Leases

12 Months Ended

Jan. 28, 2023

(6) Leases

At the inception of the lease, the Company’s operating leases have remaining certain lease terms of up to 15 years, which typically includes multiple options for the Company to extend the lease which are not reasonably certain.

In the fiscal year ended January 28, 2023, the Company recorded a non-cash increase of $54,243, to ROU assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

In accordance with ASC 842, total lease expense was comprised of the following:


	Fiscal Year Ended
	January 28,		January 29,		January 30,
	2023		2022		2021
Operating lease expense	$	58,562	$	56,293	$	51,948
Variable lease expense		18,740		17,252		15,376
Short-term lease expense		1,200		1,325		688
Total lease expense	$	78,502	$	74,870	$	68,012

In accordance with ASC 842, other information related to leases was as follows:


	Fiscal Year Ended
	January 28,			January 29,			January 30,
	2023			2022			2021
Operating cash flows from operating leases	$	(63,783	)	$	(59,502	)	$	(55,765	)
Cash paid for lease liabilities - operating leases		(63,783	)		(59,502	)		(55,765	)

	As of January 28,			As of January 29,			As of January 30,
	2023			2022			2021
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	54,243		$	39,437		$	39,119
Terminated right-of-use assets and liabilities		—			—			(2,947	)
Weighted-average remaining lease term - operating leases		5.75			5.83			6.09
Weighted-average discount rate - operating leases		7.96	%		8.29	%		8.35	%

In accordance with ASC 842, maturities of operating lease liabilities as of January 28, 2023 were as follows:


	Operating
Year Endings:	Leases
2023	$	68,239
2024		64,596
2025		57,812
2026		52,752
2027		45,201
Thereafter		146,048
Undiscounted cash flows	$	434,648
Reconciliation of lease liabilities:
Present values	$	305,944
Lease liabilities - current		45,465
Lease liabilities - noncurrent		260,479
Lease liabilities - total	$	305,944
Difference between undiscounted and discounted cash flows	$	128,704

The Company has excluded in the table above approximately $43.9 million of leases (undiscounted basis) that were entered into as of April 13, 2023. These leases will commence in 2023 with lease terms of 10 years.