Sale of Receivables	6 Months Ended
Nov. 30, 2023
Sale of Receivables
Sale of Receivables	Note 8 – Sale of Receivables On February 23, 2018, we entered into a Purchase Agreement with Citibank N.A. (“Purchaser”) for the sale, from time to time, of certain accounts receivable due from certain customers (the “Purchase Agreement”). Under the Purchase Agreement, the maximum amount of receivables sold is limited to $150 million and Purchaser may, but is not required to, purchase the eligible receivables we offer to sell. The term of the Purchase Agreement runs through February 22, 2024, but, the Purchase Agreement may also be terminated earlier under certain circumstances. The term of the Purchase Agreement shall be automatically extended for annual terms unless either party provides advance notice that they do not intend to extend the term. We have no retained interests in the sold receivables, other than limited recourse obligations in certain circumstances, and only perform collection and administrative functions for the Purchaser. We account for these receivable transfers as sales under ASC 860, Transfers and Servicing, and de-recognize the sold receivables from our Condensed Consolidated Balance Sheets. At November 30, 2023, we have utilized $12.6 million which reduced the availability under the Purchase Agreement to $137.4 million. During the six-month periods ended November 30, 2023 and 2022, we sold $72.6 million and $87.2 million, respectively, of receivables under the Purchase Agreement and remitted $71.7 million and $86.1 million, respectively, to the Purchaser on their behalf. As of November 30, 2023 and May 31, 2023, we had collected cash of $1.2 million and $1.3 million, respectively, which was not yet remitted to the Purchaser as of those dates and was classified as Restricted cash on our Condensed Consolidated Balance Sheets.

Sale of Receivables

6 Months Ended

Nov. 30, 2023

Note 8 – Sale of Receivables

On February 23, 2018, we entered into a Purchase Agreement with Citibank N.A. (“Purchaser”) for the sale, from time to time, of certain accounts receivable due from certain customers (the “Purchase Agreement”). Under the Purchase Agreement, the maximum amount of receivables sold is limited to $150 million and Purchaser may, but is not required to, purchase the eligible receivables we offer to sell. The term of the Purchase Agreement runs through February 22, 2024, but, the Purchase Agreement may also be terminated earlier under certain circumstances. The term of the Purchase Agreement shall be automatically extended for annual terms unless either party provides advance notice that they do not intend to extend the term.

We have no retained interests in the sold receivables, other than limited recourse obligations in certain circumstances, and only perform collection and administrative functions for the Purchaser. We account for these receivable transfers as sales under ASC 860, Transfers and Servicing, and de-recognize the sold receivables from our Condensed Consolidated Balance Sheets. At November 30, 2023, we have utilized $12.6 million which reduced the availability under the Purchase Agreement to $137.4 million.

During the six-month periods ended November 30, 2023 and 2022, we sold $72.6 million and $87.2 million, respectively, of receivables under the Purchase Agreement and remitted $71.7 million and $86.1 million, respectively, to the Purchaser on their behalf. As of November 30, 2023 and May 31, 2023, we had collected cash of $1.2 million and $1.3 million, respectively, which was not yet remitted to the Purchaser as of those dates and was classified as Restricted cash on our Condensed Consolidated Balance Sheets.