Leases

9 Months Ended

Oct. 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 6 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 nine months ended October 28, 2023 and October 29, 2022 (dollars in thousands):


	For the Three Months Ended				For the Nine Months Ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Lease cost under long-term operating leases	$	9,795	$	8,593	$	28,426	$	25,520
Lease cost under short-term operating leases	5,745		7,183		17,845		19,898
Variable lease cost under short-term and long-term operating leases(1)	718		897		2,868		2,917
Total lease cost	$	16,258	$	16,673	$	49,139	$	48,335

(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 $74.0 million as of October 28, 2023 and $67.2 million as of January 28, 2023. Supplemental balance sheet information related to these liabilities is as follows:


	October 28, 2023		January 28, 2023
Weighted average remaining lease term	2.9 years		2.9 years
Weighted average discount rate	4.8	%	3.9	%

Supplemental cash flow information related to our long-term operating lease liabilities for the three and nine months ended October 28, 2023 and October 29, 2022 is as follows (dollars in thousands):


	For the Three Months Ended				For the Nine Months Ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	10,612	$	9,452	$	27,692	$	25,317
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	10,836	$	9,202	$	33,447	$	28,659

As of October 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
Remainder of 2024	$	8,248
2025	33,178
2026	22,205
2027	12,262
2028	5,786
2029	2,165
Thereafter	168
Total lease payments	84,012
Less: imputed interest	(10,031)
Total	$	73,981