v3.23.3
Supplemental financial statement information
 9 Months Ended
Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental financial statement information Supplemental financial statement information
Selected condensed consolidated balance sheet and condensed consolidated statement of operations and comprehensive income (loss) components consisted of the following:
Property and equipment
Property and equipment consisted of the following:
(in thousands)October 31, 2023January 31, 2023
Leasehold improvements$18,214 $18,269 
Furniture and fixtures8,392 8,392 
Computer equipment26,918 28,021 
Property and equipment, gross53,524 54,682 
Accumulated depreciation(45,864)(41,820)
Property and equipment, net$7,660 $12,862 
Depreciation expense for the three months ended October 31, 2023 and 2022 was $1.8 million and $2.9 million, respectively, and $6.4 million and $9.4 million for the nine months ended October 31, 2023 and 2022, respectively.
Contract balances
The Company does not recognize revenue until its right to consideration is unconditional and therefore has no related contract assets. The Company records a receivable when revenue is recognized prior to payment and the Company has unconditional right to payment. Alternatively, when payment precedes the related services, the Company records a contract liability, or deferred revenue, until its performance obligations are satisfied. As of October 31, 2023 and January 31, 2023, the balance of deferred revenue was $5.8 million and $8.3 million, respectively, and is included within accrued liabilities on the Company's condensed consolidated balance sheets. The balances are related to cash received in advance for interchange and custodial revenue arrangements, other up-front fees and other commuter deferred revenue. The Company expects to recognize approximately 67% of its balance of deferred revenue as revenue over the next 12 months and the remainder thereafter. During the three and nine months ended October 31, 2023, approximately $1.1 million and $4.0 million, respectively, of revenue was
recognized that was included in the balance of deferred revenue as of January 31, 2023. The Company expects to satisfy its remaining obligations for these arrangements.
Leases
The components of operating lease costs were as follows:
Three months ended October 31,Nine months ended October 31,
(in thousands)
2023202220232022
Operating lease expense$2,323 $2,855 $7,289 $8,568 
Sublease income(813)(568)(1,795)(1,614)
Net operating lease expense$1,510 $2,287 $5,494 $6,954 
Accrued liabilities
Accrued inventory of $5.7 million is included within accrued liabilities on the Company's condensed consolidated balance sheet as of October 31, 2023.
Other income, net
Other income, net, consisted of the following:
Three months ended October 31,Nine months ended October 31,
(in thousands)2023202220232022
Interest income$3,713 $443 $7,795 $584 
Acquisition costs— — — (53)
Other income (expense), net28 — 530 (357)
Total other income, net$3,741 $443 $8,325 $174 
Interest expense
Based on the application of Accounting Standards Codification ("ASC") 470-50, Debt - Modifications and Extinguishments, the Company recorded a $1.2 million loss on extinguishment of debt due to the prepayment of $50.0 million under the Company's Term Loan Facility (as defined in Note 6—Indebtedness) in April 2023, which is included within interest expense in the condensed consolidated statement of operations and comprehensive income for the nine months ended October 31, 2023.
Supplemental cash flow information
Supplemental cash flow information related to the Company's operating leases was as follows:
Nine months ended October 31,
(in thousands)20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,174 $9,387 
Operating lease right-of-use assets obtained in exchange for new operating lease obligations$2,109 $1,092