ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State of other jurisdiction of incorporation organization) |
(I.R.S. Employer Identification No.) |
Title of each Class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
|
Accelerated filer ☐ | Non-accelerated filer ☐ |
Smaller reporting company | |||
Emerging growth company |
ITEM 1. |
BUSINESS |
• | Milling and grain |
• | Meat and poultry ready-to-eat |
• | Prepared foods and ingredients |
• | Fruits and vegetables |
• | Seafood |
• | Dairy |
• | Beverage |
• | Water, |
• | Healthcare |
• | Traditional culture media markets |
• | Food service |
• | Dietary supplements |
• | Companion animal veterinarians. |
• | Livestock producers, veterinarians and breed associations. |
• | Distributors. |
• | Retailers. |
• | Breeding and genetics companies. |
• | Diagnostic labs and universities. |
• | Other manufacturers and government agencies. |
• | Quat-Chem, Ltd., a Rochdale, England-based chemical company that specializes in the development, manufacture and sale of agricultural, industrial, and food processing biocidal hygiene products, including cleaners and disinfectants. Quat-Chem sells its products on a global basis, with a focus on markets in the U.K., Europe, Middle East, Africa and Asia. |
• | Neogen Italia, a Milan, Italy-based business, which directly markets and sells Neogen’s products in Italy. |
• | Megazyme, Ltd., a Bray, Ireland-based food quality diagnostics company, acquired in December 2020, which develops and refines the analytical methods used to measure the carbohydrates and enzymes in food and feed products that affect quality. |
• | Heywood, England, which manufactures an extensive range of microbiological culture media, supplements and immunomagnetic separation techniques. |
• | Liverpool, England, a developer and supplier of culture media supplements and microbiology technologies. |
USA |
International |
Expiration |
||||||||||
Natural Toxins, Allergens, & Drug Residues |
19 | 36 | 2021-2042 | |||||||||
Bacterial & General Sanitation |
1 | 0 | 2022 | |||||||||
Life Sciences |
0 | 3 | 2024 | |||||||||
Vaccine |
1 | 0 | 2028 | |||||||||
Veterinary Instruments & Other |
11 | 33 | 2021-2042 |
|||||||||
Genomics Services |
18 | 4 | 2021-2029 |
ITEM 1A. |
RISK FACTORS |
• | Public announcements (including the timing of these announcements) regarding our business, financial performance, acquisitions and prospects or new products or services, product enhancements or technological advances by our competitors or us; |
• | Trading activity in our stock, including transactions by us, our executive officers and directors, and significant stockholders; trading activity that results from the ordinary course rebalancing of stock indices in which we may be included, such as the S&P Mid-Cap 400 Index; trading activity related to our inclusion in, or removal from, any stock indices; and short-interest in our common stock, which could be significant from time to time; |
• | Investor perception of us and the industry and markets in which we operate, including changes in earnings estimates or buy/sell recommendations by securities analysts; and whether or not we meet earnings estimates of securities analysts who follow us; and |
• | General financial, domestic, international, economic, and market conditions, including overall fluctuations in the U.S. equity markets, which may experience extreme volatility that, in some cases, is unrelated or disproportionate to the operating performance of particular companies. |
• | Pay damages, including up to treble damages and the other party’s attorneys’ fees, which may be substantial; |
• | Cease the development, manufacture, importation, use and sale of products that infringe the patent rights of others, through a court-imposed injunction; |
• | Expend significant resources to redesign our technology so that it does not infringe others’ patent rights, or develop or acquire non-infringing intellectual property, which may not be possible; |
• | Discontinue manufacturing or other processes incorporating infringing technology; and/or |
• | Obtain licenses to the infringed intellectual property, which may not be available to us on acceptable terms, or at all. |
ITEM 1B. |
UNRESOLVED STAFF COMMENTS – NONE |
ITEM 2. |
PROPERTIES |
Location |
Square Feet |
Operations |
Ownership | |||||
Lansing, Michigan |
300,000 | Corporate, Food Safety, Animal Safety | Owned | |||||
Lexington, Kentucky |
210,000 | Animal Safety | Owned | |||||
Kenansville, North Carolina |
33,500 | Animal Safety | Leased, expires 3/2022 | |||||
St Joseph, Michigan |
7,000 | Animal Safety | Leased, expires 12/2023 | |||||
Randolph, Wisconsin |
137,000 | Animal Safety | Owned | |||||
Pleasantville, Iowa |
59,000 | Animal Safety | Leased, expires 12/2022 | |||||
Lincoln, Nebraska |
41,000 | Animal Safety | Owned | |||||
Memphis, Tennessee |
66,100 | Animal Safety | Owned | |||||
Turlock, California |
29,500 | Animal Safety | Leased, expires 9/2022 | |||||
Edmonton, Alberta, Canada |
4,800 | Animal Safety | Owned | |||||
Ayr, Scotland, United Kingdom |
74,000 | Food Safety | Owned | |||||
Heywood, England, United Kingdom |
26,800 | Food Safety | Owned | |||||
Rochdale, England, United Kingdom |
60,000 | Food Safety | Owned | |||||
Liverpool, England, United Kingdom |
4,000 | Food Safety | Leased, expires 12/2025 | |||||
Milan, Italy |
1,000 | Food Safety | Leased, expires 01/2022 | |||||
Bray, Ireland |
39,000 | Food Safety | Owned | |||||
Indaiatuba, Brazil |
6,800 | Food Safety | Leased, month to month | |||||
Pindamonhangaba, Brazil |
76,000 | Food Safety | Owned | |||||
Naucalpan, Mexico |
27,000 | Food Safety | Leased, expires 10/2021 | |||||
Buenos Aires, Argentina |
7,500 | Food Safety | Leased, expires 8/2023 | |||||
Ciudad de la Costa, Uruguay |
3,200 | Food Safety | Leased, expires 09/2022 | |||||
Santiago, Chile |
3,200 | Food Safety | Leased, expires 3/2022 | |||||
Shanghai, China |
7,900 | Food Safety | Leased, expires 10/2021 | |||||
Kochi, India |
5,500 | Food Safety | Leased, month to month | |||||
Kochi, India |
4,000 | Food Safety | Owned | |||||
Gatton, Australia |
4,600 | Animal Safety | Leased, expires 1/2023 | |||||
Ipswitch, Australia |
30,000 | Animal Safety | Owned |
ITEM 3. |
LEGAL PROCEEDINGS |
ITEM 4. |
MINE SAFETY DISCLOSURES — NOT APPLICABLE |
ITEM 5. |
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
5/16 |
5/17 |
5/18 |
5/19 |
5/20 |
5/21 |
|||||||||||||||||||
Neogen Corporation |
100.00 |
128.20 |
204.47 |
152.18 |
192.34 |
249.30 |
||||||||||||||||||
NASDAQ Composite |
100.00 |
126.75 |
153.80 |
155.70 |
200.33 |
292.39 |
||||||||||||||||||
NASDAQ Medical Equipment |
100.00 |
133.48 |
188.69 |
184.23 |
224.92 |
312.79 |
ITEM 6. |
SELECTED FINANCIAL DATA |
Year Ended May 31 |
||||||||||||||||||||
2021 |
2020 |
2019 |
2018 |
2017 |
||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||
Income Statement Data: |
||||||||||||||||||||
Food Safety Revenues |
$ | 234,244 | $ | 212,691 | $ | 213,474 | $ | 194,477 | $ | 170,034 | ||||||||||
Animal Safety Revenues |
234,215 | 205,479 | 200,712 | 203,453 | 188,243 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Revenues |
468,459 | 418,170 | 414,186 | 397,930 | 358,277 | |||||||||||||||
Total Cost of Revenues |
253,403 | 221,891 | 222,266 | 211,658 | 189,353 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Margin |
215,056 | 196,279 | 191,920 | 186,272 | 168,924 | |||||||||||||||
Sales and Marketing |
73,443 | 69,675 | 70,230 | 66,929 | 59,380 | |||||||||||||||
General and Administrative |
51,197 | 44,331 | 40,791 | 38,294 | 34,214 | |||||||||||||||
Research and Development |
16,247 | 14,750 | 12,805 | 10,855 | 10,385 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating Income |
74,169 | 67,523 | 68,094 | 70,194 | 64,945 | |||||||||||||||
Other Income |
1,099 | 4,782 | 4,865 | 3,271 | 1,728 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income Before Income Taxes |
75,268 | 72,305 | 72,959 | 73,465 | 66,673 | |||||||||||||||
Provision for Income Taxes |
14,386 | 12,830 | 12,783 | 10,250 | 22,700 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income |
60,882 | 59,475 | 60,176 | 63,215 | 43,973 | |||||||||||||||
Net (Income) Loss Attributable to Non-controlling Interest |
— | — | — | (70 | ) | (180 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income Attributable to Neogen |
$ | 60,882 | $ | 59,475 | $ | 60,176 | $ | 63,145 | $ | 43,793 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income per Share (basic) (1) |
$ | 0.57 | $ | 0.57 | $ | 0.58 | $ | 0.62 | $ | 0.43 | ||||||||||
Net Income per Share (diluted) (1) |
$ | 0.57 | $ | 0.56 | $ | 0.57 | $ | 0.61 | $ | 0.43 | ||||||||||
Weighted Average Shares Outstanding (diluted) (1) |
107,120 | 105,720 | 104,850 | 104,298 | 102,330 | |||||||||||||||
Year Ended May 31 |
||||||||||||||||||||
2021 |
2020 |
2019 |
2018 |
2017 |
||||||||||||||||
Balance Sheet Data: |
||||||||||||||||||||
Cash and Cash Equivalents and Marketable Securities |
$ | 381,087 | $ | 343,673 | $ | 267,524 | $ | 210,810 | $ | 143,635 | ||||||||||
Working Capital (2) |
537,852 | 488,917 | 411,278 | 337,101 | 256,959 | |||||||||||||||
Total Assets |
920,192 | 797,182 | 695,740 | 618,009 | 528,409 | |||||||||||||||
Long-Term Debt |
— | — | — | — | — | |||||||||||||||
Total Equity |
840,377 | 725,177 | 637,899 | 560,175 | 471,757 |
(1) | On December 29, 2017, the Company effected a 4-for-3 2-for-1 10-K have been adjusted to reflect both stock splits as if they had taken place at the beginning of the periods presented. |
(2) | Defined as current assets less current liabilities. |
ITEM 7. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Consolidated revenues were $468.5 million in fiscal 2021, an increase of 12% compared to $418.2 million in fiscal 2020. Organic sales overall increased 9% compared to the prior year. |
• | Food Safety segment sales were $234.2 million in fiscal 2021 compared to $212.7 million in fiscal 2020, an increase of 10%. Organic sales increased 6%, while the purchase of four former distributors and a small manufacturer (Abtek) in fiscal 2020 and the December 2020 acquisition of Megazyme contributed $8.0 million in revenues. |
• | Animal Safety segment sales were $234.2 million in fiscal 2021, an increase of 14% compared to $205.5 million in fiscal 2020. Organic sales rose 13%, with the acquisitions of Cell BioSciences, in fiscal 2020, and StandGuard, in July 2020, contributing the remainder of the growth. |
• | International sales were 39.1% of total sales in fiscal 2021 compared to 39.4% of total sales in fiscal 2020. |
• | Our effective tax rate was 19.1% in fiscal 2021 compared to an effective tax rate of 17.7% in fiscal 2020. |
• | Net income was $60.9 million, or $0.57 per diluted share, an increase of 2% compared to $59.5 million, or $0.56 per share, in the prior year. |
• | Cash generated from operating activities in fiscal 2021 was $81.2 million, compared to $85.9 million in fiscal 2020. |
Revenue |
Revenue |
|||||||
Change |
Change |
|||||||
USD |
Local Currency |
|||||||
UK Operations |
10 | % | 4 | % | ||||
Brazil Operations |
(8 | %) | 15 | % | ||||
Neogen Latinoamerica |
9 | % | 13 | % | ||||
Neogen China |
101 | % | 89 | % | ||||
Neogen India |
4 | % | 7 | % | ||||
Neogen Australasia |
78 | % | 61 | % | ||||
Neogen Canada |
14 | % | 9 | % |
Year Ended |
||||||||||||||||||||
(dollars in thousands) |
May 31, 2021 |
Change |
May 31, 2020 |
Change |
May 31, 2019 |
|||||||||||||||
Food Safety: |
||||||||||||||||||||
Natural Toxins, Allergens & Drug Residues |
$ | 76,614 | 1 | % | $ | 76,207 | (3 | %) | $ | 78,373 | ||||||||||
Bacterial & General Sanitation |
44,009 | 5 | % | 41,780 | (0 | %) | 41,966 | |||||||||||||
Culture Media & Other |
56,922 | 19 | % | 47,847 | (4 | %) | 49,857 | |||||||||||||
Rodenticides, Insecticides & Disinfectants |
36,542 | 26 | % | 28,890 | 13 | % | 25,584 | |||||||||||||
Genomics Services |
20,157 | 12 | % | 17,967 | 2 | % | 17,694 | |||||||||||||
|
|
|
|
|
|
|||||||||||||||
$ | 234,244 | 10 | % | $ | 212,691 | (0 | %) | $ | 213,474 | |||||||||||
Animal Safety: |
||||||||||||||||||||
Life Sciences |
5,715 | (10 | %) | 6,322 | (20 | %) | 7,858 | |||||||||||||
Veterinary Instruments & Disposables |
48,128 | 12 | % | 42,941 | (4 | %) | 44,582 | |||||||||||||
Animal Care & Other |
35,897 | 26 | % | 28,389 | (5 | %) | 29,941 | |||||||||||||
Rodenticides, Insecticides & Disinfectants |
77,458 | 13 | % | 68,815 | 4 | % | 66,389 | |||||||||||||
Genomics Services |
67,017 | 14 | % | 59,012 | 14 | % | 51,942 | |||||||||||||
|
|
|
|
|
|
|||||||||||||||
$ | 234,215 | 14 | % | $ | 205,479 | 2 | % | $ | 200,712 | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Revenue |
$ | 468,459 | 12 | % | $ | 418,170 | 1 | % | $ | 414,186 | ||||||||||
|
|
|
|
|
|
(in thousands) |
2021 |
Change |
2020 |
Change |
2019 |
|||||||||||||||
Cost of Revenues |
$ | 253,403 | 14 | % | $ | 221,891 | 0 | % | $ | 222,266 |
(dollars in thousands) |
2021 |
Change |
2020 |
Change |
2019 |
|||||||||||
Sales and Marketing |
$ | 73,443 | 5% | $ | 69,675 | (1%) | $ | 70,230 | ||||||||
General and Administrative |
51,197 | 15% | 44,331 | 9% | 40,791 | |||||||||||
Research and Development |
16,247 | 10% | 14,750 | 15% | 12,805 | |||||||||||
|
|
|
|
|
|
|||||||||||
Total Operating Expense |
$ | 140,887 | 9% | $ | 128,756 | 4% | $ | 123,826 | ||||||||
|
|
|
|
|
|
(dollars in thousands) |
2021 |
Change |
2020 |
Change |
2019 |
|||||||||||
Operating Income |
$ | 74,169 | 10% | $ | 67,523 | (1%) | $ | 68,094 |
(dollars in thousands) |
2021 |
2020 |
2019 |
|||||||||
Interest income (net of expense) |
$ | 1,614 | $ | 5,992 | $ | 4,683 | ||||||
Foreign currency transactions |
(541 | ) | (1,178 | ) | (1,279 | ) | ||||||
Royalty income |
— | 1 | 150 | |||||||||
Licenses and settlements |
9 | (38 | ) | 672 | ||||||||
Quat-Chem contingent consideration |
— | — | 422 | |||||||||
Deoxi contingent consideration |
— | — | (10 | ) | ||||||||
Magiar contingent consideration |
111 | — | — | |||||||||
Livestock Genomics contingent consideration |
37 | — | — | |||||||||
Other |
(131 | ) | 5 | 227 | ||||||||
|
|
|
|
|
|
|||||||
Total Other Income |
$ | 1,099 | $ | 4,782 | $ | 4,865 | ||||||
|
|
|
|
|
|
(dollars in thousands) |
2021 |
Change |
2020 |
Change |
2019 |
|||||||||||
Provision for Income Taxes |
$ | 14,386 | 12% | $ | 12,830 | 0% | $ | 12,783 |
(dollars in thousands, except per share data) |
2021 |
Change |
2020 |
Change |
2019 |
|||||||||||||||
Net Income Attributable to Neogen |
$ | 60,882 | 2% | $ | 59,475 | (1%) | $ | 60,176 | ||||||||||||
Net Income Per Share-Basic |
$ | 0.57 | $ | 0.57 | $ | 0.58 | ||||||||||||||
Net Income Per Share-Diluted |
$ | 0.57 | $ | 0.56 | $ | 0.57 |
• | developing, manufacturing and marketing new products with new features and capabilities, and having those new products successfully accepted in the marketplace; |
• | expanding our markets by fostering increased use of our products by customers; |
• | maintaining or increasing gross and net operating margins in changing cost environments; |
• | strengthening operations and sales and marketing activities in geographies outside of the U.S.; |
• | developing and implementing new technology development strategies; and |
• | identifying and completing acquisitions that enhance existing product categories or create new products or services. |
Less than |
More than |
|||||||||||||||||||
(dollars in thousands) |
Total |
1 year |
1-3 years |
3-5 years |
5 years |
|||||||||||||||
Long-Term Debt |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Operating Leases |
2,574 | 1,313 | 1,219 | 42 | — | |||||||||||||||
Unconditional Purchase Obligations (1) |
84,265 | 83,773 | 488 | 4 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 86,839 | $ | 85,086 | $ | 1,707 | $ | 46 | $ | — |
(1) | Unconditional purchase obligations are primarily purchase orders for future inventory and capital equipment purchases. |
ITEM 7A. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS |
Risk Category |
Hypothetical Change |
May 31, 2021 |
Impact | |||||
(in thousands) |
||||||||
Foreign Currency—Revenue |
10% Decrease in exchange rates | $ | (18,317 | ) | Earnings | |||
Foreign Currency—Hedges |
10% Decrease in exchange rates | (1,998 | ) | Earnings |
ITEM 8. |
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ITEM 9. |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE—NONE |
ITEM 9A. |
CONTROLS AND PROCEDURES |
ITEM 9B. |
OTHER INFORMATION—NONE |
ITEM 9C. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS—NOT APPLICABLE |
ITEM 10. |
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
Name |
Position with the Company |
Year Joined the Company |
||||
John E. Adent |
President & Chief Executive Officer |
2017 | ||||
Joseph A. Corbett |
Vice President, Animal Safety Sales |
1993 | ||||
Robert S. Donofrio, Ph.D. |
Vice President, Research & Development |
2016 | ||||
Shane M. Fitzwater |
Vice President, Animal Safety Operations |
2018 | ||||
Jerome L. Hagedorn |
Vice President, North American Operations |
2018 | ||||
Douglas E. Jones |
Vice President & Chief Commercial Officer |
2020 | ||||
Jason W. Lilly, Ph.D. |
Vice President, International Business |
2005 | ||||
Julie L. Mann |
Vice President & Chief Human Resources Officer |
2017 | ||||
Marylinn Munson |
Vice President, Agrigenomics |
2020 | ||||
Steven J. Quinlan |
Vice President & Chief Financial Officer |
2011 | ||||
Amy M. Rocklin, Ph.D. |
Vice President, General Counsel & Corporate Secretary |
2021 |
ITEM 11. |
EXECUTIVE COMPENSATION |
ITEM 12. |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS |
ITEM 13. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15. |
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
ITEM 16. |
FORM 10-K SUMMARY — NONE |
NEOGEN CORPORATION | ||||||||
By: |
/s/ John E. Adent |
By: |
/s/ Steven J. Quinlan | |||||
John E. Adent, President & Chief | Steven J. Quinlan, Vice President & | |||||||
Executive Officer | Chief Financial Officer | |||||||
(Principal Executive Officer) | (Principal Financial & Accounting Officer) |
Signature |
Title |
Date | ||||
/s/ John E. Adent |
President & Chief Executive Officer (Principal Executive Officer) | July 30, 2021 | ||||
John E. Adent | ||||||
/s/ Steven J. Quinlan |
Vice President & Chief Financial Officer (Principal Financial & Accounting Officer) |
July 30, 2021 | ||||
Steven J. Quinlan |
||||||
* |
Chairman of the Board of Directors | July 30, 2021 | ||||
James C. Borel | ||||||
* |
Director | July 30, 2021 | ||||
William T. Boehm, Ph.D. | ||||||
* |
Director | July 30, 2021 | ||||
Ronald D. Green, Ph.D. | ||||||
* |
Director | July 30, 2021 | ||||
Ralph A. Rodriguez | ||||||
* |
Director | July 30, 2021 | ||||
James P. Tobin | ||||||
* |
Director | July 30, 2021 | ||||
Darci L. Vetter | ||||||
* |
Director | July 30, 2021 | ||||
Catherine E. Woteki, Ph.D. |
*By: | /s/ John E. Adent | |||||||
John E. Adent, Attorney-in-fact |
July 30, 2021 |
Report of Independent Registered Public Accounting Firm |
F-2 | |
Consolidated Balance Sheets—May 31, 2021 and 2020 |
F-4 | |
Consolidated Statements of Income—Years ended May 31, 2021, 2020 and 2019 |
F-6 | |
Consolidated Statements of Comprehensive Income—Years ended May 31, 2021, 2020 and 2019 |
F-7 | |
Consolidated Statements of Stockholders’ Equity— Years ended May 31, 2021, 2020 and 2019 |
F-8 | |
Consolidated Statements of Cash Flows— Years ended May 31, 2021, 2020 and 2019 |
F-9 | |
Notes to Consolidated Financial Statements |
F-10 |
• | Assessing the design and testing operating effectiveness of certain controls over the Company’s income tax provision process, including controls over the identification and application of tax laws over earnings from multiple tax jurisdictions and the process to assess the technical merits of tax positions taken. |
• | Evaluating the reasonableness and appropriateness of the data used to develop the assumptions and allocations made by management against relevant evidence obtained in other areas of the audit. |
• | Utilizing professionals with specialized skills and knowledge in taxation to evaluate the Company’s application of the applicable tax laws, the technical merit of tax positions taken, and the reasonableness of the Company’s apportionment methodologies used. |
May 31 |
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2021 |
2020 |
|||||||
Assets |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Marketable securities |
||||||||
Accounts receivable, net of allowance of $ May 31, 2021 and 2020, respectively |
||||||||
Inventories |
||||||||
Prepaid expenses and other current assets |
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|
|
|
|
|||||
Total Current Assets |
||||||||
Property and Equipment |
||||||||
Land and improvements |
||||||||
Building and improvements |
||||||||
Machinery and equipment |
||||||||
Furniture and fixtures |
||||||||
Construction in progress |
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|
|
|||||
Less accumulated depreciation |
( |
) | ( |
) | ||||
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|
|||||
Net Property and Equipment |
||||||||
Other Assets |
||||||||
Right of use assets |
||||||||
Goodwill |
||||||||
Other non-amortizable intangible assets |
||||||||
Amortizable intangible assets, net of accumulated amortization of $ at May 31, 2021 and 2020, respectivel y |
||||||||
Other non-current assets |
||||||||
|
|
|
|
|||||
Total Other Assets |
||||||||
|
|
|
|
|||||
Total Assets |
$ | |
$ | |||||
|
|
|
|
May 31 |
||||||||
2021 |
2020 |
|||||||
Liabilities and Stockholders’ Equity |
||||||||
Current Liabilities |
||||||||
Accounts payable |
$ | $ | ||||||
Accruals |
||||||||
Accrued compensation |
||||||||
Income taxes |
||||||||
Other accruals |
||||||||
|
|
|
|
|||||
Total Current Liabilities |
||||||||
Deferred Income Taxes |
||||||||
Other Non-Current Liabilities |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
Commitments and Contingencies (note 7) |
||||||||
Stockholders’ Equity |
||||||||
Preferred stock, $ |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Retained earnings |
||||||||
|
|
|
|
|||||
Total Neogen Corporation and Subsidiaries Stockholders’ Equity |
||||||||
|
|
|
|
|||||
Total Liabilities and Stockholders’ Equity |
$ |
$ | |
|||||
|
|
|
|
Year Ended May 31 |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Revenues |
||||||||||||
Product revenues |
$ | |
$ | |
$ | |
||||||
Service revenues |
||||||||||||
|
|
|
|
|
|
|||||||
Total Revenues |
||||||||||||
|
|
|
|
|
|
|||||||
Cost of Revenues |
||||||||||||
Cost of product revenues |
||||||||||||
Cost of service revenues |
||||||||||||
|
|
|
|
|
|
|||||||
Total Cost of Revenues |
||||||||||||
|
|
|
|
|
|
|||||||
Gross Margin |
||||||||||||
Operating Expenses |
||||||||||||
Sales and marketing |
||||||||||||
General and administrative |
||||||||||||
Research and development |
||||||||||||
|
|
|
|
|
|
|||||||
Total Operating Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Operating Income |
||||||||||||
Other Income |
||||||||||||
Interest income, net |
||||||||||||
Royalty income |
— | — | ||||||||||
Other, net |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total Other Income |
||||||||||||
|
|
|
|
|
|
|||||||
Income Before Income Taxes |
||||||||||||
Provision for Income Taxes |
||||||||||||
|
|
|
|
|
|
|||||||
Net Income |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
|||||||
Net Income per Share |
||||||||||||
Basic |
$ | |
$ | $ | ||||||||
Diluted |
$ | |
$ | $ | ||||||||
Weighted Average Shares Outstanding |
||||||||||||
Basic |
||||||||||||
Diluted |
Year Ended May 31 |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Net Income |
$ | |
$ | |
$ | |
||||||
Other comprehensive income (loss), net of tax: foreign currency translations |
( |
) | ( |
) | ||||||||
Other comprehensive income (loss), net of tax: unrealized gain on marketable securities |
( |
) | — | |||||||||
|
|
|
|
|
|
|||||||
Comprehensive income |
$ |
$ |
$ |
|||||||||
|
|
|
|
|
|
Accumulated |
||||||||||||||||||||||||||||
Common Stock |
Additional Paid-in |
Other Comprehensive |
Retained |
Non- Controlling |
Total |
|||||||||||||||||||||||
Shares |
Amount |
Capital |
Income (Loss) |
Earnings |
Interest |
Equity |
||||||||||||||||||||||
Balance, June 1, 2018 |
$ |
$ |
$ ( |
|
$ |
$ |
$ |
|||||||||||||||||||||
Exercise of options and share-based compensation expense |
— | — | — | |||||||||||||||||||||||||
Issuance of shares under employee stock purchase plan |
— | — | — | |||||||||||||||||||||||||
Shares repurchased |
( |
) | ( |
) | ( |
) | — | — | — | ( |
) | |||||||||||||||||
Net income for 2019 |
— | — | — | — | ||||||||||||||||||||||||
Other comprehensive loss |
— | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, May 31, 2019 |
$ |
$ |
$ ( |
$ |
$ |
$ |
||||||||||||||||||||||
Exercise of options and share-based compensation expense |
— | — | — | |||||||||||||||||||||||||
Issuance of shares under employee stock purchase plan |
— | — | — | |||||||||||||||||||||||||
Net income for 2020 |
— | — | — | — | — | |||||||||||||||||||||||
Other comprehensive loss |
— | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, May 31, 2020 |
$ |
$ |
$ ( |
$ |
$ |
— | $ |
|||||||||||||||||||||
Exercise of options and share-based compensation expense |
— | — | — | |||||||||||||||||||||||||
Issuance of shares under employee stock purchase plan |
— | — | — | |||||||||||||||||||||||||
Issuance of shares for Megazyme acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net income for 2021 |
— | — | — | — | ||||||||||||||||||||||||
Other comprehensive gain |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, May 31, 2021 |
$ | $ | $ ( |
$ | $ | — | $ | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended May 31 |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Cash Flows From Operating Activities |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided from operating activities: |
|
|||||||||||
Depreciation and amortization |
||||||||||||
Deferred income taxes |
( |
) | ||||||||||
Share-based compensation |
||||||||||||
Changes in operating assets and liabilities, net of business acquisitions: |
||||||||||||
Accounts receivable |
( |
) | ( |
) | ( |
) | ||||||
Inventories |
( |
) | ( |
) | ||||||||
Prepaid expenses and other assets |
( |
) | ( |
) | ( |
) | ||||||
Accounts payable |
( |
) | ( |
) | ||||||||
Accruals and other changes |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net Cash From Operating Activities |
||||||||||||
Cash Flows Used for Investing Activities |
||||||||||||
Purchase of property, equipment and other non-current intangible assets |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from the maturities of marketable securities |
||||||||||||
Purchase of marketable securities |
( |
) | ( |
) | ( |
) | ||||||
Business acquisitions, net of cash acquired |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Net Cash Used for Investing Activitie s |
( |
) | ( |
) | ( |
) | ||||||
Cash Flows From Financing Activities |
||||||||||||
Exercise of stock options and other |
||||||||||||
Payment of contingent consideration |
( |
) | — | — | ||||||||
Repurchase of common stock |
— | — | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net Cash From Financing Activities |
||||||||||||
Effects of Foreign Exchange Rate on Cash |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net Increase (Decrease) in Cash and Cash Equivalents |
( |
) | ||||||||||
Cash and Cash Equivalents, Beginning of Year |
||||||||||||
|
|
|
|
|
|
|||||||
Cash and Cash Equivalents, End of Year |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Supplementary Cash Flow Information |
||||||||||||
Income taxes paid, net of refunds |
$ | $ | $ |
1. | Summary of Significant Accounting Policies |
(in thousands) |
Foreign Currency Translation Adjustments |
Unrealized Gain on Marketable Securities |
Total AOCI |
|||||||||
Balance, May 31, 2019 |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Other comprehensive income (loss) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Balance, May 31, 2020 |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Other comprehensive income (loss) |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
Balance, May 31, 2021 |
$ |
( |
) |
$ |
$ |
( |
) | |||||
|
|
|
|
|
|
Level 1: | Observable inputs such as quoted prices in active markets; | |
Level 2: | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | |
Level 3: | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Year ended May 31 |
||||||||||
(in thousands) |
Maturity |
2021 |
2020 |
|||||||
US Treasuries |
0 - 90 days |
$ |
$ | — | ||||||
91 -180 days |
— | |||||||||
181 days - 1 year |
||||||||||
1 - 2 years | — | |||||||||
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper & Corporate Bonds |
0 - 90 days | |||||||||
91 - 180 days |
||||||||||
181 days - 1 year |
||||||||||
1 - 2 years |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposit |
0 - 90 days |
|||||||||
91 - 180 days |
||||||||||
181 days - 1 year |
||||||||||
1 - 2 years |
||||||||||
|
|
|
|
|||||||
Total Marketable Securities |
$ |
$ |
||||||||
|
|
|
|
(in thousands) |
Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
||||||||||||
US Treasuries |
$ | $ | $ | $ | ||||||||||||
Commercial Paper & Corporate Bonds |
( |
) | ||||||||||||||
Certificates of Deposit |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Marketable Securities |
$ | $ | $ | ( |
) | $ | ||||||||||
|
|
|
|
|
|
|
|
(in thousands) |
Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
||||||||||||
US Treasuries |
$ |
$ |
$ |
$ |
||||||||||||
Commercial Paper & Corporate Bonds |
( |
) |
||||||||||||||
Certificates of Deposit |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Marketable Securities |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
|
|
|
|
|
|
|
|
Year ended May 31 |
||||||||||||
(in thousands) |
2021 |
2020 |
2019 |
|||||||||
Beginning Balance |
$ | $ | $ | |||||||||
Provision |
||||||||||||
Recoveries |
||||||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Ending Balance |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Year ended May 31 |
||||||||
(in thousands) |
2021 |
2020 |
||||||
Raw Materials |
$ | $ | ||||||
Work-in-process |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
Year ended May 31 |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Risk-free interest rate |
% | % | % | |||||||||
Expected dividend yield |
% | % | % | |||||||||
Expected stock volatility |
% | % | % | |||||||||
Expected option life |
Year ended May 31 |
||||||||||||
(in thousands, except per share) |
2021 |
2020 |
2019 |
|||||||||
Numerator for basic and diluted net income per share — Net Income |
$ | $ | |
$ | |
|||||||
Denominator for basic net income per share — Weighted average shares |
||||||||||||
Effect of dilutive stock options |
||||||||||||
Denominator for diluted net income per share |
||||||||||||
Net income attributable to Neogen per share |
||||||||||||
Basic |
$ | $ | $ | |||||||||
Diluted |
$ | $ | $ |
• | We elected the package of practical expedients available for transition that allow us to not reassess : whether expired or existing contracts contain leases under the new definition of a lease, lease classification for expired or existing leases, and whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. |
• | We did not elect to use hindsight when considering judgments and estimates such as assessments of lessee options to extend or terminate a lease or purchase the underlying asset. |
• | For all asset classes, we elected to not recognize a right-of-use |
• | For all asset classes, we elected to not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. |
• | The determination of the discount rate used in a lease is our incremental borrowing rate that is based on our estimate of what we would normally pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments. |
Year ended May 31 |
||||||||
(in thousands) |
2021 |
2020 |
||||||
Rights of use—assets |
$ | $ | |
|||||
Lease liabilities—current |
||||||||
Lease liabilities—non-current |
Year ended May 31 |
||||||||
2021 |
2020 |
|||||||
Weighted average remaining lease term |
||||||||
Weighted average discount rate |
Year ended May 31 |
||||||||
(in thousands) |
2021 |
2020 |
||||||
Operating leases |
$ | $ | |
|||||
Short term leases |
||||||||
Total lease expense |
$ | $ | ||||||
(in thousands) |
Amount |
|||
Years ending May 31, 202 2 |
$ | |
||
2023 |
||||
2024 |
||||
2025 |
||||
2026 and thereafter |
||||
Total lease payments |
$ |
|||
Less: imputed interest |
( |
) | ||
Total lease liabilities |
$ | |||
• | Identification of the contract with a customer; |
• | Identification of the performance obligations in the contract; |
• | Determination of the transaction price; |
• | Allocation of the transaction price to the performance obligations in the contract; and |
• | Recognition of revenue when or as the Company satisfies the performance obligations. |
• | Diagnostic test kits, culture media and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation; |
• | Consumable products marketed to veterinarians, retailers, livestock producers and animal health product distributors; and |
• | Rodenticides, disinfectants and insecticides to assist in the control of rodents, insects and disease in and around agricultural, food production and other facilities. |
• | Genomic identification and related interpretive bioinformatic services; and |
• | Other commercial laboratory services. |
Year Ended |
||||||||||||||||||||
(dollars in thousands) |
May 31, 2021 |
Change |
May 31, 2020 |
Change |
May 31, 2019 |
|||||||||||||||
Food Safety: |
||||||||||||||||||||
Natural Toxins, Allergens & Drug Residues |
$ | % | $ | ( |
%) | $ | ||||||||||||||
Bacterial & General Sanitation |
% | ( |
%) | |||||||||||||||||
Culture Media & Other |
% | ( |
%) | |||||||||||||||||
Rodenticides, Insecticides & Disinfectants |
% | % | ||||||||||||||||||
Genomics Services |
% | % | ||||||||||||||||||
$ |
% | $ |
( |
%) |
$ |
|||||||||||||||
Animal Safety: |
||||||||||||||||||||
Life Sciences |
( |
% ) |
( |
%) |
||||||||||||||||
Veterinary Instruments & Disposables |
% | ( |
%) |
|||||||||||||||||
Animal Care & Other |
% | ( |
%) |
|||||||||||||||||
Rodenticides, Insecticides & Disinfectants |
% | % | ||||||||||||||||||
Genomics Services |
% | % | ||||||||||||||||||
$ |
% | $ |
% | $ |
||||||||||||||||
Total Revenue |
$ | % | $ | % | $ | |||||||||||||||
2. | Goodwill and Other Intangible Assets |
(in thousands) |
Food Safety |
Animal Safety |
Total |
|||||||||
Balance, May 31, 2019 |
$ | |
$ | |
$ | |
||||||
Goodwill acquired |
||||||||||||
Goodwill and/or currency adjustments (1) |
( |
) | ( |
) | ( |
) | ||||||
Balance, May 31, 2020 |
$ | $ | $ | |||||||||
Goodwill acquired |
||||||||||||
Goodwill and/or currency adjustments (1) |
||||||||||||
Balance, May 31, 2021 |
$ | $ | $ | |||||||||
(1) | Includes final purchase price allocation adjustments and currency adjustments for goodwill recorded at international locations. |
(in thousands) |
Gross Carrying Amount |
Less Accumulated Amortization |
Net Carrying Amount |
|||||||||
Licenses |
$ | $ | $ | |||||||||
Covenants not to compete |
||||||||||||
Patents |
||||||||||||
Customer-based intangibles |
||||||||||||
Other products and service-related intangibles |
||||||||||||
Balance, May 31, 2021 |
$ | $ | $ | |||||||||
Licenses |
$ | |
$ | $ | ||||||||
Covenants not to compete |
||||||||||||
Patents |
||||||||||||
Customer-based intangibles |
||||||||||||
Other products and service-related intangibles |
||||||||||||
Balance, May 31, 2020 |
$ | $ | |
$ | |
|||||||
3. | Business Combinations |
4. | Long-Term Debt |
5. | Equity Compensation Plans |
(options in thousands) |
Options |
Weighted-Average Exercise Price |
Weighted-Average Grant Date Fair Value |
|||||||||
Outstanding at May 31, 2018 ( |
$ | |
$ | |
||||||||
Granted |
||||||||||||
Exercised |
( |
) | ||||||||||
Forfeited |
( |
) | ||||||||||
|
|
|||||||||||
Outstanding at May 31, 2019 ( |
||||||||||||
Granted |
||||||||||||
Exercised |
( |
) | ||||||||||
Forfeited |
( |
) | ||||||||||
|
|
|||||||||||
Outstanding at May 31, 2020 ( |
||||||||||||
Granted |
||||||||||||
Exercised |
( |
) | ||||||||||
Forfeited |
( |
) | ||||||||||
|
|
|||||||||||
Outstanding at May 31, 2021 ( |
||||||||||||
|
|
Options Outstanding |
Options Exercisable |
|||||||||||||||||||
Average |
||||||||||||||||||||
(options in thousands) |
Contractual Life |
Weighted-Average |
Weighted-Average |
|||||||||||||||||
Range of Exercise Price |
Number |
(in years) |
Exercise Price |
Number |
Exercise Price |
|||||||||||||||
$ |
$ | $ | ||||||||||||||||||
$ |
||||||||||||||||||||
$ |
||||||||||||||||||||
$ |
||||||||||||||||||||
$ |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||
Year Ended |
||||||||||||
(in thousands) |
May 31, 2021 |
May 31, 2020 |
May 31, 2019 |
|||||||||
Aggregate intrinsic value of options outstanding |
$ | $ | $ | |||||||||
Aggregate intrinsic value of options exercisable |
$ | $ | $ | |||||||||
Aggregate intrinsic value of options exerised |
$ | $ | $ |
6. |
Income Taxes |
Year ended May 31 |
||||||||||||
(in thousands) |
2021 |
2020 |
2019 |
|||||||||
U.S. |
$ | |
$ | $ | ||||||||
Foreign |
||||||||||||
|
|
|
|
|
|
|||||||
$ | $ | $ | ||||||||||
|
|
|
|
|
|
Year ended May 31 |
||||||||||||
(in thousands) |
2021 |
2020 |
2019 |
|||||||||
Current |
|
|||||||||||
Domestic |
|
|||||||||||
Federal |
|
$ |
|
$ | $ | |||||||
Change in tax-related uncertainties |
|
( |
) | |||||||||
State |
|
|||||||||||
Foreign |
|
|||||||||||
Deferred |
|
|||||||||||
Domestic |
|
|||||||||||
Federal |
|
|||||||||||
State |
|
|||||||||||
Foreign |
|
( |
) | ( |
) | ( |
) | |||||
|
|
|
|
|
|
|||||||
Provision for Income Taxes |
|
$ |
$ | $ | ||||||||
|
|
|
|
|
|
Year ended May 31 |
||||||||||||
(in thousands) |
2021 |
2020 |
2019 |
|||||||||
Tax at U.S. statutory rate |
$ | $ | $ | |||||||||
Permanent differences |
( |
) | ||||||||||
Global intangible low-taxed income (GILTI) |
||||||||||||
Foreign derived intangible income deduction (FDII) |
( |
) | ( |
) | ( |
) | ||||||
Foreign rate differential |
( |
) | ||||||||||
Subpart F income |
||||||||||||
Tax benefits on stock-based compensation |
( |
) | ( |
) | ( |
) | ||||||
Changes in tax contingencies—Increase/(Release) |
( |
) | ||||||||||
Provision for state income taxes, net of federal benefit |
||||||||||||
Tax Credits |
( |
) | ( |
) | ( |
) | ||||||
Other |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Tax Expense |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Year ended May 31 |
||||||||
(in thousands) |
2021 |
2020 |
||||||
Deferred income tax liabilities |
||||||||
Indefinite and long-lived assets |
$ | ( |
) | $ | ( |
) | ||
Prepaid expense s |
( |
) | ( |
) | ||||
|
|
|
|
|||||
( |
) | ( |
) | |||||
Deferred income tax assets |
||||||||
Stock options |
||||||||
Inventories and accounts receivable |
||||||||
Tax loss carryforwards |
||||||||
Accrued expenses and other |
||||||||
Less: valuation allowances |
( |
) | ( |
) | ||||
|
|
|
|
|||||
|
|
|
|
|||||
Net deferred income tax liabilities |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
(in thousands) |
As of |
|||||||
Jurisdiction |
5/31/2021 |
Expiry |
||||||
U.S. |
$ | |||||||
Foreign |
||||||||
|
|
|||||||
$ | ||||||||
|
|
Year ended May 31 |
||||||||||||
(in thousands) |
2021 |
2020 |
2019 |
|||||||||
Beginning balance |
$ | |
$ | $ | ||||||||
Increase/(decrease) related to prior periods |
( |
) | ( |
) | ||||||||
Increase related to current period |
||||||||||||
|
|
|
|
|
|
|||||||
Ending balance |
$ | $ | $ | |||||||||
|
|
|
|
|
|
7. |
Commitments and Contingencies |
8. |
Defined Contribution Benefit Plan |
9. |
Segment Information |
(in thousands) |
Food Safety |
Animal Safety |
Corporate and Eliminations (1) |
Total |
||||||||||||
Fiscal 2021 |
||||||||||||||||
Product revenues to external customers |
$ | $ | $ | — | $ | |||||||||||
Service revenues to external customers |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues to external customers |
— | |||||||||||||||
Operating income (loss) |
( |
) | ||||||||||||||
Depreciation and amortization |
— | |||||||||||||||
Total Assets |
||||||||||||||||
Expenditures for long-lived assets |
— | |||||||||||||||
Fiscal 2020 |
||||||||||||||||
Product revenues to external customers |
$ | $ | $ | — | $ | |||||||||||
Service revenues to external customers |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues to external customers |
— | |||||||||||||||
Operating income (loss) |
( |
) | ||||||||||||||
Depreciation and amortization |
— | |||||||||||||||
Total Assets |
||||||||||||||||
Expenditures for long-lived assets |
— | |||||||||||||||
Fiscal 2019 |
||||||||||||||||
Product revenues to external customers |
$ | $ | $ | — | $ | |||||||||||
Service revenues to external customers |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues to external customers |
— | |||||||||||||||
Operating income (loss) |
( |
) | ||||||||||||||
Depreciation and amortization |
— | |||||||||||||||
Total Assets |
||||||||||||||||
Expenditures for long-lived assets |
— |
(1) | Includes corporate assets, including cash and cash equivalents, marketable securities, current and deferred tax accounts, and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions and non-controlling interests. |
Year ended May 31 |
||||||||
(in thousands) |
2021 |
2020 |
||||||
Domestic |
$ | $ | ||||||
International |
||||||||
|
|
|
|
|||||
Total revenue |
$ |
$ |
||||||
|
|
|
|
10. |
Stock Repurchases |
11. |
Summary of Quarterly Data (Unaudited) |
Quarter Ended |
||||||||||||||||
(in thousands, except per share) |
August 2020 |
November 2020 |
February 2021 |
May 2021 |
||||||||||||
Total Revenue |
$ | $ | $ | $ | ||||||||||||
Gross Margin |
||||||||||||||||
Net income |
||||||||||||||||
Basic net income per share |
$ | $ | $ | $ | ||||||||||||
Diluted net income per share |
$ | $ | $ | $ | ||||||||||||
Quarter Ended |
||||||||||||||||
(in thousands, except per share) |
August 2019 |
November 2019 |
February 2020 |
May 2020 |
||||||||||||
Total Revenue |
$ | $ | $ | $ | ||||||||||||
Gross Margin |
||||||||||||||||
Net income |
||||||||||||||||
Basic net income per share |
$ | $ | $ | $ | ||||||||||||
Diluted net income per share |
$ | $ | $ | $ |