Leases (Tables)

9 Months Ended

Oct. 31, 2020

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


	Three-Months Ended				Nine-Months Ended
	10/31/2020		10/31/2019		10/31/2020			10/31/2019
	(in thousands, except lease term and discount rate)
Operating lease cost	$	1,431	$	1,365	$	4,343		$	4,065
Short-term lease cost	55		115		214			251
Short-term sublease income	(10)		(30)		(30)			(60)
Variable lease cost (1)	(18)		340		352			849
Total lease cost	$	1,458	$	1,790	$	4,879		$	5,105

Other operating leases information:
Cash paid for amounts included in the measurement of lease liabilities					$	3,697		$	3,976
Right-of-use assets obtained in exchange for new lease liabilities					$	587		$	1,420
Weighted-average remaining lease term (years)					4.3			5.2
Weighted-average discount rate					6.40		%	6.37		%

(1) Subsequent to the issuance of the Company’s condensed consolidated financial statements as of October 31, 2019, management identified an immaterial correction related to the disclosure of certain variable lease payments. Variable lease expense for the three-months and nine-months ended October 31, 2019 did not previously include $340,000 and $849,000, 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 nine-months ended October 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 October 31, 2020, are as follows:


	Operating Lease
	(in thousands)
Remaining of 2021	$	1,476
2022	5,818
2023	5,384
2024	5,251
2025	5,370
Thereafter	1,350
Remaining balance of lease payments	$	24,649

Short-term lease liabilities	$	4,662
Long-term lease liabilities	16,745
Total lease liabilities	$	21,407

Difference between undiscounted cash flows and discounted cash flows	$	3,242