Leases

12 Months Ended

Jan. 31, 2024

9. Leases

There were no material lease agreements entered or modified during the twelve months ended January 31, 2024.

During the twelve months ended January 31, 2023, the Company extended leases for its Shenzhen office and one of its facilities in Santa Clara, California for an additional two years beginning October 1, 2022 to September 30, 2024. For the lease extensions, the Company recorded an increase to the operating lease ROU assets and corresponding operating lease liabilities of approximately $0.8 million in the consolidated balance sheets.

During the twelve months ended January 31, 2022, the Company extended its existing Shanghai office lease for an additional three years beginning December 1, 2021 to November 30, 2024 and extended its existing Hong Kong office lease for an additional five years beginning December 1, 2021 to November 30, 2026. The Company also leased an additional space for its Shanghai office for a period of 40 months starting from August 1, 2021 through November 30, 2024. The Company recorded an aggregate increase of approximately $4.4 million to the operating lease ROU assets and corresponding operating lease liabilities in the consolidated balance sheets as a result of these lease extensions and additional leased space.

For the fiscal years ended January 31, 2024, 2023 and 2022, the operating lease expense was approximately $3.7 million, $3.7 million and $3.5 million, respectively. The Company's short-term leases and finance leases were immaterial as of January 31, 2024 and 2023, respectively.

Supplemental cash flow information related to the operating leases is as follows:


	Year Ended
	January 31, 2024		January 31, 2023
	(in thousands)
Cash paid for operating leases included in operating cash flows	$	3,877	$	4,011
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	216	$	319
Leased assets changes arising from lease modifications	$	348	$	575

As of January 31, 2024, the weighted average remaining lease term is 1.77 years, and the weighted average discount rate is 3.63%. Future minimum lease payments for the lease liabilities are as follows:


	As of
	January 31, 2024
Fiscal Year	(in thousands)
2025	$	3,567
2026		1,536
2027		291
2028		74
2029		—
Thereafter		—
Total future annual minimum lease payments		5,468
Less: interest		(129	)
Total lease liabilities	$	5,339