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Leases | 9 Months Ended
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Oct. 31, 2025
Leases [Abstract] |
Leases | Leases The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal 2034. The Company has no lease agreements that are classified as finance leases. Future minimum lease payments under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s total operating lease liabilities as of October 31, 2025 are as follows (in thousands):
Fiscal year ending January 31, | Operating Lease Payments (Net)
Remainder of fiscal year 2026 | $ | 11,132 |
2027 | 42,614 |
2028 | 41,135 |
2029 | 37,826 |
2030 and thereafter | 166,338 |
Total undiscounted operating lease payments | $ | 299,045 |
Less: imputed interest | (84,657) |
Total operating lease liabilities | $ | 214,388 |
During the three months ended October 31, 2025, the Company executed a sublease for a portion of its corporate office space in San Francisco, California. The Company evaluated the associated asset group for impairment, which included the ROU assets and underlying property and equipment for the lease. The Company compared the expected future undiscounted cash flows to the carrying value and determined the respective asset group was not recoverable. The Company calculated the fair value based on the present value of the cash flows from the sublease for the remaining lease term and compared the estimated fair value to its carrying value, which resulted in a $30.7 million consolidated impairment charge. The fair value of the operating lease ROU assets and associated property and equipment was estimated as of the sublease execution date using level 3 inputs based on an income approach by converting future sublease cash inflows and outflows to a single present value. Estimated cash flows were discounted at a rate of 9.6% commensurate with the inherent risks associated with the asset group to arrive at an estimate of fair value. The impairment charge was included in general and administrative expenses in the condensed consolidated statements of operations. No impairment charge was recorded during the three and nine months ended October 31, 2024. The Company has subleased certain office spaces to third parties and has classified the subleases as operating leases. The subleases have lease terms ranging from four to five years. Sublease income was $1.0 million and $2.2 million for the three and nine months ended October 31, 2025, respectively. Sublease income was $0.4 million and $1.3 million for the three and nine months ended October 31, 2024, respectively. The Company recognizes sublease income as a reduction of lease expense in the Company’s condensed consolidated statements of operations. As of October 31, 2025, the Company has a commitment of $2.2 million for an operating lease that has not yet commenced, and therefore is not included in the ROU asset or operating lease liabilities. The foregoing operating lease will commence in the first quarter of fiscal 2027, with a lease term of seven years. Operating lease amounts in the table above do not include sublease payments to be received of $17.8 million. As of October 31, 2025, the future total minimum sublease payments to be received were as follows (in thousands):
Fiscal year ending January 31, | Sublease Payments to be Received
Remainder of fiscal year 2026 | $ | 1,007 |
2027 | 5,045 |
2028 | 5,524 |
2029 | 4,620 |
2030 and thereafter | 1,628 |
Total sublease payments to be received | $ | 17,824 |
Leases | Leases The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal 2034. The Company has no lease agreements that are classified as finance leases. Future minimum lease payments under non-cancelable operating leases with initial lease terms in excess of one year included in the Company’s total operating lease liabilities as of October 31, 2025 are as follows (in thousands):
Fiscal year ending January 31, | Operating Lease Payments (Net)
Remainder of fiscal year 2026 | $ | 11,132 |
2027 | 42,614 |
2028 | 41,135 |
2029 | 37,826 |
2030 and thereafter | 166,338 |
Total undiscounted operating lease payments | $ | 299,045 |
Less: imputed interest | (84,657) |
Total operating lease liabilities | $ | 214,388 |
During the three months ended October 31, 2025, the Company executed a sublease for a portion of its corporate office space in San Francisco, California. The Company evaluated the associated asset group for impairment, which included the ROU assets and underlying property and equipment for the lease. The Company compared the expected future undiscounted cash flows to the carrying value and determined the respective asset group was not recoverable. The Company calculated the fair value based on the present value of the cash flows from the sublease for the remaining lease term and compared the estimated fair value to its carrying value, which resulted in a $30.7 million consolidated impairment charge. The fair value of the operating lease ROU assets and associated property and equipment was estimated as of the sublease execution date using level 3 inputs based on an income approach by converting future sublease cash inflows and outflows to a single present value. Estimated cash flows were discounted at a rate of 9.6% commensurate with the inherent risks associated with the asset group to arrive at an estimate of fair value. The impairment charge was included in general and administrative expenses in the condensed consolidated statements of operations. No impairment charge was recorded during the three and nine months ended October 31, 2024. The Company has subleased certain office spaces to third parties and has classified the subleases as operating leases. The subleases have lease terms ranging from four to five years. Sublease income was $1.0 million and $2.2 million for the three and nine months ended October 31, 2025, respectively. Sublease income was $0.4 million and $1.3 million for the three and nine months ended October 31, 2024, respectively. The Company recognizes sublease income as a reduction of lease expense in the Company’s condensed consolidated statements of operations. As of October 31, 2025, the Company has a commitment of $2.2 million for an operating lease that has not yet commenced, and therefore is not included in the ROU asset or operating lease liabilities. The foregoing operating lease will commence in the first quarter of fiscal 2027, with a lease term of seven years. Operating lease amounts in the table above do not include sublease payments to be received of $17.8 million. As of October 31, 2025, the future total minimum sublease payments to be received were as follows (in thousands):
Fiscal year ending January 31, | Sublease Payments to be Received
Remainder of fiscal year 2026 | $ | 1,007 |
2027 | 5,045 |
2028 | 5,524 |
2029 | 4,620 |
2030 and thereafter | 1,628 |
Total sublease payments to be received | $ | 17,824 |

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