Leases (Tables)

9 Months Ended

Nov. 05, 2023

Leases [Abstract]

Summary of Components of Lease Cost

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

	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2023		2024		2023		2024
Fixed operating lease cost	$	13,412	$	10,685	$	34,483	$	37,338
Variable lease cost (1)	931		2,328		4,753		8,002
Short-term lease cost (12 months or less)	1,096		1,081		2,712		3,214
Finance lease cost:
Amortization of finance lease right-of-use assets	926		1,100		1,929		3,300
Interest on finance lease liabilities	98		81		197		338
Total finance lease cost	$	1,024	$	1,181	$	2,126	$	3,638
Total lease cost	$	16,463	$	15,275	$	44,074	$	52,192

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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			Third Quarter of Fiscal 2024
Operating leases:
Weighted-average remaining lease term (in years)	5.2			5.0
Weighted-average discount rate	6.1		%	7.0		%
Finance leases:
Finance lease right-of-use assets, gross (1)	$	17,596		$	17,596
Accumulated amortization (1)	(3,412)			(6,712)
Finance lease right-of-use assets, net (1)	$	14,184		$	10,884
Finance lease liabilities, current (2)	5,432			5,576
Finance lease liabilities, non-current (3)	4,765			386
Total finance lease liabilities	$	10,197		$	5,962
Weighted-average remaining lease term (in years)	3.3			2.6
Weighted-average discount rate	5.1		%	5.0		%

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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 Three Quarters of Fiscal
	2023		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	38,853	$	29,591
Financing cash outflows for finance leases	$	5,323	$	5,969
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	77,986	$	11,966
Finance leases	$	14,019	$	—

Schedule of Future Operating Lease Payments

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

Fiscal Years Ending	Operating Leases		Finance Leases
The remainder of 2024	$	15,707	$	1,266
2025	51,252		4,728
2026	39,127		183
2027	21,654		—
2028	24,020		—
Thereafter	47,688		—
Total future lease payments	199,448		6,177
Less: imputed interest	(32,759)		(215)
Present value of total lease liabilities	$	166,689	$	5,962

Schedule of Future Finance Lease Payments

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

Fiscal Years Ending	Operating Leases		Finance Leases
The remainder of 2024	$	15,707	$	1,266
2025	51,252		4,728
2026	39,127		183
2027	21,654		—
2028	24,020		—
Thereafter	47,688		—
Total future lease payments	199,448		6,177
Less: imputed interest	(32,759)		(215)
Present value of total lease liabilities	$	166,689	$	5,962