Leases

3 Months Ended

Jan. 30, 2022

The Company determines if an arrangement meets the criteria of a lease at inception, at which time it also performs an analysis to determine whether the lease qualifies as operating or financing. The Company’s leases are primarily classified as operating and consist of branch locations, as well as corporate office space. The Company’s finance lease arrangements are immaterial. The leases have remaining terms of 1 - 9 years. The lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal option periods.

Operating leases are included in Right-of-use assets (“ROU”) - operating leases and Operating lease liabilities, current and long-term, in the Condensed Consolidated Balance Sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term and is included in Selling, administrative and other operating costs in the Condensed Consolidated Statements of Operations.


Components of Lease Expense (in thousands)	Three Months Ended
	January 30, 2022		January 31, 2021
Operating lease expense	$	2,089	$	2,269
Sublease income	(461)		(402)
Variable lease expense	370		314
Total (1)(2)	$	1,998	$	2,181

(1) The Company’s short-term lease expense is immaterial.

(2) Lease expense included in restructuring is approximately $0.5 million and $0.6 million for the three months ended January 30, 2022 and January 31, 2021, respectively.


	Three Months Ended
Supplemental Cash Flows Information (in thousands)	January 30, 2022		January 31, 2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,428	$	2,925
Operating ROU assets obtained in exchange for operating lease liabilities	$	1,001	$	737


	Three Months Ended
Weighted Average Remaining Lease Term and Discount Rate	January 30, 2022		January 31, 2021
Weighted average remaining lease term (years)	7.2		7.8
Weighted average discount rate	6.3	%	6.3	%


Maturities of Lease Liabilities (in thousands)	As of January 30, 2022
Fiscal Year:	Amount
Remainder of 2022	$	7,037
2023	7,881
2024	6,259
2025	5,536
2026	4,281
Thereafter	18,704
Total future lease payments	$	49,698
Less: Imputed interest	10,075
Total lease liabilities	$	39,623