QUARTERLY 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 |
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(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification Number) |
Title of each Class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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☒ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller Reporting Company |
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Emerging growth company |
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Page No. |
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Item 1. |
2 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
19 |
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Item 3. |
27 |
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Item 4. |
27 |
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Item 1. |
28 |
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Item 1A. |
28 |
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Item 6. |
28 |
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29 |
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February 29, 2020 |
2019 |
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Unaudited |
Un udited a |
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Assets |
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Current Assets |
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Cash and cash equivalents |
$ | |
$ | |
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Marketable securities |
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Accounts receivable, less allowance of $ |
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Inventories |
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Prepaid expenses and other current assets |
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Total Current Assets |
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Net Property and Equipment |
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Other Assets |
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Goodwill |
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Other non-amortizable intangible assets |
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Amortizable intangible and other assets, net of accumulated amortization of $ |
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Total Assets |
$ | |
$ | |
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Liabilities and Stockholders’ Equity |
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Current Liabilities |
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Accounts payable |
$ | |
$ | |
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Accrued compensation |
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Income taxes |
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Other accruals |
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Total Current Liabilities |
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Deferred Income Taxes |
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Other Non-Current Liabilities |
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Total Liabilities |
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Commitments and Contingencies (note 8) |
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Equity |
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Preferred stock, $ |
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— |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Retained earnings |
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Total Stockholders’ Equity |
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Total Liabilities and Stockholders’ Equity |
$ | |
$ | |
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Three Months Ended |
Nine Months Ended |
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February 29/28, |
February 29/28, |
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2020 |
2019 |
2020 |
2019 |
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Revenues |
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Product revenues |
$ | |
$ | |
$ | |
$ | |
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Service revenues |
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Total Revenues |
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Cost of Revenues |
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Cost of product revenues |
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Cost of service revenues |
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Total Cost of Revenues |
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Gross Margin |
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Operating Expenses |
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Sales and marketing |
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General and administrative |
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Research and development |
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Total Operating Expenses |
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Operating Income |
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Other Income (Expense) |
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Interest income |
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Other income (expense) |
( |
) | |
( |
) | |
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Total Other Income |
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Income Before Taxes |
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Provision for Income Taxes |
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Net Income |
$ | |
$ | |
$ | |
$ | |
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Net Income Per Share |
||||||||||||||||
Basic |
$ |
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$ | |
$ |
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$ | |
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Diluted |
$ |
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$ | |
$ |
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$ | |
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Three Months Ended |
Nine Months Ended |
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February 29/28, |
February 29/28, |
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2020 |
2019 |
2020 |
2019 |
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Net income |
$ | |
$ | |
$ | |
$ | |
||||||||
Other comprehensive income (loss), net of tax: |
||||||||||||||||
currency translation adjustments |
( |
) | |
( |
) | |
||||||||||
Other comprehensive income, net of tax: |
||||||||||||||||
unrealized gain on marketable securities |
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— |
|
— |
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Total comprehensive income |
$ | |
$ | |
$ | |
$ | |
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Accumulated |
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Additional |
Other |
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Common Stock |
Paid-in |
Comprehensive |
Retained |
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Shares |
Amount |
Capital |
Income (Loss) |
Earnings |
Total |
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Balance at May 31, 2019 |
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$ |
|
$ |
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$ |
( |
) |
$ |
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$ |
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Issuance of shares under share-based compensation plan |
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— |
— |
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||||||||||||||||||
Issuance of shares under employee stock purchase plan |
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— |
— |
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Net income for the three months ended August 31, 2019 |
— |
— |
— |
— |
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||||||||||||||||||
Other comprehensive loss for the three months ended August 31 , 2019 |
— |
— |
— |
( |
) |
— |
( |
) | ||||||||||||||||
Balance at August 31, 2019 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
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Issuance of shares under share-based compensation plan |
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|
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— |
— |
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Net income for the three months ended November 30, 2019 |
— |
— |
— |
— |
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Other comprehensive income for the three months ended November 30, 2019 |
— |
— |
— |
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— |
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Balance at November 30, 2019 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
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Issuance of shares under share-based compensation plan |
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|
— |
— |
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Issuance of shares under employee stock purchase plan |
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— |
— |
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Net income for the three months ended February 29, 2020 |
— |
— |
— |
— |
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Other comprehensive loss for the three months ended February 29 , 2020 |
— |
— |
— |
( |
) |
— |
( |
) | ||||||||||||||||
Balance at February 29, 2020 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
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Accumulated |
||||||||||||||||||||||||
Additional |
Other |
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Common Stock |
Paid-in |
Comprehensive |
Retained |
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Shares |
Amount |
Capital |
Income (Loss) |
Earnings |
Total |
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Balance at May 31, 2018 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
||||||||||||
Issuance of shares under share-based compensation plan |
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|
|
— |
— |
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Issuance of shares under employee stock purchase plan |
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— |
— |
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Net income for the three months ended August 31, 2018 |
— |
— |
— |
— |
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Other comprehensive loss for the three months ended August 31, 2018 |
— |
— |
— |
( |
) | — |
( |
) | ||||||||||||||||
Balance at August 31, 2018 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
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Issuance of shares under share-based compensation plan |
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|
|
— |
— |
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Net income for the three months ended November 30, 2018 |
— |
— |
— |
— |
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Other comprehensive income for the three months ended November 30, 2018 |
— |
— |
— |
|
— |
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Balance at November 30, 2018 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
||||||||||||
Issuance of shares under share-based compensation plan |
|
|
|
— |
— |
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||||||||||||||||||
Issuance of shares under employee stock purchase plan |
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|
|
— |
— |
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Shares repurchased |
( |
) | ( |
) | ( |
) | — |
— |
( |
) | ||||||||||||||
Net income for the three months ended February 28, 2019 |
— |
— |
— |
— |
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Other comprehensive loss for the three months ended February 28, 2019 |
— |
— |
— |
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— |
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Balance at February 28, 2019 |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
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Nine Months Ended February 29/28, |
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2020 |
2019 |
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Cash Flows From Operating Activities |
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Net Income |
$ | |
$ | |
||||
Adjustments to reconcile net income to net cash from operating activities: |
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Depreciation and amortization |
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Share-based compensation |
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Change in operating assets and liabilities, net of business acquisitions: |
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Accounts receivable |
|
( |
) | |||||
Inventories |
( |
) | ( |
) | ||||
Prepaid expenses and other current assets |
( |
) | ( |
) | ||||
Accounts payable, accruals and other changes |
|
( |
) | |||||
Net Cash From Operating Activities |
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|
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Cash Flows For Investing Activities |
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Purchases of property, equipment and other assets |
( |
) | ( |
) | ||||
Proceeds from the sale of marketable securities |
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Purchases of marketable securities |
( |
) | ( |
) | ||||
Business acquisitions, net of cash acquired |
( |
) | ( |
) | ||||
Net Cash For Investing Activities |
( |
) | ( |
) | ||||
Cash Flows From Financing Activities |
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Exercise of stock options and issuance of employee stock purchase plan shares |
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Repurchase of common stock |
— |
( |
) | |||||
Net Cash From Financing Activities |
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|
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Effect of Exchange Rates on Cash |
( |
) | |
|||||
Net Increase In Cash and Cash Equivalents |
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Cash and Cash Equivalents, Beginning of Period |
|
|
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Cash and Cash Equivalents, End of Period |
$ | |
$ | |
||||
• | 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 asset and lease liability for short-term leases. |
• | 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 what we would normally pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments. |
February 29, 2020 |
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(in thousands) |
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Right of use - assets |
$ | |
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Lease liabilities - current |
|
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Lease liabilities - non-current |
|
February 29, 2020 |
||||
Weighted average remaining lease term |
|
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Weighted average discount rate |
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Three Months Ended February 29, 2020 |
Nine Months Ended February 29, 2020 |
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(in thousands) |
(in thousands) |
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Operating leases |
$ | |
$ | |
||||
Short term leases |
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Total lease expense |
$ | |
$ | |
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Amount |
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(in thousands) |
||||
Years ending May 31, |
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2020 (1) |
$ |
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2021 |
|
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2022 |
|
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2023 |
|
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2024 |
|
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2025 and thereafter |
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Total lease payments |
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Less: imputed interest |
|
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Total lease liabilities |
$ | |
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(1) | Excluding the nine months ended February 29, 2020. |
Future Minimum Lease Payments |
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(in thousands) |
||||
Years ending May 31, |
||||
2020 |
$ |
|
||
2021 |
|
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2022 |
|
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2023 |
|
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Thereafter |
|
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$ |
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• | 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, dehydrated 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 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. |
Three Months ended February 2 9 /28 , |
Nine Months ended February 2 9 /28 , |
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2020 |
2019 |
2020 |
2019 |
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(in thousands) |
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Food Safety |
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Natural Toxins, Allergens & Drug Residues |
$ | |
$ | |
$ | |
$ | |
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Bacterial & General Sanitation |
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Culture Media & Other |
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Rodenticides, Insecticides & Disinfectants |
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Genomics Services |
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$ | |
$ | |
$ | |
$ | |
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Animal Safety |
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Life Sciences |
$ | |
$ | |
$ | |
$ | |
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Veterinary Instruments & Disposables |
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Animal Care & Other |
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Rodenticides, Insecticides & Disinfectants |
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Genomics Services |
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$ | |
$ | |
$ | |
$ | |
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Total Revenues |
$ | 99,869 |
$ | |
$ | 309,096 |
$ | |
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February 29, |
May 31, |
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2020 |
2019 |
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(in thousands) |
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Raw materials |
$ | |
$ | |
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Work-in-process |
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Finished and purchased goods |
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|
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$ | |
$ | |
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Three Months Ended |
Nine Months Ended |
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February 29/28, |
February 29/28, |
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2020 |
2019 |
2020 |
2019 |
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(in thousands, except per share amounts) |
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Numerator for basic and diluted net income per share: |
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Net income attributable to Neogen |
$ | |
$ | |
$ |
|
$ | |
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Denominator for basic net income per share: |
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Weighted average shares |
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Effect of dilutive stock options |
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Denominator for diluted net income per share |
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Net income attributable to Neogen per share: |
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Basic |
$ | |
$ | |
$ | |
$ | |
||||||||
Diluted |
$ | |
$ | |
$ | |
$ | |
||||||||
|
Food Safety |
Animal Safety |
Corporate and Eliminations (1) |
Total |
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(in thousands) |
||||||||||||||||
As of and for the three months ended February 29, 2020 |
||||||||||||||||
Product revenues to external customers |
$ | |
$ | |
$ | — |
$ | |
||||||||
Service revenues to external customers |
|
|
— |
|
||||||||||||
Total revenues to external customers |
|
|
— |
|
||||||||||||
Operating income (loss) |
|
|
( |
) | |
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Total assets |
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|
|
|
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As of and for the three months ended February 28, 2019 |
||||||||||||||||
Product revenues to external customers |
$ | |
$ | |
$ | — |
$ | |
||||||||
Service revenues to external customers |
|
|
— |
|
||||||||||||
Total revenues to external customers |
|
|
— |
|
||||||||||||
Operating income (loss) |
|
|
( |
) | |
|||||||||||
Total assets |
|
|
|
|
(1) | Includes corporate assets, consisting principally of 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. |
|
Food Safety |
Animal Safety |
Corporate and Eliminations (1) |
Total |
||||||||||||
(in thousands) |
||||||||||||||||
As of and for the nine months ended February 29, 2020 |
||||||||||||||||
Product revenues to external customers |
$ | |
$ | |
$ | — |
$ | |
||||||||
Service revenues to external customers |
|
|
— |
|
||||||||||||
Total revenues to external customers |
|
|
— |
|
||||||||||||
Operating income (loss) |
|
|
( |
) | |
|||||||||||
As of and for the nine months ended February 28, 2019 |
||||||||||||||||
Product revenues to external customers |
$ | |
$ | |
$ | — |
$ | |
||||||||
Service revenues to external customers |
|
|
— |
|
||||||||||||
Total revenues to external customers |
|
|
— |
|
||||||||||||
Operating income (loss) |
|
|
( |
) | |
(1) | Includes elimination of intersegment transactions. |
Three months ended |
Nine months ended |
|||||||||||||||
February 29/28, |
February 29/28, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
(in thousands) |
(in thousands) |
|||||||||||||||
Revenues by Geographic Location |
||||||||||||||||
Domestic |
$ | |
$ | |
$ | |
$ | |
||||||||
International |
|
|
|
|
||||||||||||
Total revenue |
|
|
|
|
||||||||||||
Weighted- |
||||||||
Average |
||||||||
(Options in thousands) |
Shares |
Exercise Price |
||||||
Options outstanding June 1, 2019 |
|
$ | |
|||||
Granted |
|
|
||||||
Exercised |
( |
) | |
|||||
Forfeited |
( |
) | |
|||||
Options outstanding February 29, 2020 |
|
$ | |
FY 2020 |
||||
Risk-free interest rate |
|
|||
Expected dividend yield |
|
|||
Expected stock price volatility |
|
|||
Expected option life |
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | Consolidated revenues were $99.9 million in the third quarter of fiscal 2020, an increase of 2% compared to $97.7 million in the third quarter of fiscal 2019. Organic sales growth in the third quarter of fiscal 2020 was 1%. For the year to date period, consolidated revenues were $309.1 million, an increase of 2% compared to $304.4 million in the same period in the prior fiscal year. Organic sales rose 1% for the nine month period. |
• | Food Safety segment sales were $50.5 million in the third quarter of the current fiscal year, a decline of 1% compared to $51.1 million in the same period of the prior year. Organic sales declined 3% during the quarter; contributions from four acquisitions executed during the quarter totaled $990,000. For the year to date, Food Safety segment sales were $158.4 million, an increase of 1% compared to $157.0 million in the same period of the prior fiscal year; excluding acquisitions, sales were flat. |
• | Animal Safety segment sales were $49.4 million in the third quarter of fiscal 2020, an increase of 6% compared to $46.6 million in the third quarter of fiscal 2019. Organic sales in this segment also rose 6% in the third quarter, with only a minor contribution from the January 1, 2019 acquisition of Delta Genomics. For the year to date, Animal Safety segment sales were $150.7 million, an increase of 2% compared to $147.4 million in the same period a year ago. Year to date organic sales also increased 2%. |
• | International sales in the third quarter of fiscal 2020 were 40% of total sales compared to 41% of total sales in the third quarter of fiscal 2019. For each year to date period presented, international sales were 40% of total sales. |
• | Our effective tax rate in the third quarter was 14.4% compared to 21.4% in the prior year third quarter; the fiscal 2020 year to date effective tax rate was 15.6% compared to 17.0% for the same period a year ago. |
• | Net income for the quarter ended February 29, 2020 was $12.2 million, or $0.23 per diluted share, a decrease of 7% compared to $13.1 million, or $0.25 per share in the same period in the prior year. For the year to date, net income was $43.1 million, or $0.82 per share, a decrease of 3% compared to prior year to date net income of $44.4 million, or $0.85 per diluted share. |
• | Cash provided from operating activities in the first nine months of fiscal 2020 was $60.3 million, compared to $43.0 million in the same period of fiscal 2019. |
Three Months Ended February 29, 2020 |
Nine Months Ended February 29, 2020 |
|||||||||||||||
Revenue |
Revenue |
Revenue |
Revenue |
|||||||||||||
% Increase/(Decrease) USD |
% Increase/(Decrease) Local Currency |
% Increase USD |
% Increase Local Currency |
|||||||||||||
UK Companies |
5 |
% | 4 |
% | 3 |
% | 5 |
% | ||||||||
Brazilian Companies |
(16 |
)% | (6 |
)% | (5 |
)% | 1 |
% | ||||||||
Neogen Latinoamerica |
15 |
% | 11 |
% | 8 |
% | 7 |
% | ||||||||
Neogen China |
37 |
% | 41 |
% | 20 |
% | 24 |
% | ||||||||
Neogen India |
18 |
% | 19 |
% | 11 |
% | 11 |
% | ||||||||
Neogen Canada |
75 |
% | 73 |
% | 135 |
% | 135 |
% | ||||||||
Neogen Australasia |
7 |
% | 12 |
% | 15 |
% | 22 |
% |
Three Months Ended February 29/28, |
||||||||||||||||
2020 |
2019 |
Increase/ (Decrease) |
% |
|||||||||||||
(in thousands) |
||||||||||||||||
Food Safety |
||||||||||||||||
Natural Toxins, Allergens & Drug Residues |
$ | 17,154 |
$ | 18,612 |
$ | (1,458 |
) | (8 |
)% | |||||||
Bacterial & General Sanitation |
9,413 |
9,519 |
(106 |
) | (1 |
)% | ||||||||||
Culture Media & Other |
11,222 |
11,893 |
(671 |
) | (6 |
)% | ||||||||||
Rodenticides, Insecticides & Disinfectants |
7,964 |
5,953 |
2,011 |
34 |
% | |||||||||||
Genomics Services |
4,745 |
5,136 |
(391 |
) | (8 |
)% | ||||||||||
$ | 50,498 |
$ | 51,113 |
$ | (615 |
) | (1 |
)% | ||||||||
Animal Safety |
||||||||||||||||
Life Sciences |
$ | 1,376 |
$ | 1,823 |
$ | (447 |
) | (25 |
)% | |||||||
Veterinary Instruments & Disposables |
10,799 |
10,682 |
117 |
1 |
% | |||||||||||
Animal Care & Other |
6,667 |
6,554 |
113 |
2 |
% | |||||||||||
Rodenticides, Insecticides & Disinfectants |
14,558 |
13,525 |
1,033 |
8 |
% | |||||||||||
Genomics Services |
15,971 |
14,003 |
1,968 |
14 |
% | |||||||||||
$ | 49,371 |
$ | 46,587 |
$ | 2,784 |
6 |
% | |||||||||
Total Revenues |
$ | 99,869 |
$ | 97,700 |
$ | 2,169 |
2 |
% | ||||||||
Nine Months Ended February 29/28, |
||||||||||||||||
2020 |
2019 |
Increase/ (Decrease) |
% |
|||||||||||||
(in thousands) |
||||||||||||||||
Food Safety |
||||||||||||||||
Natural Toxins, Allergens & Drug Residues |
$ | 57,950 |
$ | 58,021 |
$ | (71 |
) | 0 |
% | |||||||
Bacterial & General Sanitation |
31,345 |
30,807 |
538 |
2 |
% | |||||||||||
Culture Media & Other |
35,259 |
36,302 |
(1,043 |
) | (3 |
)% | ||||||||||
Rodenticides, Insecticides & Disinfectants |
20,859 |
18,521 |
2,338 |
13 |
% | |||||||||||
Genomics Services |
12,961 |
13,395 |
(434 |
) | (3 |
)% | ||||||||||
$ | 158,374 |
$ | 157,046 |
$ | 1,328 |
1 |
% | |||||||||
Animal Safety |
||||||||||||||||
Life Sciences |
$ | 4,901 |
$ | 5,794 |
$ | (893 |
) | (15 |
)% | |||||||
Veterinary Instruments & Disposables |
32,621 |
32,769 |
(148 |
) | 0 |
% | ||||||||||
Animal Care & Other |
20,859 |
21,900 |
(1,041 |
) | (5 |
)% | ||||||||||
Rodenticides, Insecticides & Disinfectants |
47,462 |
49,460 |
(1,998 |
) | (4 |
)% | ||||||||||
Genomics Services |
44,879 |
37,455 |
7,424 |
20 |
% | |||||||||||
$ | 150,722 |
$ | 147,378 |
$ | 3,344 |
2 |
% | |||||||||
Total Revenues |
$ | 309,096 |
$ | 304,424 |
$ | 4,672 |
2 |
% | ||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
February 29/28 |
February 29/28 |
|||||||||||||||
(dollars in thousands) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
Interest income (net of expense) |
$ | 1,600 |
$ | 1,335 |
$ | 4,381 |
$ | 3,290 |
||||||||
Foreign currency transactions |
(420 |
) | 104 |
(889 |
) | (354 |
) | |||||||||
Royalty income |
— |
— |
1 |
60 |
||||||||||||
Deoxi contingent consideration |
— |
— |
— |
(9 |
) | |||||||||||
Quat-Chem contingent consideration |
— |
— |
— |
422 |
||||||||||||
Other |
28 |
545 |
56 |
688 |
||||||||||||
Total Other Income |
$ | 1,208 |
$ | 1,984 |
$ | 3,549 |
$ | 4,097 |
||||||||
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 4. |
Controls and Procedures |
Evaluation |
of Disclosure Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors |
Item 6. |
Exhibits |
3 |
||||
10 |
||||
31.1 |
||||
31.2 |
||||
32 |
||||
101.INS |
Inline XBRL Instance Document | |||
101.SCH |
Inline XBRL Taxonomy Extension Schema Document | |||
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||
101.DEF |
Inline XBRL Taxonomy Extension Definition Document | |||
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document | |||
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||
EX-104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
NEOGEN CORPORATION | ||||||
(Registrant) | ||||||
Dated: April 3, 2020 |
||||||
/s/ John E. Adent | ||||||
John E. Adent | ||||||
President & Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Dated: April 3, 2020 |
||||||
/s/ Steven J. Quinlan | ||||||
Steven J. Quinlan | ||||||
Vice President & Chief Financial Officer | ||||||
(Principal Financial Officer and Principal Accounting Officer) |