Leases
Operating Leases
The Company has entered into non-cancelable operating lease agreements with various expiration dates through fiscal 2039. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments.
Cash paid for amounts included in the measurement of operating lease liabilities was $19.6 million, $19.5 million, and $15.4 million for the fiscal years ended January 31, 2026, January 31, 2025, and January 31, 2024, respectively. Operating lease liabilities arising from obtaining operating right-of-use assets were $40.9 million and $6.8 million for the fiscal years ended January 31, 2026 and January 31, 2025, respectively.
The weighted-average remaining lease terms were 4.7 years and 2.9 years as of January 31, 2026 and January 31, 2025, respectively. The weighted-average discount rates were 5.3% and 5.5% as of January 31, 2026 and January 31, 2025, respectively.
The components of lease costs were as follows (in thousands): | | | | | | | | | | | | | | | | | | | |
| Year Ended January 31, |
| 2026 | | 2025 | | 2024 | | |
| Lease cost | | | | | | | |
| Operating lease cost | $ | 20,141 | | | $ | 17,326 | | | $ | 15,510 | | | |
| Short-term lease cost | 5,159 | | | 3,519 | | | 3,664 | | | |
| Variable lease cost | 14,840 | | | 11,526 | | | 8,480 | | | |
| Total lease cost | $ | 40,140 | | | $ | 32,371 | | | $ | 27,654 | | | |
Sublease income for the fiscal years ended January 31, 2026, January 31, 2025 and January 31, 2024 was immaterial. As of January 31, 2026, the Company has entered into non-cancelable operating leases with lease terms greater than 12 months that have not yet commenced with undiscounted future minimum payments of $103.7 million, which are excluded from the table above. The operating leases are expected to commence between October 2026 and August 2027, with lease terms between 11.2 and 11.3 years.
The maturities of the Company’s non-cancelable operating lease liabilities are as follows (in thousands):
| | | | | |
| January 31, 2026 |
| Fiscal 2027 | $ | 16,906 | |
| Fiscal 2028 | 20,419 | |
| Fiscal 2029 | 14,007 | |
| Fiscal 2030 | 11,290 | |
| Fiscal 2031 | 7,768 | |
| Thereafter | 12,285 | |
| Total operating lease payments | 82,675 | |
| Less: imputed interest | (8,069) | |
| Present value of operating lease liabilities | $ | 74,606 | |