Leases (Tables)

3 Months Ended

Aug. 31, 2024

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
	August 31, 2024		August 31, 2023
Operating lease cost:
Operating lease expense	$	8,941	$	485
Short-term lease expense	21		82
Total operating lease cost	8,962		567
Finance lease expense:
Amortization of right-of-use assets(1)	31,270		5,630
Interest on lease liabilities	4,356		1,082
Total finance lease cost	35,626		6,712
Variable lease cost	55		38
Sublease Income	—		(23)
Total net lease cost	$	44,643	$	7,294

(1) Amortization of right-of-use assets is included within cost of revenues and selling, general and administrative expense in the unaudited condensed consolidated statements of operations.

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


	Three Months Ended
	August 31, 2024		August 31, 2023
Weighted-average years remaining (in years):
Finance leases	1.5 years		8.4 years
Operating leases	3.3 years		5.0 years

Weighted-average discount rate:
Finance leases	10.5	%	8.5	%
Operating leases	7.8	%	7.7	%

Schedule of Future Minimum Operating Lease Payments

The following table represents the Company’s future minimum lease payments as of August 31, 2024:


	Operating Leases		Finance Leases		Total
Remainder of FY25	$	23,331	$	94,873	$	118,204
FY26	32,035		71,864		103,899
FY27	32,697		1,523		34,220
FY28	33,453		2		33,455
FY29	25,240		—		25,240
Thereafter	3,536		—		3,536
Total lease payments	150,292		168,262		318,554
Less: imputed interest	(24,028)		(12,342)		(36,370)
Total lease liabilities	126,264		155,920		282,184
Less: Current portion of lease liability	(22,393)		(112,079)		(134,472)
Long-term portion of lease liability	$	103,871	$	43,841	$	147,712

Schedule of Future Minimum Finance Lease Payments

The following table represents the Company’s future minimum lease payments as of August 31, 2024:


	Operating Leases		Finance Leases		Total
Remainder of FY25	$	23,331	$	94,873	$	118,204
FY26	32,035		71,864		103,899
FY27	32,697		1,523		34,220
FY28	33,453		2		33,455
FY29	25,240		—		25,240
Thereafter	3,536		—		3,536
Total lease payments	150,292		168,262		318,554
Less: imputed interest	(24,028)		(12,342)		(36,370)
Total lease liabilities	126,264		155,920		282,184
Less: Current portion of lease liability	(22,393)		(112,079)		(134,472)
Long-term portion of lease liability	$	103,871	$	43,841	$	147,712