v3.23.1
Finance leases and other debt
 12 Months Ended
Jan. 31, 2023
Debt Disclosure [Abstract]  
Finance leases and other debt Finance leases and other debt
As of January 31, 2023 and 2022, the Company had the following outstanding finance lease liabilities and other debt:
January 31,
20232022
Finance leases$7,651 $12,884 
Financing arrangements46 266 
Accrued interest and payments200 94 
Total finance lease liabilities and other debt$7,897 $13,244 
Less - current portion of finance lease liabilities and other debt(5,172)(5,821)
Long-term finance leases and other debt$2,725 $7,423 
(a) Finance leases

See Note 10 - Leases for more information regarding finance leases.

(b) Amended and Restated Loan and Security Agreement

On February 28, 2019 (the "Effective Date"), the Company entered into the Amended and Restated Loan and Security Agreement (the "First SVB Facility") that provided for a $20,000 term loan. In connection with the transaction, the Company recorded a $1,073 loss on extinguishment of debt within other (expense) income, net for the settlement of previously outstanding loans payable.

On May 5, 2020 (the "Second SVB Effective Date"), the Company entered into the Second SVB Facility. The Second SVB Facility modified the First SVB Facility. The Second SVB Facility provided for a revolving credit facility with an initial borrowing capacity of $50,000. The borrowing capacity could be increased to $65,000 at the sole discretion of Silicon Valley Bank. Upon entering into the Second SVB Facility, the Company borrowed $20,663 against the revolving credit facility and used the proceeds to repay all amounts due under the First SVB Facility term loan. The Company repaid the balance on the Second SVB Facility during the fiscal year ended January 31, 2021.

On March 28, 2022 (the "Third SVB Effective Date"), the Company entered into a First Loan Modification Agreement
to the Second SVB Facility (as amended, the "Third SVB Facility") to increase the borrowing capacity from $50,000
to $100,000 and to reduce the interest rate on the facility. Borrowings under the Third SVB Facility are payable on May 5, 2025. Borrowings under the Third SVB Facility bear interest, which is payable monthly, at a floating rate equal to the greater of 3.25% or the Wall Street Journal Prime Rate minus 0.5%. As of January 31, 2023, the interest rate on the Third SVB Facility was 7%. In addition to principal and interest due under the revolving credit facility, the Company is required to pay an annual commitment fee of approximately $250 per year and a quarterly fee of 0.15% per annum of the average unused revolving line under the facility. The Company had $100,000 of availability under the facility as of January 31, 2023.

In the event that the Company terminates the Third SVB Facility prior to May 5, 2024, the Company will be required to pay a termination fee of up to 1.5% of borrowing capacity based on the length of time between termination and maturity. Any Company obligations under the Third SVB Facility are secured by a first priority security interest in substantially all of its assets, other than intellectual property. The Third SVB Facility includes a financial covenant that requires the Company to maintain a minimum Adjusted Quick Ratio as defined in the Third SVB Facility. The Third SVB Facility also includes a financial covenant that requires the Company to achieve certain profitability and liquidity thresholds. The financial covenant will not be effective if the Company maintains certain levels of liquidity as defined. Additionally, the Third SVB facility contains a covenant limiting the amount of cash and cash equivalents the Company can hold outside SVB. The Third SVB Facility also contains customary events of default. The Company was in compliance with all covenants related to the Third SVB Facility as of January 31, 2023.

As of January 31, 2023 and 2022, there was no debt outstanding related to the Third SVB Facility and the Second SVB Facility, respectively. As a result, the Company presented all unamortized deferred costs within other assets as of January 31, 2023 and 2022, respectively. The Company is amortizing the remaining unamortized costs over the remaining term of the Third SVB Facility.
Maturities of finance leases and other debt in each of the next five years and thereafter are as follows:
 TotalFinance LeasesOther Debt
Fiscal year ending January 31:
2024$5,172 $4,926 $246 
20252,518 2,518 — 
2026207 207 — 
Total maturities of finance leases and other debt$7,897 $7,651 $246 
The following table presents the components of interest income (expense), net:
Fiscal years ended January 31,
 202320222021
Interest expense (1)
$(1,411)$(1,163)$(1,695)
Interest income2,475 79 122 
Interest income (expense), net$1,064 $(1,084)$(1,573)
(1) Includes amortization of deferred financing costs and original issue discount