Leases

9 Months Ended

Oct. 31, 2024

Leases [Abstract]

Leases

7. Leases

During the nine months ended October 31, 2024, 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 and a facility lease in Santa Clara, California for an additional 24 months beginning October 1, 2024 to September 30, 2026. An aggregate of approximately $3.5 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 $0.9 million and $1.0 million for the three months ended October 31, 2024 and 2023, respectively, and was approximately $2.9 million and $2.8 million for the nine months ended October 31, 2024 and 2023, respectively. The Company's short-term leases and finance leases were not material as of October 31, 2024 and January 31, 2024, respectively.

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

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
	(in thousands)
Cash paid for operating leases included in operating cash flows	$	950	$	947	$	2,937	$	2,940
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	24	$	51	$	91	$	171
Leased assets obtained in exchange for operating lease liabilities arising from lease modifications	$	141	$	—	$	3,476	$	—

As of October 31, 2024, the weighted average remaining lease term is 2.19 years, and the weighted average discount rate is 3.71 percent. Future minimum lease payments for the lease liabilities are as follows:

	As of
	October 31, 2024
Fiscal Year	(in thousands)
2025 (3 months remaining)	$	850
2026		2,907
2027		1,602
2028		799
2029		—
Thereafter		—
Total future annual minimum lease payments		6,158
Less: interest		(191	)
Total lease liabilities	$	5,967