Operating Leases

6 Months Ended

Jul. 31, 2022

Note 6: Operating Leases

The Company leases its headquarters located in Sunnyvale, California, as well as office and data center space in various locations under non-cancelable operating lease agreements.

Supplemental balance sheet information related to leases was as follows (in thousands):


		As of
	July 31, 2022		January 31, 2022
Assets
Operating lease right-of-use assets	$	14,663	$	14,396
Total leased assets	$	14,663	$	14,396
Liabilities
Short-term operating lease liabilities	$	3,711	$	3,260
Long-term operating lease liabilities		11,076		11,194
Total lease liabilities	$	14,787	$	14,454

Weighted-average remaining lease term		5.1 years		5.8 years
Weighted-average discount rate		3.8%		3.7%

Operating lease right-of-use assets and long-term operating lease liabilities are included on the face of the condensed consolidated balance sheet. Short-term operating lease liabilities are included in other current liabilities.

The Company incurred total lease costs in its consolidated statements of operations of $1.2 million for each of the three months ended July 31, 2022 and 2021 and $2.4 million for each of the six months ended July 31, 2022 and 2021.

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


		Three Months Ended				Six Months Ended
	July 31, 2022		July 31, 2021		July 31, 2022		July 31, 2021
Cash payments for operating leases	$	825	$	983	$	1,647	$	1,964
Right-of-use assets recognized in exchange for new operating lease obligations	$	1,401	$	9,514	$	1,717	$	9,827

As of July 31, 2022, maturities of lease liabilities under non-cancelable operating leases were as follows (in thousands):


Fiscal Years Ending January 31,	July 31, 2022
2023 remainder	$	1,791
2024		3,684
2025		3,650
2026		1,940
2027		1,684
Thereafter		3,555
Total future minimum lease payments		16,304
Less: imputed interest		(1,517)
Present value of lease liabilities	$	14,787

Additionally, in August 2022, the Company entered into a new operating lease agreement to expand its customer contact center and warehouse facilities in Newark, California to scale with the Company's business growth. The lease commencement date is expected to occur on or before March 1, 2023. The lease expiration date will be 10 years after the commencement date. Total rental payments are approximately $6.9 million from the commencement date through the expiration date. The Company is also required to pay common area maintenance costs, property taxes and insurance, in accordance with the terms of the lease agreement.