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Leases
 6 Months Ended
Nov. 30, 2023
Leases [Abstract]  
Leases Leases
The Company enters into leases for equipment, office space, and land. 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):
Three Months EndedSix Months Ended
November 30, 2023November 30, 2022November 30, 2023November 30, 2022
Operating lease cost:
Operating lease expense$2,486$82$2,970$164
Short-term lease expense80105207223
Total operating lease cost2,5661873,177387
Finance lease expense:
Amortization of right-of-use assets(1)
10,86073516,4901,033
Interest on lease liabilities1,6591832,741292
Total finance lease cost12,51991819,2311,325
Variable lease cost40—77—
Sublease Income(24)(30)(47)(58)
Total net lease cost$15,101$1,075$22,438$1,654
(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.
The following table represents the Company’s future minimum lease payments as of November 30, 2023:
Operating LeasesFinance LeasesTotal
Remainder of FY24$6,605 $24,341$30,946 
FY2513,562 47,34060,902 
FY2614,031 12,10826,139 
FY2714,166 18814,354 
FY2814,360 18014,540 
Thereafter12,441 89,944102,385 
Total lease payments75,165 174,101249,266 
Less: imputed interest(13,954)(94,548)(108,502)
Total lease liabilities61,21179,553140,764 
Less: Current portion of lease liability(8,887)(42,805)(51,692)
Long-term portion of lease liability$52,324 $36,748$89,072 
Supplemental cash flow and other information related to leases is as follows:
Six Months Ended
November 30, 2023November 30, 2022
Weighted-average years remaining (in years):
Finance leases5.5 years28.6 years
Operating leases5.7 years3.9 years
Weighted-average discount rate:
Finance leases8.8 %8.0 %
Operating leases7.9 %12.5 %
The Company has entered into operating leases which are executed but not yet commenced with total minimum payments of approximately $130.4 million. The payments are for various leases with terms ranging from 2 years to 7 years.
Leases Leases
The Company enters into leases for equipment, office space, and land. 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):
Three Months EndedSix Months Ended
November 30, 2023November 30, 2022November 30, 2023November 30, 2022
Operating lease cost:
Operating lease expense$2,486$82$2,970$164
Short-term lease expense80105207223
Total operating lease cost2,5661873,177387
Finance lease expense:
Amortization of right-of-use assets(1)
10,86073516,4901,033
Interest on lease liabilities1,6591832,741292
Total finance lease cost12,51991819,2311,325
Variable lease cost40—77—
Sublease Income(24)(30)(47)(58)
Total net lease cost$15,101$1,075$22,438$1,654
(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.
The following table represents the Company’s future minimum lease payments as of November 30, 2023:
Operating LeasesFinance LeasesTotal
Remainder of FY24$6,605 $24,341$30,946 
FY2513,562 47,34060,902 
FY2614,031 12,10826,139 
FY2714,166 18814,354 
FY2814,360 18014,540 
Thereafter12,441 89,944102,385 
Total lease payments75,165 174,101249,266 
Less: imputed interest(13,954)(94,548)(108,502)
Total lease liabilities61,21179,553140,764 
Less: Current portion of lease liability(8,887)(42,805)(51,692)
Long-term portion of lease liability$52,324 $36,748$89,072 
Supplemental cash flow and other information related to leases is as follows:
Six Months Ended
November 30, 2023November 30, 2022
Weighted-average years remaining (in years):
Finance leases5.5 years28.6 years
Operating leases5.7 years3.9 years
Weighted-average discount rate:
Finance leases8.8 %8.0 %
Operating leases7.9 %12.5 %
The Company has entered into operating leases which are executed but not yet commenced with total minimum payments of approximately $130.4 million. The payments are for various leases with terms ranging from 2 years to 7 years.