XML 30 R18.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Jan. 31, 2025

Note 11. Leases

The Company enters into operating lease agreements for the use of real estate, vehicles, information technology equipment, and certain other equipment. We determine if an arrangement contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. The impacts of accounting for operating leases are included in Operating lease right-of-use assets, Operating lease liabilities, and Long-term operating lease liabilities in the Company’s Consolidated Balance Sheets. The Company currently has no finance leases.

Operating lease expense for each of the three month periods ended January 31, 2025 and 2024 was $0.3 million and $0.4 million, respectively. As of January 31, 2025, the weighted average remaining lease term (in years) was approximately 16 years and the weighted average discount rate was 8.2%. Lease payments made during the three months ended January 31, 2025 and 2024 were $0.3 million and $0.2 million, respectively.

Undiscounted maturities of operating lease liabilities as of January 31, 2025 were as follows (in thousands):


	Operating Leases
Due Year 1	$	1,341
Due Year 2		1,366
Due Year 3		1,388
Due Year 4		1,608
Due Year 5		796
Thereafter		11,723
Total undiscounted lease payments		18,222
Less imputed interest		(8,733)
Total discounted lease payments	$	9,489