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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 EndedSix Months Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Operating lease cost$5,700 $6,015 $11,397 $12,290 
Short-term lease cost182 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 EndedSix Months Ended
August 3, 2024July 29, 2023August 3, 2024July 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, 2024February 3, 2024
Weighted-average remaining lease term—operating leases (in years)5.75.9
Weighted-average discount rate—operating leases4.88 %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 EndingAmount
Remainder of 2025$13,479 
202620,595 
202714,466 
202812,596 
202912,984 
2030 and thereafter30,632 
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 EndedSix Months Ended
August 3, 2024July 29, 2023August 3, 2024July 29, 2023
Operating lease cost$5,700 $6,015 $11,397 $12,290 
Short-term lease cost182 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 EndedSix Months Ended
August 3, 2024July 29, 2023August 3, 2024July 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, 2024February 3, 2024
Weighted-average remaining lease term—operating leases (in years)5.75.9
Weighted-average discount rate—operating leases4.88 %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 EndingAmount
Remainder of 2025$13,479 
202620,595 
202714,466 
202812,596 
202912,984 
2030 and thereafter30,632 
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.