Note 6 - Leases

9 Months Ended

Jan. 28, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. LEASES

The Company has entered into various non-cancelable operating lease agreements for certain offices, buildings, machinery and equipment which expire at various dates through January 2030. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Lease agreements generally do not contain material residual value guarantees or material restrictive covenants. Operating lease cost for the three months ended January 28, 2023 and January 29, 2022 was $3.6 million and $3.5 million, respectively. Operating lease cost was $10.7 million for the nine months ended January 28, 2023 and $11.1 million for the nine months ended January 29, 2022. As of January 28, 2023, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.4 years and 3.03%, respectively. As of April 30, 2022, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.0 years and 3.08%, respectively. Cash payments were $3.7 million for operating leases for the three months ended January 28, 2023 and January 29, 2022. Cash payments totaled $10.8 million for the nine months ended January 28, 2023 and $11.3 million for the nine months ended January 29, 2022.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 28, 2023:

	(In thousands)
Fiscal 2023 (remainder)	$	3,284
Fiscal 2024		12,054
Fiscal 2025		9,118
Fiscal 2026		7,290
Fiscal 2027		6,347
Thereafter		5,631
Total minimum lease payments including interest		43,724
Less: Amounts representing interest		(2,845	)
Present value of minimum lease payments		40,879
Less: Current portion of lease liabilities		(11,892	)
Non-current portion of lease liabilities	$	28,987