Note 3 - Leases

3 Months Ended

Jul. 27, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

3. 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 May 2036. 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 $3.7 million for the three months ended July 27, 2024 and July 29, 2023, respectively. As of July 27, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.69 years and 4.34%, respectively. As of April 27, 2024, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.80 years and 4.30%, respectively. Cash payments were $4.1 million and $3.7 million for operating leases for the three months ended July 27, 2024 and July 29, 2023, respectively.

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

	(In thousands)
Fiscal 2025 – Remaining 3 quarters	$	11,254
Fiscal 2026		13,465
Fiscal 2027		11,916
Fiscal 2028		7,016
Fiscal 2029		5,829
Thereafter		8,423
Total minimum lease payments including interest		57,903
Less: Amounts representing interest		(5,972	)
Present value of minimum lease payments		51,931
Less: Current portion of lease obligations		(12,821	)
Non-current portion of lease obligations	$	39,110