Leases

6 Months Ended

Jul. 31, 2024

Leases [Abstract]

Leases

7. Leases

In the second quarter of fiscal year 2025, the Company extended its existing Shanghai office lease for an additional 36 months beginning December 1, 2024 to November 30, 2027 and extended its existing Shenzhen office lease for an additional 28 months beginning October 1, 2024 to January 31, 2027. The Company also extended the lease for its Italy office for an additional 22 months beginning July 1, 2024 to April 30, 2026. An aggregate of approximately $3.3 million of additional operating lease right-of-use assets and corresponding lease liabilities were recorded in the condensed consolidated balance sheets as a result of these lease extensions.

The operating lease expense was approximately $1.0 million and $0.9 million for the three months ended July 31, 2024 and 2023, respectively, and was approximately $2.0 million and $1.8 million for the six months ended July 31, 2024 and 2023, respectively. The Company's short-term leases and finance leases were not material as of July 31, 2024 and January 31, 2024, respectively.

Supplemental cash flow information related to the operating leases is as follows:

	Three Months Ended July 31,				Six Months Ended July 31,
	2024		2023		2024		2023
	(in thousands)
Cash paid for operating leases included in operating cash flows	$	1,004	$	1,025	$	1,987	$	1,993
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	31	$	58	$	67	$	120
Leased assets obtained in exchange for operating lease liabilities arising from lease modifications	$	3,335	$	—	$	3,335	$	—

As of July 31, 2024, the weighted average remaining lease term is 2.13 years, and the weighted average discount rate is 3.69 percent. Future minimum lease payments for the lease liabilities are as follows:

	As of
	July 31, 2024
Fiscal Year	(in thousands)
2025 (6 months remaining)	$	1,776
2026		2,835
2027		1,558
2028		797
2029		—
Thereafter		—
Total future annual minimum lease payments		6,966
Less: interest		(213	)
Total lease liabilities	$	6,753