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Fair Value (Tables)

3 Months Ended

Aug. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on a 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:																		Fair Value at Aug 31, 2023
(in thousands)			Level 1						Level 2						Level 3
Financial Liabilities
Contingent consideration for acquisition earn outs			$	—					$	—					$	9,167					$	9,167
Total Financial Liabilities			$	—					$	—					$	9,167					$	9,167
			Fair Value Measurements using inputs considered as:																		Fair Value at May 31, 2023
(in thousands)			Level 1						Level 2						Level 3
Financial Liabilities
Contingent consideration for acquisition earn outs			$	—					$	—					$	19,296					$	19,296
Total Financial Liabilities			$	—					$	—					$	19,296					$	19,296

Fair Value Measurements Using Significant Unobservable Inputs

The table below presents the changes in fair value components of Level 3 instruments:

			Three Months Ended Aug 31, 2023
(in thousands)			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance, May 31, 2023			$	19,296
Change in present value of contingent consideration (1)			(130)
Currency gain from remeasurement			1
Contingent consideration payment			(10,000)
Balance, August 31, 2023			$	9,167

(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.

Summary Showing the Recurring Fair Value Measurements of the Contingent Consideration Liability

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

(in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Revenue based payments

$

9,167

Discounted cash flow

Discount rate

10%

Probability of payment

90% - 100%

Projected fiscal year of payment

2024 - 2025

X

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No definition available.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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