v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 29, 2024
Cash flows from operating activities      
Net (loss) / income $ 530,138 $ 84,260 $ (4,138)
Adjustments to reconcile net (loss) / income to net cash provided by operating activities      
Depreciation of property and equipment 68,615 45,774 23,748
Amortization of intangible assets 3,806 2,313 1,361
Amortization of land use rights 4,302 4,211 4,763
Gain on disposal of property and equipment (1,202) (395) (1,615)
Share-based compensation 43,093 64,939 88,898
Impairment loss on long-lived assets 19,998 5,365 1,291
Inventories provision and others 37,744 1,270 (6,143)
Impairment loss on long-term investments 42,814 12,933 46,982
Loss from equity method investments 855 9,531 6,242
Gain from fair value change of investments (412,412) (42,453) (21,747)
Gain from disposal of long-term investments (10) (1,058) (17,772)
Dividend received from an equity-method investment   267 1,306
Changes in operating assets and liabilities      
Inventories (89,153) (54,070) (34,845)
Amounts due from related parties (40) 264 6
Prepaid expenses and other current assets (27,599) (70,647) (50,232)
Income tax receivables     5,071
Deferred income taxes 65,819 1,348 1,344
Rental deposits (4,132) (545) 10,345
Other non-current assets (9,119) (12,930) (9,387)
Accounts payable 23,456 18,180 24,440
Deferred revenue 210,965 242,948 190,925
Amounts due to related parties 4 (3) (4)
Accrued expenses and other current liabilities 90,060 90,251 45,939
Operating lease right-of-use assets (50,663) (97,960) (82,102)
Operating lease liabilities 54,128 94,130 81,496
Net cash provided by operating activities 601,467 397,923 306,172
Cash flows from investing activities      
Repayment of loan to third parties     9,725
Repayment of loan to related parties     41
Repayment of loan to employees 66 239 382
Purchase of land use rights   (211) (7,065)
Purchase of property and equipment (93,191) (111,728) (112,737)
Purchase of intangible assets (385) (531) (1,494)
Purchase of short-term investments (1,956,921) (2,083,382) (670,573)
Proceeds from short-term investments 2,368,506 1,428,252 992,603
Proceeds from disposal of property and equipment 1,609 1,000 2,710
Business acquisitions, net of cash acquired (95,518) 80  
Purchase of long-term investments (406,841) (101,788) (194,159)
Proceeds from disposal of long-term investments and a subsidiary 6,929 21,041 75,635
Net cash provided by / (used in) investing activities (175,746) (847,028) 95,068
Cash flows from financing activities      
Proceeds from short-term debt   54,959  
Repayment of short-term debt   (55,386)  
Proceeds from exercise of share options 573 407 462
Share repurchase (644,085) (13,147) (233,557)
Net cash used in financing activities (643,512) (13,167) (233,095)
Effect of exchange rate changes 12,098 (3,473) (5,576)
Net increase / (decrease) in cash, cash equivalents and restricted cash (205,693) (465,745) 162,569
Cash, cash equivalents and restricted cash at the beginning of year 1,991,731 2,457,476 2,294,907
Cash, cash equivalents and restricted cash at the end of year 1,786,038 1,991,731 2,457,476
Supplemental disclosure of cash flow information:      
Income tax paid [1] 72,382 18,882 2,484
Non-cash investing and financing activities:      
Payable for purchase of property and equipment $ 44,830 $ 52,287 $ 56,909
[1] For the year ended February 28, 2026, income taxes paid amounted to $71,023 in Chinese mainland, and $1,359 in jurisdictions outside Chinese mainland.