Debt and Lines of Credit |
3 Months Ended |
|---|---|
Apr. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt and Lines of Credit | NOTE 6 – DEBT AND LINES OF CREDIT
The Company and its U.S. and Swiss subsidiaries (collectively, the "Borrowers") are parties to an Amended and Restated Credit Agreement originally dated October 12, 2018 (as subsequently amended, the “Credit Agreement”) with the lenders party thereto and Bank of America, N.A. as administrative agent (in such capacity, the “Agent”). The Credit Agreement provides for a $100.0 million senior secured revolving credit facility (the “Facility”) and has a maturity date of October 28, 2026. The Facility includes a $15.0 million letter of credit subfacility, a $25.0 million swingline subfacility and a $75.0 million sublimit for borrowings by the Swiss Borrower, with provisions for uncommitted increases to the Facility of up to $50.0 million in the aggregate subject to customary terms and conditions. The Credit Agreement contains affirmative and negative covenants binding on the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to, restrictions and limitations on the incurrence of debt and liens, dispositions of assets, capital expenditures, dividends and other payments in respect of equity interests, the making of loans and equity investments, mergers, consolidations, liquidations and dissolutions, and transactions with affiliates (in each case, subject to various exceptions). The borrowings under the Facility are joint and several obligations of the Borrowers and are also cross-guaranteed by each Borrower, except that the Swiss Borrower is not liable for, nor does it guarantee, the obligations of the U.S. Borrowers. In addition, the Borrowers' obligations under the Facility are secured by first priority liens, subject to permitted liens, on substantially all of the U.S. Borrowers' assets other than certain excluded assets. The Swiss Borrower does not provide collateral to secure the obligations under the Facility. As of both April 30, 2026, and April 30, 2025, there were no amounts of loans outstanding under the Facility. Availability under the Facility was reduced by the aggregate number of letters of credit outstanding, issued in connection with retail and operating facility leases to various landlords and for Canadian payroll to the Royal Bank of Canada, totaling approximately $0.3 million at both April 30, 2026 and April 30, 2025. At April 30, 2026, the letters of credit have expiration dates through April 27, 2027. As of both April 30, 2026, and April 30, 2025, availability under the Facility was $99.7 million. The Company had weighted average borrowings under the Facility of zero during both the three months ended April 30, 2026 and 2025, respectively. The Company's Swiss subsidiary maintains unsecured lines of credit with a Swiss bank that are subject to repayment upon demand. As of April 30, 2026, and 2025, these lines of credit totaled 6.5 million Swiss Francs for both periods, with a dollar equivalent of $8.3 million and $7.9 million, respectively. As of April 30, 2026, and 2025, there were no borrowings against these lines. As of April 30, 2026 and 2025, two European banks had guaranteed obligations to third parties on behalf of two of the Company’s foreign subsidiaries in the dollar equivalent of $1.6 million and $1.5 million, respectively, in various foreign currencies, of which $0.8 million in both periods represented restricted deposits related to lease agreements. Cash paid for interest, including unused commitments fees, was $0.1 million for both the three month periods ended April 30, 2026 and April 30, 2025. |