Leases (Tables)

3 Months Ended

Aug. 31, 2026

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


	Minimum Contracted Payments
FY27	$	467,961
FY28	1,579,517
FY29	2,360,558
FY30	2,371,420
FY31	2,371,420
Thereafter	26,580,159
Total	$	35,731,035

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
	August 31, 2026		August 31, 2025
Operating lease cost:
Operating lease expense	$	6,517	$	6,252
Short-term lease expense	106		697
Total operating lease cost	6,623		6,949
Finance lease expense:
Amortization of right-of-use assets(1)	14,999		15,334
Interest on lease liabilities	1,523		3,530
Total finance lease cost	16,522		18,864
Variable lease cost	599		749

Total net lease cost	$	23,744	$	26,562

(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:


	Three Months Ended
	August 31, 2026		August 31, 2025
Weighted-average years remaining (in years):
Operating leases	3.2 years		3.7 years
Finance leases	0.9 years		1.1 years

Weighted-average discount rate:
Operating leases	7.5	%	7.4	%
Finance leases	9.9	%	9.9	%

Schedule of Future Minimum Operating Lease Payments

The following table represents the Company’s future minimum lease payments as of August 31, 2026:


	Operating Leases		Finance Leases		Total
FY27	$	16,036	$	37,374	$	53,410
FY28	23,967		10,968		34,935
FY29	18,391		—		18,391
FY30	4,812		—		4,812
FY31	1,315		—		1,315
Thereafter	4,553		—		4,553
Total lease payments	69,074		48,342		117,416
Less: imputed interest	(8,205)		(2,395)		(10,600)
Total lease liabilities	60,869		45,947		106,816
Less: Current portion of lease liability	(19,199)		(43,490)		(62,689)
Long-term portion of lease liability	$	41,670	$	2,457	$	44,127

Schedule of Future Minimum Finance Lease Payments

The following table represents the Company’s future minimum lease payments as of August 31, 2026:


	Operating Leases		Finance Leases		Total
FY27	$	16,036	$	37,374	$	53,410
FY28	23,967		10,968		34,935
FY29	18,391		—		18,391
FY30	4,812		—		4,812
FY31	1,315		—		1,315
Thereafter	4,553		—		4,553
Total lease payments	69,074		48,342		117,416
Less: imputed interest	(8,205)		(2,395)		(10,600)
Total lease liabilities	60,869		45,947		106,816
Less: Current portion of lease liability	(19,199)		(43,490)		(62,689)
Long-term portion of lease liability	$	41,670	$	2,457	$	44,127