Leases

12 Months Ended

Jan. 25, 2025

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 consolidated statement of operations for fiscal 2025 and fiscal 2024 (dollars in thousands):


	Fiscal Year Ended
	January 25, 2025		January 27, 2024
Lease cost under long-term operating leases	$	46,151	$	38,497
Lease cost under short-term operating leases	17,119		23,048
Variable lease cost under short-term and long-term operating leases(1)	3,725		3,695
Total lease cost	$	66,995	$	65,240

(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 $112.8 million and $76.1 million as of January 25, 2025 and January 27, 2024, respectively. Supplemental balance sheet information related to these liabilities is as follows:


	January 25, 2025		January 27, 2024
Weighted average remaining lease term	4.6 years		2.8 years
Weighted average discount rate	5.8	%	5.0	%

Supplemental cash flow information related to our long-term operating lease liabilities as of January 25, 2025 and January 27, 2024 is as follows (dollars in thousands):


	Fiscal Year Ended
	January 25, 2025		January 27, 2024
Cash paid for amounts included in the measurement of lease liabilities	$	41,574	$	36,677
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	76,833	$	44,602

As of January 25, 2025, 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
2026	$	36,120
2027	30,836
2028	19,402
2029	13,071
2030	8,241
Thereafter	25,223
Total lease payments	132,893
Less: imputed interest	(20,142)
Total	$	112,751

As of January 25, 2025, the Company had additional operating leases with total lease costs of $1.2 million that have not yet commenced. These leases will commence in fiscal 2026.