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Leases | 3 Months Ended
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Apr. 30, 2024
Leases [Abstract] |
Leases | Leases The Company has leases for corporate offices under non-cancelable operating leases with various expiration dates. The Company did not have any finance leases during the three months ended April 30, 2024 and 2023. On August 2, 2023, the Company entered into a 10-year operating lease agreement for a new corporate headquarters located in New York, NY. The Company has the option to extend the term for 60 months, which is not included in our right-of-use (“ROU”) assets and lease liabilities as the lease renewal is not reasonably certain to be exercised. The lease commenced on April 29, 2024 with payments beginning in December 2024. The components of lease expense were as follows:
|  |  | Three Months Ended April 30,
(in thousands) |  |  |  |  | 2024 |  | 2023
Operating lease cost |  |  |  |  | $ | 2,862 |  |  | $ | 2,395 |
Variable lease cost |  |  |  |  | 329 |  |  | 302 |
Short-term lease cost |  |  |  |  | 142 |  |  | 207 |
Total lease cost |  |  |  |  | $ | 3,333 |  |  | $ | 2,904 |
The weighted average remaining lease term and discount rate were as follows:
|  | April 30, 2024 |  | January 31, 2024
Weighted average remaining lease term (years) |  | 7.67 |  | 6.20
Weighted average discount rate |  | 8.99 | % |  | 10.11 | %
The maturities of lease liabilities under non-cancelable operating leases, net of lease incentives, were as follows:
(in thousands) |  | April 30, 2024
Fiscal year ended January 31, 2025 (remaining nine months) |  | $ | 7,951 |
2026 |  | 10,205 |
2027 |  | 9,657 |
2028 |  | 8,191 |
2029 |  | 7,263 |
2030 |  | 1,540 |
Thereafter |  | 27,769 |
Total minimum lease payments |  | 72,576 |
Less: imputed interest |  | (20,983) |
Total |  | $ | 51,593 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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