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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
May 31, 2020
Accounting Policies [Abstract]  
Comprehensive Income (Loss) The components of AOCI, net of tax, are as follows (in thousands):
 Unrealized Losses on
Cash Flow Hedge
Balance as of May 26, 2019$64  
Other comprehensive loss before reclassifications, net of tax effect(2,987) 
Amounts reclassified from OCI115  
Other comprehensive loss, net(2,872) 
Balance as of May 31, 2020$(2,808) 
Summary of Allowance for Sales Returns and Doubtful Accounts
The changes in the Company’s allowance for sales returns and doubtful accounts are summarized in the following table (in thousands):
 Balance at
beginning of
period		Adjustments resulting from acquisitionsAdjustments
charged to
revenue and
expenses		Write offs,
net of
recoveries		Balance at
end of period
Year Ended May 27, 2018$361  $—  $46  $(105) $302  
Year Ended May 26, 2019$302  $881  $421  $(588) $1,016  
Year Ended May 31, 2020$1,016  $—  $(284) $(294) $438  
Disaggregation of Revenue The following tables disaggregate segment revenue by major product lines (in thousands):
Year Ended
Curation Foods:May 31, 2020May 26, 2019May 27, 2018
Fresh packaged salads and vegetables$438,083  $453,182  $457,124  
Avocado products62,194  27,322  —  
Technology4,256  1,182  1,676  
Total$504,533  $481,686  $458,800  
Year Ended
Lifecore:May 31, 2020May 26, 2019May 27, 2018
Contract development and manufacturing organization ("CDMO")
$64,781  $54,439  $44,359  
Fermentation21,052  21,434  21,068  
Total$85,833  $75,873  $65,427  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands):
 May 31, 2020May 26, 2019May 27, 2018
Cash and cash equivalents$360  $1,080  $2,899  
Restricted cash193  385  325  
Cash, discontinued operations—  —  (8) 
Cash, cash equivalents and restricted cash$553  $1,465  $3,216  
Schedule of Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands):
 May 31, 2020May 26, 2019May 27, 2018
Cash and cash equivalents$360  $1,080  $2,899  
Restricted cash193  385  325  
Cash, discontinued operations—  —  (8) 
Cash, cash equivalents and restricted cash$553  $1,465  $3,216  
Schedule of Inventory, Current As of May 31, 2020 and May 26, 2019, inventories consisted of (in thousands):
 Year Ended
 May 31, 2020May 26, 2019
Finished goods$35,177  $26,748  
Raw materials25,856  23,195  
Work in progress5,278  4,189  
Total inventories$66,311  $54,132  
Schedule of Diluted Net Income per Share
The following table sets forth the computation of diluted net (loss) income per share:
 Year Ended
(in thousands, except per share amounts)May 31, 2020May 26, 2019May 27, 2018
Numerator:   
Net (loss) income applicable to common stockholders$(38,191) $411  $24,829  
Denominator:   
Weighted average shares for basic net (loss) income per share29,162  28,359  27,535  
Effect of dilutive securities:   
Stock options and restricted stock units—  248  380  
Weighted average shares for diluted net (loss) income per share29,162  28,607  27,915  
Diluted net (loss) income per share$(1.31) $0.01  $0.89  
Schedule of Effect of Significant Unobservable Inputs for Contingent Liability
In determining the fair value of the Company’s contingent consideration liability, the Company utilized the following significant unobservable inputs in the discounted cash flow models:
May 26, 2019
Cost of debt
5.1% to 5.5%
Market price of risk adjustment14%
EBITDA volatility28%
Schedule of Effect of Significant Unobservable Inputs for Investment
In determining the fair value of the investment in Windset, the Company utilizes the following significant unobservable inputs in the discounted cash flow models:
 May 31, 2020May 26, 2019
Revenue growth rates
6% to 7%
6 %
Expense growth rates
6% to 8%
6 %
Income tax rates15 %15 %
Discount rates12 %12 %
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets The discounted cash flow valuation model used by the Company has the following sensitivity to changes in inputs and assumptions (in thousands):
 Impact on value of
Windset investment as
of May 31, 2020
10% increase in revenue growth rates$1,100  
10% increase in expense growth rates$(800) 
10% increase in income tax rates$(300) 
10% increase in discount rates$(2,200) 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands):
 Fair Value at May 31, 2020Fair Value at May 26, 2019
Assets:Level 1Level 2Level 3Level 1Level 2Level 3
Interest rate swap contracts$—  $—  $—  $—  $644  $—  
Investment in non-public company—  —  56,900  —  —  61,100  
Total assets$—  $—  $56,900  $—  $644  $61,100  
Liabilities:
Interest rate swap contracts$—  $3,578  $—  $—  $482  $—  
Contingent consideration liability—  —  —  —  —  500  
Total liabilities$—  $3,578  $—  $—  $482  $500  
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reflects the fair value roll forward reconciliation of Level 3 assets and liabilities measured at fair value for the twelve months ended May 31, 2020 (in thousands):
Windset InvestmentContingent Consideration Liability
Balance as of May 26, 2019$61,100  $500  
Fair value change(4,200) (500) 
Balance as of May 31, 2020$56,900  $—