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Leases (Tables)

12 Months Ended

May 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense, Supplemental Cash Flow Information and Other Information

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

			May 31, 2024						May 31, 2023
Operating lease cost:
Operating lease expense			$	16,700					$	347
Short-term lease expense			57						187
Total operating lease cost			16,757						534
Finance lease expense:
Amortization of right-of-use assets(1)			63,930						3,336
Interest on lease liabilities			10,597						773
Total finance lease cost			74,527						4,109
Variable lease cost			169						3
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.

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

			Fiscal year ended
			May 31, 2024						May 31, 2023
Weighted-average years remaining (in years):
Finance leases			1.6 years						22.0 years
Operating leases			3.5 years						3.0 years
Weighted-average discount rate:
Finance leases			10.5		%				8.0		%
Operating leases			7.8		%				11.0		%

Schedule of Future Minimum Operating Lease Payments

The following table represents the Company’s future minimum lease payments as of May 31, 2024 (in thousands):

			Operating Leases						Finance Leases						Total
FY25			$	30,990					$	120,567					$	151,557
FY26			32,035						65,829						97,864
FY27			32,697						14						32,711
FY28			33,453						1						33,454
FY29			25,240						—						25,240
Thereafter			3,536						—						3,536
Total lease payments			157,951						186,411						344,362
Less: imputed interest			(26,506)						(15,440)						(41,946)
Total lease liabilities			131,445						170,971						302,416
Less: Current portion of lease liability			(21,705)						(107,683)						(129,388)
Long-term portion of lease liability			$	109,740					$	63,288					$	173,028

Schedule of Future Minimum Finance Lease Payments

The following table represents the Company’s future minimum lease payments as of May 31, 2024 (in thousands):

			Operating Leases						Finance Leases						Total
FY25			$	30,990					$	120,567					$	151,557
FY26			32,035						65,829						97,864
FY27			32,697						14						32,711
FY28			33,453						1						33,454
FY29			25,240						—						25,240
Thereafter			3,536						—						3,536
Total lease payments			157,951						186,411						344,362
Less: imputed interest			(26,506)						(15,440)						(41,946)
Total lease liabilities			131,445						170,971						302,416
Less: Current portion of lease liability			(21,705)						(107,683)						(129,388)
Long-term portion of lease liability			$	109,740					$	63,288					$	173,028

X

- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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X

- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4

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- References

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+ Details

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X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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