Leases (Tables)

6 Months Ended

Jul. 31, 2020

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


	Three-Months Ended							Six-Months Ended
	7/31/2020		7/31/2019		7/31/2020			7/31/2019
	(in thousands, except lease term and discount rate)
Operating lease cost	$	1,472	$	1,320	$	2,912		$	2,700
Short-term lease cost	124		82		160			136
Short-term sublease income	(10)		(20)		(20)			(30)
Variable lease cost (1)	(85)		61		370			509
Total lease cost	$	1,501	$	1,443	$	3,422		$	3,315

Other operating leases information:
Cash paid for amounts included in the measurement of lease liabilities					$	2,201		$	2,611
Right-of-use assets obtained in exchange for new lease liabilities					$	398		$	1,036
Weighted-average remaining lease term (years)					4.5			5.4
Weighted-average discount rate					6.4		%	6.38		%

(1) Subsequent to the issuance of the Company’s condensed consolidated financial statements as of July 31, 2019, management identified an immaterial correction related to the disclosure of certain variable lease payments. Variable lease expense for the three-months and six-months ended July 31, 2019 did not previously include $61,000 and $509,000, respectively of variable lease payments for property taxes, insurance and common area maintenance related to triple net leases. Management corrected the disclosure related to variable lease expense in the table above for the three-months and six-months ended July 31, 2019 and, except for this change, the correction had no impact upon the Company’s condensed consolidated financial statements.

Schedule of Minimum Future Lease Payments

Minimum future lease payments for operating leases in effect as of July 31, 2020, are as follows:


	Operating Lease
	(in thousands)
Remaining of 2021	$	2,942
2022	5,757
2023	5,323
2024	5,225
2025	5,370
Thereafter	1,350
Remaining balance of lease payments	$	25,967

Short-term lease liabilities	$	4,581
Long-term lease liabilities	17,798
Total lease liabilities	$	22,379

Difference between undiscounted cash flows and discounted cash flows	$	3,588