Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
 9 Months Ended
Oct. 31, 2023
Leases [Abstract]  
Leases Leases
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 three and nine months ended October 31, 2023 and 2022.
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. The Company cannot take possession of the leased premises until the design and construction period ends, which is not anticipated to end until fiscal 2025. The annual lease payments will be approximately $2.6 million once the lease commences.
The components of lease expense were as follows:
Three Months Ended October 31, Nine Months Ended October 31,
(in thousands) 2023 2022 2023 2022
Operating lease cost $ 2,877  $ 2,107  $ 8,160  $ 5,902 
Variable lease cost 328  277  937  849 
Short-term lease cost 145  181  534  564 
Total lease cost $ 3,350  $ 2,565  $ 9,631  $ 7,315 
The weighted average remaining lease term and discount rate were as follows:
October 31, 2023
Weighted average remaining lease term (years) 6.42
Weighted average discount rate 10.81  %
The maturities of lease liabilities under non-cancelable operating leases, net of lease incentives, was as follows:
(in thousands) October 31, 2023
Fiscal year ended January 31, 2024 (remaining three months)
 $ 3,441 
2025 7,410 
2026 6,029 
2027 5,471 
2028 3,881 
2029 3,372 
Thereafter 12,759 
Total minimum lease payments (1)
42,363 
Less: imputed interest (12,625)
Total $ 29,738 
(1) Excludes future payments related to the New York operating lease, which has been signed but not yet commenced as of October 31, 2023.