Leases

3 Months Ended

Apr. 29, 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 8 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 condensed consolidated statements of operations for the three months ended April 29, 2023 and April 30, 2022 (dollars in thousands):


	For the Three Months Ended
	April 29, 2023		April 30, 2022
Lease cost under long-term operating leases	$	9,280	$	8,466
Lease cost under short-term operating leases	5,886		6,255
Variable lease cost under short-term and long-term operating leases(1)	1,122		1,021
Total lease cost	$	16,288	$	15,742

(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 $72.2 million as of April 29, 2023 and $67.2 million as of January 28, 2023. Supplemental balance sheet information related to these liabilities is as follows:


	April 29, 2023		January 28, 2023
Weighted average remaining lease term	3.0 years		2.9 years
Weighted average discount rate	4.2	%	3.9	%

Supplemental cash flow information related to our long-term operating lease liabilities for the three months ended April 29, 2023 and April 30, 2022 is as follows (dollars in thousands):


	For the Three Months Ended
	April 29, 2023		April 30, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	10,330	$	9,489
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	13,935	$	8,901

As of April 29, 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
Remainder of 2024	$	24,290
2025	26,529
2026	16,237
2027	8,083
2028	3,992
2029	1,359
Thereafter	481
Total lease payments	80,971
Less: imputed interest	(8,795)
Total	$	72,176

As of April 29, 2023, the Company had an additional operating lease with total lease costs of $0.2 million that had not yet commenced. This lease will commence in the second quarter of fiscal 2024.