Leases (Tables)

3 Months Ended

Apr. 30, 2022

Leases [Abstract]

Summary of Components of Net Lease Cost

The following table is a summary of the Company’s components of net lease cost for the three months ended April 30, 2022 and May 1, 2021:

	For the three months ended
	April 30, 2022		May 1, 2021
(in thousands)
Operating lease cost	$	11,014	$	11,126
Variable lease costs(1)		3,154		3,774
Total lease costs	$	14,168	$	14,900

(1)Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and balance sheet information related to leases for the first three months ended April 30, 2022 and May 1, 2021 is as follows:

(dollars in thousands)	For the three months ended
Cash paid for amounts included in the measurement of lease liabilities:	April 30, 2022		May 1, 2021
Operating cash flows for operating leases (1)	$	16,098	$	17,112
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	8,608	$	2,137
Weighted average remaining lease term	4.4 yrs.		4.4 yrs.
Weighted average discount rate	6.69%		6.72%

(1)The cash paid for the first quarter of fiscal 2022 and fiscal 2021 includes prepaid rent of $4.1 million and $3.8 million.

Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of April 30, 2022:

(in thousands)
2022 (remaining)	$	33,151
2023		47,109
2024		37,935
2025		29,657
2026		17,200
Thereafter		13,881
Total minimum lease payments	$	178,933
Less: amount of lease payments representing interest		23,488
Present value of future minimum lease payments	$	155,445
Less: current obligations under leases		36,504
Long-term lease obligations	$	118,941