Leases

9 Months Ended

Oct. 31, 2020

We have operating leases for office space, used for our business operations and sales support, and data centers, used primarily for product development.

Operating lease costs were $18.9 million and $57.3 million, excluding variable lease costs of $2.6 million and $9.9 million for the three and nine months ended October 31, 2020, respectively. Operating lease costs also exclude short-term leases and sublease income which were immaterial for the three and nine months ended October 31, 2020. Operating lease costs were $12.6 million and $35.0 million, excluding short-term leases, variable lease costs and sublease income, which were immaterial, for the three and nine months ended October 31, 2019, respectively.

Our lease term and the discount rate related to our operating lease right-of-use assets and related lease liabilities were as follows:


	October 31, 2020
Weighted-average remaining lease term (in years)	8.52
Weighted-average discount rate	5.98	%

As of October 31, 2020, the maturity of lease liabilities under our non-cancelable operating leases were as follows:


Fiscal Period (In thousands)	Future Payments
Remaining fiscal 2021	$	11,758
Fiscal 2022	72,002
Fiscal 2023	66,504
Fiscal 2024	55,202
Fiscal 2025	48,934
Thereafter	271,760
Total lease payments	526,160
Less imputed interest	(122,056)
Total current and non-current operating lease liabilities (1)	$	404,104

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(1) The current portion of our operating lease liabilities is included in “Accrued expenses and other liabilities” on our condensed consolidated balance sheets.

As of October 31, 2020, we have entered into a lease, primarily for office space that has not yet commenced, with future lease payments of $8.3 million that are not reflected in the above. This lease will commence in fiscal 2022 with a non-cancelable lease term of 11 years.

Supplemental Disclosures


	Nine Months Ended October 31,
(In thousands)		2020		2019
Cash paid for operating lease liabilities		$	39,613	$	29,208
Operating lease liabilities arising from obtaining right-of-use assets		148,007		99,167