LEASES (Tables)

12 Months Ended

Jan. 31, 2024

The components of lease expense were as follows:


		Year Ended January 31,
	Classification	2024		2023		2022
		(in thousands)
Finance lease cost:
Amortization of leased assets	Operating expenses	$	679	$	862	$	1,036
Interest on lease liabilities	Other interest expense	172		184		255
Operating lease cost	Operating expenses and rental and other cost of revenue	13,356		13,535		14,471
Short-term lease cost	Operating expenses	—		71		273
Variable lease cost	Operating expenses	1,885		2,013		2,332
Sublease income	Interest and other income	(2,395)		(1,384)		(894)
		$	13,697	$	15,281	$	17,473

Summary of Lease Assets and Liabilities

Right-of-use lease assets and lease liabilities consist of the following:


	Classification	January 31, 2024		January 31, 2023
		(in thousands)
Assets
Operating lease assets	Operating lease assets	$	54,699	$	50,206
Financing lease assets(a)	Property and equipment, net of accumulated depreciation	1,545		2,102
Total leased assets		$	56,244	$	52,308
Liabilities
Current
Operating	Current operating lease liabilities	$	10,751	$	9,855
Financing	Accrued expenses and other	559		577
Noncurrent
Operating	Operating lease liabilities	50,964		48,513
Financing	Other long-term liabilities	1,406		1,863
Total lease liabilities		$	63,680	$	60,808

Summary of Lease Maturities

Maturities of lease liabilities as of January 31, 2024 are as follows:


	Operating		Finance
	Leases		Leases		Total
Fiscal Year Ending January 31,	(in thousands)
2025	$	14,321	$	702	$	15,023
2026	13,674		562		14,236
2027	12,654		449		13,103
2028	10,788		344		11,132
2029	8,134		187		8,321
Thereafter	17,235		164		17,399
Total lease payments	76,806		2,408		79,214
Less: Interest	15,091		443		15,534
Present value of lease liabilities	$	61,715	$	1,965	$	63,680

Weighted-Average Lease Term and Discount Rate

The weighted-average lease term and discount rate as of January 31, 2024 and 2023 are as follows:


	January 31, 2024	January 31, 2023
Weighted-average remaining lease term (years):
Operating leases	6.9	5.7
Financing leases	4.1	4.7
Weighted-average discount rate:
Operating leases	6.4%	6.1%
Financing leases	8.8%	8.3%

Cash Flow Related to Leases

Other lease information is as follows:


	Year Ended January 31,
	2024		2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	12,561	$	12,628	$	15,462
Operating cash flow from finance leases	172		184		255
Financing cash flows from finance leases	596		701		1,211
Operating lease assets obtained in exchange for new operating lease liabilities	16,006		6,261		2,154
Finance lease assets obtained in exchange for new finance lease liabilities	113		4,385		463

Rental Fleet Assets

Revenue generated from leasing activities is disclosed, by segment, in Note 3. The following is the balance of our dedicated rental fleet assets of our Construction segment as of January 31, 2024 and 2023, respectively:


	January 31, 2024		January 31, 2023
	(in thousands)
Rental fleet equipment	$	79,308	$	75,386
Less accumulated depreciation	27,282		26,959
	$	52,206	$	48,427