Leases

3 Months Ended

Jul. 30, 2023

Assets and Liabilities, Lessee [Abstract]

Leases

16. Leases

Overview

We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to eight years, with renewal options for additional periods ranging up to twelve years.

Balance Sheet

The right of use assets and lease liabilities associated with our operating leases as of July 30, 2023, July 31, 2022, and April 30, 2023, are as follows:

(dollars in thousands)	July 30, 2023		July 31, 2022		April 30, 2023
Right of use assets	$	7,466	$	14,556	$	8,191
Operating lease liability - current		2,558		3,126		2,640
Operating lease liability – noncurrent		2,994		6,160		3,612

Supplemental Cash Flow Information

	Three Months Ended		Three Months Ended
(dollars in thousands)	July 30, 2023		July 31, 2022
Operating lease liability payments	$	656	$	920
Right of use assets exchanged for lease liabilities		—		—

Operating lease expense for the three-month periods ended July 30, 2023, and July 31, 2022, was $774,000 and $1.1 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month periods ended July 30, 2023, and July 31, 2022.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2024, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2024	$	1,962
2025		1,871
2026		609
2027		344
2028		225
Thereafter		804
	$	5,815
Less: interest		(263	)
Present value of lease liabilities	$	5,552

As of July 30, 2023, the weighted average remaining lease term and discount rate for our operating leases follows:

	July 30, 2023
Weighted average lease term (in years)	3.83
Weighted average discount rate		3.49	%