Leases

12 Months Ended

Jan. 31, 2022

LeasesThe Company's operating lease arrangements are principally for office space. As of January 31, 2022, the Company had $18.8 million of operating lease liabilities, current, $113.8 million of operating lease liabilities, non-current, $97.1 million of operating lease right-of-use assets, and no financing leases, on its consolidated balance sheet. The operating lease arrangements included in the measurement of lease liabilities do not include short-term leases as discussed in Note 2, "Summary of Significant Accounting Policies", and had a weighted-average remaining lease term of 8.7 years and a weighted-average discount rate of 5.9%, as of January 31, 2022. During the fiscal year ended January 31, 2022, the Company paid $18.9 million for amounts included in the measurement of lease liabilities and obtained $2.6 million of operating lease right-of-use assets in exchange for lease obligations.

During the fiscal years ended January 31, 2022, 2021, and 2020, the Company recognized lease expense, which consisted of the following:


	Fiscal year ended January 31,
(in thousands)		2022		2021		2020
Operating lease expense		$	17,037	$	20,134	$	16,820
Short-term lease expense		763		1,053		2,259
Variable lease expense		8,943		4,475		2,153
Total lease expense		$	26,743	$	25,662	$	21,232

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 fiscal year ended January 31, 2022, variable lease expense reflected the increased costs of the Company's use of its new offices spaces and certain associated real estate taxes.

The total remaining operating lease payments included in the measurement of lease liabilities on the Company's consolidated balance sheet as of January 31, 2022, was as follows (in thousands):


Fiscal year ending January 31:	Operating Lease Payments
2023	$	19,417
2024	19,086
2025	18,576
2026	19,337
2027	19,433
2028 and thereafter	75,492
Total gross operating lease payments	171,341
Less: tenant allowances	—
Total net operating lease payments	171,341
Less: imputed interest	(38,720)
Total lease liabilities, reflecting the present value of net lease payments	$	132,621