Note 13 - Leases

9 Months Ended

Aug. 31, 2021

Notes to Financial Statements

Leases [Text Block]

13) Leases

The components related to sales-type leases on November 30, 2020, are as follows:

	November 30, 2020
Minimum lease receivable, current	$	29,002
Unearned interest income, current		(650	)
Net investment in sales-type leases, current	$	28,352

There was no sales activity related to sales-type leases for the three and nine months ended August 31, 2021, and August 31, 2020.

There were no future minimum lease receipts from sales-type leases as of August 31, 2021.

The components of operating leases on the Condensed Consolidated Balance Sheets on August 31, 2021 are as follows:

	August 31, 2021		November 30, 2020
Operating lease right-of-use assets (other assets)	$	50,908	$	27,879
Current portion of operating lease liabilities (accrued expenses)	$	12,699	$	9,537
Long-term portion of operating lease liabilities		38,209		18,342
Total operating lease liabilities	$	50,908	$	27,879

The Company recorded $5,547 and $17,536 of operating lease costs in the three and nine months ended August 31, 2021, respectively, compared to $4,208 and $17,840 for the same periods of 2020, which included variable costs tied to usage. The Company’s operating leases carry a weighted average lease term of 51 months and have a weighted average discount rate of 5.50%

Future maturities of operating lease liabilities are as follows:

Year Ending November 30,
2021	3,729
2022	14,914
2023	12,344
2024	11,162
2025	9,532
2026 and thereafter	4,766
Total lease payments	56,447
Less imputed interest	(5,539	)
Total operating lease liabilities	50,908

The components of finance leases on the Condensed Consolidated Balance Sheets on August 31, 2021 are as follows:

	August 31, 2021
Finance lease right-of-use assets (net of amortization in other assets)	$	7,035
Current portion of finance lease liabilities (accrued expenses)	$	1,311
Long-term portion of finance lease liabilities		5,777
Total finance lease liabilities	$	7,088

The Company recorded $357 of amortization and $87 of interest expense in the three months ended August 31, 2021 and $477 of amortization and $116 of interest expense in the nine months ended August 31, 2021 compared to $0 for the same periods of fiscal 2021. The Company’s finance lease carries a lease term of 59 months and uses a discount rate of 4.75%.

Future maturities of finance lease liabilities are as follows:

Year Ending November 30,
2021	$	405
2022		1,619
2023		1,619
2024		1,619
2025		1,619
2026 and thereafter		1,080
Total lease payments		7,961
Less imputed interest		(873	)
Total finance lease liabilities	$	7,088