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Leases | 6 Months Ended
--- | ---
Aug. 03, 2024
Leases [Abstract] |
Leases | Leases The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to approximately seven years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities. The components of operating lease expense were as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| August 3, 2024 |  | July 29, 2023 |  | August 3, 2024 |  | July 29, 2023 |  |
Operating lease cost | $ | 5,700 |  |  | $ | 6,015 |  |  | $ | 11,397 |  |  | $ | 12,290 |  |  |
Short-term lease cost | 182 |  |  | 382 |  |  | 389 |  |  | 747 |  |  |
Sublease income | (345) |  |  | (184) |  |  | (690) |  |  | (438) |  |  |
Total lease cost | $ | 5,537 |  |  | $ | 6,213 |  |  | $ | 11,096 |  |  | $ | 12,599 |  |  |
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
| Three Months Ended |  | Six Months Ended
| August 3, 2024 |  | July 29, 2023 |  | August 3, 2024 |  | July 29, 2023 |  |
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows | $ | 7,021 |  |  | $ | 6,778 |  |  | $ | 13,933 |  |  | $ | 13,427 |  |  |
During the six months ended August 3, 2024, the Company recorded no additional operating lease liabilities arising from obtaining right-of-use (“ROU”) assets.
| As of
| August 3, 2024 |  | February 3, 2024
Weighted-average remaining lease term—operating leases (in years) | 5.7 |  | 5.9
Weighted-average discount rate—operating leases | 4.88 | % |  | 4.73 | %
Future minimum lease payments included in the measurement of operating lease liabilities as of August 3, 2024 were as follows (in thousands):
Fiscal Years Ending |  | Amount
Remainder of 2025 |  | $ | 13,479 |
2026 |  | 20,595 |
2027 |  | 14,466 |
2028 |  | 12,596 |
2029 |  | 12,984 |
2030 and thereafter |  | 30,632 |
Total future minimum lease payments (1) |  | 104,752 |
Less: imputed interest |  | (14,512) |
Total operating lease liabilities |  | $ | 90,240 |
__________ (1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees. In addition to its operating leases, the Company has entered into non-cancelable finance leases for equipment beginning in 2020. The balances for finance leases were recorded in “Other assets, non-current,” “Accrued expenses and other current liabilities,” and “Other liabilities, non-current” as the amounts were immaterial as of August 3, 2024 and February 3, 2024.
Leases | Leases The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to approximately seven years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities. The components of operating lease expense were as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| August 3, 2024 |  | July 29, 2023 |  | August 3, 2024 |  | July 29, 2023 |  |
Operating lease cost | $ | 5,700 |  |  | $ | 6,015 |  |  | $ | 11,397 |  |  | $ | 12,290 |  |  |
Short-term lease cost | 182 |  |  | 382 |  |  | 389 |  |  | 747 |  |  |
Sublease income | (345) |  |  | (184) |  |  | (690) |  |  | (438) |  |  |
Total lease cost | $ | 5,537 |  |  | $ | 6,213 |  |  | $ | 11,096 |  |  | $ | 12,599 |  |  |
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
| Three Months Ended |  | Six Months Ended
| August 3, 2024 |  | July 29, 2023 |  | August 3, 2024 |  | July 29, 2023 |  |
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows | $ | 7,021 |  |  | $ | 6,778 |  |  | $ | 13,933 |  |  | $ | 13,427 |  |  |
During the six months ended August 3, 2024, the Company recorded no additional operating lease liabilities arising from obtaining right-of-use (“ROU”) assets.
| As of
| August 3, 2024 |  | February 3, 2024
Weighted-average remaining lease term—operating leases (in years) | 5.7 |  | 5.9
Weighted-average discount rate—operating leases | 4.88 | % |  | 4.73 | %
Future minimum lease payments included in the measurement of operating lease liabilities as of August 3, 2024 were as follows (in thousands):
Fiscal Years Ending |  | Amount
Remainder of 2025 |  | $ | 13,479 |
2026 |  | 20,595 |
2027 |  | 14,466 |
2028 |  | 12,596 |
2029 |  | 12,984 |
2030 and thereafter |  | 30,632 |
Total future minimum lease payments (1) |  | 104,752 |
Less: imputed interest |  | (14,512) |
Total operating lease liabilities |  | $ | 90,240 |
__________ (1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees. In addition to its operating leases, the Company has entered into non-cancelable finance leases for equipment beginning in 2020. The balances for finance leases were recorded in “Other assets, non-current,” “Accrued expenses and other current liabilities,” and “Other liabilities, non-current” as the amounts were immaterial as of August 3, 2024 and February 3, 2024.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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