Note 6 - Leases

6 Months Ended

Oct. 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 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 $4.0 million and $3.7 million for the three months ended October 28, 2023 and October 29, 2022, respectively. Operating lease costs were $7.7 million and $7.1 million for the six months ended October 28, 2023 and October 29, 2022, respectively. As of October 28, 2023, the weighted-average remaining lease term and weighted average discount rate of operating leases was 4.16 years and 3.74%, 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 $4.1 million and $3.7 million for operating leases for the three months ended October 28, 2023 and October 29, 2022, respectively. Cash payments were $7.8 million and $7.1 million for the six months ended October 28, 2023 and October 29, 2022, respectively.

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

	(In thousands)
Fiscal 2024 – Remaining two quarters	$	7,478
Fiscal 2025		13,051
Fiscal 2026		10,627
Fiscal 2027		8,957
Fiscal 2028		3,910
Thereafter		4,779
Total minimum lease payments including interest		48,802
Less: amounts representing interest		(3,689	)
Present value of minimum lease payments		45,113
Less: current portion of lease obligations		(13,483	)
Non-current portion of lease obligations	$	31,630