Annual report pursuant to Section 13 and 15(d)

Leases

v3.23.1
Leases
 12 Months Ended
Jan. 29, 2023
Leases [Abstract]  
Lessee, Operating Leases Leases
During fiscal 2022, the Company adopted ASC No. 2016-02, Leases (Topic 842). Components of lease expense were as follows (in thousands):
2023 2022
Operating lease expense $ 24,173  $ 18,902 
Variable lease expense 16,207  12,439 
Short term lease expense 721  336 
Total lease expense $ 41,101  $ 31,677 
Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges included in the lease as well as rental expenses related to short term leases.
The Company’s weighted average lease term and weighted average discount rates are as follows:
For the year ended
2023 2022
Weighted average remaining lease term (in years)
Operating Leases 7.4 6.29
Weighted average discount rate
Operating Leases 4.10  % 3.44  %
During the fiscal year ended January 29, 2023, we did not recognize any impairment charges associated with showroom-level right-of-use assets. During the fiscal year ended January 30, 2022, we recognized impairment charges totaling $0.6 million associated with showroom-level ROU assets that were included as part of selling, general and administrative expenses. We did not recognize any impairment charges with showroom-level right-of-use assets during the fiscal year ended January 31, 2021 as we did not adopt ASC 842 until fiscal year 2022.
Future minimum lease payments under non-cancelable leases as of January 29, 2023 were as follows (in thousands):

2024 $ 27,671 
2025 26,759 
2026 24,447 
2027 22,083 
2028 19,747 
Thereafter 62,832 
Total undiscounted future minimum lease payments 183,539 
Less: imputed interest (25,686)
Total present value of lease obligations 157,853 
Less: current operating lease liability (21,898)
Operating lease liability- long term $ 135,955 
Supplemental cash flow information and non-cash activity related to our operating leases is as follows (in thousands):
2023 2022
Operating cash flow information:
Cash paid for operating lease liabilities $ 23,724  $ 14,400 
Non-cash activities
Net additions to right-of-use assets obtained in exchange for lease obligations $ 56,099  $ 116,048