Leases

9 Months Ended

Jan. 29, 2023

Assets And Liabilities Lessee [Abstract]

15. Leases

Overview

We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to nine years, with renewal options for additional periods ranging up to twelve years.

Balance Sheet

The right of use assets and lease liabilities associated with our operating leases as of January 29, 2023, January 30, 2022, and May 1, 2022, are as follows:



(dollars in thousands)	January 29, 2023		January 30, 2022		May 1, 2022
Right of use assets	$	8,913	$	16,595	$	15,577
Operating lease liability - current		2,785		3,295		3,219
Operating lease liability – noncurrent		4,399		7,848		7,062

Supplemental Cash Flow Information


	Nine Months Ended		Nine Months Ended
(dollars in thousands)	January 29, 2023		January 30, 2022
Operating lease liability payments	$	1,704	$	2,249
Right of use assets exchanged for lease liabilities		731		3,763

Operating lease expense for the three-month periods ended January 29, 2023, and January 30, 2022, was $921,000 and $1.0 million, respectively. Operating lease expense for the nine-month periods ended January 29, 2023, and January 30, 2022, was $2.9 million and $2.8 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 29, 2023, and January 30, 2022.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2023, the subsequent next four fiscal years, and thereafter follows:


(dollars in thousands)
2023	$	756
2024		2,907
2025		1,914
2026		608
2027		344
Thereafter		1,028
	$	7,557
Less: interest		(373	)
Present value of lease liabilities	$	7,184

As of January 29, 2023, the weighted average remaining lease term and discount rate for our operating leases follows:


	January 29, 2023
Weighted average lease term	3.9 years
Weighted average discount rate		3.69	%