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Fair Value Measurements, Cash, Cash Equivalents and Investments | 9 Months Ended
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Nov. 30, 2025
Cash and Cash Equivalents [Abstract] |
Fair Value Measurements, Cash, Cash Equivalents and Investments | FAIR VALUE MEASUREMENTS, CASH, CASH EQUIVALENTS AND INVESTMENTS Fair Value The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use in pricing the asset or liability, such as inherent risk, non-performance risk and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels: •Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. •Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3 - Significant unobservable inputs that are supported by little or no market activity. The fair value hierarchy also requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities are carried at amounts that approximate their fair values (Level 2 measurement) due to their short maturities. Recurring Fair Value Measurements In determining the fair value of investments held, the Company primarily relies on an independent third-party valuator for the fair valuation of securities. The Company also reviews the inputs used in the valuation process and assesses the pricing of the securities for reasonableness after conducting its own internal collection of quoted prices from brokers. Fair values for all investment categories provided by the independent third-party valuator that are in excess of 0.5% from the fair values determined by the Company are communicated to the independent third-party valuator for consideration of reasonableness. The independent third-party valuator considers the information provided by the Company before determining whether a change in their original pricing is warranted. When the Company concludes that there is a significant financing component included within a contract with a customer due to timing differences between the fulfillment of certain performance obligations and the receipt of payment for those performance obligations, the Company determines the present value of the future consideration utilizing the discount rate that would be reflected in a separate financing transaction between the customer and the Company at contract inception based upon the credit characteristics of the customer receiving financing in the contract. Non-Recurring Fair Value Measurements Upon the occurrence of certain events, the Company re-measures the fair value of non-marketable equity investments for which it utilizes the measurement alternative, and long-lived assets, including property, plant and equipment, operating lease ROU assets, intangible assets and goodwill if an impairment or observable price adjustment is recognized in the current period. Non-Marketable Equity Investments Measured Using the Measurement Alternative Non-marketable equity investments measured using the measurement alternative include investments in privately-held companies without readily determinable fair values in which the Company does not own a controlling interest or have significant influence. Investments in privately-held companies are recorded at fair value on a non-recurring basis. The fair value of non-marketable equity investments are classified within Level 3 when the Company estimates fair value using significant unobservable inputs such as when the investment is remeasured due to impairment or observable price changes in the equity of an investee resulting from an orderly transaction for identical or similar investments of the same issuer. Impairment of Long-Lived Assets During the three and nine months ended November 30, 2025, the Company recorded a pre-tax and after-tax impairment charge of $0.6 million and $1.2 million, respectively, relating to operating lease right-of-use (“ROU”) assets and property, plant and equipment associated with exiting certain leased facilities and the change in the extent or manner in which certain information technology assets are used (three and nine months ended November 30, 2024 - $0.6 million and $4.7 million, respectively). The impairment was determined by comparing the fair value of the impacted long-lived assets to the carrying value of the asset as of the impairment measurement date, as required under ASC 360, using Level 3 inputs. The fair value of the ROU asset was based on the estimated sublease income for certain facilities taking into consideration the estimated time period it will take to obtain a sublessor, the applicable discount rate and the sublease rate, which are considered unobservable inputs. The Company conducts an evaluation of the related liabilities and expenses and revises its assumptions and estimates as appropriate as new or updated information becomes available. The fair value measurement of ROU impaired assets is classified as Level 3 of the fair value hierarchy. Cash, Cash Equivalents and Investments The components of cash, cash equivalents and investments by fair value level as at November 30, 2025 were as follows:
| Cost Basis (1) |  | Unrealized Gains |  | Unrealized Losses |  |  |  | Fair Value |  | Cash and Cash Equivalents |  | Short-term Investments |  | Long-term Investments |  | Restricted Cash and Cash Equivalents |  |
Bank balances | $ | 139.8 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 139.8 |  |  | $ | 139.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Investments in privately-held companies | 51.5 |  |  | 2.3 |  |  | (1.2) |  |  |  |  | 52.6 |  |  | — |  |  | — |  |  | 52.6 |  |  | — |  |  |
| 191.3 |  |  | 2.3 |  |  | (1.2) |  |  |  |  | 192.4 |  |  | 139.8 |  |  | — |  |  | 52.6 |  |  | — |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits, and certificates of deposits | 29.4 |  |  | — |  |  | — |  |  |  |  | 29.4 |  |  | 20.0 |  |  | — |  |  | — |  |  | 9.4 |  |  |
Bearer deposit notes | 25.0 |  |  | — |  |  | — |  |  |  |  | 25.0 |  |  | 18.0 |  |  | 7.0 |  |  | — |  |  | — |  |  |
Commercial paper | 84.7 |  |  | — |  |  | — |  |  |  |  | 84.7 |  |  | 53.2 |  |  | 26.9 |  |  | — |  |  | 4.6 |  |  |
Non-U.S. promissory notes | 24.2 |  |  | — |  |  | — |  |  |  |  | 24.2 |  |  | 24.2 |  |  | — |  |  | — |  |  | — |  |  |
Non-U.S. treasury bills | 15.1 |  |  | — |  |  | — |  |  |  |  | 15.1 |  |  | 15.1 |  |  | — |  |  | — |  |  | — |  |  |
| 178.4 |  |  | — |  |  | — |  |  |  |  | 178.4 |  |  | 130.5 |  |  | 33.9 |  |  | — |  |  | 14.0 |  |  |
Level 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in privately-held companies | 2.4 |  |  | 4.3 |  |  | — |  |  |  |  | 6.7 |  |  | — |  |  | — |  |  | 6.7 |  |  | — |  |  |
| 2.4 |  |  | 4.3 |  |  | — |  |  |  |  | 6.7 |  |  | — |  |  | — |  |  | 6.7 |  |  | — |  |  |
| $ | 372.1 |  |  | $ | 6.6 |  |  | $ | (1.2) |  |  |  |  | $ | 377.5 |  |  | $ | 270.3 |  |  | $ | 33.9 |  |  | $ | 59.3 |  |  | $ | 14.0 |  |  |
______________________________ (1) Cost basis for investments in privately-held companies includes the effect of returns of capital and impairment. The components of cash, cash equivalents and investments by fair value level as at February 28, 2025 were as follows:
| Cost Basis (1) |  | Unrealized Gains |  | Unrealized Losses |  |  |  | Fair Value |  | Cash and Cash Equivalents |  | Short-term Investments |  | Long-term Investments |  | Restricted Cash and Cash Equivalents |  |
Bank balances | $ | 223.7 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 223.7 |  |  | $ | 223.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Investments in privately-held companies | 23.3 |  |  | 4.9 |  |  | — |  |  |  |  | 28.2 |  |  | — |  |  | — |  |  | 28.2 |  |  | — |  |  |
| 247.0 |  |  | 4.9 |  |  | — |  |  |  |  | 251.9 |  |  | 223.7 |  |  | — |  |  | 28.2 |  |  | — |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | 10.0 |  |  | — |  |  | (10.0) |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits, and certificates of deposits | 39.3 |  |  | — |  |  | — |  |  |  |  | 39.3 |  |  | — |  |  | 30.1 |  |  | — |  |  | 9.2 |  |  |
Bearer deposit notes | 10.3 |  |  | — |  |  | — |  |  |  |  | 10.3 |  |  | 7.3 |  |  | 3.0 |  |  | — |  |  | — |  |  |
Commercial paper | 55.5 |  |  | — |  |  | — |  |  |  |  | 55.5 |  |  | 27.8 |  |  | 27.7 |  |  | — |  |  | — |  |  |
Non-U.S. promissory notes | 9.8 |  |  | — |  |  | — |  |  |  |  | 9.8 |  |  | 7.9 |  |  | 1.9 |  |  | — |  |  | — |  |  |
Non-U.S. government sponsored enterprise notes | 9.3 |  |  | — |  |  | — |  |  |  |  | 9.3 |  |  | — |  |  | 4.9 |  |  | — |  |  | 4.4 |  |  |
Corporate notes/bonds | 3.5 |  |  | — |  |  | — |  |  |  |  | 3.5 |  |  | — |  |  | 3.5 |  |  | — |  |  | — |  |  |
| 127.7 |  |  | — |  |  | — |  |  |  |  | 127.7 |  |  | 43.0 |  |  | 71.1 |  |  | — |  |  | 13.6 |  |  |
Level 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in privately-held companies | 30.7 |  |  | 1.2 |  |  | (1.2) |  |  |  |  | 30.7 |  |  | — |  |  | — |  |  | 30.7 |  |  | — |  |  |
| $ | 415.4 |  |  | $ | 6.1 |  |  | $ | (11.2) |  |  |  |  | $ | 410.3 |  |  | $ | 266.7 |  |  | $ | 71.1 |  |  | $ | 58.9 |  |  | $ | 13.6 |  |  |
______________________________ (1) Cost basis for investments in privately-held companies includes the effect of returns of capital and impairment. As at November 30, 2025, the Company had non-marketable equity investments without readily determinable fair value of $59.3 million (February 28, 2025 - $58.9 million) including common shares of Arctic Wolf received as partial consideration for the sale of its Cylance endpoint sec urity assets and liabilities to Arctic Wolf. During the three and nine months ended November 30, 2025, the Company recorded $1.8 million in upward adjustment to the carrying value of non-marketable equity investments without readily determinable fair value resulting from observable price changes in orderly transactions for identical or similar securities which have been included in investment income, net on the Company’s consolidated statements of operations (three and nine months ended November 30, 2024 - downward adjustments of $2.4 million and downward adjustment, net of upward adjustment of $1.2 million, respectively). During the three and nine months ended November 30, 2025, the Compa ny recorded a $1.3 million impairment to these investments. As of November 30, 2025, the Company has recorded a cumulative impairment of $4.3 million to t he carrying value of certain other non-marketable equity investments without readily determinable fair value (February 28, 2025 - $3.0 million). There we re no realize d gains or losses on available-for-sale debt securities for the three and nine months ended November 30, 2025 and November 30, 2024. The Company has restricted cash and cash equivalents, consisting of cash and securities pledged as collateral to major banking partners in support of the Company’s requirements for letters of credit and a performance bond that the Company was required to post to support a government contract. These letters of credit support certain leasing arrangements entered into in the ordinary course of business and are for terms ranging fro m one month to six years. The Company is legally restricted from accessing these funds during the term of the leases for which the letters of credit have been issued and during the term of the government contract; however, the Company can continue to invest the funds and receive investment income thereon. The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents as at November 30, 2025 and February 28, 2025 from the consolidated balance sheets to the consolidated statements of cash flows:
| As at
| November 30, 2025 |  | February 28, 2025
Cash and cash equivalents | $ | 270.3 |  |  | $ | 266.7 |
Restricted cash and cash equivalents | 14.0 |  |  | 13.6 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents presented in the consolidated statements of cash flows | $ | 284.3 |  |  | $ | 280.3 |
The contractual maturities of available-for-sale investments as at November 30, 2025 and February 28, 2025 were as follows:
| As at |  |
| November 30, 2025 |  |  |  | February 28, 2025 |  |
| Cost Basis |  | Fair Value |  |  |  | Cost Basis |  | Fair Value |  |
Due in one year or less | $ | 178.4 |  |  | $ | 178.4 |  |  |  |  | $ | 127.7 |  |  | $ | 127.7 |  |  |
No fixed maturity | — |  |  | — |  |  |  |  | 10.0 |  |  | — |  |  |
| $ | 178.4 |  |  | $ | 178.4 |  |  |  |  | $ | 137.7 |  |  | $ | 127.7 |  |  |
As at November 30, 2025 and February 28, 2025, the Company had no available-for-sale debt securities with continuous unrealized losses

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