Leases

6 Months Ended

Oct. 29, 2023

Assets and Liabilities, Lessee [Abstract]

16. 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 eight 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 October 29, 2023, October 30, 2022, and April 30, 2023, are as follows:



(dollars in thousands)	October 29, 2023		October 30, 2022		April 30, 2023
Right of use assets	$	6,874	$	11,609	$	8,191
Operating lease liability - current		2,540		2,655		2,640
Operating lease liability – noncurrent		2,431		4,194		3,612

Supplemental Cash Flow Information


	Six Months Ended		Six Months Ended
(dollars in thousands)	October 29, 2023		October 30, 2022
Operating lease liability payments	$	1,330	$	1,068
Right of use assets exchanged for lease liabilities		157		—

Operating lease expense for the three-month periods ended October 29, 2023, and October 30, 2022, was $781,000 and $959,000, respectively. Operating lease expense for the six-month periods ended October 29, 2023, and October 30, 2022, was $1.6 million and $2.0 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and six-month periods ended October 29, 2023, and October 30, 2022.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2024, the subsequent next four fiscal years, and thereafter follows:


(dollars in thousands)
2024	$	1,269
2025		1,917
2026		638
2027		342
2028		225
Thereafter		804
	$	5,195
Less: interest		(224	)
Present value of lease liabilities	$	4,971

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


	October 29, 2023
Weighted average lease term (in years)	3.79
Weighted average discount rate		3.46	%