Note 3 - Leases

9 Months Ended

Jan. 25, 2025

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 January 2037. 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 $4.2 million and $4.1 million for the three months ended January 25, 2025 and January 27, 2024, respectively. Operating lease costs were $12.5 million and $11.8 million for the nine months ended January 25, 2025 and January 27, 2024, respectively. As of January 25, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.85 years and 4.50%, 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 $3.9 million and $3.5 million for operating leases for the three months ended January 25, 2025 and January 27, 2024, respectively. Cash payments were $12.3 million and $11.4 million for operating leases for the nine months ended January 25, 2025 and January 27, 2024, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 25, 2025:

	(In thousands)
Fiscal 2025 – Remaining quarter	$	3,720
Fiscal 2026		15,120
Fiscal 2027		13,613
Fiscal 2028		8,769
Fiscal 2029		7,640
Thereafter		13,238
Total minimum lease payments including interest		62,100
Less: amounts representing interest		(6,768	)
Present value of minimum lease payments		55,332
Less: current portion of lease obligations		(13,076	)
Non-current portion of lease obligations	$	42,256