Note 6 - Leases

9 Months Ended

Jan. 27, 2024

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 and machinery and equipment which expire at various dates through July 2035. 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 costs were $4.1 million and $3.6 million for the three months ended January 27, 2024 and January 28, 2023, respectively. Operating lease costs were $11.8 million and $10.7 million for the nine months ended January 27, 2024 and January 28, 2023, respectively. As of January 27, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.95 years and 4.28%, respectively. As of April 29, 2023, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.34 years and 3.30%, respectively. Cash payments were $3.5 million and $3.7 million for operating leases for the three months ended January 27, 2024 and January 28, 2023, respectively. Cash payments were $11.4 million and $10.8 million for the nine months ended January 27, 2024 and January 28, 2023, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 27, 2024:

	(In thousands)
Fiscal 2024 – Remaining quarter	$	4,078
Fiscal 2025		15,047
Fiscal 2026		13,363
Fiscal 2027		11,828
Fiscal 2028		6,927
Thereafter		13,873
Total minimum lease payments including interest		65,116
Less: amounts representing interest		(6,960	)
Present value of minimum lease payments		58,156
Less: current portion of lease obligations		(13,585	)
Non-current portion of lease obligations	$	44,571