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Note 9 - Leases | 3 Months Ended
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Jan. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
9. | Leases
We rent certain office space for use in our operations. Our lease population at January 31, 2023 is comprised of operating leases where we are the lessee, primarily for our corporate office and division offices. Lease costs are included in our Condensed Consolidated Statements of Operations, primarily in "Selling, general and administrative" homebuilding expenses and payments on our lease liabilities are presented in the table below. Our short-term lease costs and sublease income are de minimis.
|  | Three Months Ended January 31, |
(In thousands) |  | 2023 |  |  | 2022 |
Operating lease costs |  | $ | 2,859 |  |  | $ | 2,588 |
Cash payments on lease liabilities |  | $ | 2,386 |  |  | $ | 2,440 |
Operating right-of-use lease assets ("ROU assets") are classified within "Prepaid expenses and other assets" on our Condensed Consolidated Balance Sheets, while lease liabilities are classified within "Accounts payable and other liabilities". During the three months ended January 31, 2023, the Company recorded a net increase of $0.4 million to both its ROU assets and lease liabilities as a result of new leases and lease renewals that commenced during the period. The following table contains additional information about our leases:
(In thousands) |  | January 31, 2023 |  |  | October 31, 2022 |
ROU assets |  | $ | 17,650 |  |  | $ | 17,899 |
Lease liabilities |  | $ | 18,498 |  |  | $ | 18,862 |
Weighted-average remaining lease term (in years) |  |  | 3.4 |  |  |  | 3.5 |
Weighted-average discount rate |  |  | 9.5 | % |  |  | 9.5 | %
Maturities of our operating lease liabilities as of January 31, 2023 are as follows:
Fiscal Year Ended October 31, |  | (In thousands) |
2023 (excluding the three months ended January 31, 2023) |  | $ | 6,321 |
2024 |  |  | 5,779 |
2025 |  |  | 4,653 |
2026 |  |  | 3,111 |
2027 |  |  | 1,863 |
Total operating lease payments (1) |  |  | 21,727 |
Less: imputed interest |  |  | (3,229 | )
Present value of operating lease liabilities |  | $ | 18,498 |
(1) Lease payments exclude $13.7 million of legally binding minimum lease payments for office leases signed but not yet commenced as of January 31, 2023. The related ROU assets and operating lease liabilities are not reflected on the Company's Condensed Consolidated Balance Sheets as of January 31, 2023.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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