Leases

9 Months Ended

Oct. 31, 2025

Note 5. Leases

We have entered into various non-cancellable operating lease agreements for certain of our offices with lease periods expiring primarily between fiscal years 2028 and 2037. Certain of these arrangements have free or escalating rent payment provisions and optional renewal or termination clauses. Our operating leases typically include variable lease payments, which are primarily comprised of common area maintenance and utility charges for our offices, that are determined based on actual consumption. Our operating lease agreements do not contain any residual value guarantees, covenants, or other restrictions.

We sublease certain floors of our Redwood City and London offices. Our current subleases have total lease terms ranging from 24 to 39 months that will expire at various dates by fiscal year 2029.

The components of lease cost, which were included in operating expenses in our condensed consolidated statements of operations, were as follows (in thousands):


	Three Months Ended						Nine Months Ended
	October 31,						October 31,
	2025			2024			2025			2024
Operating lease cost, gross	$	7,036		$	6,414		$	20,034		$	23,158
Variable lease cost, gross		1,877			1,867			5,709			5,347
Sublease income		(514	)		(1,427	)		(3,180	)		(4,362	)
Other		—			—			—			386
Total lease cost	$	8,399		$	6,854		$	22,563		$	24,529

As of October 31, 2025, maturities of our operating lease liabilities, which do not include short-term leases and variable lease payments, are as follows (in thousands):


Years ending January 31:	Operating Leases (1)
Remainder of 2026	$	8,045
2027		32,747
2028		29,782
2029		14,920
2030		5,344
Thereafter		26,394
Total lease payments	$	117,232
Less: imputed interest		(17,195	)
Present value of total lease liabilities	$	100,037

(1)

Non-cancellable sublease proceeds for the remainder of the year ending January 31, 2026 and the years ending January 31, 2027, 2028, and 2029 of $0.6 million, $2.7 million, $2.2 million, and $0.5 million, respectively, are not included in the table above.

As of October 31, 2025, we had one operating lease for an office space that has not yet commenced. This operating lease has aggregated undiscounted future payments of $11.1 million and a lease term of approximately ten years. The operating lease is estimated to commence during fiscal year 2027.