Operating Leases

12 Months Ended

Jan. 31, 2022

Leases [Abstract]

Operating Leases

8 Operating Leases

Our operating leases consist of real estate and vehicles and have remaining lease terms of one year to 16 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that we will exercise those options. Our operating lease arrangements do not contain any material restrictive covenants or residual value guarantees.

On September 24, 2021, we entered into an agreement of lease for office space on the 60th floor of One Vanderbilt Avenue, New York, New York, to serve as our new corporate headquarters. The initial term of the lease extends through March 31, 2038. Annual rent of approximately $4.0 million is payable on a monthly basis beginning in March 2023, and is subject to escalation every five years thereafter.

Lease costs are presented below (in thousands):

	Year Ended January 31,
	2022		2021		2020
Operating lease cost	$	8,875	$	7,266	$	7,019
Short-term lease cost	4,387		8,853		12,706
Variable lease cost	582		735		1,163
Sublease income(1)	(355)		—		—
Total lease cost	$	13,489	$	16,854	$	20,888
(1) Included in other (expense) income, net in the consolidated statements of operations

Supplemental balance sheet information related to leases is as follows (in thousands):

	As of January 31,
	2022		2021
Assets:
Operating lease right-of-use assets	$	48,953	$	17,260
Liabilities:
Accrued expenses and other current liabilities	$	1,552	$	5,924
Operating lease liabilities, non-current	49,843		14,152
Total operating lease liabilities	$	51,395	$	20,076

Supplemental cash flow information related to operating leases was as follows for the periods presented (in thousands):

	Year Ended January 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,358	$	7,741	$	5,183
Operating lease ROU assets obtained in exchange for new operating lease liabilities	$	35,262	$	126	$	9,932

The following table represents the weighted-average remaining lease term and discount rate for the periods presented:

	Year Ended January 31,
	2022		2021
Weighted-average remaining lease term (years)	13.7		3.8
Weighted-average discount rate	6.5	%	8.1	%

Future undiscounted lease payments for our operating lease liabilities as of January 31, 2022 were as follows (in thousands):

	Amount
Year Ended January 31,
2023	$	2,399
2024	9,816
2025	7,889
2026	5,672
2027	4,665
Thereafter	49,419
Total operating lease payments	79,860
Less: imputed interest	(28,465)
Total operating lease liabilities	$	51,395

As of January 31, 2022, we had non-cancellable commitments in the amount of $0.8 million related to operating leases of real estate facilities that have not yet commenced.