Leases (Tables)
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6 Months Ended |
Nov. 30, 2024 |
Leases [Abstract] |
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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 | | | Six Months Ended | | November 30, 2024 | | November 30, 2023 | | | November 30, 2024 | | November 30, 2023 | Operating lease cost: | | | | | | | | | Operating lease expense | $ | 8,941 | | $ | 2,486 | | | $ | 17,882 | | $ | 2,970 | Short-term lease expense | 39 | | 80 | | | 60 | | 207 | Total operating lease cost | 8,980 | | 2,566 | | | 17,942 | | 3,177 | Finance lease expense: | | | | | | | | | Amortization of right-of-use assets(1) | 23,381 | | 10,860 | | | 54,651 | | 16,490 | Interest on lease liabilities | 4,923 | | 1,659 | | | 9,279 | | 2,741 | Total finance lease cost | 28,304 | | 12,519 | | | 63,930 | | 19,231 | Variable lease cost | 62 | | 40 | | | 117 | | 77 | Sublease Income | — | | (24) | | | — | | (47) | Total net lease cost | $ | 37,346 | | $ | 15,101 | | | $ | 81,989 | | $ | 22,438 |
(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: | | | | | | | | | | | | | Six Months Ended | | November 30, 2024 | | November 30, 2023 | Weighted-average years remaining (in years): | | | | Finance leases | 3.6 years | | 5.5 years | Operating leases | 3.2 years | | 5.7 years | | | | | Weighted-average discount rate: | | | | Finance leases | 10.2 | % | | 8.8 | % | Operating leases | 7.8 | % | | 7.9 | % |
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Schedule of Future Minimum Operating Lease Payments |
The following table represents the Company’s future minimum lease payments as of November 30, 2024: | | | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | Total | Remainder of FY25 | $ | 15,609 | | | $ | 70,935 | | $ | 86,544 | | FY26 | 32,035 | | | 143,804 | | 175,839 | | FY27 | 32,697 | | | 14 | | 32,711 | | FY28 | 33,453 | | | 1 | | 33,454 | | FY29 | 25,240 | | | — | | 25,240 | | Thereafter | 3,536 | | | — | | 3,536 | | Total lease payments | 142,570 | | | 214,754 | | 357,324 | | Less: imputed interest | (21,653) | | | (15,846) | | (37,499) | | Total lease liabilities | 120,917 | | 198,908 | | 319,825 | | Less: Current portion of lease liability | (23,096) | | | (136,511) | | (159,607) | | Long-term portion of lease liability | $ | 97,821 | | | $ | 62,397 | | $ | 160,218 | |
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Schedule of Future Minimum Finance Lease Payments |
The following table represents the Company’s future minimum lease payments as of November 30, 2024: | | | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | Total | Remainder of FY25 | $ | 15,609 | | | $ | 70,935 | | $ | 86,544 | | FY26 | 32,035 | | | 143,804 | | 175,839 | | FY27 | 32,697 | | | 14 | | 32,711 | | FY28 | 33,453 | | | 1 | | 33,454 | | FY29 | 25,240 | | | — | | 25,240 | | Thereafter | 3,536 | | | — | | 3,536 | | Total lease payments | 142,570 | | | 214,754 | | 357,324 | | Less: imputed interest | (21,653) | | | (15,846) | | (37,499) | | Total lease liabilities | 120,917 | | 198,908 | | 319,825 | | Less: Current portion of lease liability | (23,096) | | | (136,511) | | (159,607) | | Long-term portion of lease liability | $ | 97,821 | | | $ | 62,397 | | $ | 160,218 | |
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