v3.25.1
Leases
 3 Months Ended
May 03, 2025
Leases [Abstract]  
Leases Leases
The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to approximately six years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities.
The components of operating lease expense were as follows (in thousands):
Three Months Ended
May 3, 2025May 4, 2024
Operating lease cost$4,741 $5,697 
Short-term lease cost353 207 
Sublease income(358)(345)
Total lease cost$4,736 $5,559 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months Ended
May 3, 2025May 4, 2024
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$6,219 $6,911 
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities$6,768 $— 
As of
May 3, 2025February 1, 2025
Weighted-average remaining lease term—operating leases (in years)5.45.5
Weighted-average discount rate—operating leases5.30 %5.02 %
Future minimum lease payments included in the measurement of operating lease liabilities as of May 3, 2025 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2026$13,634 
202717,487 
202816,034 
202915,743 
203015,222 
2031 and thereafter17,242 
Total future minimum lease payments (1)
95,362 
Less: imputed interest(13,263)
Total operating lease liabilities$82,099 
__________
(1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees.
Fiscal year 2026 lease modification
In March 2025, the Company amended the lease for certain office space, which resulted in additional operating lease liabilities arising from obtaining ROU assets of $6.8 million.
Finance leases
In addition to its operating leases, the Company has non-cancelable finance leases for equipment. The balances for finance leases were immaterial as of May 3, 2025 and February 1, 2025 and were recorded in “Other assets, non-current,” “Accrued expenses and other current liabilities,” and “Other liabilities, non-current” on the condensed consolidated balance sheets.
Leases Leases
The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to approximately six years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities.
The components of operating lease expense were as follows (in thousands):
Three Months Ended
May 3, 2025May 4, 2024
Operating lease cost$4,741 $5,697 
Short-term lease cost353 207 
Sublease income(358)(345)
Total lease cost$4,736 $5,559 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months Ended
May 3, 2025May 4, 2024
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$6,219 $6,911 
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities$6,768 $— 
As of
May 3, 2025February 1, 2025
Weighted-average remaining lease term—operating leases (in years)5.45.5
Weighted-average discount rate—operating leases5.30 %5.02 %
Future minimum lease payments included in the measurement of operating lease liabilities as of May 3, 2025 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2026$13,634 
202717,487 
202816,034 
202915,743 
203015,222 
2031 and thereafter17,242 
Total future minimum lease payments (1)
95,362 
Less: imputed interest(13,263)
Total operating lease liabilities$82,099 
__________
(1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees.
Fiscal year 2026 lease modification
In March 2025, the Company amended the lease for certain office space, which resulted in additional operating lease liabilities arising from obtaining ROU assets of $6.8 million.
Finance leases
In addition to its operating leases, the Company has non-cancelable finance leases for equipment. The balances for finance leases were immaterial as of May 3, 2025 and February 1, 2025 and were recorded in “Other assets, non-current,” “Accrued expenses and other current liabilities,” and “Other liabilities, non-current” on the condensed consolidated balance sheets.