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Operating Leases (Tables)

12 Months Ended

Jan. 31, 2022

Summary of Supplemental Balance Sheet Information Related to Leases

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

	As of
	January 31, 2022			January 31, 2021
Assets
Operating lease right-of-use assets	$	14,396		$	6,045
Total leased assets	$	14,396		$	6,045
Liabilities
Short-term operating lease liabilities	$	3,260		$	3,831
Long-term operating lease liabilities		11,194			2,815
Total lease liabilities	$	14,454		$	6,646

Weighted-average remaining lease term	5.8 years			2.2 years
Weighted-average discount rate		3.7	%		4.6	%

Components of Lease Expense

The components of lease expense were as follows (in thousands):

	Fiscal Year Ended January 31,
	2022		2021		2020
Operating lease costs ⁽¹⁾	$	3,861	$	3,947	$	2,796
Variable lease costs ⁽²⁾		972		948		1,062
Total lease cost	$	4,833	$	4,895	$	3,858

(1) Recognized on a straight-line basis over the lease term. Includes rent for leases with initial terms of twelve months or less, which were not material.

(2) Primarily included common area maintenance, utilities and property taxes and insurance, which were expensed as incurred.

Summary of Supplemental Cash Flow Information Related to Leases

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

	Fiscal Year Ended January 31,
	2022		2021		2020
Cash payments for operating leases	$	3,945	$	3,343	$	2,148
Right-of-use assets recognized in exchange for new operating lease obligations	$	11,289	$	1,196	$	5,856

Summary of Maturities of Operating Lease Liabilities

As of January 31, 2022, maturities of operating lease liabilities were as follows (in thousands):

Fiscal Years Ending January 31,	January 31, 2022
2023	$	3,188
2024		3,175
2025		2,840
2026		1,662
2027		1,684
Thereafter		3,555
Total future minimum lease payments		16,104
Less: imputed interest		(1,650	)
Present value of lease liabilities	$	14,454