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Leases
 12 Months Ended
May 31, 2024
Leases [Abstract]  
Leases

4. Leases

We lease various manufacturing, laboratory, warehousing and distribution facilities, administrative and sales offices, equipment and vehicles under operating and finance leases.

Supplemental balance sheet information related to operating and finance leases was as follows:

 

 

Year Ended May 31,

 

 

 

2024

 

 

2023

 

Rights of use - non-current assets

 

$

14,785

 

 

$

11,933

 

Lease liabilities - other current liabilities

 

$

5,101

 

 

$

3,277

 

Lease liabilities - non-current liabilities

 

$

10,300

 

 

$

8,812

 

Property and equipment

 

$

2,423

 

 

 

—

 

Current portion of finance lease

 

$

2,447

 

 

 

—

 

 

 

The weighted average remaining lease term and weighted average discount rate were as follows:

 

 

Year Ended May 31,

 

 

2024

 

 

2023

 

Operating Leases

 

 

 

 

 

 

Weighted average remaining lease term

 

3.9 years

 

 

4.7 years

 

Weighted average discount rate

 

 

5.6

%

 

 

4.7

%

 

 

 

 

 

 

 

Financing Lease

 

 

 

 

 

 

Weighted average remaining lease term

 

0.3 years

 

 

 

—

 

Weighted average discount rate

 

 

6.1

%

 

 

—

 

 

Operating lease expenses are classified as cost of revenues or operating expenses on the consolidated statements of operations. The components of lease expense were as follows:

 

 

Year ended May 31,

 

 

 

2024

 

 

2023

 

Operating leases

 

$

4,510

 

 

$

2,097

 

Short term leases

 

 

625

 

 

 

460

 

Financing lease expense:

 

 

 

 

 

 

Amortization of asset

 

 

219

 

 

 

—

 

Interest on lease liability

 

 

12

 

 

 

—

 

Total lease expense

 

$

5,366

 

 

$

2,557

 

 

Supplemental cash flow information is as follows:

 

Year Ended May 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

     Operating cash flows for operating leases

 

$

4,714

 

 

$

2,139

 

 

$

1,407

 

     Operating cash flows for finance leases

 

$

12

 

 

 

—

 

 

 

—

 

     Financing cash flows for finance leases

 

$

192

 

 

 

—

 

 

 

—

 

Non-cash assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

 

     Operating leases

 

$

5,562

 

 

$

11,192

 

 

 

—

 

     Finance leases

 

$

2,642

 

 

 

—

 

 

 

—

 

Future lease payments as of May 31, 2024 are as follows:

 

 

 

Operating

 

 

Finance

 

Years ending May 31,

 

Leases

 

 

Lease

 

2025

 

$

5,263

 

 

$

2,454

 

2026

 

 

4,788

 

 

 

—

 

2027

 

 

3,450

 

 

 

—

 

2028

 

 

2,282

 

 

 

—

 

2029

 

 

1,233

 

 

 

—

 

2030 and thereafter

 

 

1,006

 

 

 

—

 

Total lease payments

 

$

18,022

 

 

$

2,454

 

Less: imputed interest

 

 

(2,621

)

 

 

(7

)

Total lease liabilities

 

$

15,401

 

 

$

2,447