Leases

6 Months Ended

Jul. 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 7 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 and six months ended July 29, 2023 and July 30, 2022 (dollars in thousands):


	For the Three Months Ended				For the Six Months Ended
	July 29, 2023		July 30, 2022		July 29, 2023		July 30, 2022
Lease cost under long-term operating leases	$	9,351	$	8,461	$	18,631	$	16,927
Lease cost under short-term operating leases	6,030		6,460		11,916		12,715
Variable lease cost under short-term and long-term operating leases(1)	1,028		999		2,150		2,020
Total lease cost	$	16,409	$	15,920	$	32,697	$	31,662

(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 $72.6 million as of July 29, 2023 and $67.2 million as of January 28, 2023. Supplemental balance sheet information related to these liabilities is as follows:


	July 29, 2023		January 28, 2023
Weighted average remaining lease term	2.9 years		2.9 years
Weighted average discount rate	4.5	%	3.9	%

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


	For the Three Months Ended				For the Six Months Ended
	July 29, 2023		July 30, 2022		July 29, 2023		July 30, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	10,125	$	9,582	$	18,612	$	17,470
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	8,676	$	10,555	$	22,611	$	19,457

As of July 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	$	17,042
2025	29,438
2026	18,951
2027	9,850
2028	5,136
2029	1,966
Thereafter	481
Total lease payments	82,864
Less: imputed interest	(10,303)
Total	$	72,561

As of July 29, 2023, the Company had additional operating leases with a total lease cost of $0.5 million that have not yet commenced. These leases will commence in the third quarter of fiscal 2024.