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Assets Held for Sale (Tables) | 9 Months Ended
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Feb. 29, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Assets and Liabilities Held for Sale | Assets and liabilities held for sale as of February 29, 2024 are as follows:
Assets held for sale |
Property and equipment, net | $ | 57,260 |
Finance lease right of use assets | 8,109 |
Total assets held for sale | $ | 65,369 |
Liabilities held for sale |
Current portion of finance lease liability | $ | 3,657 |
Long-term portion of finance lease liability | 4,622 |
Total liabilities held for sale | $ | 8,279 |
See below for the Company’s calculation of the implied transaction price and fair value and the resulting loss on the classification of assets as held for sale (in thousands):
Assets held for sale |
Maximum Purchase Price | $ | 87,329 |
Less: Conditional Amount | (34,000) |
Cash Consideration | 53,329 |
Lease Liabilities Assumed | 3,207 |
Deferred Revenue Released | 9,971 |
Implied Fair Value | 66,507 |
Less: Estimated Costs to Sell | (1,200) |
Total fair value less costs to sell | $ | 65,307 |
Loss calculation |
Carrying value of assets held for sale | $ | 87,030 |
Less: Fair value less costs to sell | 65,307 |
Loss on classification of held for sale | $ | 21,723 |

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