| Leases Components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
April 30, 2023 |
May 01, 2022 |
| Operating lease expense |
$ |
7,004 |
|
$ |
5,334 |
|
| Variable lease expense |
2,056 |
|
2,214 |
|
| Short term lease expense |
240 |
|
179 |
|
| Total lease expense |
$ |
9,300 |
|
$ |
7,727 |
|
Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges.
The Company’s weighted average lease terms and weighted average discount rates are as follows:
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
April 30, 2023 |
May 01, 2022 |
|
(As Restated) |
|
| Weighted average remaining lease term (in years) |
|
|
| Operating Leases |
7.5 |
7.2 |
|
|
|
| Weighted average discount rate |
|
|
| Operating Leases |
4.43 |
% |
3.97 |
% |
We did not recognize any impairment charges associated with showroom-level right-of-use assets during the thirteen weeks ended April 30, 2023 or May 1, 2022.
Future minimum lease payments under non-cancelable leases as of April 30, 2023 were as follows (in thousands):
|
|
|
|
|
|
| (amounts in thousands) |
(As Restated) |
| 2024 |
$ |
16,445 |
|
| 2025 |
28,909 |
|
| 2026 |
26,501 |
|
| 2027 |
24,170 |
|
| 2028 |
21,869 |
|
| Thereafter |
73,477 |
|
| Total undiscounted future minimum lease payments |
191,371 |
|
| Less: imputed interest |
(31,612) |
|
| Total present value of lease obligations |
159,759 |
|
| Less: current operating lease liability |
(16,933) |
|
| Operating lease liability- long term |
$ |
142,826 |
|
Supplemental Cash Flow information and non-cash activity related to our operating leases is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
| (amounts in thousands) |
April 30, 2023 |
May 01, 2022 |
|
(As Restated) |
|
| Operating cash flow information: |
|
|
| Amounts paid on operating lease liabilities |
$ |
6,945 |
|
$ |
4,062 |
|
| Non-cash activities |
|
|
| Right-of-use assets obtained in exchange for lease obligations |
$ |
16,118 |
|
$ |
12,513 |
|
|