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Leases
 9 Months Ended
Nov. 02, 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 EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$5,691 $5,788 $17,088 $18,078 
Short-term lease cost339 371 729 1,119 
Sublease income(345)(345)(1,036)(783)
Total lease cost$5,685 $5,814 $16,781 $18,414 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$7,065 $6,788 $20,997 $20,215 
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities$4,281 $— $4,281 $— 
As of
November 2, 2024February 3, 2024
Weighted-average remaining lease term—operating leases (in years)5.55.9
Weighted-average discount rate—operating leases4.93 %4.73 %
Future minimum lease payments included in the measurement of operating lease liabilities as of November 2, 2024 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2025$3,949 
202622,133 
202716,107 
202813,965 
202912,984 
2030 and thereafter30,573 
Total future minimum lease payments (1)
99,711 
Less: imputed interest(13,757)
Total operating lease liabilities$85,954 
__________
(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 September 2024, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $3.6 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended November 2, 2024.
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 November 2, 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 EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$5,691 $5,788 $17,088 $18,078 
Short-term lease cost339 371 729 1,119 
Sublease income(345)(345)(1,036)(783)
Total lease cost$5,685 $5,814 $16,781 $18,414 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$7,065 $6,788 $20,997 $20,215 
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities$4,281 $— $4,281 $— 
As of
November 2, 2024February 3, 2024
Weighted-average remaining lease term—operating leases (in years)5.55.9
Weighted-average discount rate—operating leases4.93 %4.73 %
Future minimum lease payments included in the measurement of operating lease liabilities as of November 2, 2024 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2025$3,949 
202622,133 
202716,107 
202813,965 
202912,984 
2030 and thereafter30,573 
Total future minimum lease payments (1)
99,711 
Less: imputed interest(13,757)
Total operating lease liabilities$85,954 
__________
(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 September 2024, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $3.6 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended November 2, 2024.
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 November 2, 2024 and February 3, 2024.