Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.25.1
Leases
 12 Months Ended
Jan. 31, 2025
Leases [Abstract]  
Leases Leases
The Company adopted ASC 842 as of February 1, 2022. The Company has leases for corporate offices under non-cancelable operating leases with various expiration dates. The Company did not have any finance leases during the years ended January 31, 2025 and 2024.
On August 2, 2023, the Company entered into a 10-year operating lease agreement for a new corporate headquarters located in New York, NY. The Company has the option to extend the term for 60 months, which is not included in our right-of-use asset and lease liabilities, as the lease renewal is not reasonably certain to be exercised. The lease commenced on April 29, 2024, and payments began in December 2024.
The components of lease expense were as follows:
Year Ended January 31,
(in thousands) 2025 2024
Operating lease cost $ 12,396  $ 11,086 
Variable lease cost 1,307  1,270 
Short-term lease cost 493  714 
Total lease cost $ 14,196  $ 13,070 
The weighted-average remaining lease term and discount rate were as follows:
January 31,
2025 2024
Weighted-average remaining lease term (in years) 7.16 6.20
Weighted-average discount rate 8.70  % 10.11  %
The maturities of lease liabilities under non-cancelable operating leases, net of lease incentives were as follows:
(in thousands)
Fiscal year ended January 31,
2026 $ 11,365 
2027 10,436 
2028 8,470 
2029 7,126 
2030 6,047 
Thereafter 22,791 
Total minimum lease payments
 66,235 
Less: imputed interest (17,530)
Total $ 48,705