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Leases
 12 Months Ended
May 31, 2024
Leases [Abstract]  
Leases Leases
The Company enters into leases for equipment, office space and co-location space. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company presents operating and finance right of use assets and liabilities separately on the balance sheet as their own captions, with the liabilities split between current and long-term, respectively.
Components of lease expense were as follows (in thousands):
May 31, 2024May 31, 2023
Operating lease cost:
Operating lease expense$16,700$347
Short-term lease expense57187
Total operating lease cost16,757534
Finance lease expense:
Amortization of right-of-use assets(1)
63,9303,336
Interest on lease liabilities10,597773
Total finance lease cost74,5274,109
Variable lease cost1693
Sublease Income(70)(103)
Total net lease cost$91,383$4,543
(1)    Amortization of right-of-use assets is included within cost of revenues and selling, general and administrative expense in the consolidated statements of operations.
The following table represents the Company’s future minimum lease payments as of May 31, 2024 (in thousands):
Operating LeasesFinance LeasesTotal
FY25$30,990 $120,567$151,557 
FY2632,035 65,82997,864 
FY2732,697 1432,711 
FY2833,453 133,454 
FY2925,240 —25,240 
Thereafter3,536 —3,536 
Total lease payments157,951 186,411344,362 
Less: imputed interest(26,506)(15,440)(41,946)
Total lease liabilities131,445170,971302,416 
Less: Current portion of lease liability(21,705)(107,683)(129,388)
Long-term portion of lease liability$109,740 $63,288$173,028 
Supplemental cash flow and other information related to leases is as follows:
Fiscal year ended
May 31, 2024May 31, 2023
Weighted-average years remaining (in years):
Finance leases1.6 years22.0 years
Operating leases3.5 years3.0 years
Weighted-average discount rate:
Finance leases10.5 %8.0 %
Operating leases7.8 %11.0 %
The Company has entered into leases which are executed but not yet commenced with total minimum payments of approximately $13.2 million. The payments are for various leases with terms ranging from 2 years to 4.8 years.
Leases Leases
The Company enters into leases for equipment, office space and co-location space. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company presents operating and finance right of use assets and liabilities separately on the balance sheet as their own captions, with the liabilities split between current and long-term, respectively.
Components of lease expense were as follows (in thousands):
May 31, 2024May 31, 2023
Operating lease cost:
Operating lease expense$16,700$347
Short-term lease expense57187
Total operating lease cost16,757534
Finance lease expense:
Amortization of right-of-use assets(1)
63,9303,336
Interest on lease liabilities10,597773
Total finance lease cost74,5274,109
Variable lease cost1693
Sublease Income(70)(103)
Total net lease cost$91,383$4,543
(1)    Amortization of right-of-use assets is included within cost of revenues and selling, general and administrative expense in the consolidated statements of operations.
The following table represents the Company’s future minimum lease payments as of May 31, 2024 (in thousands):
Operating LeasesFinance LeasesTotal
FY25$30,990 $120,567$151,557 
FY2632,035 65,82997,864 
FY2732,697 1432,711 
FY2833,453 133,454 
FY2925,240 —25,240 
Thereafter3,536 —3,536 
Total lease payments157,951 186,411344,362 
Less: imputed interest(26,506)(15,440)(41,946)
Total lease liabilities131,445170,971302,416 
Less: Current portion of lease liability(21,705)(107,683)(129,388)
Long-term portion of lease liability$109,740 $63,288$173,028 
Supplemental cash flow and other information related to leases is as follows:
Fiscal year ended
May 31, 2024May 31, 2023
Weighted-average years remaining (in years):
Finance leases1.6 years22.0 years
Operating leases3.5 years3.0 years
Weighted-average discount rate:
Finance leases10.5 %8.0 %
Operating leases7.8 %11.0 %
The Company has entered into leases which are executed but not yet commenced with total minimum payments of approximately $13.2 million. The payments are for various leases with terms ranging from 2 years to 4.8 years.