Leases

6 Months Ended

Jul. 31, 2021

The Company's operating lease arrangements are principally for office space. As of July 31, 2021, the Company had $14.2 million of operating lease liabilities, current, $117.7 million of operating lease liabilities, non-current, $100.0 million of operating lease right-of-use assets, and no financing leases, on its condensed consolidated balance sheet. The operating lease arrangements included in the measurement of lease liabilities do not include short-term leases, and had a weighted-average remaining lease term of 9.1 years and a weighted-average discount rate of 5.8%, as of July 31, 2021. During the six months ended July 31, 2021, the Company paid $9.5 million for amounts included in the measurement of lease liabilities and did not enter into any new lease arrangements.

During the six months ended July 31, 2021 and 2020, the Company recognized $13.3 million and $13.1 million, of lease expense, respectively, which consisted of the following:


	Six months ended July 31,
(in thousands)		2021		2020
Operating lease expense		$	8,502	$	10,944
Short-term lease expense		379		784
Variable lease expense		4,408		1,338
Total lease expense		$	13,289	$	13,066

Operating lease expense is recognized on a straight-line basis over the term of the arrangement beginning on the lease commencement date for lease arrangements that have an initial term greater than twelve months and therefore are recorded on the balance sheet. Short-term lease expense is recognized on a straight-line basis over the lease term for lease arrangements that have an initial term of 12 months or less and therefore are not recorded on the balance sheet. Variable lease expense is recognized as incurred and consists of real estate taxes and utilities, among other office space related expenses. For the six months ended July 31, 2021, variable lease expense reflected the increased costs of the Company's use of its new office spaces, as well as certain associated real estate taxes.