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Operating Lease
3 Months Ended
Apr. 30, 2019
Leases [Abstract]  
Operating Leases

 

7.

Operating Leases

We have entered into various operating lease agreements for office space, with remaining contractual periods from less than one year to 10 years. Many of our leases contain one or more options to extend. As leases approach maturity, we consider various factors such as market conditions and the terms of any renewal options that may exist to determine whether we will renew the lease. Operating lease expense for the three months ended April 30, 2019 was $2.5 million including short-term lease expense of $0.4 million.

Supplemental balance sheet information as of April 30, 2019, related to operating leases was as follows:

 

 

 

As of

April 30,

2019

 

 

 

(in thousands)

 

Reported as:

 

 

 

 

Assets:

 

 

 

 

Operating lease right-of-use assets

 

$

48,957

 

Liabilities:

 

 

 

 

Accrued expenses and other current liabilities

 

$

5,693

 

Operating lease liabilities, non-current

 

 

46,056

 

     Total operating lease liabilities

 

$

51,749

 

 

As of April 30, 2019, the weighted-average remaining lease term is 7.4 years and the weighted-average discount rate is 5.1%.

Supplemental cash flow and other information for the three months ended April 30, 2019, related to operating leases was as follows:

 

 

 

Three Months

Ended

April 30,

2019

 

 

 

(in thousands)

 

Cash paid within operating cash flows

 

$

1,782

 

Operating lease right-of-use assets recognized in exchange

   for new operating lease obligations

 

$

10,018

 

 

As of April 30, 2019, the future minimum lease payments included in the measurement of our operating lease liabilities are as follows:

 

 

 

As of

April 30,

2019

 

 

 

(in thousands)

 

Year Ending January 31,

 

 

 

 

2020

 

$

5,608

 

2021

 

 

7,794

 

2022

 

 

7,663

 

2023

 

 

7,246

 

2024

 

 

6,751

 

Thereafter

 

 

29,058

 

Total operating lease payments

 

$

64,120

 

Less: imputed interest

 

 

(12,371

)

Total operating lease liabilities

 

$

51,749

 

 

As of April 30, 2019, we have an additional operating lease for office space that has not yet commenced with undiscounted cash flows of $1.0 million. This operating lease will commence in the next three months.

As previously disclosed in "Note 6. Commitments and Contingencies" to Notes to Consolidated Financial Statements in our Prospectus and under the previous lease accounting standard, future minimum payments related to operating leases as of January 31, 2019 are as follows:

 

 

 

As of

January 31,

2019

 

 

 

(in thousands)

 

Year Ending January 31,

 

 

 

 

2020

 

$

7,609

 

2021

 

 

7,837

 

2022

 

 

7,888

 

2023

 

 

7,514

 

2024

 

 

7,174

 

Thereafter

 

 

18,635

 

Total future minimum payments

 

$

56,657

 

 

Rent expense during the three months ended April 30, 2018 was $1.4 million.