| Leases Components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
| Operating lease expense |
|
$ |
34,469 |
|
|
$ |
30,305 |
|
|
$ |
24,173 |
|
| Variable and short term lease expense |
|
7,465 |
|
|
13,290 |
|
|
16,803 |
|
| Total lease expense |
|
$ |
41,934 |
|
|
$ |
43,595 |
|
|
$ |
40,976 |
|
Variable lease expense includes percentage rent, maintenance, sales tax on rent, insurance and other variable charges included in the lease as well as rental expenses related to short term leases.
During fiscal 2025, 2024, and 2023, we did not recognize any impairment charges associated with showroom-level right-of-use assets.
Future minimum lease payments under non-cancelable leases as of February 2, 2025 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
| 2026 |
|
$ |
32,024 |
|
| 2027 |
|
33,583 |
|
| 2028 |
|
31,331 |
|
| 2029 |
|
28,826 |
|
| 2030 |
|
26,810 |
|
| Thereafter |
|
70,284 |
|
| Total undiscounted future minimum lease payments |
|
222,858 |
|
| Less: imputed interest |
|
(39,835) |
|
| Total present value of lease obligations |
|
183,023 |
|
| Less: current operating lease liability |
|
(22,662) |
|
| Operating lease liability- long term |
|
$ |
160,361 |
|
Supplemental cash flow information related to our operating leases is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
| Operating cash flow information: |
|
|
|
|
|
|
| Amounts paid on operating lease liabilities |
|
$ |
34,651 |
|
$ |
29,748 |
|
$ |
23,724 |
| Non-cash activities |
|
|
|
|
|
|
| Net additions to right-of-use assets obtained in exchange for lease obligations |
|
$ |
22,639 |
|
$ |
42,064 |
|
$ |
53,239 |
| Weighted average remaining lease term - operating leases |
|
6.9 years |
|
7.5 years |
|
7.4 years |
| Weighted average discount rate - operating leases |
|
5.23% |
|
4.97% |
|
4.10% |
|