0000950170-24-059558 | 10-K | XBRL Viewer

September 8, 2021 (as adjusted)

Amortization Period (Years)

Tradenames

Technology

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Description of Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 10,986	$ 6,134
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	$ 716	$ 129

Description of Business and Summary of Significant Accounting Policies - Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Feb. 29, 2024 USD ($) Segment	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)	Feb. 28, 2021 USD ($)
Goodwill and Intangible Assets [Line Items]
Number of operating segments \| Segment	3
Goodwill, Impairment Loss	$ 0	$ 7,373,000	$ 0
Goodwill	63,931,000	65,308,000	74,320,000	$ 58,311,000
Non-cash impairment charge	14,214,000
Non-cash goodwill impairment charge		7,373,000
Impairment charges	14,214,000	1,300,000	0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			0
Impairment of definite-lived intangible assets	$ 0	0
Indefinite lived trademarks, percentage of total	20.10%
Indefinite lived trademarks at risk of impairment	$ 8,400,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment charges
Finite-lived intangible asset, weighted average period before next renewal or extension	3 years
Amortization of intangible assets	$ 6,544,000	6,848,000	6,508,000
Consumer Electronics [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	60,879,000	62,256,000	63,895,000	46,533,000
Impairment charges	14,214,000
Automotive Electronics [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill, Impairment Loss	0	7,373,000	0
Goodwill	3,052,000	3,052,000	$ 10,425,000	$ 11,778,000
Impairment charges		1,300,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 1,300,000
Klipsch [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	46,532,000
Rosen [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	880,000
VSHC [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	572,000
DEI [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	1,600,000
Onkyo [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill	$ 14,347,000
Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Impaired long-lived assets held and used, method for determining fair value	1.00%
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	14.70%
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	12.60%
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	4.00%
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	25.00%
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	35.00%
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	2.50%

Financing Arrangements (Tables)

12 Months Ended

Feb. 29, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The Company has the following financing arrangements:


	February 29, 2024		February 28, 2023
Domestic credit facility (a)	$	63,843	$	29,000
Florida mortgage (b)		5,615		6,115
Euro asset-based lending obligation - VOXX Germany (c)		—		—
Shareholder loan payable to Sharp (d)		3,813		4,079
Total debt		73,271		39,194
Less: current portion of long-term debt		500		500
Long-term debt before debt issuance costs		72,771		38,694
Less: debt issuance costs		890		1,181
Total long-term debt	$	71,881	$	37,513

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 $165,000. The Credit Facility also includes a $50,000 sublimit for letters of credit and a $15,000 sublimit for Swing 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)). The remaining availability under the revolving credit line of the Credit Facility was $55,346 as of February 29, 2024.

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. 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 SOFR Loans, except that Swing Loans may only be designated as Base Rate Loans. Loans under the Credit Facility designated as SOFR Loans shall bear interest at a rate equal to the then-applicable SOFR Rate plus a range of 1.75% - 2.25% (7.61% at February 29, 2024). 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% (9.50% at February 29, 2024).

Provided the Company is in a Compliance Period (the period commencing on the day in which Excess Availability is less than 15% of the Maximum Revolver Amount and ending on a day in which Excess Availability is equal to or greater than 15% 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, including the declaration of dividends; (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 29, 2024, 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, as parent, has guaranteed the obligations of its subsidiary 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. 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 over the remaining term of the Credit Facility. The Company amortized $361, $231, and $241 during the years ended, February 29, 2024, February 28, 2023 and February 28, 2022, respectively. The net unamortized balance of these deferred financing costs at February 29, 2024 is $799.

Charges incurred on the unused portion of the Credit Facility and its predecessor revolving credit facility during the years ended February 29, 2024, February 28, 2023, and February 28, 2022 totaled $696, $686, and $739, respectively, and are included within Interest and Bank Charges on the Consolidated Statements of Operations and Comprehensive Loss.

Florida Mortgage

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. On May 1, 2023, VOXX HQ LLC consented to a First Amendment and Supplement to the Indenture of Trust relating to the Florida Industrial Revenue Bonds, and which provided for a replacement benchmark from LIBOR to SOFR, including a modification to the interest rate to 79% of the applicable SOFR Rate plus 1.87% (6.07% at February 29, 2024). The Florida Mortgage 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 and February 2023.

The Company incurred debt financing costs totaling approximately $332 as a result of obtaining the Florida Mortgage, as well as $40 related to the May 2023 amendment, 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 over the ten-year term of the Florida Mortgage. The Company amortized $43 of these costs during the year ended February 29, 2024 and $31 during both of the years ended February 28, 2023 and February 28, 2022, respectively. The net unamortized balance of these deferred financing costs at February 29, 2024 is $91.

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, which was amended on May 3, 2023 in conjunction with the amendment to the Florida Mortgage. The swap contract was amended to reference the SOFR Rate, as well as set a fixed rate equal to 3.43% (see Note 1(e)).

Euro Asset-Based Lending Obligation – VOXX Germany

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 October 31, 2024. The rate of interest for the ABL is the three-month Euribor plus 3.55% (7.49% at February 29, 2024).

Shareholder Loan Payable to Sharp

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 certain assets 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 29, 2024 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.

Schedule of Maturities of Long-term Debt

The following is a maturity table for debt and bank obligations outstanding at February 29, 2024 for each of the following fiscal years:


2025	$	500
2026		500
2027		68,458
2028		-
2029		-
Thereafter		3,813
Total	$	73,271

Description of Business and Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Details)	Feb. 29, 2024
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

Equity Investment (Tables)

12 Months Ended

Feb. 29, 2024

Equity Method Investment, Summarized Financial Information [Abstract]

Equity Method Investment, Summarized Financial Information

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 29, 2024		February 28, 2023
Current assets	$	43,790	$	48,391
Non-current assets		7,579		6,525
Liabilities		8,609		10,880
Members' equity		42,760		44,036


	Twelve Months Ended		Twelve Months Ended		Twelve Months Ended
	February 29, 2024		February 28, 2023		February 28, 2022
Net sales	$	76,939	$	104,997	$	114,825
Gross profit		20,326		25,671		27,517
Operating income		8,913		13,749		15,695
Net income		9,832		13,938		15,780

Income Taxes - Schedule of Effective Tax Rate Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Schedule of Effective Tax Rate Before Income Taxes [Abstract]
Tax benefit at Federal statutory rates, amount	$ (9,949)	$ (6,499)	$ (5,426)
State income taxes, net of Federal benefit, amount	(692)	(711)	(282)
Change in valuation allowance, amount	6,589	5,785	7,214
Change in tax reserves, amount	(183)	(173)	(227)
Non-controlling interest, amount	463	476	766
US effects of foreign operations, amount		379	(2,135)
Permanent differences and other, amount	195	794	581
Capital loss carryforward expiration	3,464
Foreign rate differential, amount	(879)	402	787
Change in tax rate, amount	(255)	39	105
Research & development credits, amount	(538)	(531)	243
Effective tax rate, amount	$ (1,785)	$ (39)	$ 1,626
Tax benefit at Federal statutory rates, percent	21.00%	21.00%	21.00%
State income taxes, net of Federal benefit, percent	1.50%	2.30%	1.10%
Change in valuation allowance, percent	(13.90%)	(18.70%)	(28.00%)
Change in tax reserves, percent	0.40%	0.50%	0.90%
Non-controlling interest, percent	(1.00%)	(1.50%)	(3.00%)
US effects of foreign operations, percent		(1.20%)	8.30%
Permanent differences and other, percent	(0.40%)	(2.60%)	(2.20%)
Capital loss carryforward expiration, percent	(7.30%)
Foreign rate differential, percent	1.90%	(1.30%)	(3.10%)
Change in tax rate, percent	0.50%	(0.10%)	(0.40%)
Research & development credits, percent	1.10%	1.70%	(0.90%)
Effective tax rate, percent	3.80%	0.10%	(6.30%)

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Feb. 29, 2024

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

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., Audiovox Canada Limited, Voxx Hong Kong Ltd., Voxx Consumer Electronics 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., 11 Trading Company LLC, Premium Audio Company EMEA B.V., Premium Audio Company France S.A.R.L., Premium Audio Company Germany GmbH, and Premium Audio Company Pty Lt.), Omega Research and Development Technology LLC ("Omega"), Voxx Automotive Corp., Audiovox Websales LLC, VSM-Rostra LLC (“VSM”), VOXX DEI LLC, and VOXX DEI Canada Ltd. (collectively, with VOXX DEI LLC, “DEI”), as well as majority owned subsidiaries, EyeLock LLC ("EyeLock") and Onkyo Technology KK n/k/a Premium Audio Company Technology Center K.K. (“Onkyo”). We market our products under the Audiovox® brand name and other brand names and licensed brands, such as 808®, Acoustic Research®, Advent®, Avital®, CarLink®, Clifford®, Code-Alarm®, Crimestopper™, Directed®, Discwasher®, Energy®, Heco®, Integra®, Invision®, Jamo®, Jensen®, Klipsch®, Mac Audio®, Magnat®, myris®, Oehlbach®, Omega®, Onkyo®, Pioneer®, Prestige®, Project Nursery®, Python®, RCA®, Rosen®, Rostra®, Schwaiger®, Smart Start®, Terk®, Vehicle Safety Manufacturing®, and Viper®, 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 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/call option, outside of permanent equity, specifically the non-controlling shareholder interest in Onkyo. This redeemable non-controlling interest, subject to put/call 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) when a redemption value exists. In periods where the specific formula results in a negative amount, and thus no redemption value, no redemption adjustment is recorded. 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. 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.

Revision of Previously Issued Financial Statements

During its second quarter ended August 31, 2023, the Company discovered an error in its financial statements related to third-party royalty expense that was incorrectly recorded on a wholly owned subsidiary in the quarter ended February 28, 2023. These royalty expenses should have been recorded to its OTKK subsidiary, and as a result, it was determined that the net loss attributable to the noncontrolling interest related to OTKK was understated in the Company’s Consolidated Statement of Operations and Comprehensive Loss for the year ended February 28, 2023. Prior to the fourth quarter of Fiscal 2023, the third-party royalty expense was recorded properly on the OTKK subsidiary. Based on a quantitative and qualitative analysis, the Company concluded that the adjustment was not material to any prior annual or interim periods.

We have corrected the relevant prior period of our consolidated financial statements and related footnotes for this immaterial error for comparative purposes and will also correct previously reported financial information for such immaterial error in future filings, as applicable. A summary of the corrections are as follows:


	As of February 28, 2023
	As Previously Reported		Adjustment			As Revised
Consolidated Balance Sheets
Redeemable non-controlling interest	$	232	$	(1,125	)	$	(893	)
Retained earnings		97,997		1,125			99,122
Total VOXX International Corporation stockholders' equity		341,859		1,125			342,984
Total stockholders' equity		304,591		1,125			305,716


	For the year ended February 28, 2023
	As Previously Reported			Adjustment			As Revised
Consolidated Statements of Comprehensive Loss
Less: net income (loss) attributable to non-controlling interest	$	(2,335	)	$	(1,125	)	$	(3,460	)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries		(28,576	)		1,125			(27,451	)
Comprehensive income (loss) attributable to VOXX International Corporation and Subsidiaries		(29,753	)		1,125			(28,628	)
Net income (loss) per share attributable to VOXX International Corporation
Basic	$	(1.17	)	$	0.05		$	(1.13	)
Diluted	$	(1.17	)	$	0.05		$	(1.13	)

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 $10,986 and $6,134 at February 29, 2024, and February 28, 2023, 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 $716 and $129 at February 29, 2024, and February 28, 2023, 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.

The following table presents assets and liabilities measured at fair value on a recurring basis at February 29, 2024:


			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	10,986	$	10,986	$	—	$	—
Mutual funds		828		828		-		-
Derivatives designated for hedging		263		-		263		-

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2023:


			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	6,134	$	6,134	$	—	$	—
Mutual funds		1,053		1,053		-		-
Derivatives designated for hedging		207		-		207		-

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.

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 29, 2024, and February 28, 2023, 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 consist of an interest rate swap agreement and foreign currency contracts at February 29, 2024.

The Company’s interest rate swap agreement hedges interest rate exposure related to the forecasted outstanding balance of its Florida Industrial Revenue Bonds ("the Florida Mortgage") with monthly payments due through March 2026. On May 3, 2023, VOXX HQ LLC entered into an Amended and Restated Confirmation of Swap Transaction with Wells Fargo Bank N.A. related to this interest rate swap. The swap contract was amended to reference the SOFR Rate in conjunction with an amendment to the Florida Mortgage which provided for a replacement benchmark from LIBOR to SOFR (see Note 7). The swap agreement locks the interest rate on the debt at 3.43% (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.

Foreign currency contracts are utilized by our German subsidiary to hedge a portion of their U.S. Dollar company’s inventory purchases when management views them to be advantageous. On February 28, 2024, the Company had outstanding foreign currency contracts qualifying for hedge accounting and that have been designated as cash flow hedges. The valuation of our foreign currency contracts is performed based on foreign exchange rates and yield curves built from observable market parameters and, where applicable, on Black Scholes or local volatility models calibrated to available volatility quotes (Level 2). As of February 29, 2024, there are open forward foreign currency contracts with notional U.S. Dollar equivalent amounts aggregating $13,800 that have been designated as cash flow hedges. The remaining maturities of all our foreign currency contracts are less than one year. During the year ended February 29, 2024, the Company also entered foreign currency options that were not designated for hedge accounting and are no longer outstanding at February 29, 2024. During Fiscal 2023, the Company did not enter into any new forward foreign currency contracts.

Financial Statement Classification

The following table discloses the fair value as of February 29, 2024 and February 28, 2023 of the Company's derivative instruments:


	Derivative Assets and Liabilities
		Fair Value
	Account	February 29, 2024		February 28, 2023
Derivative instruments
Foreign currency contracts designated as cash flow hedges	Prepaid expenses and other current assets	$	121	$	—
Interest rate swap designated as cash flow hedges	Other assets		142		207
Total derivatives		$	263	$	207

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. The change in fair value of the derivative instruments that do not qualify for hedge accounting and have not been designated as cash flow hedges are included in other (expense) income on the accompanying Unaudited Consolidated Statements of Operations and Comprehensive Loss immediately.

The current outstanding notional value of the Company's interest rate swap at February 29, 2024 is $5,615. 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. No amounts were excluded from the assessment of hedge effectiveness during the respective periods. During the years ended February 29, 2024 and February 28, 2023, 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 29, 2024, no interest rate swaps originally designated for hedge accounting were terminated.

All forward foreign currency contracts entered into during Fiscal 2021 were settled as of February 28, 2022 and were designated as cash flow hedges. The net income recognized in Other comprehensive income (loss) for foreign currency contracts settled in the fourth quarter of Fiscal 2022 were recognized in Cost of sales during year ended February 28, 2023. No amounts were excluded from the assessment of hedge effectiveness during the respective periods. None of the Company's foreign currency options as of February 29, 2024 were designated as cash flow hedges.

Activity related to cash flow hedges and derivative instruments not designated as cash flow hedges recorded during the years ended February 29, 2024 and February 28, 2023 was as follows:


	February 29, 2024					February 28, 2023
	Pretax Gain (Loss) Recognized in Other Comprehensive Income			Pretax Loss Reclassified from Accumulated Other Comprehensive Income		Pretax Gain Recognized in Other Comprehensive Income		Pretax Loss Reclassified from Accumulated Other Comprehensive Income
Cash flow hedges
Foreign currency contracts	$	121		$	—	$	-	$	63
Interest rate swaps		(65	)		-		395		-

Investment Securities

As of February 29, 2024 and February 28, 2023, the Company had the following investments:


	February 29, 2024
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	828
Total Marketable Equity Securities		828
Total Investment Securities	$	828


	February 28, 2023
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,053
Total Marketable Equity Securities		1,053
Total Investment Securities	$	1,053

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.

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.

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, some of which are manufactured by the Company, are sold both to OEM and aftermarket customers. Our biometric products, primarily consisting of finished goods, are 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. Our revenue was predominantly recognized under the point in time approach for the years ended February 29, 2024, February 28, 2023, and February 28, 2022. Certain telematic subscription revenues generated by our Automotive Electronics segment are recognized over time. 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, as well as within Accounts receivable, net, 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. See Note 14 for return asset and refund liability balances as of February 29, 2024 and February 28, 2023.

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. Beginning in Fiscal 2024, the Company also offers the option for customers to purchase third-party extended warranty contracts for certain products, that extends or enhances the technical support, parts, and labor coverage offered as part of the base warranty included with such product purchase. The Company is the agent for the third-party and the cost of the warranty contracts is netted against warranty revenue in the

Consolidated Statements of Operations and Comprehensive Loss. Revenue earned from these extended warranties was not material for the year ended February 29, 2024. The Company assumes no additional liability for repairs to products on which it has sold a warranty contract or products for which no warranty is sold, other than our warranty obligations associated with assurance-type warranties that are a guarantee of the product’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract.

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 29, 2024 and February 28, 2023.

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 29, 2024		February 28, 2023
Trade accounts receivable	$	74,107	$	85,268
Less:
Allowance for credit losses		1,952		1,398
Allowance for cash discounts		1,089		1,117
	$	71,066	$	82,753

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 28% of our accounts receivable balance as of February 29, 2024 and one customer represents 12% of our accounts receivable balance as of February 29, 2024. 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.

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 receivable 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 29, 2024, February 28, 2023, and February 28, 2022 were approximately $102,700, $98,300, and $89,400, respectively. Fees incurred in connection with these agreements totaled approximately $850, $730, and $260 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively, and are recorded within Interest and bank charges in the Consolidated Statements of Operations and Comprehensive Loss. 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 a weighted moving-average basis with a portion valued at standard cost, which approximates actual costs. 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 $7,147, $2,811, and $2,912 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively. The increase in inventory write-downs during the year ended February 29, 2024 was related primarily to the Company's Automotive Electronics segment. Approximately $3,800 of inventory was written down to reflect a decrease in net realizable value of inventory identified as either slow-moving or damaged in conjunction with the transition of the manufacturing of certain OEM product lines from Florida to Mexico during the fiscal year.

Inventories by major category are as follows:


	February 29, 2024		February 28, 2023
Raw materials	$	21,527	$	28,048
Work in process		736		1,363
Finished goods		106,208		145,718
Inventory, net	$	128,471	$	175,129

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 29, 2024		February 28, 2023
Land	$	7,117	$	7,101
Buildings		45,820		44,669
Property under finance lease		3,835		2,754
Furniture and fixtures		4,679		4,600
Machinery and equipment		13,835		10,514
Construction-in-progress		1,517		748
Computer hardware and software		43,634		46,313
Automobiles		720		681
Leasehold improvements		3,004		3,008
		124,161		120,388
Less accumulated depreciation and amortization		79,091		73,344
	$	45,070	$	47,044

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 $5,900, $6,282, and $5,890 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively. Included in depreciation and amortization expense is amortization of computer software costs of $1,352, $1,659, and $1,547 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively.

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 or indefinite-lived intangible asset 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 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.

The Company tested its indefinite-lived intangible assets as of February 29, 2024, as part of its annual impairment testing and concluded that the fair values of four indefinite-lived assets in the Consumer Electronics segment were less than the amounts recorded, and accordingly, recorded a non-cash impairment charge totaling $14,214 in the fourth quarter of the fiscal year ended February 29, 2024. As a result of discussions with customers and the Consumer Electronics Show during the fourth quarter of Fiscal 2024, the Company lowered its current and long-term sales projections and gross profit margins for certain consumer electronic tradenames, given the increased competition and price reductions, which resulted in the impairment charges. The impairment test on the remaining indefinite-lived assets concluded that none of these indefinite-lived assets were impaired for the year ended February 29, 2024. To perform these quantitative impairment analyses, the respective fair values were estimated using a relief-from-royalty method, applying royalty rates ranging from 1.00% to 4.0% 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 12.6% to 35.0% were appropriately developed using a weighted average cost of capital analysis. The long-term growth rates ranged from 1.0% to 2.5%.

At February 28, 2023, the fair value of one indefinite-lived asset in the Automotive Electronics segment was determined to be impaired in the amount of $1,300. This impairment was the result of reductions in projected volumes from OEM customers. There were no indefinite-lived asset impairments in the fiscal year ended February 28, 2022.

As a result of the Fiscal 2024 and Fiscal 2023 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 the fiscal years ended February 29, 2024 and February 28, 2023.

As of February 28, 2023, as a result of reductions in projected volumes from OEM customers related to the impaired tradename, the Company determined the useful life of the tradename was no longer indefinite. Beginning in the first quarter of Fiscal 2024, the Company began to amortize this tradename over its estimated useful life. Management determined that the current lives of its remaining indefinite and long-lived assets are appropriate.

Approximately 20.1% ($8,400) of the carrying value of the Company's remaining indefinite lived trademarks are at risk of impairment and sensitive to changes and assumptions as of February 29, 2024. There can be no assurance that our estimates and assumptions made for purposes of impairment testing as of February 29, 2024, 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.

During the year ended February 29, 2024, Voxx's reporting units that carried goodwill were 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 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.

As a result of the Company's annual impairment test for goodwill as of February 28, 2023 the Company concluded that the fair value of the Invision reporting unit was less than its carrying value, and accordingly recorded a non-cash goodwill impairment charge of $7,373 in the fourth quarter of Fiscal 2023. This impairment was the result of reductions in projected volumes from OEM customers. As a result of this impairment the Company no longer has any goodwill attributable to the Invision reporting unit. The annual impairment test on the remaining goodwill reporting units concluded that their fair values were in excess of their carrying values, with no further goodwill impairment indicated as of February 28, 2023. No goodwill impairment charges were recorded during the years ended February 29, 2024 and February 28, 2022. The quantitative assessment utilizes either an income approach, a market approach, or a combination of these approaches to determine the fair value of its reporting units. The discount rates (developed using a weighted average cost of capital analysis) used in the goodwill quantitative tests for the year ended February 29, 2024 ranged from 14.7% to 25.0%. The goodwill balances of Klipsch, Rosen, VSM, DEI, and Onkyo at February 29, 2024 are $46,532, $880, $572, $1,600, and $14,347, respectively.

Goodwill

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


	February 29, 2024			February 28, 2023			February 28, 2022
Beginning of period	$	65,308		$	74,320		$	58,311
Goodwill acquired (see Note 2)		—			—			18,160
Adjustments to goodwill acquired, net (see Note 2)		—			1,051			(1,353	)
Impairment charge		—			(7,373	)		—
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	63,931		$	65,308		$	74,320

Gross carrying value	$	103,467		$	104,844		$	106,483
Accumulated impairment charges		(39,536	)		(39,536	)		(32,163	)
Net carrying value	$	63,931		$	65,308		$	74,320


	February 29, 2024			February 28, 2023			February 28, 2022
Automotive Electronics
Beginning of period	$	3,052		$	10,425		$	11,778
Adjustments to goodwill acquired, net		—			—			(1,353	)
Impairment charge		—			(7,373	)		—
End of period	$	3,052		$	3,052		$	10,425

Gross carrying value	$	10,425		$	10,425		$	10,425
Accumulated impairment charge		(7,373	)		(7,373	)		—
Net carrying value	$	3,052		$	3,052		$	10,425

Consumer Electronics
Beginning of period	$	62,256		$	63,895		$	46,533
Goodwill acquired (see Note 2)		-			-			18,160
Adjustments to goodwill acquired (see Note 2)		-			1,051			-
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	60,879		$	62,256		$	63,895

Gross carrying value	$	93,042		$	94,419		$	96,058
Accumulated impairment charge		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	60,879		$	62,256		$	63,895

Total goodwill, net	$	63,931		$	65,308		$	74,320

Note: The Company's Biometrics segment did not carry a balance for goodwill at February 29, 2024, February 28, 2023, or February 28, 2022.

Intangible Assets

At February 29, 2024 and February 28, 2023, intangible assets consisted of the following:


	February 29, 2024
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,915	$	46,037	$	7,878
Trademarks/Tradenames (10-15 years)		20,323		5,031		15,292
Developed technology (7-8 years)		18,970		15,743		3,227
Patents (4-13 years)		6,736		6,128		608
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	102,900	$	75,895		27,005
Indefinite-lived intangible assets
Trademarks						41,761
Total intangible assets, net					$	68,766


	February 28, 2023
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,790	$	42,786	$	11,004
Trademarks/Tradenames (10-15 years)		21,205		3,360		17,845
Developed technology (7-8 years)		19,434		14,645		4,789
Patents (4-13 years)		6,736		5,845		891
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	104,121	$	69,592		34,529
Indefinite-lived intangible assets
Trademarks						55,908
Total intangible assets, net					$	90,437

The Company expenses the renewal costs of patents as incurred. The weighted-average period before the renewal of our patents is approximately 3 years.

Amortization expense for intangible assets amounted to $6,544, $6,848, and $6,508 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively. At February 29, 2024, the estimated aggregate amortization expense for all amortizable intangibles for each of the succeeding five fiscal years is as follows:


Fiscal Year	Amount
2025	$	5,813
2026		5,713
2027		3,480
2028		3,007
2029		2,899

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 29, 2024			February 28, 2023			February 28, 2022
Accrued sales incentives, opening balance	$	21,778		$	23,755		$	25,313
Accruals		44,519			50,056			58,490
Payments and credits		(47,635	)		(51,894	)		(59,644	)
Reversals for unearned sales incentives		(426	)		(139	)		(404	)
Accrued sales incentives, ending balance	$	18,236		$	21,778		$	23,755

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 $6,729, $5,448, and $5,376 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively.

Research and Development

Expenditures for research and development are charged to expense as incurred. Such expenditures amounted to $8,176, $9,419, and $12,115 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively, and are included within Engineering and Technical Support expenses on the Consolidated Statements of Operations and Comprehensive Loss. These expenses are presented net of customer reimbursement of $317, $936, and $58 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively. 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. The increases in customer reimbursements for the year ended February 28, 2023 were a result of higher reimbursements from certain OEM customers in the Automotive Electronics segment, as well as a reimbursement from one customer in the Biometrics segment.

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 $4,965 and $5,845 is recorded in Accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheets as of February 29, 2024 and February 28, 2023, respectively. In addition, the Company records a reserve for product repair or replacement 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 $1,628 and $914 is recorded as a reduction to inventory in the accompanying Consolidated Balance Sheets as of February 29, 2024 and February 28, 2023, respectively. Warranty claims and product repair costs expense for the years ended February 29, 2024, February 28, 2023 and February 28, 2022 were $4,197, $6,525, and $4,583, respectively. Beginning in Fiscal 2024, the Company began offering the option for customers to purchase third-party extended warranty contracts for certain products, that extends or enhances the technical support, parts, and labor coverage offered as part of the base warranty included with such product purchase. The Company is the agent for the third-party and assumes no liability for repairs or products for which it has sold an extended warranty contract.

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


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Beginning balance	$	6,759		$	5,622		$	5,290
Liabilities adjusted during acquisitions		-			-			(352	)
Accrual for warranties issued during the year and repair cost		4,197			6,525			4,583
Warranty claims settled during the year		(4,363	)		(5,388	)		(3,899	)
Ending balance	$	6,593		$	6,759		$	5,622

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 29, 2024, February 28, 2023 and February 28, 2022, the Company recorded total net foreign currency transaction (losses) gains in the amount of $(3,232), $(3,674) and $(635), respectively. Foreign currency losses for the years ended February 29, 2024 and February 28, 2023 were primarily driven by declines in the Japanese Yen, which impacted the remeasurement of the Company's Onkyo subsidiary intercompany loans and interest payable, which are not of a long-term investment nature, as well as other intercompany transactions and the settlement of the contingent consideration payable to OHEC during Fiscal 2024 (see Note 2).

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.

Net Loss Per Common Share

Basic net loss per common share attributable to VOXX International Corporation is calculated by dividing net loss attributable to Voxx, adjusted to reflect changes in the redemption value of redeemable non-controlling interest, by the weighted-average number of common shares outstanding during the period. Diluted net loss 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. No redemption value adjustment was made to the redeemable non-controlling interest for the years ended February 29, 2024, February 28, 2023, or February 28, 2022.

A reconciliation between the denominator of basic and diluted net loss per common share is as follows:


	Year Ended		Year Ended		Year Ended
	February 29, 2024		February 28, 2023		February 28, 2022
Weighted-average common shares outstanding (basic)		23,428,473		24,325,938		24,287,179
Effect of dilutive securities:
Restricted stock units, market stock units, and stock grants		-		-		-
Weighted-average common and potential common shares outstanding (diluted)		23,428,473		24,325,938		24,287,179

Restricted stock units, market stock units, and stock grants totaling 308,958, 378,454 and 737,513 for the years ended February 29, 2024, February 28, 2023 and February 28, 2022, respectively, were not included in the net loss per common share calculation because the settlement price of the restricted stock units, market stock units, and stock grants 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 29, 2024			February 28, 2023			February 28, 2022
Foreign currency loss, net	$	(3,232	)	$	(3,674	)	$	(635	)
Interest income		158			36			72
Rental income		937			911			678
Miscellaneous		57			672			208
Total other, net	$	(2,080	)	$	(2,055	)	$	323

Foreign currency losses included within Foreign currency loss, net, for the years ended February 29, 2024 and February 28, 2023 were primarily driven by declines in the Japanese Yen, which impacted the re-measurement of the Company's Onkyo subsidiary intercompany loans and interest payable, which are not of a long-term investment nature, as well as other intercompany transactions and the settlement of the contingent consideration payable to OHEC during Fiscal 2024 (see Note 2). The total foreign currency loss attributable to these re-measurements for the years ended February 29, 2024 and February 28, 2023 was $2,795 and $3,267, respectively.

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. If such assets are considered to be not recoverable, 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 goodwill and intangible assets in connection with the Company’s annual impairment testing for the years ended February 29, 2024 and February 28, 2023. There were no impairments of definite-lived intangible assets or long-lived assets recorded in accordance with ASC 360 during the years ended February 29, 2024, February 28, 2023 and 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 29, 2024, approximately 1,759,000 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 29, 2024, February 28, 2023, or February 28, 2022. During the years ended February 29, 2024, February 28, 2023, and February 28, 2022 there were no stock-based compensation costs or professional fees recorded by the Company and the Company had no unrecognized compensation costs at February 29, 2024 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 29, 2024, February 28, 2023, and February 28, 2022, an additional 18,116, 46,556, and 48,527 RSU’s were granted under the 2014 Plan, respectively. The fair market value of the RSU’s, $9.89, $8.28, and 13.59 for Fiscal 2024, Fiscal 2023, and Fiscal 2022, 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 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 in July 2019 under the 2012 Plan.

Additional stock grants of 100,000 shares of Class A Common Stock were issued on each of March 1, 2020, March 1, 2021, and March 1, 2022 under the 2012 Plan. Compensation expense of $157 was recognized during the year ended February 28, 2022, based upon the grant fair value of $4.15 per share using the graded vesting attribution method. For the years ended February 29, 2024 and February 28, 2023, there was no remaining compensation expense recognized related to these awards. On March 1, 2022, the final 100,000 of these stock grants vested, resulting in 61,337 shares of Class A Common Stock being issued to Mr. Lavelle and 38,663 shares being withheld for taxes.

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 would increase 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 average stock price was 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, was estimated at 333,333 shares. The award may be settled in shares or in cash upon mutual agreement between the Company and Mr. Lavelle. 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 $91, $91, and $241 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively, related to these MSU’s using the graded vesting attribution method over the performance period. On March 1, 2022, 80% of this MSU award vested and was settled in cash, resulting in a payment made to Mr. Lavelle in the amount of $4,000 during the year ended February 28, 2023. As of February 29, 2024, 20% of the MSU’s remained outstanding. On March 1, 2024, the remaining 20% of the MSU's vested and will be settled in cash during the first quarter of Fiscal 2025.

On September 28, 2023, the term of Mr. Lavelle's Employment Agreement was extended for one year through February 28, 2025 under which his annual salary will be $750 and he will receive a $250 cash equivalent share grant to be awarded in quarterly increments calculated on the fair market value of the Company's Class A Common Stock on each of June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025. We recognized stock-based compensation expense of $99 during the year ended February 29, 2024 related to this stock grant, which has been recorded using the graded vesting attribution method.

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, the right to require the Company to redeem his shares if a specific contingent change in control event occurs. The contingent event under which Mr. Lavelle could exercise his right to redemption includes a change of control transaction wherein the Shalam Group would become a 40% or less holder of the total

combined voting power of all outstanding voting securities of the Company. 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.

A rollforward of redeemable equity related to stock awards and shares held by Mr. Lavelle for the years ended February 29, 2024, February 28, 2023, and February 28, 2022 is as follows:


	Redeemable Equity
Balance at February 28, 2021	$	3,260
Stock based compensation expense		290
Balance at February 28, 2022		3,550
Reclassification of stockholders' equity to redeemable equity		(63	)
Stock based compensation expense		531
Balance at February 28, 2023		4,018
Stock based compensation expense		92
Balance at February 29, 2024	$	4,110

Grant of Shares to President

On February 6, 2023, Voxx appointed Beat Kahli, a significant shareholder of Voxx, President of the Company for one year. The Company entered into an employment agreement with Mr. Kahli effective February 6, 2023 with a term ending on February 29, 2024. Under the terms of the employment agreement, in addition to a $300 yearly salary, Mr. Kahli was granted the right to receive stock-based compensation in the form of a stock grant of 20,000 shares of the Company's Class A Common Stock to be issued on each of June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024. We recognized stock-based compensation expense of $201 during the year ended February 29, 2024 related to this stock grant. The grant fair value of these shares was $10.66 per share and compensation expense is recorded using the graded vesting attribution method. Mr. Kahli's employment agreement expired on February 29, 2024. He remains Co-vice Chairman of the Company's Board of Directors.

Grant of Shares to Chief Operating Officer

On July 8, 2019, the Board of Directors approved a five-year Employment Agreement, effective March 1, 2019, by and between the Company and Loriann Shelton, the Company’s Chief Operating Officer. On September 28, 2023, the term of the agreement was extended for one year through February 28, 2025 under which Ms. Shelton will receive, in addition to her annual salary, a $100 cash equivalent share grant to be awarded in quarterly increments calculated on the fair market value of the Company's Class A Common Stock on each of June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025. We recognized stock-based compensation expense of $40 during the year ended February 29, 2024 related to this stock grant, which has been recorded using the graded vesting attribution method. Ms. Shelton was also appointed Chief Financial Officer of the Company effective March 1, 2024 in accordance with her amended employment agreement.

The following table presents a summary of the activity related to the 2014 Plan and stock grants under executive employment agreements for the years ended February 29, 2024, February 28, 2023, and February 28, 2022:


	Number of shares			Weighted Average Grant Date Fair Value
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
Granted		66,556			9.00
Vested		(33,930	)		6.10
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2023		286,986		$	7.70
Granted		18,116			9.89
Vested		(113,790	)		7.00
Vested and settled		(15,000	)		10.66
Forfeited		—			—
Unvested share balance at February 29, 2024		176,312		$	8.93

At February 29, 2024, there were 605,295 shares of vested and unissued shares under the 2014 Plan with a weighted average fair value of $6.23. During the year ended February 28, 2023, vested RSU awards for a former employee of the Company, totaling 8,634 award units, were settled in cash in the amount of $81. During the years ended February 29, 2024 and February 28, 2022, no RSU awards were settled in cash.

During the years ended February 29, 2024, February 28, 2023 and February 28, 2022 the Company recorded $798, $609, and $907, respectively, in stock-based compensation related to the 2014 Plan, MSU’s and stock grants. As of February 29, 2024, unrecognized stock-based compensation expense related to unvested RSU’s and stock grants was approximately $865 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, 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	)
Other comprehensive (loss) income before reclassifications		(1,876	)		390			352			(1,134	)
Reclassified from accumulated other comprehensive loss		-			-			(43	)		(43	)
Net current-period other comprehensive (loss) income		(1,876	)		390			309			(1,177	)
Balance at February 28, 2023	$	(18,567	)	$	(321	)	$	208		$	(18,680	)
Other comprehensive income (loss) before reclassifications		1,375			(77	)		16			1,314
Reclassified from accumulated other comprehensive loss		-			-			-			-
Net current-period other comprehensive income (loss)		1,375			(77	)		16			1,314
Balance at February 29, 2024	$	(17,192	)	$	(398	)	$	224		$	(17,366	)

During the years ended February 29, 2024, February 28, 2023 and February 28, 2022, the Company recorded other comprehensive (loss) income, net of associated tax impact of $35, $171 and $(40), respectively, related to pension plan adjustments, and $(39), $20 and $(101), respectively, related to derivatives designated in a hedging relationship.

The other comprehensive (loss) income before reclassification for foreign currency translation of $1,375, $(1,876), and $(3,317), respectively, includes the remeasurement of intercompany transactions of a long term investment nature of $207, $1,639 and $320, respectively, with certain subsidiaries whose functional currency is not the U.S. dollar, and $1,168, $(3,515) and $(3,637), 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 29, 2024, February 28, 2023 and February 28, 2022, the Company recorded total (losses) gains of $659, $(1,660), and $(2,728), respectively, related to the Euro; $111, $(193), and $(245), respectively, related to the Canadian Dollar; $32, $57 and $25, respectively, for the Mexican Peso, as well as $89, $92 and $(120), respectively, for various other currencies. For the years ended February 29, 2024 and February 28, 2023, Other comprehensive (loss) income also included foreign currency (losses) gains of $484 and $(173) from the Japanese Yen, generated by the Company’s Onkyo subsidiary, which was established in September 2021 and was not present in all previous fiscal years presented. These adjustments were caused by the strengthening/(weakening) of the U.S. Dollar against the Euro, Canadian Dollar, Mexican Peso, and the Japanese Yen between -7% and 10% in Fiscal 2024, -10% and 19% in Fiscal 2023, and -2% and 8% in Fiscal 2022.

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. These optional expedients and exceptions are effective as of March 12, 2020 through December 31, 2024. The Company's Credit Facility with Wells Fargo transitioned to SOFR in conjunction with the amendment executed in February 2023 with no impact to the Company's consolidated financial statements (see Note 7). On May 1, 2023, VOXX HQ LLC, a wholly owned subsidiary of the Company, consented to a First Amendment to the Indenture of Trust relating to the Florida Industrial Revenue Bonds for the purpose of transitioning from a LIBOR based interest rate to a SOFR based interest rate (see Note 7). Effective May 3, 2023, VOXX HQ LLC entered into an Amended and Restated Confirmation of Swap Transaction with Wells Fargo Bank N.A. related to the interest rate swap that hedges the Company's interest rate exposure on the Florida Industrial Revenue Bonds. The swap contract was amended to reference SOFR, as well as set a new fixed rate equal to 3.43%.

In June 2022, the FASB issued ASU No. 2022-03, "Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions," which clarifies and amends the guidance of measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of the equity securities. The guidance will be effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. We do not expect the adoption to have a material impact on our consolidated financial statements.

In March 2023, the FASB issued ASU No. 2023-01, "Leases (Topic 842): Common Control Arrangements." The amendment clarifies the accounting for leasehold improvements associated with common control leases, by requiring that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements associated with common control leases should be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The guidance will be effective for annual and interim periods beginning after December 15, 2023. We do not expect the adoption to have a material impact on our consolidated financial statements.

In March 2023, the FASB issued ASU No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investment Tax Credit Structures Using the Proportional Amortization Method." The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This guidance will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact this update may have on its consolidated financial statements.

In July 2023, the FASB issued ASU No. 2023-03, "Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic

718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulations S-X: Income or Loss Applicable to Common Stock." The updates in ASU No. 2023-03 are reflected in the Accounting Standard Codification upon issuance and are effective immediately. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements and related disclosures.

In August 2023, the FASB issued ASU No. 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The update provides guidance requiring a joint venture to initially measure all contributions received upon its formation at fair value, largely consistent with ASC 805, Business Combinations. The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information. ASC 2023-05 should be applied prospectively and is effective for all newly formed joint venture entities with a formation date on or after January 1, 2025. Early adoption is permitted, and joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. The Company is currently evaluating the impact this update may have on its consolidated financial statements.

In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements." The new guidance clarifies or improves disclosure and presentation requirements on a variety of topics in the codification. The amendments will align the requirements in the FASB Accounting Standard Codification with the SEC’s regulations. The amendments are effective prospectively on the date each individual amendment is effectively removed from Regulation S-X or Regulation S-K. The Company is in the process of evaluating the impact the adoption of this ASU will have on the financial statements and related disclosures, which is not expected to be material.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The new guidance is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendment is effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact that the adoption ASU No. 2023-07 will have to the financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in the ASU address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendment is effective retrospectively for fiscal years beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is in the process of evaluating the impact that the adoption of ASU No. 2023-09 will have to the financial statements and related disclosures.

In March 2024, the Securities and Exchange Commission ("SEC") issued Final Rule No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors." The rule requires registrants to provide climate related disclosures in their annual reports, including, but not limited to, material Scope 1 and Scope 2 GHG emissions (for large accelerated filers and accelerated filers); governance and oversight of material climate-related risks; the material impact of climate risks on the registrant’s strategy, business model, and outlook; risk management processes for material climate-related risks; and material climate targets and goals. Based on our current accelerated filer status, certain elements of the rule are effective for our fiscal year ending February 28, 2027, with the remaining disclosure requirements effective for our fiscal years ending February 29, 2028 and February 28, 2029. We will evaluate the SEC rule to determine its impact on our future financial reporting requirements and related disclosures.

In March 2024, the FASB issued ASU No. 2024-02, "Codification Improvements - Amendments to Remove References to the Concepts Statements." ASU No. 2024-02 has been issued to clarify guidance, simplify wording or structure of guidance, and other minor improvements. The amendment is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2024-02 can be applied prospectively or retrospectively. The Company intends to adopt the amendment on a prospective basis beginning in Fiscal 2025. The adoption of ASU 2024-02 is not expected to have a material effect on the Company’s financial statements and related disclosures.

Description of Business and Summary of Significant Accounting Policies - Fair Value Measurements and Derivatives - Additional Information (Details)	12 Months Ended
	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	May 03, 2023	Mar. 31, 2020	Jul. 20, 2015
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Derivative, Fixed Interest Rate			3.43%	3.43%	3.43%
Foreign currency contracts settled date	Feb. 28, 2022
Amount excluded from assessment of hedge effectiveness	$ 0	$ 0
Foreign currency contracts terminated	0
Foreign currency contracts de-designated	0	0
Foreign currency options designated as cash flow hedges	$ 0
Interest Rate Swap [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Current outstanding notional value	5,615,000
Open Forward Foreign Currency Option Contracts [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Current outstanding notional value	$ 13,800,000

Acquisitions

12 Months Ended

Feb. 29, 2024

Acquisitions And Dispositions [Abstract]

Acquisitions

Onkyo

On April 29, 2021, the Company’s subsidiary, PAC, signed a Letter of Intent to acquire certain assets of 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 certain assets of 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 option, whereby Sharp has the right to put its interest in the joint venture back to Voxx and Voxx has the right to 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 equal to the higher of (a) the assets of Onkyo minus the liabilities of Onkyo, or (b) five times the EBITDA of Onkyo, in either case (a) or (b), less any amounts distributed to Sharp at any time (provided all shareholder loans are repaid) multiplied by the percentage of votes attached to such shares and other interests, free from all encumbrances, and with the benefit of all rights attaching to them as at the date of the relevant notice.

The following summarizes the 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		1,119			7,829
Total transaction consideration	$	37,116	$	1,119		$	38,235

Allocation:
Intangible assets	$	26,929	$	(7,905	)	$	19,024
Goodwill		10,187		9,024			19,211
Total assets acquired	$	37,116	$	1,119			38,235

During Fiscal 2022 and during the third quarter of Fiscal 2023, the Company recorded a cumulative net measurement period adjustment that increased goodwill by $9,024. 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 Company made the measurement period adjustment to reflect facts and circumstances that existed as of the acquisition date and did not result from intervening

events subsequent to such date. The assets acquired include tradenames, technology, and goodwill. The amounts assigned to goodwill and intangible assets for the acquisition were as follows:

The fair values of the intangible assets and contingent consideration were determined with the assistance of a third-party valuation expert. 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 original terms of the contingent consideration payable to OHEC were based upon the calculation of 2% of the total price of certain future product purchases, as defined in the APA, by PAC. Such payments were due 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 was no set term and the payments were intended to be made in perpetuity, a one-stage Gordon Growth Model was used to account for expected payments made beyond the last year of projections.

On May 13, 2022, OHEC filed for bankruptcy protection in Japan. The filing did not include the assets previously purchased by Onkyo on September 8, 2021. On February 10, 2023, the contingent consideration obligation was settled with the bankruptcy trustee of OHEC for $6,000, which resulted in a gain of $443. This settlement relieved Onkyo from the future payments of 2% of the total purchase price of certain future product purchases that were to be made in perpetuity. The $6,000 settlement amount was paid in installments of $1,500, $2,500, and $2,000. The first installment of $1,500 was made in February 2023. The remaining installments, totaling $4,500, were made during Fiscal 2024 after the completion of the obligation of the bankruptcy trustee of OHEC under the settlement agreement.

The following table provides a rollforward of the Company's contingent consideration balance for the year ended February 29, 2024:



Balance at February 28, 2023	$	4,500
Payments		(4,500	)
Balance at February 29, 2024	$	-

The Company has consolidated 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 Sheets as the exercise of the put/call 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/call option would be settled for if exercised. Based upon the terms of the put/call option, the option remains exercisable in the event there is no redemption price, or if the redemption price is a negative amount, as determined by the redemption formula. In periods where the specific formula results in a negative amount, and thus no redemption value exists, no amounts would be paid to or received from the counterparty upon the exercise of the option. Adjustments to reconcile the carrying value to the redemption amount are recorded immediately to retained earnings and included in earnings per share. No adjustment was made to the carrying amount of the redeemable non-controlling interest as the excess of the redemption amount over the carrying amount was minimal, or a negative amount on February 29, 2024 and February 28, 2023. In the event the formulaic redemption price is positive and

greater than the carrying amount of the redeemable noncontrolling interest balance, an adjustment to the carrying amount of the non-controlling interest would be recorded.

The following table provides the rollforward of the redeemable non-controlling interest for the year ended February 29, 2024:


	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
Net loss attributable to non-controlling interest		(1,191	)
Comprehensive loss attributable to non-controlling interest		(125	)
Foreign currency translation		(88	)
Balance at February 28, 2023		(893	)
Net loss attributable to non-controlling interest		(2,535	)
Comprehensive loss attributable to non-controlling interest		143
Foreign currency translation		82
Balance at February 29, 2024	$	(3,203	)

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. The Company markets and sells a variety of products under the Onkyo, Integra, and Pioneer brands through the Company's subsidiary, 11 Trading Company. Onkyo’s results of operations are included in the consolidated financial statements of Voxx in our Consumer Electronics segment from September 8, 2021. Onkyo's sales eliminate in consolidation. Prior to the acquisition, PAC operated under a distribution agreement with OHEC through its 11TC 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 had it been included in the consolidated results of the Company for the full year ended February 28, 2022.

Description of Business and Summary of Significant Accounting Policies - New Accounting Pronouncements - Additional Information (Details)	May 03, 2023	Mar. 31, 2020	Jul. 20, 2015
Accounting Policies [Abstract]
Derivative, Fixed Interest Rate	3.43%	3.43%	3.43%

Other Stock and Retirement Plans - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2024 USD ($) Instalment shares	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant \| shares	1,759,000
Deferred compensation plan assets	$ 828	$ 1,053
Number of installments of participating employees \| Instalment	2
Deferred Profit Sharing [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 750	$ 685	$ 689

Revenue from Contracts with Customers - Reconciliation of Contract Liabilities (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at February 28, 2022	$ 4,818
Subscription payments received	6,559
Revenue recognized	(6,958)
Balance at February 28, 2023	$ 4,419

Capital Structure - Schedule of Capital Units (Details) - $ / shares	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
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	19,698,562	20,589,946
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

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. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Beginning balance	$ 6,759	$ 5,622	$ 5,290
Liabilities adjusted during acquisitions	0	0	(352)
Accrual for warranties issued during the year and repair cost	4,197	6,525	4,583
Warranty claims settled during the year	(4,363)	(5,388)	(3,899)
Ending balance	$ 6,593	$ 6,759	$ 5,622

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Accrued Liabilities, Current [Abstract]
Commissions	$ 646	$ 623
Employee compensation	9,340	15,878
Professional fees and accrued settlements	1,466	1,526
Future warranty	4,966	5,845
Refund liability	3,648	5,181
Freight and duty	5,629	7,508
Royalties, advertising and other	12,543	5,295
Total accrued expenses and other current liabilities	$ 38,238	$ 41,856

Contingencies - Additional Information (Details) - USD ($)								1 Months Ended	12 Months Ended
	Jan. 10, 2024	Dec. 27, 2023	Dec. 22, 2023	Aug. 07, 2023	Mar. 03, 2022	Nov. 29, 2021	Jul. 14, 2021	Jun. 30, 2021	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value				$ 47,002,000	$ 39,444,000
Loss contingency, fees and costs				40,242,000	$ 798,000
Loss contingency, prejudgement interest				$ 6,760,000
Arbitration settlement											$ 39,444,000
Final arbitration award									$ (763,000)	$ 3,944,000	$ 39,444,000
Accrued balance related to final award									$ 0	$ 43,388,000
Breach of Contract Claim
Loss Contingencies [Line Items]
Loss contingency, damages sought, value							$ 40,000,000	$ 10,000,000
Loss contingency, damages awarded, value						$ 39,444,000
Loss contingency, fees and costs	$ 32,000,000	$ 10,000,000
Payment in full and final settlement of all judgments and claims			$ 42,000,000

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 10, 2023	Sep. 08, 2021	Feb. 28, 2023	Nov. 30, 2022	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022	May 26, 2021
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net					$ 0	$ 1,051	$ (1,353)
Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net		$ 9,024		$ 9,024			$ 9,024
Contingent consideration payable, percentage of total price of certain future products purchases		2.00%
Cash purchase price		$ 21,989
Bankruptcy filing date					May 13, 2022
Contingent consideration obligation to be settled	$ 6,000
Gain on contingent consideration obligation settlement	$ 443
Contingent consideration percentage relieves on future product purchases	2.00%
Contingent consideration obligation first installment	$ 1,500
Contingent consideration obligation second installment	2,500
Contingent consideration obligation third installment	$ 2,000
Contingent consideration obligation first instalment paid			$ 1,500
Remaining contingent consideration obligation to be settled					$ 4,500
Business combination, consideration transferred		$ 38,235
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%

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

12 Months Ended

Feb. 29, 2024

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


	As of February 28, 2023
	As Previously Reported		Adjustment			As Revised
Consolidated Balance Sheets
Redeemable non-controlling interest	$	232	$	(1,125	)	$	(893	)
Retained earnings		97,997		1,125			99,122
Total VOXX International Corporation stockholders' equity		341,859		1,125			342,984
Total stockholders' equity		304,591		1,125			305,716


	For the year ended February 28, 2023
	As Previously Reported			Adjustment			As Revised
Consolidated Statements of Comprehensive Loss
Less: net income (loss) attributable to non-controlling interest	$	(2,335	)	$	(1,125	)	$	(3,460	)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries		(28,576	)		1,125			(27,451	)
Comprehensive income (loss) attributable to VOXX International Corporation and Subsidiaries		(29,753	)		1,125			(28,628	)
Net income (loss) per share attributable to VOXX International Corporation
Basic	$	(1.17	)	$	0.05		$	(1.13	)
Diluted	$	(1.17	)	$	0.05		$	(1.13	)

Assets and Liabilities Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis at February 29, 2024:


			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	10,986	$	10,986	$	—	$	—
Mutual funds		828		828		-		-
Derivatives designated for hedging		263		-		263		-

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2023:


			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	6,134	$	6,134	$	—	$	—
Mutual funds		1,053		1,053		-		-
Derivatives designated for hedging		207		-		207		-

Fair Value, by Balance Sheet Grouping

The following table discloses the fair value as of February 29, 2024 and February 28, 2023 of the Company's derivative instruments:


	Derivative Assets and Liabilities
		Fair Value
	Account	February 29, 2024		February 28, 2023
Derivative instruments
Foreign currency contracts designated as cash flow hedges	Prepaid expenses and other current assets	$	121	$	—
Interest rate swap designated as cash flow hedges	Other assets		142		207
Total derivatives		$	263	$	207

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

Activity related to cash flow hedges and derivative instruments not designated as cash flow hedges recorded during the years ended February 29, 2024 and February 28, 2023 was as follows:


	February 29, 2024					February 28, 2023
	Pretax Gain (Loss) Recognized in Other Comprehensive Income			Pretax Loss Reclassified from Accumulated Other Comprehensive Income		Pretax Gain Recognized in Other Comprehensive Income		Pretax Loss Reclassified from Accumulated Other Comprehensive Income
Cash flow hedges
Foreign currency contracts	$	121		$	—	$	-	$	63
Interest rate swaps		(65	)		-		395		-

Summary of Investment Securities

As of February 29, 2024 and February 28, 2023, the Company had the following investments:


	February 29, 2024
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	828
Total Marketable Equity Securities		828
Total Investment Securities	$	828


	February 28, 2023
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,053
Total Marketable Equity Securities		1,053
Total Investment Securities	$	1,053

Schedule of Accounts Receivable

Accounts receivable are comprised of the following:


	February 29, 2024		February 28, 2023
Trade accounts receivable	$	74,107	$	85,268
Less:
Allowance for credit losses		1,952		1,398
Allowance for cash discounts		1,089		1,117
	$	71,066	$	82,753

Schedule of Inventory, Current

Inventories by major category are as follows:


	February 29, 2024		February 28, 2023
Raw materials	$	21,527	$	28,048
Work in process		736		1,363
Finished goods		106,208		145,718
Inventory, net	$	128,471	$	175,129

Summary of Property, Plant and Equipment, Net

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


	February 29, 2024		February 28, 2023
Land	$	7,117	$	7,101
Buildings		45,820		44,669
Property under finance lease		3,835		2,754
Furniture and fixtures		4,679		4,600
Machinery and equipment		13,835		10,514
Construction-in-progress		1,517		748
Computer hardware and software		43,634		46,313
Automobiles		720		681
Leasehold improvements		3,004		3,008
		124,161		120,388
Less accumulated depreciation and amortization		79,091		73,344
	$	45,070	$	47,044

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 29, 2024			February 28, 2023			February 28, 2022
Beginning of period	$	65,308		$	74,320		$	58,311
Goodwill acquired (see Note 2)		—			—			18,160
Adjustments to goodwill acquired, net (see Note 2)		—			1,051			(1,353	)
Impairment charge		—			(7,373	)		—
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	63,931		$	65,308		$	74,320

Gross carrying value	$	103,467		$	104,844		$	106,483
Accumulated impairment charges		(39,536	)		(39,536	)		(32,163	)
Net carrying value	$	63,931		$	65,308		$	74,320


	February 29, 2024			February 28, 2023			February 28, 2022
Automotive Electronics
Beginning of period	$	3,052		$	10,425		$	11,778
Adjustments to goodwill acquired, net		—			—			(1,353	)
Impairment charge		—			(7,373	)		—
End of period	$	3,052		$	3,052		$	10,425

Gross carrying value	$	10,425		$	10,425		$	10,425
Accumulated impairment charge		(7,373	)		(7,373	)		—
Net carrying value	$	3,052		$	3,052		$	10,425

Consumer Electronics
Beginning of period	$	62,256		$	63,895		$	46,533
Goodwill acquired (see Note 2)		-			-			18,160
Adjustments to goodwill acquired (see Note 2)		-			1,051			-
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	60,879		$	62,256		$	63,895

Gross carrying value	$	93,042		$	94,419		$	96,058
Accumulated impairment charge		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	60,879		$	62,256		$	63,895

Total goodwill, net	$	63,931		$	65,308		$	74,320

Note: The Company's Biometrics segment did not carry a balance for goodwill at February 29, 2024, February 28, 2023, or February 28, 2022.

Schedule of Intangible Assets, Excluding Goodwill

At February 29, 2024 and February 28, 2023, intangible assets consisted of the following:


	February 29, 2024
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,915	$	46,037	$	7,878
Trademarks/Tradenames (10-15 years)		20,323		5,031		15,292
Developed technology (7-8 years)		18,970		15,743		3,227
Patents (4-13 years)		6,736		6,128		608
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	102,900	$	75,895		27,005
Indefinite-lived intangible assets
Trademarks						41,761
Total intangible assets, net					$	68,766


	February 28, 2023
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,790	$	42,786	$	11,004
Trademarks/Tradenames (10-15 years)		21,205		3,360		17,845
Developed technology (7-8 years)		19,434		14,645		4,789
Patents (4-13 years)		6,736		5,845		891
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	104,121	$	69,592		34,529
Indefinite-lived intangible assets
Trademarks						55,908
Total intangible assets, net					$	90,437

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

At February 29, 2024, the estimated aggregate amortization expense for all amortizable intangibles for each of the succeeding five fiscal years is as follows:


Fiscal Year	Amount
2025	$	5,813
2026		5,713
2027		3,480
2028		3,007
2029		2,899

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 29, 2024			February 28, 2023			February 28, 2022
Accrued sales incentives, opening balance	$	21,778		$	23,755		$	25,313
Accruals		44,519			50,056			58,490
Payments and credits		(47,635	)		(51,894	)		(59,644	)
Reversals for unearned sales incentives		(426	)		(139	)		(404	)
Accrued sales incentives, ending balance	$	18,236		$	21,778		$	23,755

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 29, 2024			February 28, 2023			February 28, 2022
Beginning balance	$	6,759		$	5,622		$	5,290
Liabilities adjusted during acquisitions		-			-			(352	)
Accrual for warranties issued during the year and repair cost		4,197			6,525			4,583
Warranty claims settled during the year		(4,363	)		(5,388	)		(3,899	)
Ending balance	$	6,593		$	6,759		$	5,622

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

A reconciliation between the denominator of basic and diluted net loss per common share is as follows:


	Year Ended		Year Ended		Year Ended
	February 29, 2024		February 28, 2023		February 28, 2022
Weighted-average common shares outstanding (basic)		23,428,473		24,325,938		24,287,179
Effect of dilutive securities:
Restricted stock units, market stock units, and stock grants		-		-		-
Weighted-average common and potential common shares outstanding (diluted)		23,428,473		24,325,938		24,287,179

Schedule of Other Nonoperating (Expense) Income

Other (expense) income is comprised of the following:


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Foreign currency loss, net	$	(3,232	)	$	(3,674	)	$	(635	)
Interest income		158			36			72
Rental income		937			911			678
Miscellaneous		57			672			208
Total other, net	$	(2,080	)	$	(2,055	)	$	323

Schedule of Redeemable Equity Related to Stock Awards and Shares

A rollforward of redeemable equity related to stock awards and shares held by Mr. Lavelle for the years ended February 29, 2024, February 28, 2023, and February 28, 2022 is as follows:


	Redeemable Equity
Balance at February 28, 2021	$	3,260
Stock based compensation expense		290
Balance at February 28, 2022		3,550
Reclassification of stockholders' equity to redeemable equity		(63	)
Stock based compensation expense		531
Balance at February 28, 2023		4,018
Stock based compensation expense		92
Balance at February 29, 2024	$	4,110

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


	Number of shares			Weighted Average Grant Date Fair Value
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
Granted		66,556			9.00
Vested		(33,930	)		6.10
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2023		286,986		$	7.70
Granted		18,116			9.89
Vested		(113,790	)		7.00
Vested and settled		(15,000	)		10.66
Forfeited		—			—
Unvested share balance at February 29, 2024		176,312		$	8.93

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, 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	)
Other comprehensive (loss) income before reclassifications		(1,876	)		390			352			(1,134	)
Reclassified from accumulated other comprehensive loss		-			-			(43	)		(43	)
Net current-period other comprehensive (loss) income		(1,876	)		390			309			(1,177	)
Balance at February 28, 2023	$	(18,567	)	$	(321	)	$	208		$	(18,680	)
Other comprehensive income (loss) before reclassifications		1,375			(77	)		16			1,314
Reclassified from accumulated other comprehensive loss		-			-			-			-
Net current-period other comprehensive income (loss)		1,375			(77	)		16			1,314
Balance at February 29, 2024	$	(17,192	)	$	(398	)	$	224		$	(17,366	)

Description of Business and Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Accounting Policies [Abstract]
Land	$ 7,117	$ 7,101
Buildings	45,820	44,669
Property under finance lease	3,835	2,754
Furniture and fixtures	4,679	4,600
Machinery and equipment	13,835	10,514
Construction-in-progress	1,517	748
Computer hardware and software	43,634	46,313
Automobiles	720	681
Leasehold improvements	3,004	3,008
Property, Plant and Equipment, Gross	124,161	120,388
Less accumulated depreciation and amortization	79,091	73,344
Property, Plant and Equipment, Net	$ 45,070	$ 47,044

Description of Business and Summary of Significant Accounting Policies - Schedule of Inventory, Current (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Accounting Policies [Abstract]
Raw materials	$ 21,527	$ 28,048
Work in process	736	1,363
Finished goods	106,208	145,718
Inventory, net	$ 128,471	$ 175,129

Income Taxes - Schedule of Components of Income (Loss) Before Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Schedule of Income Before Taxes [Abstract]
Domestic Operations	$ (36,128)	$ (33,501)	$ (26,665)
Foreign Operations	(11,249)	2,551	826
Income before provision (benefit) for income taxes	$ (47,377)	$ (30,950)	$ (25,839)

Description of Business and Summary of Significant Accounting Policies - Net (Loss) Income Per Common Share - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Redemption value adjustment of redeemable non-controlling interest	$ 0	$ 0	$ 0
Antidilutive securities excluded from computation of earnings per share, amount	308,958	378,454	737,513

Description of Business and Summary of Significant Accounting Policies -Other (Expense) Income - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Accounting Policies [Abstract]
Foreign currency loss	$ 2,795	$ 3,267

Accrued Expenses and Other Current Liabilities

12 Months Ended

Feb. 29, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	February 29, 2024		February 28, 2023
Commissions	$	646	$	623
Employee compensation		9,340		15,878
Professional fees and accrued settlements		1,466		1,526
Future warranty		4,966		5,845
Refund liability		3,648		5,181
Freight and duty		5,629		7,508
Royalties, advertising and other		12,543		5,295
Total accrued expenses and other current liabilities	$	38,238	$	41,856

The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Employee severance costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period.

During the second quarter of Fiscal 2023, the Company began moving certain of its OEM production operations from Florida to Mexico and during the second quarter of Fiscal 2024, the Company implemented a cost reduction initiative in order to streamline operations, reduce costs, and align its business in response to market conditions. As a result of these initiatives, the Company incurred restructuring expenses, consisting primarily of severance payments due to global workforce reductions, of $2,136 and $870 for the years ended February 29, 2024 and February 28, 2023, respectively. For the year ended February 29, 2024, $890 of our restructuring charges were incurred by the Automotive segment, $1,071 was incurred by the Consumer Electronics segment, $27 was incurred by the Biometrics segment, and $148 was incurred by Corporate. For the year ended February 28, 2023, all restructuring charges were incurred by the Automotive segment. At February 29, 2024, $407 of these restructuring charges were not yet settled and are included in Accrued expenses and other current liabilities within Employee compensation in the above presentation. The Company expects substantially all of this liability balance to be settled during first quarter of Fiscal 2025. Additional restructuring charges related to relocation and cost reductions may be incurred during Fiscal 2025.

Variable Interest Entities - Additional Information (Details) - USD ($)		12 Months Ended
	Apr. 29, 2021	Feb. 29, 2024	Feb. 28, 2019	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023
Variable Interest Entity [Line Items]
Notes, loans and financing receivable, net, noncurrent		1.50
Long-term debt, net of debt issuance costs		$ 71,881,000				$ 37,513,000
Distribution agreement liability amount		$ 9,817,000				$ 7,317,000
GalvanEyes [Member]
Variable Interest Entity [Line Items]
Debt instrument, interest rate		8.00%
Quarterly installment payment due amount receivable under distribution agreement				$ 2,500,000	$ 2,500,000
GalvanEyes [Member] \| 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
EyeLock [Member] \| Call Arrangement [Member]
Variable Interest Entity [Line Items]
Equity interest percentage based on occurrence of certain events	20.00%
EyeLock [Member] \| GalvanEyes [Member] \| Exclusive Distribution Agreement [Member]
Variable Interest Entity [Line Items]
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] \| GalvanEyes [Member] \| Joint Venture Agreement [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Frequency of Periodic Payment		eight quarterly
Debt instrument, interest rate		8.00%
EyeLock [Member] \| GalvanEyes [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		$ 71,200,000
Long-term debt, net of debt issuance costs		$ 69,377,000

Financing Arrangements - Schedule of Debt (Parenthethical) (Details) € in Thousands			12 Months Ended
	May 01, 2023	Sep. 08, 2021	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)	May 03, 2023 USD ($)	Mar. 31, 2020	Apr. 26, 2016 USD ($)	Jul. 20, 2015	Jul. 06, 2015 USD ($)	Oct. 23, 2000 EUR (€)
Percentage of maximum revolver amount			15.00%
Debt instrument compliance description			Company is in a Compliance Period (the period commencing on the day in which Excess Availability is less than 15% of the Maximum Revolver Amount and ending on a day in which Excess Availability is equal to or greater than 15% for any consecutive 30-day period thereafter)
Debt issuance costs, net			$ 890,000	$ 1,181,000
Amortization of deferred financing costs			404,000	262,000	$ 272,000
Line of credit facility, commitment fee amount			696,000	$ 686,000	739,000
Debt issuance costs, gross			$ 332,000			$ 40,000
Industrial revenue bond										$ 9,995,000
Derivative, Fixed Interest Rate						3.43%	3.43%		3.43%
Short-term Debt, Weighted Average Interest Rate, at Point in Time			3.48%	3.48%
Interest Expense			$ 4,373,000	$ 2,299,000	550,000
Sharp Corporation [Member] \| Shareholder Loan Payable [Member] \| Onkyo Home Entertainment Corporation [Member]
Debt instrument, term		10 years
Debt instrument, interest rate		2.50%
Mortgages [Member]
Debt issuance costs, net			91,000
Amortization of deferred financing costs			$ 43,000	31,000	31,000
SOFR Rate [Member]
Debt instrument, interest rate at period end			7.61%
SOFR Rate [Member] \| Mortgages [Member]
Debt instrument, basis spread on variable rate	1.87%
Debt instrument, interest rate at period end	79.00%		6.07%
SOFR Rate [Member] \| Minimum [Member]
Debt instrument, basis spread on variable rate			1.75%
SOFR Rate [Member] \| Maximum [Member]
Debt instrument, basis spread on variable rate			2.25%
Base Rate [Member]
Debt instrument, interest rate at period end			9.50%
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			$ 55,346,000
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
Interest Expense			$ 3,070,000	1,507,000	0
Revolving Credit Facility [Member] \| Wells Fargo [Member]
Line of credit facility, current borrowing capacity								165,000,000
Letter of Credit [Member] \| Wells Fargo [Member]
Line of credit facility, maximum borrowing capacity								$ 50,000,000
Line of Credit [Member]
Debt issuance costs, net			799,000
Amortization of deferred financing costs			$ 361,000	$ 231,000	$ 241,000
Foreign Line of Credit [Member] \| Audiovox Germany [Member]
Line of credit facility, maximum borrowing capacity \| €											€ 8,000
Debt instrument, basis spread on variable rate			3.55%
Debt instrument, interest rate at period end			7.49%

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. 29, 2024	Feb. 28, 2023
Foreign Exchange Forward [Member]
Derivative Instruments Gain Loss [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 121	$ 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 63
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax
Interest Rate Swap [Member]
Derivative Instruments Gain Loss [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ (65)	$ 395
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 0

Acquisitions - Summary of Allocation of Purchase Price Based Upon Fair Value of Assets Acquired (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 08, 2021	Nov. 30, 2022	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Business Acquisition [Line Items]
Adjustments to goodwill due to measurement period adjustments, net			$ 0	$ 1,051	$ (1,353)
Allocation:
Goodwill			$ 63,931	$ 65,308	74,320	$ 58,311
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	1,119
Total transaction consideration, measurement period adjustments	1,119
Intangible assets, measurement period adjustments	(7,905)
Adjustments to goodwill due to measurement period adjustments, net	9,024	$ 9,024			$ 9,024
Total assets acquired, measurement period adjustments	1,119
Purchase price:
Cash paid	21,989
Assignment of notes and interest receivable	8,417
Fair value of contingent consideration	7,829
Total transaction consideration	38,235
Allocation:
Intangible assets	19,024
Goodwill	19,211
Total assets acquired	$ 38,235

Description of Business and Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Feb. 29, 2024 USD ($)
Accounting Policies [Abstract]
2025	$ 5,813
2026	5,713
2027	3,480
2028	3,007
2029	$ 2,899

Description of Business and Summary of Significant Accounting Policies - Research and Development - Additional Information (Details) - Engineering and Technical Support [Member] - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Research and Development [Abstract]
Research and development expense	$ 8,176	$ 9,419	$ 12,115
Customer reimbursement expenses	$ 317	$ 936	$ 58

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. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	$ 468,911	$ 534,014	$ 635,920
Long-lived assets	45,070	47,044	49,794
UNITED STATES
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	362,749	421,296	506,226
Long-lived assets	40,693	41,925	44,751
Europe [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	88,563	79,677	97,396
Long-lived assets	3,172	3,164	3,422
Non-US [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	17,599	33,041	32,298
Long-lived assets	$ 1,205	$ 1,955	$ 1,621

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Description of Business and Summary of Significant Accounting Policies - Advertising - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Advertising Expense	$ 6,729	$ 5,448	$ 5,376

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Income Tax Disclosure [Abstract]
Beginning balance, unrecognized tax benefits	$ 5,984	$ 6,265	$ 6,860
Additions based on tax positions taken in the current and prior years	452	114	140
Settlements	0	0	0
Decreases based on tax positions taken in the prior years	(995)	(484)	(563)
Other	184	89	(172)
Ending balance, unrecognized tax benefits	$ 5,625	$ 5,984	$ 6,265

Description of Business and Summary of Significant Accounting Policies - Revenue Recognition - Additional Information (Details)	12 Months Ended
	Feb. 29, 2024
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

Income Taxes (Tables)

12 Months Ended

Feb. 29, 2024

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 29, 2024			February 28, 2023			February 28, 2022
Domestic Operations	$	(36,128	)	$	(33,501	)	$	(26,665	)
Foreign Operations		(11,249	)		2,551			826
	$	(47,377	)	$	(30,950	)	$	(25,839	)

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 29, 2024			February 28, 2023			February 28, 2022
Current provision (benefit)
Federal	$	(231	)	$	254		$	20
State		72			242			804
Foreign		811			1,248			2,148
Total current provision	$	652		$	1,744		$	2,972
Deferred (benefit) provision
Federal	$	(721	)	$	(394	)	$	(2,300	)
State		(520	)		(271	)		1,010
Foreign		(1,196	)		(1,118	)		(56	)
Total deferred (benefit) provision	$	(2,437	)	$	(1,783	)	$	(1,346	)
Total (benefit) provision
Federal	$	(952	)	$	(140	)	$	(2,280	)
State		(448	)		(29	)		1,814
Foreign		(385	)		130			2,092
Total (benefit) provision	$	(1,785	)	$	(39	)	$	1,626

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 29, 2024					February 28, 2023					February 28, 2022
Tax benefit at Federal statutory rates	$	(9,949	)	21.0	%	$	(6,499	)	21.0	%	$	(5,426	)	21.0	%
State income taxes, net of Federal benefit		(692	)	1.5			(711	)	2.3			(282	)	1.1
Change in valuation allowance		6,589		(13.9	)		5,785		(18.7	)		7,214		(28.0	)
Change in tax reserves		(183	)	0.4			(173	)	0.5			(227	)	0.9
Non-controlling interest		463		(1.0	)		476		(1.5	)		766		(3.0	)
U.S. effects of foreign operations		-		—			379		(1.2	)		(2,135	)	8.3
Permanent differences and other		195		(0.4	)		794		(2.6	)		581		(2.2	)
Capital loss carryforward expiration		3,464		(7.3	)		-		-			-		-
Foreign rate differential		(879	)	1.9			402		(1.3	)		787		(3.1	)
Change in tax rate		(255	)	0.5			39		(0.1	)		105		(0.4	)
Research & development credits		(538	)	1.1			(531	)	1.7			243		(0.9	)
Effective tax rate	$	(1,785	)	3.8	%	$	(39	)	0.1	%	$	1,626		(6.3	)%

Schedule of Deferred Tax Assets and Liabilities

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 29, 2024			February 28, 2023
Deferred tax assets:
Accounts receivable	$	-		$	192
Inventory		3,732			4,196
Property, plant and equipment		3,092			2,467
IRC Section 174 - Capitalized R&D		5,171			3,735
Interim arbitration award		-			10,453
Operating lease		675			811
Accruals and reserves		3,018			6,097
Deferred compensation		205			268
Warranty reserves		1,198			1,465
Unrealized gains and losses		1,337			4,877
Partnership investments		3,904			3,262
163(j) interest limitation		1,786			-
Net operating losses		22,881			5,270
Foreign tax credits		2,111			1,739
Other tax credits		6,334			5,344
Deferred tax assets before valuation allowance		55,444			50,176
Less: valuation allowance		(41,845	)		(35,421	)
Total deferred tax assets		13,599			14,755
Deferred tax liabilities:
Intangible assets		(12,858	)		(16,035	)
Prepaid expenses		(1,295	)		(1,513	)
Operating lease		(652	)		(798	)
Deferred financing fees		(32	)		(46	)
Total deferred tax liabilities		(14,837	)		(18,392	)
Net deferred tax liability	$	(1,238	)	$	(3,637	)

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, 2021	$	6,860
Additions based on tax positions taken in the current and prior years		140
Settlements		—
Decreases based on tax positions taken in the prior years		(563	)
Other		(172	)
Balance at February 28, 2022	$	6,265
Additions based on tax positions taken in the current and prior years		114
Settlements		—
Decreases based on tax positions taken in the prior years		(484	)
Other		89
Balance at February 28, 2023	$	5,984
Additions based on tax positions taken in the current and prior years		452
Settlements		—
Decreases based on tax positions taken in prior years		(995	)
Other		184
Balance at February 29, 2024	$	5,625

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

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.		2019
Netherlands		2018
Germany		2019

Variable Interest Entities - Summary of Carrying Values of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 10,986	$ 6,134
Accounts receivable, net	71,066	82,753
Due from GalvanEyes LLC, current	$ 1,238	$ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid expenses and other current assets	$ 20,820	$ 19,817
Total current assets	235,868	285,021
Property, plant and equipment, net	45,070	47,044
Intangible assets, net	68,766	90,437
Due from GalvanEyes LLC, less current portion	$ 1,340	$ 0
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other assets	$ 2,794	$ 3,720
Total assets	444,006	519,451
Current portion of long-term debt	500	500
Total current liabilities	96,983	153,387
Prepaid ownership interest due to GalvanEyes LLC	9,817	7,317
Other long-term liabilities	2,170	2,947
Total liabilities	187,706	210,610
Commitments and contingencies
Retained earnings	58,272	99,122
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity	444,006	519,451
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash and cash equivalents	0	158
Accounts receivable, net	64	520
Inventory, net	1,839	1,836
Due from GalvanEyes LLC, current	$ 1,238	$ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid expenses and other current assets	$ 58	$ 93
Total current assets	3,199	2,607
Property, plant and equipment, net	4	9
Intangible assets, net	1,514	$ 1,786
Due from GalvanEyes LLC, less current portion	$ 1,340
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other assets	$ 5	$ 8
Total assets	6,062	4,410
Accounts payable	759	864
Interest payable to VOXX	16,525	14,803
Accrued expenses and other current liabilities	287	296
Current portion of long-term debt	69,377	66,175
Total current liabilities	86,948	82,138
Prepaid ownership interest due to GalvanEyes LLC	9,817	7,317
Other long-term liabilities	1,200	1,200
Total liabilities	97,965	90,655
Commitments and contingencies
Capital	41,416	41,416
Retained earnings	(133,319)	(127,661)
Total partners' deficit	(91,903)	(86,245)
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity	$ 6,062	$ 4,410

Financing Arrangements

12 Months Ended

Feb. 29, 2024

Debt Disclosure [Abstract]

Financing Arrangements

The Company has the following financing arrangements:


	February 29, 2024		February 28, 2023
Domestic credit facility (a)	$	63,843	$	29,000
Florida mortgage (b)		5,615		6,115
Euro asset-based lending obligation - VOXX Germany (c)		—		—
Shareholder loan payable to Sharp (d)		3,813		4,079
Total debt		73,271		39,194
Less: current portion of long-term debt		500		500
Long-term debt before debt issuance costs		72,771		38,694
Less: debt issuance costs		890		1,181
Total long-term debt	$	71,881	$	37,513

Domestic Bank Obligations

Florida Mortgage

Euro Asset-Based Lending Obligation – VOXX Germany

Shareholder Loan Payable to Sharp

The following is a maturity table for debt and bank obligations outstanding at February 29, 2024 for each of the following fiscal years:


2025	$	500
2026		500
2027		68,458
2028		-
2029		-
Thereafter		3,813
Total	$	73,271

The weighted-average interest rate on short-term debt was 3.48% for both Fiscal 2024 and Fiscal 2023. Interest expense related to the Company's financing arrangements for the years ended February 29, 2024, February 28, 2023 and February 28, 2022 was $4,373, $2,299, and $550, respectively, of which $3,070 and $1,507 was related to the Credit Facility for the years ended February 29, 2024 and February 28, 2023. For the year ended February 28, 2022, none of the Company’s interest expense was related to the Credit Facility, as there was no outstanding balance during Fiscal 2022.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Percentage of cash settlement of market stock units upon vesting of award	80.00%
Net loss attributable to redeemable non-controlling interest	$ (1,191)	$ (2,535)
Common Class A [Member]
Shares issued upon vesting of stock awards	61,337	60,693
Repurchase of shares of common stock	508,439	113,000

Capital Structure - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2024 USD ($) shares	Feb. 28, 2023 USD ($) shares	Feb. 28, 2022 USD ($) shares	Feb. 29, 2020 shares
Capital Unit [Line Items]
Conversion of shares, common stock	1
Treasury stock, shares	4,287,041	3,370,657
Stock repurchase program, number of shares authorized to be repurchased				3,000,000
Stock repurchased during period, value \| $	$ 9,288	$ 5,147	$ 1,220
Common Class A [Member]
Capital Unit [Line Items]
Redeemable equity shares outstanding	577,581	577,581
Treasury stock, shares	4,287,041	3,370,657
Stock repurchase program, number of shares authorized to be repurchased	881,053
Stock repurchased during period, shares	916,384	508,439	113,000
Stock repurchased during period, value \| $	$ 9,288	$ 5,147	$ 1,220

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Income Taxes Disclosure [Line Items]
Current provision (benefit)	$ 652	$ 1,744	$ 2,972
Deferred (benefit) provision	(2,437)	(1,783)	(1,346)
Total (benefit) provision	(1,785)	(39)	1,626
Federal [Member]
Income Taxes Disclosure [Line Items]
Current provision (benefit)	(231)	254	20
Deferred (benefit) provision	(721)	(394)	(2,300)
Total (benefit) provision	(952)	(140)	(2,280)
State [Member]
Income Taxes Disclosure [Line Items]
Current provision (benefit)	72	242	804
Deferred (benefit) provision	(520)	(271)	1,010
Total (benefit) provision	(448)	(29)	1,814
Foreign [Member]
Income Taxes Disclosure [Line Items]
Current provision (benefit)	811	1,248	2,148
Deferred (benefit) provision	(1,196)	(1,118)	(56)
Total (benefit) provision	$ (385)	$ 130	$ 2,092

- Definition

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

+ References + Details

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. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Accrued sales incentives, opening balance	$ 21,778	$ 23,755	$ 25,313
Accruals	44,519	50,056	58,490
Payments and credits	(47,635)	(51,894)	(59,644)
Reversals for unearned sales incentives	(426)	(139)	(404)
Accrued sales incentives, ending balance	$ 18,236	$ 21,778	$ 23,755

Income Taxes

12 Months Ended

Feb. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Domestic Operations	$	(36,128	)	$	(33,501	)	$	(26,665	)
Foreign Operations		(11,249	)		2,551			826
	$	(47,377	)	$	(30,950	)	$	(25,839	)

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


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Current provision (benefit)
Federal	$	(231	)	$	254		$	20
State		72			242			804
Foreign		811			1,248			2,148
Total current provision	$	652		$	1,744		$	2,972
Deferred (benefit) provision
Federal	$	(721	)	$	(394	)	$	(2,300	)
State		(520	)		(271	)		1,010
Foreign		(1,196	)		(1,118	)		(56	)
Total deferred (benefit) provision	$	(2,437	)	$	(1,783	)	$	(1,346	)
Total (benefit) provision
Federal	$	(952	)	$	(140	)	$	(2,280	)
State		(448	)		(29	)		1,814
Foreign		(385	)		130			2,092
Total (benefit) provision	$	(1,785	)	$	(39	)	$	1,626

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 29, 2024					February 28, 2023					February 28, 2022
Tax benefit at Federal statutory rates	$	(9,949	)	21.0	%	$	(6,499	)	21.0	%	$	(5,426	)	21.0	%
State income taxes, net of Federal benefit		(692	)	1.5			(711	)	2.3			(282	)	1.1
Change in valuation allowance		6,589		(13.9	)		5,785		(18.7	)		7,214		(28.0	)
Change in tax reserves		(183	)	0.4			(173	)	0.5			(227	)	0.9
Non-controlling interest		463		(1.0	)		476		(1.5	)		766		(3.0	)
U.S. effects of foreign operations		-		—			379		(1.2	)		(2,135	)	8.3
Permanent differences and other		195		(0.4	)		794		(2.6	)		581		(2.2	)
Capital loss carryforward expiration		3,464		(7.3	)		-		-			-		-
Foreign rate differential		(879	)	1.9			402		(1.3	)		787		(3.1	)
Change in tax rate		(255	)	0.5			39		(0.1	)		105		(0.4	)
Research & development credits		(538	)	1.1			(531	)	1.7			243		(0.9	)
Effective tax rate	$	(1,785	)	3.8	%	$	(39	)	0.1	%	$	1,626		(6.3	)%

Permanent differences and other include nondeductible expenses, Section 162(m) limitation on executive compensation, and other adjustments.


	February 29, 2024			February 28, 2023
Deferred tax assets:
Accounts receivable	$	-		$	192
Inventory		3,732			4,196
Property, plant and equipment		3,092			2,467
IRC Section 174 - Capitalized R&D		5,171			3,735
Interim arbitration award		-			10,453
Operating lease		675			811
Accruals and reserves		3,018			6,097
Deferred compensation		205			268
Warranty reserves		1,198			1,465
Unrealized gains and losses		1,337			4,877
Partnership investments		3,904			3,262
163(j) interest limitation		1,786			-
Net operating losses		22,881			5,270
Foreign tax credits		2,111			1,739
Other tax credits		6,334			5,344
Deferred tax assets before valuation allowance		55,444			50,176
Less: valuation allowance		(41,845	)		(35,421	)
Total deferred tax assets		13,599			14,755
Deferred tax liabilities:
Intangible assets		(12,858	)		(16,035	)
Prepaid expenses		(1,295	)		(1,513	)
Operating lease		(652	)		(798	)
Deferred financing fees		(32	)		(46	)
Total deferred tax liabilities		(14,837	)		(18,392	)
Net deferred tax liability	$	(1,238	)	$	(3,637	)

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 $6,424 during the year ended February 29, 2024. Any further increase or reduction 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 29, 2024, the Company has foreign tax credits of $1,424 which expire in tax years 2027 through 2032. The Company has federal research and development tax credits of $5,083 which expire in tax years 2035 through 2043. The Company has a federal net operating loss carryforward of $48,061 that can be carried forward indefinitely and can only offset 80% of taxable income. 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 2043.

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


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 the prior years		(563	)
Other		(172	)
Balance at February 28, 2022	$	6,265
Additions based on tax positions taken in the current and prior years		114
Settlements		—
Decreases based on tax positions taken in the prior years		(484	)
Other		89
Balance at February 28, 2023	$	5,984
Additions based on tax positions taken in the current and prior years		452
Settlements		—
Decreases based on tax positions taken in prior years		(995	)
Other		184
Balance at February 29, 2024	$	5,625

Of the amounts reflected in the table above at February 29, 2024, $5,625, if recognized, would reduce our effective tax rate. If recognized, $4,958 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 $809. 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. For the years ended February 29, 2024, February 28, 2023 and February 28, 2022, interest and penalties on unrecognized tax benefits were $(52), $(5) and $(28), respectively. The balance as of February 29, 2024 and February 28, 2023 was $142 and $194, respectively. It is reasonably possible that unrecognized tax benefits will decrease by approximately $400 within the next 12 months.


Jurisdiction		Tax Year

U.S.		2019
Netherlands		2018
Germany		2019

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Acquisition - Schedule of Contingent Consideration Balance (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2024 USD ($)
Business Combinations [Abstract]
Balance at February 28, 2023	$ 4,500
Payments	(4,500)
Balance at February 29, 2024	$ 0

Acquisitions - Rollforward of the Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Business Acquisition [Line Items]
Balance at Beginning Period	$ (893)
Net loss attributable to non-controlling interest	(1,483)	$ (1,191)	$ (2,535)
Balance at Ending Period	(3,203)	(893)
Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Balance at Beginning Period	(893)	511	0
Initial investment by Sharp			2,069
Net loss attributable to non-controlling interest	(2,535)	(1,191)	(1,483)
Comprehensive loss attributable to non-controlling interest	143	(125)
Foreign currency translation	82	(88)	(75)
Balance at Ending Period	$ (3,203)	$ (893)	$ 511

Financial Instruments - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2024 USD ($)	Feb. 28, 2023	Feb. 28, 2022
Financial Instruments [Line Items]
Letters of credit outstanding, amount	$ 0
Unrecorded unconditional purchase obligation	$ 62,458
Number of customers	0	0	0
Concentration risk, benchmark description	10%	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
Customer [Member] \| Accounts Receivable [Member]
Financial Instruments [Line Items]
Number of major customer	1
Customer [Member] \| Largest Customer [Member] \| Net Sales [Member]
Financial Instruments [Line Items]
Entity-wide revenue, major customer, percentage	18.00%	17.00%	21.00%
Customer [Member] \| Largest Customer [Member] \| Accounts Receivable [Member]
Financial Instruments [Line Items]
Entity-wide revenue, major customer, percentage	28.00%	20.00%
Customer [Member] \| Customer [Member] \| Accounts Receivable [Member]
Financial Instruments [Line Items]
Entity-wide revenue, major customer, percentage	12.00%
Letter of Credit [Member]
Financial Instruments [Line Items]
Letters of credit outstanding, amount	$ 37

Description of Business and Summary of Significant Accounting Policies - Foreign Currency - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Foreign currency transaction (loss) gains, before tax	$ (3,232)	$ (3,674)	$ (635)

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

12 Months Ended

Feb. 29, 2024

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 29, 2024
Net sales	$	142,341		$	326,618		$	531		$	(579	)	$	468,911
Equity in income of equity investees		4,916			—			—			—			4,916
Interest expense and bank charges		1,884			7,790			1,736			(4,475	)		6,935
Depreciation and amortization expense		3,240			5,868			280			3,056			12,444
Loss before income taxes (a) (b) (c)		(6,008	)		(19,332	)		(5,658	)		(16,379	)		(47,377	)

Fiscal Year Ended February 28, 2023
Net sales	$	174,811		$	357,758		$	1,046		$	399		$	534,014
Equity in income of equity investees		6,969			—			—			—			6,969
Interest expense and bank charges		1,917			8,033			1,720			(7,027	)		4,643
Depreciation and amortization expense		3,245			6,534			287			3,064			13,130
Loss before income taxes (a) (b) (c)		(3,236	)		(1,101	)		(5,816	)		(20,797	)		(30,950	)

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	)

(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 arbitration award unfavorable to the Company (see Note 15). Included within Loss before income taxes on Corporate/Eliminations for the year ended February 28, 2023 are charges of $3,944, representing interest expense, as well as charges for legal fee reimbursements and a settlement for a patent arbitration related to the final arbitration award. Included within Loss before income taxes on Corporate/Eliminations for the year ended February 28, 2024 is a net credit recorded of $763, representing interest expense related to the final arbitration award, offset by the reversal of previous accrued charges as a result of the final settlement of the arbitration award, which was paid during the fourth quarter of Fiscal 2024.

(b)

Included within Loss before income taxes within the Consumer Electronics segment for the year ended February 29, 2024 are intangible asset impairment charges totaling $14,214. Included within Loss before income taxes within the Automotive Electronics segment for the year ended February 28, 2023 is a goodwill impairment charge of $7,373 and an intangible asset impairment charge of $1,300 (see Note 1(k)).

(c)

Included within Loss before income taxes within Corporate/Eliminations for the years ended February 29, 2024 and February 28, 2023 are foreign currency losses of $2,795 and $3,267, respectively, attributable to the Company's Onkyo subsidiary related to intercompany transactions and financial statement translation adjustments.

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 29, 2024
Net sales	$	362,749	$	88,563	$	17,599	$	468,911
Long-lived assets		40,693		3,172		1,205		45,070

Fiscal Year Ended February 28, 2023
Net sales	$	421,296	$	79,677	$	33,041	$	534,014
Long-lived assets		41,925		3,164		1,955		47,044

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

Equity Investment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 4,916	$ 6,969	$ 7,890
Proceeds from equity method investment, distribution	5,554	6,300	9,809
Retained earnings, undistributed earnings from equity method investees	16,054	16,692
Other Receivables, Net, Current	1,238	0
Related Party [Member]
Schedule of Equity Method Investments [Line Items]
Related party transaction, other revenues from transactions with related party	244	232	$ 315
Affiliated Entity [Member]
Schedule of Equity Method Investments [Line Items]
Other Receivables, Net, Current	$ 24	$ 49
ASA Electronics, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Variable Interest Entities

12 Months Ended

Feb. 29, 2024

Variable Interest Entity [Abstract]

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 25, 2022, this promissory note was amended and restated to allow EyeLock LLC to borrow up to maximum of $71,200. 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 February 28, 2025. 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 $69,377 as of February 29, 2024.

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 Partners LLC (“GalvanEyes”), a Florida LLC managed by Beat Kahli, a significant shareholder of Voxx. The Agreement provides that GalvanEyes would 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 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 29, 2024 or February 28, 2023. The quarterly installment payments owed by GalvanEyes, totaling $2,500 for the quarters ended May 31, 2023 and August 31, 2023, remain unpaid and are currently past due. Interest has been accrued on the outstanding balance at a rate of 8% through February 29, 2024. The past due payments, plus accrued interest, are recorded as receivables due from GalvanEyes at February 29, 2024 on the accompanying Consolidated Balance Sheet. The Company has also recorded a corresponding liability within Other long-term liabilities on the accompanying Consolidated Balance Sheets, 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 29, 2024 and February 28, 2023 was $9,817 and $7,317, respectively, which includes the balance receivable at February 29, 2024, as well as previous payments received since September 1, 2021.

On March 1, 2024, EyeLock LLC entered into a joint venture agreement with GalvanEyes to engage in a newly formed entity, BioCenturion LLC, to operate its biometrics business. EyeLock and GalvanEyes have each agreed to contribute selected assets and liabilities to the joint venture, with GalvanEyes controlling the day-to-day operations of the joint venture. All working capital needs and the funding of losses of the joint venture shall be borne by GalvanEyes for the first two years. Beat Kahli will serve as Chairman of the Board

and Chief Executive Officer of BioCenturion LLC. In conjunction with the formation of the joint venture, the distribution agreement between EyeLock LLC and GalvanEyes was terminated, and a promissory note was signed by GalvanEyes for the repayment of the remaining quarterly installments due at February 29, 2024. The balance will be paid in eight quarterly installments beginning May 31, 2024 and ending on February 28, 2026 with interest accruing at a rate of 8%.

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 29, 2024 and February 28, 2023:


	February 29, 2024			February 28, 2023
Assets
Current assets:
Cash and cash equivalents	$	-		$	158
Accounts receivable, net		64			520
Inventory, net		1,839			1,836
Due from GalvanEyes LLC, current		1,238			-
Prepaid expenses and other current assets		58			93
Total current assets		3,199			2,607
Property, plant and equipment, net		4			9
Intangible assets, net		1,514			1,786
Due from GalvanEyes LLC, less current portion		1,340
Other assets		5			8
Total assets	$	6,062		$	4,410
Liabilities and Partners' Deficit
Current liabilities:
Accounts payable	$	759		$	864
Interest payable to VOXX		16,525			14,803
Accrued expenses and other current liabilities		287			296
Due to VOXX		69,377			66,175
Total current liabilities		86,948			82,138
Prepaid ownership interest due to GalvanEyes LLC		9,817			7,317
Other long-term liabilities		1,200			1,200
Total liabilities		97,965			90,655
Commitments and contingencies
Partners' deficit:
Capital		41,416			41,416
Retained losses		(133,319	)		(127,661	)
Total partners' deficit		(91,903	)		(86,245	)
Total liabilities and partners' deficit	$	6,062		$	4,410

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 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022:


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Net sales	$	531		$	1,046		$	882
Cost of sales		422			688			694
Gross profit		109			358			188
Operating expenses:
Selling		410			575			653
General and administrative		1,638			1,509			1,410
Engineering and technical support		2,034			2,355			5,817
Restructuring expenses (Note 6)		27			-			-
Total operating expenses		4,109			4,439			7,880
Operating loss		(4,000	)		(4,081	)		(7,692	)
Other (expense) income:
Interest and bank charges		(1,736	)		(1,720	)		(1,662	)
Other, net		78			(15	)		—
Total other expense, net		(1,658	)		(1,735	)		(1,662	)
Loss before income taxes		(5,658	)		(5,816	)		(9,354	)
Income tax expense		—			—			—
Net loss	$	(5,658	)	$	(5,816	)	$	(9,354	)

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. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Segment Reporting Information [Line Items]
Goodwill, impairment charge	$ 0	$ 7,373	$ 0
Intangible asset impairment charges	14,214	1,300	0
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Foreign currency losses	2,795	3,267
Charge for interim arbitration award unfavorable	(763)	3,944	39,444
Consumer Electronics [Member]
Segment Reporting Information [Line Items]
Intangible asset impairment charges	14,214
Automotive Electronics [Member]
Segment Reporting Information [Line Items]
Goodwill, impairment charge	$ 0	7,373	$ 0
Intangible asset impairment charges		$ 1,300

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

12 Months Ended

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Year

$ 1,117

$ 1,108

$ 1,104

Gross Amount Charged to Costs and Expenses

5,575

5,218

6,320

Reversals of Previously Established Accruals

Deductions

^[1]

5,603

5,209

6,316

Balance at End of Year

1,089

1,117

1,108

Allowance for Credit Losses [Member]

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Year

1,398

2,182

1,593

Gross Amount Charged to Costs and Expenses

625

(717)

863

Reversals of Previously Established Accruals

Deductions

^[1]

274

Balance at End of Year

1,952

1,398

2,182

Refund Reserve [Member]

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Year

5,181

5,469

5,145

Gross Amount Charged to Costs and Expenses

19,816

22,659

9,571

Reversals of Previously Established Accruals

Deductions

^[1]

21,349

22,947

9,247

Balance at End of Year

$ 3,648

$ 5,181

$ 5,469

[1]	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 - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Assets:
Cash and money market funds	$ 10,986	$ 6,134
Mutual funds	$ 828	$ 1,053
Investment, Type [Extensible Enumeration]	Mutual Fund [Member]	Mutual Fund [Member]
Designated as Hedging Instrument [Member]
Assets:
Derivatives designated for hedging	$ 263	$ 207
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Level 1 [Member]
Assets:
Cash and money market funds	$ 10,986	$ 6,134
Mutual funds	828	1,053
Level 1 [Member] \| Designated as Hedging Instrument [Member]
Assets:
Derivatives designated for hedging	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Liabilities, Noncurrent
Level 2 [Member]
Assets:
Cash and money market funds	$ 0	$ 0
Mutual funds	0	0
Level 2 [Member] \| Designated as Hedging Instrument [Member]
Assets:
Derivatives designated for hedging	$ 263	$ 207
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Liabilities, Noncurrent
Level 3 [Member]
Assets:
Cash and money market funds	$ 0	$ 0
Mutual funds	0	0
Level 3 [Member] \| Designated as Hedging Instrument [Member]
Assets:
Derivatives designated for hedging	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Liabilities, Noncurrent

Revenue from Contracts with Customers - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2024 USD ($) Segment	Feb. 28, 2023 USD ($)
Disaggregation Of Revenue [Line Items]
Number of reportable segments \| Segment	3
Contract with customer, right to recover product	$ 1,683	$ 2,513
Contract with customer, refund liability	3,648	5,181
Contract with customer, liability	4,419	4,818
Contract liability to be recognized during the next twelve months	3,810	3,990
Contract with customer, Asset	0	0
Telematic Subscription Services [Member] \| Directed LLC and Directed Electronics Canada Inc [Member]
Disaggregation Of Revenue [Line Items]
Contract with customer, liability	4,419
Contract liability to be recognized during the next twelve months	$ 3,810	$ 3,990

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Description of Business and Summary of Significant Accounting Policies - Accounts Receivable - Additional Information (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2024 USD ($) Customer	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)
Proceeds from sale of continuing operations \| $	$ 102,700	$ 98,300	$ 89,400
Interest and Bank Charges [Member]
Fees incurred in connection with the agreements \| $	$ 850	$ 730	$ 260
Largest Customer [Member] \| Customer [Member] \| Accounts Receivable [Member]
Number of largest customer \| Customer	5
Concentration risk, percentage	28.00%	20.00%
One Customer [Member] \| Customer [Member] \| Accounts Receivable [Member]
Number of largest customer \| Customer	1
Concentration risk, percentage	12.00%
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

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

12 Months Ended

Feb. 29, 2024

Accounting Policies [Abstract]

Description of Business

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

Principles of Consolidation, Reclassifications and Accounting Principles

be attributed their share of losses even if that attribution results in a deficit non-controlling interest balance.

Revision of Previously Issued Financial Statements


	As of February 28, 2023
	As Previously Reported		Adjustment			As Revised
Consolidated Balance Sheets
Redeemable non-controlling interest	$	232	$	(1,125	)	$	(893	)
Retained earnings		97,997		1,125			99,122
Total VOXX International Corporation stockholders' equity		341,859		1,125			342,984
Total stockholders' equity		304,591		1,125			305,716


	For the year ended February 28, 2023
	As Previously Reported			Adjustment			As Revised
Consolidated Statements of Comprehensive Loss
Less: net income (loss) attributable to non-controlling interest	$	(2,335	)	$	(1,125	)	$	(3,460	)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries		(28,576	)		1,125			(27,451	)
Comprehensive income (loss) attributable to VOXX International Corporation and Subsidiaries		(29,753	)		1,125			(28,628	)
Net income (loss) per share attributable to VOXX International Corporation
Basic	$	(1.17	)	$	0.05		$	(1.13	)
Diluted	$	(1.17	)	$	0.05		$	(1.13	)

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.

The following table presents assets and liabilities measured at fair value on a recurring basis at February 29, 2024:


			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	10,986	$	10,986	$	—	$	—
Mutual funds		828		828		-		-
Derivatives designated for hedging		263		-		263		-

The following table presents assets and liabilities measured at fair value on a recurring basis at February 28, 2023:


			Fair Value Measurements at Reporting Date Using
	Total		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	6,134	$	6,134	$	—	$	—
Mutual funds		1,053		1,053		-		-
Derivatives designated for hedging		207		-		207		-

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

Derivative Instruments

The Company's derivative instruments consist of an interest rate swap agreement and foreign currency contracts at February 29, 2024.

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

The following table discloses the fair value as of February 29, 2024 and February 28, 2023 of the Company's derivative instruments:


	Derivative Assets and Liabilities
		Fair Value
	Account	February 29, 2024		February 28, 2023
Derivative instruments
Foreign currency contracts designated as cash flow hedges	Prepaid expenses and other current assets	$	121	$	—
Interest rate swap designated as cash flow hedges	Other assets		142		207
Total derivatives		$	263	$	207

Cash flow hedges

Activity related to cash flow hedges and derivative instruments not designated as cash flow hedges recorded during the years ended February 29, 2024 and February 28, 2023 was as follows:


	February 29, 2024					February 28, 2023
	Pretax Gain (Loss) Recognized in Other Comprehensive Income			Pretax Loss Reclassified from Accumulated Other Comprehensive Income		Pretax Gain Recognized in Other Comprehensive Income		Pretax Loss Reclassified from Accumulated Other Comprehensive Income
Cash flow hedges
Foreign currency contracts	$	121		$	—	$	-	$	63
Interest rate swaps		(65	)		-		395		-

Investment Securities

As of February 29, 2024 and February 28, 2023, the Company had the following investments:


	February 29, 2024
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	828
Total Marketable Equity Securities		828
Total Investment Securities	$	828


	February 28, 2023
	Carrying Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,053
Total Marketable Equity Securities		1,053
Total Investment Securities	$	1,053

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.

Mutual Funds

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

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 29, 2024		February 28, 2023
Trade accounts receivable	$	74,107	$	85,268
Less:
Allowance for credit losses		1,952		1,398
Allowance for cash discounts		1,089		1,117
	$	71,066	$	82,753

Inventory

Inventories by major category are as follows:


	February 29, 2024		February 28, 2023
Raw materials	$	21,527	$	28,048
Work in process		736		1,363
Finished goods		106,208		145,718
Inventory, net	$	128,471	$	175,129

Property, Plant and Equipment

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


	February 29, 2024		February 28, 2023
Land	$	7,117	$	7,101
Buildings		45,820		44,669
Property under finance lease		3,835		2,754
Furniture and fixtures		4,679		4,600
Machinery and equipment		13,835		10,514
Construction-in-progress		1,517		748
Computer hardware and software		43,634		46,313
Automobiles		720		681
Leasehold improvements		3,004		3,008
		124,161		120,388
Less accumulated depreciation and amortization		79,091		73,344
	$	45,070	$	47,044

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

Goodwill and Intangible Assets

Goodwill

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


	February 29, 2024			February 28, 2023			February 28, 2022
Beginning of period	$	65,308		$	74,320		$	58,311
Goodwill acquired (see Note 2)		—			—			18,160
Adjustments to goodwill acquired, net (see Note 2)		—			1,051			(1,353	)
Impairment charge		—			(7,373	)		—
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	63,931		$	65,308		$	74,320

Gross carrying value	$	103,467		$	104,844		$	106,483
Accumulated impairment charges		(39,536	)		(39,536	)		(32,163	)
Net carrying value	$	63,931		$	65,308		$	74,320


	February 29, 2024			February 28, 2023			February 28, 2022
Automotive Electronics
Beginning of period	$	3,052		$	10,425		$	11,778
Adjustments to goodwill acquired, net		—			—			(1,353	)
Impairment charge		—			(7,373	)		—
End of period	$	3,052		$	3,052		$	10,425

Gross carrying value	$	10,425		$	10,425		$	10,425
Accumulated impairment charge		(7,373	)		(7,373	)		—
Net carrying value	$	3,052		$	3,052		$	10,425

Consumer Electronics
Beginning of period	$	62,256		$	63,895		$	46,533
Goodwill acquired (see Note 2)		-			-			18,160
Adjustments to goodwill acquired (see Note 2)		-			1,051			-
Foreign currency translation		(1,377	)		(2,690	)		(798	)
End of period	$	60,879		$	62,256		$	63,895

Gross carrying value	$	93,042		$	94,419		$	96,058
Accumulated impairment charge		(32,163	)		(32,163	)		(32,163	)
Net carrying value	$	60,879		$	62,256		$	63,895

Total goodwill, net	$	63,931		$	65,308		$	74,320

Note: The Company's Biometrics segment did not carry a balance for goodwill at February 29, 2024, February 28, 2023, or February 28, 2022.

Intangible Assets

At February 29, 2024 and February 28, 2023, intangible assets consisted of the following:


	February 29, 2024
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,915	$	46,037	$	7,878
Trademarks/Tradenames (10-15 years)		20,323		5,031		15,292
Developed technology (7-8 years)		18,970		15,743		3,227
Patents (4-13 years)		6,736		6,128		608
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	102,900	$	75,895		27,005
Indefinite-lived intangible assets
Trademarks						41,761
Total intangible assets, net					$	68,766


	February 28, 2023
	Gross Carrying Value		Accumulated Amortization		Total Net Book Value
Finite-lived intangible assets:
Customer relationships (4-15.5 years)	$	53,790	$	42,786	$	11,004
Trademarks/Tradenames (10-15 years)		21,205		3,360		17,845
Developed technology (7-8 years)		19,434		14,645		4,789
Patents (4-13 years)		6,736		5,845		891
License		1,400		1,400		-
Contracts		1,556		1,556		-
Total finite-lived intangible assets	$	104,121	$	69,592		34,529
Indefinite-lived intangible assets
Trademarks						55,908
Total intangible assets, net					$	90,437

The Company expenses the renewal costs of patents as incurred. The weighted-average period before the renewal of our patents is approximately 3 years.


Fiscal Year	Amount
2025	$	5,813
2026		5,713
2027		3,480
2028		3,007
2029		2,899

Sales Incentives

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.

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


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Accrued sales incentives, opening balance	$	21,778		$	23,755		$	25,313
Accruals		44,519			50,056			58,490
Payments and credits		(47,635	)		(51,894	)		(59,644	)
Reversals for unearned sales incentives		(426	)		(139	)		(404	)
Accrued sales incentives, ending balance	$	18,236		$	21,778		$	23,755

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 29, 2024			February 28, 2023			February 28, 2022
Beginning balance	$	6,759		$	5,622		$	5,290
Liabilities adjusted during acquisitions		-			-			(352	)
Accrual for warranties issued during the year and repair cost		4,197			6,525			4,583
Warranty claims settled during the year		(4,363	)		(5,388	)		(3,899	)
Ending balance	$	6,593		$	6,759		$	5,622

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.

Uncertain Tax Positions

Net Loss Per Common Share

A reconciliation between the denominator of basic and diluted net loss per common share is as follows:


	Year Ended		Year Ended		Year Ended
	February 29, 2024		February 28, 2023		February 28, 2022
Weighted-average common shares outstanding (basic)		23,428,473		24,325,938		24,287,179
Effect of dilutive securities:
Restricted stock units, market stock units, and stock grants		-		-		-
Weighted-average common and potential common shares outstanding (diluted)		23,428,473		24,325,938		24,287,179

Other (Expense) Income

Other (expense) income is comprised of the following:


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Foreign currency loss, net	$	(3,232	)	$	(3,674	)	$	(635	)
Interest income		158			36			72
Rental income		937			911			678
Miscellaneous		57			672			208
Total other, net	$	(2,080	)	$	(2,055	)	$	323

Accounting for the Impairment of Long-Lived Assets

Accounting for Stock-Based Compensation

Grant of Shares to Chief Executive Officer

An initial stock grant of 200,000 fully vested shares of Class A Common Stock issued in July 2019 under the 2012 Plan.

A rollforward of redeemable equity related to stock awards and shares held by Mr. Lavelle for the years ended February 29, 2024, February 28, 2023, and February 28, 2022 is as follows:


	Redeemable Equity
Balance at February 28, 2021	$	3,260
Stock based compensation expense		290
Balance at February 28, 2022		3,550
Reclassification of stockholders' equity to redeemable equity		(63	)
Stock based compensation expense		531
Balance at February 28, 2023		4,018
Stock based compensation expense		92
Balance at February 29, 2024	$	4,110

Grant of Shares to President

Grant of Shares to Chief Operating Officer


	Number of shares			Weighted Average Grant Date Fair Value
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
Granted		66,556			9.00
Vested		(33,930	)		6.10
Vested and settled		(100,000	)		4.15
Forfeited		—			—
Unvested share balance at February 28, 2023		286,986		$	7.70
Granted		18,116			9.89
Vested		(113,790	)		7.00
Vested and settled		(15,000	)		10.66
Forfeited		—			—
Unvested share balance at February 29, 2024		176,312		$	8.93

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, 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	)
Other comprehensive (loss) income before reclassifications		(1,876	)		390			352			(1,134	)
Reclassified from accumulated other comprehensive loss		-			-			(43	)		(43	)
Net current-period other comprehensive (loss) income		(1,876	)		390			309			(1,177	)
Balance at February 28, 2023	$	(18,567	)	$	(321	)	$	208		$	(18,680	)
Other comprehensive income (loss) before reclassifications		1,375			(77	)		16			1,314
Reclassified from accumulated other comprehensive loss		-			-			-			-
Net current-period other comprehensive income (loss)		1,375			(77	)		16			1,314
Balance at February 29, 2024	$	(17,192	)	$	(398	)	$	224		$	(17,366	)

New Accounting Pronouncements

Contingencies

12 Months Ended

Feb. 29, 2024

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.

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 affected 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 August 7, 2023, the U.S. District Court for the Central District of California entered judgment against the Company in the amount of $47,002, of which $40,242 was for damages, attorneys’ fees, and costs and $6,760 was for prejudgment interest.

On August 16, 2023, the Company filed a Notice of Appeal to the Ninth Circuit Court of Appeals.

On December 22, 2023, the Company and Seaguard entered into a Settlement Agreement and Mutual Release, with an effective date of January 10, 2024, in which the Company agreed to pay Seaguard $42,000 in full and final settlement of all judgments and claims that have been awarded or asserted or could have been asserted by Seaguard against the Company and its subsidiaries. An initial payment of $10,000 was made on December 27, 2023 and the final payment of $32,000 was made on January 10, 2024. Upon receipt of the final payment, Seaguard filed a Satisfaction of Judgment with the court and a Dismissal of the Arbitration with the American Arbitration Association. The Company filed a Dismissal of the Appeal after the filing of the Satisfaction of Judgment.

During the year ended February 28, 2022, the Company recorded a charge of $39,444 within Other (expense) income in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income related to the damages awarded to Seaguard in November 2021. During the year ended February 28, 2023, the Company accrued additional charges of $3,944 representing interest due on the award when paid, as well as certain legal fees reimbursable to Seaguard and a patent settlement. During the year ended February 29, 2024, the Company recorded a net credit of $763 to Other (expense) income in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income, representing charges for interest due on the award when paid, offset by the reversal of previous accrued charges resulting from the final settlement paid during the fourth quarter of Fiscal 2024. At February 28, 2023 the Company had a total accrued balance of $43,388 on the accompanying Consolidated Balance Sheet related to the final arbitration award. There was no remaining accrued balance at February 29, 2024.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Income Taxes - Schedule of Tax Returns Subject to Examination by Tax Authorities in Major Jurisdictions (Details)	12 Months Ended
	Feb. 29, 2024
Tax Year 2016 [Member] \| US [Member] \| Domestic Tax Authority [Member]
Income Tax Examination [Line Items]
Tax Year under examination	2019
Tax Year 2015 [Member] \| Netherlands [Member] \| Foreign [Member]
Income Tax Examination [Line Items]
Tax Year under examination	2018
Tax Year 2014 [Member] \| Germany [Member] \| Foreign [Member]
Income Tax Examination [Line Items]
Tax Year under examination	2019

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2025	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Income Taxes Disclosure [Line Items]
Valuation allowance increase (decrease) in deferred tax asset		$ 6,424
Net operating loss carryforward		22,881	$ 5,270
Foreign tax credits		$ 2,111	1,739
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 2043.
Offset percentage		80.00%
Unrecognized tax benefits that would impact effective tax rate		$ 4,958
Unrecognized tax benefits, income tax penalties and interest accrued		809
Unrecognized tax benefits, income tax penalties and interest expense		(52)	(5)	$ (28)
Unrecognized tax benefits, period increase (decrease)		(184)	(89)	$ 172
Scenario Forecast [Member]
Income Taxes Disclosure [Line Items]
Unrecognized tax benefits, period increase (decrease)	$ 400
Settlement with Taxing Authority [Member]
Income Taxes Disclosure [Line Items]
Unrecognized tax benefits that would impact effective tax rate		5,625
Unrecognized tax benefits, income tax penalties and interest accrued		142	$ 194
Foreign [Member]
Income Taxes Disclosure [Line Items]
Tax credit carryforward, amount		$ 1,424
Foreign [Member] \| Minimum [Member]
Income Taxes Disclosure [Line Items]
Tax credit expiration period		2027
Foreign [Member] \| Maximum [Member]
Income Taxes Disclosure [Line Items]
Tax credit expiration period		2032
Federal [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforward		$ 48,061
Research and development, tax credits		$ 5,083
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		2043

Lease Obligations (Tables)

12 Months Ended

Feb. 29, 2024

Leases [Abstract]

Schedule of Components of Lease Cost

The components of lease cost for the year ended February 29, 2024 were as follows:


	February 29, 2024		February 28, 2023		February 28, 2022
Operating lease cost (a) (c)	$	1,377	$	1,508	$	1,383
Finance lease cost:
Amortization of right of use assets (a)		372		283		403
Interest on lease liabilities (b)		53		4		11
Total finance lease cost	$	425	$	287	$	414

(a)

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

(b)

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

(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 29, 2024			February 28, 2023
Operating Leases
Operating lease, right of use assets	$	2,577		$	3,632
Total operating lease right of use assets	$	2,577		$	3,632
Accrued expenses and other current liabilities	$	782		$	1,173
Operating lease liabilities, less current portion		1,884			2,509
Total operating lease liabilities	$	2,666		$	3,682
Finance Leases
Property, plant and equipment, gross	$	3,835		$	2,754
Accumulated depreciation		(2,863	)		(2,491	)
Total finance lease right of use assets	$	972		$	263
Accrued expenses and other current liabilities	$	349		$	203
Finance lease liabilities, less current portion		644			63
Total finance lease liabilities	$	993		$	266
Weighted Average Remaining Lease Term
Operating leases	4.9 years			5.0 years
Finance leases	3.1 years			1.2 years
Weighted Average Discount Rate
Operating leases		4.12	%		3.83	%
Finance leases		8.45	%		3.51	%

Schedule of Maturities of Leases Liabilities

At February 29, 2024, maturities of lease liabilities for each of the succeeding years were as follows:


	Operating Leases		Finance Leases
2025	$	851	$	435
2026		608		364
2027		401		194
2028		246		122
2029		241		71
Thereafter		549		-
Total lease payments		2,896		1,186
Less imputed interest		230		193
Total	$	2,666	$	993

Equity Investment

12 Months Ended

Feb. 29, 2024

Equity Method Investment, Summarized Financial Information [Abstract]

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 2024, the Company evaluated this equity investment and concluded that ASA is not a variable interest entity. ASA’s fiscal year end is November 30, 2023; however, the results of ASA as of and for the twelve months ended February 29, 2024 have been recorded in the consolidated financial statements.


	February 29, 2024		February 28, 2023
Current assets	$	43,790	$	48,391
Non-current assets		7,579		6,525
Liabilities		8,609		10,880
Members' equity		42,760		44,036


	Twelve Months Ended		Twelve Months Ended		Twelve Months Ended
	February 29, 2024		February 28, 2023		February 28, 2022
Net sales	$	76,939	$	104,997	$	114,825
Gross profit		20,326		25,671		27,517
Operating income		8,913		13,749		15,695
Net income		9,832		13,938		15,780

The Company's share of income from ASA for the years ended February 29, 2024, February 28, 2023 and February 28, 2022 was $4,916, $6,969, and $7,890, respectively. In addition, the Company received cash distributions from ASA totaling $5,554, $6,300, and $9,809 during the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively.

Undistributed earnings from equity investments amounted to $16,054 and $16,692 at February 29, 2024 and February 28, 2023, respectively.

Net sales transactions between the Company and ASA were $244, $232, and $315 for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively. Accounts receivable balances from ASA were $24 and $49 as of February 29, 2024 and February 28, 2023, respectively.

Description of Business and Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Stockholders equity, beginning of period	$ 305,716	$ 346,102	$ 376,069
Other comprehensive income (loss) before reclassifications	1,314	(1,134)	(2,674)
Reclassified from accumulated other comprehensive (loss) income	0	(43)	148
Other comprehensive income (loss), net of tax	1,314	(1,177)	(2,526)
Stockholders equity, end of period	255,393	305,716	346,102
Foreign Currency Translation (Losses) Gains [Member]
Stockholders equity, beginning of period	(18,567)	(16,691)	(13,374)
Other comprehensive income (loss) before reclassifications	1,375	(1,876)	(3,317)
Reclassified from accumulated other comprehensive (loss) income	0	0	0
Other comprehensive income (loss), net of tax	1,375	(1,876)	(3,317)
Stockholders equity, end of period	(17,192)	(18,567)	(16,691)
Pension Plan Adjustments, Net of Tax [Member]
Stockholders equity, beginning of period	(321)	(711)	(869)
Other comprehensive income (loss) before reclassifications	(77)	390	158
Reclassified from accumulated other comprehensive (loss) income	0	0	0
Other comprehensive income (loss), net of tax	(77)	390	158
Stockholders equity, end of period	(398)	(321)	(711)
Derivatives Designated in a Hedging Relationship, Net of Tax [Member]
Stockholders equity, beginning of period	208	(101)	(734)
Other comprehensive income (loss) before reclassifications	16	352	485
Reclassified from accumulated other comprehensive (loss) income	0	(43)	148
Other comprehensive income (loss), net of tax	16	309	633
Stockholders equity, end of period	224	208	(101)
Accumulated Other Comprehensive (Loss) Income [Member]
Stockholders equity, beginning of period	(18,680)	(17,503)	(14,977)
Other comprehensive income (loss), net of tax	1,314	(1,177)	(2,526)
Stockholders equity, end of period	$ (17,366)	$ (18,680)	$ (17,503)

- Definition

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

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Description of Business and Summary of Significant Accounting Policies - Summary of Investment Securities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Gain (Loss) on Securities [Line Items]
Marketable Equity Securities	$ 828	$ 1,053
Mutual funds	828	1,053
Mutual Funds [Member]
Gain (Loss) on Securities [Line Items]
Marketable Equity Securities	$ 828	$ 1,053

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

12 Months Ended

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Income Statement [Abstract]

Net sales

$ 468,911

$ 534,014

$ 635,920

Cost of sales

354,892

399,715

466,442

Gross profit

114,019

134,299

169,478

Operating expenses:

Selling

43,090

46,967

50,507

General and administrative

69,228

73,638

75,955

Engineering and technical support

29,392

31,464

31,540

Acquisition costs

(36)

3,552

Goodwill impairment charge

7,373

Intangible asset impairment charges

14,214

1,300

Restructuring expenses

2,136

870

Total operating expenses

158,060

161,576

161,554

Operating (loss) income

(44,041)

(27,277)

7,924

Other (expense) income:

Interest and bank charges

(6,935)

(4,643)

(2,532)

Equity in income of equity investee

4,916

6,969

7,890

Final arbitration award (Note 15)

763

(3,944)

(39,444)

Other, net

(2,080)

(2,055)

323

Total other expense, net

(3,336)

(3,673)

(33,763)

Loss before income taxes

^[1]

(47,377)

^[2],[3]

(30,950)

^[2],[3]

(25,839)

Income tax (benefit) expense

(1,785)

(39)

1,626

Net loss

(45,592)

(30,911)

(27,465)

Less: net loss attributable to non-controlling interest

(4,742)

(3,460)

(5,132)

Net loss attributable to VOXX International Corporation

(40,850)

(27,451)

(22,333)

Other comprehensive income (loss):

Foreign currency translation adjustments

1,375

(1,876)

(3,317)

Derivatives designated for hedging, net of tax

309

633

Pension plan adjustments, net of tax

(77)

390

158

Other comprehensive income (loss), net of tax

1,314

(1,177)

(2,526)

Comprehensive loss attributable to VOXX International Corporation

$ (39,536)

$ (28,628)

$ (24,859)

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

$ (1.74)

$ (1.13)

$ (0.92)

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

$ (1.74)

$ (1.13)

$ (0.92)

Weighted-average common shares outstanding (basic)

23,428,473

24,325,938

24,287,179

Weighted-average common shares outstanding (diluted)

23,428,473

24,325,938

24,287,179

[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 arbitration award unfavorable to the Company (see Note 15). Included within Loss before income taxes on Corporate/Eliminations for the year ended February 28, 2023 are charges of $3,944, representing interest expense, as well as charges for legal fee reimbursements and a settlement for a patent arbitration related to the final arbitration award.
[2]	Included within Loss before income taxes within Corporate/Eliminations for the years ended February 29, 2024 and February 28, 2023 are foreign currency losses of $2,795 and $3,267, respectively, attributable to the Company's Onkyo subsidiary related to intercompany transactions and financial statement translation adjustments.
[3]	Included within Loss before income taxes within the Consumer Electronics segment for the year ended February 29, 2024 are intangible asset impairment charges totaling $14,214. Included within Loss before income taxes within the Automotive Electronics segment for the year ended February 28, 2023 is a goodwill impairment charge of $7,373 and an intangible asset impairment charge of $1,300 (see Note 1(k)).

Lease Obligations - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Operating Leases
Operating lease, right of use assets	$ 2,577	$ 3,632
Total operating lease right of use assets	2,577	3,632
Accrued expenses and other current liabilities	782	1,173
Operating lease liabilities, less current portion	1,884	2,509
Total operating lease liabilities	2,666	3,682
Finance Leases
Property, plant and equipment, gross	3,835	2,754
Accumulated depreciation	(2,863)	(2,491)
Total finance lease right of use assets	$ 972	$ 263
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	$ 349	$ 203
Finance lease liabilities, less current portion	644	63
Total finance lease liabilities	$ 993	$ 266
Weighted Average Remaining Lease Term
Operating leases	4 years 10 months 24 days	5 years
Finance leases	3 years 1 month 6 days	1 year 2 months 12 days
Weighted Average Discount Rate
Operating leases	4.12%	3.83%
Finance leases	8.45%	3.51%

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

12 Months Ended

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Segment Reporting Information [Line Items]

Net sales

$ 468,911

$ 534,014

$ 635,920

Equity in income of equity investee

4,916

6,969

7,890

Interest expense and bank charges

6,935

4,643

2,532

Depreciation and amortization expense

12,444

13,130

12,398

Income (loss) before income taxes

^[1]

(47,377)

^[2],[3]

(30,950)

^[2],[3]

(25,839)

Operating Segments [Member] | Automotive Electronics [Member]

Segment Reporting Information [Line Items]

Net sales

142,341

174,811

200,594

Equity in income of equity investee

4,916

6,969

7,890

Interest expense and bank charges

1,884

1,917

1,510

Depreciation and amortization expense

3,240

3,245

3,049

Income (loss) before income taxes

^[1]

(6,008)

^[2],[3]

(3,236)

^[2],[3]

8,471

Operating Segments [Member] | Consumer Electronics [Member]

Segment Reporting Information [Line Items]

Net sales

326,618

357,758

433,925

Equity in income of equity investee

Interest expense and bank charges

7,790

8,033

7,827

Depreciation and amortization expense

5,868

6,534

4,957

Income (loss) before income taxes

^[1]

(19,332)

^[2],[3]

(1,101)

^[2],[3]

28,645

Operating Segments [Member] | Biometrics [Member]

Segment Reporting Information [Line Items]

Net sales

531

1,046

882

Equity in income of equity investee

Interest expense and bank charges

1,736

1,720

1,662

Depreciation and amortization expense

280

287

297

Income (loss) before income taxes

^[1]

(5,658)

^[2],[3]

(5,816)

^[2],[3]

(9,354)

Corporate, Non-Segment [Member]

Segment Reporting Information [Line Items]

Net sales

(579)

399

519

Equity in income of equity investee

Interest expense and bank charges

(4,475)

(7,027)

(8,467)

Depreciation and amortization expense

3,056

3,064

4,095

Income (loss) before income taxes

^[1]

$ (16,379)

^[2],[3]

$ (20,797)

^[2],[3]

$ (53,601)

[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 arbitration award unfavorable to the Company (see Note 15). Included within Loss before income taxes on Corporate/Eliminations for the year ended February 28, 2023 are charges of $3,944, representing interest expense, as well as charges for legal fee reimbursements and a settlement for a patent arbitration related to the final arbitration award.
[2]	Included within Loss before income taxes within Corporate/Eliminations for the years ended February 29, 2024 and February 28, 2023 are foreign currency losses of $2,795 and $3,267, respectively, attributable to the Company's Onkyo subsidiary related to intercompany transactions and financial statement translation adjustments.
[3]	Included within Loss before income taxes within the Consumer Electronics segment for the year ended February 29, 2024 are intangible asset impairment charges totaling $14,214. Included within Loss before income taxes within the Automotive Electronics segment for the year ended February 28, 2023 is a goodwill impairment charge of $7,373 and an intangible asset impairment charge of $1,300 (see Note 1(k)).

Description of Business and Summary of Significant Accounting Policies - Schedule of Redeemable Equity Related to Stock Awards and Shares (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Stockholders equity, beginning of period	$ 305,716	$ 346,102	$ 376,069
Reclassification of stockholders' equity to redeemable equity		(63)
Stock-based compensation expense	707	78	617
Stockholders equity, end of period	255,393	305,716	346,102
Patrick M. Lavelle [Member] \| Redeemable Equity [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Stockholders equity, beginning of period	4,018	3,550	3,260
Reclassification of stockholders' equity to redeemable equity		(63)
Stock-based compensation expense	92	531	290
Stockholders equity, end of period	$ 4,110	$ 4,018	$ 3,550

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

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. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Standard product warranty accrual	$ 4,965	$ 5,845
Product repair costs	1,628	914
Product warranty expense	$ 4,197	$ 6,525	$ 4,583

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

12 Months Ended

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Leases [Abstract]

Operating lease cost

^[1],[2]

$ 1,377

$ 1,508

$ 1,383

Finance lease cost:

Amortization of right of use assets

^[2]

372

283

403

Interest on lease liabilities

^[3]

Total finance lease cost

$ 425

$ 287

$ 414

[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.
[3]	Recorded within Interest and bank charges on the Consolidated Statements of Operations and Comprehensive Loss.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Feb. 29, 2024

SEC Schedule, 12-09, 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 29, 2024, February 28, 2023, and February 28, 2022

(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 29, 2024
Allowance for credit losses	$	1,398	$	625		$	—	$	71	$	1,952
Cash discount allowances		1,117		5,575			—		5,603		1,089
Refund reserve		5,181		19,816			—		21,349		3,648
Year ended February 28, 2023
Allowance for credit losses	$	2,182	$	(717	)	$	—	$	67	$	1,398
Cash discount allowances		1,108		5,218			—		5,209		1,117
Refund reserve		5,469		22,659			—		22,947		5,181
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
Refund reserve		5,145		9,571			—		9,247		5,469

(a)

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

Revenue from Contracts with Customers

12 Months Ended

Feb. 29, 2024

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 29, 2024, February 28, 2023, and February 28, 2022.


	Year Ended February 29,			Year Ended February 29,		Year Ended February 29,
	2024			2023		2022
Automotive Electronics Segment
OEM Products	$	58,273		$	72,979	$	65,017
Aftermarket Products		84,068			101,832		135,577
Total Automotive Electronics Segment		142,341			174,811		200,594

Consumer Electronics Segment
Premium Audio Products		237,921			274,544		343,991
Other Consumer Electronic Products		88,697			83,214		89,934
Total Consumer Electronics Segment		326,618			357,758		433,925

Biometrics Segment
Biometric Products		531			1,046		882
Total Biometrics Segment		531			1,046		882

Corporate/Eliminations		(579	)		399		519

Total Net Sales	$	468,911		$	534,014	$	635,920

As of February 29, 2024 and February 28, 2023, the balance of the Company's return asset was $1,683 and $2,513, respectively, and the balance of the refund liability was $3,648 and $5,181, 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 $4,419 at February 29, 2024 related to telematic subscription services. The following table provides a reconciliation of the Company’s contract liabilities as of February 29, 2024:


Balance at February 28, 2023	$	4,818
Subscription payments received		6,559
Revenue recognized		(6,958	)
Balance at February 29, 2024	$	4,419

Contract liabilities totaling $3,990 at February 28, 2023 were recognized during the year ended February 29, 2024. $3,810 of the total contract liability balance at February 29, 2024 will be recognized during the next twelve months. The Company had no contract asset balances at February 29, 2024 or February 28, 2023.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Description of Business and Summary of Significant Accounting Policies - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Prepaid expenses and other current assets	$ 20,820	$ 19,817
Derivative Assets and Liabilities	263	207
Designated as Hedging Instrument [Member] \| Foreign Exchange Contract
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Prepaid expenses and other current assets	121	0
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other assets	$ 142	$ 207

Description of Business and Summary of Significant Accounting Policies - Principles of Consolidation, Reclassifications and Accounting Principles - Additional Information (Details)	12 Months Ended
	Feb. 29, 2024
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%

Receivables from Vendors	12 Months Ended
Receivables from Vendors	Feb. 29, 2024
Receivables From Vendors [Abstract]
Receivables from Vendors	4) Receivables from Vendors The Company has recorded receivables from vendors in the amount of $1,192 and $112 as of February 29, 2024 and February 28, 2023, respectively. Receivables from vendors primarily represent prepayments on product shipments and product reimbursements. At February 29, 2024, the balance in Receivables from Vendors includes a balance due from one of the Company's vendors related to defective product that the vendor has agreed to reimburse the Company for. The balance is expected to be collected during Fiscal 2025.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Feb. 29, 2024

Accrued Liabilities, Current [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	February 29, 2024		February 28, 2023
Commissions	$	646	$	623
Employee compensation		9,340		15,878
Professional fees and accrued settlements		1,466		1,526
Future warranty		4,966		5,845
Refund liability		3,648		5,181
Freight and duty		5,629		7,508
Royalties, advertising and other		12,543		5,295
Total accrued expenses and other current liabilities	$	38,238	$	41,856

Equity Investment - Equity Method Investment, Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Current Assets	$ 235,868	$ 285,021
Equity Method Investment, Summarized Financial Information, Current Liabilities	96,983	153,387
Equity Method Investment Summarized Financial Information, Equity	255,393	305,716	$ 346,102	$ 376,069
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	114,019	134,299	169,478
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	(45,592)	(30,911)	(27,465)
ASA Electronics, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Current Assets	43,790	48,391
Equity Method Investment, Summarized Financial Information, Noncurrent Assets	7,579	6,525
Equity Method Investment, Summarized Financial Information, Current Liabilities	8,609	10,880
Equity Method Investment Summarized Financial Information, Equity	42,760	44,036
Equity Method Investment, Summarized Financial Information, Revenue	76,939	104,997	114,825
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	20,326	25,671	27,517
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations	8,913	13,749	15,695
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 9,832	$ 13,938	$ 15,780

Lease Obligations - Schedule of Maturities of Leases Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Operating Leases
2025	$ 851
2026	608
2027	401
2028	246
2029	241
Thereafter	549
Total lease payments	2,896
Less imputed interest	230
Total	2,666	$ 3,682
Finance Leases
2025	435
2026	364
2027	194
2028	122
2029	71
Thereafter	0
Total lease payments	1,186
Less imputed interest	193
Total	$ 993	$ 266

Financial Instruments

12 Months Ended

Feb. 29, 2024

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 29, 2024. Standby letters of credit amounted to $37 at February 29, 2024. 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 29, 2024, the Company had unconditional purchase obligations for inventory commitments of $62,458. 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 29, 2024 and February 28, 2023, the Company's five largest customer balances accounted for approximately 28% and 20% of accounts receivable, respectively, and at February 29, 2024, one customer represented 12% of the Company's accounts receivable balance. The Company's five largest customers represented 18%, 17%, and 21% of net sales during the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively. No single customer accounted for more than 10% of net sales during the years ended February 29, 2024, February 28, 2023, or February 28, 2022.

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.

Lease Obligations - Additional Information (Details) - USD ($)	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Leases [Line Items]
Short term leases	$ 0
Other Income (Expense) [Member]
Leases [Line Items]
Rental income	$ 937,000	$ 911,000	$ 678,000
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	7 years

Consolidated Balance Sheets - USD ($)	Feb. 29, 2024	Feb. 28, 2023
Current assets:
Cash and cash equivalents	$ 10,986,000	$ 6,134,000
Accounts receivable, net	71,066,000	82,753,000
Inventory, net	128,471,000	175,129,000
Receivables from vendors	1,192,000	112,000
Due from GalvanEyes LLC, current (Note 3)	$ 1,238,000	$ 0
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid expenses and other current assets	$ 20,820,000	$ 19,817,000
Income tax receivable	2,095,000	1,076,000
Total current assets	235,868,000	285,021,000
Investment securities	828,000	1,053,000
Equity investments	21,380,000	22,018,000
Property, plant and equipment, net	45,070,000	47,044,000
Operating lease, right of use asset	2,577,000	3,632,000
Goodwill	63,931,000	65,308,000
Intangible assets, net	68,766,000	90,437,000
Due from GalvanEyes LLC, less current portion (Note 3)	$ 1,340,000	$ 0
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Deferred income tax assets	$ 1,452,000	$ 1,218,000
Other assets	2,794,000	3,720,000
Total assets	444,006,000	519,451,000
Current liabilities:
Accounts payable	35,076,000	35,099,000
Accrued expenses and other current liabilities	38,238,000	41,856,000
Income taxes payable	1,123,000	2,276,000
Accrued sales incentives	18,236,000	21,778,000
Contingent consideration, current (Note 2)	0	4,500,000
Final arbitration award payable (Note 15)	0	43,388,000
Contract liabilities, current	3,810,000	3,990,000
Current portion of long-term debt	500,000	500,000
Total current liabilities	96,983,000	153,387,000
Long-term debt, net of debt issuance costs	71,881,000	37,513,000
Finance lease liabilities, less current portion	644,000	63,000
Operating lease liabilities, less current portion	1,884,000	2,509,000
Deferred compensation	828,000	1,053,000
Deferred income tax liabilities	2,690,000	4,855,000
Other tax liabilities	809,000	966,000
Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC (Note 3)	9,817,000	7,317,000
Other long-term liabilities	2,170,000	2,947,000
Total liabilities	187,706,000	210,610,000
Commitments and contingencies (Note 15)
Redeemable equity : Class A, $.01 par value; 577,581 shares at both February 29, 2024 and February 28, 2023 (Note 1(u))	4,110,000	4,018,000
Redeemable non-controlling interest (Note 2)	(3,203,000)	(893,000)
Stockholders' equity:
Preferred stock:
Paid-in capital	293,272,000	292,565,000
Retained earnings	58,272,000	99,122,000
Accumulated other comprehensive loss	(17,366,000)	(18,680,000)
Less: Treasury stock, at cost, 4,287,041 and 5,370,657 shares of Class A Common Stock at February 29, 2024 and February 28, 2023, respectively	(39,573,000)	(30,285,000)
Total VOXX International Corporation stockholders' equity	294,867,000	342,984,000
Non-controlling interest	(39,474,000)	(37,268,000)
Total stockholders' equity	255,393,000	305,716,000
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity	444,006,000	519,451,000
Common Class B [Member]
Stockholders' equity:
Common stock	22,000	22,000
Common Class A [Member]
Stockholders' equity:
Common stock	$ 240,000	$ 240,000

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Components of Deferred Tax Assets and Liabilities [Abstract]
Accounts receivable	$ 0	$ 192
Inventory	3,732	4,196
Property, plant and equipment	3,092	2,467
IRC Section 174 - Capitalized R&D	5,171	3,735
Interim arbitration award	0	10,453
Operating lease	675	811
Accruals and reserves	3,018	6,097
Deferred compensation	205	268
Warranty reserves	1,198	1,465
Unrealized gains and losses	1,337	4,877
Partnership investments	3,904	3,262
163(j) interest limitation	1,786
Net operating losses	22,881	5,270
Foreign tax credits	2,111	1,739
Other tax credits	6,334	5,344
Deferred tax assets before valuation allowance	55,444	50,176
Less: valuation allowance	(41,845)	(35,421)
Total deferred tax assets	13,599	14,755
Intangible assets	(12,858)	(16,035)
Prepaid expenses	(1,295)	(1,513)
Operating lease	(652)	(798)
Deferred financing fees	(32)	(46)
Total deferred tax liabilities	(14,837)	(18,392)
Net deferred tax liability	$ (1,238)	$ (3,637)

Financial and Product Information About Foreign and Domestic Operations

12 Months Ended

Feb. 29, 2024

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 automotive security, vehicle access, and remote start modules and systems; smart phone telematics applications; mobile multi-media infotainment products and rear-seat entertainment products, including overhead, seat-back, and headrest systems; rear observation and collision avoidance systems/blind spot sensors/automotive sensing and camera systems/driver distraction products; 360 camera applications; distribution of satellite radios, including plug and play models and direct connect models; cruise control systems; private label audio products; heated seats; interior lighting solutions; security and shock sensors; turn signal switches; puddle lamps; box lights; harnesses; Electric Vehicle Sound Systems ("EVSS"); interior lighting systems; and logo lighting modules.

Our Consumer Electronics segment designs, manufactures, distributes and markets premium loudspeakers; architectural speakers; commercial and cinema speakers; outdoor speakers; wireless and Bluetooth speakers; A/V receivers; high performance 2 channel loudspeakers; high performance 2 channel electronics; high performance party speakers; home theater systems; business music systems; streaming music systems; on-ear and in-ear headphones; wired and wireless headphones and ear buds; Bluetooth headphones and ear buds; soundbars; solar powered balcony systems; High-Definition Television ("HDTV") antennas; Wireless Fidelity ("WiFi") antennas; High-Definition Multimedia Interface ("HDMI") accessories; hearing aids and personal sound amplifiers; karaoke products; infant/nursery products; home electronic accessories such as cabling, power cords, and other connectivity products; performance enhancing electronics; T.V. universal remote controls; flat panel TV mounting systems; power supply systems and charging products; electronic equipment cleaning products; set-top boxes; and home and portable stereos.

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 intersegment sales are not material. The segments are allocated interest expense, based upon a pre-determined formula, which utilizes a percentage of each operating segment's intercompany balance, and 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 29, 2024
Net sales	$	142,341		$	326,618		$	531		$	(579	)	$	468,911
Equity in income of equity investees		4,916			—			—			—			4,916
Interest expense and bank charges		1,884			7,790			1,736			(4,475	)		6,935
Depreciation and amortization expense		3,240			5,868			280			3,056			12,444
Loss before income taxes (a) (b) (c)		(6,008	)		(19,332	)		(5,658	)		(16,379	)		(47,377	)

Fiscal Year Ended February 28, 2023
Net sales	$	174,811		$	357,758		$	1,046		$	399		$	534,014
Equity in income of equity investees		6,969			—			—			—			6,969
Interest expense and bank charges		1,917			8,033			1,720			(7,027	)		4,643
Depreciation and amortization expense		3,245			6,534			287			3,064			13,130
Loss before income taxes (a) (b) (c)		(3,236	)		(1,101	)		(5,816	)		(20,797	)		(30,950	)

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	)

(a)

(b)

(c)


	United States		Europe		Other		Total
Fiscal Year Ended February 29, 2024
Net sales	$	362,749	$	88,563	$	17,599	$	468,911
Long-lived assets		40,693		3,172		1,205		45,070

Fiscal Year Ended February 28, 2023
Net sales	$	421,296	$	79,677	$	33,041	$	534,014
Long-lived assets		41,925		3,164		1,955		47,044

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

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ 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) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Venezuela [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Impairment of definitely-lived intangible assets or long-lived assets	$ 0	$ 0	$ 0

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]

Stockholders equity, beginning of period at Feb. 28, 2021

$ 376,069

$ 264

$ 297,145

$ 148,906

$ (14,977)

$ (31,351)

$ (23,918)

Net loss

^[1]

(25,982)

(22,333)

(3,649)

Other comprehensive loss, net of tax

(2,526)

Settlement of shares of Class A Common Stock upon vesting of stock awards, net of withholding taxes

(856)

Repurchase of shares of Class A Common Stock

(1,220)

Stock-based compensation expense

617

(1)

618

Stockholders equity, end of period at Feb. 28, 2022

346,102

263

296,907

126,573

(17,503)

(35,000)

(25,138)

Net loss

^[1]

(29,719)

(27,451)

(2,268)

Other comprehensive loss, net of tax

(1,177)

Cash settlement of market stock units upon vesting of remaining award

(4,000)

Settlement of SERP restricted stock units

(81)

Settlement of shares of Class A Common Stock upon vesting of stock awards, net of withholding taxes

(403)

(404)

Repurchase of shares of Class A Common Stock

(5,147)

Reclassification of stockholders' equity to redeemable equity

Stock-based compensation expense

(2)

Stockholders equity, end of period at Feb. 28, 2023

305,716

262

292,565

99,122

(18,680)

(37,268)

(30,285)

Net loss

^[1]

(43,056)

(40,850)

(2,206)

Other comprehensive loss, net of tax

1,314

Repurchase of shares of Class A Common Stock

(9,288)

Stock-based compensation expense

707

Stockholders equity, end of period at Feb. 29, 2024

$ 255,393

$ 262

$ 293,272

$ 58,272

$ (17,366)

$ (39,474)

$ (39,573)

[1]	(1) Net loss excludes net loss attributable to redeemable non-controlling interest of $(1,483), $(1,191), and $(2,535) for the years ended February 29, 2024, February 28, 2023, and February 28, 2022, respectively (see Note 2).

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Feb. 29, 2024	May 10, 2024	Aug. 31, 2023
Document Information [Line Items]
Entity Registrant Name	VOXX INTERNATIONAL CORPORATION
Entity Trading Symbol	VOXX
Entity Central Index Key	0000807707
Current Fiscal Year End Date	--02-29
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Feb. 29, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Interactive Data Current	Yes
Title of 12(b) Security	Class A Common Stock $.01 par value
Security Exchange Name	NASDAQ
Entity File Number	0-28839
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1964841
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address Postal Zip Code	32824
City Area Code	800
Local Phone Number	645-7750
Entity Address, Address Line One	2351 J. Lawson Boulevard
Document Annual Report	true
Document Transition Report	false
Entity Well Known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Amendment Flag	false
Entity Public Float			$ 97,353,635
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Melville, New York
Documents Incorporated by Reference	Part III - (Items 10, 11, 12, 13 and 14) Proxy Statement for Annual Meeting of Stockholders to be filed on or before June 10, 2024
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,281,143
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,260,954

Description of Business and Summary of Significant Accounting Policies - Schedule of Intangible Assets, Excluding Goodwill (Parenthetical) (Details)	Feb. 29, 2024	Feb. 28, 2023
Customer Relationships [Member] \| Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	4 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	10 years	10 years
Trademarks/Tradenames [Member] \| Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	15 years	15 years
Developed Technology [Member] \| Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years	7 years
Developed Technology [Member] \| Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	8 years	8 years
Patents [Member] \| Minimum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	4 years	4 years
Patents [Member] \| Maximum [Member]
Goodwill and Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	13 years	13 years

Description of Business and Summary of Significant Accounting Policies - Inventory - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Inventory Write-down	$ 7,147	$ 2,811	$ 2,912
Net realizable value of inventory	$ 3,800

Receivables from Vendors - Additional Information (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Receivables From Vendors [Abstract]
Nontrade receivables, current	$ 1,192	$ 112

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

12 Months Ended

Feb. 29, 2024

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 29, 2024 and February 28, 2023:


	February 29, 2024			February 28, 2023
Assets
Current assets:
Cash and cash equivalents	$	-		$	158
Accounts receivable, net		64			520
Inventory, net		1,839			1,836
Due from GalvanEyes LLC, current		1,238			-
Prepaid expenses and other current assets		58			93
Total current assets		3,199			2,607
Property, plant and equipment, net		4			9
Intangible assets, net		1,514			1,786
Due from GalvanEyes LLC, less current portion		1,340
Other assets		5			8
Total assets	$	6,062		$	4,410
Liabilities and Partners' Deficit
Current liabilities:
Accounts payable	$	759		$	864
Interest payable to VOXX		16,525			14,803
Accrued expenses and other current liabilities		287			296
Due to VOXX		69,377			66,175
Total current liabilities		86,948			82,138
Prepaid ownership interest due to GalvanEyes LLC		9,817			7,317
Other long-term liabilities		1,200			1,200
Total liabilities		97,965			90,655
Commitments and contingencies
Partners' deficit:
Capital		41,416			41,416
Retained losses		(133,319	)		(127,661	)
Total partners' deficit		(91,903	)		(86,245	)
Total liabilities and partners' deficit	$	6,062		$	4,410

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


	Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 28, 2022
Net sales	$	531		$	1,046		$	882
Cost of sales		422			688			694
Gross profit		109			358			188
Operating expenses:
Selling		410			575			653
General and administrative		1,638			1,509			1,410
Engineering and technical support		2,034			2,355			5,817
Restructuring expenses (Note 6)		27			-			-
Total operating expenses		4,109			4,439			7,880
Operating loss		(4,000	)		(4,081	)		(7,692	)
Other (expense) income:
Interest and bank charges		(1,736	)		(1,720	)		(1,662	)
Other, net		78			(15	)		—
Total other expense, net		(1,658	)		(1,735	)		(1,662	)
Loss before income taxes		(5,658	)		(5,816	)		(9,354	)
Income tax expense		—			—			—
Net loss	$	(5,658	)	$	(5,816	)	$	(9,354	)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Description of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Property Plant And Equipment [Line Items]
Depreciation	$ 5,900	$ 6,282	$ 5,890
Capitalized Computer Software, Amortization	$ 1,352	$ 1,659	$ 1,547

Description of Business and Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Accounting Policies [Abstract]
Trade accounts receivable	$ 74,107	$ 85,268
Allowance for credit losses	1,952	1,398
Allowance for cash discounts	1,089	1,117	$ 1,108	$ 1,104
Accounts receivable	$ 71,066	$ 82,753

Lease Obligations

12 Months Ended

Feb. 29, 2024

Leases [Abstract]

Lease Obligations

11)

Lease Obligations

The Company accounts for operating and finance leases in accordance with ASC Topic 842, Leases. 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 elected the practical expedient in ASC 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. 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 29, 2024.

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 7 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.

The components of lease cost for the year ended February 29, 2024 were as follows:


	February 29, 2024		February 28, 2023		February 28, 2022
Operating lease cost (a) (c)	$	1,377	$	1,508	$	1,383
Finance lease cost:
Amortization of right of use assets (a)		372		283		403
Interest on lease liabilities (b)		53		4		11
Total finance lease cost	$	425	$	287	$	414

(a)

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

(b)

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

(c)

Includes immaterial amounts related to variable rent expense.

Supplemental balance sheet information related to leases is as follows:


	February 29, 2024			February 28, 2023
Operating Leases
Operating lease, right of use assets	$	2,577		$	3,632
Total operating lease right of use assets	$	2,577		$	3,632
Accrued expenses and other current liabilities	$	782		$	1,173
Operating lease liabilities, less current portion		1,884			2,509
Total operating lease liabilities	$	2,666		$	3,682
Finance Leases
Property, plant and equipment, gross	$	3,835		$	2,754
Accumulated depreciation		(2,863	)		(2,491	)
Total finance lease right of use assets	$	972		$	263
Accrued expenses and other current liabilities	$	349		$	203
Finance lease liabilities, less current portion		644			63
Total finance lease liabilities	$	993		$	266
Weighted Average Remaining Lease Term
Operating leases	4.9 years			5.0 years
Finance leases	3.1 years			1.2 years
Weighted Average Discount Rate
Operating leases		4.12	%		3.83	%
Finance leases		8.45	%		3.51	%

At February 29, 2024, maturities of lease liabilities for each of the succeeding years were as follows:


	Operating Leases		Finance Leases
2025	$	851	$	435
2026		608		364
2027		401		194
2028		246		122
2029		241		71
Thereafter		549		-
Total lease payments		2,896		1,186
Less imputed interest		230		193
Total	$	2,666	$	993

As of February 29, 2024, 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 Sheets at February 29, 2024. Rental income earned by the Company for the years ended February 29, 2024, February 28, 2023, and February 28, 2022 was $937, $911, and $678, respectively, which is recorded within Other income (expense).

Subsequent Events	12 Months Ended
Subsequent Events	Feb. 29, 2024
Subsequent Events [Abstract]
Subsequent Events	16) Subsequent Events On March 7, 2024, the Company announced that its majority owned subsidiary, EyeLock LLC, entered into a joint venture agreement with GalvanEyes Partners LLC, effective March 1, 2024, to form BioCenturion LLC. The joint venture will operate its biometrics business. Each of the members has agreed to contribute selected assets and liabilities to the joint venture, with GalvanEyes controlling the day-to-day operations of the joint venture. All working capital needs and funding of the joint venture shall be borne by GalvanEyes for the first two years. Beat Kahli, who previously served as President of Voxx and as CEO of GalvanEyes, and who current serves as Vice-chairman of Voxx's Board of Directors, will serve as Chairman of the Board and Chief Executive Officer of BioCenturion LLC.

Capital Structure (Tables)

12 Months Ended

Feb. 29, 2024

Equity [Abstract]

Schedule of Capital Units

The Company's capital structure is as follows:


			Shares Authorized				Shares Outstanding
Security	Par Value		February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023		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		19,698,562		20,589,946	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 - Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Other comprehensive income (loss), defined benefit plan, after reclassification adjustment, tax	$ 35	$ 171	$ (40)
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	(39)	20	(101)
Other comprehensive (loss) income before reclassifications	$ 1,314	$ (1,134)	$ (2,674)
Minimum [Member]
Foreign currency variance	(7.00%)	(10.00%)	(2.00%)
Maximum [Member]
Foreign currency variance	10.00%	19.00%	8.00%
Euro Member Countries, Euro
Other comprehensive (loss) income before reclassifications	$ 659	$ (1,660)	$ (2,728)
Canada, Dollars
Other comprehensive (loss) income before reclassifications	111	(193)	(245)
Mexico, Pesos
Other comprehensive (loss) income before reclassifications	32	57	25
Other Currency [Member]
Other comprehensive (loss) income before reclassifications	89	92	(120)
Foreign Currency Translation (Losses) Gains [Member]
Other comprehensive (loss) income before reclassifications	1,375	(1,876)	(3,317)
Foreign Currency Translation (Losses) Gains [Member] \| Japan, Yen
Other comprehensive (loss) income before reclassifications	484	(173)
Foreign Currency Translation (Losses) Gains [Member] \| Intercompany Transactions Of Long Term Investment Nature [Member]
Other comprehensive (loss) income before reclassifications	207	1,639	320
Foreign Currency Translation (Losses) Gains [Member] \| Translating Financial Statements [Member]
Other comprehensive (loss) income before reclassifications	$ 1,168	$ (3,515)	$ (3,637)

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) - $ / shares		12 Months Ended
	Mar. 01, 2022	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Vested	(100,000)
2014 Plan [Member]
Unvested Number of share, Beginning balance	354,360	286,986	354,360	603,724
Granted		18,116	66,556	48,527
Vested		(113,790)	(33,930)	(197,891)
Vested and settled		(15,000)	(100,000)	(100,000)
Forfeited		0	0	0
Unvested Number of share, Ending balance		176,312	286,986	354,360
Weighted Average Grant Date Fair Value, Beginning balance	$ 6.30	$ 7.70	$ 6.30	$ 5.18
Weighted Average Grant Date Fair Value, Granted		9.89	9.00	13.59
Weighted Average Grant Date Fair Value, Vested		7.00	6.10	5.76
Weighted Average Grant Date Fair Value, Vested and settled		10.66	4.15	4.15
Weighted Average Grant Date Fair Value, Forfeited		0	0	0
Weighted Average Grant Date Fair Value, Ending balance		$ 8.93	$ 7.70	$ 6.30

Description of Business and Summary of Significant Accounting Policies - Change in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Goodwill [Line Items]
Goodwill	$ 65,308	$ 74,320	$ 58,311
Goodwill, Acquired During Period	0	0	18,160
Adjustments to goodwill acquired, net	0	1,051	(1,353)
Impairment charge	0	(7,373)	0
Foreign currency translation	(1,377)	(2,690)	(798)
Goodwill	63,931	65,308	74,320
Goodwill, Gross	103,467	104,844	106,483
Goodwill, Impaired, Accumulated Impairment Loss	(39,536)	(39,536)	(32,163)
Automotive Electronics [Member]
Goodwill [Line Items]
Goodwill	3,052	10,425	11,778
Adjustments to goodwill acquired, net	0	0	(1,353)
Impairment charge	0	(7,373)	0
Goodwill	3,052	3,052	10,425
Goodwill, Gross	10,425	10,425	10,425
Goodwill, Impaired, Accumulated Impairment Loss	(7,373)	(7,373)	0
Consumer Electronics [Member]
Goodwill [Line Items]
Goodwill	62,256	63,895	46,533
Goodwill, Acquired During Period	0	0	18,160
Adjustments to goodwill acquired, net	0	1,051	0
Foreign currency translation	(1,377)	(2,690)	(798)
Goodwill	60,879	62,256	63,895
Goodwill, Gross	93,042	94,419	96,058
Goodwill, Impaired, Accumulated Impairment Loss	$ (32,163)	$ (32,163)	$ (32,163)

Financing Arrangements - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Debt Disclosure [Abstract]
Long-term Debt, Current Maturities	$ 500
Long-term Debt, Maturities, Repayments of Principal in Year Two	500
Long-term Debt, Maturities, Repayments of Principal in Year Three	68,458
Long-term Debt, Maturities, Repayments of Principal in Year Four	0
Long-term Debt, Maturities, Repayments of Principal in Year Five	0
Long-term Debt, Maturities, Repayments of Principal after Year Five	3,813
Long-term Debt	$ 73,271	$ 39,194

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Disaggregation Of Revenue [Line Items]
Net sales	$ 468,911	$ 534,014	$ 635,920
Corporate, Non-Segment [Member]
Disaggregation Of Revenue [Line Items]
Net sales	(579)	399	519
Automotive [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Net sales	142,341	174,811	200,594
Automotive [Member] \| Operating Segments [Member] \| OEM Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	58,273	72,979	65,017
Automotive [Member] \| Operating Segments [Member] \| Aftermarket Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	84,068	101,832	135,577
Consumer Electronics [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Net sales	326,618	357,758	433,925
Consumer Electronics [Member] \| Operating Segments [Member] \| Premium Audio Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	237,921	274,544	343,991
Consumer Electronics [Member] \| Operating Segments [Member] \| Other Consumer Electronic Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	88,697	83,214	89,934
Biometrics [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Net sales	531	1,046	882
Biometrics [Member] \| Operating Segments [Member] \| Biometric Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 531	$ 1,046	$ 882

Acquisitions (Tables) - Onkyo Home Entertainment Corporation [Member]

12 Months Ended

Feb. 29, 2024

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		1,119			7,829
Total transaction consideration	$	37,116	$	1,119		$	38,235

Allocation:
Intangible assets	$	26,929	$	(7,905	)	$	19,024
Goodwill		10,187		9,024			19,211
Total assets acquired	$	37,116	$	1,119			38,235

Summary of Amounts Assigned to Goodwill and Intangible Assets

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

Summary of Contingent Consideration Balance

The following table provides a rollforward of the Company's contingent consideration balance for the year ended February 29, 2024:



Balance at February 28, 2023	$	4,500
Payments		(4,500	)
Balance at February 29, 2024	$	-

Rollforward of the Redeemable Non-controlling Interest

The following table provides the rollforward of the redeemable non-controlling interest for the year ended February 29, 2024:


	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
Net loss attributable to non-controlling interest		(1,191	)
Comprehensive loss attributable to non-controlling interest		(125	)
Foreign currency translation		(88	)
Balance at February 28, 2023		(893	)
Net loss attributable to non-controlling interest		(2,535	)
Comprehensive loss attributable to non-controlling interest		143
Foreign currency translation		82
Balance at February 29, 2024	$	(3,203	)

Description of Business and Summary of Significant Accounting Policies - Schedule of Intangible Assets, Excluding Goodwill (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 102,900	$ 104,121
Finite-Lived Intangible Assets, Accumulated Amortization	75,895	69,592
Finite-Lived Intangible Assets, Net	27,005	34,529
Intangible assets, net	68,766	90,437
Trademarks [Member]
Goodwill and Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	41,761	55,908
Customer Relationships [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	53,915	53,790
Finite-Lived Intangible Assets, Accumulated Amortization	46,037	42,786
Finite-Lived Intangible Assets, Net	7,878	11,004
Trademarks/Tradenames [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	20,323	21,205
Finite-Lived Intangible Assets, Accumulated Amortization	5,031	3,360
Finite-Lived Intangible Assets, Net	15,292	17,845
Developed Technology [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	18,970	19,434
Finite-Lived Intangible Assets, Accumulated Amortization	15,743	14,645
Finite-Lived Intangible Assets, Net	3,227	4,789
Patents [Member]
Goodwill and Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	6,736	6,736
Finite-Lived Intangible Assets, Accumulated Amortization	6,128	5,845
Finite-Lived Intangible Assets, Net	608	891
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	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	$ 0

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 2,136	$ 870	$ 0
Accrued restructuring charges	407
Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	148
Automotive [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	890
Consumer Electronics [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	1,071
Biometrics [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 27

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Description of Business and Summary of Significant Accounting Policies - Schedule of Other (Expense) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Foreign currency (loss) gain	$ (3,232)	$ (3,674)	$ (635)
Interest income	158	36	72
Rental income	937	911	678
Miscellaneous	57	672	208
Total other, net	$ (2,080)	$ (2,055)	$ 323

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

Feb. 29, 2024

Feb. 28, 2023

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

$ 73,271

$ 39,194

Less: current portion of long-term debt

500

Long-term debt before debt issuance costs

72,771

38,694

Less: debt issuance costs

890

1,181

Total long-term debt

71,881

37,513

Revolving Credit Facility [Member]

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

^[1]

63,843

29,000

Mortgages [Member]

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

^[2]

5,615

6,115

Less: debt issuance costs

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

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

^[3]

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

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

^[4]

$ 3,813

$ 4,079

[1]	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 $165,000. The Credit Facility also includes a $50,000 sublimit for letters of credit and a $15,000 sublimit for Swing 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)). The remaining availability under the revolving credit line of the Credit Facility was $55,346 as of February 29, 2024. 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. 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 SOFR Loans, except that Swing Loans may only be designated as Base Rate Loans. Loans under the Credit Facility designated as SOFR Loans shall bear interest at a rate equal to the then-applicable SOFR Rate plus a range of 1.75% - 2.25% (7.61% at February 29, 2024). 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% (9.50% at February 29, 2024). Provided the Company is in a Compliance Period (the period commencing on the day in which Excess Availability is less than 15% of the Maximum Revolver Amount and ending on a day in which Excess Availability is equal to or greater than 15% 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, including the declaration of dividends; (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 29, 2024, 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, as parent, has guaranteed the obligations of its subsidiary 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. 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 over the remaining term of the Credit Facility. The Company amortized $361, $231, and $241 during the years ended, February 29, 2024, February 28, 2023 and February 28, 2022, respectively. The net unamortized balance of these deferred financing costs at February 29, 2024 is $799. Charges incurred on the unused portion of the Credit Facility and its predecessor revolving credit facility during the years ended February 29, 2024, February 28, 2023, and February 28, 2022 totaled $696, $686, and $739, respectively, and are included within Interest and Bank Charges on the Consolidated Statements of Operations and Comprehensive Loss.
[2]	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. On May 1, 2023, VOXX HQ LLC consented to a First Amendment and Supplement to the Indenture of Trust relating to the Florida Industrial Revenue Bonds, and which provided for a replacement benchmark from LIBOR to SOFR, including a modification to the interest rate to 79% of the applicable SOFR Rate plus 1.87% (6.07% at February 29, 2024). The Florida Mortgage 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 and February 2023. The Company incurred debt financing costs totaling approximately $332 as a result of obtaining the Florida Mortgage, as well as $40 related to the May 2023 amendment, 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 over the ten-year term of the Florida Mortgage. The Company amortized $43 of these costs during the year ended February 29, 2024 and $31 during both of the years ended February 28, 2023 and February 28, 2022, respectively. The net unamortized balance of these deferred financing costs at February 29, 2024 is $91. 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, which was amended on May 3, 2023 in conjunction with the amendment to the Florida Mortgage. The swap contract was amended to reference the SOFR Rate, as well as set a fixed rate equal to 3.43% (see Note 1(e)).
[3]	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 October 31, 2024. The rate of interest for the ABL is the three-month Euribor plus 3.55% (7.49% at February 29, 2024).
[4]	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 certain assets 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 29, 2024 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.

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. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Accounting Policies [Abstract]
Weighted-average common shares outstanding (basic)	23,428,473	24,325,938	24,287,179
Restricted stock units, market stock units, and stock grants	0	0	0
Weighted-average common and potential common shares outstanding (diluted)	23,428,473	24,325,938	24,287,179

Other Stock and Retirement Plans

12 Months Ended

Feb. 29, 2024

Retirement Benefits [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 29, 2024, approximately 1,759,000 shares of the Company's Class A common stock are reserved for issuance under the Company's Restricted and Stock Option Plans.

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 29, 2024, February 28, 2023, and February 28, 2022, the Company contributed, net of forfeitures, $750, $685, and $689 to the 401(k) Plan.

Deferred Compensation Plan

A Deferred Compensation Plan (the “Plan”) was adopted by the Company in 1999 for Vice Presidents and above. The Plan was 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 was not intended to be a qualified plan under the provisions of the Internal Revenue Code. All compensation deferred under the Plan has been held by the Company in an investment trust which is considered an asset of the Company.

The investments, which amounted to $828 and $1,053 at February 29, 2024 and February 28, 2023, 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. The Plan was terminated on May 1, 2023. Payments of the remaining balance will be made to the participating employees in two installments on June 1, 2024 and March 1, 2025.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Feb. 29, 2024

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 29, 2024, February 28, 2023, and February 28, 2022.


	Year Ended February 29,			Year Ended February 29,		Year Ended February 29,
	2024			2023		2022
Automotive Electronics Segment
OEM Products	$	58,273		$	72,979	$	65,017
Aftermarket Products		84,068			101,832		135,577
Total Automotive Electronics Segment		142,341			174,811		200,594

Consumer Electronics Segment
Premium Audio Products		237,921			274,544		343,991
Other Consumer Electronic Products		88,697			83,214		89,934
Total Consumer Electronics Segment		326,618			357,758		433,925

Biometrics Segment
Biometric Products		531			1,046		882
Total Biometrics Segment		531			1,046		882

Corporate/Eliminations		(579	)		399		519

Total Net Sales	$	468,911		$	534,014	$	635,920

Reconciliation of Contract Liabilities

The following table provides a reconciliation of the Company’s contract liabilities as of February 29, 2024:


Balance at February 28, 2023	$	4,818
Subscription payments received		6,559
Revenue recognized		(6,958	)
Balance at February 29, 2024	$	4,419

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 29, 2024	Feb. 28, 2023
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	4,287,041	3,370,657
Common Class A [Member]
Redeemable equity par value	$ 0.01	$ 0.01
Redeemable equity shares outstanding	577,581	577,581
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	23,985,603	23,960,603
Common stock, shares outstanding	19,698,562	20,589,946
Treasury stock, shares	4,287,041	3,370,657
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

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

Capital Structure

12 Months Ended

Feb. 29, 2024

Equity [Abstract]

Capital Structure

The Company's capital structure is as follows:


			Shares Authorized				Shares Outstanding
Security	Par Value		February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023		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		19,698,562		20,589,946	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, subject to the Company's loan covenants (see Note 7), 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. The Company's Class A common shares outstanding are presented net of 577,581 shares subject to possible redemption at both February 29, 2024 and February 28, 2023 (see Note 1(u)).

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 4,287,041 and 3,370,657 shares at February 29, 2024 and February 28, 2023, 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 years ended February 29, 2024, February 28, 2023, and February 28, 2022, the Company repurchased 916,384, 508,439, and 113,000 shares of Class A Common Stock, respectively, for an aggregate cost of $9,288, $5,147, and $1,220, respectively. As of February 29, 2024, 881,053 shares of the Company's Class A common stock are authorized to be repurchased in the open market.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Acquisitions - Summary of Amounts Assigned to Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 08, 2021	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Business Acquisition [Line Items]
Goodwill		$ 63,931	$ 65,308	$ 74,320	$ 58,311
Onkyo Home Entertainment Corporation [Member]
Business Acquisition [Line Items]
Goodwill	$ 19,211
Intangible assets	38,235
Onkyo Home Entertainment Corporation [Member] \| Goodwill [Member]
Business Acquisition [Line Items]
Goodwill	$ 19,211
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

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Financial and Product Information About Foreign and Domestic Operations - Additional Information (Details)	12 Months Ended
	Feb. 29, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	3

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
	Mar. 01, 2024	Sep. 28, 2023	Feb. 06, 2023	Mar. 01, 2022	Jul. 08, 2019	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022	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						1,759,000
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized						$ 0
Non-cash stock-based compensation expense						$ 798	$ 609	$ 907
Vested and unissued shares				100,000
Cash equivalent share grant		$ 250
Shares withheld for taxes				38,663
Annual salary		750
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						$ 9.89	$ 9.00	$ 13.59
Vested and unissued shares						113,790	33,930	197,891
Weighted Average Grant Date Fair Value, Vested						$ 7.00	$ 6.10	$ 5.76
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						$ 91	$ 91	$ 241
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
Estimated Maximum threshold share increases in value of award					333,333
Share-Based compensation arrangement by share based payment award grant of market stock units, vesting percentage	20.00%			80.00%		20.00%
Percentage of market stock units, remain outstanding							4,000
Beat Kahli [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Annual salary			$ 300
Ms. Shelton
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash equivalents					$ 100
Common Class A [Member] \| Patrick M. Lavelle [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Allocated share-based compensation expense		$ 99
Award vesting period					5 years
Grant of initial shares under employment agreement				61,337
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
Grant of initial shares under employment agreement					200,000
Share based compensation related to additional stock grants						$ 0	$ 0	$ 157
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
Common Class A [Member] \| Beat Kahli [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Allocated share-based compensation expense						201
Share-based Compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value			$ 10.66
Common Class A [Member] \| Beat Kahli [Member] \| June 30, 2023 [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Additional grant of shares under employment agreement			20,000
Common Class A [Member] \| Beat Kahli [Member] \| September 30, 2023 [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Additional grant of shares under employment agreement			20,000
Common Class A [Member] \| Beat Kahli [Member] \| December 31, 2023 [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Additional grant of shares under employment agreement			20,000
Common Class A [Member] \| Beat Kahli [Member] \| March 31, 2024 [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Additional grant of shares under employment agreement			20,000
Common Class A [Member] \| Ms. Shelton
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Allocated share-based compensation expense						$ 40
Award vesting period					5 years
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						798	$ 609	$ 907
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized						$ 865
Stock issued during period, shares, restricted stock award, gross						18,116	46,556	48,527
Share-based Compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value						$ 9.89	$ 8.28	$ 13.59
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						8,634
Cash equivalents						$ 81
Unissued Restricted Stock Unit Awards [Member] \| 2014 Plan [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Vested and unissued shares						605,295
Weighted Average Grant Date Fair Value, Vested						$ 6.23
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

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

12 Months Ended

Feb. 29, 2024

Feb. 28, 2023

Feb. 28, 2022

Variable Interest Entity [Line Items]

Net sales

$ 468,911

$ 534,014

$ 635,920

Cost of sales

354,892

399,715

466,442

Gross profit

114,019

134,299

169,478

Selling

43,090

46,967

50,507

General and administrative

69,228

73,638

75,955

Engineering and technical support

29,392

31,464

31,540

Restructuring expenses

2,136

870

Total operating expenses

158,060

161,576

161,554

Operating (loss) income

(44,041)

(27,277)

7,924

Interest and bank charges

(6,935)

(4,643)

(2,532)

Other, net

(2,080)

(2,055)

323

Total other expense, net

(3,336)

(3,673)

(33,763)

Loss before income taxes

^[1]

(47,377)

^[2],[3]

(30,950)

^[2],[3]

(25,839)

Income tax expense

1,785

(1,626)

Net loss

(45,592)

(30,911)

(27,465)

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Net sales

531

1,046

882

Cost of sales

422

688

694

Gross profit

109

358

188

Selling

410

575

653

General and administrative

1,638

1,509

1,410

Engineering and technical support

2,034

2,355

5,817

Restructuring expenses

Total operating expenses

4,109

4,439

7,880

Operating (loss) income

(4,000)

(4,081)

(7,692)

Interest and bank charges

(1,736)

(1,720)

(1,662)

Other, net

(15)

Total other expense, net

(1,658)

(1,735)

(1,662)

Loss before income taxes

(5,658)

(5,816)

(9,354)

Income tax expense

Net loss

$ (5,658)

$ (5,816)

$ (9,354)

[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 arbitration award unfavorable to the Company (see Note 15). Included within Loss before income taxes on Corporate/Eliminations for the year ended February 28, 2023 are charges of $3,944, representing interest expense, as well as charges for legal fee reimbursements and a settlement for a patent arbitration related to the final arbitration award.
[2]	Included within Loss before income taxes within Corporate/Eliminations for the years ended February 29, 2024 and February 28, 2023 are foreign currency losses of $2,795 and $3,267, respectively, attributable to the Company's Onkyo subsidiary related to intercompany transactions and financial statement translation adjustments.
[3]	Included within Loss before income taxes within the Consumer Electronics segment for the year ended February 29, 2024 are intangible asset impairment charges totaling $14,214. Included within Loss before income taxes within the Automotive Electronics segment for the year ended February 28, 2023 is a goodwill impairment charge of $7,373 and an intangible asset impairment charge of $1,300 (see Note 1(k)).

Description of Business and Summary of Significant Accounting Policies - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Statement of Financial Position [Abstract]
Redeemable non-controlling interest	$ (3,203)	$ (893)
Retained earnings	58,272	99,122
Total VOXX International Corporation stockholders' equity	294,867	342,984
Total stockholders' equity	255,393	305,716	$ 346,102	$ 376,069
Statement of Comprehensive Income [Abstract]
Less: net loss attributable to non-controlling interest	(4,742)	(3,460)	(5,132)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries	(40,850)	(27,451)	(22,333)
Comprehensive (loss) income attributable to VOXX International Corporation	$ (39,536)	$ (28,628)	$ (24,859)
Net income (loss) per share attributable to VOXX International Corporation
Basic	$ (1.74)	$ (1.13)	$ (0.92)
Diluted	$ (1.74)	$ (1.13)	$ (0.92)
As Previously Reported
Statement of Financial Position [Abstract]
Redeemable non-controlling interest		$ 232
Retained earnings		97,997
Total VOXX International Corporation stockholders' equity		341,859
Total stockholders' equity		304,591
Statement of Comprehensive Income [Abstract]
Less: net loss attributable to non-controlling interest		(2,335)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries		(28,576)
Comprehensive (loss) income attributable to VOXX International Corporation		$ (29,753)
Net income (loss) per share attributable to VOXX International Corporation
Basic		$ (1.17)
Diluted		$ (1.17)
Adjustment
Statement of Financial Position [Abstract]
Redeemable non-controlling interest		$ (1,125)
Retained earnings		1,125
Total VOXX International Corporation stockholders' equity		1,125
Total stockholders' equity		1,125
Statement of Comprehensive Income [Abstract]
Less: net loss attributable to non-controlling interest		(1,125)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries		1,125
Comprehensive (loss) income attributable to VOXX International Corporation		$ 1,125
Net income (loss) per share attributable to VOXX International Corporation
Basic		$ 0.05
Diluted		$ 0.05