XML 55 R21.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Note 14 - Restatement | 12 Months Ended
--- | ---
Apr. 27, 2024
Notes to Financial Statements |
Error Correction [Text Block] |
14. | RESTATEMENT
The Company identified corrections required to be made to its consolidated statements of cash flows for Fiscal 2023 and Fiscal 2022 and all quarterly periods within each of the three year period ended April 27, 2024, as the controls did not operate at a level precise enough to detect errors in certain calculations within the Consolidated Statements of Cash Flows and the presentation of right-of-use assets obtained in exchange for lease liabilities as supplemental non-cash items. These corrections do not impact the overall financial statements and “Net Cash Provided By Operating Activities”. These corrections do not impact the Company’s overall cash position, its consolidated balance sheets, its consolidated statements of income, its consolidated statements of comprehensive income, or its consolidated statements of changes in stockholders’ equity as of or for Fiscal 2023, Fiscal 2022 and all quarterly periods within each of the three year period ended April 27, 2024. A summary of the impact on the consolidated statement of cash flows is as follows (in thousands):
|  | Fiscal Year Ended April 29, 2023 |  |  | Fiscal Year Ended April 30, 2022 |
Operating Activities: |  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |
Operating lease right-of-use asset |  | $ | (23,495 | ) |  | $ | 23,495 |  |  | $ | - |  |  | $ | (6,054 | ) |  | $ | 6,054 |  |  | $ | - |
Prepaid and other assets |  |  | 15,472 |  |  |  | (7,197 | ) |  |  | 8,275 |  |  |  | (5,084 | ) |  |  | (8,713 | ) |  |  | (13,797 | )
Accrued and other liabilities |  |  | (4,256 | ) |  |  | 7,197 |  |  |  | 2,941 |  |  |  | (12,444 | ) |  |  | 8,713 |  |  |  | (3,731 | )
Operating lease liabilities |  |  | 10,281 |  |  |  | (23,495 | ) |  |  | (13,214 | ) |  |  | (7,170 | ) |  |  | (6,054 | ) |  |  | (13,224 | )
Net cash provided by operating activities |  |  | 161,665 |  |  |  | - |  |  |  | 161,665 |  |  |  | 133,133 |  |  |  | - |  |  |  | 133,133 |
Right-of- use assets obtained in exchange for lease liabilities |  | $ | - |  |  | $ | 23,495 |  |  |  | 23,495 |  |  | $ | - |  |  | $ | 6,054 |  |  | $ | 6,054 |
|  | Three Months Ended July 29, 2023 |  |  | Six Months Ended October 28, 2023 |  |  | Nine Months Ended January 27, 2024 |
Operating Activities: |  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |
Operating lease right-of-use asset |  | $ | (3,589 | ) |  | $ | 3,589 |  |  | $ | - |  |  | $ | (11,877 | ) |  | $ | 11,877 |  |  | $ | - |  |  | $ | (27,905 | ) |  | $ | 27,905 |  |  | $ | - |
Prepaid and other assets |  |  | 1,475 |  |  |  | 84 |  |  |  | 1,559 |  |  |  | (600 | ) |  |  | (5,817 | ) |  |  | (6,417 | ) |  |  | (3,186 | ) |  |  | (8,600 | ) |  |  | (11,786 | )
Accrued and other liabilities |  |  | 9,562 |  |  |  | (84 | ) |  |  | 9,478 |  |  |  | (4,205 | ) |  |  | 5,817 |  |  |  | 1,612 |  |  |  | (7,485 | ) |  |  | 8,600 |  |  |  | 1,115 |
Operating lease liabilities |  |  | 287 |  |  |  | (3,589 | ) |  |  | (3,329 | ) |  |  | 3,586 |  |  |  | (11,877 | ) |  |  | (8,291 | ) |  |  | 16,629 |  |  |  | (27,905 | ) |  |  | (11,276 | )
Net cash provided by operating activities |  |  | 70,143 |  |  |  | - |  |  |  | 70,143 |  |  |  | 102,059 |  |  |  | - |  |  |  | 102,059 |  |  |  | 137,465 |  |  |  | - |  |  |  | 137,465 |
Right-of-use assets obtained in exchange for lease liabilities |  | $ | - |  |  | $ | 3,589 |  |  | $ | 3,589 |  |  | $ | - |  |  | $ | 11,877 |  |  | $ | 11,877 |  |  | $ | - |  |  | $ | 27,905 |  |  | $ | 27,905 |
|  | Three Months Ended July 30, 2022 |  |  | Six Months Ended October 29, 2022 |  |  | Nine Months Ended January 28, 2023 |
Operating Activities: |  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |
Operating lease right-of-use asset |  | $ | (12,468 | ) |  | $ | 12,468 |  |  | $ | - |  |  | $ | (16,132 | ) |  | $ | 16,132 |  |  | $ | - |  |  | $ | (19,539 | ) |  | $ | 19,539 |  |  | $ | - |
Prepaid and other assets |  |  | 11,656 |  |  |  | 53 |  |  |  | 11,709 |  |  |  | 3,187 |  |  |  | (770 | ) |  |  | 2,417 |  |  |  | 1,832 |  |  |  | 2,264 |  |  |  | 4,096 |
Accrued and other liabilities |  |  | (344 | ) |  |  | (53 | ) |  |  | (397 | ) |  |  | (1,566 | ) |  |  | 770 |  |  |  | (796 | ) |  |  | 5,271 |  |  |  | (2,264 | ) |  |  | 3,007 |
Operating lease liabilities |  |  | 9,310 |  |  |  | (12,468 | ) |  |  | (3,158 | ) |  |  | 9,597 |  |  |  | (16,132 | ) |  |  | (6,535 | ) |  |  | 9,633 |  |  |  | (19,539 | ) |  |  | (9,906 | )
Net cash provided by operating activities |  |  | 40,617 |  |  |  | - |  |  |  | 40,617 |  |  |  | 82,238 |  |  |  | - |  |  |  | 82,238 |  |  |  | 112,253 |  |  |  | - |  |  |  | 112,253 |
Right-of-use assets obtained in exchange for lease liabilities |  | $ | - |  |  | $ | 12,468 |  |  | $ | 12,468 |  |  | $ | - |  |  | $ | 16,132 |  |  | $ | 16,132 |  |  | $ | - |  |  | $ | 19,539 |  |  | $ | 19,539 |
|  | Three Months Ended July 31, 2021 |  |  | Six Months Ended October 30, 2021 |  |  | Nine Months Ended January 29, 2022 |
Operating Activities: |  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |
Operating lease right-of-use asset |  | $ | (924 | ) |  | $ | 924 |  |  | $ | - |  |  | $ | (1,594 | ) |  | $ | 1,594 |  |  | $ | - |  |  | $ | (5,827 | ) |  | $ | 5,827 |  |  | $ | - |
Prepaid and other assets |  |  | (106 | ) |  |  | 1,506 |  |  |  | 1,400 |  |  |  | 510 |  |  |  | (2,472 | ) |  |  | (1,962 | ) |  |  | (4,730 | ) |  |  | (2,489 | ) |  |  | (7,219 | )
Accrued and other liabilities |  |  | 12,509 |  |  |  | (1,506 | ) |  |  | 11,003 |  |  |  | (9,545 | ) |  |  | 2,472 |  |  |  | (7,073 | ) |  |  | (7,724 | ) |  |  | 2,489 |  |  |  | (5,235 | )
Operating lease liabilities |  |  | (2,192 | ) |  |  | (924 | ) |  |  | (3,116 | ) |  |  | (5,093 | ) |  |  | (1,594 | ) |  |  | (6,687 | ) |  |  | (4,250 | ) |  |  | (5,827 | ) |  |  | (10,077 | )
Net cash provided by operating activities |  |  | 56,658 |  |  |  | - |  |  |  | 56,658 |  |  |  | 85,964 |  |  |  | - |  |  |  | 85,964 |  |  |  | 92,552 |  |  |  | - |  |  |  | 92,552 |
Right-of-use assets obtained in exchange for lease liabilities |  | $ | - |  |  | $ | 924 |  |  | $ | 924 |  |  | $ | - |  |  | $ | 1,594 |  |  | $ | 1,594 |  |  | $ | - |  |  | $ | 5,827 |  |  | $ | 5,827 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
Name: | us-gaap_ErrorCorrectionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration