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Leases
 9 Months Ended
Feb. 29, 2024
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 EndedNine Months Ended
February 29, 2024February 28, 2023February 29, 2024February 28, 2023
Operating lease cost:
Operating lease expense$5,203$82$8,174$246
Short-term lease expense1211852341
Total operating lease cost5,2152008,226587
Finance lease expense:
Amortization of right-of-use assets(1)
18,3501,01734,8402,051
Interest on lease liabilities3,2532245,994516
Total finance lease cost21,6031,24140,8342,567
Variable lease cost48—125—
Sublease Income(23)(23)(70)(81)
Total net lease cost$26,843$1,418$49,115$3,073
(1)    Amortization of right-of-use assets is included 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 February 29, 2024:
Operating LeasesFinance LeasesTotal
Remainder of FY24$4,574 $24,119$28,693 
FY2518,833 96,099114,932 
FY2619,514 45,22064,734 
FY2719,868 1419,882 
FY2820,290 120,291 
Thereafter16,029 —16,029 
Total lease payments99,108 165,453264,561 
Less: imputed interest(16,825)(15,212)(32,037)
Total lease liabilities82,283150,241232,524 
Less: Current portion of lease liability(13,023)(86,438)(99,461)
Long-term portion of lease liability$69,260 $63,803$133,063 
Supplemental cash flow and other information related to leases is as follows:
Nine Months Ended
February 29, 2024February 28, 2023
Weighted-average years remaining (in years):
Finance leases2.5 years28.6 years
Operating leases5.3 years3.9 years
Weighted-average discount rate:
Finance leases10.7 %8.0 %
Operating leases7.6 %12.5 %
The Company has entered into leases which are executed but not yet commenced with total minimum payments of approximately $120.7 million. The payments are for various leases with terms ranging from 2 years to 6.7 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 EndedNine Months Ended
February 29, 2024February 28, 2023February 29, 2024February 28, 2023
Operating lease cost:
Operating lease expense$5,203$82$8,174$246
Short-term lease expense1211852341
Total operating lease cost5,2152008,226587
Finance lease expense:
Amortization of right-of-use assets(1)
18,3501,01734,8402,051
Interest on lease liabilities3,2532245,994516
Total finance lease cost21,6031,24140,8342,567
Variable lease cost48—125—
Sublease Income(23)(23)(70)(81)
Total net lease cost$26,843$1,418$49,115$3,073
(1)    Amortization of right-of-use assets is included 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 February 29, 2024:
Operating LeasesFinance LeasesTotal
Remainder of FY24$4,574 $24,119$28,693 
FY2518,833 96,099114,932 
FY2619,514 45,22064,734 
FY2719,868 1419,882 
FY2820,290 120,291 
Thereafter16,029 —16,029 
Total lease payments99,108 165,453264,561 
Less: imputed interest(16,825)(15,212)(32,037)
Total lease liabilities82,283150,241232,524 
Less: Current portion of lease liability(13,023)(86,438)(99,461)
Long-term portion of lease liability$69,260 $63,803$133,063 
Supplemental cash flow and other information related to leases is as follows:
Nine Months Ended
February 29, 2024February 28, 2023
Weighted-average years remaining (in years):
Finance leases2.5 years28.6 years
Operating leases5.3 years3.9 years
Weighted-average discount rate:
Finance leases10.7 %8.0 %
Operating leases7.6 %12.5 %
The Company has entered into leases which are executed but not yet commenced with total minimum payments of approximately $120.7 million. The payments are for various leases with terms ranging from 2 years to 6.7 years.