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v3.22.2.2

Leases | 9 Months Ended
--- | ---
Oct. 31, 2022
Leases [Abstract] |
Leases | Leases The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from one to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the company's discretion. The Company entered into a new agreement to lease office space in Gurgaon, India for a term of five years with total estimated aggregate base rent payments of $7.0 million. This lease commenced and payments began in April 2022. Lease Costs The components of the Company’s lease costs included in its interim unaudited condensed consolidated statement of operations were as follows (in thousands):
| Three Months Ended October 31, |  | Nine Months Ended October 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Finance lease cost: |  |  |  |  |  |  |
Amortization of finance lease right-of-use assets | $ | 994 |  |  | $ | 993 |  |  | $ | 2,981 |  |  | $ | 2,981 |
Interest on finance lease liabilities | 714 |  |  | 785 |  |  | 2,196 |  |  | 2,406 |
Operating lease cost | 2,908 |  |  | 2,313 |  |  | 8,523 |  |  | 6,481 |
Short-term lease cost | 714 |  |  | 431 |  |  | 1,856 |  |  | 630 |
Total lease cost | $ | 5,330 |  |  | $ | 4,522 |  |  | $ | 15,556 |  |  | $ | 12,498 |
Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheet as follows (in thousands):
| October 31, 2022 |  | January 31, 2022
Finance Lease: |  |  |
Property and equipment, net | $ | 28,482 |  |  | $ | 31,463 |
Other accrued liabilities (current) | 5,407 |  |  | 4,511 |
Other liabilities, non-current | 45,089 |  |  | 49,173 |
Operating Leases: |  |  |
Operating lease right-of-use assets | $ | 43,485 |  |  | $ | 41,745 |
Operating lease liabilities (current) | 8,645 |  |  | 8,084 |
Operating lease liabilities, non-current | 37,261 |  |  | 38,707 |
Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information):
|  |  | Nine Months Ended October 31,
|  |  |  |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from finance lease |  |  |  |  | $ | 2,196 |  |  | $ | 2,406 |
Operating cash flows from operating leases |  |  |  |  | 8,861 |  |  | 5,909 |
Financing cash flows from finance lease |  |  |  |  | 3,187 |  |  | 3,649 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | 9,633 |  |  | $ | 12,893 |
Weighted-average remaining lease term as of period end (in years): |  |  |  |  |  |  |
Finance lease |  |  |  |  | 7.2 |  | 8.2
Operating leases |  |  |  |  | 6.0 |  | 7.4
Weighted-average discount rate: |  |  |  |  |  |  |
Finance lease |  |  |  |  | 5.6 | % |  | 5.6 | %
Operating leases |  |  |  |  | 5.2 | % |  | 4.3 | %
Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of October 31, 2022 were as follows (in thousands):
Year Ending January 31, |  | Finance Lease |  | Operating Leases
Remainder of 2023 |  | $ | 2,018 |  |  | $ | 2,290 |
2024 |  | 8,073 |  |  | 11,564 |
2025 |  | 8,445 |  |  | 9,926 |
2026 |  | 8,711 |  |  | 7,744 |
2027 |  | 8,711 |  |  | 5,882 |
Thereafter |  | 25,407 |  |  | 16,178 |
Total minimum payments |  | 61,365 |  |  | 53,584 |
Less imputed interest |  | (10,869) |  |  | (7,678) |
Present value of future minimum lease payments |  | 50,496 |  |  | 45,906 |
Less current obligations under leases |  | (5,407) |  |  | (8,645) |
Non-current lease obligations |  | $ | 45,089 |  |  | $ | 37,261 |
Leases | Leases The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from one to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the company's discretion. The Company entered into a new agreement to lease office space in Gurgaon, India for a term of five years with total estimated aggregate base rent payments of $7.0 million. This lease commenced and payments began in April 2022. Lease Costs The components of the Company’s lease costs included in its interim unaudited condensed consolidated statement of operations were as follows (in thousands):
| Three Months Ended October 31, |  | Nine Months Ended October 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Finance lease cost: |  |  |  |  |  |  |
Amortization of finance lease right-of-use assets | $ | 994 |  |  | $ | 993 |  |  | $ | 2,981 |  |  | $ | 2,981 |
Interest on finance lease liabilities | 714 |  |  | 785 |  |  | 2,196 |  |  | 2,406 |
Operating lease cost | 2,908 |  |  | 2,313 |  |  | 8,523 |  |  | 6,481 |
Short-term lease cost | 714 |  |  | 431 |  |  | 1,856 |  |  | 630 |
Total lease cost | $ | 5,330 |  |  | $ | 4,522 |  |  | $ | 15,556 |  |  | $ | 12,498 |
Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheet as follows (in thousands):
| October 31, 2022 |  | January 31, 2022
Finance Lease: |  |  |
Property and equipment, net | $ | 28,482 |  |  | $ | 31,463 |
Other accrued liabilities (current) | 5,407 |  |  | 4,511 |
Other liabilities, non-current | 45,089 |  |  | 49,173 |
Operating Leases: |  |  |
Operating lease right-of-use assets | $ | 43,485 |  |  | $ | 41,745 |
Operating lease liabilities (current) | 8,645 |  |  | 8,084 |
Operating lease liabilities, non-current | 37,261 |  |  | 38,707 |
Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information):
|  |  | Nine Months Ended October 31,
|  |  |  |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from finance lease |  |  |  |  | $ | 2,196 |  |  | $ | 2,406 |
Operating cash flows from operating leases |  |  |  |  | 8,861 |  |  | 5,909 |
Financing cash flows from finance lease |  |  |  |  | 3,187 |  |  | 3,649 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |
Operating leases |  |  |  |  | $ | 9,633 |  |  | $ | 12,893 |
Weighted-average remaining lease term as of period end (in years): |  |  |  |  |  |  |
Finance lease |  |  |  |  | 7.2 |  | 8.2
Operating leases |  |  |  |  | 6.0 |  | 7.4
Weighted-average discount rate: |  |  |  |  |  |  |
Finance lease |  |  |  |  | 5.6 | % |  | 5.6 | %
Operating leases |  |  |  |  | 5.2 | % |  | 4.3 | %
Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of October 31, 2022 were as follows (in thousands):
Year Ending January 31, |  | Finance Lease |  | Operating Leases
Remainder of 2023 |  | $ | 2,018 |  |  | $ | 2,290 |
2024 |  | 8,073 |  |  | 11,564 |
2025 |  | 8,445 |  |  | 9,926 |
2026 |  | 8,711 |  |  | 7,744 |
2027 |  | 8,711 |  |  | 5,882 |
Thereafter |  | 25,407 |  |  | 16,178 |
Total minimum payments |  | 61,365 |  |  | 53,584 |
Less imputed interest |  | (10,869) |  |  | (7,678) |
Present value of future minimum lease payments |  | 50,496 |  |  | 45,906 |
Less current obligations under leases |  | (5,407) |  |  | (8,645) |
Non-current lease obligations |  | $ | 45,089 |  |  | $ | 37,261 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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