Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LeasesThe Company leases retail, office, optical laboratory, and distribution center space under operating leases from third parties. As of March 31, 2023, the total lease terms of the various leases range from 3 to 18 years. The leases generally contain renewal options and rent escalation clauses, and from time to time include contingent rent provisions. Renewal options are exercisable at the Company’s sole discretion and are included in the lease term if they are reasonably certain to be exercised. In general it is not reasonably certain that lease renewals will be exercised at lease commencement and as such, lease renewals are not included in the lease term. The Company’s finance leases are immaterial.

The following table presents the assets and liabilities related to the Company’s leases:

	March 31, 2023		December 31, 2022
Lease assets:
Right-of-use assets	$	123,278	$	127,014
Total lease assets	123,278		127,014
Lease liabilities:
Current lease liabilities	21,710		22,546
Non-current lease liabilities	148,922		150,832
Total lease liabilities	$	170,632	$	173,378

The following table details the Company’s net lease expense:

	Three Months Ended March 31,
	2023		2022
Operating lease expense	$	7,436	$	6,013
Variable lease expense(1)	743		938
Net lease expense	$	8,179	$	6,951

(1) Variable lease expense primarily consists of contingent rent.

The following table presents the future maturity of lease liabilities:

	Operating Leases(1)
2023	$	20,998
2024	37,099
2025	32,337
2026	30,724
2027	27,431
Thereafter	50,154
Future minimum lease payments	198,743
Impact of discounting	28,111
Present value of lease payments	$	170,632

(1) The year 2023 and 2024 includes $7.2 million and $2.4 million, respectively, of expected cash inflows from TIAs. Operating lease payments exclude $7.5 million of legally binding minimum lease payments related to executed leases for which the Company has not yet taken possession of the leased premises.

The following table presents other relevant lease information:

	March 31, 2023
Weighted average remaining lease term (years)	5.9
Weighted average discount rate	4.5	%