February 28, 2022. Any further increase or decrease in the valuation allowance could have a favorable or unfavorable impact on our income tax provision and net income in the period in which such determination is made.

Notwithstanding the U.S. taxation of the deemed repatriated foreign earnings as a result of the one-time transition tax during Fiscal 2018, the Company intends to continue to invest these earnings indefinitely outside the U.S. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, the Company may be required to accrue U.S. deferred taxes (if any) and applicable withholding taxes. It is not practicable to estimate the tax impact of the

reversal of the outside basis difference, or the repatriation of cash due to the complexity of its hypothetical calculation.

As of February 28, 2022, the Company has capital loss carryforwards of approximately $14,056 which expire in 2024 which are only available to offset capital gain income. The Company has foreign tax credits of $1,366 which expire in tax years 2025 through 2026. The Company has federal research and development tax credits of $3,537 which expire in tax years 2035 through 2041. The Company has various foreign net operating loss carryforwards, state net operating loss carryforwards, and state tax credits that expire in various years and amounts through tax year 2041.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

Balance at February 28, 2019	$	9,082
Additions based on tax positions taken in the current and prior years		399
Settlements		—
Decreases based on tax positions taken in the prior years		(2,107	)
Other		(139	)
Balance at February 29, 2020	$	7,235
Additions based on tax positions taken in the current and prior years		3
Settlements		—
Decreases based on tax positions taken in the prior years		(490	)
Other		112
Balance at February 28, 2021	$	6,860
Additions based on tax positions taken in the current and prior years		140
Settlements		—
Decreases based on tax positions taken in prior years		(563	)
Other		(172	)
Balance at February 28, 2022	$	6,265

Of the amounts reflected in the table above at February 28, 2022, $6,265, if recognized, would reduce our effective tax rate. If recognized, $5,380 of the unrecognized tax benefits are likely to attract a full valuation allowance, thereby offsetting the favorable impact to the effective tax rate. Our unrecognized tax benefit non-current consolidated balance sheet liability, including interest and penalties, is $1,083. The Company records accrued interest and penalties related to income tax matters in the provision for income taxes in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income. For the years ended February 28, 2022, February 28, 2021 and February 29, 2020, interest and penalties on unrecognized tax benefits were $(28), $4 and $15, respectively. The balance as of February 28, 2022 and February 28, 2021 was $198 and $226, respectively. It is reasonably possible that unrecognized tax benefits will decrease by approximately $200 within the next 12 months.

The Company, or one of its subsidiaries, files its tax returns in the U.S. and certain state and foreign income tax jurisdictions with varying statutes of limitations. The earliest years' tax returns filed by the Company that are still subject to examination by the tax authorities in the major jurisdictions are as follows:

Jurisdiction		Tax Year

U.S.		2017
Netherlands		2016
Germany		2013

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 270
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-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Lease Obligations

12 Months Ended

Feb. 28, 2022

Leases [Abstract]

Lease Obligations

11)	Lease Obligations

On March 1, 2019, ASU No. 2016-02, "Leases (Topic 842)," was adopted by the Company using the modified retrospective approach. The Company adopted the package of practical expedients that allows companies to not reassess historical conclusions related to contracts that contain leases, existing lease classification, and initial direct costs. It did not adopt the hindsight practical expedient. Adoption of the new standard resulted in the recording of additional lease assets and lease liabilities, which totaled $2,227 and $2,243, respectively, on March 1, 2019. The standard did not materially affect the Company's consolidated financial position, results of operations, or cash flows, and did not have an impact on the Company's debt-covenant compliance. The new guidance was applied to all operating and capital leases at the date of initial application. Leases historically referred to as capital leases are now referred to as finance leases under the new guidance.

We determine whether an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if we obtain the rights to direct the use of, and to obtain substantially all of the economic benefit from, the use of the underlying asset. Some of our leases include both lease and non-lease components which are accounted for as a single lease component, as we have elected the practical expedient in ASU 842-10-15-37. Some of our operating lease agreements include variable lease costs, including taxes, common area maintenance, or increases in rental costs related to inflation. Such variable payments, other than those dependent upon a market index or rate, are expensed when the obligation for those payments is incurred. Lease expense is recorded in operating expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less which do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise are considered short term leases and are not recorded on the balance sheet. The Company had no short term leases during the year ended February 28, 2022.

Right-of-use assets and lease liabilities are recognized at each lease’s commencement date based on the present value of its lease payments over its respective lease term. When a borrowing rate is not explicitly available for a lease, our incremental borrowing rate is used based on information available at the lease’s commencement date to determine the present value of its lease payments. Operating lease payments are recognized on a straight-line basis over the lease term.

We have operating leases for office equipment, as well as offices, warehouses, and other facilities used for our operations. We also have finance leases comprised primarily of computer hardware and machinery and equipment. Our leases have remaining lease terms of less than 1 year to 9 years, some of which include renewal options. We consider these renewal options in determining the lease term used to establish our right-of-use assets and lease liabilities when it is determined that it is reasonably certain that the renewal option will be exercised.

Refer to the Consolidated Statements of Cash Flows for supplemental cash flow information related to leases.

On September 30, 2019, the Company, through its subsidiary Voxx German Holdings GmbH, executed a sale leaseback transaction, selling its real property in Pulheim, Germany to CLM S.A. RL (the “Purchaser”) for €10,920. Net proceeds received from the transaction were approximately $9,500 after transactional costs of $270 and repayment of the outstanding mortgage, which was $2,104 on September 30, 2019. The transaction qualified for sale leaseback accounting in accordance with ASC 842, “Leases.” Concurrently with the sale, the Company entered into an operating lease arrangement (“lease”) with the Purchaser for a small portion of the real property to continue to operate the combined Magnat/Klipsch sales office in Germany, with an initial lease term of five years. The Company recognized a gain related to the execution of the sale transaction of $4,057 for the year ended February 29, 2020, which is recorded in Other income (expense) on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The components of lease cost for the year ended February 28, 2022 were as follows:

	February 28, 2022		February 28, 2021		February 29, 2020
Operating lease cost (a) (c)	$	1,383	$	1,169	$	880
Finance lease cost:
Amortization of right of use assets (a)		403		596		684
Interest on lease liabilities (b)		11		28		47
Total finance lease cost	$	414	$	624	$	731

(a)

Recorded within Selling, general, and administrative; Engineering and technical support; and Cost of sales on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

(b)

Recorded within Interest and bank charges on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

(c)

Includes immaterial amounts related to variable rent expense.

Supplemental balance sheet information related to leases is as follows:

	February 28, 2022			February 28, 2021
Operating Leases
Operating lease, right of use assets	$	4,464		$	4,572
Total operating lease right of use assets	$	4,464		$	4,572
Accrued expenses and other current liabilities	$	1,255		$	1,119
Operating lease liabilities, less current portion		3,298			3,582
Total operating lease liabilities	$	4,553		$	4,701
Finance Leases
Property, plant and equipment, gross	$	2,503		$	2,503
Accumulated depreciation		(2,208	)		(1,805	)
Total finance lease right of use assets	$	295		$	698
Accrued expenses and other current liabilities	$	224		$	418
Finance lease liabilities, less current portion		78			302
Total finance lease liabilities	$	302		$	720
Weighted Average Remaining Lease Term
Operating leases	5.5 years			6.0 years
Finance leases	1.3 years			1.8 years
Weighted Average Discount Rate
Operating leases		4.01	%		4.49	%
Finance leases		3.87	%		3.87	%

At February 28, 2022, maturities of lease liabilities for each of the succeeding years were as follows:

	Operating Leases		Finance Leases
2022	$	1,390	$	228
2023		1,108		79
2024		638		—
2025		457		—
2026		326		—
Thereafter		1,086		—
Total lease payments		5,005		307
Less imputed interest		452		5
Total	$	4,553	$	302

As of February 28, 2022, the Company has not entered into any lease agreements that have not yet commenced.

The Company owns and occupies buildings as part of its operations. Certain space within these buildings may, from time to time, be leased to third parties from which the Company earns rental income as lessor. This leased space is recorded within property, plant and equipment and was not material to the Company's Consolidated Balance Sheet at February 28, 2022. Rental income earned by the Company for the years ended February 28, 2022, February 28, 2021, and February 29, 2020 was $678, $739, and $692, respectively, which is recorded within Other income (expense).

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Accrued Liabilities Current [Abstract]
Accrued Sales Commission, Current	$ 934	$ 971
Employee compensation	17,082	18,283
Professional fees and accrued settlements	1,620	922
Future warranty	4,470	4,403
Refund liability	5,469	5,145
Freight and duty	10,342	11,134
Royalties, advertising and other	14,742	12,534
Total accrued expenses and other current liabilities	$ 54,659	$ 53,392

Revenue from Contracts with Customers - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 28, 2022 USD ($) Segment	Feb. 28, 2021 USD ($)
Disaggregation Of Revenue [Line Items]
Number of reportable segments \| Segment	3
Contract with customer, right to recover product	$ 2,619	$ 2,404
Contract with customer, refund liability	5,469	5,145
Contract with customer, liability	5,412	$ 5,265
Telematic Subscription Services [Member] \| Directed LLC and Directed Electronics Canada Inc [Member]
Disaggregation Of Revenue [Line Items]
Contract with customer, liability	$ 5,412

Equity Investment - Equity Method Investment, Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2019
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Current Assets	$ 330,772	$ 319,339
Equity Method Investment, Summarized Financial Information, Current Liabilities	204,016	146,796
Equity Method Investment Summarized Financial Information, Equity	346,102	376,069	$ 348,229	$ 395,101
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	169,478	158,547	109,776
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	(27,465)	23,366	(41,822)
ASA Electronics, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Current Assets	46,202	49,956
Equity Method Investment, Summarized Financial Information, Noncurrent Assets	7,382	4,757
Equity Method Investment, Summarized Financial Information, Current Liabilities	10,888	8,179
Equity Method Investment Summarized Financial Information, Equity	42,696	46,534
Equity Method Investment, Summarized Financial Information, Revenue	114,825	95,866	98,632
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	27,517	24,124	21,342
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations	15,695	12,938	10,014
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 15,780	$ 14,700	$ 10,348

Other Stock and Retirement Plans

12 Months Ended

Feb. 28, 2022

Compensation And Retirement Disclosure [Abstract]

Other Stock and Retirement Plans

10)	Other Stock and Retirement Plans

Supplemental Executive Retirement Plan

Subject to certain performance criteria, service requirements and age restrictions, employees who participate in the SERP will receive restricted stock awards pursuant to the 2014 Plan. The restricted stock awards vest on the later of three years from the date of grant, or the grantee reaching the age of 65 years (see Note 1(u)).

As of February 28, 2022, approximately 1,147,000 shares of the Company's Class A common stock are reserved for issuance under the Company's Restricted and Stock Option Plans.

Profit Sharing Plans

The Company has established two non-contributory employee profit sharing plans for the benefit of its eligible employees in the United States and Canada. The plans are administered by trustees appointed by the Company. No discretionary contributions were made during the years ended February 28, 2022, February 28, 2021 and February 29, 2020. Contributions required by law to be made for eligible employees in Canada were not material for all periods presented.

401(k) Plans

The VOXX International Corporation 401(k) plan is for all eligible domestic employees. The Company matches a portion of the participant's contributions after three months of service under a predetermined formula based on the participant's contribution level. Shares of the Company's Common Stock are not an investment option in the 401(k) plan and the Company does not use such shares to match participants'

contributions. During the years ended February 28, 2022, February 28, 2021 and February 29, 2020, the Company contributed, net of forfeitures, $689, $555 and $586 to the 401(k) Plan.

Cash Bonus Profit Sharing Plan

The Company has a Cash Bonus Profit Sharing Plan that allows it to make profit sharing contributions for the benefit of eligible employees for any fiscal year based on a pre-determined formula on the Company's pre-tax profits. The size of the contribution is dependent upon the performance of the Company. A participant’s share of the contribution is determined pursuant to the participant’s eligible wages for the fiscal year as a percentage of total eligible wages for all participants. There were no contributions made to the plan for the years ended February 28, 2022, February 28, 2021 and February 29, 2020.

Deferred Compensation Plan

A Deferred Compensation Plan (the “Plan”) was adopted by the Company in 1999 for Vice Presidents and above. The Plan is intended to provide certain executives with supplemental retirement benefits as well as to permit the deferral of more of their compensation than they are permitted to defer under the Profit Sharing and 401(k) Plans. The Plan provides for a matching contribution equal to 25% of the employee deferrals up to $20 to be made at the Company’s discretion. No matching contributions were made for the years ended February 28, 2022, February 28, 2021 and February 29, 2020. The Plan is not intended to be a qualified plan under the provisions of the Internal Revenue Code. All compensation deferred under the Plan is held by the Company in an investment trust which is considered an asset of the Company. The Company has the option of amending or terminating the Plan at any time.

The investments, which amounted to $1,231 and $1,777 at February 28, 2022 and February 28, 2021, respectively, are classified as long-term marketable equity securities and are included in Investment securities on the accompanying Consolidated Balance Sheets and a corresponding liability is recorded in Deferred compensation, which is classified as a non-current liability. Unrealized gains and losses on the marketable securities and corresponding deferred compensation liability net to zero in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income.

Description of Business and Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Stockholders equity, beginning of period	$ 376,069	$ 348,229	$ 395,101
Other comprehensive income (loss) before reclassifications	(2,674)	3,913	(1,763)
Reclassified from accumulated other comprehensive (loss) income	148	165	(348)
Other comprehensive (loss) income, net of tax	(2,526)	4,078	(2,111)
Stockholders equity, end of period	346,102	376,069	348,229
Foreign Currency Translation (Losses) Gains [Member]
Stockholders equity, beginning of period	(13,374)	(17,739)	(16,222)
Other comprehensive income (loss) before reclassifications	(3,317)	4,365	(1,517)
Reclassified from accumulated other comprehensive (loss) income	0	0	0
Other comprehensive (loss) income, net of tax	(3,317)	4,365	(1,517)
Stockholders equity, end of period	(16,691)	(13,374)	(17,739)
Pension Plan Adjustments, Net of Tax [Member]
Stockholders equity, beginning of period	(869)	(887)	(798)
Other comprehensive income (loss) before reclassifications	158	18	(89)
Reclassified from accumulated other comprehensive (loss) income	0	0	0
Other comprehensive (loss) income, net of tax	158	18	(89)
Stockholders equity, end of period	(711)	(869)	(887)
Derivatives Designated in a Hedging Relationship, Net of Tax [Member]
Stockholders equity, beginning of period	(734)	(429)	76
Other comprehensive income (loss) before reclassifications	485	(470)	(157)
Reclassified from accumulated other comprehensive (loss) income	148	165	(348)
Other comprehensive (loss) income, net of tax	633	(305)	(505)
Stockholders equity, end of period	(101)	(734)	(429)
Accumulated Other Comprehensive (Loss) Income [Member]
Stockholders equity, beginning of period	(14,977)	(19,055)	(16,944)
Other comprehensive (loss) income, net of tax	(2,526)	4,078	(2,111)
Stockholders equity, end of period	$ (17,503)	$ (14,977)	$ (19,055)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 28, 2022

Feb. 28, 2021

Feb. 29, 2020

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Year

$ 1,104

$ 751

$ 1,125

Gross Amount Charged to Costs and Expenses

6,320

6,565

5,243

Reversals of Previously Established Accruals

Deductions

^[1]

6,316

6,212

5,617

Balance at End of Year

1,108

1,104

751

Allowance for Credit Losses [Member]

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Year

1,593

1,954

2,548

Gross Amount Charged to Costs and Expenses

863

(271)

253

Reversals of Previously Established Accruals

Deductions

^[1]

274

847

Balance at End of Year

2,182

1,593

1,954

Sales Return Reserve [Member]

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Year

5,145

3,779

4,415

Gross Amount Charged to Costs and Expenses

9,571

16,550

13,243

Reversals of Previously Established Accruals

Deductions

^[1]

9,247

15,184

13,879

Balance at End of Year

$ 5,469

$ 5,145

$ 3,779

[1]	For the allowance for credit losses and cash discount allowances, deductions represent currency effects, chargebacks and payments made or credits issued to customers.

Acquisitions - Summary of Allocation of Purchase Price for Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands			12 Months Ended
	Jul. 01, 2020	Jan. 31, 2020	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2019
Business Acquisition [Line Items]
Goodwill, measurement period adjustments			$ (1,353)	$ 21	$ 0
Goodwill			17,363	58,311	$ 55,000	$ 54,785
Directed LLC and Directed Electronics Canada Inc [Member]
Business Acquisition [Line Items]
Inventory	$ 7,054
Accounts receivable	5,173
Other current assets	160
Property and equipment	2,815
Operating lease, right of use asset	1,771
Goodwill	3,290
Total assets acquired	28,393
Accounts payable	8,144
Accrued expenses	1,406
Contract liabilities	4,872
Warranty accrual	1,200
Operating lease liability	1,771
Total	17,393
Total transaction consideration	11,000
Inventory, measurement period adjustments	956
Accounts receivable, measurement period adjustments	357
Goodwill, measurement period adjustments	(1,690)		$ (1,690)	(1,690)
Total assets acquired, measurement period adjustments	(477)
Accrued expenses, right of use asset, measurement period adjustments	(136)
Contract liabilities, measurement period adjustments	11
Warranty accrual, measurement period adjustments	(352)
Liabilities assumed, measurement period adjustments	(477)
Inventory	8,010
Accounts receivable	5,530
Other current assets	160
Property and equipment	2,815
Operating lease, right of use asset	1,771
Goodwill	1,600
Total assets acquired	27,916
Accounts payable	8,144
Accrued expenses	1,270
Contract liabilities	4,883
Warranty accrual	848
Operating lease liability	1,771
Total	16,916
Total purchase price	11,000
Directed LLC and Directed Electronics Canada Inc [Member] \| Trademarks [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill	4,500
Intangible assets other than goodwill	4,500
Directed LLC and Directed Electronics Canada Inc [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill	2,600
Intangible assets, measurement period adjustments	(100)
Intangible assets other than goodwill	2,500
Directed LLC and Directed Electronics Canada Inc [Member] \| Patented Technology [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill	1,030
Intangible assets other than goodwill	$ 1,030
VSHC [Member]
Business Acquisition [Line Items]
Inventory		$ 6,982
Accounts receivable		3,415
Other current assets		145
Property and equipment		714
Operating lease, right of use asset		483
Goodwill		215
Other non-current assets		3
Total assets acquired		18,257
Accounts payable		757
Accrued expenses		329
Lease liabilities		483
Warranty accrual		188
Total		1,757
Total transaction consideration		16,500
Inventory, measurement period adjustments		(76)
Accounts receivable, measurement period adjustments		(187)
Goodwill, measurement period adjustments		357		$ 357
Total assets acquired, measurement period adjustments		94
Accrued expenses, right of use asset, measurement period adjustments		94
Liabilities assumed, measurement period adjustments		94
Inventory		6,906
Accounts receivable		3,228
Other current assets		145
Property and equipment		714
Operating lease, right of use asset		483
Goodwill		572
Other non-current assets		3
Total assets acquired		18,351
Accounts payable		757
Accrued expenses		423
Lease liabilities		483
Warranty accrual		188
Total		1,851
Total purchase price		16,500
VSHC [Member] \| Trademarks [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill		560
Intangible assets other than goodwill		560
VSHC [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill		5,460
Intangible assets other than goodwill		5,460
VSHC [Member] \| Patented Technology [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill		280
Intangible assets other than goodwill		$ 280

Lease Obligations (Tables)

12 Months Ended

Feb. 28, 2022

Leases [Abstract]

Schedule of Components of Lease Cost

The components of lease cost for the year ended February 28, 2022 were as follows:

	February 28, 2022		February 28, 2021		February 29, 2020
Operating lease cost (a) (c)	$	1,383	$	1,169	$	880
Finance lease cost:
Amortization of right of use assets (a)		403		596		684
Interest on lease liabilities (b)		11		28		47
Total finance lease cost	$	414	$	624	$	731

(a)

Recorded within Selling, general, and administrative; Engineering and technical support; and Cost of sales on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

(b)

Recorded within Interest and bank charges on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

(c)

Includes immaterial amounts related to variable rent expense.

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

	February 28, 2022			February 28, 2021
Operating Leases
Operating lease, right of use assets	$	4,464		$	4,572
Total operating lease right of use assets	$	4,464		$	4,572
Accrued expenses and other current liabilities	$	1,255		$	1,119
Operating lease liabilities, less current portion		3,298			3,582
Total operating lease liabilities	$	4,553		$	4,701
Finance Leases
Property, plant and equipment, gross	$	2,503		$	2,503
Accumulated depreciation		(2,208	)		(1,805	)
Total finance lease right of use assets	$	295		$	698
Accrued expenses and other current liabilities	$	224		$	418
Finance lease liabilities, less current portion		78			302
Total finance lease liabilities	$	302		$	720
Weighted Average Remaining Lease Term
Operating leases	5.5 years			6.0 years
Finance leases	1.3 years			1.8 years
Weighted Average Discount Rate
Operating leases		4.01	%		4.49	%
Finance leases		3.87	%		3.87	%

Schedule of Maturities of Leases Liabilities

At February 28, 2022, maturities of lease liabilities for each of the succeeding years were as follows:

	Operating Leases		Finance Leases
2022	$	1,390	$	228
2023		1,108		79
2024		638		—
2025		457		—
2026		326		—
Thereafter		1,086		—
Total lease payments		5,005		307
Less imputed interest		452		5
Total	$	4,553	$	302

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 28, 2022

Accounting Policies [Abstract]

Assets and Liabilities Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2022:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	27,788	$	27,788	$	—	$	—
Mutual funds		1,231		1,231		-		-

Liabilities:
Derivatives designated for hedging	$	188	$	—	$	188	$	—
Contingent consideration		6,435		-		-		6,435

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2021:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	59,404	$	59,404	$	—	$	—
Mutual funds		1,777		1,777		-		-
Derivatives designated for hedging		412		-		412		-

Liabilities:
Derivatives designated for hedging	$	1,177	$	—	$	1,177	$	—

Fair Value, by Balance Sheet Grouping

The Company holds derivative instruments that are designated as hedging instruments. The following table discloses the fair value as of February 28, 2022 and February 28, 2021 for derivative instruments:

	Derivative Assets and Liabilities
		Fair Value
	Account	February 28, 2022			February 28, 2021
Designated derivative instruments
Foreign currency contracts	Prepaid expenses and other current assets	$	—		$	412
	Accrued expenses and other current liabilities		-			(731	)
Interest rate swap	Other long-term liabilities		(188	)		(446	)

Total derivatives		$	(188	)	$	(765	)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Activity related to cash flow hedges recorded during the twelve months ended February 28, 2022 and February 28, 2021 was as follows:

	February 28, 2022					February 28, 2021
	Gain Recognized in Other Comprehensive Income		Loss Reclassified from Accumulated Other Comprehensive Income			(Loss) Gain Recognized in Other Comprehensive Income			Loss Reclassified from Accumulated Other Comprehensive Income
Cash flow hedges
Foreign currency contracts	$	233	$	(307	)	$	(720	)	$	(238	)
Interest rate swaps	$	258	$	—		$	30		$	—

Summary of Investment Securities

As of February 28, 2022 and February 28, 2021, the Company had the following investments:

	February 28, 2022
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,231
Total Marketable Equity Securities		1,231
Total Investment Securities	$	1,231

	February 28, 2021
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,777
Total Marketable Equity Securities		1,777
Total Investment Securities	$	1,777

Schedule of Accounts Receivable

Accounts receivable are comprised of the following:

	February 28, 2022		February 28, 2021
Trade accounts receivable	$	108,915	$	108,862
Less:
Allowance for credit losses		2,182		1,593
Allowance for cash discounts		1,108		1,104
	$	105,625	$	106,165

Schedule of Inventory, Current

Inventories by major category are as follows:

	February 28, 2022		February 28, 2021
Raw materials	$	23,904	$	21,228
Work in process		1,519		1,732
Finished goods		149,499		107,833
Inventory, net	$	174,922	$	130,793

Summary of Property, Plant and Equipment, Net

A summary of property, plant and equipment, net, is as follows:

	February 28, 2022		February 28, 2021
Land	$	7,046	$	7,068
Buildings		44,177		43,987
Property under finance lease		2,503		2,503
Furniture and fixtures		4,489		4,424
Machinery and equipment		10,287		9,785
Construction-in-progress		3,341		1,587
Computer hardware and software		41,962		41,178
Automobiles		710		729
Leasehold improvements		2,718		2,688
		117,233		113,949
Less accumulated depreciation and amortization		67,439		61,923
	$	49,794	$	52,026

Summary of Estimated Useful Lives of Assets

Depreciation is calculated on the straight-line method over the estimated useful lives of the assets as follows:

Buildings and improvements	20	-	40 years
Furniture and fixtures	5	-	15 years
Machinery and equipment	5	-	15 years
Computer hardware and software	3	-	5 years
Automobiles			3 years

Change in Carrying Value of Goodwill

The change in the carrying value of goodwill is as follows:

	February 28, 2022			February 28, 2021			February 29, 2020
Beginning of period	$	58,311		$	55,000		$	54,785
Goodwill acquired (see Note 2)		18,160			3,290			215
Adjustments to goodwill acquired, net (see Note 2)		(1,353	)		21			—
Foreign currency translation		(798	)		—			—
End of period	$	74,320		$	58,311		$	55,000

Gross carrying value	$	106,483		$	90,474		$	87,163
Accumulated impairment charges		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	74,320		$	58,311		$	55,000

	February 28, 2022			February 28, 2021			February 29, 2020
Automotive Electronics
Beginning of period	$	11,778		$	8,467		$	8,252
Goodwill acquired (see Note 2)		—			3,290			215
Adjustments to goodwill acquired, net (see Note 2)		(1,353	)		21			—
End of period	$	10,425		$	11,778		$	8,467

Gross carrying value	$	10,425		$	11,778		$	8,467
Accumulated impairment charge		—			—			—
Net carrying value	$	10,425		$	11,778		$	8,467

Consumer Electronics
Beginning of period	$	46,533		$	46,533		$	46,533
Goodwill acquired (see Note 2)		18,160			-			-
Adjustments to goodwill acquired (see Note 2)		-			-			-
Foreign currency translation		(798	)		—			—
End of period	$	63,895		$	46,533		$	46,533

Gross carrying value	$	96,058		$	78,696		$	78,696
Accumulated impairment charge		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	63,895		$	46,533		$	46,533

Total goodwill, net	$	74,320		$	58,311		$	55,000

Note: The Company's Biometrics segment did not carry a balance for goodwill at February 28, 2022, February 28, 2021, or February 29, 2020.

Schedule of Intangible Assets, Excluding Goodwill

At February 28, 2022 and February 28, 2021, intangible assets consisted of the following:

	February 28, 2022
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (10-15.5 years)	$	54,138	$	39,669	$	14,469
Trademarks/Tradenames (5.5-10 years)		17,466		1,927		15,539
Developed technology (7-10 years)		20,413		13,179		7,234
Patents (7-13 years)		6,736		5,562		1,174
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	101,709	$	63,293		38,416
Indefinite-lived intangible assets
Trademarks						63,034
Total intangible assets, net					$	101,450

	February 28, 2021
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	54,688	$	36,412	$	18,276
Trademarks/Tradenames (5.5-10 years)		5,545		811		4,734
Developed technology (7 years)		14,144		12,516		1,628
Patents (4-13 years)		6,736		4,629		2,107
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	84,069	$	57,324		26,745
Indefinite-lived intangible assets
Trademarks						63,359
Total intangible assets, net					$	90,104

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

At February 28, 2022, the estimated aggregate amortization expense for all amortizable intangibles for each of the succeeding five fiscal years is as follows:

Fiscal Year	Amount
2023	$	6,501
2024		6,148
2025		5,886
2026		5,783
2027		3,551

Summary of Activity with Respect to Accrued Sales Incentives

A summary of the activity with respect to accrued sales incentives is provided below:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Accrued sales incentives, opening balance	$	25,313		$	12,250		$	13,574
Liabilities acquired during acquisition		—			-			28
Accruals		58,490			67,337			35,345
Payments and credits		(59,644	)		(54,102	)		(36,583	)
Reversals for unearned sales incentives		(404	)		(172	)		(114	)
Accrued sales incentives, ending balance	$	23,755		$	25,313		$	12,250

Changes in Accrued Product Warranties and Product Repair Costs

Changes in the Company's accrued product warranties and product repair costs are as follows:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Beginning balance	$	5,290		$	4,748		$	4,469
Liabilities (adjusted) acquired during acquisitions		(352	)		1,200			188
Accrual for warranties issued during the year and repair cost		4,583			3,065			4,935
Warranty claims settled during the year		(3,899	)		(3,723	)		(4,844	)
Ending balance	$	5,622		$	5,290		$	4,748

Reconciliation Between Denominator of Basic and Diluted Net Income (Loss) Per Common Share

There are no reconciling items impacting the numerator of basic and diluted net (loss) income per common share. A reconciliation between the denominator of basic and diluted net (loss) income per common share is as follows:

	Year Ended		Year Ended		Year Ended
	February 28, 2022		February 28, 2021		February 29, 2020
Weighted-average common shares outstanding (basic)		24,287,179		24,201,221		24,394,663
Effect of dilutive securities:
Stock grants, restricted stock units, and market stock units		-		448,885		—
Weighted-average common and potential common shares outstanding (diluted)		24,287,179		24,650,106		24,394,663

Schedule of Other Nonoperating (Expense) Income

Other (expense) income is comprised of the following:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Foreign currency (loss) gain	$	(635	)	$	(862	)	$	405
Interest income		72			83			918
Rental income		678			739			692
Miscellaneous		208			786			317
Total other, net	$	323		$	746		$	2,332

Summary of Activity Related to 2014 Plan and Initial Stock Grant and Additional Stock Grants under Employment Agreement

The following table presents a summary of the activity related to the 2014 Plan and the initial stock grant and additional stock grants under the Employment Agreement for the year ended February 28, 2022:

	Number of shares			Weighted Average Grant Date Fair Value
Unvested share balance at February 28, 2019		470,807		$	5.49
Granted		571,352			4.21
Vested		(127,007	)		4.18
Vested and settled		(200,000	)		4.15
Forfeited		—			—
Unvested share balance at February 29, 2020		715,152		$	5.07
Granted		88,269			7.18
Vested		(99,697	)		7.21
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2021		603,724		$	5.18
Granted		48,527			13.59
Vested		(197,891	)		5.76
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2022		354,360		$	6.30

Schedule of Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

	Foreign Currency Translation (Losses) Gains			Pension plan adjustments, net of tax			Derivatives designated in a hedging relationship, net of tax			Total
Balance at February 28, 2019	$	(16,222	)	$	(798	)	$	76		$	(16,944	)
Other comprehensive loss before reclassifications		(1,517	)		(89	)		(157	)		(1,763	)
Reclassified from accumulated other comprehensive (loss) income		—			—			(348	)		(348	)
Net current-period other comprehensive loss		(1,517	)		(89	)		(505	)		(2,111	)
Balance at February 29, 2020	$	(17,739	)	$	(887	)	$	(429	)	$	(19,055	)
Other comprehensive income (loss) before reclassifications		4,365			18			(470	)		3,913
Reclassified from accumulated other comprehensive loss		-			-			165			165
Net current-period other comprehensive income (loss)		4,365			18			(305	)		4,078
Balance at February 28, 2021	$	(13,374	)	$	(869	)	$	(734	)	$	(14,977	)
Other comprehensive (loss) income before reclassifications		(3,317	)		158			485			(2,674	)
Reclassified from accumulated other comprehensive loss		-			-			148			148
Net current-period other comprehensive (loss) income		(3,317	)		158			633			(2,526	)
Balance at February 28, 2022	$	(16,691	)	$	(711	)	$	(101	)	$	(17,503	)

Description of Business and Summary of Significant Accounting Policies - Summary of Activity with Respect to Accrued Sales Incentives (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Accounting Policies [Abstract]
Accrued sales incentives, opening balance	$ 25,313	$ 12,250	$ 13,574
Liabilities acquired during acquisition			28
Accruals	58,490	67,337	35,345
Payments and credits	(59,644)	(54,102)	(36,583)
Reversals for unearned sales incentives	(404)	(172)	(114)
Accrued sales incentives, ending balance	$ 23,755	$ 25,313	$ 12,250

Description of Business and Summary of Significant Accounting Policies - Schedule of Other (Expense) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Accounting Policies [Abstract]
Foreign currency (loss) gain	$ (635)	$ (862)	$ 405
Interest income	72	83	918
Rental income	678	739	692
Miscellaneous	208	786	317
Total other, net	$ 323	$ 746	$ 2,332

Income Taxes (Tables)

12 Months Ended

Feb. 28, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) Before Provision (Benefit) for Income Taxes

The components of income (loss) before the provision (benefit) for income taxes are as follows:

	Year Ended			Year Ended		Year Ended
	February 28, 2022			February 28, 2021		February 29, 2020
Domestic Operations	$	(26,665	)	$	24,485	$	(47,249	)
Foreign Operations		826			3,153		6,309
	$	(25,839	)	$	27,638	$	(40,940	)

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes is comprised of the following:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Current provision (benefit)
Federal	$	20		$	(10	)	$	(26	)
State		804			1,172			395
Foreign		2,148			496			1,824
Total current provision	$	2,972		$	1,658		$	2,193
Deferred (benefit) provision
Federal	$	(2,300	)	$	3,362		$	(1,850	)
State		1,010			(84	)		(564	)
Foreign		(56	)		(664	)		1,103
Total deferred (benefit) provision	$	(1,346	)	$	2,614		$	(1,311	)
Total (benefit) provision
Federal	$	(2,280	)	$	3,352		$	(1,876	)
State		1,814			1,088			(169	)
Foreign		2,092			(168	)		2,927
Total provision	$	1,626		$	4,272		$	882

Schedule of Effective Tax Rate Before Income Taxes

The effective tax rate before income taxes varies from the current statutory U.S. federal income tax rate as follows:

	Year Ended					Year Ended					Year Ended
	February 28, 2022					February 28, 2021					February 29, 2020
Tax benefit at Federal statutory rates	$	(5,426	)	21.0	%	$	5,804		21.0	%	$	(8,598	)	21.0	%
State income taxes, net of Federal benefit		(282	)	1.1			983		3.5			(611	)	1.5
Change in valuation allowance		7,214		(28.0	)		(3,365	)	(12.2	)		4,218		(10.3	)
Change in tax reserves		(227	)	0.9			(311	)	(1.1	)		(52	)	-
Non-controlling interest		766		(3.0	)		714		2.6			3,229		(7.9	)
U.S. effects of foreign operations		787		(3.1	)		412		1.5			1,403		(3.4	)
Permanent differences and other		581		(2.2	)		(192	)	(0.7	)		1,170		(2.9	)
U.S. GILTI inclusion		232		(0.9	)		521		1.9			710		(1.7	)
Change in tax rate		105		(0.4	)		102		0.4			(151	)	0.4
Research & development credits		243		(0.9	)		-		-			-		-
Foreign derived intangible income deduction		(975	)	3.8			-		-			-		-
Foreign tax credits		(1,392	)	5.4			(396	)	(1.4	)		(436	)	1.1
Effective tax rate	$	1,626		(6.3	)%	$	4,272		15.5	%	$	882		(2.2	)%

Schedule of Deferred Tax Assets and Liabilities

	February 28, 2022			February 28, 2021
Deferred tax assets:
Accounts receivable	$	301		$	271
Inventory		4,356			3,270
Property, plant and equipment		1,903			1,480
Interim arbitration award		9,515			—
Operating lease		999			1,184
Accruals and reserves		5,946			5,303
Deferred compensation		297			433
Warranty reserves		692			752
Unrealized gains and losses		4,219			4,373
Partnership investments		3,399			3,661
Net operating losses		6,278			6,104
Foreign tax credits		2,254			3,805
Other tax credits		5,220			5,433
Deferred tax assets before valuation allowance		45,379			36,069
Less: valuation allowance		(30,059	)		(22,845	)
Total deferred tax assets		15,320			13,224
Deferred tax liabilities:
Intangible assets		(17,464	)		(16,948	)
Prepaid expenses		(2,079	)		(1,588	)
Operating lease		(977	)		(1,152	)
Deferred financing fees		(60	)		(82	)
Total deferred tax liabilities		(20,580	)		(19,770	)
Net deferred tax liability	$	(5,260	)	$	(6,546	)

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

Balance at February 28, 2019	$	9,082
Additions based on tax positions taken in the current and prior years		399
Settlements		—
Decreases based on tax positions taken in the prior years		(2,107	)
Other		(139	)
Balance at February 29, 2020	$	7,235
Additions based on tax positions taken in the current and prior years		3
Settlements		—
Decreases based on tax positions taken in the prior years		(490	)
Other		112
Balance at February 28, 2021	$	6,860
Additions based on tax positions taken in the current and prior years		140
Settlements		—
Decreases based on tax positions taken in prior years		(563	)
Other		(172	)
Balance at February 28, 2022	$	6,265

Schedule of Tax Returns Subject to Examination by Tax Authorities in Major Jurisdictions

Jurisdiction		Tax Year

U.S.		2017
Netherlands		2016
Germany		2013

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Components of Deferred Tax Assets and Liabilities [Abstract]
Accounts receivable	$ 301	$ 271
Inventory	4,356	3,270
Property, plant and equipment	1,903	1,480
Interim arbitration award	9,515
Operating lease	999	1,184
Accruals and reserves	5,946	5,303
Deferred compensation	297	433
Warranty reserves	692	752
Unrealized gains and losses	4,219	4,373
Partnership investments	3,399	3,661
Net operating losses	6,278	6,104
Foreign tax credits	2,254	3,805
Other tax credits	5,220	5,433
Deferred tax assets before valuation allowance	45,379	36,069
Less: valuation allowance	(30,059)	(22,845)
Total deferred tax assets	15,320	13,224
Intangible assets	(17,464)	(16,948)
Prepaid expenses	(2,079)	(1,588)
Operating lease	(977)	(1,152)
Deferred financing fees	(60)	(82)
Total deferred tax liabilities	(20,580)	(19,770)
Net deferred tax liability	$ (5,260)	$ (6,546)

Financial Instruments - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 28, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 28, 2022 USD ($) Rate	Feb. 28, 2021 Rate	Feb. 29, 2020 Rate
Financial Instruments [Line Items]
Letters of credit outstanding, amount	$ 0	$ 0	$ 0
Unrecorded unconditional purchase obligation	$ 174,274	$ 174,274	$ 174,274
Number of customers		0			0
Concentration risk, benchmark description	10%				10%
Net Sales [Member]
Financial Instruments [Line Items]
Number of major customer		5		5	5
Accounts Receivable [Member]
Financial Instruments [Line Items]
Number of major customer		5		5
Consumer Electronics [Member] \| Net Sales [Member]
Financial Instruments [Line Items]
Number of major customer				1
Customer [Member] \| Consumer Electronics [Member] \| Net Sales [Member]
Financial Instruments [Line Items]
Entity-wide revenue, major customer, percentage \| Rate				12.00%
Customer [Member] \| Largest Customer [Member] \| Net Sales [Member]
Financial Instruments [Line Items]
Entity-wide revenue, major customer, percentage \| Rate			21.00%	30.00%	24.00%
Customer [Member] \| Largest Customer [Member] \| Accounts Receivable [Member]
Financial Instruments [Line Items]
Entity-wide revenue, major customer, percentage		24.00%	24.00%	25.00%
Letter of Credit [Member]
Financial Instruments [Line Items]
Letters of credit outstanding, amount	$ 50	$ 50	$ 50

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2022	Feb. 28, 2021
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	2,862,218	2,749,218
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	60,000,000	60,000,000
Common stock, shares issued	24,476,847	24,416,194
Common stock, shares outstanding	21,614,629	21,666,976
Treasury stock, shares	2,862,218	2,749,218
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	10,000,000	10,000,000
Common stock, shares issued	2,260,954	2,260,954
Common stock, shares outstanding	2,260,954	2,260,954

Description of Business and Summary of Significant Accounting Policies - Net (Loss) Income Per Common Share - Additional Information (Details)	12 Months Ended
	Feb. 28, 2022 shares	Feb. 28, 2021 shares	Feb. 29, 2020 shares
Accounting Policies [Abstract]
Reconciling items to basic and diluted EPS	0
Antidilutive securities excluded from computation of earnings per share, amount	737,513	12,757	701,024

Description of Business and Summary of Significant Accounting Policies - Inventory - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Accounting Policies [Abstract]
Inventory Write-down	$ 2,912	$ 2,032	$ 3,050

Financing Arrangements - Schedule of Debt (Details) - USD ($)
$ in Thousands

Feb. 28, 2022

Feb. 28, 2021

Debt, Long-term and Short-term, Combined Amount

$ 13,238

$ 7,114

Less: current portion of long-term debt

2,406

500

Long-term debt before debt issuance costs

10,832

6,614

Less: debt issuance costs

1,046

652

Total long-term debt

9,786

5,962

Mortgages [Member]

Debt, Long-term and Short-term, Combined Amount

^[1]

6,614

$ 7,114

Audiovox Germany [Member] | Foreign Line of Credit [Member]

Debt, Long-term and Short-term, Combined Amount

^[2]

1,906

Sharp Corporation [Member] | Shareholder Loan Payable [Member]

Debt, Long-term and Short-term, Combined Amount

^[3]

$ 4,718

[1]

On July 6, 2015, VOXX HQ LLC, the Company’s wholly owned subsidiary, closed on a $9,995 industrial development revenue tax exempt bond under a loan agreement in favor of the Orange County Industrial Development Authority (the “Authority”) to finance the construction of the Company's manufacturing facility and executive offices in Lake Nona, Florida (the “Construction Loan”). Wells Fargo Bank, N.A. ("Wells Fargo") was the purchaser of the bond and U.S. Bank National Association is the trustee under an Indenture of Trust with the Authority. Voxx borrowed the proceeds of the bond purchase from the Authority during construction as a revolving loan, which converted to a permanent mortgage upon completion of the facility in January 2016 (the "Florida Mortgage"). The Company makes principal and interest payments to Wells Fargo, which began March 1, 2016 and will continue through March of 2026. The Florida Mortgage bears interest at 70% of 1-month LIBOR plus 1.54% (1.71% at February 28, 2022) and is secured by a first mortgage on the property, a collateral assignment of leases and rents and a guaranty by the Company. The Company is in compliance with the financial covenants of the Florida Mortgage, which are as defined in the Company’s Credit Facility with Wells Fargo dated April 26, 2016 and amended in April 2021. The amendment to the Credit Facility in April 2021 provided for a Benchmark Replacement that will replace the LIBOR rate for the Florida Mortgage. The Benchmark Replacement is subject to the occurrence of a Benchmark Transition Event, as defined in the Second Amended and Restated Credit Agreement and becomes effective after a five-day transition period following the event

The Company incurred debt financing costs totaling approximately $332 as a result of obtaining the Florida Mortgage, which are recorded as deferred financing costs and included in Long-term debt as a contra-liability balance on the accompanying Consolidated Balance Sheets and are being amortized through Interest and bank charges in the Consolidated Statements of Operations and Comprehensive (Loss) Income over the ten-year term of the Florida Mortgage. The Company amortized $31 of these costs during each of the years ended February 28, 2022, February 28, 2021, and February 29, 2020. The net unamortized balance of these deferred financing costs at February 28, 2022 is $124.

On July 20, 2015, the Company entered into an interest rate swap agreement in order to hedge interest rate exposure related to the Florida Mortgage and pays a fixed rate of 3.48% under the swap agreement (see Note 1(e)).

[2]

Foreign bank obligations include a Euro Asset-Based Lending ("ABL") credit facility, which has a credit limit of €8,000, for the Company's subsidiary, VOXX Germany, which expires on July 31, 2023. The rate of interest for the ABL is the three-month Euribor plus 2.30% (2.30% at February 28, 2022).

[3]

In conjunction with the capitalization and funding of the Company’s Onkyo joint venture with its partner Sharp, which was created in order to execute the acquisition of the home audio/video business of OHEC on September 8, 2021 (see Note 2), Onkyo entered into a loan agreement with the shareholders of the joint venture, PAC and Sharp. The loan balance outstanding at February 28, 2022 represents the portion of the loan payable to Sharp. The loan balance due to PAC eliminates in consolidation. All amounts outstanding under the loan will mature and become payable ten years from the execution date of the acquisition, which is September 8, 2031. The loan may be prepaid subject the approval of the board of directors of the joint venture and must be repaid if either the put or call option is exercised in accordance with the joint venture agreement. The rate of interest for the shareholder loan is 2.5% and the loan is secured by a second priority lien on and secured interest in all assets of Onkyo.

Receivables from Vendors - Additional Information (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Receivables From Vendors [Abstract]
Nontrade receivables, current	$ 363	$ 277

Consolidated Statements of Stockholders' Equity (Parenthetical) - shares	12 Months Ended
	Feb. 28, 2022	Feb. 29, 2020
Repurchase of shares of common stock	113,000	581,124
Common Class A [Member]
Repurchase of shares of common stock	113,000	581,124
Shares issued upon vesting of stock awards	60,693

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 28, 2022

Accounting Policies [Abstract]

Description of Business

VOXX International Corporation ("Voxx," "We," "Our," "Us" or the “Company") is a leading international manufacturer and distributor in the Automotive Electronics, Consumer Electronics, and Biometrics industries. The Company has widely diversified interests, with more than 30 global brands that it has acquired and grown throughout the years, achieving a powerful international corporate image, and creating a vehicle for each of these respective brands to emerge with its own identity. We conduct our business through nineteen wholly-owned subsidiaries: Audiovox Atlanta Corp., VOXX Electronics Corporation, VOXX Accessories Corp., VOXX German Holdings GmbH ("Voxx Germany"), Audiovox Canada Limited, Voxx Hong Kong Ltd., Audiovox International Corp., Audiovox Mexico, S. de R.L. de C.V. ("Voxx Mexico"), Code Systems, Inc., Oehlbach Kabel GmbH ("Oehlbach"), Schwaiger GmbH ("Schwaiger"), Invision Automotive Systems, Inc. ("Invision"), Premium Audio Company LLC ("PAC," which includes Klipsch Group, Inc. and 11 Trading Company LLC), Omega Research and Development, LLC ("Omega"), Voxx Automotive Corp., Audiovox Websales LLC, VSM-Rostra LLC (“VSM”), VOXX DEI LLC, and VOXX DEI Canada LLC (collectively, with VOXX DEI LLC, “DEI”), as well as majority-owned subsidiaries, EyeLock LLC ("EyeLock") and Onkyo Technology KK (“Onkyo”). We market our products under the Audiovox® brand name, other brand names and licensed brands, such as 808®, Acoustic Research®, Advent®, Avital®, Car Link®, Chapman®, Clifford®, Code-Alarm®, Crimestopper^™, Discwasher®, Energy®, Heco®, Invision®, Integra®, Jamo®, Klipsch®, Mac Audio^™, Magnat®, Mirage®, myris®, Oehlbach®, Omega®, Onkyo®, Pioneer®, Prestige®, Project Nursery®, Python®, RCA®, RCA Accessories®, Rosen®, Rostra®, Schwaiger®, Smart Start®, Terk®, Vehicle Safety Automotive, Viper®, and Voxx Automotive, as well as private labels through a large domestic and international distribution network. We also function as an OEM ("Original Equipment Manufacturer") supplier to several customers, as well as market a number of products under exclusive distribution agreements, such as SiriusXM satellite radio products.

The Company's fiscal year ends on the last day of February.

Principles of Consolidation, Reclassifications and Accounting Principles

The consolidated financial statements and accompanying notes include the financial statements of VOXX International Corporation and its wholly and majority-owned subsidiaries and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), as defined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270, and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior years have been reclassified to conform to the current year presentation.

Non-controlling interests represent the equity interests in our consolidated entities that we do not wholly own. Our financial statements reflect 100% of the revenues, expenses, assets, and liabilities (after elimination of intercompany transactions), although we do not own 100% of the equity interests of these consolidated entities. The Company follows FASB ASC 810-10-45-21 to report a non-controlling interest (other than non-controlling interests subject to a put option) in the consolidated balance sheets within the equity section, separately from the Company’s retained earnings. Non-controlling interest represents the non-controlling interest holders’ proportionate shares of the equity of the Company’s majority-owned subsidiary, EyeLock. Non-controlling interest is adjusted for the non-controlling interest holders’ proportionate shares of the earnings or

losses and other comprehensive (loss) income, if any, and the non-controlling interest continues to be attributed their share of losses even if that attribution results in a deficit non-controlling interest balance.

We classify securities with redemption features that are not solely within our control, such as our non-controlling interest that is subject to a put option, outside of permanent equity, specifically the non-controlling shareholder interest in Onkyo. This redeemable non-controlling interest, subject to put option, is recorded at the greater of the non-controlling interest balance determined pursuant to ASC 810-10, “Consolidation,” or the redemption value (which is based upon the greater of a specified formula). Changes in the non-controlling interest due to changes in the redemption amount are immediately recorded as equity transactions and our earnings per share calculation would be adjusted accordingly to treat any redemption adjustment similar to a dividend.

Equity investments in which the Company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method. The Company's share of its equity method investee's earnings or losses is included in Other (expense) income in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company eliminates its pro rata share of gross profit on sales to its equity method investee for inventory on hand at the investee at the end of the year. Investments in which the Company does not exercise significant influence over the investee, and which do not have readily determinable fair values, are accounted for under the cost method.

Use of Estimates

The preparation of these consolidated financial statements requires the Company to make estimates and assumptions that affect reported amounts of assets, liabilities, revenue, and expenses. Such estimates include revenue recognition; accrued sales incentives; the allowance for doubtful accounts; inventory valuation; valuation of long-lived assets; valuation and impairment assessment of goodwill, trademarks, and other intangible assets; warranty reserves; stock-based compensation; recoverability of deferred tax assets; and the reserve for uncertain tax positions at the date of the consolidated financial statements. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits with banks and highly liquid money market funds with original maturities of three months or less when purchased. Cash and cash equivalents amounted to $27,788 and $59,404 at February 28, 2022 and February 28, 2021, respectively. The Company places its cash and cash equivalents in institutions and funds of high credit quality. As many of our balances are in excess of government insurance, we perform periodic evaluations of these institutions and funds. Cash amounts held in foreign bank accounts amounted to $762 and $2,213 at February 28, 2022 and February 28, 2021, respectively, none of which would be subject to United States federal income taxes if made available for use in the United States. The Tax Cuts and Jobs Act provides a 100% participation exemption on dividends received from foreign corporations after January 1, 2018 as the United States has moved away from a worldwide tax system and closer to a territorial system for earnings of foreign corporations.

Fair Value Measurements and Derivatives

The Company applies the authoritative guidance on "Fair Value Measurements," which among other things, requires enhanced disclosures about investments that are measured and reported at fair value. This guidance establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Quoted market prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 inputs that are either directly or indirectly observable.

Level 3 - Unobservable inputs developed using the Company's estimates and assumptions, which reflect those that market participants would use.

At February 28, 2021, the Company did not have any assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2022:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	27,788	$	27,788	$	—	$	—
Mutual funds		1,231		1,231		-		-

Liabilities:
Derivatives designated for hedging	$	188	$	—	$	188	$	—
Contingent consideration		6,435		-		-		6,435

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2021:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	59,404	$	59,404	$	—	$	—
Mutual funds		1,777		1,777		-		-
Derivatives designated for hedging		412		-		412		-

Liabilities:
Derivatives designated for hedging	$	1,177	$	—	$	1,177	$	—

The carrying value of the Company's accounts receivable, short-term debt, accounts payable, accrued expenses, bank obligations and long-term debt approximates fair value because of either (i) the short-term nature of the financial instrument; (ii) the interest rate on the financial instrument being reset every quarter to reflect current market rates, or (iii) the stated or implicit interest rate approximates the current market rates or are not materially different than market rates.

Contingent consideration is related to the Company’s Onkyo acquisition (see Note 2). The estimated fair value of the contingent consideration is classified within Level 3 and was determined using an income approach. Under this method, potential future purchases applicable to the contingent consideration were determined using internal estimates for growth. The potential future purchases applicable to the contingent consideration were multiplied by the appropriate percentage of payments due to OHEC, and the resulting contingent consideration amounts were adjusted for risk at the appropriate discount rate. The value of the contingent consideration was further discounted to reflect the credit risk of the Company. Changes in either the revenue growth rate assumptions or the discount rate could result in a material change to the amount of contingent

consideration accrued and such changes will be recorded in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income.

Non-financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain long-lived non-financial assets and liabilities may be required to be measured at fair value on a nonrecurring basis in certain circumstances, including when there is evidence of impairment. These non-financial assets and liabilities may include assets acquired in a business combination or property and equipment that are determined to be impaired. As of February 28, 2022 and February 28, 2021, certain non-financial assets were measured at fair value subsequent to their initial recognition. See Note 1(k) for the discussion of the impairment of certain intangible assets.

Derivative Instruments

The Company's derivative instruments include forward foreign currency contracts and an interest rate swap agreement. The forward foreign currency contracts are utilized to hedge a portion of its foreign currency inventory purchases. The forward foreign currency derivatives qualifying for hedge accounting are designated as cash flow hedges and valued using observable forward rates for the same or similar instruments (Level 2). Open foreign currency contracts are classified in the balance sheet according to their terms. There are currently no open forward foreign currency contracts at February 28, 2022. The Company’s interest rate swap agreement hedges interest rate exposure related to the forecasted outstanding balance of its Florida Mortgage with monthly payments due through March 2026. The swap agreement locks the interest rate on the debt at 3.48% (inclusive of credit spread) through the maturity date of the mortgage. Interest rate swap agreements qualifying for hedge accounting are designated as cash flow hedges and valued based on a comparison of the change in fair value of the actual swap contracts designated as the hedging instruments and the change in fair value of a hypothetical swap contract (Level 2). We calculate the fair value of our interest rate swap agreement quarterly based on the quoted market price for the same or similar financial instruments. The interest rate swap is classified in the balance sheet as either an asset or a liability based on the fair value of the instrument at the end of the period.

Financial Statement Classification

	Derivative Assets and Liabilities
		Fair Value
	Account	February 28, 2022			February 28, 2021
Designated derivative instruments
Foreign currency contracts	Prepaid expenses and other current assets	$	—		$	412
	Accrued expenses and other current liabilities		-			(731	)
Interest rate swap	Other long-term liabilities		(188	)		(446	)

Total derivatives		$	(188	)	$	(765	)

Cash flow hedges

It is the Company's policy to enter into derivative instrument contracts with terms that coincide with the underlying exposure being hedged. As such, the Company's derivative instruments are expected to be highly effective. For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in fair value of the hedging instrument included in the assessment of the hedge ineffectiveness is recorded to other comprehensive income (“OCI”).

When the amounts recorded in OCI are reclassified to earnings, they are presented in the same income statement line item as the effect of the hedged item.

During Fiscal 2022, the Company did not enter into any new forward foreign currency contracts. All forward foreign currency contracts entered into during Fiscal 2021 have been settled as of February 28, 2022 and were designated as cash flow hedges. The current outstanding notional value of the Company's interest rate swap at February 28, 2022 is $6,614. For cash flow hedges, the effective portion of the gain or loss is reported as a component of Other comprehensive (loss) income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The net gain recognized in Other comprehensive (loss) income for foreign currency contracts is expected to be recognized in cost of sales within the next three months. No amounts were excluded from the assessment of hedge effectiveness during the respective periods. During the years ended February 28, 2022 and February 28, 2021, no contracts originally designated for hedge accounting were de-designated. The gain or loss on the Company’s interest rate swap is recorded in Other comprehensive (loss) income and subsequently reclassified into Interest and bank charges in the period in which the hedged transaction affects earnings. As of February 28, 2022, no contracts originally designated for hedge accounting were terminated.

Activity related to cash flow hedges recorded during the twelve months ended February 28, 2022 and February 28, 2021 was as follows:

	February 28, 2022					February 28, 2021
	Gain Recognized in Other Comprehensive Income		Loss Reclassified from Accumulated Other Comprehensive Income			(Loss) Gain Recognized in Other Comprehensive Income			Loss Reclassified from Accumulated Other Comprehensive Income
Cash flow hedges
Foreign currency contracts	$	233	$	(307	)	$	(720	)	$	(238	)
Interest rate swaps	$	258	$	—		$	30		$	—

Investment Securities

As of February 28, 2022 and February 28, 2021, the Company had the following investments:

	February 28, 2022
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,231
Total Marketable Equity Securities		1,231
Total Investment Securities	$	1,231

	February 28, 2021
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,777
Total Marketable Equity Securities		1,777
Total Investment Securities	$	1,777

Long-Term Investments

Equity Securities

Marketable equity securities are measured and recorded at fair value with changes in fair value recorded in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Mutual Funds

The Company’s mutual funds are held in connection with its deferred compensation plan. Changes in the carrying value of these securities are offset by changes in the corresponding deferred compensation liability.

Changes in fair value of equity securities are recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Investments Held at Cost, Less Impairment

During Fiscal 2018, RxNetworks, a Canadian company in which Voxx held a cost method investment consisting of shares of the investee's preferred stock, was sold to a third party. The cash proceeds received by Voxx was subject to a hold-back provision, which was not included in the calculation of the gain recorded on the sale of this investment in Fiscal 2018. In Fiscal 2020, the Company received a portion of the proceeds that were held back in the Fiscal 2018 transaction to sell the RxNetworks investment, as the hold-back provision expired, and certain cash proceeds were released to Voxx. The Company recorded an investment gain of $775 for the year ended February 29, 2020 for these proceeds received. During the third quarter of Fiscal 2021, a final disbursement of all remaining proceeds related to the sale of the RxNetworks investment was received in the amount of $42, which was recorded as an investment gain for the year ended February 28, 2021.

Revenue Recognition

The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers.

Revenue from Contracts with Customers

The core principle of ASC Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. We apply the FASB’s guidance on revenue recognition, which requires us to recognize the amount of revenue and consideration that we expect to receive in exchange for goods and services transferred to our customers. To do this, the Company applies the five-step model prescribed by the FASB, which requires us to: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, we satisfy a performance obligation.

We account for a contract or purchase order when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the product passes to the customer, which is upon shipment, unless otherwise specified within the customer contract or on the purchase order as delivery, and is recognized at the amount that reflects the consideration the Company expects to receive for the products sold, including various forms of discounts. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Contracts with customers are evaluated to determine if there are separate performance obligations related to timing of product shipment that will be satisfied in different accounting periods. When that is the case, revenue is deferred until each performance

obligation is met. Within our Automotive Electronics segment, while the majority of the contracts we enter into with Original Equipment Manufacturers (“OEM”) are long-term supply arrangements, the performance obligations are established by the enforceable contract, which is generally considered to be the purchase order. The purchase orders are of durations less than one year. As such, the Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less, for which work has not yet been performed. The Company has also elected the practical expedient in ASC 340-40-25-4, whereby the Company recognizes incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets the Company otherwise would have recognized is one year or less.

Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue, and recorded on a net basis.

Performance Obligations

The Company’s primary source of revenue is derived from the manufacture and distribution of automotive electronic, consumer electronic, and biometric products. Our consumer electronic products primarily consist of finished goods sold to retail and commercial customers, consisting of premium audio and other consumer electronic products. Our automotive products are sold both to OEM and aftermarket customers. Our biometric products are primarily sold to retail and commercial customers. We recognize revenue for sales to our customers when transfer of control of the related good or service has occurred. The majority of our revenue was recognized under the point in time approach for the years ended February 28, 2022, February 28, 2021, and February 29, 2020. Contract terms with certain of our OEM customers could result in products and services being transferred over time as a result of the customized nature of some of our products, together with contractual provisions in the customer contracts that provide us with an enforceable right to payment for performance completed to date; however, under typical terms, we do not have the right to consideration until the time of shipment from our manufacturing facilities or distribution centers, or until the time of delivery to our customers. If certain contracts in the future provide the Company with this enforceable right of payment, the timing of revenue recognition from products transferred to customers over time may be slightly accelerated compared to our right to consideration at the time of shipment or delivery.

Our typical payment terms vary based on the customer and the type of goods and services in the contract or purchase order. The period of time between invoicing and when payment is due is not significant. Amounts billed and due from our customers are classified as receivables on the Consolidated Balance Sheet. As our standard payment terms are less than one year, we have elected the practical expedient under ASC paragraph 606-10-32-18 to not assess whether a contract has a significant financing component.

Our customers take delivery of goods, and they are recognized as revenue at the time of transfer of control to the customer, which is usually at the time of shipment, unless otherwise specified in the customer contract or purchase order. This determination is based on applicable shipping terms, as well as the consideration of other indicators, including timing of when the Company has a present right to payment, when physical possession of products is transferred to customers, when the customer has the significant risks and rewards of ownership of the asset, and any provisions in contracts regarding customer acceptance.

While unit prices are generally fixed, we provide variable consideration for certain of our customers, typically in the form of promotional incentives at the time of sale. Depending on the different facts and circumstances, we utilize either the most likely amount or the expected value methods to estimate the effect of uncertainty on the amount of variable consideration to which we would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts, while the expected value method is the sum of the probability-weighted amounts in a range of possible consideration amounts. Both methods are based upon the contractual terms of the incentives and historical experience with each customer.

We record estimates for cash discounts, promotional rebates, and other promotional allowances in the period the related revenue is recognized (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are presented within Accrued sales incentives on the Consolidated Balance Sheet. Actual Customer Credits have not differed materially from estimated amounts for each period presented. Amounts billed to customers for shipping and handling are included in net sales and costs associated with shipping and handling are included in cost of sales. We have concluded that our estimates of variable consideration are not constrained according to the definition within the standard. Additionally, the Company applies the practical expedient in ASC paragraph 606-10-25-18B and accounts for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity, rather than a separate performance obligation.

Under ASC Topic 606, we present a refund liability and a return asset within the Consolidated Balance Sheet. The changes in the refund liability are reported in net sales, and the changes in the return asset are reported in cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. See Note 14 for return asset and refund liability balances as of February 28, 2022 and February 28, 2021.

We warrant our products against certain defects in material and workmanship, when used as designed, for periods of time which primarily range from 30 days to 3 years. We offer limited lifetime warranties on certain products, which limit the customer’s remedy to the repair or replacement of the defective product or part for the original owner for the designated lifetime of the product, or for the life of the vehicle, if it is an automotive product. We do not sell extended warranties.

Contract Balances

Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date on contracts with customers. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to contracts where advance payments or deposits have been received, but performance obligations have not yet been met, and therefore, revenue has not been recognized. See Note 14 for contract asset and liability balances as of February 28, 2022 and February 28, 2021.

Accounts Receivable

The majority of the Company's accounts receivable are due from companies in the retail, mass merchant and OEM industries. Credit is extended based on an evaluation of a customer's financial condition. Accounts receivable are generally due within 30 days to 60 days and are stated at amounts due from customers, net of an allowance for credit losses. Accounts outstanding longer than the contracted payment terms are considered past due.

Accounts receivable are comprised of the following:

	February 28, 2022		February 28, 2021
Trade accounts receivable	$	108,915	$	108,862
Less:
Allowance for credit losses		2,182		1,593
Allowance for cash discounts		1,108		1,104
	$	105,625	$	106,165

The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customers' current credit worthiness, as determined by a review of their current credit information. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. While such credit

losses have historically been within management's expectations and the provisions established, the Company cannot guarantee it will continue to experience the same credit loss rates that have been experienced in the past. The Company writes off accounts receivable balances when collection efforts have been exhausted and deemed uncollectible. Our five largest customer balances comprise 24% of our accounts receivable balance as of February 28, 2022. A significant change in the liquidity or financial position of any one of these customers could have a material adverse impact on the collectability of accounts receivable and our results of operations.

On March 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which did not have a material impact on our financial statements. Our financial instruments consist of trade receivables arising from revenue transactions in the ordinary course of business. We extend credit to customers based on pre-defined criteria and trade receivables are generally due within 30 to 60 days.

The Company has three supply chain financing agreements and factoring agreements with certain financial institutions to accelerate receivable collection and better manage cash flow. Under the agreements, the Company has agreed to sell these institutions certain of its accounts receivable balances from time to time. For those accounts receivables tendered to the banks that the banks choose to purchase, the banks have agreed to advance an amount equal to the net accounts receivable balances due, less a discount or fee as set forth in the respective agreements. The balances under these agreements are sold without recourse and are accounted for as sales of accounts receivable. Cash proceeds from these agreements are reflected as operating activities included in the change in accounts receivable in the Company's Consolidated Statements of Cash Flows. Total balances sold under the agreements, net of discounts, for the years ended February 28, 2022, February 28, 2021, and February 29, 2020 were approximately $89,400, $100,800 and $79,100, respectively. Fees incurred in connection with these agreements totaled approximately $260, $330 and $370 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively, and are recorded within Interest and bank charges in the Consolidated Statements of Operations and Comprehensive (Loss) Income. During Fiscal 2020, the Company temporarily suspended two of its domestic supply chain finance arrangements, as the Company had sufficient cash on hand for operations, as well as due to rising fees charged on factored balances. During Fiscal 2021, the Company resumed its factoring activities under all of its agreements in response to general economic concerns related to the COVID-19 pandemic. The Company has the option to suspend and resume its activity under the existing arrangements at any time.

Inventory

The Company values its inventory at the lower of cost or net realizable value ("NRV"). NRV is defined as estimated selling prices less costs of completion, disposal, and transportation. The cost of inventory is determined primarily on an average basis with a portion valued at standard cost, which approximates actual costs on the first-in, first-out basis. The Company regularly reviews inventory quantities on-hand and records a provision for excess and obsolete inventory based primarily on selling prices, indications from customers based upon current price negotiations and purchase orders. The Company's industry is characterized by rapid technological change and frequent new product introductions that could result in an increase in the amount of obsolete inventory quantities on-hand. In addition, and as necessary, specific reserves for future known or anticipated events may be established. The Company recorded inventory write-downs of $2,912, $2,032 and $3,050 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively.

Inventories by major category are as follows:

	February 28, 2022		February 28, 2021
Raw materials	$	23,904	$	21,228
Work in process		1,519		1,732
Finished goods		149,499		107,833
Inventory, net	$	174,922	$	130,793

Property, Plant and Equipment

Property, plant, and equipment are stated at cost less accumulated depreciation. Property under a finance lease is stated at the present value of minimum lease payments. Major improvements and replacements that extend service lives of the assets are capitalized. Minor replacements, and routine maintenance and repairs are charged to expense as incurred. Upon retirement or disposal of assets, the cost and related accumulated depreciation are removed from the Consolidated Balance Sheets.

A summary of property, plant and equipment, net, is as follows:

	February 28, 2022		February 28, 2021
Land	$	7,046	$	7,068
Buildings		44,177		43,987
Property under finance lease		2,503		2,503
Furniture and fixtures		4,489		4,424
Machinery and equipment		10,287		9,785
Construction-in-progress		3,341		1,587
Computer hardware and software		41,962		41,178
Automobiles		710		729
Leasehold improvements		2,718		2,688
		117,233		113,949
Less accumulated depreciation and amortization		67,439		61,923
	$	49,794	$	52,026

Depreciation is calculated on the straight-line method over the estimated useful lives of the assets as follows:

Buildings and improvements	20	-	40 years
Furniture and fixtures	5	-	15 years
Machinery and equipment	5	-	15 years
Computer hardware and software	3	-	5 years
Automobiles			3 years

Leasehold improvements are depreciated over the shorter of the lease term or estimated useful life of the asset. Assets acquired under finance leases are amortized over the term of the respective lease.

Depreciation and amortization of property, plant and equipment amounted to $5,890, $5,607 and $5,343 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively. Included in depreciation and amortization expense is amortization of computer software costs of $1,547, $1,252 and $1,474 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively.

See Note 11 for discussion of the sale of the Company’s real property in Pulheim Germany during the year ended February 29, 2020 and the gain recognized of $4,057.

Goodwill and Intangible Assets

Goodwill and other intangible assets consist of the excess over the fair value of net assets acquired (goodwill) and other intangible assets (patents, contracts, trademarks/tradenames, developed technology and customer relationships). Values assigned to the respective assets are determined in accordance with ASC 805 "Business Combinations" ("ASC 805") and ASC 350 "Intangibles – Goodwill and Other" ("ASC 350").

Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of the underlying net assets acquired. We use various valuation techniques to determine the fair value of the assets acquired, with the primary techniques being the discounted future cash flow method, relief from royalty method, and the multi-period excess earnings methods, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Inputs to these valuation approaches that require significant judgment include: (i) forecasted sales, growth rates and customer attrition rates, (ii) forecasted operating margins, (iii) royalty rates and discount rates used to present value future cash flows, (iv) the amount of synergies expected from the acquisition, (v) the economic useful life of assets, and (vi) the evaluation of historical tax positions. In certain instances, historical data is limited so we base our estimates and assumptions on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.

The guidance in ASC 350, including management’s business intent for its use; ongoing market demand for products relevant to the category and their ability to generate future cash flows; legal, regulatory, or contractual provisions on its use or subsequent renewal, as applicable; and the cost to maintain or renew the rights to the assets, are considered in determining the useful life of all intangible assets. If the Company determines that there are no legal, regulatory, contractual, competitive, economic, or other factors which limit the useful life of the asset, an indefinite life will be assigned and evaluated for impairment as indicated below. Goodwill and other intangible assets that have an indefinite useful life are not amortized. Intangible assets that have a definite useful life are amortized on either an accelerated or a straight-line basis over their estimated useful lives.

ASC 350 requires that goodwill and intangible assets with indefinite useful lives be tested for impairment at least annually or more frequently if an event occurs or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying value. Intangible assets with estimable useful lives are required to be amortized over their respective estimated useful lives and reviewed for impairment if indicators of impairment exist. To determine the fair value of goodwill and intangible assets, there are many assumptions and estimates used that directly impact the results of the testing. Management has the ability to influence the outcome and ultimate results based on the assumptions and estimates chosen. If a significant change in these assumptions and/or estimates occurs, the Company could experience impairment charges, in addition to those noted below, in future periods.

Goodwill and indefinite-lived intangible assets are tested annually for impairment on the last day of the Company’s fiscal year, and at any time upon occurrence of certain events or changes in circumstances. When testing goodwill and/or indefinite-lived intangible assets for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test; otherwise, no further analysis is required. Under the qualitative assessment, we consider various qualitative factors, including macroeconomic conditions, relevant industry and market trends, cost factors, overall financial performance, other entity-specific events, and events affecting the reporting unit or indefinite-lived intangible asset that could indicate a potential change in fair value of our indefinite-lived intangible asset or reporting unit or the composition of its carrying values. We also consider the specific future outlook for the reporting unit or indefinite-lived intangible asset. We also may elect not to perform the qualitative assessment and instead, proceed directly to the quantitative impairment test. Goodwill is considered impaired if the carrying value of the reporting unit's goodwill exceeds its estimated fair value. Intangible assets with indefinite lives are considered impaired if the carrying value exceeds the estimated fair value.

Voxx's reporting units that carry goodwill are Invision, Rosen, VSM, DEI, Klipsch, and Onkyo. The Company has three operating segments based upon its products and internal organizational structure (see Note 13). These operating segments are the Automotive Electronics, Consumer Electronics, and Biometrics segments. The Invision, Rosen, VSM, and DEI reporting units are

located within the Automotive Electronics segment and the Klipsch and Onkyo reporting units are located within the Consumer Electronics segment.

The Company performed its annual impairment test for goodwill as of February 28, 2022. The Company performed its annual impairment test for one of its reporting units qualitatively and assessed whether it was more likely than not that the respective fair value of this reporting unit was less than its carrying amount. The Company determined that impairment of goodwill was not likely in this reporting unit and thus was not required to perform a quantitative analysis for this reporting unit. For the remaining reporting units, the Company performed a quantitative analysis and concluded that the fair values of the reporting units were in excess of their carrying value, with no impairment indicated as of February 28, 2022. The discount rates (developed using a weighted average cost of capital analysis) used in the goodwill quantitative test ranged from 14.6% to 30.0%. No goodwill impairment charges were recorded during the years ended February 28, 2022, February 28, 2021 and February 29, 2020. The goodwill balances of Invision, Klipsch, Rosen, VSM, DEI, and Onkyo at February 28, 2022 are $7,372, $46,533, $880, $572, $1,600, and $17,363, respectively.

The Company also tested its indefinite-lived intangible assets as of February 28, 2022 as part of its annual impairment testing. The Company performed its annual impairment test for one of its indefinite-lived intangibles qualitatively and assessed whether it was more likely than not that the respective fair value of this indefinite-lived intangible asset was less than its carrying amount. The Company determined that impairment of this indefinite-lived intangible was not likely, and thus was not required to perform a quantitative analysis for this indefinite-lived intangible asset. For the remaining indefinite-lived assets, the Company performed a quantitative analysis and concluded that none of these indefinite-lived assets were impaired for the year ended February 28, 2022. To perform these quantitative impairment analyses, the respective fair values were estimated using a relief-from-royalty method, applying royalty rates ranging from 1.5% to 6.5% for the trademarks after reviewing comparable market rates, the profitability of the products associated with relative intangible assets, and other qualitative factors. We determined that risk-adjusted discount rates ranging from 13.0% to 15.3% were appropriately developed using a weighted average cost of capital analysis. The long-term growth rates ranged from 1.0% to 3.0%.

At February 28, 2021, one of the indefinite-lived assets in the Consumer Electronics segment was impaired in the amount of $1,300. The impairment was the result of shortfalls in sales due to reduced demand of the product category. The assessments on the remaining indefinite-lived intangibles concluded that there was no additional impairment as of February 28, 2021. Related long-lived assets were tested for recoverability and determined to be recoverable and therefore no additional impairments related to long-lived assets were recorded in the Consumer Electronics segment

At February 29, 2020, several of the Company’s indefinite-lived intangible assets were determined to be impaired as a result of the annual impairment analysis. Specifically, the Company determined that several of its indefinite-lived trademarks in the Consumer Electronics segment were impaired. The impairments were the result of the Company being unable to secure product placement into customer stores, anticipated shortfalls in sales due to economic uncertainty as a result of the COVID-19 pandemic, reduced demand from a large traditional brick-and-mortar customer, along with continued declines in the German economy. As a result, several indefinite-lived tradenames in the Consumer Electronics segment were impaired resulting in impairment charges of $2,828 recorded for the year ended February 29, 2020. Related long-lived assets were tested for recoverability and determined to be recoverable and therefore no additional impairments related to long-lived assets were recorded in the Consumer Electronics segment. Additionally, in the Biometrics segment, the Company determined that its indefinite-lived trademark was impaired. The impairment of the trademark was the result of lack of customer acceptance of the related technology, lower than anticipated results, adjusted expectations for demand and anticipated delays of product deployment with target customers due to economic uncertainty given the COVID-19 pandemic. Related long-lived assets in the Biometrics segment were tested for recoverability and determined not to be recoverable. The fair value of the long-lived assets that were not recoverable were estimated, and when compared to their carrying value, were determined to also be impaired. As a result, total impairments in the Biometric segment of $27,402 for indefinite-lived and definite-lived intangible assets were recorded for the year ended February 29, 2020.

The combined impairment charges for both the Consumer Electronics segment and the Biometrics segment aggregated $30,230 for the year ended February 29, 2020.

As a result of the Fiscal 2021 and Fiscal 2020 indefinite-lived intangible asset impairments, the Company evaluated the related long-lived assets at the lowest level for which there are separately identifiable cash flows. No impairments of related long-lived assets were noted for Fiscal 2021. For Fiscal 2020, impairments of $19,667 related to long-lived assets associated with the Biometrics segment were recorded. Additionally, no impairment charges were recorded related to definite-lived intangible assets for the years ended February 28, 2022, February 28, 2021, and February 29, 2020. Management determined that the current lives of its long-lived assets are appropriate.

Approximately 38.2% ($24,079) of the carrying value of the Company's indefinite lived trademarks are at risk of impairment and sensitive to changes and assumptions as of February 28, 2022. There can be no assurance that our estimates and assumptions made for purposes of impairment testing as of February 28, 2022 will prove to be accurate predictions of the future. Reduced demand for our existing product offerings, reductions of product placement at our customers, less than anticipated results, lack of acceptance of our new products, elimination of SKUs, the inability to successfully develop our brands, or unfavorable changes in assumptions used in the discounted cash flow model such as discount rates, royalty rates or projected long-term growth rates, could result in additional impairment charges in the future.

Goodwill

The change in the carrying value of goodwill is as follows:

	February 28, 2022			February 28, 2021			February 29, 2020
Beginning of period	$	58,311		$	55,000		$	54,785
Goodwill acquired (see Note 2)		18,160			3,290			215
Adjustments to goodwill acquired, net (see Note 2)		(1,353	)		21			—
Foreign currency translation		(798	)		—			—
End of period	$	74,320		$	58,311		$	55,000

Gross carrying value	$	106,483		$	90,474		$	87,163
Accumulated impairment charges		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	74,320		$	58,311		$	55,000

	February 28, 2022			February 28, 2021			February 29, 2020
Automotive Electronics
Beginning of period	$	11,778		$	8,467		$	8,252
Goodwill acquired (see Note 2)		—			3,290			215
Adjustments to goodwill acquired, net (see Note 2)		(1,353	)		21			—
End of period	$	10,425		$	11,778		$	8,467

Gross carrying value	$	10,425		$	11,778		$	8,467
Accumulated impairment charge		—			—			—
Net carrying value	$	10,425		$	11,778		$	8,467

Consumer Electronics
Beginning of period	$	46,533		$	46,533		$	46,533
Goodwill acquired (see Note 2)		18,160			-			-
Adjustments to goodwill acquired (see Note 2)		-			-			-
Foreign currency translation		(798	)		—			—
End of period	$	63,895		$	46,533		$	46,533

Gross carrying value	$	96,058		$	78,696		$	78,696
Accumulated impairment charge		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	63,895		$	46,533		$	46,533

Total goodwill, net	$	74,320		$	58,311		$	55,000

Note: The Company's Biometrics segment did not carry a balance for goodwill at February 28, 2022, February 28, 2021, or February 29, 2020.

Intangible Assets

At February 28, 2022 and February 28, 2021, intangible assets consisted of the following:

	February 28, 2022
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (10-15.5 years)	$	54,138	$	39,669	$	14,469
Trademarks/Tradenames (5.5-10 years)		17,466		1,927		15,539
Developed technology (7-10 years)		20,413		13,179		7,234
Patents (7-13 years)		6,736		5,562		1,174
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	101,709	$	63,293		38,416
Indefinite-lived intangible assets
Trademarks						63,034
Total intangible assets, net					$	101,450

	February 28, 2021
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	54,688	$	36,412	$	18,276
Trademarks/Tradenames (5.5-10 years)		5,545		811		4,734
Developed technology (7 years)		14,144		12,516		1,628
Patents (4-13 years)		6,736		4,629		2,107
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	84,069	$	57,324		26,745
Indefinite-lived intangible assets
Trademarks						63,359
Total intangible assets, net					$	90,104

The weighted-average remaining amortization period for amortizing intangibles acquired during the year ended February 28, 2022 is approximately 9 years.

The Company expenses the renewal costs of patents as incurred. The weighted-average period before the renewal of our patents is approximately 6 years.

Amortization expense for intangible assets amounted to $6,508, $5,426 and $7,010 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively. At February 28, 2022, the estimated aggregate amortization expense for all amortizable intangibles for each of the succeeding five fiscal years is as follows:

Fiscal Year	Amount
2023	$	6,501
2024		6,148
2025		5,886
2026		5,783
2027		3,551

Sales Incentives

The Company offers sales incentives to its customers in the form of (1) co-operative advertising allowances; (2) market development funds; (3) volume incentive rebates; and (4) other trade allowances. The Company accounts for sales incentives in accordance with ASC 606 "Revenue from Contracts with Customers" ("ASC 606"). These sales incentives represent variable consideration provided to customers. Depending on the specific facts and circumstances, we utilize either the most likely amount or expected value methods to estimate the effect of uncertainty on the amount of variable consideration to which we would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts, while the expected value method is the sum of the probability-weighted amounts in a range of possible consideration amounts. Both methods are based upon the contractual terms of the incentives and historical experience with each customer. Except for other trade allowances, all sales incentives require the customer to purchase the Company's products during a specified period of time. All sales incentives require customers to claim the sales incentive within a certain time period (referred to as the "claim period") and claims are settled either by the customer claiming a deduction against an outstanding account receivable or by the customer requesting a cash payout. All costs associated with sales incentives are classified as a reduction of net sales. The following is a summary of the various sales incentive programs:

Co-operative advertising allowances are offered to customers as reimbursement towards their costs for print or media advertising in which the Company’s product is featured on its own or in conjunction with other companies' products. The amount offered is either a fixed amount or is based upon a fixed percentage of sales revenue or a fixed amount per unit sold to the customer during a specified time period.

Market development funds are offered to customers in connection with new product launches or entrance into new markets. The amount offered for new product launches is based upon a fixed amount or based upon a percentage of sales revenue or a fixed amount per unit sold to the customer during a specified time period.

Volume incentive rebates offered to customers require minimum quantities of product to be purchased during a specified period of time. The amount offered is either based upon a fixed percentage of sales revenue to the customer or a fixed amount per unit sold to the customer. The Company makes an estimate of the ultimate amount of the rebate their customers will earn based upon past history with the customers and other facts and circumstances. The Company has the ability to estimate these volume incentive rebates, as the period of time for a particular rebate to be claimed is relatively short. Any changes in the estimated amount of volume incentive rebates are recognized immediately using a cumulative catch-up adjustment. The Company accrues the cost of co-operative advertising allowances, volume incentive rebates and market development funds at the later of when the customer purchases our products or when the sales incentive is offered to the customer.

Unearned sales incentives are volume incentive rebates where the customer did not purchase the required minimum quantities of product during the specified time. Volume incentive rebates are reversed into income in the period when the customer did not reach the required minimum purchases of product during the specified time. Unclaimed sales incentives are sales incentives earned by the customer, but the customer has not claimed payment within the claim period (period after program has ended). Unclaimed sales incentives are investigated in a timely manner after the end of the program and reversed if deemed appropriate. The Company believes the reversal of earned but unclaimed sales incentives upon the expiration of the claim period is a systematic, rational, consistent, and conservative method of reversing unclaimed sales incentives.

Other trade allowances are additional sales incentives the Company provides to customers subsequent to the related revenue being recognized. The Company records the provision for these additional sales incentives at the later of when the sales incentive is offered or when the related revenue is recognized. Such additional sales incentives are based upon a fixed percentage of the selling price to the customer, a fixed amount per unit, or a lump-sum amount.

Although the Company makes its best estimate of its sales incentive liability, many factors, including significant unanticipated changes in the purchasing volume of its customers and the lack of claims made by customers, could have a significant impact on the sales incentives liability and reported operating results.

A summary of the activity with respect to accrued sales incentives is provided below:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Accrued sales incentives, opening balance	$	25,313		$	12,250		$	13,574
Liabilities acquired during acquisition		—			-			28
Accruals		58,490			67,337			35,345
Payments and credits		(59,644	)		(54,102	)		(36,583	)
Reversals for unearned sales incentives		(404	)		(172	)		(114	)
Accrued sales incentives, ending balance	$	23,755		$	25,313		$	12,250

The majority of the reversals of previously established sales incentive liabilities pertain to sales recorded in prior periods.

Advertising

Excluding co-operative advertising as discussed in Note 1(l) above, the Company expensed the cost of advertising, as incurred, of $5,376, $4,605 and $4,905 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively.

Research and Development

Expenditures for research and development are charged to expense as incurred. Such expenditures amounted to $12,115, $7,940 and $7,748 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively, net of customer reimbursement, of $58, $120 and $266, respectively, and are included within Engineering and Technical Support expenses on the Consolidated Statements of Operations and Comprehensive (Loss) Income. Reimbursements from OEM customers for development services are reflected as a reduction of research and development expense because the performance of contract development services is not central to the Company's operations.

Product Warranties and Product Repair Costs

The Company generally warranties its products against certain manufacturing and other defects. This warranty does not provide a service beyond assuring that the products comply with agreed-upon specifications and is not sold separately. The Company provides warranties for all of its products ranging primarily from 30 days to 3 years. The Company also provides limited lifetime warranties for certain products, which limit the end user's remedy to the repair or replacement of the defective product during its lifetime, as well as for certain vehicle security products for the life of the vehicle for the original owner. Warranty expenses are accrued at the time the related revenue is recognized, based on the Company's estimated cost to repair or replace expected product returns for warranty matters. This liability is based primarily on historical experiences of actual warranty claims as well as current information on repair costs and contract terms with certain manufacturers. The warranty liability of $4,470 and $4,403 is recorded in Accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheets as of February 28, 2022 and February 28, 2021, respectively. In addition, the Company records a reserve for product repair or replace costs which is based upon the quantities of defective inventory on hand and an estimate of the cost to repair such defective inventory. The reserve for product repair costs of $1,152 and $887 is recorded as a reduction to inventory in the accompanying Consolidated Balance Sheets as of February 28, 2022 and February 28, 2021, respectively. Warranty claims and product repair costs expense for the years ended February 28, 2022, February 28, 2021 and February 29, 2020 were $4,583, $3,065 and $4,935, respectively.

Changes in the Company's accrued product warranties and product repair costs are as follows:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Beginning balance	$	5,290		$	4,748		$	4,469
Liabilities (adjusted) acquired during acquisitions		(352	)		1,200			188
Accrual for warranties issued during the year and repair cost		4,583			3,065			4,935
Warranty claims settled during the year		(3,899	)		(3,723	)		(4,844	)
Ending balance	$	5,622		$	5,290		$	4,748

Foreign Currency

Assets and liabilities of subsidiaries located outside the United States whose cash flows are primarily in local currencies have been translated at rates of exchange at the end of the period or historical exchange rates, as appropriate in accordance with ASC 830, "Foreign Currency Matters" ("ASC 830"). Revenues and expenses have been translated at the weighted-average rates of exchange in effect during the period. Gains and losses resulting from translation are recorded in the cumulative foreign currency translation account in Accumulated other comprehensive loss. For the years ended February 28, 2022, February 28, 2021 and February 29, 2020, the Company recorded total net foreign currency transaction (losses) gains in the amount of $(635), $(862) and $405, respectively.

The Company has a subsidiary in Venezuela. Venezuela continues to experience significant political and civil unrest and economic instability and has been troubled with various foreign currency and price controls. The President of Venezuela has the authority to legislate certain areas by decree, which allows the government to nationalize certain industries or expropriate certain companies and property. The Company applies hyper-inflationary accounting to Venezuela in accordance with the guidelines in ASC 830, "Foreign Currency." A hyper-inflationary economy designation occurs when a country has experienced cumulative inflation of approximately 100 percent or more over a 3-year period. The hyper-inflationary designation requires the local subsidiary in Venezuela to record all transactions as if they were denominated in U.S. dollars.

The Venezuelan government has devalued the Bolivar Fuerte several times in an attempt to address continuing hyperinflation. For the years ended February 28, 2022, February 28, 2021 and February 29, 2020, total net currency exchange gains (losses) recorded related to Venezuela were not significant. All currency exchange gains and losses are included in Other (expense) income on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company holds certain long-lived assets in Venezuela, which includes an office location for local personnel, as well as other rental properties. The subsidiary’s automotive operations are currently suspended, and all of these properties are held for investment purposes as of February 28, 2022 and had no value.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all positive and negative evidence including the results of recent operations, scheduled reversal of deferred tax liabilities, future taxable income, and tax planning strategies. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled (see Note 8). The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company made a policy election to treat the income tax with respect to GILTI as a period expense when incurred.

Uncertain Tax Positions

The Company adopted guidance included in ASC 740 as it relates to uncertain tax positions. The guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure requirements.

Tax interest and penalties

The Company classifies interest and penalties associated with income taxes as a component of Income tax expense (benefit) on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Uncertain Tax Positions

Net (Loss) Income Per Common Share

Basic net (loss) income per common share, net of non-controlling interest, is based upon the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per common share reflects the potential dilution that would occur if common stock equivalent securities or other contracts to issue common stock were exercised or converted into common stock.

	Year Ended		Year Ended		Year Ended
	February 28, 2022		February 28, 2021		February 29, 2020
Weighted-average common shares outstanding (basic)		24,287,179		24,201,221		24,394,663
Effect of dilutive securities:
Stock grants, restricted stock units, and market stock units		-		448,885		—
Weighted-average common and potential common shares outstanding (diluted)		24,287,179		24,650,106		24,394,663

Stock grants, restricted stock units, and market stock units totaling 737,513, 12,757 and 701,024 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively, were not included in the net (loss) income per common share calculation because the settlement price of the stock grants, restricted stock units and market stock units was greater than the average market price of the Company's common stock during these periods, or because the inclusion of these components would have been anti-dilutive.

Other (Expense) Income

Other (expense) income is comprised of the following:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Foreign currency (loss) gain	$	(635	)	$	(862	)	$	405
Interest income		72			83			918
Rental income		678			739			692
Miscellaneous		208			786			317
Total other, net	$	323		$	746		$	2,332

Interest income for the years ended February 28, 2022 and February 28, 2021 decreased as compared to the year ended February 29, 2020 as a result of lower interest rates earned on the Company’s money market investments and a lower balance of funds available to invest.

Accounting for the Impairment of Long-Lived Assets

Long-lived assets and certain identifiable intangible assets are reviewed for impairment in accordance with ASC 360 whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying value of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability of long-lived assets is measured by comparing the carrying value of the assets to their estimated fair market value. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds the fair value of the assets. See Note 1(k) for discussion of the impairment of long-lived assets in connection with the Company’s annual intangible impairment testing for the years ended February 28, 2021 and February 29, 2020. There were no impairments of long-lived assets recorded during the year ended February 28, 2022.

Accounting for Stock-Based Compensation

The Company has a stock-based compensation plan under which employees and non-employee directors may be granted incentive stock options ("ISO's") and non-qualified stock options ("NQSO's") to purchase shares of Class A common stock. Under the plan, the exercise price of the ISO's granted to a ten percent stockholder must equal 110% of the fair market value of the Company's Class A common stock on the date of grant. The exercise price of all other options and Stock Appreciation Right ("SAR") awards may not be less than 100% of the fair market value of the Company's Class A common stock on the date of grant. If an option or SAR is granted pursuant to an assumption of, or substitution for, another option or SAR pursuant to a Corporate Transaction, and in a manner consistent with Section 409A of the Internal Revenue Code (the “Code”), the exercise or strike price may be less than 100% of the fair market value on the date of grant. The plan permits for options to be exercised at various intervals as determined by the Board of Directors. However, the maximum expiration period is ten years from date of grant. The vesting requirements are determined by the Board of Directors at the time of grant. Exercised options are issued from authorized Class A common stock. As of February 28, 2022, approximately 1,147,000 shares were available for future grants under the terms of these plans.

Options are measured at the fair value of the award at the date of grant and are recognized as an expense over the requisite service period. Compensation expense related to stock-based awards with vesting terms are amortized using the straight-line attribution method. There were no stock options granted during the years ended February 28, 2022, February 28, 2021, or February 29, 2020. During the years ended February 28, 2022, February 28, 2021 and February 29, 2020 there were no stock-based compensation costs or professional fees recorded by the Company and the Company had no unrecognized compensation costs at February 28, 2022 related to stock options and warrants.

Restricted stock awards are granted pursuant to the Company’s 2012 Equity Incentive Plan (the “2012 Plan”). A restricted stock award is an award of common stock that is subject to certain restrictions during a specified period. Restricted stock awards are independent of option grants and are subject to forfeiture if employment terminates for a reason other than death, disability, or retirement, prior to the release of the restrictions. Shares under restricted stock grants are not issued to the grantees before they vest. The Company’s Omnibus Equity Incentive Plan was established in 2014 (the “2014 Plan”). Pursuant to the 2014 Plan, Restricted Stock Units (“RSU’s”) may be awarded by the Company to any individual who is employed by, provides services to, or serves as a director of, the Company or its affiliates. RSU’s are granted based on certain performance criteria and vest on the later of three years from the date of grant, or the grantee reaching the age of 65 years. The shares will also vest upon termination of the grantee's employment by the Company without cause, provided that the grantee, at the time of termination, has been employed by the Company for at least 10 years, or as a result of the sale of all of the issued and outstanding stock, or all, or substantially all, of the assets of the subsidiary of which the grantee serves as CEO and/or President. When vested shares are issued to the grantee, the awards will be settled in shares or in cash, at the Company's sole option. The grantees cannot transfer the rights to receive shares before the restricted shares vest. There are no market conditions inherent in the award, only an employee performance requirement, and the service requirement that the respective employee continues employment with the Company through the vesting date. The Company expenses the cost of the RSU’s on a straight-line basis over the requisite service period of each employee. During the years ended February 28, 2022, February 28, 2021 and February 29, 2020, an additional 48,527, 48,269, and 71,352 RSU’s were granted under the 2014 Plan, respectively. The fair market value of the RSU’s, $13.59, $5.76, and $4.65 for Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively, were determined based on the mean of the high and low price of the Company's common stock on the grant dates.

Grant of Shares to Chief Executive Officer

On July 8, 2019, the Board of Directors approved a five-year Employment Agreement (the “Employment Agreement”), effective March 1, 2019, by and between the Company and Patrick M. Lavelle, the Company’s President and Chief Executive Officer. Under the terms of the Employment Agreement, in addition to a $1,000 yearly salary and a cash bonus based on the Company’s Adjusted EBITDA, Mr. Lavelle was granted the right to receive certain stock-based compensation as discussed below:

An initial stock grant of 200,000 fully vested shares of Class A Common Stock issued under the 2012 Plan. Compensation expense of $830 was recognized during the year ended February 29, 2020 based upon the grant fair value of $4.15 per share.

Additional stock grants of 100,000 shares of Class A Common Stock to be issued on each of March 1, 2020, March 1, 2021, and March 1, 2022 under the 2012 Plan. Compensation expense of $157, $409, and $679 was recognized during the years ended February 28, 2022, February 28, 2021, and February 29, 2020, respectively, based upon the grant fair value of $4.15 per share using the graded vesting attribution method.

Grant of market stock units (“MSU’s”) up to a maximum value of $5,000, based upon the achievement of a 90-calendar day average stock price of no less than $5.49 over the performance period ending on the third and fifth anniversary of the effective date of the Employment Agreement. The value of the MSU award increases based upon predetermined targeted 90-calendar day average stock prices with a maximum of $5,000 if the 90-calendar day average high stock price equals or exceeds $15.00. The award is weighted toward achievement of a significant increase in our stock price as half of the award will be granted to Mr. Lavelle only if the 90-calendar day high stock price equals or exceeds $13.00. The average stock price is calculated based on the highest average closing price of one share of our Class A common stock, as reported on the NASDAQ Stock Market during any 90-calendar day period prior to each measurement date. The number of shares to be issued under the 2012 Plan related to the MSUs based upon achievement of the maximum award value of $5,000, and if issued at $15.00 per share, is estimated at 333,333 shares. Actual results may differ based upon when the high average stock price is achieved and settled. The Company used a Monte Carlo simulation to calculate the fair value of the award on the grant date. A Monte Carlo simulation requires the use of various assumptions, including the stock price volatility and risk-free interest rate as of the valuation date. We recognized stock-based compensation expense of $241, $241, and $157 for the years ended February 28, 2022, February 28, 2021, and February 29, 2020, respectively, related to these MSU’s using the graded vesting attribution method over the performance period. As of February 28, 2022, all of the MSU’s remain outstanding.

All stock grants under the Employment Agreement are subject to a hold requirement as specified in the Employment Agreement. The Employment Agreement gave Mr. Lavelle, in certain limited change of control situations, the right to require the Company to purchase the shares in connection with the Employment Agreement, shares personally acquired by Mr. Lavelle, and shares issued to him under other incentive compensation arrangements. Accordingly, the stock awards issued in connection with the Employment Agreement are presented as redeemable equity on the consolidated balance sheet at grant-date fair value. Shares previously held by Mr. Lavelle under the 2014 Plan and those personally purchased by Mr. Lavelle have been reclassified from permanent equity to redeemable equity. As the contingent events that would allow Mr. Lavelle to redeem the shares are not probable at this time, remeasurement of the amounts in redeemable equity have not been recorded. The Employment Agreement contains certain restrictive and non-solicitation covenants.

	Number of shares			Weighted Average Grant Date Fair Value
Unvested share balance at February 28, 2019		470,807		$	5.49
Granted		571,352			4.21
Vested		(127,007	)		4.18
Vested and settled		(200,000	)		4.15
Forfeited		—			—
Unvested share balance at February 29, 2020		715,152		$	5.07
Granted		88,269			7.18
Vested		(99,697	)		7.21
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2021		603,724		$	5.18
Granted		48,527			13.59
Vested		(197,891	)		5.76
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2022		354,360		$	6.30

At February 28, 2022, there were 476,209 shares of vested and unissued shares under the 2014 Plan with a weighted average fair value of $6.90. During the year ended February 28, 2021, vested RSU awards for two of the Company’s former employees, totaling 105,123 award units, were settled in cash in an amount totaling $575.

During the years ended February 28, 2022, February 28, 2021 and February 29, 2020 the Company recorded $907, $1,749 and $2,282, respectively, in stock-based compensation related to the 2014 Plan, and the initial stock grant, additional stock grants, and MSU’s under the Employment Agreement. As of February 28, 2022, unrecognized stock-based compensation expense related to unvested RSU’s was approximately $1,220 and will be recognized over the requisite service period of each employee.

Accumulated Other Comprehensive Loss

	Foreign Currency Translation (Losses) Gains			Pension plan adjustments, net of tax			Derivatives designated in a hedging relationship, net of tax			Total
Balance at February 28, 2019	$	(16,222	)	$	(798	)	$	76		$	(16,944	)
Other comprehensive loss before reclassifications		(1,517	)		(89	)		(157	)		(1,763	)
Reclassified from accumulated other comprehensive (loss) income		—			—			(348	)		(348	)
Net current-period other comprehensive loss		(1,517	)		(89	)		(505	)		(2,111	)
Balance at February 29, 2020	$	(17,739	)	$	(887	)	$	(429	)	$	(19,055	)
Other comprehensive income (loss) before reclassifications		4,365			18			(470	)		3,913
Reclassified from accumulated other comprehensive loss		-			-			165			165
Net current-period other comprehensive income (loss)		4,365			18			(305	)		4,078
Balance at February 28, 2021	$	(13,374	)	$	(869	)	$	(734	)	$	(14,977	)
Other comprehensive (loss) income before reclassifications		(3,317	)		158			485			(2,674	)
Reclassified from accumulated other comprehensive loss		-			-			148			148
Net current-period other comprehensive (loss) income		(3,317	)		158			633			(2,526	)
Balance at February 28, 2022	$	(16,691	)	$	(711	)	$	(101	)	$	(17,503	)

During the years ended February 28, 2022, February 28, 2021 and February 29, 2020, the Company recorded other comprehensive income (loss), net of associated tax impact of $(40), (74) and $38, respectively, related to pension plan adjustments, and $(101), $106 and $35, respectively, related to derivatives designated in a hedging relationship.

The other comprehensive (loss) income before reclassification for foreign currency translation of $(3,317), $4,365, and $(1,517), respectively, includes the remeasurement of intercompany transactions of a long term investment nature of $320, (1,244) and $(56), respectively, with certain subsidiaries whose functional currency is not the U.S. dollar, and $(3,637), $5,608 and $(1,461), respectively, from translating the financial statements of the Company's non-U.S. dollar functional currency subsidiaries into our reporting currency, which is the U.S. dollar. Intercompany loans and transactions that are of a long-term investment nature are remeasured and resulting gains and losses shall be reported in the same manner as translation adjustments. Within foreign currency translation (losses) gains in Other comprehensive (loss) income for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, the Company recorded total gains (losses) of $(2,728), $4,136, and $(1,435), respectively, related to the Euro; $(245), $261, and $(22), respectively, related to the Canadian Dollar; $25, (53) and $(17), respectively, for the Mexican Peso, as well as $(120), $21 and $(24), respectively, for various other currencies. For the year ended February 28, 2022, Other comprehensive (loss) income also included foreign currency gains of $(249) from the Japanese Yen, generated by the Company’s Onkyo subsidiary, which was established in September 2021 and was not present in previous fiscal years. These adjustments were caused by the strengthening/(weakening) of the U.S. Dollar against the Euro, Canadian Dollar, and the Mexican Peso between -2% and 8% in Fiscal 2022, -10% and 6% in Fiscal 2021, and 2% and 4% in Fiscal 2020.

New Accounting Pronouncements

In March 2020 and January 2021, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU No. 2021-01, “Reference Rate Reform: Scope,” respectively. Together, these ASU’s provide

optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 provides, among other things, guidance that modifications of contracts within the scope of Topic 470, Debt, should be accounted for by prospectively adjusting the effective interest rate; modifications of contracts within the scope of Topic 840, Leases, should be accounted for as a continuation of the existing contract; and, changes in the critical terms of hedging relationships caused by reference rate reform should not result in the de-designation of the instrument, provided certain criteria are met. ASU 2021-01 clarifies the scope and application of ASU 2020-04 and among other things, permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows. The Company’s exposure to LIBOR rates includes its Credit Facility, as well as its Florida Mortgage and related interest swap agreement. These optional expedients and exceptions are effective as of March 12, 2020 through December 31, 2022. Adoption is permitted at any time. The Company is currently evaluating the impact this update may have on its consolidated financial statements.

In October 2021, the FASB issued ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts With Customers,” which amends the accounting for contract assets acquired and contract liabilities assumed from contracts with customers in business combinations (“acquired contract balances”). The update requires contract assets and contract liabilities from contracts with customers that are acquired in a business combination to be recognized and measured as if the acquirer had originated the original contract. Previously, acquired contract assets and liabilities were measured at fair value. The ASU is effective for fiscal years ending after December 15, 2022. Early adoption is permitted. The Company is currently evaluating the impact this update may have on its consolidated financial statements.

Acquisitions (Tables)

12 Months Ended

Feb. 28, 2022

Onkyo Home Entertainment Corporation [Member]

Summary of Allocation of Purchase Price for Fair Value of Assets Acquired and Liabilities Assumed

	September 8, 2021		Measurement Period Adjustments			September 8, 2021 (as adjusted)
Purchase price:
Cash paid	$	21,989	$	-		$	21,989
Assignment of notes and interest receivable		8,417		-			8,417
Fair value of contingent consideration		6,710		68			6,778
Total transaction consideration	$	37,116	$	68		$	37,184

Allocation:
Intangible assets	$	26,929	$	(7,905	)	$	19,024
Goodwill		10,187		7,973			18,160
Total assets acquired	$	37,116	$	68			37,184

Summary of Amounts Assigned to Goodwill and Intangible Assets

The amounts assigned to goodwill and intangible assets for the acquisition are as follows:

	September 8, 2021 (as adjusted)		Amortization Period (Years)
Goodwill	$	18,160	N/A
Tradenames		12,468	10
Technology		6,556	5
	$	37,184

Rollforward of the Redeemable Non-controlling Interest

	Redeemable Non-controlling Interest
Balance at February 28, 2021	$	-
Initial investment by Sharp		2,069
Net loss attributable to non-controlling interest		(1,483	)
Foreign currency translation		(75	)
Balance at February 28, 2022	$	511

Directed LLC and Directed Electronics Canada Inc [Member]

Summary of Allocation of Purchase Price for Fair Value of Assets Acquired and Liabilities Assumed

The following summarizes the allocation of the purchase price based upon the fair value of the assets acquired and liabilities assumed at the date of acquisition:

	July 1, 2020		Measurement Period Adjustments			July 1, 2020 (as adjusted)
Assets acquired:
Inventory	$	7,054		956			8,010
Accounts receivable		5,173		357			5,530
Other current assets		160		-			160
Property and equipment		2,815		-			2,815
Operating lease, right of use asset		1,771		-			1,771
Customer relationships		2,600		(100	)		2,500
Trademarks		4,500		-			4,500
Patented technology		1,030		-			1,030
Goodwill		3,290		(1,690	)		1,600
Total assets acquired	$	28,393	$	(477	)	$	27,916

Liabilities assumed:
Accounts payable		8,144		-			8,144
Accrued expenses		1,406		(136	)		1,270
Contract liabilities		4,872		11			4,883
Warranty accrual		1,200		(352	)		848
Operating lease liability		1,771		-			1,771
Total	$	17,393	$	(477	)	$	16,916
Total purchase price	$	11,000	$	-		$	11,000

VSHC [Member]

Summary of Allocation of Purchase Price for Fair Value of Assets Acquired and Liabilities Assumed

The following summarizes the allocation of the purchase price based upon the fair value of the assets acquired and liabilities assumed at the date of acquisition:

	January 31, 2020		Measurement Period Adjustments			January 31, 2020 (as adjusted)
Assets acquired:
Inventory	$	6,982		(76	)		6,906
Accounts receivable		3,415		(187	)		3,228
Right of use assets		483		-			483
Other current assets		145		-			145
Property and equipment		714		-			714
Customer relationships		5,460		-			5,460
Trademarks		560		-			560
Patented technology		280		-			280
Goodwill		215		357			572
Other non-current assets		3		-			3
Total assets acquired	$	18,257	$	94		$	18,351

Liabilities assumed:
Accounts payable		757		-			757
Accrued expenses		329		94			423
Lease liabilities		483		-			483
Warranty accrual		188		-			188
Total	$	1,757	$	94		$	1,851
Total purchase price	$	16,500	$	-		$	16,500

Accrued Expenses and Other Current Liabilities

12 Months Ended

Feb. 28, 2022

Accrued Liabilities Current [Abstract]

Accrued Expenses and Other Current Liabilities

6)	Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

	February 28, 2022		February 28, 2021
Commissions	$	934	$	971
Employee compensation		17,082		18,283
Professional fees and accrued settlements		1,620		922
Future warranty		4,470		4,403
Refund liability		5,469		5,145
Freight and duty		10,342		11,134
Royalties, advertising and other		14,742		12,534
Total accrued expenses and other current liabilities	$	54,659	$	53,392

Included in royalties, advertising, and other in the table above as of February 28, 2022 and February 28, 2021 are accrued environmental charges of $337 and $394, respectively, related to soil contamination at one of the Company's operating facilities in Germany that is in the process of being remediated at February 28, 2022. Charges initially accrued during the year ended February 28, 2019 were estimated based on assessments asserted by a local government authority and estimates provided by a third-party engineering firm.

Description of Business and Summary of Significant Accounting Policies - Investment Securities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Gain (Loss) on Securities [Line Items]
Cost-method investments, realized gain (loss)	$ 42	$ 775
RxNetworks [Member]
Gain (Loss) on Securities [Line Items]
Cost-method investments, realized gain (loss)	$ 42	$ 775

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Current assets:
Cash and cash equivalents	$ 27,788	$ 59,404
Accounts receivable, net	105,625	106,165
Inventory, net	174,922	130,793
Receivables from vendors	363	277
Prepaid expenses and other current assets	21,340	22,266
Income tax receivable	734	434
Total current assets	330,772	319,339
Investment securities	1,231	1,777
Equity investments	21,348	23,267
Property, plant and equipment, net	49,794	52,026
Operating lease, right of use asset	4,464	4,572
Goodwill	17,363	58,311
Intangible assets, net	101,450	90,104
Deferred income tax assets	40	99
Other assets	3,245	1,323
Total assets	586,664	550,818
Current liabilities:
Accounts payable	76,665	61,826
Accrued expenses and other current liabilities	54,659	53,392
Income taxes payable	2,714	1,587
Accrued sales incentives	23,755	25,313
Interim arbitration award payable (Note 15)	39,444
Contract liabilities, current	4,373	4,178
Current portion of long-term debt	2,406	500
Total current liabilities	204,016	146,796
Long-term debt, net of debt issuance costs	9,786	5,962
Finance lease liabilities, less current portion	78	302
Operating lease liabilities, less current portion	3,298	3,582
Deferred compensation	1,231	1,777
Contingent consideration, less current portion (Note 2)	5,750
Deferred income tax liabilities	5,300	6,645
Other tax liabilities	1,083	1,170
Other long-term liabilities	5,959	5,255
Total liabilities	236,501	171,489
Commitments and contingencies (Note 15)
Redeemable equity (Note 1(u))	3,550	3,260
Redeemable non-controlling interest (Note 2)	511
Stockholders' equity:
Preferred stock:
Paid-in capital	300,453	300,402
Retained earnings	126,573	148,906
Accumulated other comprehensive loss	(17,503)	(14,977)
Less: Treasury stock, at cost, 2,862,218 and 2,749,218 shares of Class A Common Stock at February 28, 2022 and February 28, 2021, respectively	(25,138)	(23,918)
Less: Redeemable equity	(3,550)	(3,260)
Total VOXX International Corporation stockholders' equity	381,102	407,420
Non-controlling interest	(35,000)	(31,351)
Total stockholders' equity	346,102	376,069
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity	586,664	550,818
Common Class B [Member]
Stockholders' equity:
Common stock	22	22
Common Class A [Member]
Stockholders' equity:
Common stock	$ 245	$ 245

Financial and Product Information About Foreign and Domestic Operations - Additional Information (Details)	12 Months Ended
	Feb. 28, 2022 Segment
Segment Reporting [Abstract]
Number of operating segments	3

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Accounts Payable And Accrued Liabilities Current [Abstract]
Environmental exit costs, costs accrued to date	$ 337	$ 394

Description of Business and Summary of Significant Accounting Policies - Foreign Currency - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Foreign currency transaction (loss) gains, before tax	$ (635)	$ (862)	$ 405
Cumulative inflation period	3 years
Minimum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cumulative inflation rate	100.00%

Financial and Product Information About Foreign and Domestic Operations - Schedule of Segment Data from Continuing Operations (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting Information [Line Items]
Intangible asset impairment charges		$ 1,300	$ 30,230
Gain on sale of real property (Note 11)			4,057
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Charge for interim arbitration award unfavorable	$ 39,444
Consumer Electronics [Member]
Segment Reporting Information [Line Items]
Intangible asset impairment charges		$ 1,300	2,828
Gain on sale of real property (Note 11)			4,057
Biometrics [Member]
Segment Reporting Information [Line Items]
Intangible asset impairment charges			$ 27,402

Financing Arrangements (Tables)

12 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The Company has the following financing arrangements:

	February 28, 2022		February 28, 2021
Domestic credit facility (a)	$	—	$	—
Florida mortgage (b)		6,614		7,114
Euro asset-based lending obligation - VOXX Germany (c)		1,906		—
Shareholder loan payable to Sharp (d)		4,718		—
Total debt		13,238		7,114
Less: current portion of long-term debt		2,406		500
Long-term debt before debt issuance costs		10,832		6,614
Less: debt issuance costs		1,046		652
Total long-term debt	$	9,786	$	5,962

Domestic Bank Obligations

The Company has a senior secured credit facility (the “Credit Facility") with Wells Fargo Bank, N.A. (“Wells Fargo”) that provides for a revolving credit facility with committed availability of up to $140,000. The Credit Facility also includes a $30,000 sublimit for letters of credit and a $15,000 sublimit for swingline loans. The availability under the revolving credit line within the Credit Facility is subject to a borrowing base, which is based on eligible accounts receivable, eligible inventory and certain real estate, subject to reserves as determined by the lender, and is also limited by amounts outstanding under the Florida Mortgage (see Note 7(b)). As of February 28, 2022, there was no balance outstanding under the revolving credit facility. The remaining availability under the revolving credit line of the Credit Facility was $127,486 as of February 28, 2022.

Any amounts outstanding under the Credit Facility will mature and become immediately due on April 19, 2026; however, the Credit Facility is subject to acceleration upon the occurrence of an Event of Default (as defined in the Credit Agreement). The Company may prepay any amounts outstanding at any time, subject to payment of certain breakage and redeployment costs relating to LIBOR Rate Loans. Commitments under the Credit Facility may be irrevocably reduced at any time, without premium or penalty as set forth in the Credit Facility.

Generally, the Company may designate specific borrowings under the Credit Facility as either Base Rate Loans or LIBOR Rate Loans, except that swingline loans may only be designated as Base Rate Loans. Loans under the Credit Facility designated as LIBOR Rate Loans shall bear interest at a rate equal to the then-applicable LIBOR Rate plus a range of 1.75% - 2.25% (2.00% at February 28, 2022). Loans under the Credit Facility designated as Base Rate Loans shall bear interest at a rate equal to the applicable margin for Base Rate Loans of 0.75% - 1.25%, as defined in the agreement and shall not be lower than 1.75% (4.00% at February 28, 2022). The amendment to the Credit Facility in April 2021 provided for a Benchmark Replacement that will replace the LIBOR rate for all revolver usage. The Benchmark Replacement is subject to the occurrence of a Benchmark Transition Event, as defined in the Second Amended and Restated Credit Agreement and becomes effective after a five-day transition period following the event.

Provided the Company is in a Compliance Period (the period commencing on the day in which Excess Availability is less than 20% of the Maximum Revolver Amount and ending on a day in which Excess Availability is equal to or greater than 20% for any consecutive 30-day period thereafter), the Credit Facility requires compliance with a financial covenant calculated as of the last day of each month consisting of a Fixed Charge Coverage Ratio. The Credit Facility also contains covenants, subject to defined carveouts, that limit the ability of the loan parties and certain of their subsidiaries which are not loan parties to, among other things: (i) incur additional indebtedness; (ii) incur liens; (iii) merge, consolidate or dispose of a substantial portion of their business; (iv) transfer or dispose of assets; (v) change their name, organizational identification number, state or province of organization or organizational identity; (vi) make any material change in their nature of business; (vii) prepay or otherwise acquire indebtedness; (viii) cause any change of control; (ix) make any restricted junior payment; (x) change their fiscal year or method of accounting; (xi) make advances, loans or investments; (xii) enter into or permit any transaction with an affiliate of any borrower or any of their subsidiaries; (xiii) use proceeds for certain items; (xiv) issue or sell any of their stock; (xv) consign or sell any of their inventory on certain terms. In addition, if excess availability under the Credit Facility were to fall below certain specified levels, as defined in the Credit Facility, the lenders would have the right to assume dominion and control over the Company's cash. As of February 28, 2022, the Company was not in a Compliance Period.

The obligations under the Credit Facility are secured by a general lien on, and security interest in, substantially all of the assets of the borrowers and certain of the guarantors, including accounts receivable, equipment, real estate, general intangibles, and inventory. The Company has guaranteed the obligations of the borrowers under the Credit Facility.

The Company has deferred financing costs related to the Credit Facility and previous amendments and modifications of the Credit Facility. In conjunction with the amendment to its Credit Facility on April 19, 2021, the Company incurred additional financing fees of $667 that will be amortized over the remaining term of the facility. The Company accounted for the April 2021 amendment to the Credit Facility as a modification of debt. Deferred financing costs are included in Long-term debt on the accompanying Consolidated Balance Sheets as a contra-liability balance and are amortized through Interest and bank charges in the Consolidated Statements of Operations and Comprehensive (Loss) Income over the remaining term of the Credit Facility. The Company amortized $241 during the year ended February 28, 2022 and $539 during both of the years ended February 28, 2021 and February 29, 2020. The net unamortized balance of these deferred financing costs at February 28, 2022 is $922.

Charges incurred on the unused portion of the Credit Facility and its predecessor revolving credit facility during the years ended February 28, 2022, February 28, 2021 and February 29, 2020 totaled $739, $504 and $503, respectively, and are included within Interest and Bank Charges on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Florida Mortgage

Euro Asset-Based Lending Obligation – VOXX Germany

Shareholder Loan Payable to Sharp Asset

Schedule of Maturities of Long-term Debt

The following is a maturity table for debt and bank obligations outstanding at February 28, 2022 for each of the following fiscal years:

2023	$	2,406
2024		500
2025		500
2026		500
2027		500
Thereafter		8,832
Total	$	13,238

Income Taxes - Schedule of Tax Returns Subject to Examination by Tax Authorities in Major Jurisdictions (Details)	12 Months Ended
	Feb. 28, 2022
Tax Year 2016 [Member] \| US [Member] \| Domestic Tax Authority [Member]
Income Tax Examination [Line Items]
Tax Year under examination	2017
Tax Year 2015 [Member] \| Netherlands [Member] \| Foreign [Member]
Income Tax Examination [Line Items]
Tax Year under examination	2016
Tax Year 2014 [Member] \| Germany [Member] \| Foreign [Member]
Income Tax Examination [Line Items]
Tax Year under examination	2013

Capital Structure - Schedule of Capital Units (Details) - $ / shares	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Capital Unit [Line Items]
Preferred stock, shares outstanding	0	0
Preferred Stock [Member]
Capital Unit [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 50.00
Preferred Stock, Shares Authorized	50,000	50,000
Preferred stock, shares outstanding	0	0
Preferred Stock, Liquidation Preference Per Share	$ 50
Series A Preferred Stock [Member]
Capital Unit [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.01
Preferred Stock, Shares Authorized	1,500,000	1,500,000
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Capital Unit [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	60,000,000	60,000,000
Common Stock, Shares, Outstanding	21,614,629	21,666,976
Common Stock, Voting Rights	one
Common Class B [Member]
Capital Unit [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Shares, Outstanding	2,260,954	2,260,954
Common Stock, Voting Rights	ten

Lease Obligations - Additional Information (Details) € in Thousands			12 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 EUR (€)	Feb. 28, 2022 USD ($)	Feb. 28, 2021 USD ($)	Feb. 29, 2020 USD ($)	Mar. 01, 2019 USD ($)
Leases [Line Items]
Operating lease, right of use asset			$ 4,464,000	$ 4,572,000
Lease liabilities			4,553,000	4,701,000
Short term leases			0
Gain related to execution of sale transaction					$ 4,057,000
Other Income (Expense) [Member]
Leases [Line Items]
Rental income			$ 678,000	$ 739,000	692,000
Minimum [Member]
Leases [Line Items]
Operating and finance leases remaining lease terms			1 year
Maximum [Member]
Leases [Line Items]
Operating and finance leases remaining lease terms			9 years
Selling Real Property in Pulheim, Germany to CLM S.A. RL [Member]
Leases [Line Items]
Sale leaseback transaction, selling price \| €		€ 10,920
Net proceeds from sale leaseback transaction after transactional costs and repayment of outstanding mortgage	$ 9,500,000
Sale leaseback transaction transaction costs	270,000
Repayment of outstanding mortgage on the property	$ 2,104,000
Sale leaseback transaction initial lease term				5 years
Gain related to execution of sale transaction					$ 4,057,000
Adoption of ASC 842 [Member]
Leases [Line Items]
Operating lease, right of use asset						$ 2,227,000
Lease liabilities						$ 2,243,000

Description of Business and Summary of Significant Accounting Policies - Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Feb. 28, 2022 USD ($) Segment Rate	Feb. 28, 2021 USD ($)	Feb. 29, 2020 USD ($)	Feb. 28, 2019 USD ($)
Goodwill and Intangible Assets [Line Items]
Number of operating segments \| Segment	3
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Goodwill	17,363,000	58,311,000	55,000,000	$ 54,785,000
Intangible asset impairment charges		1,300,000	30,230,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		0
Impairment of definite-lived intangible assets	$ 0	0	0
Indefinite lived trademarks, percentage of total \| Rate	38.20%
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 24,079,000
Finite-lived intangible assets, remaining amortization period	9 years
Finite-lived intangible asset, weighted average period before next renewal or extension	6 years
Amortization of intangible assets	$ 6,508,000	5,426,000	7,010,000
Consumer Electronics [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	$ 63,895,000	46,533,000	46,533,000	$ 46,533,000
Intangible asset impairment charges		1,300,000	2,828,000
Additional Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 0
Biometrics [Member]
Goodwill and Intangible Assets [Line Items]
Intangible asset impairment charges			27,402,000
Impairment of definite-lived intangible assets			$ 19,667,000
Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	1.50%
Minimum [Member] \| Measurement Input, Cap Rate [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	14.60%
Minimum [Member] \| Measurement Input, Discount Rate [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	13.00%
Minimum [Member] \| Measurement Input, Long-term Revenue Growth Rate [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	1.00%
Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	6.50%
Maximum [Member] \| Measurement Input, Cap Rate [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	30.00%
Maximum [Member] \| Measurement Input, Discount Rate [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	15.30%
Maximum [Member] \| Measurement Input, Long-term Revenue Growth Rate [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	3.00%

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands				12 Months Ended
	Sep. 08, 2021	Jul. 01, 2020	Jan. 31, 2020	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	May 26, 2021
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net					$ (1,353)	$ 21	$ 0
Increase (decrease) in goodwill by cumulative net measurement period adjustment					$ (1,353)	$ 21	$ 0
Percentage of net sales and income before taxes					4.20%	4.20%
Maximum [Member]
Business Acquisition [Line Items]
Percentage of net sales and income before taxes							1.00%
Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net	$ 7,973			$ 7,973
Contingent consideration payable, percentage of total price of certain future products purchases	2.00%
Percentage of net sales from consolidated net sales					0.80%
Cash purchase price	$ 21,989
Increase (decrease) in goodwill by cumulative net measurement period adjustment	7,973			$ 7,973
Business combination, consideration transferred	$ 37,184
Directed LLC and Directed Electronics Canada Inc [Member]
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net		$ (1,690)			$ (1,690)	$ (1,690)
Cash purchase price		11,000
Increase (decrease) in goodwill by cumulative net measurement period adjustment		$ (1,690)			$ (1,690)	$ (1,690)
Directed LLC and Directed Electronics Canada Inc [Member] \| VOXX DEI LLC and VOXX DEI Canada, Ltd. [Member]
Business Acquisition [Line Items]
Percentage of net sales from consolidated net sales					10.40%	8.40%
VSHC [Member]
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net			$ 357			$ 357
Increase (decrease) in goodwill by cumulative net measurement period adjustment			357			$ 357
Business combination, consideration transferred			$ 16,500
PAC [Member] \| Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Business acquisition, percentage of interests acquired								77.20%
Voting interest in joint venture								85.10%
Sharp Corporation [Member] \| Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Business acquisition, percentage of interests acquired								22.80%
Voting interest in joint venture								14.90%

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Disaggregation Of Revenue [Line Items]
Net sales	$ 635,920	$ 563,605	$ 394,889
Corporate, Non-Segment [Member]
Disaggregation Of Revenue [Line Items]
Net sales	519	603	599
Automotive [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Net sales	200,594	163,903	114,154
Automotive [Member] \| Operating Segments [Member] \| OEM Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	65,017	46,170	49,673
Automotive [Member] \| Operating Segments [Member] \| Aftermarket Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	135,577	117,733	64,481
Consumer Electronics [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Net sales	433,925	398,263	279,675
Consumer Electronics [Member] \| Operating Segments [Member] \| Premium Audio Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	343,991	299,908	170,762
Consumer Electronics [Member] \| Operating Segments [Member] \| Other Consumer Electronic Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	89,934	98,355	108,913
Biometrics [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Net sales	882	836	461
Biometrics [Member] \| Operating Segments [Member] \| Biometric Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 882	$ 836	$ 461

Income Taxes - Schedule of Effective Tax Rate Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Schedule of Effective Tax Rate Before Income Taxes [Abstract]
Tax benefit at Federal statutory rates, amount	$ (5,426)	$ 5,804	$ (8,598)
State income taxes, net of Federal benefit, amount	(282)	983	(611)
Change in valuation allowance, amount	7,214	(3,365)	4,218
Change in tax reserves, amount	(227)	(311)	(52)
Non-controlling interest, amount	766	714	3,229
US effects of foreign operations, amount	787	412	1,403
Permanent differences and other, amount	581	(192)	1,170
U.S. GILTI inclusion, amount	232	521	710
Change in tax rate, amount	105	102	(151)
Research & development credits, amount	243
Foreign derived intangible income deduction, amount	(975)
Foreign tax credits, amount	(1,392)	(396)	(436)
Effective tax rate, amount	$ 1,626	$ 4,272	$ 882
Tax benefit at Federal statutory rates, percent	21.00%	21.00%	21.00%
State income taxes, net of Federal benefit, percent	1.10%	3.50%	1.50%
Change in valuation allowance, percent	(28.00%)	(12.20%)	(10.30%)
Change in tax reserves, percent	0.90%	(1.10%)
Non-controlling interest, percent	(3.00%)	2.60%	(7.90%)
US effects of foreign operations, percent	(3.10%)	1.50%	(3.40%)
Permanent differences and other, percent	(2.20%)	(0.70%)	(2.90%)
U.S. GILTI inclusion, percent	(0.90%)	1.90%	(1.70%)
Change in tax rate, percent	(0.40%)	0.40%	0.40%
Research & development credits, percent	(0.90%)
Foreign derived intangible income deduction, percent	3.80%
Foreign tax credits, percent	5.40%	(1.40%)	1.10%
Effective tax rate, percent	(6.30%)	15.50%	(2.20%)

Financial and Product Information About Foreign and Domestic Operations

12 Months Ended

Feb. 28, 2022

Segment Reporting [Abstract]

Financial and Product Information About Foreign and Domestic Operations

13)	Financial and Product Information About Foreign and Domestic Operations

Segments

The Company classifies its operations in the following three reportable segments: Automotive Electronics, Consumer Electronics, and Biometrics.

Our Automotive Electronics segment designs, manufactures, distributes and markets rear-seat entertainment devices, remote start systems, automotive security products and devices, vehicle access systems, mobile interface modules, mobile multimedia devices, aftermarket/OE-styled radios, car link-smartphone telematics applications, driver distraction products, collision avoidance systems, location-based services, turn signal switches, automotive lighting products, automotive sensing and camera systems, USB ports, cruise control systems, heated seats, and satellite radio products.

Our Consumer Electronics segment designs, manufactures, distributes and markets home theater systems, high-end loudspeakers, outdoor speakers, business music systems, cinema speakers, wireless and Bluetooth speakers, soundbars, receivers, wired and wireless headphones and ear buds, DLNA (Digital Living Network Alliance) compatible devices, remote controls, karaoke products, infant/nursery products, personal sound amplifiers, as well as A/V connectivity, portable/home charging, reception and digital consumer products.

Our Biometrics segment designs, markets and distributes iris identification and biometric security related products.

Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually. The Company's Chief Executive Officer has been identified as the CODM. The CODM evaluates performance and allocates resources based upon a number of factors, the primary profit measure being income before income taxes of each segment. Certain costs and royalty income are not allocated to the segments and are reported as Corporate/Eliminations. Costs not allocated to the segments include professional fees, public relations costs, acquisition costs and costs associated with executive and corporate management departments, including salaries, benefits, depreciation, rent and insurance.

The segments share many common resources, infrastructures, and assets in the normal course of business. Thus, the Company does not report assets or capital expenditures by segment to the CODM.

The accounting principles applied at the consolidated financial statement level are generally the same as those applied at the operating segment level and there are no material intersegment sales. The segments are allocated interest expense, based upon a pre-determined formula, which utilizes a percentage of each operating segment's intercompany balance, which is offset in Corporate/Eliminations.

Segment data for each of the Company's segments are presented below:

	Automotive Electronics			Consumer Electronics		Biometrics			Corporate/ Eliminations			Total
Fiscal Year Ended February 28, 2022
Net sales	$	200,594		$	433,925	$	882		$	519		$	635,920
Equity in income of equity investees		7,890			—		—			—			7,890
Interest expense and bank charges		1,510			7,827		1,662			(8,467	)		2,532
Depreciation and amortization expense		3,049			4,957		297			4,095			12,398
Income (loss) before income taxes (a)		8,471			28,645		(9,354	)		(53,601	)		(25,839	)

Fiscal Year Ended February 28, 2021
Net sales	$	163,903		$	398,263	$	836		$	603		$	563,605
Equity in income of equity investees		7,350			—		—			—			7,350
Interest expense and bank charges		1,540			8,537		1,475			(8,573	)		2,979
Depreciation and amortization expense		2,881			3,856		322			3,974			11,033
Income (loss) before income taxes (b)		9,608			38,939		(8,726	)		(12,183	)		27,638

Fiscal Year Ended February 29, 2020
Net sales	$	114,154		$	279,675	$	461		$	599		$	394,889
Equity in income of equity investees		5,174			—		—			—			5,174
Interest expense and bank charges		436			9,482		1,279			(8,222	)		2,975
Depreciation and amortization expense		878			4,390		3,136			3,994			12,398
(Loss) income before income taxes (c)		(724	)		9,385		(39,241	)		(10,360	)		(40,940	)

(a)

(b)

Included within Income (loss) before income taxes for the year ended February 28, 2021 is an intangible asset impairment charge of $1,300 within the Consumer Electronics segment (see Note 1(k)).

(c)

	United States		Europe		Other		Total
Fiscal Year Ended February 28, 2022
Net sales	$	506,226	$	97,396	$	32,298	$	635,920
Long-lived assets		44,751		3,422		1,621		49,794

Fiscal Year Ended February 29, 2021
Net sales	$	477,608	$	82,134	$	3,863	$	563,605
Long-lived assets		46,614		3,569		1,843		52,026

Fiscal Year Ended February 29, 2020
Net sales	$	322,612	$	69,755	$	2,522	$	394,889
Long-lived assets		48,111		3,099		214		51,424

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Variable Interest Entities

12 Months Ended

Feb. 28, 2022

Variable Interest Entity [Abstract]

Variable Interest Entities

3)	Variable Interest Entities

A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 “Consolidation,” an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both:

•

the power to direct the activities that most significantly impact the economic performance of the VIE; and

•

the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE.

Effective September 1, 2015, Voxx acquired a majority voting interest in substantially all of the assets and certain specified liabilities of EyeLock, Inc. and EyeLock Corporation, a market leader of iris-based identity authentication solutions, through a newly formed entity, EyeLock LLC. The Company has issued EyeLock LLC a promissory note for the purposes of repaying protective advances and funding working

capital requirements of the company. On August 29, 2021, this promissory note was amended and restated to allow EyeLock LLC to borrow up to maximum of $68,200. Through March 1, 2019, interest on the outstanding principal of the loan accrued at 10%. From March 1, 2019 forward, interest accrues at 2.5%. The amended and restated promissory note is due on December 31, 2022. The outstanding principal balance of this promissory note is convertible at the sole option of Voxx into units of EyeLock LLC. If Voxx chooses not to convert into equity, the outstanding loan principal of the amended and restated promissory note will be repaid at a multiple of 1.50 based on the repayment date. The agreement includes customary events of default and is collateralized by all of the property of EyeLock LLC.

We have determined that we hold a variable interest in EyeLock LLC as a result of:

•

our majority voting interest and ownership of substantially all of the assets and certain liabilities of the entity; and

•

the loan agreement with EyeLock LLC, which has a total outstanding principal balance of $66,390 as of February 28, 2022.

We concluded that we became the primary beneficiary of EyeLock LLC on September 1, 2015 in conjunction with the acquisition. This was the first date that we had the power to direct the activities of EyeLock LLC that most significantly impact the economic performance of the entity because we acquired a majority interest in substantially all of the assets and certain liabilities of EyeLock Inc. and EyeLock Corporation on this date, as well as obtained a majority voting interest as a result of this transaction. Although we are considered to have control over EyeLock LLC under ASC 810, as a result of our majority ownership interest, the assets of EyeLock LLC can only be used to satisfy the obligations of EyeLock LLC. As a result of our majority ownership interest in the entity and our primary beneficiary conclusion, we consolidated EyeLock LLC in our consolidated financial statements beginning on September 1, 2015.

On April 29, 2021, EyeLock LLC entered into a three-year exclusive distribution agreement (the “Agreement”) with GalvanEyes LLC (“GalvanEyes”), a Florida LLC managed by Beat Kahli, the largest holder of Voxx’s Class A Common Shares. The Agreement provides that GalvanEyes will become the exclusive distributor of EyeLock products in the European Union, Switzerland, Puerto Rico, Malaysia, and Singapore, with the exception of any existing customer relationships. GalvanEyes was also granted exclusive distribution rights in the United States for the residential real estate market and specific U.S. Government agencies, and non-exclusive distribution rights in all other territories and verticals with the Company’s consent. The Agreement also includes a put/call arrangement, whereby GalvanEyes has the right to put the exclusivity back to EyeLock after the initial two-year period for a 20.0% interest in EyeLock. In turn, EyeLock has the ability to call the exclusivity during the term of the Agreement, based on the occurrence of certain events, which would result in a 20.0% equity interest given to GalvanEyes. Under the Agreement, in addition to paying for any products purchased, GalvanEyes has agreed to pay EyeLock $10,000 in the form of an annual fee, over a two-year period, of up to $5,000 per year, with payments on a quarterly basis beginning on September 1, 2021. Any gross profit generated on the sale of EyeLock LLC products by GalvanEyes will be deducted from the annual fee. The value of the put/call arrangement was not significant at February 28, 2022. On February 28, 2022, the Company received a payment in the amount of $1,250 for the quarterly installment payment due from GalvanEyes for the three months ended February 28, 2022. The Company has also recorded a corresponding liability within Other long-term liabilities on the accompanying Consolidated Balance Sheet, representing a prepayment made by GalvanEyes of a 20% interest in EyeLock upon exercise of the put option. The balance of this liability at February 28, 2022 is $2,451, which includes the balance receivable at February 28, 2022, as well as previous payments received to date.

Assets and Liabilities of EyeLock LLC

The following table sets forth the carrying values of assets and liabilities of EyeLock LLC that were included on our Consolidated Balance Sheets as of February 28, 2022 and February 28, 2021:

	February 28, 2022			February 28, 2021
Assets
Current assets:
Cash and cash equivalents	$	25		$	-
Accounts receivable, net		47			167
Inventory, net		2,028			2,245
Prepaid expenses and other current assets		245			30
Total current assets		2,345			2,442
Property, plant and equipment, net		39			39
Intangible assets, net		2,057			2,329
Other assets		59			60
Total assets	$	4,500		$	4,870
Liabilities and Partners' Deficit
Current liabilities:
Accounts payable	$	1,023		$	1,396
Interest payable to VOXX		13,099			11,453
Accrued expenses and other current liabilities		766			824
Due to VOXX		66,390			61,072
Total current liabilities		81,278			74,745
Other long-term liabilities		3,651			1,200
Total liabilities		84,929			75,945
Commitments and contingencies
Partners' deficit:
Capital		41,416			41,416
Retained losses		(121,845	)		(112,491	)
Total partners' deficit		(80,429	)		(71,075	)
Total liabilities and partners' deficit	$	4,500		$	4,870

The assets of EyeLock LLC can only be used to satisfy the obligations of EyeLock LLC.

Revenue and Expenses of EyeLock LLC

The following table sets forth the revenue and expenses of EyeLock LLC that were included in our Consolidated Statements of Operations and Comprehensive (Loss) Income for the years ended February 28, 2022, February 28, 2021, and February 29, 2020:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Net sales	$	882		$	836		$	476
Cost of sales		694			1,025			826
Gross profit		188			(189	)		(350	)
Operating expenses:
Selling		653			603			710
General and administrative		1,410			1,785			4,625
Engineering and technical support		5,817			4,674			5,144
Intangible asset impairment charges (Note 1(k))		-			-			27,402
Total operating expenses		7,880			7,062			37,881
Operating loss		(7,692	)		(7,251	)		(38,231	)
Other (expense) income:
Interest and bank charges		(1,662	)		(1,475	)		(1,279	)
Other, net		—			—			81
Total other expense, net		(1,662	)		(1,475	)		(1,198	)
Loss before income taxes		(9,354	)		(8,726	)		(39,429	)
Income tax expense		—			—			—
Net loss	$	(9,354	)	$	(8,726	)	$	(39,429	)

Description of Business and Summary of Significant Accounting Policies - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Assets:
Cash and money market funds	$ 27,788	$ 59,404
Mutual funds	1,231	1,777
Derivatives designated for hedging		412
Liabilities:
Derivatives designated for hedging	188	1,177
Contingent consideration	6,435
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and money market funds	27,788	59,404
Derivatives designated for hedging		0
Liabilities:
Derivatives designated for hedging	0	0
Contingent consideration	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and money market funds	0	0
Derivatives designated for hedging		412
Liabilities:
Derivatives designated for hedging	188	1,177
Contingent consideration	0
Level 3 [Member]
Assets:
Cash and money market funds	0	0
Derivatives designated for hedging		0
Liabilities:
Derivatives designated for hedging	0	0
Contingent consideration	6,435
Mutual Funds [Member]
Assets:
Mutual funds	1,231	1,777
Mutual Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Mutual funds	1,231	1,777
Mutual Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Mutual funds	0	0
Mutual Funds [Member] \| Level 3 [Member]
Assets:
Mutual funds	$ 0	$ 0

Equity Investment

12 Months Ended

Feb. 28, 2022

Equity Method Investment Summarized Financial Information [Abstract]

Equity Investment

5)	Equity Investment

The Company has a 50% non-controlling ownership interest in ASA Electronics, LLC and Subsidiary ("ASA"), which acts as a distributor of mobile electronics specifically designed for niche markets within the Automotive industry, including RV’s; buses; and commercial, heavy duty, agricultural, construction, powersport, and marine vehicles. ASC 810 requires the Company to evaluate non-consolidated entities periodically, and as circumstances change, to determine if an implied controlling interest exists. During Fiscal 2022, the Company evaluated this equity investment and concluded that ASA is not a variable interest entity. ASA’s fiscal year end is November 30, 2021; however, the results of ASA as of and through February 28, 2022 have been recorded in the consolidated financial statements.

The following presents summary financial information of ASA. Such summary financial information has been provided herein based upon the individual significance of ASA to the consolidated financial information of the Company.

	February 28, 2022		February 28, 2021
Current assets	$	46,202	$	49,956
Non-current assets		7,382		4,757
Liabilities		10,888		8,179
Members' equity		42,696		46,534

	Twelve Months Ended		Twelve Months Ended		Twelve Months Ended
	February 28, 2022		February 28, 2021		February 29, 2020
Net sales	$	114,825	$	95,866	$	98,632
Gross profit		27,517		24,124		21,342
Operating income		15,695		12,938		10,014
Net income		15,780		14,700		10,348

The Company's share of income from ASA for the years ended February 28, 2022, February 28, 2021 and February 29, 2020 was $7,890, $7,350 and $5,174, respectively. In addition, the Company received cash distributions from ASA totaling $9,809, $6,009 and $5,136 during the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively.

Undistributed earnings from equity investments amounted to $16,022 and $17,941 at February 28, 2022 and February 28, 2021, respectively.

Net sales transactions between the Company and ASA were $315, $260 and $501 for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively. Accounts receivable balances from ASA were $68 and $37 as of February 28, 2022 and February 28, 2021, respectively.

Description of Business and Summary of Significant Accounting Policies - Research and Development - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Research and Development [Abstract]
Research and development expense	$ 12,115	$ 7,940	$ 7,748
Engineering and Technical Support [Member]
Research and Development [Abstract]
Customer reimbursement expenses	$ 58	$ 120	$ 266

Description of Business and Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2019
Accounting Policies [Abstract]
Trade accounts receivable	$ 108,915	$ 108,862
Allowance for credit losses	2,182	1,593
Allowance for cash discounts	1,108	1,104	$ 751	$ 1,125
Accounts receivable	$ 105,625	$ 106,165

Revenue from Contracts with Customers - Reconciliation of Contract Liabilities (Details) $ in Thousands	12 Months Ended
	Feb. 28, 2022 USD ($)
Revenue From Contract With Customer [Abstract]
Balance at February 28, 2021	$ 5,265
Subscription payments received	7,615
Revenue recognized	(7,468)
Balance at February 28, 2022	$ 5,412

Subsequent Events

12 Months Ended

Feb. 28, 2022

Subsequent Events [Abstract]

Subsequent Events

16)	Subsequent Events

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Cash flows from operating activities:
Net (loss) income	$ (27,465)	$ 23,366	$ (41,822)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	12,398	11,033	12,398
Amortization of deferred financing costs	272	623	822
Intangible asset impairment charges		1,300	30,230
Bad debt expense (recovery)	222	(316)	720
Reduction in the carrying amount of the right of use asset	1,383	1,169	880
Loss (gain) on forward contracts	209	224	(491)
Equity in income of equity investee	(7,890)	(7,350)	(5,174)
Distribution of income from equity investees	9,809	6,009	5,136
Deferred income tax (benefit) expense, net	(1,339)	2,653	(1,337)
Gain (loss) on disposal of property, plant and equipment	1		(3,791)
Non-cash compensation adjustment	(546)	(505)	(320)
Non-cash stock-based compensation expense	907	1,749	2,282
Gain on investment		(42)	(775)
Changes in operating assets and liabilities (net of assets and liabilities) acquired):
Accounts receivable	(1,244)	(29,602)	5,692
Inventory	(45,115)	(22,735)	9,571
Receivables from vendors	(89)	(44)	777
Prepaid expenses and other	(1,610)	(10,753)	423
Investment securities-equity	546	505	576
Accounts payable, accrued expenses, accrued sales incentives and other current liabilities	55,719	59,414	(17,378)
Income taxes receivable/payable	872	(87)	572
Net cash (used in) provided by operating activities	(2,960)	36,611	(1,009)
Cash flows from investing activities:
Purchases of property, plant and equipment	(3,902)	(2,907)	(2,914)
Proceeds from sale of property, plant and equipment			11,930
Proceeds from sale of long-term investment		42	775
Purchase of acquired businesses (Note 2)	(30,406)	(11,000)	(16,500)
Net cash used in investing activities	(34,308)	(13,865)	(6,709)
Cash flows from financing activities:
Borrowings from bank obligations	3,687	20,000	0
Repayments on bank obligations	(2,197)	(20,500)	(9,205)
Principal payments on finance lease obligations	(407)	(605)	(646)
Deferred financing costs	(667)	(260)
Withholding taxes paid on net issuance of stock award	(857)
Settlement of restricted stock units		(575)
Proceeds of the issuance of subsidiary shares to non-controlling interest	2,069
Proceeds of the issuance of long-term debt to non-controlling interest	4,877
Purchase of treasury stock	(1,220)		(2,742)
Net cash provided by (used in) financing activities	5,285	(1,940)	(12,593)
Effect of exchange rate changes on cash	367	1,173	(500)
Net (decrease) increase in cash and cash equivalents	(31,616)	21,979	(20,811)
Cash and cash equivalents at beginning of year	59,404	37,425	58,236
Cash and cash equivalents at end of year	27,788	59,404	37,425
Non-cash investing and financing activities:
Adjustments to goodwill due to measurement period adjustments, net	(1,353)	21	0
Contingent purchase price consideration in connection with business acquisition	6,778
Settlement of debt with receivables		607	0
Change in redeemable equity	290	779	1,736
Reclassification of stockholders' equity to redeemable equity			745
Right of use assets obtained in exchange for operating lease obligations	1,238	772	1,312
Property, plant, and equipment obtained in exchange for finance lease obligations			1,024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,383	1,169	880
Operating cash flows from finance leases	11	28	47
Financing cash flows from finance leases	407	605	646
Interest, excluding bank charges	760	1,101	1,034
Income taxes (net of refunds)	$ 1,983	$ 1,807	1,551
Adoption of ASC 842 [Member]
Non-cash investing and financing activities:
Right of use assets obtained in exchange for operating lease obligations			$ 2,227

Financing Arrangements

12 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

Financing Arrangements

7)	Financing Arrangements

The Company has the following financing arrangements:

	February 28, 2022		February 28, 2021
Domestic credit facility (a)	$	—	$	—
Florida mortgage (b)		6,614		7,114
Euro asset-based lending obligation - VOXX Germany (c)		1,906		—
Shareholder loan payable to Sharp (d)		4,718		—
Total debt		13,238		7,114
Less: current portion of long-term debt		2,406		500
Long-term debt before debt issuance costs		10,832		6,614
Less: debt issuance costs		1,046		652
Total long-term debt	$	9,786	$	5,962

Domestic Bank Obligations

Florida Mortgage

Euro Asset-Based Lending Obligation – VOXX Germany

Shareholder Loan Payable to Sharp Asset

The following is a maturity table for debt and bank obligations outstanding at February 28, 2022 for each of the following fiscal years:

2023	$	2,406
2024		500
2025		500
2026		500
2027		500
Thereafter		8,832
Total	$	13,238

The weighted-average interest rate on short-term debt was 2.66% for Fiscal 2022 and 3.48% for Fiscal 2021. Interest expense related to the Company's financing arrangements for the years ended February 28, 2022, February 28, 2021 and February 29, 2020 was $550, $825 and $799, respectively, of which $326 was related to the Credit Facility for the year ended February 28, 2021. For the years ended February 28, 2022 and February 29, 2020, none of the Company’s interest expense was related to the Credit Facility, as there was no outstanding balance during these years.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Description of Business and Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Accounting Policies [Abstract]
Land	$ 7,046	$ 7,068
Buildings	44,177	43,987
Property under finance lease	2,503	2,503
Furniture and fixtures	4,489	4,424
Machinery and equipment	10,287	9,785
Construction-in-progress	3,341	1,587
Computer hardware and software	41,962	41,178
Automobiles	710	729
Leasehold improvements	2,718	2,688
Property, Plant and Equipment, Gross	117,233	113,949
Less accumulated depreciation and amortization	67,439	61,923
Property, Plant and Equipment, Net	$ 49,794	$ 52,026

Description of Business and Summary of Significant Accounting Policies - Change in Carrying Value of Goodwill (Details) - USD ($)	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Goodwill [Line Items]
Goodwill	$ 58,311,000	$ 55,000,000	$ 54,785,000
Goodwill, Acquired During Period	18,160,000	3,290,000	215,000
Goodwill, Impairment Loss	0	0	0
Adjustments to goodwill acquired, net	(1,353,000)	21,000	0
Foreign currency translation	(798,000)	0	0
Goodwill	17,363,000	58,311,000	55,000,000
Goodwill, Gross	106,483,000	90,474,000	87,163,000
Goodwill, Impaired, Accumulated Impairment Loss	(32,163,000)	(32,163,000)	(32,163,000)
Automotive Electronics [Member]
Goodwill [Line Items]
Goodwill	11,778,000	8,467,000	8,252,000
Goodwill, Acquired During Period	0	3,290,000	215,000
Adjustments to goodwill acquired, net	(1,353,000)	21,000	0
Goodwill	10,425,000	11,778,000	8,467,000
Goodwill, Gross	10,425,000	11,778,000	8,467,000
Goodwill, Impaired, Accumulated Impairment Loss	0	0	0
Consumer Electronics [Member]
Goodwill [Line Items]
Goodwill	46,533,000	46,533,000	46,533,000
Goodwill, Acquired During Period	18,160,000	0	0
Adjustments to goodwill acquired, net	0	0	0
Foreign currency translation	(798,000)	0	0
Goodwill	63,895,000	46,533,000	46,533,000
Goodwill, Gross	96,058,000	78,696,000	78,696,000
Goodwill, Impaired, Accumulated Impairment Loss	$ (32,163,000)	$ (32,163,000)	$ (32,163,000)

Financing Arrangements - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Debt Disclosure [Abstract]
Long-term Debt, Current Maturities	$ 2,406
Long-term Debt, Maturities, Repayments of Principal in Year Two	500
Long-term Debt, Maturities, Repayments of Principal in Year Three	500
Long-term Debt, Maturities, Repayments of Principal in Year Four	500
Long-term Debt, Maturities, Repayments of Principal in Year Five	500
Long-term Debt, Maturities, Repayments of Principal after Year Five	8,832
Long-term Debt	$ 13,238	$ 7,114

Description of Business and Summary of Significant Accounting Policies - Summary of Activity Related to 2014 Plan and Initial Stock Grant and Additional Stock Grants under Employment Agreement (Details) - 2014 Plan [Member] - $ / shares	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Unvested Number of share, Beginning balance	603,724	715,152	470,807
Granted	48,527	88,269	571,352
Vested	(197,891)	(99,697)	(127,007)
Vested and settled	(100,000)	(100,000)	(200,000)
Forfeited	0	0	0
Unvested Number of share, Ending balance	354,360	603,724	715,152
Weighted Average Grant Date Fair Value, Beginning balance	$ 5.18	$ 5.07	$ 5.49
Weighted Average Grant Date Fair Value, Granted	13.59	7.18	4.21
Weighted Average Grant Date Fair Value, Vested	5.76	7.21	4.18
Weighted Average Grant Date Fair Value, Vested and settled	4.15	4.15	4.15
Weighted Average Grant Date Fair Value, Forfeited	0	0	0
Weighted Average Grant Date Fair Value, Ending balance	$ 6.30	$ 5.18	$ 5.07

Acquisitions - Summary of Amounts Assigned to Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 08, 2021	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2019
Business Acquisition [Line Items]
Goodwill		$ 17,363	$ 58,311	$ 55,000	$ 54,785
Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Goodwill	$ 18,160
Intangible assets	37,184
Onkyo Home Entertainment Corporation [Member] \| Goodwill [Member]
Business Acquisition [Line Items]
Goodwill	$ 18,160
Onkyo Home Entertainment Corporation [Member] \| Trademarks [Member]
Business Acquisition [Line Items]
Intangible assets amortization period	10 years
Intangible assets	$ 12,468
Onkyo Home Entertainment Corporation [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Intangible assets amortization period	5 years
Intangible assets	$ 6,556

Lease Obligations - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 28, 2022

Feb. 28, 2021

Feb. 29, 2020

Leases [Abstract]

Operating lease cost

^[1],[2]

$ 1,383

$ 1,169

$ 880

Finance lease cost:

Amortization of right of use assets

^[2]

403

596

684

Interest on lease liabilities

^[3]

Total finance lease cost

$ 414

$ 624

$ 731

[1]	Includes immaterial amounts related to variable rent expense.
[2]	Recorded within Selling, general, and administrative; Engineering and technical support; and Cost of sales on the Consolidated Statements of Operations and Comprehensive (Loss) Income.
[3]	Recorded within Interest and bank charges on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Beginning balance, unrecognized tax benefits	$ 6,860	$ 7,235	$ 9,082
Additions based on tax positions taken in the current and prior years	140	3	399
Settlements	0	0	0
Decreases based on tax positions taken in the prior years	(563)	(490)	(2,107)
Other	(172)	112	(139)
Ending balance, unrecognized tax benefits	$ 6,265	$ 6,860	$ 7,235

Capital Structure

12 Months Ended

Feb. 28, 2022

Equity [Abstract]

Capital Structure

9)	Capital Structure

The Company's capital structure is as follows:

			Shares Authorized				Shares Outstanding
Security	Par Value		February 28, 2022		February 28, 2021		February 28, 2022		February 28, 2021		Voting Rights per Share		Liquidation Rights
Preferred Stock	$	50.00		50,000		50,000		—		—		—	$50 per share
Series Preferred Stock	$	0.01		1,500,000		1,500,000		—		—		—
Class A Common Stock	$	0.01		60,000,000		60,000,000		21,614,629		21,666,976	one		Ratably with Class B
Class B Common Stock	$	0.01		10,000,000		10,000,000		2,260,954		2,260,954	ten		Ratably with Class A

The holders of Class A and Class B common stock are entitled to receive cash or property dividends declared by the Board of Directors. The Board of Directors can declare cash dividends for Class A common stock in amounts equal to or greater than the cash dividends for Class B common stock. Dividends other than cash must be declared equally for both classes. Each share of Class B common stock may, at any time, be converted into one share of Class A common stock.

Stock held in treasury by the Company is accounted for using the cost method, which treats stock held in treasury as a reduction to total stockholders' equity, and amounted to 2,862,218 and 2,749,218 shares at February 28, 2022 and February 28, 2021, respectively. The cost basis for subsequent sales of treasury shares is determined using an average cost method. In Fiscal 2020, the Company was authorized by the Board of Directors to increase the number of Class A Common Stock available for repurchase in the open market to 3,000,000. During the year ended February 28, 2022, the Company repurchased 113,000 shares of Class A Common Stock for an aggregate cost of $1,220. During the year ended February 29, 2020, the Company repurchased 581,124 shares of Class A Common Stock for an aggregate cost of $2,742. During the year ended February 28, 2021, the Company repurchased no shares. As of February 28, 2022, 2,305,876 shares of the Company's Class A common stock are authorized to be repurchased in the open market.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Description of Business and Summary of Significant Accounting Policies - Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 28, 2022 USD ($)
Venezuela [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Impairment of long-lived assets	$ 0

Financial and Product Information About Foreign and Domestic Operations - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	$ 635,920	$ 563,605	$ 394,889
Long-lived assets	49,794	52,026	51,424
UNITED STATES
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	506,226	477,608	322,612
Long-lived assets	44,751	46,614	48,111
Europe [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	97,396	82,134	69,755
Long-lived assets	3,422	3,569	3,099
Non-US [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	32,298	3,863	2,522
Long-lived assets	$ 1,621	$ 1,843	$ 214

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Lease Obligations - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Operating Leases
Operating lease, right of use assets	$ 4,464	$ 4,572
Total operating lease right of use assets	4,464	4,572
Accrued expenses and other current liabilities	1,255	1,119
Operating lease liabilities, less current portion	3,298	3,582
Total operating lease liabilities	4,553	4,701
Finance Leases
Property, plant and equipment, gross	2,503	2,503
Accumulated depreciation	(2,208)	(1,805)
Total finance lease right of use assets	$ 295	$ 698
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Accrued expenses and other current liabilities	$ 224	$ 418
Finance lease liabilities, less current portion	78	302
Total finance lease liabilities	$ 302	$ 720
Weighted Average Remaining Lease Term
Operating leases	5 years 6 months	6 years
Finance leases	1 year 3 months 18 days	1 year 9 months 18 days
Weighted Average Discount Rate
Operating leases	4.01%	4.49%
Finance leases	3.87%	3.87%

Other Stock and Retirement Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Defined Contribution Plan Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	1,147,000
Defined contribution plan, employer discretionary contribution amount	$ 0	$ 0	$ 0
Deferred compensation arrangement with individual, cash awards granted, percentage of deferred salary	25.00%
Deferred compensation arrangement with individual, maximum employer contribution	$ 20
Matching contributions	0	0	0
Deferred compensation plan assets	1,231	1,777
Deferred Profit Sharing [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	689	555	586
Deferred Bonus [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 0	$ 0	$ 0

Receivables from Vendors

12 Months Ended

Feb. 28, 2022

Receivables From Vendors [Abstract]

Receivables from Vendors

4)	Receivables from Vendors

The Company has recorded receivables from vendors in the amount of $363 and $277 as of February 28, 2022 and February 28, 2021, respectively. Receivables from vendors primarily represent prepayments on product shipments and product reimbursements.

Acquisitions - Rollforward of the Redeemable Non-controlling Interest (Details) $ in Thousands	12 Months Ended
	Feb. 28, 2022 USD ($)
Business Acquisition [Line Items]
Balance at February 28, 2022	$ 511
Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Balance at February 28, 2021	0
Initial investment by Sharp	2,069
Net loss attributable to non-controlling interest	(1,483)
Foreign currency translation	(75)
Balance at February 28, 2022	$ 511

Description of Business and Summary of Significant Accounting Policies - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Accounting Policies [Abstract]
Raw materials	$ 23,904	$ 21,228
Work in process	1,519	1,732
Finished goods	149,499	107,833
Inventory, net	$ 174,922	$ 130,793

Acquisitions - Summary of Preliminary Allocation of Purchase Price Based Upon Fair Value of Assets Acquired (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 08, 2021	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2019
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net			$ (1,353)	$ 21	$ 0
Allocation:
Goodwill			$ 17,363	$ 58,311	$ 55,000	$ 54,785
Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Cash paid	$ 21,989
Assignment of notes and interest receivable	8,417
Fair value of contingent consideration	6,710
Total transaction consideration	37,116
Intangible assets	26,929
Goodwill	10,187
Total assets acquired	37,116
Fair value of contingent consideration, measurement period adjustments	68
Total transaction consideration, measurement period adjustments	68
Intangible assets, measurement period adjustments	(7,905)
Adjustments to goodwill due to measurement period adjustments, net	7,973	$ 7,973
Total assets acquired, measurement period adjustments	68
Purchase price:
Cash paid	21,989
Assignment of notes and interest receivable	8,417
Fair value of contingent consideration	6,778
Total transaction consideration	37,184
Allocation:
Intangible assets	19,024
Goodwill	18,160
Total assets acquired	$ 37,184

Description of Business and Summary of Significant Accounting Policies - Revenue Recognition - Additional Information (Details)	12 Months Ended
	Feb. 28, 2022
Minimum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Warrant period	30 days
Maximum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Warrant period	3 years

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Feb. 28, 2022

Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

VOXX INTERNATIONAL CORPORATION AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years ended February 28, 2022, February 28, 2021 and February 29, 2020

(In thousands)

Column A	Column B		Column C			Column D				Column E
Description	Balance at Beginning of Year		Gross Amount Charged to Costs and Expenses			Reversals of Previously Established Accruals		Deductions (a)		Balance at End of Year
Year ended February 28, 2022
Allowance for credit losses	$	1,593	$	863		$	—	$	274	$	2,182
Cash discount allowances		1,104		6,320			—		6,316		1,108
Sales return reserve		5,145		9,571			—		9,247		5,469

Year ended February 28, 2021
Allowance for credit losses	$	1,954	$	(271	)	$	—	$	90	$	1,593
Cash discount allowances		751		6,565			—		6,212		1,104
Sales return reserve		3,779		16,550			—		15,184		5,145

Year ended February 29, 2020
Allowance for credit losses	$	2,548	$	253		$	—	$	847	$	1,954
Cash discount allowances		1,125		5,243			—		5,617		751
Sales return reserve		4,415		13,243			—		13,879		3,779

(a)

For the allowance for credit losses and cash discount allowances, deductions represent currency effects, chargebacks and payments made or credits issued to customers.

Description of Business and Summary of Significant Accounting Policies - Schedule of Intangible Assets, Excluding Goodwill (Parenthetical) (Details)	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Customer Relationships [Member] \| Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years	4 years
Customer Relationships [Member] \| Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	15 years 6 months	15 years 6 months
Trademarks/Tradenames [Member] \| Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years 6 months	5 years 6 months
Trademarks/Tradenames [Member] \| Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years	10 years
Developed Technology [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life		7 years
Developed Technology [Member] \| Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years
Developed Technology [Member] \| Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Patents [Member] \| Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years	4 years
Patents [Member] \| Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	13 years	13 years

Lease Obligations - Schedule of Maturities of Leases Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Operating Leases
2022	$ 1,390
2023	1,108
2024	638
2025	457
2026	326
Thereafter	1,086
Total lease payments	5,005
Less imputed interest	452
Total	4,553	$ 4,701
Finance Leases
2022	228
2023	79
Total lease payments	307
Less imputed interest	5
Total	$ 302	$ 720

Description of Business and Summary of Significant Accounting Policies - Accounting for Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 08, 2019	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2015
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant		1,147,000
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized		$ 0
Non-cash stock-based compensation expense		$ 907	$ 1,749	$ 2,282
2014 Plan [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Share-based Compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 13.59	$ 7.18	$ 4.21
Vested and unissued shares		197,891	99,697	127,007
Weighted Average Grant Date Fair Value, Vested		$ 5.76	$ 7.21	$ 4.18
Patrick M. Lavelle [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Annual salary and cash bonus	$ 1,000
Non-cash stock-based compensation expense		$ 241	$ 241	$ 157
Grant of market stock units maximum amount	$ 5,000
Maximum average stock price of grant market stock units	$ 5.49
Maximum increase amount of market stock units award	$ 5,000
Maximum threshold share price increases in value of award	$ 15.00
Maximum threshold share price half of the award can be granted	$ 13.00
Estimated Maximum threshold share increases in value of award	333,333
Common Class A [Member] \| Patrick M. Lavelle [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Award vesting period	5 years
Common Class A [Member] \| Patrick M. Lavelle [Member] \| 2012 Plan [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Share-based Compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 4.15		$ 4.15
Grant of initial shares under employment agreement	200,000
Non-cash stock-based compensation expense				$ 830
Share based compensation related to additional stock grants		$ 157	$ 409	$ 679
Common Class A [Member] \| Patrick M. Lavelle [Member] \| 2012 Plan [Member] \| March 1, 2021 [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Additional grant of shares under employment agreement	100,000
Common Class A [Member] \| Patrick M. Lavelle [Member] \| 2012 Plan [Member] \| March 1, 2020 [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Additional grant of shares under employment agreement	100,000
Common Class A [Member] \| Patrick M. Lavelle [Member] \| 2012 Plan [Member] \| March 1, 2022 [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Additional grant of shares under employment agreement	100,000
Incentive Stock Options [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Percentage of stockholders granted exercise price		10.00%
Incentive Stock Options [Member] \| Common Class A [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Percentage of fair market value of stock allowed for exercise price of options to be granted		110.00%
Employee Stock Option [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross		0	0	0
Allocated share-based compensation expense		$ 0	$ 0	$ 0
Restricted Stock Units [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period					3 years
Allocated share-based compensation expense		907	$ 1,749	$ 2,282
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized		$ 1,220
Stock issued during period, shares, restricted stock award, gross		48,527	48,269	71,352
Share-based Compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value		$ 13.59	$ 5.76	$ 4.65
Share-based payment award vesting age of employee					65 years
Restricted Stock Units [Member] \| 2014 Plan [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Vested and unissued shares			105,123
Amount of vested and settled awards in cash			$ 575
Unissued Restricted Stock Unit Awards [Member] \| 2014 Plan [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Vested and unissued shares		476,209
Weighted Average Grant Date Fair Value, Vested		$ 6.90
Minimum [Member] \| All Other Options and Stock Appreciation Rights [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Percentage of fair market value of stock allowed for exercise price of options to be granted		100.00%
Minimum [Member] \| All Other Options and Stock Appreciation Rights [Member] \| Common Class A [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Percentage of fair market value of stock allowed for exercise price of options to be granted		100.00%
Maximum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period		10 years
Maximum [Member] \| Restricted Stock Units [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Share-based payment award vesting required service period					10 years

Financial Instruments

12 Months Ended

Feb. 28, 2022

Financial Instruments [Abstract]

Financial Instruments

12)	Financial Instruments

Off-Balance Sheet Risk

Commercial letters of credit are issued by the Company during the ordinary course of business through major domestic banks as requested by certain suppliers. The Company also issues standby letters of credit principally to secure certain bank obligations and insurance policies. The

Company had no open commercial letters of credit at February 28, 2022. Standby letters of credit amounted to $50 at February 28, 2022. The terms of these letters of credit are all less than one year. No material loss is anticipated due to nonperformance by the counter parties to these agreements. The fair value of the standby letters of credit is estimated to be the same as the contract values based on the short-term nature of the fee arrangements with the issuing banks.

At February 28, 2022, the Company had unconditional purchase obligations for inventory commitments of $174,274. These obligations are not recorded in the consolidated financial statements until commitments are fulfilled and such obligations are subject to change based on negotiations with manufacturers.

Concentrations of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables. The Company's customers are located principally in the United States, Canada, Europe, and Asia Pacific and consist of, among others, distributors, mass merchandisers, warehouse clubs, major automobile manufacturers, and independent retailers. The Company generally grants credit based upon analyses of customers' financial conditions and previously established buying and payment patterns. For certain customers, the Company establishes collateral rights in accounts receivable and inventory and obtains personal guarantees from certain customers based upon management's credit evaluation. Certain customers in Europe and Latin America have credit insurance equaling their credit limits.

At February 28, 2022 and February 28, 2021, the Company's five largest customer balances accounted for approximately 24% and 25% of accounts receivable, respectively. No single customer accounted for more than 10% of net sales during the years ended February 28, 2022 or February 29, 2020. One customer in the Company’s Consumer Electronics segment accounted for 12% of the Company’s total consolidated net sales during the year ended February 28, 2021. The Company's five largest customers represented 21%, 30%, and 24% of net sales during the years ended February 28, 2022, February 28, 2021, and February 29, 2020, respectively.

A portion of the Company's customer base may be susceptible to downturns in the retail economy, particularly in the consumer electronics industry. Additionally, customers specializing in certain automotive sound, security and accessory products may be impacted by fluctuations in automotive sales.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Feb. 28, 2022

Accrued Liabilities Current [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

	February 28, 2022		February 28, 2021
Commissions	$	934	$	971
Employee compensation		17,082		18,283
Professional fees and accrued settlements		1,620		922
Future warranty		4,470		4,403
Refund liability		5,469		5,145
Freight and duty		10,342		11,134
Royalties, advertising and other		14,742		12,534
Total accrued expenses and other current liabilities	$	54,659	$	53,392

Description of Business and Summary of Significant Accounting Policies - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Prepaid expenses and other current assets	$ 21,340	$ 22,266
Accrued Expenses And Other Current Liabilities	(54,659)	(53,392)
Derivative Assets and Liabilities	(188)	(765)
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Prepaid expenses and other current assets	0	412
Accrued Expenses And Other Current Liabilities	0	(731)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other long-term liabilities	$ (188)	$ (446)

Description of Business and Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Details)	12 Months Ended
	Feb. 28, 2022
Building and Building Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Building and Building Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Machinery and Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Computer Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Other Machinery and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Description of Business and Summary of Significant Accounting Policies - Changes in Accrued Product Warranties and Product Repair Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Accounting Policies [Abstract]
Beginning balance	$ 5,290	$ 4,748	$ 4,469
Liabilities (adjusted) acquired during acquisitions	(352)	1,200	188
Accrual for warranties issued during the year and repair cost	4,583	3,065	4,935
Warranty claims settled during the year	(3,899)	(3,723)	(4,844)
Ending balance	$ 5,622	$ 5,290	$ 4,748

Income Taxes - Schedule of Components of Income (Loss) Before Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Schedule of Income Before Taxes [Abstract]
Domestic Operations	$ (26,665)	$ 24,485	$ (47,249)
Foreign Operations	826	3,153	6,309
Income before provision (benefit) for income taxes	$ (25,839)	$ 27,638	$ (40,940)

Variable Interest Entities - Additional Information (Details) - USD ($)		12 Months Ended
	Apr. 29, 2021	Feb. 28, 2022	Feb. 28, 2021
Variable Interest Entity [Line Items]
Notes, loans and financing receivable, net, noncurrent		1.50
Long-term debt, net of debt issuance costs		$ 9,786,000	$ 5,962,000
Quarterly installment payment due amount receivable under distribution agreement.		1,250,000
Distribution agreement liability amount		$ 2,451,000
Put Arrangement [Member]
Variable Interest Entity [Line Items]
Equity interest percentage based on occurrence of certain events	20.00%	20.00%
Arrangement after initial period Term	2 years
EyeLock [Member] \| Exclusive Distribution Agreement [Member]
Variable Interest Entity [Line Items]
Distribution agreement term	3 years
Annual fee receivable under distribution agreement subject to certain closing conditions	$ 10,000,000
Annual fee receivable under distribution agreement term	2 years
EyeLock [Member] \| Call Arrangement [Member]
Variable Interest Entity [Line Items]
Equity interest percentage based on occurrence of certain events	20.00%
EyeLock [Member] \| Maximum [Member] \| Exclusive Distribution Agreement [Member]
Variable Interest Entity [Line Items]
Quarterly fee receivable under distribution agreement subject to certain closing conditions	$ 5,000,000
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Debt instrument, interest rate during period		2.50%	10.00%
Line of credit facility, maximum borrowing capacity		$ 68,200,000
Long-term debt, net of debt issuance costs		$ 66,390,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Income Taxes Disclosure [Line Items]
Valuation allowance increase (decrease) in deferred tax asset		$ (7,214)
Deferred tax assets, Capital loss carryforwards		$ 14,056
Tax credit carryforward, Description		The Company has various foreign net operating loss carryforwards, state net operating loss carryforwards, and state tax credits that expire in various years and amounts through tax year 2041.
Unrecognized tax benefits that would impact effective tax rate		$ 5,380
Unrecognized tax benefits, income tax penalties and interest accrued		1,083	$ 226
Unrecognized tax benefits, income tax penalties and interest expense		(28)	4	$ 15
Unrecognized tax benefits, period increase (decrease)		172	$ (112)	$ 139
Scenario Forecast [Member]
Income Taxes Disclosure [Line Items]
Unrecognized tax benefits, period increase (decrease)	$ 200
Settlement with Taxing Authority [Member]
Income Taxes Disclosure [Line Items]
Unrecognized tax benefits that would impact effective tax rate		6,265
Unrecognized tax benefits, income tax penalties and interest accrued		$ 198
Capital Loss Carryforward [Member]
Income Taxes Disclosure [Line Items]
Tax credit expiration period		2024
Foreign [Member]
Income Taxes Disclosure [Line Items]
Tax credit carryforward, amount		$ 1,366
Foreign [Member] \| Minimum [Member]
Income Taxes Disclosure [Line Items]
Tax credit expiration period		2025
Foreign [Member] \| Maximum [Member]
Income Taxes Disclosure [Line Items]
Tax credit expiration period		2026
Federal [Member]
Income Taxes Disclosure [Line Items]
Research and Development, Tax credits		$ 3,537
Federal [Member] \| Research and Development [Member] \| Minimum [Member]
Income Taxes Disclosure [Line Items]
Tax credit expiration period		2035
Federal [Member] \| Research and Development [Member] \| Maximum [Member]
Income Taxes Disclosure [Line Items]
Tax credit expiration period		2041

Variable Interest Entities - Summary of Carrying Values of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 27,788	$ 59,404
Accounts receivable, net	105,625	106,165
Prepaid expenses and other current assets	21,340	22,266
Total current assets	330,772	319,339
Property, plant and equipment, net	49,794	52,026
Intangible assets, net	101,450	90,104
Other assets	3,245	1,323
Total assets	586,664	550,818
Current portion of long-term debt	2,406	500
Total current liabilities	204,016	146,796
Other long-term liabilities	5,959	5,255
Total liabilities	236,501	171,489
Commitments and contingencies
Retained earnings	126,573	148,906
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity	586,664	550,818
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash and cash equivalents	25
Accounts receivable, net	47	167
Inventory, net	2,028	2,245
Prepaid expenses and other current assets	245	30
Total current assets	2,345	2,442
Property, plant and equipment, net	39	39
Intangible assets, net	2,057	2,329
Other assets	59	60
Total assets	4,500	4,870
Accounts payable	1,023	1,396
Interest payable to VOXX	13,099	11,453
Accrued expenses and other current liabilities	766	824
Current portion of long-term debt	66,390	61,072
Total current liabilities	81,278	74,745
Other long-term liabilities	3,651	1,200
Total liabilities	84,929	75,945
Commitments and contingencies
Capital	41,416	41,416
Retained earnings	(121,845)	(112,491)
Total partners' deficit	(80,429)	(71,075)
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity	$ 4,500	$ 4,870

Financing Arrangements - Schedule of Debt (Parenthethical) (Details) € in Thousands		12 Months Ended
	Sep. 08, 2021	Feb. 28, 2022 USD ($) Rate	Feb. 28, 2021 USD ($)	Feb. 29, 2020 USD ($)	Apr. 30, 2021 USD ($)	Apr. 26, 2016 USD ($)	Jul. 20, 2015	Jul. 20, 2015 Rate	Jul. 06, 2015 USD ($)	Oct. 23, 2000 EUR (€)
Percentage of maximum revolver amount		20.00%
Debt instrument compliance description		Company is in a Compliance Period (the period commencing on the day in which Excess Availability is less than 20% of the Maximum Revolver Amount and ending on a day in which Excess Availability is equal to or greater than 20% for any consecutive 30-day period thereafter)
Line of credit facility, additional financing fees					$ 667,000
Debt issuance costs, net		$ 1,046,000	$ 652,000
Amortization of deferred financing costs		272,000	623,000	$ 822,000
Line of Credit Facility, Commitment Fee Amount		739,000	$ 504,000	503,000
Debt Issuance Costs, Gross		$ 332,000
Industrial revenue bond									$ 9,995,000
Derivative, Fixed Interest Rate							3.48%	3.48%
Mortgage bears interest rate		70.00%
Short-term Debt, Weighted Average Interest Rate, at Point in Time		2.66%	3.48%
Interest Expense		$ 550,000	$ 825,000	799,000
Interest Expense, Debt		$ 0	326,000	0
Sharp Corporation [Member] \| Shareholder Loan Payable [Member] \| Onkyo Home Entertainment Corporation [Member]
Debt instrument, payable term	10 years
Debt instrument, interest rate	2.50%
Mortgages [Member]
Debt instrument, basis spread on variable rate \| Rate		1.54%
Debt instrument, interest rate at period end \| Rate		1.71%
Amortization of deferred financing costs		$ 31,000	31,000	31,000
London Interbank Offered Rate (LIBOR) [Member]
Debt instrument, interest rate at period end		2.00%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt instrument, basis spread on variable rate		1.75%
London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt instrument, basis spread on variable rate		2.25%
Base Rate [Member]
Debt instrument, interest rate at period end		4.00%
Base Rate [Member] \| Minimum [Member]
Debt instrument, basis spread on variable rate		0.75%
Base Rate [Member] \| Maximum [Member]
Debt instrument, basis spread on variable rate		1.25%
Debt instrument, interest rate during period		1.75%
Wells Fargo [Member]
Line of credit facility, remaining borrowing capacity		$ 127,486,000
Wells Fargo [Member] \| Loans [Member]
Line of credit facility, maximum borrowing capacity						$ 15,000,000
Revolving Credit Facility [Member]
Line of credit facility, maturity date		Apr. 19, 2026
Revolving Credit Facility [Member] \| Wells Fargo [Member]
Line of credit facility, current borrowing capacity						140,000,000
Line of credit facility, outstanding balance		$ 0
Letter of Credit [Member] \| Wells Fargo [Member]
Line of credit facility, maximum borrowing capacity						$ 30,000,000
Line of Credit [Member]
Debt issuance costs, net		922,000
Amortization of deferred financing costs		$ 241,000	$ 539,000	$ 539,000
Foreign Line of Credit [Member] \| Audiovox Germany [Member]
Line of credit facility, maximum borrowing capacity \| €										€ 8,000
Debt instrument, basis spread on variable rate \| Rate		2.30%
Debt instrument, interest rate at period end \| Rate		2.30%

Description of Business and Summary of Significant Accounting Policies - Schedule of Intangible Assets, Excluding Goodwill (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 101,709	$ 84,069
Finite-Lived Intangible Assets, Accumulated Amortization	63,293	57,324
Finite-Lived Intangible Assets, Net	38,416	26,745
Intangible assets, net	101,450	90,104
Indefinite-lived Intangible Assets (Excluding Goodwill)	24,079
Trademarks [Member]
Goodwill and Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	63,034	63,359
Customer Relationships [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	54,138	54,688
Finite-Lived Intangible Assets, Accumulated Amortization	39,669	36,412
Finite-Lived Intangible Assets, Net	14,469	18,276
Trademarks/Tradenames [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	17,466	5,545
Finite-Lived Intangible Assets, Accumulated Amortization	1,927	811
Finite-Lived Intangible Assets, Net	15,539	4,734
Developed Technology [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	20,413	14,144
Finite-Lived Intangible Assets, Accumulated Amortization	13,179	12,516
Finite-Lived Intangible Assets, Net	7,234	1,628
Patents [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	6,736	6,736
Finite-Lived Intangible Assets, Accumulated Amortization	5,562	4,629
Finite-Lived Intangible Assets, Net	1,174	2,107
License [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	1,400	1,400
Finite-Lived Intangible Assets, Accumulated Amortization	1,400	1,400
Finite-Lived Intangible Assets, Net	0
Contracts [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	1,556	1,556
Finite-Lived Intangible Assets, Accumulated Amortization	1,556	$ 1,556
Finite-Lived Intangible Assets, Net	$ 0

Acquisitions

12 Months Ended

Feb. 28, 2022

Acquisitions And Dispositions [Abstract]

Acquisitions

2)	Acquisitions

Onkyo

On April 29, 2021, the Company’s subsidiary, PAC signed a Letter of Intent to acquire the home audio/video business of Onkyo Home Entertainment Corporation (“OHEC”), along with Sharp Corporation (“Sharp”) as PAC’s partner. On May 26, 2021, PAC and Sharp signed an asset purchase agreement (“APA”) to jointly acquire the home audio/video business of OHEC through a joint venture entity. The APA was approved by OHEC’s shareholders at its ordinary general meeting of shareholders on June 25, 2021 and on June 28, 2021, the Company announced that PAC had entered into a joint venture with Sharp in order to execute the transaction. PAC owns 77.2% of the joint venture and has 85.1% voting interest and Sharp owns 22.8% of the joint venture and has 14.9% voting interest. On September 8, 2021, the newly formed joint venture, Onkyo Technology KK (“Onkyo”), completed the transaction to acquire the home audio/video business of OHEC. The acquired assets consisted of intangible assets.

The joint venture agreement between PAC and Sharp also contains a put/call arrangement, whereby Sharp has the right to put its interest in the joint venture back to Voxx and Voxx has the right to the call Sharp’s ownership interest in the joint venture at any time after the approval of Onkyo’s annual financial statements for the year ending February 28, 2025 at a purchase price based on a formula as defined in the joint venture agreement.

The following summarizes the preliminary allocation of the purchase price based upon the fair value of the assets acquired at the date of acquisition:

	September 8, 2021		Measurement Period Adjustments			September 8, 2021 (as adjusted)
Purchase price:
Cash paid	$	21,989	$	-		$	21,989
Assignment of notes and interest receivable		8,417		-			8,417
Fair value of contingent consideration		6,710		68			6,778
Total transaction consideration	$	37,116	$	68		$	37,184

Allocation:
Intangible assets	$	26,929	$	(7,905	)	$	19,024
Goodwill		10,187		7,973			18,160
Total assets acquired	$	37,116	$	68			37,184

During the fourth quarter of Fiscal 2022, the Company recorded a net measurement period adjustment that increased goodwill by $ 7,973. The measurement period adjustment would have resulted in a decrease in amortization expense related to tradenames and technology in the third quarter of Fiscal 2022 and was not significant. The purchase price allocation presented above is based upon preliminary estimates, including Level 3 inputs which were unobservable and subject to change. The assets acquired include tradenames, technology, and goodwill. The amounts assigned to goodwill and intangible assets for the acquisition are as follows:

	September 8, 2021 (as adjusted)		Amortization Period (Years)
Goodwill	$	18,160	N/A
Tradenames		12,468	10
Technology		6,556	5
	$	37,184

Contingent consideration is payable to OHEC based upon the calculation of 2% of the total price of certain future product purchases, as defined in the APA, by PAC. Such payments will be made to OHEC in perpetuity. The fair value of the contingent consideration was determined using an income approach, by estimating potential payments based on projections of future inventory purchases multiplied by the 2% payment and discounting them back to their present values using a weighted average cost of capital. A second discount rate was applied to account for the Company’s credit risk to arrive at the present value of the payments. As there is no set term and the payments will be made in perpetuity, a one-stage Gordon Growth Model was used to account for expected payments made beyond the last year of projections.

The preliminary fair value of the intangible assets and contingent consideration were estimated with the assistance of a third-party valuation expert. The purchase price allocation above is preliminary. We are in the process of refining the valuation of acquired assets, including goodwill, and expect to finalize the purchase price allocation no later than one year after the acquisition date, which is September 8, 2022. Finalization of the valuation during the measurement period could result in significant changes in the amounts recorded for the acquisition date fair value. Goodwill was determined as the excess of the purchase price over the fair value of the assets acquired, including identifiable intangible assets, all of which is deductible for tax purposes. Goodwill represents workforce and expected cash flow generation for the Onkyo business that does not qualify for separate recognition as intangible assets.

The Company consolidates the financial results of Onkyo since the acquisition date for financial reporting purposes. The non-controlling interest has been classified as redeemable non-controlling interest outside of

equity on the accompanying Consolidated Balance Sheet as the exercise of the put option is not within the Company’s control. The carrying value of the redeemable non-controlling interest of Onkyo cannot be less than the redemption amount, which is the amount the put option would be settled for if exercised. Adjustments to reconcile the carrying value to the redemption amount are recorded immediately to retained earnings. No adjustment was made to the carrying amount of the redeemable non-controlling interest at February 28, 2022 as the carrying amount was in excess of the redemption amount.

The following table provides the rollforward of the redeemable non-controlling interest for the year ended February 28, 2022:

	Redeemable Non-controlling Interest
Balance at February 28, 2021	$	-
Initial investment by Sharp		2,069
Net loss attributable to non-controlling interest		(1,483	)
Foreign currency translation		(75	)
Balance at February 28, 2022	$	511

The purpose of this acquisition was to expand the Company’s market share and product offerings within the premium audio industry. The joint venture owns the Onkyo and Integra brands and has the licensing rights to the Pioneer brands, and will market and sell a variety of products under the Onkyo, Integra, and Pioneer brands. Onkyo’s results of operations are included in the consolidated financial statements of Voxx in our Consumer Electronics segment from September 8, 2021, and represent approximately 0.8% of the Company’s net sales for the year ended February 28, 2022. Prior to the acquisition, PAC operated under a distribution agreement with OHEC through its 11 Trading Company subsidiary, selling Onkyo and Pioneer products to Voxx customers. No additional customer contracts were acquired in conjunction with the acquisition and 11TC continues to sell these products to the same pre-acquisition customer base.

Historical financial statements for Onkyo prior to the acquisition were not available and it is impracticable for the Company to determine the impact the acquisition would have had on the Company’s revenue or net (loss) income had it been included in the consolidated results of the Company for the full year ended February 28, 2022, or the year ended February 28, 2021.

Directed LLC and Directed Electronics Canada, Inc.

On July 1, 2020, the Company completed the acquisition of certain assets and liabilities, which comprise the aftermarket vehicle remote start and security systems and connected car solutions (telematics) businesses of Directed LLC and Directed Electronics Canada Inc. (collectively, with Directed LLC, “Directed”) via an asset purchase agreement. The acquired assets included inventory, accounts receivable, certain fixed assets, IT systems, and intellectual property. The cash purchase price was $11,000. Net sales from the Company’s newly formed subsidiaries, VOXX DEI LLC and VOXX DEI Canada, Ltd. (collectively, with VOXX DEI LLC, “DEI”), included in our consolidated results for the years ended February 28, 2022 and February 28, 2021 represented approximately 10.4% and 8.4% of our consolidated net sales, respectively. DEI’s results of operations are included in the consolidated financial statements of Voxx in our Automotive Electronics segment. The purpose of this acquisition was to expand the Company’s market share within the automotive electronics industry.

The following summarizes the allocation of the purchase price based upon the fair value of the assets acquired and liabilities assumed at the date of acquisition:

	July 1, 2020		Measurement Period Adjustments			July 1, 2020 (as adjusted)
Assets acquired:
Inventory	$	7,054		956			8,010
Accounts receivable		5,173		357			5,530
Other current assets		160		-			160
Property and equipment		2,815		-			2,815
Operating lease, right of use asset		1,771		-			1,771
Customer relationships		2,600		(100	)		2,500
Trademarks		4,500		-			4,500
Patented technology		1,030		-			1,030
Goodwill		3,290		(1,690	)		1,600
Total assets acquired	$	28,393	$	(477	)	$	27,916

Liabilities assumed:
Accounts payable		8,144		-			8,144
Accrued expenses		1,406		(136	)		1,270
Contract liabilities		4,872		11			4,883
Warranty accrual		1,200		(352	)		848
Operating lease liability		1,771		-			1,771
Total	$	17,393	$	(477	)	$	16,916
Total purchase price	$	11,000	$	-		$	11,000

During Fiscal 2022 and Fiscal 2021, the Company recorded cumulative net measurement period adjustments that decreased goodwill by $1,690, as presented in the table above. The measurement period adjustment would have resulted in an insignificant decrease in amortization expense related to the customer relationships in the second quarter of Fiscal 2021. The Company made these measurement period adjustments to reflect facts and circumstances that existed as of the acquisition date and did not result from intervening events subsequent to such date. Goodwill was determined as the excess of the purchase price over the fair value of the assets acquired (including the identifiable intangible assets) and represents synergies expected.

Vehicle Safety Holdings Corp.

On January 31, 2020, Voxx acquired certain assets and assumed certain liabilities of Vehicle Safety Holdings Corp. (“VSHC”) via an asset purchase agreement for a cash purchase price of $16,500. Results of operations from the Company’s newly formed subsidiary, VSM-Rostra LLC (“VSM”), have been included in the consolidated financial statements of Voxx, in our Automotive Electronics segment, from the date of acquisition. Net sales from VSM included in our consolidated results represented 4.2% of our consolidated net sales for both of the years ended February 28, 2022 and February 28, 2021 and less than 1% for the year ended February 29, 2020. The purpose of this acquisition was to expand the Company’s product offerings and market share, as VSM is a leading developer, manufacturer, and distributor of automotive safety electronics.

The following summarizes the allocation of the purchase price based upon the fair value of the assets acquired and liabilities assumed at the date of acquisition:

	January 31, 2020		Measurement Period Adjustments			January 31, 2020 (as adjusted)
Assets acquired:
Inventory	$	6,982		(76	)		6,906
Accounts receivable		3,415		(187	)		3,228
Right of use assets		483		-			483
Other current assets		145		-			145
Property and equipment		714		-			714
Customer relationships		5,460		-			5,460
Trademarks		560		-			560
Patented technology		280		-			280
Goodwill		215		357			572
Other non-current assets		3		-			3
Total assets acquired	$	18,257	$	94		$	18,351

Liabilities assumed:
Accounts payable		757		-			757
Accrued expenses		329		94			423
Lease liabilities		483		-			483
Warranty accrual		188		-			188
Total	$	1,757	$	94		$	1,851
Total purchase price	$	16,500	$	-		$	16,500

During Fiscal 2021, the Company recorded a cumulative net measurement period adjustment that increased goodwill by $357, as presented in the table above. The measurement period adjustment had no impact on the results of the previous periods. The Company made these measurement period adjustments to reflect facts and circumstances that existed as of the acquisition date and did not result from intervening events subsequent to such date. Goodwill was determined as the excess of the purchase price over the fair value of the assets acquired (including the identifiable intangible assets) and represents synergies expected.

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Feb. 28, 2022

Feb. 28, 2021

Feb. 29, 2020

Income Statement [Abstract]

Net sales

$ 635,920

$ 563,605

$ 394,889

Cost of sales

466,442

405,058

285,113

Gross profit

169,478

158,547

109,776

Operating expenses:

Selling

50,507

43,786

39,319

General and administrative

75,955

69,798

68,873

Engineering and technical support

31,540

20,897

21,602

Acquisition costs

3,552

287

Intangible asset impairment charges

1,300

30,230

Total operating expenses

161,554

136,068

160,079

Operating income (loss)

7,924

22,479

(50,303)

Other (expense) income:

Interest and bank charges

(2,532)

(2,979)

(2,975)

Equity in income of equity investee

7,890

7,350

5,174

Interim arbitration award (Note 15)

(39,444)

Gain on sale of real property (Note 11)

4,057

Investment gain (Note 1(f))

775

Other, net

323

746

2,332

Total other (expense) income, net

(33,763)

5,159

9,363

(Loss) income before income taxes

(25,839)

^[1]

27,638

^[2]

(40,940)

^[3]

Income tax expense

1,626

4,272

882

Net (loss) income

(27,465)

23,366

(41,822)

Less: net loss attributable to non-controlling interest

(5,132)

(3,401)

(15,379)

Net (loss) income attributable to VOXX International Corporation

(22,333)

26,767

(26,443)

Other comprehensive (loss) income:

Foreign currency translation adjustments

(3,317)

4,365

(1,517)

Derivatives designated for hedging, net of tax

633

(305)

(505)

Pension plan adjustments, net of tax

158

(89)

Other comprehensive (loss) income, net of tax

(2,526)

4,078

(2,111)

Comprehensive (loss) income attributable to VOXX International Corporation

$ (24,859)

$ 30,845

$ (28,554)

Net (loss) income per common share attributable to VOXX International Corporation - basic

$ (0.92)

$ 1.11

$ (1.08)

Net (loss) income per common share attributable to VOXX International Corporation - diluted

$ (0.92)

$ 1.09

$ (1.08)

Weighted-average common shares outstanding (basic)

24,287,179

24,201,221

24,394,663

Weighted-average common shares outstanding (diluted)

24,287,179

24,650,106

24,394,663

[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 interim arbitration award unfavorable to the Company (see Note 15).
[2]	Included within Income (loss) before income taxes for the year ended February 28, 2021 is an intangible asset impairment charge of $1,300 within the Consumer Electronics segment (see Note 1(k)).
[3]	Included within (Loss) income before income taxes for the year ended February 29, 2020 are intangible asset impairment charges totaling $30,230 ($2,828 within the Consumer Electronics segment and $27,402 within the Biometrics segment) (see Note 1(k)). Also included within Income (loss) before taxes for the year ended February 29, 2020 is the gain on the sale of real property in Pulheim, Germany of $4,057 within the Consumer Electronics segment (see Note 11).

Revenue from Contracts with Customers

12 Months Ended

Feb. 28, 2022

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

14)	Revenue from Contracts with Customers

The Company operates in three reportable segments: Automotive Electronics, Consumer Electronics, and Biometrics. ASC Topic 606 requires further disaggregation of an entity’s revenue. In the following table, the Company's net sales are disaggregated by segments and product type for the years ended February 28, 2022, February 28, 2021 and February 29, 2020.

	Year Ended February 28,		Year Ended February 28,		Year Ended February 29,
	2022		2021		2020
Automotive Electronics Segment
OEM Products	$	65,017	$	46,170	$	49,673
Aftermarket Products		135,577		117,733		64,481
Total Automotive Electronics Segment		200,594		163,903		114,154

Consumer Electronics Segment
Premium Audio Products		343,991		299,908		170,762
Other Consumer Electronic Products		89,934		98,355		108,913
Total Consumer Electronics Segment		433,925		398,263		279,675

Biometrics Segment
Biometric Products		882		836		461
Total Biometrics Segment		882		836		461

Corporate/Eliminations		519		603		599

Total Net Sales	$	635,920	$	563,605	$	394,889

As of February 28, 2022 and February 28, 2021, the balance of the Company's return asset was $2,619 and $2,404, respectively, and the balance of the refund liability was $5,469 and $5,145, respectively, which are presented within Prepaid expenses and other current assets and Accrued expenses and other current liabilities, respectively, on the Consolidated Balance Sheets.

The Company had current and non-current contract liability balances totaling $5,412 at February 28, 2022 related to telematic subscription services for the Company’s DEI subsidiary established in conjunction with the Company’s acquisition in July 2020 (see Note 2). The following table provides a reconciliation of the Company’s contract liabilities as of February 28, 2022:

Balance at February 28, 2021	$	5,265
Subscription payments received		7,615
Revenue recognized		(7,468	)
Balance at February 28, 2022	$	5,412

The Company had no contract asset balances at February 28, 2022 or February 28, 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Capital Structure (Tables)

12 Months Ended

Feb. 28, 2022

Equity [Abstract]

Schedule of Capital Units

The Company's capital structure is as follows:

			Shares Authorized				Shares Outstanding
Security	Par Value		February 28, 2022		February 28, 2021		February 28, 2022		February 28, 2021		Voting Rights per Share		Liquidation Rights
Preferred Stock	$	50.00		50,000		50,000		—		—		—	$50 per share
Series Preferred Stock	$	0.01		1,500,000		1,500,000		—		—		—
Class A Common Stock	$	0.01		60,000,000		60,000,000		21,614,629		21,666,976	one		Ratably with Class B
Class B Common Stock	$	0.01		10,000,000		10,000,000		2,260,954		2,260,954	ten		Ratably with Class A

Description of Business and Summary of Significant Accounting Policies - Principles of Consolidation, Reclassifications and Accounting Principles - Additional Information (Details)	12 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Percentage of revenue, expenses, assets and liabilities reflect in financial statement	100.00%
Equity method investment ownership percentage not owned	100.00%

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Income Taxes Disclosure [Line Items]
Current provision (benefit)	$ 2,972	$ 1,658	$ 2,193
Deferred (benefit) provision	(1,346)	2,614	(1,311)
Total (benefit) provision	1,626	4,272	882
Federal [Member]
Income Taxes Disclosure [Line Items]
Current provision (benefit)	20	(10)	(26)
Deferred (benefit) provision	(2,300)	3,362	(1,850)
Total (benefit) provision	(2,280)	3,352	(1,876)
State [Member]
Income Taxes Disclosure [Line Items]
Current provision (benefit)	804	1,172	395
Deferred (benefit) provision	1,010	(84)	(564)
Total (benefit) provision	1,814	1,088	(169)
Foreign [Member]
Income Taxes Disclosure [Line Items]
Current provision (benefit)	2,148	496	1,824
Deferred (benefit) provision	(56)	(664)	1,103
Total (benefit) provision	$ 2,092	$ (168)	$ 2,927

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Variable Interest Entities - Summary of Revenues and Expenses Included in Consolidated Statements of Operations and Comprehensive (Loss) Income (Details) - USD ($)

12 Months Ended

Feb. 28, 2022

Feb. 28, 2021

Feb. 29, 2020

Variable Interest Entity [Line Items]

Net sales

$ 635,920,000

$ 563,605,000

$ 394,889,000

Cost of sales

466,442,000

405,058,000

285,113,000

Gross profit

169,478,000

158,547,000

109,776,000

Selling

50,507,000

43,786,000

39,319,000

General and administrative

75,955,000

69,798,000

68,873,000

Engineering and technical support

31,540,000

20,897,000

21,602,000

Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)

Total operating expenses

161,554,000

136,068,000

160,079,000

Operating income (loss)

7,924,000

22,479,000

(50,303,000)

Interest and bank charges

(2,532,000)

(2,979,000)

(2,975,000)

Other, net

323,000

746,000

2,332,000

Total other (expense) income, net

(33,763,000)

5,159,000

9,363,000

(Loss) income before income taxes

(25,839,000)

^[1]

27,638,000

^[2]

(40,940,000)

^[3]

Income tax expense

1,626,000

4,272,000

882,000

Net (loss) income

(27,465,000)

23,366,000

(41,822,000)

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Net sales

882,000

836,000

476,000

Cost of sales

694,000

1,025,000

826,000

Gross profit

188,000

(189,000)

(350,000)

Selling

653,000

603,000

710,000

General and administrative

1,410,000

1,785,000

4,625,000

Engineering and technical support

5,817,000

4,674,000

5,144,000

Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)

27,402,000

Total operating expenses

7,880,000

7,062,000

37,881,000

Operating income (loss)

(7,692,000)

(7,251,000)

(38,231,000)

Interest and bank charges

(1,662,000)

(1,475,000)

(1,279,000)

Other, net

81,000

Total other (expense) income, net

(1,662,000)

(1,475,000)

(1,198,000)

(Loss) income before income taxes

(9,354,000)

(8,726,000)

(39,429,000)

Net (loss) income

$ (9,354,000)

$ (8,726,000)

$ (39,429,000)

[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 interim arbitration award unfavorable to the Company (see Note 15).
[2]	Included within Income (loss) before income taxes for the year ended February 28, 2021 is an intangible asset impairment charge of $1,300 within the Consumer Electronics segment (see Note 1(k)).
[3]	Included within (Loss) income before income taxes for the year ended February 29, 2020 are intangible asset impairment charges totaling $30,230 ($2,828 within the Consumer Electronics segment and $27,402 within the Biometrics segment) (see Note 1(k)). Also included within Income (loss) before taxes for the year ended February 29, 2020 is the gain on the sale of real property in Pulheim, Germany of $4,057 within the Consumer Electronics segment (see Note 11).

Description of Business and Summary of Significant Accounting Policies - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Foreign Exchange Forward [Member]
Derivative Instruments Gain Loss [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 233	$ (720)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(307)	(238)
Interest Rate Swap [Member]
Derivative Instruments Gain Loss [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 258	$ 30

Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax	$ (40)	$ (74)	$ 38
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	(101)	106	35
Other comprehensive (loss) income before reclassifications	$ (2,674)	$ 3,913	$ (1,763)
Minimum [Member]
Foreign currency variance	(2.00%)	(10.00%)	2.00%
Maximum [Member]
Foreign currency variance	8.00%	6.00%	4.00%
Euro Member Countries, Euro
Other comprehensive (loss) income before reclassifications	$ (2,728)	$ 4,136	$ (1,435)
Canada, Dollars
Other comprehensive (loss) income before reclassifications	(245)	261	(22)
Mexico, Pesos
Other comprehensive (loss) income before reclassifications	25	(53)	(17)
Other Currency [Member]
Other comprehensive (loss) income before reclassifications	(120)	21	(24)
Foreign Currency Translation (Losses) Gains [Member]
Other comprehensive (loss) income before reclassifications	(3,317)	4,365	(1,517)
Foreign Currency Translation (Losses) Gains [Member] \| Japan, Yen
Other comprehensive (loss) income before reclassifications	(249)
Foreign Currency Translation (Losses) Gains [Member] \| Intercompany Transactions Of Long Term Investment Nature [Member]
Other comprehensive (loss) income before reclassifications	320	(1,244)	(56)
Foreign Currency Translation (Losses) Gains [Member] \| Translating Financial Statements [Member]
Other comprehensive (loss) income before reclassifications	$ (3,637)	$ 5,608	$ (1,461)

Description of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Property Plant And Equipment [Line Items]
Depreciation	$ 5,890	$ 5,607	$ 5,343
Capitalized Computer Software, Amortization	$ 1,547	$ 1,252	1,474
Gain related to execution of sale transaction			4,057
Selling Real Property in Pulheim, Germany to CLM S.A. RL [Member]
Property Plant And Equipment [Line Items]
Gain related to execution of sale transaction			$ 4,057

Description of Business and Summary of Significant Accounting Policies - Reconciliation Between Denominator of Basic and Diluted Net (Loss) Income Per Common Share (Details) - shares	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Accounting Policies [Abstract]
Weighted-average common shares outstanding (basic)	24,287,179	24,201,221	24,394,663
Stock grants, restricted stock units, and market stock units	0	448,885	0
Weighted-average common and potential common shares outstanding (diluted)	24,287,179	24,650,106	24,394,663

Equity Investment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 7,890	$ 7,350	$ 5,174
Proceeds from equity method investment, distribution	9,809	6,009	5,136
Retained earnings, undistributed earnings from equity method investees	16,022	17,941
Related party transaction, other revenues from transactions with related party	315	260	$ 501
Due from affiliate, current	$ 68	$ 37
ASA Electronics, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Description of Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Feb. 28, 2022	Feb. 28, 2021
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 27,788	$ 59,404
Percentage of participation exemption on dividends received from foreign corporation	100.00%
Domestic Tax Authority [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		0	0
Non-US [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 762	$ 2,213

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Feb. 28, 2022

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

1)	Description of Business and Summary of Significant Accounting Policies

Description of Business

The Company's fiscal year ends on the last day of February.

Principles of Consolidation, Reclassifications and Accounting Principles

Use of Estimates

Cash and Cash Equivalents

Fair Value Measurements and Derivatives

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Quoted market prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 inputs that are either directly or indirectly observable.

Level 3 - Unobservable inputs developed using the Company's estimates and assumptions, which reflect those that market participants would use.

At February 28, 2021, the Company did not have any assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2022:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	27,788	$	27,788	$	—	$	—
Mutual funds		1,231		1,231		-		-

Liabilities:
Derivatives designated for hedging	$	188	$	—	$	188	$	—
Contingent consideration		6,435		-		-		6,435

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2021:

			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	59,404	$	59,404	$	—	$	—
Mutual funds		1,777		1,777		-		-
Derivatives designated for hedging		412		-		412		-

Liabilities:
Derivatives designated for hedging	$	1,177	$	—	$	1,177	$	—

consideration accrued and such changes will be recorded in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income.

Non-financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Derivative Instruments

Financial Statement Classification

	Derivative Assets and Liabilities
		Fair Value
	Account	February 28, 2022			February 28, 2021
Designated derivative instruments
Foreign currency contracts	Prepaid expenses and other current assets	$	—		$	412
	Accrued expenses and other current liabilities		-			(731	)
Interest rate swap	Other long-term liabilities		(188	)		(446	)

Total derivatives		$	(188	)	$	(765	)

Cash flow hedges

When the amounts recorded in OCI are reclassified to earnings, they are presented in the same income statement line item as the effect of the hedged item.

Activity related to cash flow hedges recorded during the twelve months ended February 28, 2022 and February 28, 2021 was as follows:

	February 28, 2022					February 28, 2021
	Gain Recognized in Other Comprehensive Income		Loss Reclassified from Accumulated Other Comprehensive Income			(Loss) Gain Recognized in Other Comprehensive Income			Loss Reclassified from Accumulated Other Comprehensive Income
Cash flow hedges
Foreign currency contracts	$	233	$	(307	)	$	(720	)	$	(238	)
Interest rate swaps	$	258	$	—		$	30		$	—

Investment Securities

As of February 28, 2022 and February 28, 2021, the Company had the following investments:

	February 28, 2022
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,231
Total Marketable Equity Securities		1,231
Total Investment Securities	$	1,231

	February 28, 2021
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,777
Total Marketable Equity Securities		1,777
Total Investment Securities	$	1,777

Long-Term Investments

Equity Securities

Marketable equity securities are measured and recorded at fair value with changes in fair value recorded in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Mutual Funds

Changes in fair value of equity securities are recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Investments Held at Cost, Less Impairment

Revenue Recognition

The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers.

Revenue from Contracts with Customers

Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue, and recorded on a net basis.

Performance Obligations

Contract Balances

Accounts Receivable

Accounts receivable are comprised of the following:

	February 28, 2022		February 28, 2021
Trade accounts receivable	$	108,915	$	108,862
Less:
Allowance for credit losses		2,182		1,593
Allowance for cash discounts		1,108		1,104
	$	105,625	$	106,165

Inventory

Inventories by major category are as follows:

	February 28, 2022		February 28, 2021
Raw materials	$	23,904	$	21,228
Work in process		1,519		1,732
Finished goods		149,499		107,833
Inventory, net	$	174,922	$	130,793

Property, Plant and Equipment

A summary of property, plant and equipment, net, is as follows:

	February 28, 2022		February 28, 2021
Land	$	7,046	$	7,068
Buildings		44,177		43,987
Property under finance lease		2,503		2,503
Furniture and fixtures		4,489		4,424
Machinery and equipment		10,287		9,785
Construction-in-progress		3,341		1,587
Computer hardware and software		41,962		41,178
Automobiles		710		729
Leasehold improvements		2,718		2,688
		117,233		113,949
Less accumulated depreciation and amortization		67,439		61,923
	$	49,794	$	52,026

Depreciation is calculated on the straight-line method over the estimated useful lives of the assets as follows:

Buildings and improvements	20	-	40 years
Furniture and fixtures	5	-	15 years
Machinery and equipment	5	-	15 years
Computer hardware and software	3	-	5 years
Automobiles			3 years

See Note 11 for discussion of the sale of the Company’s real property in Pulheim Germany during the year ended February 29, 2020 and the gain recognized of $4,057.

Goodwill and Intangible Assets

located within the Automotive Electronics segment and the Klipsch and Onkyo reporting units are located within the Consumer Electronics segment.

The combined impairment charges for both the Consumer Electronics segment and the Biometrics segment aggregated $30,230 for the year ended February 29, 2020.

Goodwill

The change in the carrying value of goodwill is as follows:

	February 28, 2022			February 28, 2021			February 29, 2020
Beginning of period	$	58,311		$	55,000		$	54,785
Goodwill acquired (see Note 2)		18,160			3,290			215
Adjustments to goodwill acquired, net (see Note 2)		(1,353	)		21			—
Foreign currency translation		(798	)		—			—
End of period	$	74,320		$	58,311		$	55,000

Gross carrying value	$	106,483		$	90,474		$	87,163
Accumulated impairment charges		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	74,320		$	58,311		$	55,000

	February 28, 2022			February 28, 2021			February 29, 2020
Automotive Electronics
Beginning of period	$	11,778		$	8,467		$	8,252
Goodwill acquired (see Note 2)		—			3,290			215
Adjustments to goodwill acquired, net (see Note 2)		(1,353	)		21			—
End of period	$	10,425		$	11,778		$	8,467

Gross carrying value	$	10,425		$	11,778		$	8,467
Accumulated impairment charge		—			—			—
Net carrying value	$	10,425		$	11,778		$	8,467

Consumer Electronics
Beginning of period	$	46,533		$	46,533		$	46,533
Goodwill acquired (see Note 2)		18,160			-			-
Adjustments to goodwill acquired (see Note 2)		-			-			-
Foreign currency translation		(798	)		—			—
End of period	$	63,895		$	46,533		$	46,533

Gross carrying value	$	96,058		$	78,696		$	78,696
Accumulated impairment charge		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	63,895		$	46,533		$	46,533

Total goodwill, net	$	74,320		$	58,311		$	55,000

Note: The Company's Biometrics segment did not carry a balance for goodwill at February 28, 2022, February 28, 2021, or February 29, 2020.

Intangible Assets

At February 28, 2022 and February 28, 2021, intangible assets consisted of the following:

	February 28, 2022
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (10-15.5 years)	$	54,138	$	39,669	$	14,469
Trademarks/Tradenames (5.5-10 years)		17,466		1,927		15,539
Developed technology (7-10 years)		20,413		13,179		7,234
Patents (7-13 years)		6,736		5,562		1,174
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	101,709	$	63,293		38,416
Indefinite-lived intangible assets
Trademarks						63,034
Total intangible assets, net					$	101,450

	February 28, 2021
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	54,688	$	36,412	$	18,276
Trademarks/Tradenames (5.5-10 years)		5,545		811		4,734
Developed technology (7 years)		14,144		12,516		1,628
Patents (4-13 years)		6,736		4,629		2,107
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	84,069	$	57,324		26,745
Indefinite-lived intangible assets
Trademarks						63,359
Total intangible assets, net					$	90,104

The weighted-average remaining amortization period for amortizing intangibles acquired during the year ended February 28, 2022 is approximately 9 years.

The Company expenses the renewal costs of patents as incurred. The weighted-average period before the renewal of our patents is approximately 6 years.

Fiscal Year	Amount
2023	$	6,501
2024		6,148
2025		5,886
2026		5,783
2027		3,551

Sales Incentives

A summary of the activity with respect to accrued sales incentives is provided below:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Accrued sales incentives, opening balance	$	25,313		$	12,250		$	13,574
Liabilities acquired during acquisition		—			-			28
Accruals		58,490			67,337			35,345
Payments and credits		(59,644	)		(54,102	)		(36,583	)
Reversals for unearned sales incentives		(404	)		(172	)		(114	)
Accrued sales incentives, ending balance	$	23,755		$	25,313		$	12,250

The majority of the reversals of previously established sales incentive liabilities pertain to sales recorded in prior periods.

Advertising

Research and Development

Product Warranties and Product Repair Costs

Changes in the Company's accrued product warranties and product repair costs are as follows:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Beginning balance	$	5,290		$	4,748		$	4,469
Liabilities (adjusted) acquired during acquisitions		(352	)		1,200			188
Accrual for warranties issued during the year and repair cost		4,583			3,065			4,935
Warranty claims settled during the year		(3,899	)		(3,723	)		(4,844	)
Ending balance	$	5,622		$	5,290		$	4,748

Foreign Currency

Income Taxes

The Company made a policy election to treat the income tax with respect to GILTI as a period expense when incurred.

Uncertain Tax Positions

Tax interest and penalties

The Company classifies interest and penalties associated with income taxes as a component of Income tax expense (benefit) on the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Net (Loss) Income Per Common Share

	Year Ended		Year Ended		Year Ended
	February 28, 2022		February 28, 2021		February 29, 2020
Weighted-average common shares outstanding (basic)		24,287,179		24,201,221		24,394,663
Effect of dilutive securities:
Stock grants, restricted stock units, and market stock units		-		448,885		—
Weighted-average common and potential common shares outstanding (diluted)		24,287,179		24,650,106		24,394,663

Other (Expense) Income

Other (expense) income is comprised of the following:

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Foreign currency (loss) gain	$	(635	)	$	(862	)	$	405
Interest income		72			83			918
Rental income		678			739			692
Miscellaneous		208			786			317
Total other, net	$	323		$	746		$	2,332

Accounting for the Impairment of Long-Lived Assets

Accounting for Stock-Based Compensation

Grant of Shares to Chief Executive Officer

	Number of shares			Weighted Average Grant Date Fair Value
Unvested share balance at February 28, 2019		470,807		$	5.49
Granted		571,352			4.21
Vested		(127,007	)		4.18
Vested and settled		(200,000	)		4.15
Forfeited		—			—
Unvested share balance at February 29, 2020		715,152		$	5.07
Granted		88,269			7.18
Vested		(99,697	)		7.21
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2021		603,724		$	5.18
Granted		48,527			13.59
Vested		(197,891	)		5.76
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2022		354,360		$	6.30

Accumulated Other Comprehensive Loss

	Foreign Currency Translation (Losses) Gains			Pension plan adjustments, net of tax			Derivatives designated in a hedging relationship, net of tax			Total
Balance at February 28, 2019	$	(16,222	)	$	(798	)	$	76		$	(16,944	)
Other comprehensive loss before reclassifications		(1,517	)		(89	)		(157	)		(1,763	)
Reclassified from accumulated other comprehensive (loss) income		—			—			(348	)		(348	)
Net current-period other comprehensive loss		(1,517	)		(89	)		(505	)		(2,111	)
Balance at February 29, 2020	$	(17,739	)	$	(887	)	$	(429	)	$	(19,055	)
Other comprehensive income (loss) before reclassifications		4,365			18			(470	)		3,913
Reclassified from accumulated other comprehensive loss		-			-			165			165
Net current-period other comprehensive income (loss)		4,365			18			(305	)		4,078
Balance at February 28, 2021	$	(13,374	)	$	(869	)	$	(734	)	$	(14,977	)
Other comprehensive (loss) income before reclassifications		(3,317	)		158			485			(2,674	)
Reclassified from accumulated other comprehensive loss		-			-			148			148
Net current-period other comprehensive (loss) income		(3,317	)		158			633			(2,526	)
Balance at February 28, 2022	$	(16,691	)	$	(711	)	$	(101	)	$	(17,503	)

New Accounting Pronouncements

Description of Business and Summary of Significant Accounting Policies - Advertising - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Accounting Policies [Abstract]
Advertising Expense	$ 5,376	$ 4,605	$ 4,905

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Non-controlling Interests [Member]	Treasury Stock [Member]	Redeemable Equity [Member] Preferred Stock [Member]
Stockholders equity, beginning of period at Feb. 28, 2019	$ 395,101	$ 264	$ 296,946	$ 148,582	$ (16,944)	$ (12,571)	$ (21,176)	$ 0
Net income (loss)	(41,822)	0	0	(26,443)	0	(15,379)	0	0
Other comprehensive income (loss), net of tax	(2,111)	0	0	0	(2,111)	0	0	0
Reclassification of stockholders' equity to redeemable equity (Note 1(u))	(745)	0	0	0	0	0	0	(745)
Repurchase of shares of Class A Common Stock	(2,742)	0	0	0	0	0	(2,742)	0
Stock-based compensation expense	548	2	2,282	0	0	0	0	(1,736)
Stockholders equity, end of period at Feb. 29, 2020	348,229	266	299,228	122,139	(19,055)	(27,950)	(23,918)	(2,481)
Net income (loss)	23,366	0	0	26,767	0	(3,401)	0	0
Other comprehensive income (loss), net of tax	4,078	0	0	0	4,078	0	0	0
Settlement of SERP restricted stock units	(575)	0	(575)	0	0	0	0	0
Stock-based compensation expense	971	1	1,749	0	0	0	0	(779)
Stockholders equity, end of period at Feb. 28, 2021	376,069	267	300,402	148,906	(14,977)	(31,351)	(23,918)	(3,260)
Net income (loss)	(25,982)	0	0	(22,333)	0	(3,649)	0	0
Other comprehensive income (loss), net of tax	(2,526)	0	0	0	(2,526)	0	0	0
Settlement of 60,693 shares of Class A Common Stock upon vesting of stock awards, net of withholding taxes	(856)	0	(856)	0	0	0	0	0
Repurchase of shares of Class A Common Stock	(1,220)	0	0	0	0	0	(1,220)	0
Stock-based compensation expense	617	0	907	0	0	0	0	(290)
Stockholders equity, end of period at Feb. 28, 2022	$ 346,102	$ 267	$ 300,453	$ 126,573	$ (17,503)	$ (35,000)	$ (25,138)	$ (3,550)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

Revenue from Contracts with Customers (Tables)

12 Months Ended

Feb. 28, 2022

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

In the following table, the Company's net sales are disaggregated by segments and product type for the years ended February 28, 2022, February 28, 2021 and February 29, 2020.

	Year Ended February 28,		Year Ended February 28,		Year Ended February 29,
	2022		2021		2020
Automotive Electronics Segment
OEM Products	$	65,017	$	46,170	$	49,673
Aftermarket Products		135,577		117,733		64,481
Total Automotive Electronics Segment		200,594		163,903		114,154

Consumer Electronics Segment
Premium Audio Products		343,991		299,908		170,762
Other Consumer Electronic Products		89,934		98,355		108,913
Total Consumer Electronics Segment		433,925		398,263		279,675

Biometrics Segment
Biometric Products		882		836		461
Total Biometrics Segment		882		836		461

Corporate/Eliminations		519		603		599

Total Net Sales	$	635,920	$	563,605	$	394,889

Reconciliation of Contract Liabilities

The following table provides a reconciliation of the Company’s contract liabilities as of February 28, 2022:

Balance at February 28, 2021	$	5,265
Subscription payments received		7,615
Revenue recognized		(7,468	)
Balance at February 28, 2022	$	5,412

Description of Business and Summary of Significant Accounting Policies - Product Warranties and Product Repair Costs - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020
Accounting Policies [Abstract]
Standard product warranty accrual	$ 4,470	$ 4,403
Inventory valuation reserves	1,152	887
Product warranty expense	$ 4,583	$ 3,065	$ 4,935

Equity Investment (Tables)

12 Months Ended

Feb. 28, 2022

Equity Method Investment Summarized Financial Information [Abstract]

Equity Method Investment, Summarized Financial Information

	February 28, 2022		February 28, 2021
Current assets	$	46,202	$	49,956
Non-current assets		7,382		4,757
Liabilities		10,888		8,179
Members' equity		42,696		46,534

	Twelve Months Ended		Twelve Months Ended		Twelve Months Ended
	February 28, 2022		February 28, 2021		February 29, 2020
Net sales	$	114,825	$	95,866	$	98,632
Gross profit		27,517		24,124		21,342
Operating income		15,695		12,938		10,014
Net income		15,780		14,700		10,348

Financial and Product Information About Foreign and Domestic Operations - Schedule of Segment Data from Continuing Operations (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 28, 2022

Feb. 28, 2021

Feb. 29, 2020

Segment Reporting Information [Line Items]

Net sales

$ 635,920

$ 563,605

$ 394,889

Equity in income of equity investee

7,890

7,350

5,174

Interest expense and bank charges

2,532

2,979

2,975

Depreciation and amortization expense

12,398

11,033

12,398

Income (loss) before income taxes

(25,839)

^[1]

27,638

^[2]

(40,940)

^[3]

Operating Segments [Member] | Automotive Electronics [Member]

Segment Reporting Information [Line Items]

Net sales

200,594

163,903

114,154

Equity in income of equity investee

7,890

7,350

5,174

Interest expense and bank charges

1,510

1,540

436

Depreciation and amortization expense

3,049

2,881

878

Income (loss) before income taxes

8,471

^[1]

9,608

^[2]

(724)

^[3]

Operating Segments [Member] | Consumer Electronics [Member]

Segment Reporting Information [Line Items]

Net sales

433,925

398,263

279,675

Equity in income of equity investee

Interest expense and bank charges

7,827

8,537

9,482

Depreciation and amortization expense

4,957

3,856

4,390

Income (loss) before income taxes

28,645

^[1]

38,939

^[2]

9,385

^[3]

Operating Segments [Member] | Biometrics [Member]

Segment Reporting Information [Line Items]

Net sales

882

836

461

Equity in income of equity investee

Interest expense and bank charges

1,662

1,475

1,279

Depreciation and amortization expense

297

322

3,136

Income (loss) before income taxes

(9,354)

^[1]

(8,726)

^[2]

(39,241)

^[3]

Corporate, Non-Segment [Member]

Segment Reporting Information [Line Items]

Net sales

519

603

599

Equity in income of equity investee

Interest expense and bank charges

(8,467)

(8,573)

(8,222)

Depreciation and amortization expense

4,095

3,974

3,994

Income (loss) before income taxes

$ (53,601)

^[1]

$ (12,183)

^[2]

$ (10,360)

^[3]

[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 interim arbitration award unfavorable to the Company (see Note 15).
[2]	Included within Income (loss) before income taxes for the year ended February 28, 2021 is an intangible asset impairment charge of $1,300 within the Consumer Electronics segment (see Note 1(k)).
[3]	Included within (Loss) income before income taxes for the year ended February 29, 2020 are intangible asset impairment charges totaling $30,230 ($2,828 within the Consumer Electronics segment and $27,402 within the Biometrics segment) (see Note 1(k)). Also included within Income (loss) before taxes for the year ended February 29, 2020 is the gain on the sale of real property in Pulheim, Germany of $4,057 within the Consumer Electronics segment (see Note 11).

Capital Structure - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 28, 2022 USD ($) shares	Feb. 28, 2021 shares	Feb. 29, 2020 USD ($) shares
Equity [Abstract]
Conversion of shares, common stock	1
Treasury stock, shares	2,862,218	2,749,218
Stock repurchase program, number of shares authorized to be repurchased	2,305,876		3,000,000
Stock repurchased during period, shares	113,000	0	581,124
Stock repurchased during period, value \| $	$ 1,220		$ 2,742

Contingencies - Additional Information (Details) - USD ($) $ in Thousands				1 Months Ended	12 Months Ended
	Mar. 03, 2022	Nov. 29, 2021	Jul. 14, 2021	Jun. 30, 2021	Feb. 28, 2022
Loss Contingencies [Line Items]
Arbitration settlement					$ 39,444
Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value	$ 39,444
Loss contingency, fees and costs	$ 798
Breach of Contract Claim
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 40,000	$ 10,000
Loss contingency, damages awarded, value		$ 39,444

Variable Interest Entities (Tables) - Variable Interest Entity, Primary Beneficiary [Member]

12 Months Ended

Feb. 28, 2022

Variable Interest Entity [Line Items]

Summary of Carrying Values of Assets and Liabilities Included in Consolidated Balance Sheets

The following table sets forth the carrying values of assets and liabilities of EyeLock LLC that were included on our Consolidated Balance Sheets as of February 28, 2022 and February 28, 2021:

	February 28, 2022			February 28, 2021
Assets
Current assets:
Cash and cash equivalents	$	25		$	-
Accounts receivable, net		47			167
Inventory, net		2,028			2,245
Prepaid expenses and other current assets		245			30
Total current assets		2,345			2,442
Property, plant and equipment, net		39			39
Intangible assets, net		2,057			2,329
Other assets		59			60
Total assets	$	4,500		$	4,870
Liabilities and Partners' Deficit
Current liabilities:
Accounts payable	$	1,023		$	1,396
Interest payable to VOXX		13,099			11,453
Accrued expenses and other current liabilities		766			824
Due to VOXX		66,390			61,072
Total current liabilities		81,278			74,745
Other long-term liabilities		3,651			1,200
Total liabilities		84,929			75,945
Commitments and contingencies
Partners' deficit:
Capital		41,416			41,416
Retained losses		(121,845	)		(112,491	)
Total partners' deficit		(80,429	)		(71,075	)
Total liabilities and partners' deficit	$	4,500		$	4,870

Summary of Revenues and Expenses Included in Consolidated Statements of Operations and Comprehensive (Loss) Income

	Year Ended			Year Ended			Year Ended
	February 28, 2022			February 28, 2021			February 29, 2020
Net sales	$	882		$	836		$	476
Cost of sales		694			1,025			826
Gross profit		188			(189	)		(350	)
Operating expenses:
Selling		653			603			710
General and administrative		1,410			1,785			4,625
Engineering and technical support		5,817			4,674			5,144
Intangible asset impairment charges (Note 1(k))		-			-			27,402
Total operating expenses		7,880			7,062			37,881
Operating loss		(7,692	)		(7,251	)		(38,231	)
Other (expense) income:
Interest and bank charges		(1,662	)		(1,475	)		(1,279	)
Other, net		—			—			81
Total other expense, net		(1,662	)		(1,475	)		(1,198	)
Loss before income taxes		(9,354	)		(8,726	)		(39,429	)
Income tax expense		—			—			—
Net loss	$	(9,354	)	$	(8,726	)	$	(39,429	)