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Leases

3 Months Ended

Apr. 30, 2024

The Company leases office space under non-cancelable operating leases with various expiration dates through 2027. These leases require monthly lease payments that may be subject to annual increases throughout the lease term.

Components of lease expense are summarized as follows (in thousands):


	Three Months Ended April 30,
	2023		2024
Operating lease expense	$	1,634	$	1,492
Short-term lease expense	265		288
Total lease expense	$	1,899	$	1,780

Lease term and discount rate information are summarized as follows:


			As of April 30, 2024
Weighted average remaining lease term (years)			2.9
Weighted average discount rate			10.7%

Maturities of lease liabilities as of April 30, 2024 were as follows (in thousands):


Year Ending January 31:
2025(1)	$	4,984
2026	6,042
2027	5,417
2028	1,797
Total lease payments	18,240
Less imputed interest	(2,536)
Present value of lease liabilities	$	15,704

(1)Net of $0.2 million of tenant improvements which are expected to be utilized in fiscal 2025.

Cash paid for operating leases was $1.7 million and $1.7 million during the three months ended April 30, 2023 and 2024, respectively, and was included in net cash used in operating activities in the condensed consolidated statements of cash flows.

The Company has entered into sublease agreements with various expiration dates through 2027. Under these agreements, the Company expects to receive sublease income of approximately $6.0 million as of April 30, 2024. Sublease income was $0.4 million and $0.2 million for the three months ended April 30, 2023 and 2024.