Leases (Tables)

3 Months Ended

May 05, 2024

Leases [Abstract]

Schedule of Components of Lease Cost

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

	First Quarter of Fiscal
	2024		2025
Fixed operating lease cost	$	14,001	$	10,989
Variable lease cost (1)	2,084		3,592
Short-term lease cost (12 months or less)	1,058		897
Finance lease cost:
Amortization of finance lease right-of-use assets	1,100		1,100
Interest on finance lease liabilities	129		63
Total finance lease cost	$	1,229	$	1,163
Total lease cost	$	18,372	$	16,641

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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 2024			First Quarter of Fiscal 2025
Operating leases:
Weighted-average remaining lease term (in years)	5.0			4.9
Weighted-average discount rate	7.1		%	7.2		%
Finance leases:
Finance lease right-of-use assets, gross	$	17,596		$	17,596
Accumulated amortization	(7,812)			(8,912)
Finance lease right-of-use assets, net (1)	$	9,784		$	8,684
Finance lease liabilities, current (2)	4,204			4,384
Finance lease liabilities, non-current (3)	180			63
Total finance lease liabilities	$	4,384		$	4,447
Weighted-average remaining lease term (in years)	2.4			2.2
Weighted-average discount rate	5.4		%	5.6		%

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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 Cash Flow, Supplemental Disclosures

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

	First Quarter of Fiscal
	2024		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	8,425	$	9,169
Financing cash outflows for finance leases	$	1,540	$	802
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	7,580	$	7,885

Schedule of Future Lease Payments Under Non-Cancelable Leases

Future lease payments under our non-cancelable leases at the end of the first quarter of fiscal 2025 were as follows (in thousands):

Fiscal Years Ending	Operating Leases		Finance Leases
The remainder of 2025	$	42,714	$	4,347
2026	44,217		183
2027	27,097		—
2028	28,487		—
2029	23,270		—
Thereafter	32,381		—
Total future lease payments	198,166		4,530
Less: imputed interest	(32,638)		(83)
Present value of total lease liabilities	$	165,528	$	4,447

Sales-Type Leases, Payment to be Received, Maturity

Future minimum gross lease payments for the First Lease allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments, allocated to the non-lease components, is $17.0 million and excluded from the table below.

Fiscal Years Ending	Sales-Type Leases		Operating Lease
The remainder of 2025	$	1,381	$	647
2026	1,381		646
2027	1,381		646
2028	2,028		—
2029	2,028		—
Thereafter	4,056		—
Total future lease payments to be received	$	12,255	$	1,939

Lessor, Operating Lease, Payment to be Received, Maturity

Future minimum gross lease payments for the First Lease allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments, allocated to the non-lease components, is $17.0 million and excluded from the table below.

Fiscal Years Ending	Sales-Type Leases		Operating Lease
The remainder of 2025	$	1,381	$	647
2026	1,381		646
2027	1,381		646
2028	2,028		—
2029	2,028		—
Thereafter	4,056		—
Total future lease payments to be received	$	12,255	$	1,939