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Note 9 - Leases | 6 Months Ended
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Apr. 30, 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 April 30, 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 |  |  | Six Months Ended |
|  | April 30, |  |  | April 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease costs |  | $ | 3,005 |  |  | $ | 2,677 |  |  | $ | 5,864 |  |  | $ | 5,265 |
Cash payments on lease liabilities |  | $ | 2,351 |  |  | $ | 2,214 |  |  | $ | 4,737 |  |  | $ | 4,654 |
Operating right-of-use lease assets ("ROU assets") are included in "Prepaid expenses and other assets" on our Condensed Consolidated Balance Sheets, while lease liabilities are included in "Accounts payable and other liabilities". During the three and six months ended April 30, 2023, the Company recorded a net increase of $1.3 million and $1.7 million, respectively, 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) |  | April 30, 2023 |  |  | October 31, 2022 |
ROU assets |  | $ | 16,841 |  |  | $ | 17,899 |
Lease liabilities |  | $ | 17,612 |  |  | $ | 18,862 |
Weighted-average remaining lease term (in years) |  |  | 3.2 |  |  |  | 3.5 |
Weighted-average discount rate |  |  | 9.5 | % |  |  | 9.5 | %
Maturities of our operating lease liabilities as of April 30, 2023 are as follows:
Fiscal Year Ended October 31, |  | (In thousands) |
2023 (excluding the six months ended April 30, 2023) |  | $ | 4,128 |
2024 |  |  | 6,339 |
2025 |  |  | 4,959 |
2026 |  |  | 3,276 |
2027 |  |  | 1,863 |
Total operating lease payments (1) |  |  | 20,565 |
Less: imputed interest |  |  | (2,953 | )
Present value of operating lease liabilities |  | $ | 17,612 |
(1) Lease payments include options to extend lease terms that are reasonably certain of being executed and exclude $13.7 million of legally binding minimum lease payments for office leases signed but not yet commenced as of April 30, 2023. The related ROU assets and operating lease liabilities are not reflected on the Company's Condensed Consolidated Balance Sheets as of April 30, 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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