Leases (Tables)
|
6 Months Ended |
Jun. 30, 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:
|
|
|
|
|
|
|
Six Months Ended |
|
June 30, 2022 |
| Weighted-average remaining lease term |
|
| Operating leases |
6.4 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 June 30, 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
Classification |
|
June 30, 2022 |
| Operating leases |
Operating right-of-use asset, net |
|
$ |
52,216 |
|
| Finance leases |
Property & equipment, net |
|
976 |
|
| Total right-of-use assets |
|
|
$ |
53,192
|
|
|
|
|
|
| Operating leases: |
|
|
|
|
Short-term operating lease liability |
|
$ |
9,486 |
|
|
Long-term operating lease liability |
|
43,742 |
|
| Finance leases: |
|
|
|
|
Short-term borrowings, including finance leases |
|
160 |
|
|
Long-term borrowings, including finance leases |
|
858 |
|
| Total lease liabilities |
|
|
$ |
54,246
|
|
The components of lease expense for the three and six months ended June 30, 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
Classification |
Three Months Ended June 30, 2022 |
|
Six Months Ended June 30, 2022 |
| Operating lease cost |
Occupancy and related expenses
Pre-opening costs
Store closure costs |
$ |
3,097 |
|
|
$ |
6,348 |
|
| Finance lease cost: |
|
|
|
|
| Amortization of right-of-use assets |
Depreciation and amortization expense |
82 |
|
|
134 |
|
| Interest on lease liabilities |
Interest expense |
19 |
|
|
31 |
|
| Less: Sublease income |
Occupancy and related expenses |
(47) |
|
|
(94) |
|
| Total lease cost |
|
$ |
3,151
|
|
|
$ |
6,419
|
|
|
| Lessee, Operating Lease, Liability, Maturity |
The maturity of the Company's operating and finance lease liabilities as of June 30, 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
Operating Leases |
|
Finance Leases |
| 07/01/2022 - 12/31/2022 |
$ |
6,265 |
|
|
$ |
114 |
|
| 01/01/2023 - 12/31/2023 |
12,178 |
|
|
201 |
|
| 01/01/2024 - 12/31/2024 |
10,432 |
|
|
184 |
|
| 01/01/2025 - 12/31/2025 |
8,927 |
|
|
170 |
|
| 01/01/2026 - 12/31/2026 |
7,110 |
|
|
159 |
|
| Thereafter |
19,553 |
|
|
404 |
|
| Total undiscounted lease payments |
64,465
|
|
|
1,232
|
|
| Less: present value adjustment |
11,237 |
|
|
214 |
|
| Total net lease liabilities |
$ |
53,228
|
|
|
$ |
1,018
|
|
|
| Finance Lease, Liability, Fiscal Year Maturity |
The maturity of the Company's operating and finance lease liabilities as of June 30, 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
Operating Leases |
|
Finance Leases |
| 07/01/2022 - 12/31/2022 |
$ |
6,265 |
|
|
$ |
114 |
|
| 01/01/2023 - 12/31/2023 |
12,178 |
|
|
201 |
|
| 01/01/2024 - 12/31/2024 |
10,432 |
|
|
184 |
|
| 01/01/2025 - 12/31/2025 |
8,927 |
|
|
170 |
|
| 01/01/2026 - 12/31/2026 |
7,110 |
|
|
159 |
|
| Thereafter |
19,553 |
|
|
404 |
|
| Total undiscounted lease payments |
64,465
|
|
|
1,232
|
|
| Less: present value adjustment |
11,237 |
|
|
214 |
|
| Total net lease liabilities |
$ |
53,228
|
|
|
$ |
1,018
|
|
|