Leases

3 Months Ended

Apr. 30, 2023

Components of lease expense were as follows (in thousands):


	Thirteen weeks ended
	April 30, 2023		May 01, 2022
Operating lease expense	$	7,004	$	5,334
Variable lease expense	2,056		2,214
Short term lease expense	240		179
Total lease expense	$	9,300	$	7,727

Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges.

The Company’s weighted average lease terms and weighted average discount rates are as follows:


	Thirteen weeks ended
	April 30, 2023		May 01, 2022
	(As Restated)
Weighted average remaining lease term (in years)
Operating Leases	7.5		7.2

Weighted average discount rate
Operating Leases	4.43	%	3.97	%

We did not recognize any impairment charges associated with showroom-level right-of-use assets during the thirteen weeks ended April 30, 2023 or May 1, 2022.

Future minimum lease payments under non-cancelable leases as of April 30, 2023 were as follows (in thousands):


(amounts in thousands)	(As Restated)
2024	$	16,445
2025	28,909
2026	26,501
2027	24,170
2028	21,869
Thereafter	73,477
Total undiscounted future minimum lease payments	191,371
Less: imputed interest	(31,612)
Total present value of lease obligations	159,759
Less: current operating lease liability	(16,933)
Operating lease liability- long term	$	142,826

Supplemental Cash Flow information and non-cash activity related to our operating leases is as follows (in thousands):


	Thirteen weeks ended
(amounts in thousands)	April 30, 2023		May 01, 2022
	(As Restated)
Operating cash flow information:
Amounts paid on operating lease liabilities	$	6,945	$	4,062
Non-cash activities
Right-of-use assets obtained in exchange for lease obligations	$	16,118	$	12,513