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Leases (Tables) | 9 Months Ended
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Oct. 31, 2024
Leases [Abstract] |
Quantitative Information of Leases | The quantitative information regarding our leases is as follows:
| Three Months Ended |  | Nine Months Ended
| 10/31/2024 |  | 10/31/2023 |  | 10/31/2024 |  | 10/31/2023
| (In thousands, except lease term and discount rate)
Operating lease cost | $ | 2,341 |  |  | $ | 1,278 |  |  | $ | 5,183 |  |  | $ | 3,828 |
Short-term lease cost | 172 |  |  | 119 |  |  | 406 |  |  | 307 |
Sublease income | (10) |  |  | (10) |  |  | (30) |  |  | (30) |
Variable lease cost | 4 |  |  | 252 |  |  | 622 |  |  | 673 |
Total lease cost | $ | 2,507 |  |  | $ | 1,639 |  |  | $ | 6,181 |  |  | $ | 4,778 |
Other operating leases information: |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  | $ | 4,881 |  |  | $ | 4,345 |
Right-of-use assets obtained in exchange for new lease liabilities (a) |  |  |  |  | $ | 34,309 |  |  | $ | 364 |
Weighted-average remaining lease term (years) |  |  |  |  | 5.7 |  | 1.5
Weighted-average discount rate |  |  |  |  | 9.80 | % |  | 6.36 | %
Schedule of Minimum Future Lease Payments | Minimum future lease payments for operating leases in effect as of October 31, 2024, are as follows:
| Operating Lease
For the year ending January 31, | (In thousands)
Remaining of 2025 | $ | 1,641 |
2026 | 5,242 |
2027 | 9,539 |
2028 | 9,308 |
2029 | 9,587 |
Thereafter | 16,739 |
Remaining balance of lease payments | 52,056 |
Short-term lease liabilities | 863 |
Long-term lease liabilities | 37,380 |
Total lease liabilities | 38,243 |
Difference between undiscounted cash flows and discounted cash flows | $ | 13,813 |
(a) On July 23, 2024, the Company entered into a new lease agreement (the “Lease”) with Starboard Distribution Center, LLC which extends the Company’s tenancy at its 560,000 sq. ft. office, manufacturing and warehouse facility in Torrance, California. The Lease extends the tenancy for 65 months, covering the period from May 1, 2025 through September 30, 2030. Under the Lease, the monthly base rent will be abated for the initial 5-month period from May 1, 2025 to September 30, 2025, then is set at $726,700 for October 1, 2025 through April 30, 2026, with subsequent increases of 3.5% every 12 months thereafter. The Lease also provides for a tenant improvement allowance of up to $1.7 million to be used by December 31, 2026. The Landlord has the right to terminate the Lease upon customary events of default. In connection with this lease agreement, in the second quarter ended July 31, 2024, the Company recorded approximately $33.0 million (the present value of the future lease commitments) as an operating lease liability, and a corresponding ROU asset.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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