Property and Equipment, Net

12 Months Ended

Jan. 31, 2018

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following (in thousands):



	January 31, 2018			January 31, 2017
Servers	$	4,279		$	4,175
Furniture and fixtures	2,259			2,014
Computer and office equipment	175			309
Purchased software	887			702
Leasehold improvements	8,548			7,235
Construction in process	883			171
Building	54,709			—
Total property and equipment	71,740			14,606
Less: accumulated depreciation and amortization	(12,183		)	(9,729		)
Property and equipment, net	$	59,557		$	4,877

In December 2017, the Company entered into a lease agreement for 106,230 rentable square feet of office space to accommodate its growing employee base in New York City. As a result of the Company’s involvement during the construction period, whereby the Company has certain indemnification obligations related to the construction, the Company is considered, for accounting purposes only, the owner of the construction project under build-to-suit lease accounting. As a result, the Company has recorded the estimated fair value of the leased space as an asset, noted in the table above as “Building.” Costs incurred to renovate the new office space will be capitalized as “Construction in process” and when completed, will increase the “Building” asset, as well as the corresponding long-term liability. Refer to Note 6, Commitments and Contingencies for further details.

Depreciation and amortization expense related to property and equipment was $2.8 million and $2.9 million for the years ended January 31, 2018 and 2017, respectively.