Leases

12 Months Ended

Jan. 29, 2023

The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and property taxes, are as follows:


	January 29, 2023		January 30, 2022		January 31, 2021
Operating lease cost	$	168,184	$	134,910	$	132,658
Variable lease cost	38,417		30,122		25,360
Short-term lease cost (1)	2,060		549		457
Total lease cost	$	208,661	$	165,581	$	158,475

(1)We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. We have not recorded ROU assets and liabilities for leases with an initial term of 12 months or less that do not include a purchase option that we are reasonably certain to exercise.

Operating lease cost, variable lease cost and short-term lease cost related primarily to our facilities is included in “Other store operating expenses” for our operating stores, “Pre-opening costs” for our stores not yet operating, or “General and administrative expenses” for our store support center, in the Consolidated Statements of Comprehensive Income (Loss).

Supplemental disclosures of cash flow information related to leases were as follows:


	January 29, 2023			January 30, 2022			January 31, 2021
Cash paid for operating lease liabilities	$	189,267		$	157,197		$	77,292
ROU assets obtained in exchange for new operating lease liabilities (1)	$	376,232		$	72,559		$	98,218
Weighted-average remaining lease term—operating leases (in years)	13.6			14.2			14.8
Weighted-average discount rate—operating leases	7.12		%	6.0		%	5.9		%

(1)Includes the leases acquired in the business combination discussed at Note 2.

Minimum future maturities of operating lease liabilities as of January 29, 2023 were as follows:


2023	$	178,048
2024	197,636
2025	198,892
2026	200,437
2027	197,109
Thereafter	1,661,463
Total future operating lease liability	$	2,633,585
Less: interest	(1,001,668)
Present value of operating lease liabilities	$	1,631,917

Operating lease payments in the table above includes minimum lease payments for five future sites for which the leases have commenced. Operating lease payments exclude approximately $293,938 of minimum lease payments related to twelve facility leases that have been executed but have not yet commenced.