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Leases

6 Months Ended

Aug. 02, 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 second quarter of fiscal 2021, we commenced a data center lease executed in fiscal 2020 with total undiscounted cash flows of $22.4 million. The components of lease costs during the periods presented were as follows (in thousands):


	Second Quarter of Fiscal						First Two Quarters of Fiscal
	2020		2021		2020		2021
Fixed operating lease cost	$	8,228	$	9,532	$	16,711	$	18,281
Variable lease cost ⁽¹⁾	2,242		2,291		4,342		4,942
Short-term lease cost (12 months or less)	1,484		1,559		2,345		3,066
Total lease cost	$	11,954	$	13,382	$	23,398	$	26,289

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

At the end of the second quarter of fiscal 2021, the weighted-average remaining lease term is 5.5 years and the weighted-average discount rate is 6.08%. Future lease payments under our non-cancelable operating leases at the end of the second quarter of fiscal 2021 were as follows (in thousands):


Fiscal Years Ending	Operating Leases
The remainder of 2021	$	18,983
2022	34,869
2023	30,180
2024	24,776
2025	21,582
Thereafter	36,094
Total future lease payments	166,484
Less: imputed interest	(27,361)
Present value of lease liabilities	$	139,123