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Leases | 12 Months Ended
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Feb. 01, 2025
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 six 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):
|  |  | Fiscal Year Ended
|  |  |  |  | February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Operating lease cost |  |  |  |  | $ | 22,289 |  |  | $ | 23,768 |  |  | $ | 25,326 |
Short-term lease cost |  |  |  |  | 1,087 |  |  | 1,411 |  |  | 710 |
Sublease income |  |  |  |  | (1,418) |  |  | (1,128) |  |  | (786) |
Total lease cost |  |  |  |  | $ | 21,958 |  |  | $ | 24,051 |  |  | $ | 25,250 |
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
|  |  | Fiscal Year Ended
|  |  |  |  | February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows |  |  |  |  | $ | 27,390 |  |  | $ | 27,048 |  |  | $ | 25,777 |
Operating lease ROU assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 4,281 |  |  | $ | 982 |  |  | $ | — |
| As of
| February 1, 2025 |  | February 3, 2024
Weighted-average remaining lease term—operating leases (in years) | 5.5 |  | 5.9
Weighted-average discount rate—operating leases | 5.02 | % |  | 4.73 | %
Future minimum lease payments included in the measurement of operating lease liabilities as of February 1, 2025 were as follows (in thousands):
Fiscal Years Ending |  | Amount
2026 |  | $ | 19,370 |
2027 |  | 16,107 |
2028 |  | 13,965 |
2029 |  | 12,984 |
2030 |  | 13,383 |
2031 and thereafter |  | 17,178 |
Total future minimum lease payments (1) |  | 92,987 |
Less: imputed interest |  | (12,709) |
Total operating lease liabilities |  | $ | 80,278 |
__________ (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. Fiscal year 2025 lease modification, impairment, and related charges 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. In January 2025, the Company incurred early termination fees of $0.4 million on another leased office space. These impairment charges were recorded in “Lease modification, impairment, and related charges” for the fiscal year ended February 1, 2025. Prior year lease modification, impairment, and related charges The Company impaired and ceased using leased office spaces for which the Company recorded $1.1 million of expense in “Lease modification, impairment, and related charges” for the fiscal year ended January 28, 2023. In April 2023, the Company settled a lease dispute, which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. This amount was recognized primarily as a reduction to the corresponding ROU assets on the Company’s consolidated balance sheet and was also included in “Operating lease liabilities, net” on the Company’s consolidated statement of cash flows. In August 2023, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $4.8 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the fiscal year ended February 3, 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 February 1, 2025 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 six 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):
|  |  | Fiscal Year Ended
|  |  |  |  | February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Operating lease cost |  |  |  |  | $ | 22,289 |  |  | $ | 23,768 |  |  | $ | 25,326 |
Short-term lease cost |  |  |  |  | 1,087 |  |  | 1,411 |  |  | 710 |
Sublease income |  |  |  |  | (1,418) |  |  | (1,128) |  |  | (786) |
Total lease cost |  |  |  |  | $ | 21,958 |  |  | $ | 24,051 |  |  | $ | 25,250 |
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
|  |  | Fiscal Year Ended
|  |  |  |  | February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows |  |  |  |  | $ | 27,390 |  |  | $ | 27,048 |  |  | $ | 25,777 |
Operating lease ROU assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 4,281 |  |  | $ | 982 |  |  | $ | — |
| As of
| February 1, 2025 |  | February 3, 2024
Weighted-average remaining lease term—operating leases (in years) | 5.5 |  | 5.9
Weighted-average discount rate—operating leases | 5.02 | % |  | 4.73 | %
Future minimum lease payments included in the measurement of operating lease liabilities as of February 1, 2025 were as follows (in thousands):
Fiscal Years Ending |  | Amount
2026 |  | $ | 19,370 |
2027 |  | 16,107 |
2028 |  | 13,965 |
2029 |  | 12,984 |
2030 |  | 13,383 |
2031 and thereafter |  | 17,178 |
Total future minimum lease payments (1) |  | 92,987 |
Less: imputed interest |  | (12,709) |
Total operating lease liabilities |  | $ | 80,278 |
__________ (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. Fiscal year 2025 lease modification, impairment, and related charges 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. In January 2025, the Company incurred early termination fees of $0.4 million on another leased office space. These impairment charges were recorded in “Lease modification, impairment, and related charges” for the fiscal year ended February 1, 2025. Prior year lease modification, impairment, and related charges The Company impaired and ceased using leased office spaces for which the Company recorded $1.1 million of expense in “Lease modification, impairment, and related charges” for the fiscal year ended January 28, 2023. In April 2023, the Company settled a lease dispute, which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. This amount was recognized primarily as a reduction to the corresponding ROU assets on the Company’s consolidated balance sheet and was also included in “Operating lease liabilities, net” on the Company’s consolidated statement of cash flows. In August 2023, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $4.8 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the fiscal year ended February 3, 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 February 1, 2025 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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