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Leases
3 Months Ended
Aug. 24, 2024
Lessee Disclosure [Abstract]  
Leases Leases
The Company currently leases office space, vehicles and certain equipment under operating leases through fiscal 2035. Lease cost components included within selling, general and administrative expenses in the Consolidated Statements of Operations were as follows (in thousands):
 Three Months Ended
August 24, 2024August 26, 2023
Operating lease cost
$1,727 $1,864 
Short-term lease cost79 57 
Variable lease cost381 373 
Sublease income (1)
(179)(129)
Total lease cost$2,008 $2,165 
(1)Sublease income does not include rental income received from owned property, which is not material.
On August 1, 2024, the Company entered into a lease agreement for an office space in Irvine, set to commence on November 1, 2024 and expire on July 31, 2032. This lease is expected to replace the recently sold Irvine office building. The average annual rent for the lease term will be $0.7 million. In December 20, 2023, the Company entered into a lease agreement for an office space in New York that commenced on July 1, 2024 with an expiration date of July 31, 2034. The annual fixed rent for the first five years of $1.2 million and $1.3 million of the last five years.
The weighted-average lease term and weighted-average discount rate for operating leases as of August 24, 2024 and May 25, 2024 are presented in the following table:
As of
August 24, 2024
As of
May 25, 2024
Weighted-average remaining lease term6.3 years3.5 years
Weighted-average discount rate5.07%4.37%
Cash flow and other noncash information related to operating leases is included in the following table (in thousands):
 Three Months Ended
 August 24, 2024August 26, 2023
Cash paid for amounts included in the measurement of operating lease liabilities$1,692 $2,209
Right-of-use assets obtained in exchange for new operating lease obligations$13,085 $983
Future maturities of operating lease liabilities as of August 24, 2024 are presented in the following table (in thousands):
Fiscal Years:Operating Lease Maturity
2025 (remaining nine months)$5,079 
20265,404 
20274,104 
20283,726 
20292,913 
Thereafter8,240 
Total future lease payments29,466 
Less: interest(4,592)
Present value of operating lease liabilities$24,874