$VOXX
VOXX International Corp

2021 Q4 Form 10-Q Financial Statement

#000156459022000849 Filed on January 10, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $191.9M $201.1M
YoY Change -4.57% 82.6%
Cost Of Revenue $140.2M $142.9M
YoY Change -1.94% 81.74%
Gross Profit $51.70M $58.13M
YoY Change -11.05% 84.74%
Gross Profit Margin 26.95% 28.91%
Selling, General & Admin $33.91M $33.90M
YoY Change 0.04% 29.05%
% of Gross Profit 65.59% 58.32%
Research & Development $3.986M $1.892M
YoY Change 110.68% 13.16%
% of Gross Profit 7.71% 3.25%
Depreciation & Amortization $3.406M $2.934M
YoY Change 16.09% -5.39%
% of Gross Profit 6.59% 5.05%
Operating Expenses $3.986M $1.892M
YoY Change 110.68% -93.96%
Operating Profit $47.72M $18.15M
YoY Change 162.94% 13244.12%
Interest Expense $55.00K $6.000K
YoY Change 816.67% -96.98%
% of Operating Profit 0.12% 0.03%
Other Income/Expense, Net -$143.0K $294.0K
YoY Change -148.64% -191.3%
Pretax Income -$30.31M $19.77M
YoY Change -253.3% 383.83%
Income Tax -$641.0K $2.334M
% Of Pretax Income 11.8%
Net Earnings -$28.12M $18.25M
YoY Change -254.08% 640.71%
Net Earnings / Revenue -14.66% 9.08%
Basic Earnings Per Share -$1.16 $0.75
Diluted Earnings Per Share -$1.16 $0.74
COMMON SHARES
Basic Shares Outstanding 24.29M 24.20M
Diluted Shares Outstanding 24.29M 24.68M

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.16M $21.30M
YoY Change -0.65% -33.85%
Cash & Equivalents $21.16M $21.34M
Short-Term Investments
Other Short-Term Assets $24.94M $17.90M
YoY Change 39.3% 68.87%
Inventory $166.4M $138.6M
Prepaid Expenses
Receivables $131.8M $155.3M
Other Receivables $829.0K $700.0K
Total Short-Term Assets $345.1M $333.9M
YoY Change 3.35% 34.63%
LONG-TERM ASSETS
Property, Plant & Equipment $54.70M $56.90M
YoY Change -3.86% 10.81%
Goodwill $66.91M $58.93M
YoY Change 13.55% 7.56%
Intangibles $111.3M $92.80M
YoY Change 19.93% -18.6%
Long-Term Investments $24.07M $24.00M
YoY Change 0.28% 12.21%
Other Assets $1.041M $1.500M
YoY Change -30.6% -11.5%
Total Long-Term Assets $258.0M $234.1M
YoY Change 10.22% -5.84%
TOTAL ASSETS
Total Short-Term Assets $345.1M $333.9M
Total Long-Term Assets $258.0M $234.1M
Total Assets $603.1M $568.0M
YoY Change 6.18% 14.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.27M $80.20M
YoY Change -2.4% 132.83%
Accrued Expenses $95.86M $83.10M
YoY Change 15.35% 57.39%
Deferred Revenue $3.396M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.091M $500.0K
YoY Change 318.2% -57.08%
Total Short-Term Liabilities $220.9M $170.8M
YoY Change 29.35% 86.65%
LONG-TERM LIABILITIES
Long-Term Debt $11.03M $6.739M
YoY Change 63.73% -6.91%
Other Long-Term Liabilities $16.89M $5.570M
YoY Change 203.18% 131.99%
Total Long-Term Liabilities $11.03M $12.31M
YoY Change -10.36% 27.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $220.9M $170.8M
Total Long-Term Liabilities $11.03M $12.31M
Total Liabilities $224.6M $198.5M
YoY Change 13.16% 78.01%
SHAREHOLDERS EQUITY
Retained Earnings $123.8M $139.5M
YoY Change -11.22% -3.11%
Common Stock $300.2M $300.1M
YoY Change 0.04% 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.14M $23.92M
YoY Change 5.1% 3.02%
Treasury Stock Shares $2.862M $2.749M
Shareholders Equity $378.5M $396.9M
YoY Change
Total Liabilities & Shareholders Equity $603.1M $568.0M
YoY Change 6.18% 14.36%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income -$28.12M $18.25M
YoY Change -254.08% 640.71%
Depreciation, Depletion And Amortization $3.406M $2.934M
YoY Change 16.09% -5.39%
Cash From Operating Activities -$4.479M -$2.500M
YoY Change 79.16% -77.27%
INVESTING ACTIVITIES
Capital Expenditures -$1.208M -$2.400M
YoY Change -49.67% 166.67%
Acquisitions
YoY Change
Other Investing Activities -$22.02M $0.00
YoY Change -100.0%
Cash From Investing Activities -$23.22M -$2.400M
YoY Change 867.67% -121.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.535M -21.20M
YoY Change -135.54% 202.86%
NET CHANGE
Cash From Operating Activities -4.479M -2.500M
Cash From Investing Activities -23.22M -2.400M
Cash From Financing Activities 7.535M -21.20M
Net Change In Cash -20.17M -26.10M
YoY Change -22.73% 278.26%
FREE CASH FLOW
Cash From Operating Activities -$4.479M -$2.500M
Capital Expenditures -$1.208M -$2.400M
Free Cash Flow -$3.271M -$100.0K
YoY Change 3171.0% -99.01%

Facts In Submission

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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
470000
voxx Increase Decrease In Non Traded Receivables From Vendors Current
IncreaseDecreaseInNonTradedReceivablesFromVendorsCurrent
122000
voxx Increase Decrease In Non Traded Receivables From Vendors Current
IncreaseDecreaseInNonTradedReceivablesFromVendorsCurrent
19000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2486000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
30406000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33452000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14510000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
323000
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
375000
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
20375000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
1656000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
20000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
667000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
857000
voxx Settlement Of Restricted Stock Units
SettlementOfRestrictedStockUnits
575000
voxx Payments For Purchase Of Treasury Stock
PaymentsForPurchaseOfTreasuryStock
1220000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2069000
voxx Proceeds From The Issuance Of Long Term Debt To Non Controlling Interest
ProceedsFromTheIssuanceOfLongTermDebtToNonControllingInterest
4877000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5160000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1680000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
58000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2730000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-38242000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16088000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
37425000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21162000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21337000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
voxx Reconciling Items To Basic And Diluted Eps
ReconcilingItemsToBasicAndDilutedEPS
0
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24289909
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24197786
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24279084
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24196393
CY2021Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2020Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
479739
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
335936
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24289909
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24677525
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24279084
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24532329
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
650325
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
695589
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17009
CY2021Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
1440000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1440000
CY2021Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
1777000
CY2021Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1777000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
21162000
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
200000
CY2021Q4 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
6403000
CY2021Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
59404000
CY2021Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
765000
CY2015Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0348
CY2021Q4 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
CashFlowHedgesDerivativeInstrumentsAtFairValueNet
-200000
CY2021Q1 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
CashFlowHedgesDerivativeInstrumentsAtFairValueNet
-765000
us-gaap Gain Loss From Components Excluded From Assessment Of Cash Flow Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet
0
CY2021Q4 voxx Foreign Currency Contracts Terminated
ForeignCurrencyContractsTerminated
0
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-2432000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-160000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2272000
CY2021Q4 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
37000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
141000
CY2021Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0
voxx Change In Redeemable Equity
ChangeInRedeemableEquity
188000
voxx Change In Redeemable Equity
ChangeInRedeemableEquity
478000
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
607000
voxx Additional Goodwill From Recognition Of Fair Value Of Non Controlling Interest In Connection With Business Acquisition
AdditionalGoodwillFromRecognitionOfFairValueOfNonControllingInterestInConnectionWithBusinessAcquisition
8463000
voxx Contingent Purchase Price Consideration In Connection With Business Acquisition
ContingentPurchasePriceConsiderationInConnectionWithBusinessAcquisition
6710000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
419000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
735000
us-gaap Operating Lease Payments
OperatingLeasePayments
1018000
us-gaap Operating Lease Payments
OperatingLeasePayments
836000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
9000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
23000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
323000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
470000
us-gaap Interest Paid Net
InterestPaidNet
492000
us-gaap Interest Paid Net
InterestPaidNet
831000
us-gaap Income Taxes Paid
IncomeTaxesPaid
625000
us-gaap Income Taxes Paid
IncomeTaxesPaid
1139000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
100000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
100000
CY2021Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
39347
CY2021Q4 us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
20681000
us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
62136000
CY2020Q4 us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
20876000
us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
60039000
CY2020Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4748000
CY2021Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1978000
CY2020Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
864000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3215000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2339000
CY2021Q4 voxx Standard Product Warranty Accrual Liabilities Adjusted Acquired From Business Acquisition
StandardProductWarrantyAccrualLiabilitiesAdjustedAcquiredFromBusinessAcquisition
0
CY2021Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3986000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9931000
CY2020Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1892000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5413000
CY2021Q4 us-gaap Goodwill
Goodwill
66913000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
109921000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
61689000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
48232000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
111293000
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
84069000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
57324000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
26745000
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
90104000
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2017000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4803000
CY2020Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1477000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3973000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
7549000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
6956000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
6738000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
6614000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
4767000
CY2021Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2206000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6964000
CY2020Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1761000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4506000
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-641000
CY2020Q4 voxx Standard Product Warranty Accrual Liabilities Adjusted Acquired From Business Acquisition
StandardProductWarrantyAccrualLiabilitiesAdjustedAcquiredFromBusinessAcquisition
0
voxx Standard Product Warranty Accrual Liabilities Adjusted Acquired From Business Acquisition
StandardProductWarrantyAccrualLiabilitiesAdjustedAcquiredFromBusinessAcquisition
-352000
voxx Standard Product Warranty Accrual Liabilities Adjusted Acquired From Business Acquisition
StandardProductWarrantyAccrualLiabilitiesAdjustedAcquiredFromBusinessAcquisition
1200000
CY2021Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1016000
CY2020Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
884000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2696000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2787000
CY2021Q4 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
175000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2334000
CY2020Q4 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
542000
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.021
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-30313000
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.118
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19774000
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-374000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
31000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6724000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
3609000
CY2020Q4 voxx Unrecognized Tax Benefits Period Increase Decrease Excluding Domestic Tax Jurisdiction From Estimated Annual Effective Tax Rate
UnrecognizedTaxBenefitsPeriodIncreaseDecreaseExcludingDomesticTaxJurisdictionFromEstimatedAnnualEffectiveTaxRate
4275000
CY2020Q4 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
697000
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
31000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.013
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-28941000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.311
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
21614000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
1002000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
23683000
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
21228000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1264000
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1732000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
141414000
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
107833000
CY2021Q4 us-gaap Inventory Net
InventoryNet
166361000
CY2021Q1 us-gaap Inventory Net
InventoryNet
130793000
CY2021Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4495000
CY2020Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5520000
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5290000
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5457000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5500000
CY2021Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
13125000
CY2021Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
7114000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2091000
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
500000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
11034000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6614000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1109000
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
652000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
9925000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
5962000
CY2021Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
128517000
us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
Provided that the Company is in a Compliance Period (the period commencing on that 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)
voxx Percentage Of Maximum Revolver Amount
PercentageOfMaximumRevolverAmount
0.15
CY2021Q4 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
208000
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
531000
CY2020Q4 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
130000
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
371000
CY2021Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
667000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2026-04-19
CY2015Q3 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
9995000
srt Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.70
CY2021Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
332000
CY2015Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0348
CY2021Q4 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-382000
CY2020Q4 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
34000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-268000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-445000
CY2021Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
55000
CY2020Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
6000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
67000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
77000
CY2021Q4 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
186000
CY2020Q4 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
188000
us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
547000
us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
556000
CY2021Q4 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-2000
CY2020Q4 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
66000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
329000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
565000
CY2021Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-143000
CY2020Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
294000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
675000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
753000
CY2021Q4 voxx Finance Lease Accrued Expenses And Other Current Liabilities
FinanceLeaseAccruedExpensesAndOtherCurrentLiabilities
269000
voxx Cumulative Inflation Rate Period
CumulativeInflationRatePeriod
P3Y
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2021Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2021Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
324000
CY2020Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
328000
us-gaap Operating Lease Cost
OperatingLeaseCost
1007000
us-gaap Operating Lease Cost
OperatingLeaseCost
836000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
102000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
139000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
324000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
465000
CY2021Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
CY2020Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
6000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
9000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
23000
CY2021Q4 voxx Finance Lease Cost
FinanceLeaseCost
104000
CY2020Q4 voxx Finance Lease Cost
FinanceLeaseCost
145000
voxx Finance Lease Cost
FinanceLeaseCost
333000
voxx Finance Lease Cost
FinanceLeaseCost
488000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4010000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4572000
CY2021Q4 voxx Aggregate Operating Lease Right Of Use Assets
AggregateOperatingLeaseRightOfUseAssets
4010000
CY2021Q1 voxx Aggregate Operating Lease Right Of Use Assets
AggregateOperatingLeaseRightOfUseAssets
4572000
CY2021Q4 voxx Operating Lease Accrued Expenses And Other Current Liabilities
OperatingLeaseAccruedExpensesAndOtherCurrentLiabilities
1029000
CY2021Q1 voxx Operating Lease Accrued Expenses And Other Current Liabilities
OperatingLeaseAccruedExpensesAndOtherCurrentLiabilities
1119000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3073000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3582000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4102000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4701000
CY2021Q4 voxx Finance Lease Property Plant And Equipment Gross
FinanceLeasePropertyPlantAndEquipmentGross
2503000
CY2021Q1 voxx Finance Lease Property Plant And Equipment Gross
FinanceLeasePropertyPlantAndEquipmentGross
2503000
CY2021Q4 voxx Finance Lease Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
FinanceLeaseAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2129000
CY2021Q1 voxx Finance Lease Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
FinanceLeaseAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1805000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
374000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
698000
CY2021Q1 voxx Finance Lease Accrued Expenses And Other Current Liabilities
FinanceLeaseAccruedExpensesAndOtherCurrentLiabilities
418000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
117000
CY2021Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
302000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
386000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
720000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0418
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0449
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0387
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0387
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1156000
CY2021Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
274000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
844000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
118000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
640000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
462000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
312000
CY2021Q4 voxx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1150000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4564000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
392000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
462000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
6000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4102000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
386000
CY2021Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2862218
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2749218
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
113000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
113000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1220000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1220000
CY2021Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
2305876
CY2021Q4 us-gaap Debt Instrument Measurement Input
DebtInstrumentMeasurementInput
1.50
CY2021Q4 voxx Distribution Agreement Liability Amount
DistributionAgreementLiabilityAmount
1201000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191871000
CY2021Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2206000
CY2021Q4 us-gaap Interest And Debt Expense
InterestAndDebtExpense
730000
CY2021Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3406000
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-30313000
CY2021Q4 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
2554000
CY2021Q1 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
2404000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5265000
voxx Contract With Customer Liability Subscription Payments Received
ContractWithCustomerLiabilitySubscriptionPaymentsReceived
5053000
voxx Contract With Customer Liability Revenue Recognized Relating To Subscriptions Recognized
ContractWithCustomerLiabilityRevenueRecognizedRelatingToSubscriptionsRecognized
5660000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4658000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191871000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
201065000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
472040000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
401084000
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:7.03%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</span></p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="text-decoration:underline;color:#000000;">Contingencies</span></p></td></tr></table></div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:7.03%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is currently, and has in the past, been a party to various routine legal proceedings incident to the ordinary course of business.  If management determines, based on the underlying facts and circumstances of each matter, that it is probable a loss will result from a litigation contingency and the amount of the loss can be reasonably estimated, the estimated loss is accrued for.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:7.03%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 that are not advantageous to the Company, or pay material amounts of damages</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:2.34%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.03%;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.03%;margin-right:2.34%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2007, the Company entered into a contract with Seaguard Electronics, LLC (“Seaguard”) relating to the Company’s purchase from Seaguard of a stolen vehicle recovery product and back-end services. In August 2018, Seaguard filed a demand for arbitration against the Company with the American Arbitration Association (“AAA”) alleging claims for breach of contract and patent infringement. Seaguard originally sought damages of approximately $10,000 and on the seventh day of an eight-day fact witness portion of the arbitration in June 2021, amended its damages demand to $40,000, which was effected by the service of Claimant’s notice dated July 14, 2021.  </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:2.34%;text-indent:7.03%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.03%;margin-right:2.34%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. Seaguard is seeking reimbursement of its attorneys’ fees and expenses. The Arbitrator has deferred scheduling, until late February 2022, the balance of the bifurcated arbitration which principally relates to patent infringement claims against the Company; however, the Company has an indemnification from its supplier with respect to the alleged infringing products. A schedule has not been established for the issuance of a final arbitration award. The Company is reviewing its legal options, and has moved in the arbitration proceeding to modify the interim award and if unsuccessful, the Company will seek to have a court vacate, modify, or correct the interim award. At November 30, 2021, the Company has recorded a charge of $39,444 within Other (expense) income in the accompanying Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income. No accrual or reserve was included in the Company’s previously issued financial statements based on an assessment that an award of damages in the arbitration proceeding would not be material and that the amount as determined by the Arbitrator’s award was not probable. The Company made its accrual determination in accordance with reports and evaluations from its damages expert, as well as from the guidance and opinion letters received from the Company’s trial attorneys.</p>
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
39444000

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