Leases (Tables)

12 Months Ended

May 31, 2026

Reimbursements of operating expenses and variable rent increases are excluded from the table below (in thousands):


	Minimum Contracted Payments
FY27	$	451,065
FY28	1,453,748
FY29	2,251,769
FY30	2,280,829
FY31	2,299,574
Thereafter	27,107,897
Total	$	35,844,882

Schedule of Components of Lease Expense, Supplemental Cash Flow Information and Other Information

Components of lease expense were as follows (in thousands):


	May 31, 2026		May 31, 2025		May 31, 2024
Operating lease cost:
Operating lease expense	$	7,709	$	36,764	$	16,700
Short-term lease expense	1,175		769		57
Total operating lease cost	8,884		37,533		16,757
Finance lease expense:
Amortization of right-of-use assets(1)	27,405		85,653		63,930
Interest on lease liabilities	3,612		18,583		10,597
Total finance lease cost	31,017		104,236		74,527
Variable lease cost	2,580		2,612		169
Sublease Income	—		—		(70)
Total net lease cost	$	42,481	$	144,381	$	91,383

(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, 2026		May 31, 2025
Weighted-average years remaining (in years):
Finance leases	1.0 years		0.7 years
Operating leases	3.4 years		3.0 years

Weighted-average discount rate:
Finance leases	9.9	%	9.9	%
Operating leases	7.7	%	7.6	%

Schedule of Future Minimum Operating Lease Payments

The following table represents the Company’s future minimum lease payments as of May 31, 2026 (in thousands):


	Operating Leases		Finance Leases		Total
FY27	$	22,218	$	51,069	$	73,287
FY28	23,853		10,968		34,821
FY29	18,391		—		18,391
FY30	4,812		—		4,812
FY31	1,315		—		1,315
Thereafter	4,553		—		4,553
Total lease payments	75,142		62,037		137,179
Less: imputed interest	(9,480)		(3,721)		(13,201)
Total lease liabilities	65,662		58,316		123,978
Less: Current portion of lease liability	(18,484)		(47,585)		(66,069)
Long-term portion of lease liability	$	47,178	$	10,731	$	57,909

Schedule of Future Minimum Finance Lease Payments

The following table represents the Company’s future minimum lease payments as of May 31, 2026 (in thousands):


	Operating Leases		Finance Leases		Total
FY27	$	22,218	$	51,069	$	73,287
FY28	23,853		10,968		34,821
FY29	18,391		—		18,391
FY30	4,812		—		4,812
FY31	1,315		—		1,315
Thereafter	4,553		—		4,553
Total lease payments	75,142		62,037		137,179
Less: imputed interest	(9,480)		(3,721)		(13,201)
Total lease liabilities	65,662		58,316		123,978
Less: Current portion of lease liability	(18,484)		(47,585)		(66,069)
Long-term portion of lease liability	$	47,178	$	10,731	$	57,909