Leases

3 Months Ended

May 03, 2020

We lease office facilities under non-cancelable operating lease agreements expiring through July 2032. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. During the first quarter of fiscal 2021, we entered into several leases to add office space and executed a data center lease resulting in additional lease payments of $6.8 million. The components of lease costs during the periods presented were as follows (in thousands):


	First Quarter of Fiscal
	2020		2021
Fixed operating lease cost	$	8,483	$	8,749
Variable lease cost ⁽¹⁾	2,100		2,651
Short-term lease cost (12 months or less)	861		1,507
Total lease cost	$	11,444	$	12,907

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⁽¹⁾Variable lease cost for the first quarter of fiscal 2020 and 2021 predominantly included common area maintenance charges.

At the end of the first quarter of fiscal 2021, the weighted-average remaining lease term is 5.65 years, and the weighted-average discount rate is 6.42%. Future lease payments under our non-cancelable operating leases at the end of the first quarter of fiscal 2021 were as follows (in thousands):


Fiscal Years Ending	Operating Leases
The remainder of 2021	$	27,916
2022	31,710
2023	25,506
2024	19,272
2025	15,775
Thereafter	33,139
Total future lease payments	153,318
Less: imputed interest	(27,492)
Present value of lease liabilities	$	125,826

Future lease payments in the above table do not include a data center lease that has not commenced with total undiscounted cash flows of $22.4 million with a lease term of 5.2 years.

Supplemental cash flow information related to our operating leases for the first quarter of fiscal 2020 and 2021 were as follows:


	First Quarter of Fiscal
	2020		2021
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	8,114	$	8,688
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	2,327	$	10,812