| Operating Leases |
The following table summarizes the right of use assets and lease liabilities (in thousands):
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
March 31, 2026 |
|
Operating right of use assets |
|
$ |
117,769 |
|
$ |
110,779 |
|
Operating lease liabilities, current portion |
|
$ |
6,879 |
|
$ |
8,346 |
|
Operating lease liabilities, net of current portion |
|
|
121,491 |
|
|
115,084 |
|
Operating lease liabilities |
|
$ |
128,370 |
|
$ |
123,430 |
|
The details of the Company’s lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
Operating lease expense |
|
$ |
5,019 |
|
$ |
5,175 |
|
$ |
12,153 |
|
$ |
15,482 |
|
Variable lease expense |
|
|
722 |
|
|
806 |
|
|
1,501 |
|
|
2,215 |
|
Short-term lease expense |
|
|
392 |
|
|
463 |
|
|
1,171 |
|
|
1,481 |
|
Total operating lease expense |
|
$ |
6,133 |
|
$ |
6,444 |
|
$ |
14,825 |
|
$ |
19,178 |
|
Supplemental cash flow and other information related to operating leases were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Nine Months Ended March 31, |
|
|
|
|
2025 |
|
|
2026 |
|
Operating cash flows from operating leases |
|
$ |
10,830 |
|
$ |
17,179 |
|
Non-cash activities: |
|
|
|
|
|
|
|
Operating lease liabilities from obtaining right of use assets |
|
$ |
113,216 |
|
$ |
— |
|
|
The following table summarizes the right of use assets and lease liabilities as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
|
June 30, |
|
|
|
|
2024 |
|
|
|
2025 |
|
Operating right of use assets |
|
$ |
18,344 |
|
|
$ |
117,769 |
|
Operating lease liabilities, current portion |
|
$ |
2,017 |
|
|
$ |
6,879 |
|
Operating lease liabilities, net of current portion |
|
|
16,201 |
|
|
|
121,491 |
|
Total Operating Lease Liabilities |
|
$ |
18,218 |
|
|
$ |
128,370 |
|
The details of the Company’s lease expense are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Predecessor |
|
|
|
Successor |
|
|
|
Period from
July 1, 2023
to October 31,
2023 |
|
|
|
Period from
Inception to
June 30,
2024 |
|
|
Year Ended
June 30,
2025 |
|
Operating lease expense |
|
$ |
397 |
|
|
|
$ |
1,700 |
|
|
$ |
17,226 |
|
Variable lease expense |
|
|
67 |
|
|
|
|
75 |
|
|
|
2,169 |
|
Short-term lease expense |
|
|
243 |
|
|
|
|
1,162 |
|
|
|
1,511 |
|
Total Operating Lease Expense |
|
$ |
707 |
|
|
|
$ |
2,937 |
|
|
$ |
20,906 |
|
The following table presents the maturities of lease liabilities as follows (in thousands):
|
|
|
|
|
Year Ending June 30, |
|
Operating Leases |
|
2026 |
|
$ |
18,140 |
|
2027 |
|
|
19,537 |
|
2028 |
|
|
20,663 |
|
2029 |
|
|
20,703 |
|
2030 |
|
|
19,900 |
|
Thereafter |
|
|
97,655 |
|
|
|
|
196,598 |
|
Less: the effects of discounting |
|
|
(68,228 |
) |
Total Operating Lease Liability |
|
$ |
128,370 |
|
The Company’s weighted average remaining lease-term and weighted average discount rate are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Predecessor |
|
|
|
Successor |
|
|
|
Period from
July 1, 2023 to October 31,
2023 |
|
|
|
Period from
Inception to
June 30,
2024 |
|
|
Year Ended
June 30,
2025 |
|
Weighted average remaining lease-term |
|
3.4 years |
|
|
|
5.6 years |
|
|
9.5 years |
|
Weighted average discount rate |
|
|
8 |
% |
|
|
|
8 |
% |
|
|
9 |
% |
Supplemental cash flow and other information related to operating leases are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Predecessor |
|
|
|
Successor |
|
|
|
Period from
July 1, 2023
to October 31,
2023 |
|
|
|
Period from
Inception to
June 30,
2024 |
|
|
Year Ended
June 30,
2025 |
|
Operating cash flows from operating leases |
|
$ |
384 |
|
|
|
$ |
2,863 |
|
|
$ |
16,249 |
|
Non-cash activities: |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities from obtaining right of use assets |
|
$ |
— |
|
|
|
$ |
8,695 |
|
|
$ |
107,776 |
|
|