Leases

12 Months Ended

Jan. 31, 2021

Leases [Abstract]

Leases

6. Leases

The Company leases its office facilities under non-cancellable operating leases with various lease terms. The Company also leases certain office equipment under operating lease agreements. As of January 31, 2021, non-cancellable leases expire on various dates between fiscal years 2022 and 2030.

Generally, the Company’s non-cancellable leases include renewal options to extend the lease term from one to five years. The Company has not included any renewal options in its lease terms as these options are not reasonably certain of being exercised. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of January 31, 2021 and 2020, lease balances were as follows:

	January 31,
	2021		2020
	(in thousands)
Operating leases
Operating lease right-of-use assets	$	21,817	$	10,269
Operating lease liabilities, current		2,286		3,979
Operating lease liabilities, noncurrent		22,459		8,230
Total operating lease liabilities	$	24,745	$	12,209

The Company recognizes operating lease costs on a straight-line basis over the lease period. Lease expense for the years ended January 31, 2021, 2020, and 2019 was $5.1 million, $4.5 million, and $3.1 million, respectively. Operating lease costs for short-term leases and variable lease costs were not material during the years ended January 31, 2021 and January 31, 2020.

Maturities of the operating lease liabilities as of January 31, 2021 were as follows:

	(in thousands)
Years Ending January 31,
2022	$	4,719
2023		5,123
2024		4,334
2025		4,152
2026		3,833
Thereafter		13,855
Total undiscounted operating lease payments	$	36,016
Less: imputed interest		(11,271	)
Total operating lease liabilities	$	24,745

Maturities of the operating lease liabilities as of January 31, 2020 were as follows:

	(in thousands)
Years Ending January 31,
2021	$	4,849
2022		4,809
2023		2,671
2024		268
2025		292
Thereafter		1,341
Total undiscounted operating lease payments	$	14,230
Less: imputed interest		(2,021	)
Total operating lease liabilities	$	12,209

Other supplemental information as of January 31, 2021 and 2020 was as follows:

	January 31,
	2021			2020
Lease Term and Discount Rate
Weighted-average remaining operating lease term (years)		7.5			3.7
Weighted-average operating lease discount rate		7.9	%		8.7	%

Other supplemental cash flow information for the years ended January 31, 2021 and January 31, 2020 was as follows:

	Year ended January 31,
	2021		2020
	(in thousands)
Supplemental Cash Flow Information
Cash paid for amounts in the measurement of operating lease liabilities	$	4,226	$	4,527

As of January 31, 2021, the Company has additional operating leases of approximately $1.0 million that have not yet commenced and as such, have not yet been recognized on the Company’s Consolidated Balance Sheet. These operating leases are expected to commence on February 1, 2021 with lease terms of up to 4.5 years.