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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
May 31, 2024
May 31, 2023
Cash provided by operating activities:    
Net income $ 6,204 $ 22,581
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,836 10,715
Amortization of financing costs 319 308
Non-cash operating lease expense 2,878 2,338
Provision for credit losses 88 3,389
Non-cash share-based compensation 5,833 9,297
Gain on the sale or disposal of property and equipment (29) (246)
Deferred income taxes and tax credits 10,445 3,897
Changes in operating capital:    
Receivables 64,595 26,733
Inventory (48,754) 21,572
Prepaid expenses and other current assets (3,565) (1,420)
Other assets and liabilities, net 327 (656)
Accounts payable 2,350 36,644
Accrued expenses and other current liabilities (19,465) (10,734)
Accrued income taxes (9,742) (3,362)
Net cash provided by operating activities 25,320 121,056
Cash used by investing activities:    
Capital and intangible asset expenditures (9,142) (11,877)
Payments for purchases of U.S. Treasury Bills (683) 0
Proceeds from the maturity of U.S. Treasury Bills 626 0
Proceeds from the sale of property and equipment 38 246
Net cash used by investing activities (9,161) (11,631)
Cash used by financing activities:    
Proceeds from revolving loans 314,040 70,150
Repayment of revolving loans (230,090) (166,150)
Repayment of long-term debt (1,563) (1,563)
Payment of financing costs (222) 0
Proceeds from share issuances under share-based compensation plans 2,358 2,380
Payments for repurchases of common stock (103,035) (4,446)
Net cash used by financing activities (18,512) (99,629)
Net (decrease) increase in cash and cash equivalents (2,353) 9,796
Cash and cash equivalents, beginning balance 18,501 29,073
Cash and cash equivalents, ending balance 16,148 38,869
Supplemental non-cash investing activity:    
Capital expenditures included in accounts payable and accrued expenses $ 5,647 $ 2,579