Leases

12 Months Ended

Jan. 28, 2023

We lease the majority of our office facilities as well as certain equipment, all of which are accounted for as operating leases. These leases have remaining terms ranging from less than 1 year to approximately 9 years. Some leases include options to extend the lease for up to 5 years and others include options to terminate.

The following table summarizes the components of lease cost recognized in the consolidated statement of operations for fiscal 2023 and fiscal 2022 (dollars in thousands):


	Fiscal Year Ended
	January 28, 2023		January 29, 2022
Lease cost under long-term operating leases	$	34,464	$	34,520
Lease cost under short-term operating leases	25,073		24,218
Variable lease cost under short-term and long-term operating leases(1)	5,567		3,405
Total lease cost	$	65,104	$	62,143

(1) Variable lease cost primarily includes insurance, maintenance, and other operating expenses related to our leased office facilities.

Our operating lease liabilities related to long-term operating leases were $67.2 million and $61.2 million as of January 28, 2023 and January 29, 2022, respectively. Supplemental balance sheet information related to these liabilities is as follows:


	January 28, 2023		January 29, 2022
Weighted average remaining lease term	2.9 years		3.1 years
Weighted average discount rate	3.9	%	3.8	%

Supplemental cash flow information related to our long-term operating lease liabilities as of January 28, 2023 and January 29, 2022 is as follows (dollars in thousands):


	Fiscal Year Ended
	January 28, 2023		January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	33,693	$	33,514
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	38,325	$	29,725

As of January 28, 2023, maturities of our lease liabilities under our long-term operating leases for the next five fiscal years and thereafter are as follows (dollars in thousands):


Fiscal Year	Amount
2024	$	30,501
2025	22,626
2026	12,689
2027	5,976
2028	2,044
Thereafter	712
Total lease payments	74,548
Less: imputed interest	(7,393)
Total	$	67,155

As of January 28, 2023, the Company had additional operating leases with total leases costs of $0.1 million that have not yet commenced. These leases will commence in fiscal 2024.