Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.22.1
Leases (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Assets And Liabilities, Lessee
Upon transition, on January 1, 2022, we recorded the following increases (decreases) to the respective line items on the Condensed Consolidated Balance Sheet:

(in thousands) Adjustment as of January 1, 2022
Prepaid expenses $ (773)
Operating right-of-use asset, net 57,385 
Finance right-of-use asset, net 855
Deferred rent (900)
Short-term operating lease liability 9,457 
Short-term finance lease liability 143 
Long-term operating lease liability 49,149 
Long-term finance lease liability 712 
A summary of lease terms and discount rates for finance and operating leases is as follows:
Three Months Ended
March 31, 2022
Weighted-average remaining lease term
Operating leases 6.6 years
Finance leases 6.6 years
Weighted-average discount rate
Operating leases 6.0  %
Finance leases 6.0  %
Lease, Cost
A summary of finance and operating lease right-of-use assets and liabilities as of March 31, 2022 is as follows:

(in thousands) Classification March 31, 2022
Operating leases Operating right-of-use asset, net $ 55,918 
Finance leases Property & equipment, net 803 
Total right-of-use assets $ 56,721 
Operating leases:
Short-term operating lease liability $ 9,562 
Long-term operating lease liability 46,834 
Finance leases:
Short-term borrowings, including finance leases 139 
Long-term borrowings, including finance leases 680 
Total lease liabilities $ 57,215 

The components of lease expense for the three months ended March 31, 2022 is as follows:
(in thousands) Classification March 31, 2022
Operating lease cost Occupancy and related expenses
Pre-opening costs
$ 3,251 
Finance lease cost:
   Amortization of right-of-use assets Depreciation and amortization expense 52
   Interest on lease liabilities Interest expense 12
Less: Sublease income Occupancy and related expenses (47)
Total lease cost $ 3,268 
Lessee, Operating Lease, Liability, Maturity
The maturity of the Company's operating and finance lease liabilities as of March 31, 2022 is as follows:

(in thousands) Operating Leases Finance Leases
04/01/2022 - 12/31/2022 $ 9,632  $ 141 
01/01/2023 - 12/31/2023 12,609  160 
01/01/2024 - 12/31/2024 10,879  144 
01/01/2025 - 12/31/2025 9,375  130 
01/01/2026 - 12/31/2026 7,560  120 
Thereafter 22,247  295 
Total undiscounted lease payments 72,302  990 
Less: present value adjustment 15,972  171 
Total net lease liabilities $ 56,330  $ 819 
Finance Lease, Liability, Fiscal Year Maturity
The maturity of the Company's operating and finance lease liabilities as of March 31, 2022 is as follows:

(in thousands) Operating Leases Finance Leases
04/01/2022 - 12/31/2022 $ 9,632  $ 141 
01/01/2023 - 12/31/2023 12,609  160 
01/01/2024 - 12/31/2024 10,879  144 
01/01/2025 - 12/31/2025 9,375  130 
01/01/2026 - 12/31/2026 7,560  120 
Thereafter 22,247  295 
Total undiscounted lease payments 72,302  990 
Less: present value adjustment 15,972  171 
Total net lease liabilities $ 56,330  $ 819