Leases

12 Months Ended

Jan. 31, 2024

The Company adopted ASC 842 as of February 1, 2022. The Company has leases for corporate offices under non-cancelable operating leases with various expiration dates. The Company did not have any finance leases during the years ended January 31, 2024 and 2023.

On August 2, 2023, the Company entered into a 10-year operating lease agreement for a new corporate headquarters located in New York, NY. The Company has the option to extend the term for 60 months. The Company cannot take possession of the leased premises until the design and construction period ends, which is anticipated to end in early fiscal 2025. The annual lease payments will be approximately $2.6 million once the lease commences.

The components of lease expense were as follows:


	Year Ended January 31,
(in thousands)	2024		2023
Operating lease cost	$	11,086	$	8,145
Variable lease cost	1,270		1,147
Short-term lease cost	714		763
Total lease cost	$	13,070	$	10,055

The weighted-average remaining lease term and discount rate were as follows:


	January 31,
	2024		2023
Weighted-average remaining lease term (in years)	6.20		2.96
Weighted-average discount rate	10.11	%	11.01	%

The maturities of lease liabilities under non-cancelable operating leases, net of lease incentives were as follows as of January 31, 2024:


(in thousands)
Fiscal year ended January 31,
2025	$	8,743
2026	7,361
2027	7,063
2028	5,597
2029	4,669
Thereafter	12,802
Total minimum lease payments (1)	46,235
Less: imputed interest	(12,943)
Total	$	33,292

(1) Excludes future payments related to the New York operating lease, which has been signed but not yet commenced as of January 31, 2024.