Leases

12 Months Ended

Jan. 27, 2024

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 consolidated statement of operations for fiscal 2024 and fiscal 2023 (dollars in thousands):


	Fiscal Year Ended
	January 27, 2024		January 28, 2023
Lease cost under long-term operating leases	$	38,497	$	34,464
Lease cost under short-term operating leases	23,048		25,073
Variable lease cost under short-term and long-term operating leases(1)	3,695		5,567
Total lease cost	$	65,240	$	65,104

(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 $76.1 million and $67.2 million as of January 27, 2024 and January 28, 2023, respectively. Supplemental balance sheet information related to these liabilities is as follows:


	January 27, 2024		January 28, 2023
Weighted average remaining lease term	2.8 years		2.9 years
Weighted average discount rate	5.0	%	3.9	%

Supplemental cash flow information related to our long-term operating lease liabilities as of January 27, 2024 and January 28, 2023 is as follows (dollars in thousands):


	Fiscal Year Ended
	January 27, 2024		January 28, 2023
Cash paid for amounts included in the measurement of lease liabilities	$	36,677	$	33,693
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	44,602	$	38,325

As of January 27, 2024, 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
2025	$	35,709
2026	25,322
2027	14,285
2028	6,419
2029	2,358
Thereafter	168
Total lease payments	84,261
Less: imputed interest	(8,136)
Total	$	76,125

As of January 27, 2024, the Company had additional operating leases with total leases costs of $0.2 million that have not yet commenced. These leases will commence in fiscal 2025.