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Operating Leases | 6 Months Ended
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Jul. 31, 2024
Leases [Abstract] |
Operating Leases | Note 6: Operating Leases The Company leases its headquarters located in Sunnyvale, California, as well as office space and data center facilities in several locations under non-cancelable operating lease agreements, with expiration dates through fiscal 2033. Supplemental balance sheet information related to leases was as follows (in thousands):
|  |  |  |  |  |  |  |  | As of
|  |  |  |  |  |  |  | July 31, 2024 |  | January 31, 2024
Assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  |  |  |  |  |  |  | $ | 15,833 |  | $ | 17,041
Total leased assets |  |  |  |  |  |  |  | $ | 15,833 |  | $ | 17,041
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Short-term operating lease liabilities |  |  |  |  |  |  |  | $ | 3,710 |  | $ | 3,742
Long-term operating lease liabilities |  |  |  |  |  |  |  |  | 12,635 |  |  | 13,676
Total lease liabilities |  |  |  |  |  |  |  | $ | 16,345 |  | $ | 17,418
Weighted-average remaining lease term |  |  |  |  |  |  |  |  | 5.6 years |  |  | 6.0 years
Weighted-average discount rate |  |  |  |  |  |  |  |  | 6.3% |  |  | 6.2%
Operating lease right-of-use assets and long-term operating lease liabilities are included on the face of the consolidated balance sheet. Short-term operating lease liabilities are presented within accrued expenses and other current liabilities. The Company incurred total lease costs in its condensed consolidated statements of operations of $1.6 million and $1.5 million for the three months ended July 31, 2024 and 2023, respectively, and $3.2 million and $2.8 million for the six months ended July 31, 2024 and 2023, respectively. Additionally, in the third quarter of fiscal 2023, the Company recorded facilities consolidation charges of $1.4 million to general and administrative expense, in connection with the leased office facilities assumed during the second fiscal quarter of 2023 in the Company's acquisition of Junction Networks, Inc. ("OnSIP"), which the Company subsequently determined were not needed to support the future growth of its business. In the second quarter of fiscal 2024, upon the lessor's sale of the property, the Company wrote off the remaining $1.0 million lease liability related to the lease as facilities consolidation gain in general and administrative expense in the condensed consolidated statements of operations. Supplemental cash flow information related to leases was as follows (in thousands):
|  |  | Three Months Ended |  |  |  | Six Months Ended |
|  | July 31, 2024 |  |  | July 31, 2023 |  |  | July 31, 2024 |  |  | July 31, 2023 |
Cash payments for operating leases |  | $ |  | 958 |  |  | $ |  | 1,131 |  |  | $ |  | 1,909 |  |  | $ |  | 2,028 |
Right-of-use assets recognized in exchange for new operating lease obligations |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 310 |  |  | $ |  | 4,902 |
As of July 31, 2024, maturities of operating lease liabilities were as follows (in thousands):
Fiscal Years Ending January 31, |  |  |  |  |  |  |  |  |  |  | July 31, 2024
2025 remainder |  |  |  |  |  |  |  |  |  |  | $ | 1,935
2026 |  |  |  |  |  |  |  |  |  |  |  | 3,810
2027 |  |  |  |  |  |  |  |  |  |  |  | 3,969
2028 |  |  |  |  |  |  |  |  |  |  |  | 2,720
2029 |  |  |  |  |  |  |  |  |  |  |  | 2,742
Thereafter |  |  |  |  |  |  |  |  |  |  |  | 4,630
Total future minimum lease payments |  |  |  |  |  |  |  |  |  |  |  | 19,806
Less: imputed interest |  |  |  |  |  |  |  |  |  |  |  | (3,461)
Present value of lease liabilities |  |  |  |  |  |  |  |  |  |  | $ | 16,345

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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