Leases

12 Months Ended

Jan. 31, 2023

The Company's operating lease arrangements are principally for office space. As of January 31, 2023, the Company had $18.2 million of operating lease liabilities, current, $100.5 million of operating lease liabilities, non-current, $85.5 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 had a weighted-average remaining lease term of 7.8 years and a weighted-average discount rate of 6.1%, as of January 31, 2023. During the fiscal year ended January 31, 2023, the Company paid $18.4 million for amounts included in the measurement of lease liabilities and did not enter into any new lease arrangements.

During the fiscal years ended January 31, 2023, 2022 and 2021, the Company recognized lease expense which consisted of the following:


	Fiscal year ended January 31,
(in thousands)		2023		2022		2021
Operating lease expense		$	16,196	$	17,037	$	20,134
Short-term lease expense		792		763		1,053
Variable lease expense		9,550		8,943		4,475
Total lease expense		$	26,538	$	26,743	$	25,662

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 includes real estate taxes and utilities, among other office space related expenses.

The total remaining operating lease payments included in the measurement of lease liabilities on the Company's consolidated balance sheet as of January 31, 2023, was as follows (in thousands):


Fiscal year ending January 31:	Operating Lease Payments
2024	$	18,744
2025	18,290
2026	19,136
2027	19,230
2028	19,327
2029 and thereafter	55,680
Total gross operating lease payments	150,407
Less: tenant allowances	—
Total net operating lease payments	150,407
Less: imputed interest	(31,719)
Total lease liabilities, reflecting the present value of net lease payments	$	118,688