v3.20.1
Leases
12 Months Ended
Jan. 31, 2020
Leases [Abstract]  
Leases Leases
The Company has entered into various non-cancelable operating lease agreements for office space, data storage facilities, and other leases with remaining lease terms of less than 1 year to approximately 11 years, often with one or more Company options to renew. These renewal terms can extend the lease term from 3 to 10 years and are included in the lease term when it is reasonably certain that the Company will exercise the option.
Amortization and interest expense related to finance leases were not material during the years ended January 31, 2020 and 2019.
The components of operating lease costs are as follows:
Year ended January 31,
(in thousands, except for term and percentages)2020
Operating lease expense$9,059  
Sublease income(750) 
Net operating lease cost$8,309  
Weighted average lease term and discount rate are as follows:
As of January 31, 2020
Weighted average remaining lease term9.41 years
Weighted average discount rate4.35 %
Maturities of operating lease liabilities as of January 31, 2020 were as follows:
Fiscal year ending January 31, (in thousands)Operating leases
2021$12,695  
202212,245  
20239,942  
20248,282  
20258,280  
Thereafter47,108  
Total lease payments98,552  
Less imputed interest(18,134) 
Present value of lease liabilities$80,418  
Current$12,401  
Non-current68,017  
Total lease liabilities$80,418  
As of January 31, 2020, the Company had additional operating leases for office space that have not yet commenced with aggregate undiscounted lease payments of $81.5 million. These operating leases will commence in fiscal year 2021 with leases terms ranging from 3 to 11 years.
Supplemental cash flow information related to the Company's operating leases was as follows:
Year ended January 31,
(in thousands, except for term and percentages)2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,361  
ROU assets obtained in exchange for new operating lease obligations$34,196