Operating Leases

12 Months Ended

Jan. 31, 2020

Operating LeasesWe have entered into various operating lease agreements for office space, with remaining contractual periods of up to 10 years. Many of our leases contain one or more options to extend. As leases approach maturity, we consider various factors such as market conditions and the terms of any renewal options that may exist to determine whether we are reasonably certain to exercise the options to extend the lease. Operating lease expense for the fiscal year ended January 31, 2020 was $9.7 million, excluding short-term lease costs, variable lease costs, and sublease income, each of which was immaterial for the fiscal year ended January 31, 2020.

Supplemental balance sheet information as of January 31, 2020, related to operating leases was as follows:


	As of January 31, 2020
	(in thousands)
Reported as:
Assets:
Operating lease right-of-use assets	$	68,608
Liabilities:
Accrued expenses and other current liabilities	$	7,675
Operating lease liabilities, noncurrent	64,792
Total operating lease liabilities	$	72,467

As of January 31, 2020, the weighted-average remaining lease term is 7.5 years and the weighted-average discount rate is 5.1%.

Supplemental cash flow and other information for the fiscal year ended January 31, 2020, related to operating leases was as follows:


	Year Ended January 31, 2020
	(in thousands)
Cash payments included in the measurement of our operating lease liabilities	$	9,774
Operating lease right-of-use assets recognized in exchange for new operating lease obligations	$	34,993

As of January 31, 2020, the future minimum lease payments included in the measurement of our operating lease liabilities are as follows:


	As of January 31, 2020
	(in thousands)
Year Ending January 31,
2021	$	11,170
2022	12,191
2023	12,177
2024	11,541
2025	11,348
Thereafter	29,383
Total operating lease payments	$	87,810
Less: imputed interest	(15,343)
Total operating lease liabilities	$	72,467

As previously disclosed in Note 6. “Commitments and Contingencies” to Notes to Consolidated Financial Statements in our Prospectus and under the previous lease accounting standard, future minimum payments related to operating leases as of January 31, 2019 are as follows:


	As of January 31, 2019
	(in thousands)
Year Ending January 31,
2020	$	7,609
2021	7,837
2022	7,888
2023	7,514
2024	7,174
Thereafter	18,635
Total future minimum payments	$	56,657

Under the previous lease standard, rent expense during the fiscal years ended January 31, 2019 and 2018 was $7.2 million and $3.3 million, respectively.