XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.3
Leases
 9 Months Ended
Nov. 01, 2025
Leases [Abstract]  
Leases Leases
The Company leases office space under operating lease agreements that are non-cancelable and 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.
The components of operating lease expense were as follows (in thousands):
Three Months EndedNine Months Ended
November 1, 2025November 2, 2024November 1, 2025November 2, 2024
Operating lease cost$3,964 $5,691 $13,377 $17,088 
Short-term lease cost370 339 1,079 729 
Sublease income(217)(345)(933)(1,036)
Total lease cost$4,117 $5,685 $13,523 $16,781 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedNine Months Ended
November 1, 2025November 2, 2024November 1, 2025November 2, 2024
Cash paid for operating leases$4,955 $7,065 $17,586 $20,997 
Operating lease right-of-use ("ROU") assets obtained under operating leases$2,073 $4,281 $8,841 $4,281 
As of
November 1, 2025February 1, 2025
Weighted-average remaining lease term—operating leases (in years)4.95.5
Weighted-average discount rate—operating leases5.49%5.02%
Future minimum lease payments included in the measurement of operating lease liabilities as of November 1, 2025 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2026$3,014 
202717,622 
202816,505 
202916,294 
203015,800 
2031 and thereafter18,052 
Total future minimum lease payments (1)
87,287 
Less: imputed interest(11,650)
Total operating lease liabilities$75,637 
__________
(1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the corporate office facilities in San Francisco, California, as well as other offices for local operations.
Fiscal year 2026 lease modification
In the nine months ended November 1, 2025, the Company amended the lease for certain office spaces, which resulted in additional operating lease liabilities arising from obtaining ROU assets of $8.8 million.
Prior year 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. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended November 2, 2024.
Finance leases
In addition to its operating leases, the Company has non-cancelable finance leases for equipment. The balances for finance leases were immaterial as of November 1, 2025 and February 1, 2025 and were recorded in “Other assets,” “Accrued expenses and other current liabilities,” and “Other liabilities” on the condensed consolidated balance sheets.
Leases Leases
The Company leases office space under operating lease agreements that are non-cancelable and 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.
The components of operating lease expense were as follows (in thousands):
Three Months EndedNine Months Ended
November 1, 2025November 2, 2024November 1, 2025November 2, 2024
Operating lease cost$3,964 $5,691 $13,377 $17,088 
Short-term lease cost370 339 1,079 729 
Sublease income(217)(345)(933)(1,036)
Total lease cost$4,117 $5,685 $13,523 $16,781 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedNine Months Ended
November 1, 2025November 2, 2024November 1, 2025November 2, 2024
Cash paid for operating leases$4,955 $7,065 $17,586 $20,997 
Operating lease right-of-use ("ROU") assets obtained under operating leases$2,073 $4,281 $8,841 $4,281 
As of
November 1, 2025February 1, 2025
Weighted-average remaining lease term—operating leases (in years)4.95.5
Weighted-average discount rate—operating leases5.49%5.02%
Future minimum lease payments included in the measurement of operating lease liabilities as of November 1, 2025 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2026$3,014 
202717,622 
202816,505 
202916,294 
203015,800 
2031 and thereafter18,052 
Total future minimum lease payments (1)
87,287 
Less: imputed interest(11,650)
Total operating lease liabilities$75,637 
__________
(1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the corporate office facilities in San Francisco, California, as well as other offices for local operations.
Fiscal year 2026 lease modification
In the nine months ended November 1, 2025, the Company amended the lease for certain office spaces, which resulted in additional operating lease liabilities arising from obtaining ROU assets of $8.8 million.
Prior year 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. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended November 2, 2024.
Finance leases
In addition to its operating leases, the Company has non-cancelable finance leases for equipment. The balances for finance leases were immaterial as of November 1, 2025 and February 1, 2025 and were recorded in “Other assets,” “Accrued expenses and other current liabilities,” and “Other liabilities” on the condensed consolidated balance sheets.