| Equity Method Investments |
The following tables summarize balance sheet and income statement information for the AVAIL JV (in thousands): | | | | | | | | | | | | Summarized Balance Sheet(1) | | | | | As of | | August 31, 2026 | | February 28, 2026 | | Current assets | $ | 179,876 | | | $ | 225,298 | | | Long-term assets | 15,810 | | | 19,330 | | | Total assets | $ | 195,686 | | | $ | 244,628 | | | | | | | Current liabilities | $ | 52,251 | | | $ | 59,724 | | | Long-term liabilities | 10,982 | | | 12,732 | | | Total liabilities | 63,233 | | | 72,456 | | | Total partners' capital | 132,453 | | | 172,172 | | | Total liabilities and partners' capital | $ | 195,686 | | | $ | 244,628 | |
| | | | | | | | | | | | | | | | | | | | | | | | Summarized Operating Data(1) | | | | | | | | | Three Months Ended August 31, | | Six Months Ended August 31, | | 2026(2) | | 2025 | | 2026(2) | | 2025 | | Sales | $ | 3,272 | | | $ | 43,463 | | | $ | 10,744 | | | $ | 211,703 | | | Gross profit | $ | 960 | | | $ | 7,328 | | | $ | 3,599 | | | $ | 52,453 | | | Income before income taxes | $ | 16,521 | | | $ | 693,712 | | | $ | 18,146 | | | $ | 711,186 | | Net income(3) | $ | 16,472 | | | $ | 693,133 | | | $ | 17,929 | | | $ | 710,757 | |
| | | | | | | | | | | | (1) | We report our equity in earnings on a one-month lag basis; therefore, amounts in the summarized financials above are as of and for the three and six months ended July 31, 2026 and 2025 and as of January 31, 2026. | (2) | Amounts in the table above exclude certain adjustments made by us to record equity in earnings of the AVAIL JV under U.S. GAAP for public companies, primarily to reverse the amortization of goodwill. The three and six months ended August 31, 2026 reflects operations from AVAIL's Rig-A-Lite business and WSI Brazil business. | (3) | AVAIL's net income for the three and six months ended August 31, 2026 includes a net gain of $25.7 million on the sale of the Rig-A-Lite business. Our proportionate share of this gain includes adjustments for the prior reversal of goodwill amortization related to the Rig-A-Lite business. |
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