v3.25.2
Leases (Tables)
 12 Months Ended
May 31, 2025
Leases [Abstract]  
Schedule of Lease Payments Due Reimbursements of operating expenses and variable rent increases are excluded from the table below (in thousands):
Minimum Contracted Payments
FY26$81,156 
FY27326,340 
FY28372,130 
FY29383,294 
FY30394,793 
Thereafter5,206,486 
Total$6,764,199 
Schedule of Components of Lease Expense, Supplemental Cash Flow Information and Other Information
Components of lease expense were as follows (in thousands):
May 31, 2025May 31, 2024May 31, 2023
Operating lease cost:
Operating lease expense$696$568$347
Short-term lease expense59957187
Total operating lease cost1,295625534
Finance lease expense:
Amortization of right-of-use assets(1)
6,9295,2593,309
Interest on lease liabilities1,7581,140784
Total finance lease cost8,6876,3994,093
Variable lease cost2321693
Sublease Income—(70)(103)
Total net lease cost$10,214$7,123$4,527
(1)    Amortization of right-of-use assets is included within cost of revenues and selling, general and administrative expense in the consolidated statements of operations.
Supplemental cash flow and other information related to leases is as follows:
Fiscal Year Ended
May 31, 2025May 31, 2024
Weighted-average years remaining (in years):
Finance leases1.1 years1.7 years
Operating leases0.4 years1.1 years
Weighted-average discount rate:
Finance leases9.4 %8.8 %
Operating leases9.7 %10.0 %
Schedule of Future Minimum Operating Lease Payments
The following table represents the Company’s future minimum lease payments as of May 31, 2025 (in thousands):
Operating LeasesFinance LeasesTotal
FY26$761 $13,925$14,686 
FY27365 14379 
FY2827 128 
FY29— —— 
FY30— —— 
Thereafter— —— 
Total lease payments1,153 13,94015,093 
Less: imputed interest(80)(292)(372)
Total lease liabilities1,07313,64814,721 
Less: Current portion of lease liability(692)(13,633)(14,325)
Long-term portion of lease liability$381 $15$396 
Schedule of Future Minimum Finance Lease Payments
The following table represents the Company’s future minimum lease payments as of May 31, 2025 (in thousands):
Operating LeasesFinance LeasesTotal
FY26$761 $13,925$14,686 
FY27365 14379 
FY2827 128 
FY29— —— 
FY30— —— 
Thereafter— —— 
Total lease payments1,153 13,94015,093 
Less: imputed interest(80)(292)(372)
Total lease liabilities1,07313,64814,721 
Less: Current portion of lease liability(692)(13,633)(14,325)
Long-term portion of lease liability$381 $15$396