ChargePoint Holdings, Inc.CHPT

ChargePoint Holdings, Inc. Leases Disclosure

10-KFiled Mar 28, 20252 min read
Leases
The Company leases its office facilities under non-cancellable operating leases with various lease terms. The Company also leases certain office equipment under operating lease agreements. As of January 31, 2025, non-cancellable leases expire on various dates between fiscal years 2026 and 2030.
Generally, the Company's non-cancellable leases include renewal options to extend the lease term from one to five years. The Company has not included any renewal options in its lease terms as these options are not reasonably certain of being exercised. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.
As of January 31, 2025 and 2024, lease balances were as follows:
January 31,
20252024
(in thousands)
Operating leases
Operating lease right-of-use assets$14,680 $15,362 
Operating lease liabilities, current4,636 4,485 
Operating lease liabilities, noncurrent15,267 17,350 
Total operating lease liabilities$19,903 $21,835 
The Company recognizes operating lease costs on a straight-line basis over the lease period. Lease expense for the years ended January 31, 2025, 2024, and 2023 was $5.1 million, $6.0 million, and $6.6 million, respectively. Operating lease costs for short-term leases and variable lease costs were not material during the years ended January 31, 2025, 2024 and 2023.
In September 2023, and subsequently in January 2024, the Company implemented reorganizations which included restructuring charges related to a decision to exit and sublease or cease use of certain facilities to align with the Company’s plan to reduce its operating expense and increase efficiencies. Refer to Note 14, Restructuring, in the notes to the consolidated financial statements in this Annual Report for more information.
Future payments of operating lease liabilities under the Company’s non-cancellable operating leases as of January 31, 2025 were as follows:
(in thousands)
Years Ending January 31,
2026$5,890 
20275,678 
20284,825 
20294,246 
20302,477 
Total undiscounted operating lease payments23,116 
Less: imputed interest(3,213)
Total operating lease liabilities19,903 
Less: current portion of operating lease liabilities(4,636)
Operating lease liabilities, noncurrent
$15,267 
Other supplemental information as of January 31, 2025 and 2024 was as follows:
January 31,
20252024
Lease Term and Discount Rate
Weighted-average remaining operating lease term (years)4.24.9
Weighted-average operating lease discount rate7.4 %7.4 %
Other supplemental cash flow information for the years ended January 31, 2025, 2024 and 2023 was as follows:
Year ended January 31,
202520242023
(in thousands)
Supplemental Cash Flow Information
Cash paid for amounts in the measurement of operating lease liabilities$5,670 $6,760 $6,927 
As of January 31, 2025, the Company has no additional operating leases that have not yet commenced and as such, have not yet been recognized on the Company’s consolidated balance sheets.

Historical Timeline

Fiscal YearFiled
2025Mar 28, 2025Showing above
2023Apr 3, 2023

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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