Leases

9 Months Ended

Oct. 26, 2024

We lease the majority of our office facilities as well as certain equipment, all of which are accounted for as operating leases. These leases have remaining terms ranging from less than 1 year to approximately 11 years. Some leases include options to extend the lease for up to 5 years and others include options to terminate.

The following table summarizes the components of lease cost recognized in the condensed consolidated statements of operations for the three and nine months ended October 26, 2024 and October 28, 2023 (dollars in thousands):


	For the Three Months Ended				For the Nine Months Ended
	October 26, 2024		October 28, 2023		October 26, 2024		October 28, 2023
Lease cost under long-term operating leases	$	12,026	$	9,795	$	33,389	$	28,426
Lease cost under short-term operating leases	4,537		5,745		12,917		17,845
Variable lease cost under short-term and long-term operating leases(1)	602		718		2,607		2,868
Total lease cost	$	17,165	$	16,258	$	48,913	$	49,139

(1) Variable lease cost primarily includes insurance, maintenance, and other operating expenses related to our leased office facilities.

Our operating lease liabilities related to long-term operating leases were $107.7 million as of October 26, 2024 and $76.1 million as of January 27, 2024. Supplemental balance sheet information related to these liabilities is as follows:


	October 26, 2024		January 27, 2024
Weighted average remaining lease term	4.7 years		2.8 years
Weighted average discount rate	5.7	%	5.0	%

Supplemental cash flow information related to our long-term operating lease liabilities for the three and nine months ended October 26, 2024 and October 28, 2023 is as follows (dollars in thousands):


	For the Three Months Ended				For the Nine Months Ended
	October 26, 2024		October 28, 2023		October 26, 2024		October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities	$	12,063	$	10,612	$	31,266	$	27,692
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	38,530	$	10,836	$	61,452	$	33,447

As of October 26, 2024, maturities of our lease liabilities under our long-term operating leases for the next five fiscal years and thereafter are as follows (dollars in thousands):


Fiscal Year	Amount
Remainder of 2025	$	9,665
2026	32,992
2027	26,930
2028	16,000
2029	10,489
2030	6,016
Thereafter	25,222
Total lease payments	127,314
Less: imputed interest	(19,616)
Total	$	107,698

As of October 26, 2024, the Company had additional operating leases with a total lease cost of $4.2 million that have not yet commenced. These leases will commence in the fourth quarter of fiscal 2025.