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Leases (Tables)

3 Months Ended

Aug. 31, 2023

Schedule Of Components Of Lease Expense, Supplemental Cash Flow Information And Other Information

Components of lease expense were as follows (in thousands):


	Three months ended
	August 31, 2023		August 31, 2022
Operating lease cost:
Operating lease expense	$	485	$	82
Short-term lease expense	82		63
Total operating lease cost	567		145
Finance lease expense:
Amortization of right-of-use assets(1)	5,630		298
Interest on lease liabilities	1,082		109

Total finance lease cost	6,712		407
Sublease Income	(23)		(27)
Total net lease cost	$	7,256	$	525

(1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues and selling, general and administrative expense in the condensed consolidated statements of operations.

Supplemental cash flow and other information related to leases is as follows:


	Three Months Ended
	August 31, 2023		August 31, 2022
Weighted-average years remaining (in years):
Finance leases	8.4 years		51.0 years
Operating leases	5.0 years		4.2 years

Weighted-average discount rate:
Finance leases	8.5	%	8.0	%
Operating leases	7.7	%	12.5	%

Schedule Of Future Minimum Operating Lease Payments

The following table represents the Company’s future minimum lease payments as of May 31, 2023:


	Operating Leases		Finance Leases		Total
Remainder of FY24	$	1,921	$	20,185	$	22,106
FY25	2,681		25,678		28,359
FY26	2,782		4,339		7,121
FY27	2,536		188		2,724
FY28	2,336		180		2,516
Thereafter	1,398		89,944		91,342
Total lease payments	13,654		140,514		154,168
Less: imputed interest	(2,274)		(91,972)		(94,246)
Total lease liabilities	11,380		48,542		59,922
Less: Current portion of lease liability	(1,807)		(23,471)		(25,278)
Long-term portion of lease liability	$	9,573	$	25,071	$	34,644

Schedule Of Future Minimum Finance Lease Payments

The following table represents the Company’s future minimum lease payments as of May 31, 2023:


	Operating Leases		Finance Leases		Total
Remainder of FY24	$	1,921	$	20,185	$	22,106
FY25	2,681		25,678		28,359
FY26	2,782		4,339		7,121
FY27	2,536		188		2,724
FY28	2,336		180		2,516
Thereafter	1,398		89,944		91,342
Total lease payments	13,654		140,514		154,168
Less: imputed interest	(2,274)		(91,972)		(94,246)
Total lease liabilities	11,380		48,542		59,922
Less: Current portion of lease liability	(1,807)		(23,471)		(25,278)
Long-term portion of lease liability	$	9,573	$	25,071	$	34,644