Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables)

12 Months Ended

May 31, 2023

Fair Value Disclosures [Abstract]

Fair value of assets and liabilities measured on recurring basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:

	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2023
Financial Liabilities
Contingent consideration for acquisition earn outs	$	—	$	—	$	19,296	$	19,296
Total Financial Liabilities	$	—	$	—	$	19,296	$	19,296

	Fair Value Measurements using inputs considered as:
(in thousands)	Level 1		Level 2		Level 3		Fair Value at May 31, 2022
Financial Liabilities
Contingent consideration for acquisition earn outs	$	—	$	—	$	16,948	$	16,948
Total Financial Liabilities	$	—	$	—	$	16,948	$	16,948

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present the changes in fair value components of Level 3 instruments:

	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2022	$	16,948
Change in present value of contingent consideration (1)	2,320
Currency gain from remeasurement	28
Balance at May 31, 2023	$	19,296

(1) Change in the fair value of contingent consideration is included in earnings and comprised of changes in estimated earn out payments based on projections of Company performance and amortization of the present value discount.

	Financial Liabilities
(in thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance at May 31, 2021	$	15,741
Change in fair value of contingent consideration (1)	1,212
Currency loss from remeasurement	(5)
Balance at May 31, 2022	$	16,948

(1) Change in the fair value of contingent consideration is included in earnings and comprised of changes in estimated earn out payments based on projections of Company performance and amortization of the present value discount.

Fair Value, Liabilities Measured on Recurring Basis

The recurring Level 3 fair value measurements of the contingent consideration liabilities include the following significant unobservable inputs as of May 31, 2023:

(in thousands)	Fair Value		Valuation Technique	Unobservable Input	Range
Revenue based payments	$	19,296	Discounted cash flow	Discount rate	5%
				Probability of payment	80% - 100%
				Projected fiscal year of payment	2024 - 2025