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Leases (Tables)

9 Months Ended

Feb. 29, 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):

			Three Months Ended															Nine Months Ended
			February 29, 2024						February 28, 2023									February 29, 2024						February 28, 2023
Operating lease cost:
Operating lease expense			$	5,203					$	82								$	8,174					$	246
Short-term lease expense			12						118									52						341
Total operating lease cost			5,215						200									8,226						587
Finance lease expense:
Amortization of right-of-use assets(1)			18,350						1,017									34,840						2,051
Interest on lease liabilities			3,253						224									5,994						516
Total finance lease cost			21,603						1,241									40,834						2,567
Variable lease cost			48						—									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.

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

			Nine Months Ended
			February 29, 2024						February 28, 2023
Weighted-average years remaining (in years):
Finance leases			2.5 years						28.6 years
Operating leases			5.3 years						3.9 years
Weighted-average discount rate:
Finance leases			10.7		%				8.0		%
Operating leases			7.6		%				12.5		%

Schedule of Future Minimum Operating Lease Payments

The following table represents the Company’s future minimum lease payments as of February 29, 2024:

			Operating Leases						Finance Leases						Total
Remainder of FY24			$	4,574					$	24,119					$	28,693
FY25			18,833						96,099						114,932
FY26			19,514						45,220						64,734
FY27			19,868						14						19,882
FY28			20,290						1						20,291
Thereafter			16,029						—						16,029
Total lease payments			99,108						165,453						264,561
Less: imputed interest			(16,825)						(15,212)						(32,037)
Total lease liabilities			82,283						150,241						232,524
Less: Current portion of lease liability			(13,023)						(86,438)						(99,461)
Long-term portion of lease liability			$	69,260					$	63,803					$	133,063

Schedule of Future Minimum Finance Lease Payments

The following table represents the Company’s future minimum lease payments as of February 29, 2024:

			Operating Leases						Finance Leases						Total
Remainder of FY24			$	4,574					$	24,119					$	28,693
FY25			18,833						96,099						114,932
FY26			19,514						45,220						64,734
FY27			19,868						14						19,882
FY28			20,290						1						20,291
Thereafter			16,029						—						16,029
Total lease payments			99,108						165,453						264,561
Less: imputed interest			(16,825)						(15,212)						(32,037)
Total lease liabilities			82,283						150,241						232,524
Less: Current portion of lease liability			(13,023)						(86,438)						(99,461)
Long-term portion of lease liability			$	69,260					$	63,803					$	133,063

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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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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