Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases office space under non-cancelable operating leases with various expiration dates through 2027. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Components of lease expense are summarized as follows (in thousands):
Lease term and discount rate information are summarized as follows:
Maturities of lease liabilities as of October 31, 2022 were as follows (in thousands):
(1)Net of $0.5 million and $1.0 million of tenant improvements which are expected to be utilized in fiscal 2023 and 2024, respectively. Cash paid for operating leases was $1.5 million and $2.3 million during the three months ended October 31, 2021 and 2022, respectively, and $3.7 million and $4.7 million during the nine months ended October 31, 2021 and 2022, respectively, and was included in net cash used in operating activities in the condensed consolidated statements of cash flows. In November 2020, the Company entered into an agreement to lease office space from its current landlord. The lease term commenced on May 1, 2021 and is for a period of approximately six years, with rent payments over the term of the lease totaling approximately $23.8 million. At the lease commencement date, the Company classified the lease as an operating lease and recorded a lease liability of $13.6 million with a corresponding right-of-use asset.
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