Leases (Tables)

3 Months Ended

Apr. 30, 2020

In accordance with ASC 842, quantitative information regarding our leases is as follows:



	Three-Months Ended
	4/30/2020			4/30/2019
	(in thousands)
Operating lease cost	$	1,440		$	1,380
Short-term lease cost	36			54
Short-term sublease income	(10		)	(10		)
Variable lease cost (1)	455			448
Total lease cost	$	1,921		$	1,872

Other operating leases information:
Cash paid for amounts included in the measurement of lease liabilities	$	662,000		$	1,291,000
Right-of-use assets obtained in exchange for new lease liabilities	$	270,000		394,000
Weighted-average remaining lease term (years)	4.7			5.7
Weighted-average discount rate	6.4		%	6.4		%

(1) Subsequent to the issuance of the Company’s condensed consolidated financial statements as of April 30, 2019, management identified an immaterial correction related to the disclosure of certain variable lease payments. Variable lease expense for the three-months ended April 30, 2019 did not previously include $448,000

Schedule of Minimum Future Lease Payments

Minimum future lease payments for operating leases in effect as of April 30, 2020, are as follows:



	Operating Lease
	(in thousands)
Remaining of 2021	$	4,414
2022	5,708
2023	5,275
2024	5,214
2025	5,370
Thereafter	1,350
Remaining balance of lease payments	$	27,331

Short-term lease liabilities	$	4,527
Long-term lease liabilities	18,854
Total lease liabilities	$	23,381

Difference between undiscounted cash flows and discounted cash flows	$	3,950