Leases (Tables)

3 Months Ended

Apr. 29, 2023

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 29, 2023 and April 30, 2022:

	For the three months ended
	April 29, 2023		April 30, 2022
(in thousands)
Operating lease cost	$	10,666	$	11,014
Variable lease costs(1)		3,166		3,154
Total lease costs	$	13,832	$	14,168

(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 29, 2023 and April 30, 2022 was as follows:

(dollars in thousands)	For the three months ended
Cash paid for amounts included in the measurement of lease liabilities:	April 29, 2023		April 30, 2022
Operating cash flows for operating leases (1)	$	12,753	$	16,098
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	9,250	$	8,608
Weighted average remaining lease term	4.3 yrs.		4.4 yrs.
Weighted average discount rate	6.39%		6.69%

(1)The cash paid for the first three months of fiscal 2023 and fiscal 2022 included prepaid rent of $4.2 million and $4.1 million, respectively. The decrease in cash paid was due to the timing of prepaid rents, which resulted in approximately four months of rent payments in the first quarter of fiscal 2022 as opposed to three months of rent payments in the first quarter of fiscal 2023.

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 29, 2023:

(in thousands)
2023 (remaining)	$	33,252
2024		43,815
2025		34,947
2026		22,449
2027		14,867
Thereafter		14,762
Total minimum lease payments	$	164,092
Less: amount of lease payments representing interest		20,176
Present value of future minimum lease payments	$	143,916
Less: current obligations under leases		37,071
Long-term lease obligations	$	106,845