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Leases

9 Months Ended

Feb. 28, 2025

Leases [Abstract]

Leases

Leases

From time to time, the Company enters into leases for equipment, office space and co-location space. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company presents operating and finance lease right of use assets and liabilities separately on the unaudited condensed consolidated balance sheets as their own captions, with the liabilities split between current and long-term.

Components of lease expense were as follows (in thousands):

			Three Months Ended															Nine Months Ended
			February 28, 2025						February 29, 2024									February 28, 2025						February 29, 2024
Operating lease cost:
Operating lease expense			$	9,889					$	5,203								$	27,771					$	8,174
Short-term lease expense			155						12									215						52
Total operating lease cost			10,044						5,215									27,986						8,226
Finance lease expense:
Amortization of right-of-use assets(1)			15,792						18,350									70,443						34,840
Interest on lease liabilities			5,064						3,253									14,343						5,994
Total finance lease cost			20,856						21,603									84,786						40,834
Variable lease cost			63						48									180						125
Sublease Income			—						(23)									—						(70)
Total net lease cost			$	30,963					$	26,843								$	112,952					$	49,115

(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.

The following table represents the Company’s future minimum lease payments as of February 28, 2025:

			Operating Leases						Finance Leases						Total
Remainder of FY25			$	8,978					$	37,498					$	46,476
FY26			36,761						145,979						182,740
FY27			37,612						14						37,626
FY28			38,597						1						38,598
FY29			28,355						—						28,355
Thereafter			3,537						—						3,537
Total lease payments			153,840						183,492						337,332
Less: imputed interest			(21,665)						(11,125)						(32,790)
Total lease liabilities			132,175						172,367						304,542
Less: Current portion of lease liability			(27,496)						(140,135)						(167,631)
Long-term portion of lease liability			$	104,679					$	32,232					$	136,911

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

			Nine Months Ended
			February 28, 2025						February 29, 2024
Weighted-average years remaining (in years):
Operating leases			2.9 years						5.3 years
Finance leases			3.5 years						2.5 years
Weighted-average discount rate:
Operating leases			7.7		%				7.6		%
Finance leases			10.5		%				10.7		%

The Company has entered into leases which are executed but not yet commenced with total minimum payments of approximately $16.6 million. The payments are for various leases with terms of 2 years.

Leases

Leases

From time to time, the Company enters into leases for equipment, office space and co-location space. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company presents operating and finance lease right of use assets and liabilities separately on the unaudited condensed consolidated balance sheets as their own captions, with the liabilities split between current and long-term.

Components of lease expense were as follows (in thousands):

			Three Months Ended															Nine Months Ended
			February 28, 2025						February 29, 2024									February 28, 2025						February 29, 2024
Operating lease cost:
Operating lease expense			$	9,889					$	5,203								$	27,771					$	8,174
Short-term lease expense			155						12									215						52
Total operating lease cost			10,044						5,215									27,986						8,226
Finance lease expense:
Amortization of right-of-use assets(1)			15,792						18,350									70,443						34,840
Interest on lease liabilities			5,064						3,253									14,343						5,994
Total finance lease cost			20,856						21,603									84,786						40,834
Variable lease cost			63						48									180						125
Sublease Income			—						(23)									—						(70)
Total net lease cost			$	30,963					$	26,843								$	112,952					$	49,115

(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.

The following table represents the Company’s future minimum lease payments as of February 28, 2025:

			Operating Leases						Finance Leases						Total
Remainder of FY25			$	8,978					$	37,498					$	46,476
FY26			36,761						145,979						182,740
FY27			37,612						14						37,626
FY28			38,597						1						38,598
FY29			28,355						—						28,355
Thereafter			3,537						—						3,537
Total lease payments			153,840						183,492						337,332
Less: imputed interest			(21,665)						(11,125)						(32,790)
Total lease liabilities			132,175						172,367						304,542
Less: Current portion of lease liability			(27,496)						(140,135)						(167,631)
Long-term portion of lease liability			$	104,679					$	32,232					$	136,911

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

			Nine Months Ended
			February 28, 2025						February 29, 2024
Weighted-average years remaining (in years):
Operating leases			2.9 years						5.3 years
Finance leases			3.5 years						2.5 years
Weighted-average discount rate:
Operating leases			7.7		%				7.6		%
Finance leases			10.5		%				10.7		%

The Company has entered into leases which are executed but not yet commenced with total minimum payments of approximately $16.6 million. The payments are for various leases with terms of 2 years.

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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