Property and equipment consisted of the following:


(in thousands)	April 30, 2026		January 31, 2026
Leasehold improvements	$	14,673	$	14,140
Furniture and fixtures	6,452		6,453
Computer equipment	20,394		19,902
Property and equipment, gross	41,519		40,495
Accumulated depreciation	(37,719)		(37,318)
Property and equipment, net	$	3,800	$	3,177

The Company does not recognize revenue until its right to consideration is unconditional and therefore has no related contract assets. The Company records a receivable when revenue is recognized prior to payment and the Company has unconditional right to payment. Alternatively, when payment precedes the related services, the Company records a contract liability, or deferred revenue, until its performance obligations are satisfied. As of

April 30, 2026 and January 31, 2026, the balance of deferred revenue was $5.0 million and $6.7 million, respectively. The balances are related to cash received in advance for custodial and interchange revenue arrangements, other up-front fees and other commuter deferred revenue. The Company expects to recognize approximately 88% of its balance of deferred revenue as revenue over the next 12 months and the remainder thereafter. Amounts expected to be recognized as revenue within a period of 12 months or less are classified as accrued liabilities in the Company's condensed consolidated balance sheets, with the remainder included within other long-term liabilities. Revenue recognized during the three months ended April 30, 2026 that was included in the balance of deferred revenue as of January 31, 2026 was $3.1 million. The Company expects to satisfy its remaining obligations for these arrangements.

The components of operating lease costs were as follows:


	Three months ended April 30,
(in thousands)	2026		2025
Operating lease expense	$	2,209	$	2,240
Sublease income	(1,375)		(1,235)
Net operating lease expense	$	834	$	1,005

Other income, net, consisted of the following:


	Three months ended April 30,
(in thousands)	2026		2025
Interest income	$	1,887	$	2,733
Other miscellaneous income, net	161		—
Total other income, net	$	2,048	$	2,733

Supplemental cash flow information related to the Company's operating leases was as follows:


	Three months ended April 30,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,552	$	2,529
Right-of-use assets obtained in exchange for lease obligations	$	—	$	(90)