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Summary of Significant Accounting Policies (Tables)
12 Months Ended
May 31, 2022
Summary of Changes in Accumulated Other Comprehensive Income (Loss) net of tax
Changes in our Accumulated Other Comprehensive Income (Loss) (“AOCI”) balances, net of tax, were as follows:
 
(in thousands)
  
Foreign Currency
Translation Adjustments
 
  
Unrealized Gain (Loss) on
Marketable Securities
 
  
Total
AOCI
 
Balance, May 31, 2020
   $ (20,135    $ 426      $ (19,709
Other comprehensive income (loss)
     8,602        (268      8,334  
    
 
 
    
 
 
    
 
 
 
Balance, May 31, 2021
   $ (11,533    $ 158      $ (11,375
Other comprehensive loss
    
(13,955
)
    
(2,439
     (16,394 )
    
 
 
    
 
 
    
 
 
 
Balance, May 31, 2022
   $ (25,488    $ (2,281 )    $ (27,769
    
 
 
    
 
 
    
 
 
 
Schedule Of Classification And Maturities Of Marketable Securities
Marketable Securities as of May 31, 2022 and 2021 are listed below by classification and remaining maturities.
 
 
  
 
 
  
Year ended May 31
 
(in thousands)
  
Maturity
 
  
2022
 
  
2021
 
Commercial Paper & Corporate Bonds
  
 
0 - 90 days
 
  
$
106,497     
$
106,631  
    
 
91 -180 days
 
     61,373        78,727  
    
 
181 days -1 year
 
     91,706        87,590  
    
 
1 - 2 years
 
     77,002        26,752  
Certificates of Deposit
  
 
0 - 90 days
 
     —          3,262  
    
 
91 - 180 days
 
     —          1,260  
    
 
181 days -1 year
 
     —          1,263  
    
 
1 - 2 years
 
     —          —    
    
 
 
 
  
 
 
    
 
 
 
Total Marketable Securities
  
 
 
 
   $ 336,578      $ 305,485  
    
 
 
 
  
 
 
    
 
 
 
Summary of components of marketable securities
The components of marketable securities as of May 31, 2022 are as follows:
 
 
  
Amortized
 
  
Unrealized
 
  
Unrealized
 
  
 
 
(in thousands)
  
Cost
 
  
Gains
 
  
Losses
 
  
Fair Value
 
Commercial Paper & Corporate Bonds
  
$
339,540     
$
7     
$
(2,969   
$
336,578  
Certificates of Deposit
     —          —          —          —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Marketable Securities
   $ 339,540      $ 7      $ (2,969    $ 336,578  
    
 
 
    
 
 
    
 
 
    
 
 
 
The components of marketable securities as of May 31, 2021 are as follows:
 
 
  
Amortized
 
  
Unrealized
 
  
Unrealized
 
  
 
 
(in thousands)
  
Cost
 
  
Gains
 
  
Losses
 
  
Fair Value
 
Commercial Paper & Corporate Bonds
  
$
299,524     
$
209     
$
(33   
$
299,700  
Certificates of Deposit
     5,755        30        —          5,785  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Marketable Securities
   $ 305,279      $ 239      $ (33    $ 305,485  
    
 
 
    
 
 
    
 
 
    
 
 
 
Allowance for Doubtful Accounts
 
 
  
Year ended May 31
 
(in thousands)
  
2022
 
  
2021
 
  
2020
 
Beginning Balance
   $ 1,400      $ 1,350      $ 1,700  
Provision
     332        239        393  
Recoveries
     98        139        49  
Write-offs
     (180 )      (328      (792
    
 
 
    
 
 
    
 
 
 
Ending Balance
   $ 1,650      $ 1,400      $ 1,350  
    
 
 
    
 
 
    
 
 
 
Inventories
Inventories are stated at the lower of cost or net realizable value, determined on the first-in, first-out method. The components of inventories were as follows:
 
    
Year ended May 31
 
(in thousands)
  
2022
    
2021
 
Raw Materials
   $ 58,667      $ 47,588  
Work-in-process
     6,388        6,412  
Finished goods
     57,258        46,701  
    
 
 
    
 
 
 
     $ 122,313      $ 100,701  
    
 
 
    
 
 
 
Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions The fair value of stock options granted was estimated using the following weighted-average assumptions:
 
    
Year ended May 31
 
    
2022
   
2021
   
2020
 
Risk-free interest rate
     0.4     0.2     1.9
Expected dividend yield
     0.0     0.0     0.0
Expected stock volatility
     32.8     31.3     29.4
Expected option life
     3.12 years       3.25 years       3.5 years  
Calculation of Net Income Per Share The following table presents the net income per share calculations:
 
  
Year ended May 31
 
(in thousands, except per share)
  
2022
 
  
2021
 
  
2020
 
Numerator for basic and diluted net income per share — Net Income
  
$

48,307      $ 60,882      $ 59,475  
Denominator for basic net income per share — Weighted average shares
     107,684        106,499        105,100  
Effect of dilutive stock options and restricted stock units
     336        621        620  
    
 
 
    
 
 
    
 
 
 
Denominator for diluted net income per share
     108,020        107,120        105,720  
Net income attributable per share
                          
Basic
   $ 0.45      $ 0.57      $ 0.57  
Diluted
   $ 0.45      $ 0.57      $ 0.56  
Supplemental balance sheet information related to operating leases
Supplemental balance sheet information related to operating leases was as follows:

 
 
  
Year ended May 31
 
(in thousands)
  
2022
 
  
2021
 
Rights of use - assets
   $ 3,184      $ 2,477  
Lease liabilities - current
     1,440        1,285  
Lease liabilities - non-current
     1,788        1,207  
Weighted average remaining lease term and weighted average discount rate
The weighted average remaining lease term and weighted average discount rate were as follows:
 
    
Year ended May 31
 
    
2022
   
2021
 
Weighted average remaining lease term
     3 years       2 years  
Weighted average discount rate
     1.7     2.0
Components of lease expense The components of lease expense were as follows:
 
    
Year ended May 31
 
(in thousands)
  
2022
    
2021
 
Operating leases
   $ 438      $ 1,352  
Short term leases
     277        134  
    
 
 
    
 
 
 
Total lease expense
   $ 715      $ 1,486  
Undiscounted minimum lease payments
Maturities of operating lease liabilities as of May 31, 2022 are as follows:
 
(in thousands)
  
Amount
 
Years ending May 31, 2023
   $ 1,458
 
2024
     887  
2025
     436  
2026
     345  
2027 and thereafter
     190  
    
 
 
 
Total lease payments
   $ 3,316  
Less: imputed interest
     (88
    
 
 
 
Total lease liabilities
   $ 3,228  
    
 
 
 
Disaggregated Revenue
The following table presents the Company’s revenue disaggregated by geographical location:
 
    
Year ended May 31
 
(in thousands)
  
2022
    
2021
 
Domestic
   $ 317,820      $ 285,262  
International
     209,339        183,197  
    
 
 
    
 
 
 
Total revenue
   $ 527,159      $ 468,459  
    
 
 
    
 
 
 
Operating Segments  
Disaggregated Revenue
The following table presents disaggregated revenue by major product and service categories for the years ended May 31, 2022, 2021 and 2020:
 
 
  
Year Ended
(dollars in thousands)
  
May 31, 2022
 
  
May 31, 2021
 
  
May 31, 2020
 
Food Safety:
  
     
  
     
  
     
Natural Toxins, Allergens & Drug Residues
   $ 79,395      $ 76,614     $ 76,207  
Bacterial & General Sanitation
     47,282        44,009       41,780  
Culture Media & Other
     75,278        61,245       47,847  
Rodenticides, Insecticides & Disinfectants
     35,691        32,219       28,890  
Genomics Services
     22,333        20,157       17,967  
    
 
 
    
 
 
   
 
 
 
     $ 259,979      $ 234,244     $ 212,691  
Animal Safety:
                         
Life Sciences
     5,685        5,715       6,322  
Veterinary Instruments & Disposables
     63,938        48,128       42,941  
Animal Care & Other
     39,805        35,897       28,389  
Rodenticides, Insecticides & Disinfectants
     83,610        77,458       68,815  
Genomics Services
     74,142        67,017       59,012  
    
 
 
    
 
 
   
 
 
 
     $ 267,180      $ 234,215     $ 205,479  
    
 
 
    
 
 
   
 
 
 
Total Revenue
   $ 527,159      $ 468,459     $ 418,170