Leases (Tables)

3 Months Ended

May 07, 2023

Leases [Abstract]

Components of Lease Cost

The components of lease costs during the periods presented were as follows (in thousands):

	First Quarter of Fiscal
	2023		2024
Fixed operating lease cost	$	10,318	$	14,001
Variable lease cost (1)	1,890		2,084
Short-term lease cost (12 months or less)	852		1,058
Finance lease cost:
Amortization of finance lease right-of-use assets	468		1,100
Interest on finance lease liabilities	40		129
Total finance lease cost	$	508	$	1,229
Total lease cost	$	13,568	$	18,372

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(1) Variable lease cost predominantly included common area maintenance charges.

Supplemental information related to leases is as follows (in thousands):

	At the End of
	Fiscal 2023			First Quarter of Fiscal 2024
Operating leases:
Weighted-average remaining lease term (in years)	5.2			5.3
Weighted-average discount rate	6.1		%	6.9		%
Finance leases:
Finance lease right-of-use assets, gross (1)	$	17,596		$	17,596
Accumulated amortization (1)	(3,412)			(4,512)
Finance lease right-of-use assets, net (1)	$	14,184		$	13,084
Finance lease liabilities, current (2)	5,432			5,499
Finance lease liabilities, non-current (3)	4,765			4,447
Total finance lease liabilities	$	10,197		$	9,946
Weighted-average remaining lease term (in years)	3.3			3.1
Weighted-average discount rate	5.1		%	5.2		%

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(1) Included in the condensed consolidated balance sheets within property and equipment, net.

(2) Included in the condensed consolidated balance sheets within accrued expenses and other liabilities.

(3) Included in the condensed consolidated balance sheets within other liabilities, non-current.

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows (in thousands):

	First Quarter of Fiscal
	2023		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	11,924	$	8,425
Financing cash outflows for finance leases	$	1,124	$	1,540
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	8,912	$	7,580
Finance leases	$	3,132	$	—

Schedule of Future Operating Lease Payments

Future lease payments under our non-cancelable leases at the end of the first quarter of fiscal 2024 were as follows (in thousands):

Fiscal Years Ending	Operating Leases		Finance Leases
The remainder of 2024	$	36,136	$	5,459
2025	49,915		4,728
2026	38,047		183
2027	20,839		—
2028	23,003		—
Thereafter	47,389		—
Total future lease payments	215,329		10,370
Less: imputed interest	(37,669)		(424)
Present value of total lease liabilities	$	177,660	$	9,946