PURE STORAGE, INC., 10-Q filed on 12/12/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Nov. 03, 2024
Dec. 04, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 03, 2024  
Document Transition Report false  
Entity File Number 001-37570  
Entity Registrant Name Pure Storage, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-1069557  
Entity Address, Address Line One 2555 Augustine Dr.  
Entity Address, City or Town Santa Clara  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95054  
City Area Code 800  
Local Phone Number 379-7873  
Title of 12(b) Security Class A Common Stock, $0.0001 par value per share  
Trading Symbol PSTG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   326,236,972
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001474432  
Current Fiscal Year End Date --02-02  
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Current assets:    
Cash and cash equivalents $ 894,569 $ 702,536
Marketable securities 753,960 828,557
Accounts receivable, net of allowance of $1,060 and $956 578,224 662,179
Inventory 41,571 42,663
Deferred commissions, current 86,839 88,712
Prepaid expenses and other current assets 204,485 173,407
Total current assets 2,559,648 2,498,054
Property and equipment, net 431,353 352,604
Operating lease right-of-use assets 157,574 129,942
Deferred commissions, non-current 210,671 215,620
Intangible assets, net 23,039 33,012
Goodwill 361,427 361,427
Restricted cash 11,249 9,595
Other assets, non-current 99,504 55,506
Total assets 3,854,465 3,655,760
Current liabilities:    
Accounts payable 102,021 82,757
Accrued compensation and benefits 155,652 250,257
Accrued expenses and other liabilities 141,846 135,755
Operating lease liabilities, current 47,941 44,668
Deferred revenue, current 897,174 852,247
Debt, current 100,000 0
Total current liabilities 1,444,634 1,365,684
Long-term debt 0 100,000
Operating lease liabilities, non-current 146,390 123,201
Deferred revenue, non-current 784,282 742,275
Other liabilities, non-current 68,573 54,506
Total liabilities 2,443,879 2,385,666
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Preferred stock, par value of $0.0001 per share— 20,000 shares authorized; no shares issued and outstanding 0 0
Class A and Class B common stock, par value of $0.0001 per share— 2,250,000 (Class A 2,000,000, Class B 250,000) shares authorized; 319,523 and 327,132 Class A shares issued and outstanding 33 32
Additional paid-in capital 2,820,977 2,749,595
Accumulated other comprehensive income (loss) 1,023 (3,782)
Accumulated deficit (1,411,447) (1,475,751)
Total stockholders’ equity 1,410,586 1,270,094
Total liabilities and stockholders’ equity $ 3,854,465 $ 3,655,760
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Accounts receivable, allowance $ 956 $ 1,060
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 20,000,000.0 20,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, shares authorized (in shares) 2,250,000,000 2,250,000,000
Class A common stock    
Common stock, par value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,000,000,000.0 2,000,000,000
Common stock, shares issued (in shares) 327,132,000 319,523,000
Common stock, shares outstanding (in shares) 327,132,000 319,523,000
Class B common stock    
Common stock, par value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 250,000,000 250,000,000
v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Total revenue $ 831,072 $ 762,838 $ 2,288,322 $ 2,040,816
Total cost of revenue 248,150 210,091 669,614 588,129
Gross profit 582,922 552,747 1,618,708 1,452,687
Operating expenses:        
Research and development 200,086 182,100 589,396 549,923
Sales and marketing 255,830 231,707 757,069 696,885
General and administrative 67,319 64,729 213,551 192,944
Restructuring and impairment 0 0 15,901 16,766
Total operating expenses 523,235 478,536 1,575,917 1,456,518
Income (loss) from operations 59,687 74,211 42,791 (3,831)
Other income (expense), net 17,156 5,184 50,684 23,619
Income before provision for income taxes 76,843 79,395 93,475 19,788
Provision for income taxes 13,204 9,006 29,171 23,915
Net income (loss) $ 63,639 $ 70,389 $ 64,304 $ (4,127)
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) $ 0.19 $ 0.22 $ 0.20 $ (0.01)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) $ 0.19 $ 0.21 $ 0.19 $ (0.01)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares) 327,675 314,153 325,530 309,842
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) 340,564 330,255 341,490 309,842
Product        
Total revenue $ 454,735 $ 453,277 $ 1,204,714 $ 1,161,978
Total cost of revenue 154,970 126,770 385,446 343,588
Subscription services        
Total revenue 376,337 309,561 1,083,608 878,838
Total cost of revenue $ 93,180 $ 83,321 $ 284,168 $ 244,541
v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 63,639 $ 70,389 $ 64,304 $ (4,127)
Other comprehensive income (loss):        
Unrealized net gains (losses) on available-for-sale securities (1,625) 2,582 5,048 5,763
Less: reclassification adjustment for net gains on available-for-sale securities included in net income (loss) (59) (7) (243) (291)
Change in unrealized net gains (losses) on available-for-sale securities (1,684) 2,575 4,805 5,472
Comprehensive income $ 61,955 $ 72,964 $ 69,109 $ 1,345
v3.24.3
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Feb. 05, 2023   304,076      
Beginning balance at Feb. 05, 2023 $ 941,233 $ 30 $ 2,493,769 $ (15,504) $ (1,537,062)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options (in shares)   3,711      
Issuance of common stock upon exercise of stock options 32,878   32,878    
Stock-based compensation expense 259,189   259,189    
Vesting of restricted stock units (in shares)   10,613      
Vesting of restricted stock units 0 $ 2 (2)    
Tax withholding on vesting of restricted stock units (in shares)   (546)      
Tax withholding on vesting of restricted stock units (16,582)   (16,582)    
Common stock issued under employee stock purchase plan (in shares)   2,233      
Common stock issued under employee stock purchase plan 45,089   45,089    
Repurchase of common stock (in shares)   (4,102)      
Repurchases of common stock (114,341)   (114,341)    
Issuance of common stock upon conversion of convertible senior notes (in shares)   1      
Issuance of common stock upon conversion of convertible senior notes (356)   (356)    
Other comprehensive income (loss) 5,472     5,472  
Net income (loss) (4,127)       (4,127)
Ending balance (in shares) at Nov. 05, 2023   315,986      
Ending balance at Nov. 05, 2023 1,148,455 $ 32 2,699,644 (10,032) (1,541,189)
Beginning balance (in shares) at Aug. 06, 2023   311,839      
Beginning balance at Aug. 06, 2023 986,328 $ 31 2,610,482 (12,607) (1,611,578)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options (in shares)   311      
Issuance of common stock upon exercise of stock options 2,996   2,996    
Stock-based compensation expense 89,512   89,512    
Vesting of restricted stock units (in shares)   3,438      
Vesting of restricted stock units 0 $ 1 (1)    
Tax withholding on vesting of restricted stock units (in shares)   (131)      
Tax withholding on vesting of restricted stock units (4,755)   (4,755)    
Common stock issued under employee stock purchase plan (in shares)   1,164      
Common stock issued under employee stock purchase plan 23,870   23,870    
Repurchase of common stock (in shares)   (635)      
Repurchases of common stock (22,460)   (22,460)    
Other comprehensive income (loss) 2,575     2,575  
Net income (loss) 70,389       70,389
Ending balance (in shares) at Nov. 05, 2023   315,986      
Ending balance at Nov. 05, 2023 1,148,455 $ 32 2,699,644 (10,032) (1,541,189)
Beginning balance (in shares) at Feb. 04, 2024   319,523      
Beginning balance at Feb. 04, 2024 1,270,094 $ 32 2,749,595 (3,782) (1,475,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options (in shares)   1,656      
Issuance of common stock upon exercise of stock options 20,932   20,932    
Stock-based compensation expense 324,735   324,735    
Vesting of restricted stock units (in shares)   9,643      
Vesting of restricted stock units $ 0 $ 1 (1)    
Tax withholding on vesting of restricted stock units (in shares) (2,500) (2,478)      
Tax withholding on vesting of restricted stock units $ (144,022)   (144,022)    
Common stock issued under employee stock purchase plan (in shares)   2,388      
Common stock issued under employee stock purchase plan 51,736   51,736    
Repurchase of common stock (in shares)   (3,600)      
Repurchases of common stock (181,998)   (181,998)    
Other comprehensive income (loss) 4,805     4,805  
Net income (loss) 64,304       64,304
Ending balance (in shares) at Nov. 03, 2024   327,132      
Ending balance at Nov. 03, 2024 1,410,586 $ 33 2,820,977 1,023 (1,411,447)
Beginning balance (in shares) at Aug. 04, 2024   327,465      
Beginning balance at Aug. 04, 2024 1,453,161 $ 33 2,925,507 2,707 (1,475,086)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options (in shares)   249      
Issuance of common stock upon exercise of stock options 3,164   3,164    
Stock-based compensation expense 103,257   103,257    
Vesting of restricted stock units (in shares)   2,938      
Vesting of restricted stock units $ 0        
Tax withholding on vesting of restricted stock units (in shares) (1,100) (1,113)      
Tax withholding on vesting of restricted stock units $ (55,361)   (55,361)    
Common stock issued under employee stock purchase plan (in shares)   1,193      
Common stock issued under employee stock purchase plan 26,408   26,408    
Repurchase of common stock (in shares)   (3,600)      
Repurchases of common stock (181,998)   (181,998)    
Other comprehensive income (loss) (1,684)     (1,684)  
Net income (loss) 63,639       63,639
Ending balance (in shares) at Nov. 03, 2024   327,132      
Ending balance at Nov. 03, 2024 $ 1,410,586 $ 33 $ 2,820,977 $ 1,023 $ (1,411,447)
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 64,304 $ (4,127)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 97,529 91,560
Stock-based compensation expense 318,956 255,243
Noncash portion of lease impairment and abandonment 3,270 16,766
Other 5,107 (5,844)
Changes in operating assets and liabilities:    
Accounts receivable, net 83,998 (23,959)
Inventory (1,590) 5,278
Deferred commissions 6,822 (19,061)
Prepaid expenses and other assets (65,444) 19,686
Operating lease right-of-use assets 25,911 27,269
Accounts payable 20,597 33,844
Accrued compensation and other liabilities (70,951) (52,757)
Operating lease liabilities (30,353) (21,457)
Deferred revenue 86,934 110,856
Net cash provided by operating activities 545,090 433,297
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (170,641) (151,591)
Purchases of marketable securities and other (314,083) (351,725)
Sales of marketable securities 61,241 52,495
Maturities of marketable securities 329,978 495,899
Net cash provided by (used in) investing activities (93,505) 45,078
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 21,194 32,904
Proceeds from issuance of common stock under employee stock purchase plan 51,736 45,089
Proceeds from borrowings 0 106,890
Principal payments on borrowings and finance lease obligations (5,721) (584,582)
Tax withholding on vesting of equity awards (141,591) (16,582)
Repurchases of common stock (181,999) (114,341)
Net cash used in financing activities (256,381) (530,622)
Net increase (decrease) in cash, cash equivalents and restricted cash 195,204 (52,247)
Cash, cash equivalents and restricted cash, beginning of period 712,131 591,398
Cash, cash equivalents and restricted cash, end of period 907,335 539,151
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD    
Cash and cash equivalents 894,569 529,191
Restricted cash 11,249 9,960
Restricted cash included in prepaid expenses and other current assets 1,517 0
Cash, cash equivalents and restricted cash, end of period 907,335 539,151
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 5,306 3,989
Cash paid for income taxes 29,527 19,459
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION    
Property and equipment purchased but not yet paid $ 14,376 $ 13,957
v3.24.3
Business Overview
 9 Months Ended
Nov. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Overview Business Overview
Pure Storage, Inc. (the Company, we, us, or other similar pronouns) was originally incorporated in the state of Delaware in October 2009 under the name OS76, Inc. In January 2010, we changed our name to Pure Storage, Inc. We are headquartered in Santa Clara, California and have wholly owned subsidiaries throughout the world.
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Nov. 03, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
We operate using a 52/53 week fiscal year ending on the first Sunday after January 30, which for fiscal 2024 was February 4, 2024 and for fiscal 2025 will be February 2, 2025. The third quarter of fiscal 2024 and 2025 ended on November 5, 2023 and November 3, 2024. Unless otherwise stated, all dates refer to our fiscal year and fiscal quarters.
The condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Consolidated Financial Information
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2024.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2025 or any future period.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations when the price at which the performance obligation sold separately or observable past transactions are not available, useful lives of intangible assets and property and equipment, the period of benefit for deferred contract costs for commissions, stock-based compensation, provision for income taxes including related reserves, fair value of leases and impairment of related right-of-use (ROU) assets, fair value of equity assumed, intangible and tangible assets acquired and liabilities assumed for business combinations. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
In accordance with our accounting practices, we review the estimated useful lives of our property and equipment on an ongoing basis. In the third quarter of fiscal 2025, management determined that the estimated useful lives of certain property and equipment had changed. The estimated useful lives of test and infrastructure equipment and assets for our Evergreen//One offering were revised from 4 years to a range of 5 to 7 years. The change in estimated useful lives will be recognized on a prospective basis effective at the beginning of the third quarter of fiscal 2025. The effect of this change in estimate resulted in an aggregate reduction to depreciation expense and corresponding increase in net income of $9.6 million, or $0.03 per basic and diluted share, during the third quarter and first three quarters of fiscal 2025.
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 will be effective for our fiscal year beginning February 5, 2024, and interim periods within our fiscal year beginning February 3, 2025, with early adoption permitted and requires application on a fully retrospective basis. We are currently evaluating the impact of this standard on our financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of tax information in rate reconciliation and income taxes paid by jurisdiction. ASU 2023-09 will be effective for our fiscal year beginning February 3, 2025, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statement disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures of specific expense categories included within each expense caption presented on the Statements of Operations. The new standard can be applied on either a fully retrospective or prospective basis. ASU 2024-03 will be effective for our fiscal year beginning February 1, 2027, and interim periods within our fiscal year beginning February 7, 2028, with early adoption permitted. We are currently evaluating the impact of this new standard on our financial statement disclosures.
v3.24.3
Financial Instruments
 9 Months Ended
Nov. 03, 2024
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Financial Instruments
Fair Value Measurements
We define fair value as the exchange price that would be received from sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Three levels of inputs may be used to measure fair value:
•Level 1 - Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities;
•Level 2 - Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.
Cash Equivalents, Marketable Securities and Restricted Cash
We measure our cash equivalents, marketable securities, and restricted cash at fair value on a recurring basis. We classify our cash equivalents, marketable securities and restricted cash within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Our fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of our marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. The following tables summarize our cash equivalents, marketable securities and restricted cash by significant investment categories and their classification within the fair value hierarchy at the end of fiscal 2024 and the third quarter of fiscal 2025 (in thousands):

 At the End of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
Cash
Equivalents
Marketable
Securities
Restricted
Cash
Level 1      
Money market accounts$— $— $— $32,422 $22,827 $— $9,595 
Level 2      
U.S. government treasury notes340,168 584 (1,374)339,378 1,834 337,544 — 
U.S. government agencies4,397 2 — 4,399 — 4,399 — 
Corporate debt securities419,051 1,163 (2,262)417,952 — 417,952 — 
Foreign government bonds1,290 6 (16)1,280 — 1,280 — 
Asset-backed securities65,947 279 (316)65,910 — 65,910 — 
Municipal bonds1,510 — (38)1,472 — 1,472 — 
Total$832,363 $2,034 $(4,006)$862,813 $24,661 $828,557 $9,595 

 
At the End of the Third Quarter of Fiscal 2025
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
Cash
Equivalents
Marketable
Securities
Restricted
Cash
Level 1
Money market accounts$— $— $— $299,753 $294,436 $— $5,317 
Level 2       
U.S. government treasury notes302,540 850 (215)303,175 — 303,175 — 
U.S. government agencies2,400 — — 2,400 — 2,400 — 
Corporate debt securities380,860 2,020 (190)382,690 — 382,690 — 
Foreign government bonds700 4 — 704 — 704 — 
Asset-backed securities64,627 371 (7)64,991 — 64,991 — 
Total$751,127 $3,245 $(412)$1,053,713 $294,436 $753,960 $5,317 
The amortized cost and estimated fair value of our marketable securities are shown below by contractual maturity (in thousands):
 
At the End of the Third Quarter of Fiscal 2025
 Amortized CostFair Value
Due within one year$268,257 $268,560 
Due in one to five years481,590 484,125 
Due in five to ten years1,280 1,275 
Total$751,127 $753,960 
Unrealized losses on our marketable securities have not been recorded into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis. The fair value of our marketable securities is impacted by the interest rate environment and related credit spreads. The credit ratings associated with our marketable securities are highly rated and the issuers continue to make timely principal and interest payments. As a result, there were no credit or non-credit impairment charges recorded in the third quarter and the first three quarters of fiscal 2024 and 2025.
The following table presents gross unrealized losses and fair values for those investments that were in a continuous unrealized loss position at the end of fiscal 2024 and the third quarter of fiscal 2025, aggregated by investment category (in thousands):
At the End of Fiscal 2024
Less than 12 monthsGreater than 12 monthsTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. government treasury notes$166,565 $(725)$47,842 $(649)$214,407 $(1,374)
Corporate debt securities116,247 (260)104,810 (2,002)221,057 (2,262)
Foreign government bonds— — 573 (16)573 (16)
Asset-backed securities12,029 (34)13,800 (282)25,829 (316)
Municipal bonds— — 1,472 (38)1,472 (38)
Total$294,841 $(1,019)$168,497 $(2,987)$463,338 $(4,006)

At the End of the Third Quarter of Fiscal 2025
 Less than 12 monthsGreater than 12 monthsTotal
 Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. government treasury notes$57,841 $(185)$35,280 $(30)$93,121 $(215)
Corporate debt securities30,830 (80)29,736 (110)60,566 (190)
Asset-backed securities3,184 (6)147 (1)3,331 (7)
Total$91,855 $(271)$65,163 $(141)$157,018 $(412)
 Realized gains or losses on sale of marketable securities were not significant for all periods presented.
Other Financial Instruments
The investments held in our nonqualified deferred compensation plan trust are considered trading securities that are measured at fair value using Level 1 inputs. The fair value of these investments was $3.2 million and $7.4 million at the end of fiscal 2024 and the third quarter of fiscal 2025.
v3.24.3
Balance Sheet Components
 9 Months Ended
Nov. 03, 2024
Balance Sheet Components Disclosure [Abstract]  
Balance Sheet Components Balance Sheet Components
Inventory
Inventory consists of the following (in thousands):
At the End of
Fiscal 2024
Third Quarter of Fiscal 2025
Raw materials$19,317 $13,045 
Finished goods23,346 28,526 
Inventory$42,663 $41,571 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
Test and infrastructure equipment
$371,269 $436,765 
Computer equipment and software319,636 375,874 
Furniture and fixtures12,547 13,826 
Leasehold improvements92,926 100,358 
Capitalized software development costs36,474 58,706 
Total property and equipment832,852 985,529 
Less: accumulated depreciation and amortization(480,248)(554,176)
Property and equipment, net$352,604 $431,353 
Depreciation and amortization expense related to property and equipment was $28.7 million and $24.9 million for the third quarter of fiscal 2024 and 2025, and $82.5 million and $89.1 million for the first three quarters of fiscal 2024 and 2025.
Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
Gross Carrying ValueAccumulated AmortizationNet Carrying AmountGross Carrying ValueAccumulated AmortizationNet Carrying Amount
Technology patents$19,125 $(16,107)$3,018 $20,875 $(17,223)$3,652 
Developed technology83,211 (56,589)26,622 83,211 (66,506)16,705 
Customer relationships6,459 (3,087)3,372 6,459 (3,777)2,682 
Intangible assets, net$108,795 $(75,783)$33,012 $110,545 $(87,506)$23,039 
 
 Intangible assets amortization expense was $4.0 million and $3.9 million for the third quarter of fiscal 2024 and 2025, and $12.3 million and $11.7 million for the first three quarters of fiscal 2024 and 2025. At the end of the third quarter of fiscal 2025, the weighted-average remaining amortization period was 1.0 years for technology patents, 1.3 years for developed technology, and 2.9 years for customer relationships. We record amortization of technology patents in general and administrative expenses due to their defensive nature, developed technology in cost of product revenue, and customer relationships in sales and marketing expenses in the condensed consolidated statements of operations.
At the end of the third quarter of fiscal 2025, future expected amortization expense for intangible assets is as follows (in thousands):
Fiscal Years EndingEstimated Future
Amortization Expense
Remainder of 2025$3,966 
202613,266 
20273,543 
20281,498 
2029604 
Thereafter162 
Total$23,039 
Goodwill
As of the end of fiscal 2024 and the third quarter of fiscal 2025, goodwill was $361.4 million. There were no impairments to goodwill for the third and first three quarters of fiscal 2024 and 2025.
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
Taxes payable $13,097 $12,953 
Accrued marketing18,438 18,349 
Engineering-related accruals (1)
5,973 9,644 
Supply chain-related accruals (2)
25,962 15,736 
Accrued service logistics and professional services9,636 11,979 
Finance lease liabilities, current4,204 691 
Customer deposits from contracts with customers23,534 26,094 
Other accrued liabilities34,911 46,400 
Total accrued expenses and other liabilities$135,755 $141,846 
_________________________________
(1) Primarily consists of subscription cloud services and outside services costs.
(2) Primarily consists of warranty reserves and accruals related to inventory and inventory purchase commitments with our contract manufacturers.
v3.24.3
Deferred Revenue and Commissions
 9 Months Ended
Nov. 03, 2024
Revenue from Contract with Customer [Abstract]  
Deferred Revenue and Commissions Deferred Revenue and Commissions
Deferred Commissions
Deferred commissions consist of incremental costs paid to our sales force to obtain customer contracts.
Changes in total deferred commissions during the periods presented are as follows (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Beginning balance
$255,417 $298,179 $245,856 $304,332 
Additions50,183 39,737 130,312 108,777 
Recognition of deferred commissions(40,683)(40,406)(111,251)(115,599)
Ending balance$264,917 $297,510 $264,917 $297,510 
Of the $297.5 million total deferred commissions balance at the end of the third quarter of fiscal 2025, we expect to recognize approximately 29% as commission expense over the next 12 months and the remainder thereafter.
There was no impairment related to capitalized commissions for the third quarter and first three quarters of fiscal 2024 and 2025.
Deferred Revenue
Deferred revenue primarily consists of amounts that have been invoiced but have not yet been recognized as revenue including performance obligations pertaining to subscription services.
Changes in total deferred revenue during the periods presented are as follows (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Beginning balance
$1,437,043 $1,623,660 $1,385,650 $1,594,522 
Additions368,708 419,745 975,149 1,129,256 
Recognition of deferred revenue(309,244)(361,949)(864,292)(1,042,322)
Ending balance$1,496,507 $1,681,456 $1,496,507 $1,681,456 
Revenue recognized during the third quarter of fiscal 2024 and 2025 from deferred revenue at the beginning of each respective period was $280.4 million and $310.6 million. Revenue recognized during the first three quarters of fiscal 2024 and 2025 from deferred revenue at the beginning of each respective period was $589.1 million and $703.5 million.
Remaining Performance Obligations
Total remaining performance obligations (RPO) which is contracted but not recognized revenue was $2.4 billion at the end of the third quarter of fiscal 2025. Total RPO includes $35.7 million in remaining non-cancelable product orders, of which $13.5 million relates to a lessor arrangement that is further discussed in Note 8. RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods. Product orders are generally cancelable until delivery has occurred, and as such, unfulfilled product orders that are cancelable are excluded from RPO. Of the $2.4 billion RPO at the end of the third quarter of fiscal 2025, we expect to recognize approximately 47% over the next 12 months, and the remainder thereafter.
v3.24.3
Debt
 9 Months Ended
Nov. 03, 2024
Debt Disclosure [Abstract]  
Debt Debt
Revolving Credit Facility
In August 2020, we entered into a Credit Agreement with a consortium of financial institutions and lenders that provides for a five-year, senior secured revolving credit facility of $300.0 million (Credit Facility). Proceeds from the Credit Facility may be used for general corporate purposes and working capital. The Credit Facility expires, absent default or termination by us, on August 24, 2025.
Effective April 1, 2023, the Credit Facility was amended to transition LIBOR to the Secured Overnight Financing Rate (SOFR). The annual interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% or term SOFR (based on one, three or six-month interest periods), subject to a floor of 0%, plus a margin ranging from 1.50% to 2.25%. Interest on revolving loans is payable quarterly in arrears with respect to loans based on the base rate and at the end of an interest period in the case of loans based on term SOFR (or at each three-month interval if the interest period is longer than three months). We are also required to pay a commitment fee on the unused portion of the commitments ranging from 0.25% to 0.40% per annum, payable quarterly in arrears.
In April 2023, we borrowed $100.0 million under the Credit Facility which remained outstanding at the end of the third quarter of fiscal 2025. The outstanding loan bore weighted-average interest at an annual rate of 6.81% and 6.62% during the third quarter of fiscal 2024 and 2025 and 6.62% and 6.76% during the first three quarters of fiscal 2024 and 2025 based on a one-month term SOFR period. Interest expense was not material for the third quarter and first three quarters of fiscal 2024 and 2025.
Borrowings under the Credit Facility are collateralized by substantially all of our assets and subject to certain restrictions and two financial ratios measured as of the last day of each fiscal quarter: a consolidated leverage ratio not to exceed 4.5:1 and an interest coverage ratio not to be less than 3:1. We were in compliance with all covenants under the Credit Facility at the end of the third quarter of fiscal 2025.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Nov. 03, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
At the end of fiscal 2024 and the third quarter of fiscal 2025, we had outstanding letters of credit in the aggregate amount of $7.7 million and $7.2 million in connection with our facility leases. The letters of credit are collateralized by either restricted cash or the Credit Facility and mature on various dates through September 2030.
Legal Matters
From time to time, we have become involved in claims and other legal matters arising in the normal course of business. We investigate these claims as they arise. Although claims are inherently unpredictable, we currently are not aware of any matters that we expect to have a material adverse effect on our business, financial position, results of operations or cash flows. Accordingly, no material loss contingency has been recorded on our condensed consolidated balance sheet as of the end of the third quarter of fiscal 2025.
Indemnification
Our arrangements generally include certain provisions for indemnifying customers against liabilities if our products or services infringe a third party’s intellectual property rights. Other guarantees or indemnification arrangements include guarantees of product and service performance and standby letters of credit for lease facilities. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any material costs as a result of such obligations and have not accrued any liabilities related to such obligations in the condensed consolidated financial statements. In addition, we indemnify our officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions.
v3.24.3
Leases
 9 Months Ended
Nov. 03, 2024
Leases [Abstract]  
Leases Leases
We lease office and data center facilities under non-cancelable operating lease agreements expiring through July 2032. Our lease agreements do not contain any material residual value guarantees or restrictive covenants.
We also lease certain engineering test equipment under financing agreements. These finance leases have a lease term of three years and contain a bargain purchase option that we expect to exercise at the end of the respective lease term.
The components of lease costs during the periods presented were as follows (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Fixed operating lease cost$10,685 $12,930 $37,338 $35,467 
Variable lease cost (1)
2,328 3,905 8,002 10,699 
Short-term lease cost (12 months or less)1,081 1,160 3,214 3,014 
Finance lease cost:
Amortization of finance lease right-of-use assets1,100 1,100 3,300 3,300 
Interest on finance lease liabilities81 16 338 141 
Total finance lease cost$1,181 $1,116 $3,638 $3,441 
Total lease cost$15,275 $19,111 $52,192 $52,621 
____________________________________
(1) Variable lease cost predominantly included common area maintenance charges.
Supplemental information related to leases is as follows (in thousands):
At the End of
Fiscal 2024
Third Quarter of Fiscal 2025
Operating leases:
Weighted-average remaining lease term (in years)5.05.0
Weighted-average discount rate7.1 %7.4 %
Finance leases:
Finance lease right-of-use assets, gross
$17,596$17,596
Accumulated amortization
(7,812)(11,112)
Finance lease right-of-use assets, net (1)
$9,784$6,484
Finance lease liabilities, current (2)
4,204691
Finance lease liabilities, non-current (3)
180—
Total finance lease liabilities$4,384$691
Weighted-average remaining lease term (in years)2.41.1
Weighted-average discount rate5.4 %3.0 %
____________________________________
(1) Included in the condensed consolidated balance sheets within property and equipment, net.
(2) Included in the condensed consolidated balance sheets within accrued expenses and other liabilities.
(3) Included in the condensed consolidated balance sheets within other liabilities, non-current.
Supplemental cash flow information related to leases is as follows (in thousands):
First Three Quarters of Fiscal
20242025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$29,591 $37,380 
Financing cash outflows for finance leases$5,969 $4,818 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$11,966 $56,813 
Future lease payments under our non-cancelable leases at the end of the third quarter of fiscal 2025 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2025
$18,426 $514 
202653,078 183 
202737,100 — 
202839,986 — 
202932,263 — 
Thereafter53,696 — 
Total future lease payments234,549 697 
Less: imputed interest(40,218)(6)
Present value of total lease liabilities$194,331 $691 
Lessor Arrangement
During the fourth quarter of fiscal 2024, we, as a lessor, entered into a non-cancelable arrangement with a customer (lessee) to lease our data storage solutions and subscription services. The arrangement includes three seven-year leases that commence in the first, second and fourth quarters of fiscal 2025 with total net consideration of $76.6 million, and provides the lessee with an end-of-term option to purchase the leased assets for a pre-determined price.
We determined, at inception of the arrangement, that each of the three seven-year leases included multiple components. These components include sales-type leases, an operating lease, and non-lease components. The total net consideration for each lease was allocated to these components based on relative standalone selling price. The amounts allocated to the lease and non-lease components are accounted for in accordance with ASC 842 and ASC 606, respectively. Lease income associated with sales-type leases are classified as product revenue and lease income associated with operating leases and non-lease components are classified primarily as subscription services revenue on our condensed consolidated statements of operations.
The total net consideration for two of the seven-year leases that commenced in the first and second quarters of fiscal 2025 (First Two Leases) was $50.6 million. We recognized $15.2 million in product revenue related to the sales-type lease components during the first three quarters of fiscal 2025. The associated profit was $11.4 million, based on the product revenue recognized less certain costs, during the first three quarters of fiscal 2025. Subscription services revenue related to the operating lease and non-lease components recognized during the third quarter and first three quarters of fiscal 2025 were $2.7 million and $4.8 million.
Future minimum gross lease payments for the two seven-year leases allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments of $35.9 million allocated to the non-lease components, are excluded from the table below.
Fiscal Years Ending
Sales-Type Leases
Operating Lease
The remainder of 2025
$727 $549 
20262,908 2,192 
20272,908 2,192 
20284,713 386 
20295,100 — 
Thereafter10,966 — 
Total future lease payments to be received
$27,322 $5,319 
v3.24.3
Restructuring and Impairment
 9 Months Ended
Nov. 03, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Impairment Restructuring and Impairment
Workforce Realignment
In February 2024, we initiated a workforce realignment plan (the Plan) that impacted nearly 250 employees globally, resulting in total restructuring costs of $27.9 million associated with one-time severance and other termination benefits. We recognized $18.0 million in restructuring costs in the fourth quarter of fiscal 2024 and the remaining $9.9 million was recognized in the first quarter of fiscal 2025. Of the restructuring costs recognized in the first quarter of fiscal 2025, $9.5 million is presented in restructuring and impairment and $0.4 million is presented in cost of revenue in our condensed consolidated statement of operations for the first three quarters of fiscal 2025. The execution of the Plan and related payments was completed by the end of the third quarter of fiscal 2025.
Facilities Abandonment and Impairment
During the first three quarters of fiscal 2024, we recognized $16.8 million in abandonment and impairment charges related to leases associated with our former corporate headquarters that we ceased use during the second quarter of fiscal 2024. The impairment charge represents the amount that the carrying value of the underlying operating lease right-of-use assets exceeded their estimated fair values, which were determined by utilizing a discounted cash flow approach that incorporated a sublease assumption. During the first three quarters of fiscal 2025, we recognized $6.4 million in incremental abandonment and impairment charges related to these leases. The incremental impairment charge was due to a revision to the underlying sublease assumptions during the first quarter of fiscal 2025.
v3.24.3
Stockholders' Equity
 9 Months Ended
Nov. 03, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
We have 20.0 million authorized shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board of Directors. At the end of the third quarter of fiscal 2025, there were no shares of preferred stock issued or outstanding.
Class A and Class B Common Stock
We have two classes of authorized common stock, Class A common stock, which we refer to as our “common stock”, and Class B common stock. At the end of the third quarter of fiscal 2025, we had 2.0 billion authorized shares of Class A common stock and 250.0 million authorized shares of Class B common stock, with each class having a par value of $0.0001 per share. At the end of the third quarter of fiscal 2025, 327.1 million shares of Class A common stock were issued and outstanding.
Share Repurchase Program
In February 2024, our Board of Directors authorized an additional $250.0 million to repurchase shares of our common stock, increasing the total remaining authorization amount to $395.4 million. During the third quarter and first three quarters of fiscal 2025, we repurchased and retired approximately 3.6 million shares of our common stock at an average purchase price of $50.53 per share for an aggregate repurchase price of $182.0 million. At the end of the third quarter of fiscal 2025, $213.4 million remained available for future share repurchases under our current repurchase authorization.
v3.24.3
Equity Incentive Plans
 9 Months Ended
Nov. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Equity Incentive Plans
We maintain two equity incentive plans: the 2009 Equity Incentive Plan (the 2009 Plan) and the 2015 Equity Incentive Plan (the 2015 Plan). The 2015 Plan serves as the successor to our 2009 Plan and provides for grants of incentive stock options to our employees and non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based stock and cash awards, market-based stock awards, and other forms of stock awards to our employees, directors and consultants. Our equity awards generally vest over a two to four year period and expire no later than ten years from the date of grant.
In June 2024, we extended the net-share settlement of equity awards to the majority of our employees by withholding shares upon vesting to satisfy tax withholding obligations whereas previously, shares were sold to cover such tax withholding obligations. Approximately 1.1 million shares and 2.5 million shares were withheld to cover $55.3 million and $144.0 million in tax withholding obligations during the third quarter and first three quarters of fiscal 2025. The shares withheld to satisfy employee tax withholding obligations are returned to our 2015 Plan and will be available for future issuance. Payments for employees’ tax obligations to the tax authorities are recognized as a reduction to additional paid-in capital and reflected as a financing activity in our condensed consolidated statements of cash flows.
2015 Amended and Restated Employee Stock Purchase Plan
Under our Amended and Restated 2015 Employee Stock Purchase Plan (2015 ESPP), our Board of Directors (or a committee thereof) has the authority to establish the length and terms of the offering periods and purchase periods and the purchase price of the shares of common stock which may be purchased under the plan. The current offering terms allow eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 30% of their eligible compensation, subject to a cap of 3,000 shares on any purchase date, a dollar cap of $7,500 per purchase period, or $25,000 in any calendar year (as determined under applicable tax rules). The current terms also allow for a 24-month offering period beginning March 16th and September 16th of each year, with each offering period consisting of four 6-month purchase periods, subject to a reset provision. Further, currently, on each purchase date, eligible employees may purchase our common stock at a price per share equal to 85% of the lesser of the fair market value of our common stock (1) on the first trading day of the applicable offering period or (2) the purchase date.
Under the reset provision currently authorized, if the closing stock price on the offering date of a new offering falls below the closing stock price on the offering date of an ongoing offering, the ongoing offering would terminate immediately following the purchase of ESPP shares on the purchase date immediately preceding the new offering and participants in the terminated offering would automatically be enrolled in the new offering (ESPP reset), resulting in a modification charge to be recognized over the new offering period. An ESPP reset occurred during the first quarter of fiscal 2024 that resulted in a modification charge of $16.7 million, which is being recognized over an offering period ending March 15, 2025.
Stock-based compensation expense related to our 2015 ESPP was $7.1 million and $8.9 million during the third quarter of fiscal 2024 and 2025, and $19.7 million and $25.2 million during the first three quarters of fiscal 2024 and 2025. At the end of the third quarter of fiscal 2025, total unrecognized stock-based compensation cost related to our 2015 ESPP was $22.5 million, which is expected to be recognized over a weighted-average period of 1.0 year.
Stock Options
A summary of the stock option activity under our equity incentive plans and related information is as follows:
 
 Options Outstanding
 Number of
Shares		Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual Life (in years)
Aggregate
Intrinsic
Value (in thousands)
Balance at the end of fiscal 20244,493,934 $13.63 2.3$129,065 
Options exercised(1,655,884)12.80   
Options forfeited(593)1.95   
Balance at the end of the third quarter of fiscal 2025
2,837,457 $13.96 2.0$104,962 
Vested and exercisable at the end of the third quarter of fiscal 2025
2,837,457 $13.96 2.0$104,962 
 
The aggregate intrinsic value of options vested and exercisable at the end of the third quarter of fiscal 2025 is calculated based on the difference between the exercise price and the closing price of $50.95 of our common stock on the last day of the third quarter of fiscal 2025.
Stock-based compensation expense related to stock options has been fully recognized and was not material for the third quarter of fiscal 2024 and the first three quarters of fiscal 2024 and 2025.
Restricted Stock Units (RSUs)
A summary of the RSU activity under our equity incentive plans and related information is as follows:
 
Number of
RSUs Outstanding
Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 202424,343,074 $26.77 $1,028,495 
Granted
7,915,402 51.60 
Vested(8,526,064)27.01 
Forfeited(2,097,043)29.96 
Unvested balance at the end of the third quarter of fiscal 2025
21,635,369 $35.45 $1,102,322 
Stock-based compensation expense related to RSUs was $68.9 million and $80.2 million during the third quarter of fiscal 2024 and 2025, and $199.0 million and $227.6 million during the first three quarters of fiscal 2024 and 2025. At the end of the third quarter of fiscal 2025, total unrecognized stock-based compensation cost related to unvested RSUs was $719.6 million, which is expected to be recognized over a weighted-average period of 2.7 years.
Performance-based Restricted Stock Units (PRSUs)
The number of shares that could be earned under our PRSU grants ranges from 0% to 200% of the target number granted depending on the achievement of certain performance conditions with any unearned shares canceled. Generally, the number of earned shares vest over three years from the date of grant subject to continuous service.
A summary of the PRSU activity under our equity incentive plans and related information is as follows:
Number of
PRSUs Outstanding
Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 2024
2,270,597 $25.64 $95,933 
Granted (1)
1,221,033 49.58 
Vested and earned (2)
(1,116,603)25.86 
Unearned (3)
(297,864)23.86 
Unvested balance at the end of the third quarter of fiscal 2025
2,077,163 $39.85 $105,831 
____________________________________
(1) Represents the number of shares that may be earned at the target percentage of 100% depending on the achievement of fiscal 2025 or certain other performance conditions.
(2) Represents the number of shares earned in which the service condition has also been satisfied.
(3) Represents the number of shares canceled as a result of not fully achieving the fiscal 2024 performance conditions.
Stock-based compensation expense related to PRSUs was $7.6 million and $8.6 million during the third quarter of fiscal 2024 and 2025, and $28.5 million and $55.2 million during the first three quarters of fiscal 2024 and 2025. At the end of the third quarter of fiscal 2025, total unrecognized stock-based compensation cost related to unvested PRSUs was $32.5 million, which is expected to be recognized over a weighted-average period of 2.2 years.
During the first quarter of fiscal 2025, our Board of Directors approved a discretionary adjustment, increasing the earned number of shares to 80 percent of the target for the PRSUs granted in fiscal 2024. Our Board of Directors’ consideration included that fiscal 2024 total revenue growth was impacted by Total Contract Value (TCV) sales growth of our consumption based Evergreen//One and Evergreen//Flex offerings, which far exceeded expectations. This modification resulted in additional stock-based compensation expense of approximately $40.7 million, of which $2.6 million and $34.5 million were recognized during the third quarter and first three quarters of fiscal 2025 with the remaining amount to be recognized over the remaining vesting period.
Long-Term Performance Incentive RSUs (LTP Awards)
In June 2023, we granted market-based LTP Awards to certain executives with an aggregate maximum number of shares of common stock of approximately 4.2 million.
•The total number of shares earned are subject to continuous service through March 20, 2028 and upon vesting, the number of shares vested will be subject to a one-year post-vest holding period.
•The number of shares earned are contingent upon our market capitalization meeting or exceeding $21.0 billion that will be measured over an approximate three to five year period, at the end of our fiscal years ending in 2026, 2027 and 2028.
Total stock-based compensation expense of $73.9 million for these awards is being recognized over the requisite service period of nearly five years using the accelerated attribution method and is not reversed if the market condition is not ultimately met. There were approximately 4.0 million in remaining unvested and outstanding LTP Awards with an aggregate intrinsic value of $204.1 million at the end of the third quarter of fiscal 2025. Stock-based compensation expense related to LTP Awards was $3.9 million and $3.4 million during the third quarter of fiscal 2024 and 2025, and $6.3 million and $10.7 million during the first three quarters of fiscal 2024 and 2025. At the end of the third quarter of fiscal 2025, total unrecognized stock-based compensation cost related to unvested LTP Awards was $49.0 million, which is expected to be recognized over a weighted-average period of 3.4 years.
Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands):
 
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
Cost of revenue—product$1,443 $3,216 $7,056 $9,443 
Cost of revenue—subscription services6,849 7,800 19,347 24,632 
Research and development
43,908 49,227 126,225 150,390 
Sales and marketing19,209 24,393 55,883 72,330 
General and administrative16,557 16,436 46,732 62,161 
Total stock-based compensation expense, net of amounts capitalized (1)
$87,966 $101,072 $255,243 $318,956 
_________________________________
(1) Stock-based compensation expense capitalized was $1.5 million and $2.2 million during the third quarter of fiscal 2024 and 2025, and $3.9 million and $5.8 million for the first three quarters of fiscal 2024 and 2025 .
The tax benefit related to stock-based compensation expense for all periods presented was not material.
v3.24.3
Net Income (Loss) per Share Attributable to Common Stockholders
 9 Months Ended
Nov. 03, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Attributable to Common Stockholders Net Income (Loss) per Share Attributable to Common Stockholders
Basic and diluted net income (loss) per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents, including our outstanding stock options, common stock related to unvested RSUs, PRSUs, and LTP Awards, the shares underlying the conversion option in our Notes (prior to the Notes being repaid in April 2023) to the extent dilutive, and common stock issuable pursuant to the ESPP. We used the if-converted method to calculate the impact of our Notes, prior to the Notes being repaid, on diluted EPS. In periods of net loss, all potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data):
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
Numerator:
Net income (loss)$70,389 $63,639 $(4,127)$64,304 
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic314,153 327,675 309,842 325,530 
Add: Dilutive effect of common stock equivalents16,102 12,889 — 15,960 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted330,255 340,564 309,842 341,490 
Net income (loss) per share attributable to common stockholders, basic$0.22 $0.19 $(0.01)$0.20 
Net income (loss) per share attributable to common stockholders, diluted$0.21 $0.19 $(0.01)$0.19 
The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
 
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
Stock options to purchase common stock— — 7,185 — 
Unvested RSUs and PRSUs
— 798 31,115 401 
Unvested LTP Awards
— — 2,298 — 
Shares related to convertible senior notes— — 5,772 — 
Shares issuable pursuant to the ESPP— — 655 — 
Total— 798 47,025 401 
v3.24.3
Other Income (Expense), Net
 9 Months Ended
Nov. 03, 2024
Other Income and Expenses [Abstract]  
Other Income (Expense), Net Other Income (Expense), Net
Other income (expense), net consists of the following (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Interest income(1)
$12,167 $20,149 $35,652 $58,881 
Interest expense(2)
(2,094)(1,925)(5,441)(5,966)
Foreign currency transactions losses
(4,599)(1,158)(6,285)(2,270)
Other income (expense)
(290)90 (307)39 
Total other income (expense), net$5,184 $17,156 $23,619 $50,684 
____________________________________
(1) Interest income includes interest income related to our cash, cash equivalents and marketable securities and non-cash interest income (expense) related to accretion (amortization) of the discount (premium) on marketable securities.
(2) Interest expense includes non-cash interest expense related to amortization of debt issuance costs, contractual interest expense related to our debt and accretion of our finance lease liabilities.
v3.24.3
Income Taxes
 9 Months Ended
Nov. 03, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our provision for income tax primarily reflects taxes on international operations and U.S. income taxes. The difference between the income tax provision that would be derived by applying the statutory rate to our loss before provision for income taxes and the income tax provision recorded was primarily attributable to our valuation allowance on U.S. deferred tax assets, research and development credits, U.S. taxes on foreign income, stock-based compensation expense and state taxes driven by Internal Revenue Code Section 174.
At the end of the third quarter of fiscal 2025, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for fiscal 2024.
v3.24.3
Segment Information
 9 Months Ended
Nov. 03, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Our chief operating decision maker is our Chief Executive Officer. Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, we have a single reportable segment.
Disaggregation of Revenue
The following table depicts the disaggregation of revenue by geographic area based on the billing address of our customers and is consistent with how we evaluate our financial performance (in thousands):
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
United States$535,452 $561,882 $1,457,266 $1,588,648 
Rest of the world227,386 269,190 583,550 699,674 
Total revenue$762,838 $831,072 $2,040,816 $2,288,322 
Long-Lived Assets by Geographic Area
Long-lived assets, which are comprised of property and equipment, net, by geographic area are summarized as follows (in thousands):
 
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
United States$340,121 $418,535 
Rest of the world12,483 12,818 
Total long-lived assets$352,604 $431,353 
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Pay vs Performance Disclosure        
Net income (loss) $ 63,639 $ 70,389 $ 64,304 $ (4,127)
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Nov. 03, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Nov. 03, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
We operate using a 52/53 week fiscal year ending on the first Sunday after January 30, which for fiscal 2024 was February 4, 2024 and for fiscal 2025 will be February 2, 2025. The third quarter of fiscal 2024 and 2025 ended on November 5, 2023 and November 3, 2024. Unless otherwise stated, all dates refer to our fiscal year and fiscal quarters.
The condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Consolidated Financial Information
Unaudited Interim Consolidated Financial Information
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2024.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2025 or any future period.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations when the price at which the performance obligation sold separately or observable past transactions are not available, useful lives of intangible assets and property and equipment, the period of benefit for deferred contract costs for commissions, stock-based compensation, provision for income taxes including related reserves, fair value of leases and impairment of related right-of-use (ROU) assets, fair value of equity assumed, intangible and tangible assets acquired and liabilities assumed for business combinations. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
In accordance with our accounting practices, we review the estimated useful lives of our property and equipment on an ongoing basis. In the third quarter of fiscal 2025, management determined that the estimated useful lives of certain property and equipment had changed. The estimated useful lives of test and infrastructure equipment and assets for our Evergreen//One offering were revised from 4 years to a range of 5 to 7 years. The change in estimated useful lives will be recognized on a prospective basis effective at the beginning of the third quarter of fiscal 2025. The effect of this change in estimate resulted in an aggregate reduction to depreciation expense and corresponding increase in net income of $9.6 million, or $0.03 per basic and diluted share, during the third quarter and first three quarters of fiscal 2025.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 will be effective for our fiscal year beginning February 5, 2024, and interim periods within our fiscal year beginning February 3, 2025, with early adoption permitted and requires application on a fully retrospective basis. We are currently evaluating the impact of this standard on our financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of tax information in rate reconciliation and income taxes paid by jurisdiction. ASU 2023-09 will be effective for our fiscal year beginning February 3, 2025, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statement disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures of specific expense categories included within each expense caption presented on the Statements of Operations. The new standard can be applied on either a fully retrospective or prospective basis. ASU 2024-03 will be effective for our fiscal year beginning February 1, 2027, and interim periods within our fiscal year beginning February 7, 2028, with early adoption permitted. We are currently evaluating the impact of this new standard on our financial statement disclosures.
Fair Value Measurements
Fair Value Measurements
We define fair value as the exchange price that would be received from sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Three levels of inputs may be used to measure fair value:
•Level 1 - Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities;
•Level 2 - Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.
v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Nov. 03, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Equivalents, Marketable Securities and Restricted Cash The following tables summarize our cash equivalents, marketable securities and restricted cash by significant investment categories and their classification within the fair value hierarchy at the end of fiscal 2024 and the third quarter of fiscal 2025 (in thousands):
 At the End of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
Cash
Equivalents
Marketable
Securities
Restricted
Cash
Level 1      
Money market accounts$— $— $— $32,422 $22,827 $— $9,595 
Level 2      
U.S. government treasury notes340,168 584 (1,374)339,378 1,834 337,544 — 
U.S. government agencies4,397 2 — 4,399 — 4,399 — 
Corporate debt securities419,051 1,163 (2,262)417,952 — 417,952 — 
Foreign government bonds1,290 6 (16)1,280 — 1,280 — 
Asset-backed securities65,947 279 (316)65,910 — 65,910 — 
Municipal bonds1,510 — (38)1,472 — 1,472 — 
Total$832,363 $2,034 $(4,006)$862,813 $24,661 $828,557 $9,595 

 
At the End of the Third Quarter of Fiscal 2025
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
Cash
Equivalents
Marketable
Securities
Restricted
Cash
Level 1
Money market accounts$— $— $— $299,753 $294,436 $— $5,317 
Level 2       
U.S. government treasury notes302,540 850 (215)303,175 — 303,175 — 
U.S. government agencies2,400 — — 2,400 — 2,400 — 
Corporate debt securities380,860 2,020 (190)382,690 — 382,690 — 
Foreign government bonds700 4 — 704 — 704 — 
Asset-backed securities64,627 371 (7)64,991 — 64,991 — 
Total$751,127 $3,245 $(412)$1,053,713 $294,436 $753,960 $5,317 
Schedule of Amortized Cost and Estimated Fair Value
The amortized cost and estimated fair value of our marketable securities are shown below by contractual maturity (in thousands):
 
At the End of the Third Quarter of Fiscal 2025
 Amortized CostFair Value
Due within one year$268,257 $268,560 
Due in one to five years481,590 484,125 
Due in five to ten years1,280 1,275 
Total$751,127 $753,960 
Schedule of Gross Unrealized Losses and Fair Values
The following table presents gross unrealized losses and fair values for those investments that were in a continuous unrealized loss position at the end of fiscal 2024 and the third quarter of fiscal 2025, aggregated by investment category (in thousands):
At the End of Fiscal 2024
Less than 12 monthsGreater than 12 monthsTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. government treasury notes$166,565 $(725)$47,842 $(649)$214,407 $(1,374)
Corporate debt securities116,247 (260)104,810 (2,002)221,057 (2,262)
Foreign government bonds— — 573 (16)573 (16)
Asset-backed securities12,029 (34)13,800 (282)25,829 (316)
Municipal bonds— — 1,472 (38)1,472 (38)
Total$294,841 $(1,019)$168,497 $(2,987)$463,338 $(4,006)

At the End of the Third Quarter of Fiscal 2025
 Less than 12 monthsGreater than 12 monthsTotal
 Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. government treasury notes$57,841 $(185)$35,280 $(30)$93,121 $(215)
Corporate debt securities30,830 (80)29,736 (110)60,566 (190)
Asset-backed securities3,184 (6)147 (1)3,331 (7)
Total$91,855 $(271)$65,163 $(141)$157,018 $(412)
v3.24.3
Balance Sheet Components (Tables)
 9 Months Ended
Nov. 03, 2024
Balance Sheet Components Disclosure [Abstract]  
Schedule of Inventory
Inventory consists of the following (in thousands):
At the End of
Fiscal 2024
Third Quarter of Fiscal 2025
Raw materials$19,317 $13,045 
Finished goods23,346 28,526 
Inventory$42,663 $41,571 
Schedule of Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
Test and infrastructure equipment
$371,269 $436,765 
Computer equipment and software319,636 375,874 
Furniture and fixtures12,547 13,826 
Leasehold improvements92,926 100,358 
Capitalized software development costs36,474 58,706 
Total property and equipment832,852 985,529 
Less: accumulated depreciation and amortization(480,248)(554,176)
Property and equipment, net$352,604 $431,353 
Schedule of Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
Gross Carrying ValueAccumulated AmortizationNet Carrying AmountGross Carrying ValueAccumulated AmortizationNet Carrying Amount
Technology patents$19,125 $(16,107)$3,018 $20,875 $(17,223)$3,652 
Developed technology83,211 (56,589)26,622 83,211 (66,506)16,705 
Customer relationships6,459 (3,087)3,372 6,459 (3,777)2,682 
Intangible assets, net$108,795 $(75,783)$33,012 $110,545 $(87,506)$23,039 
Schedule of Expected Amortization Expenses for Intangible Assets
At the end of the third quarter of fiscal 2025, future expected amortization expense for intangible assets is as follows (in thousands):
Fiscal Years EndingEstimated Future
Amortization Expense
Remainder of 2025$3,966 
202613,266 
20273,543 
20281,498 
2029604 
Thereafter162 
Total$23,039 
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
Taxes payable $13,097 $12,953 
Accrued marketing18,438 18,349 
Engineering-related accruals (1)
5,973 9,644 
Supply chain-related accruals (2)
25,962 15,736 
Accrued service logistics and professional services9,636 11,979 
Finance lease liabilities, current4,204 691 
Customer deposits from contracts with customers23,534 26,094 
Other accrued liabilities34,911 46,400 
Total accrued expenses and other liabilities$135,755 $141,846 
_________________________________
(1) Primarily consists of subscription cloud services and outside services costs.
(2) Primarily consists of warranty reserves and accruals related to inventory and inventory purchase commitments with our contract manufacturers.
v3.24.3
Deferred Revenue and Commissions (Tables)
 9 Months Ended
Nov. 03, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Commissions
Changes in total deferred commissions during the periods presented are as follows (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Beginning balance
$255,417 $298,179 $245,856 $304,332 
Additions50,183 39,737 130,312 108,777 
Recognition of deferred commissions(40,683)(40,406)(111,251)(115,599)
Ending balance$264,917 $297,510 $264,917 $297,510 
Schedule of Deferred Revenue
Changes in total deferred revenue during the periods presented are as follows (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Beginning balance
$1,437,043 $1,623,660 $1,385,650 $1,594,522 
Additions368,708 419,745 975,149 1,129,256 
Recognition of deferred revenue(309,244)(361,949)(864,292)(1,042,322)
Ending balance$1,496,507 $1,681,456 $1,496,507 $1,681,456 
v3.24.3
Leases (Tables)
 9 Months Ended
Nov. 03, 2024
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease costs during the periods presented were as follows (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Fixed operating lease cost$10,685 $12,930 $37,338 $35,467 
Variable lease cost (1)
2,328 3,905 8,002 10,699 
Short-term lease cost (12 months or less)1,081 1,160 3,214 3,014 
Finance lease cost:
Amortization of finance lease right-of-use assets1,100 1,100 3,300 3,300 
Interest on finance lease liabilities81 16 338 141 
Total finance lease cost$1,181 $1,116 $3,638 $3,441 
Total lease cost$15,275 $19,111 $52,192 $52,621 
____________________________________
(1) Variable lease cost predominantly included common area maintenance charges.
Supplemental information related to leases is as follows (in thousands):
At the End of
Fiscal 2024
Third Quarter of Fiscal 2025
Operating leases:
Weighted-average remaining lease term (in years)5.05.0
Weighted-average discount rate7.1 %7.4 %
Finance leases:
Finance lease right-of-use assets, gross
$17,596$17,596
Accumulated amortization
(7,812)(11,112)
Finance lease right-of-use assets, net (1)
$9,784$6,484
Finance lease liabilities, current (2)
4,204691
Finance lease liabilities, non-current (3)
180—
Total finance lease liabilities$4,384$691
Weighted-average remaining lease term (in years)2.41.1
Weighted-average discount rate5.4 %3.0 %
____________________________________
(1) Included in the condensed consolidated balance sheets within property and equipment, net.
(2) Included in the condensed consolidated balance sheets within accrued expenses and other liabilities.
(3) Included in the condensed consolidated balance sheets within other liabilities, non-current.
Schedule of Cash Flow, Supplemental Disclosures
Supplemental cash flow information related to leases is as follows (in thousands):
First Three Quarters of Fiscal
20242025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$29,591 $37,380 
Financing cash outflows for finance leases$5,969 $4,818 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$11,966 $56,813 
Schedule of Future Lease Payments Under Non-Cancelable Leases
Future lease payments under our non-cancelable leases at the end of the third quarter of fiscal 2025 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2025
$18,426 $514 
202653,078 183 
202737,100 — 
202839,986 — 
202932,263 — 
Thereafter53,696 — 
Total future lease payments234,549 697 
Less: imputed interest(40,218)(6)
Present value of total lease liabilities$194,331 $691 
Schedule of Sales-Type Leases, Payment to be Received, Maturity
Future minimum gross lease payments for the two seven-year leases allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments of $35.9 million allocated to the non-lease components, are excluded from the table below.
Fiscal Years Ending
Sales-Type Leases
Operating Lease
The remainder of 2025
$727 $549 
20262,908 2,192 
20272,908 2,192 
20284,713 386 
20295,100 — 
Thereafter10,966 — 
Total future lease payments to be received
$27,322 $5,319 
Schedule of Lessor, Operating Lease, Payment to be Received, Maturity
Future minimum gross lease payments for the two seven-year leases allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments of $35.9 million allocated to the non-lease components, are excluded from the table below.
Fiscal Years Ending
Sales-Type Leases
Operating Lease
The remainder of 2025
$727 $549 
20262,908 2,192 
20272,908 2,192 
20284,713 386 
20295,100 — 
Thereafter10,966 — 
Total future lease payments to be received
$27,322 $5,319 
v3.24.3
Equity Incentive Plans (Tables)
 9 Months Ended
Nov. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity Under Equity Incentive Plans and Related Information
A summary of the stock option activity under our equity incentive plans and related information is as follows:
 
 Options Outstanding
 Number of
Shares		Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual Life (in years)
Aggregate
Intrinsic
Value (in thousands)
Balance at the end of fiscal 20244,493,934 $13.63 2.3$129,065 
Options exercised(1,655,884)12.80   
Options forfeited(593)1.95   
Balance at the end of the third quarter of fiscal 2025
2,837,457 $13.96 2.0$104,962 
Vested and exercisable at the end of the third quarter of fiscal 2025
2,837,457 $13.96 2.0$104,962 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the RSU activity under our equity incentive plans and related information is as follows:
 
Number of
RSUs Outstanding
Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 202424,343,074 $26.77 $1,028,495 
Granted
7,915,402 51.60 
Vested(8,526,064)27.01 
Forfeited(2,097,043)29.96 
Unvested balance at the end of the third quarter of fiscal 2025
21,635,369 $35.45 $1,102,322 
Schedule of Share-Based Payment Arrangement, Performance Restricted Stock Unit, Activity
A summary of the PRSU activity under our equity incentive plans and related information is as follows:
Number of
PRSUs Outstanding
Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 2024
2,270,597 $25.64 $95,933 
Granted (1)
1,221,033 49.58 
Vested and earned (2)
(1,116,603)25.86 
Unearned (3)
(297,864)23.86 
Unvested balance at the end of the third quarter of fiscal 2025
2,077,163 $39.85 $105,831 
____________________________________
(1) Represents the number of shares that may be earned at the target percentage of 100% depending on the achievement of fiscal 2025 or certain other performance conditions.
(2) Represents the number of shares earned in which the service condition has also been satisfied.
(3) Represents the number of shares canceled as a result of not fully achieving the fiscal 2024 performance conditions.
Schedule of Components of Stock-Based Compensation
The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands):
 
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
Cost of revenue—product$1,443 $3,216 $7,056 $9,443 
Cost of revenue—subscription services6,849 7,800 19,347 24,632 
Research and development
43,908 49,227 126,225 150,390 
Sales and marketing19,209 24,393 55,883 72,330 
General and administrative16,557 16,436 46,732 62,161 
Total stock-based compensation expense, net of amounts capitalized (1)
$87,966 $101,072 $255,243 $318,956 
_________________________________
(1) Stock-based compensation expense capitalized was $1.5 million and $2.2 million during the third quarter of fiscal 2024 and 2025, and $3.9 million and $5.8 million for the first three quarters of fiscal 2024 and 2025 .
v3.24.3
Net Income (Loss) per Share Attributable to Common Stockholders (Tables)
 9 Months Ended
Nov. 03, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data):
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
Numerator:
Net income (loss)$70,389 $63,639 $(4,127)$64,304 
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic314,153 327,675 309,842 325,530 
Add: Dilutive effect of common stock equivalents16,102 12,889 — 15,960 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted330,255 340,564 309,842 341,490 
Net income (loss) per share attributable to common stockholders, basic$0.22 $0.19 $(0.01)$0.20 
Net income (loss) per share attributable to common stockholders, diluted$0.21 $0.19 $(0.01)$0.19 
Schedule of Weighted-average Outstanding Shares Excluded from Computation of Diluted Net Income (Loss) per Share Attributable to Common Stockholders
The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
 
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
Stock options to purchase common stock— — 7,185 — 
Unvested RSUs and PRSUs
— 798 31,115 401 
Unvested LTP Awards
— — 2,298 — 
Shares related to convertible senior notes— — 5,772 — 
Shares issuable pursuant to the ESPP— — 655 — 
Total— 798 47,025 401 
v3.24.3
Other Income (Expense), Net (Tables)
 9 Months Ended
Nov. 03, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Income (Expense)
Other income (expense), net consists of the following (in thousands):
Third Quarter of Fiscal
First Three Quarters of Fiscal
2024202520242025
Interest income(1)
$12,167 $20,149 $35,652 $58,881 
Interest expense(2)
(2,094)(1,925)(5,441)(5,966)
Foreign currency transactions losses
(4,599)(1,158)(6,285)(2,270)
Other income (expense)
(290)90 (307)39 
Total other income (expense), net$5,184 $17,156 $23,619 $50,684 
____________________________________
(1) Interest income includes interest income related to our cash, cash equivalents and marketable securities and non-cash interest income (expense) related to accretion (amortization) of the discount (premium) on marketable securities.
(2) Interest expense includes non-cash interest expense related to amortization of debt issuance costs, contractual interest expense related to our debt and accretion of our finance lease liabilities.
v3.24.3
Segment Information (Tables)
 9 Months Ended
Nov. 03, 2024
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Area
The following table depicts the disaggregation of revenue by geographic area based on the billing address of our customers and is consistent with how we evaluate our financial performance (in thousands):
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
United States$535,452 $561,882 $1,457,266 $1,588,648 
Rest of the world227,386 269,190 583,550 699,674 
Total revenue$762,838 $831,072 $2,040,816 $2,288,322 
Schedule of Long-Lived Assets by Geographic Area
Long-lived assets, which are comprised of property and equipment, net, by geographic area are summarized as follows (in thousands):
 
At the End of
 Fiscal 2024
Third Quarter of Fiscal 2025
United States$340,121 $418,535 
Rest of the world12,483 12,818 
Total long-lived assets$352,604 $431,353 
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Aug. 04, 2024
Change in Accounting Estimate [Line Items]          
Depreciation and amortization     $ 97,529 $ 91,560  
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) $ 0.19 $ 0.22 $ 0.20 $ (0.01)  
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) 0.19 $ 0.21 $ 0.19 $ (0.01)  
Change in Accounting Method Accounted for as Change in Estimate          
Change in Accounting Estimate [Line Items]          
Depreciation and amortization     $ 9,600    
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) 0.03   $ 0.03    
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) $ 0.03   $ 0.03    
Test Equipment Certain Computer Equipment And Software          
Change in Accounting Estimate [Line Items]          
Property and equipment, useful life         4 years
Test Equipment Certain Computer Equipment And Software | Minimum          
Change in Accounting Estimate [Line Items]          
Property and equipment, useful life 5 years   5 years    
Test Equipment Certain Computer Equipment And Software | Maximum          
Change in Accounting Estimate [Line Items]          
Property and equipment, useful life 7 years   7 years    
v3.24.3
Financial Instruments - Cash Equivalents, Marketable Securities and Restricted Cash (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 751,127  
Fair Value 753,960  
Cash Equivalents 294,436 $ 24,661
Marketable Securities 753,960 828,557
Restricted Cash 5,317 9,595
Amortized Cost 751,127 832,363
Total gross unrealized gains 3,245 2,034
Total gross unrealized losses (412) (4,006)
Total fair value 1,053,713 862,813
Level 1 | Money market accounts    
Debt Securities, Available-for-sale [Line Items]    
Fair Value 299,753 32,422
Cash Equivalents 294,436 22,827
Marketable Securities 0 0
Restricted Cash 5,317 9,595
Level 2 | U.S. government treasury notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 302,540 340,168
Gross Unrealized Gains 850 584
Gross Unrealized Losses (215) (1,374)
Fair Value 303,175 339,378
Cash Equivalents 0 1,834
Marketable Securities 303,175 337,544
Restricted Cash 0 0
Level 2 | U.S. government agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,400 4,397
Gross Unrealized Gains 0 2
Gross Unrealized Losses 0 0
Fair Value 2,400 4,399
Cash Equivalents 0 0
Marketable Securities 2,400 4,399
Restricted Cash 0 0
Level 2 | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 380,860 419,051
Gross Unrealized Gains 2,020 1,163
Gross Unrealized Losses (190) (2,262)
Fair Value 382,690 417,952
Cash Equivalents 0 0
Marketable Securities 382,690 417,952
Restricted Cash 0 0
Level 2 | Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 700 1,290
Gross Unrealized Gains 4 6
Gross Unrealized Losses 0 (16)
Fair Value 704 1,280
Cash Equivalents 0 0
Marketable Securities 704 1,280
Restricted Cash 0 0
Level 2 | Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 64,627 65,947
Gross Unrealized Gains 371 279
Gross Unrealized Losses (7) (316)
Fair Value 64,991 65,910
Cash Equivalents 0 0
Marketable Securities 64,991 65,910
Restricted Cash $ 0 0
Level 2 | Municipal bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost   1,510
Gross Unrealized Gains   0
Gross Unrealized Losses   (38)
Fair Value   1,472
Cash Equivalents   0
Marketable Securities   1,472
Restricted Cash   $ 0
v3.24.3
Financial Instruments - Amortized Cost and Estimated Fair Value (Details) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Amortized Cost        
Due within one year $ 268,257,000   $ 268,257,000  
Due in one to five years 481,590,000   481,590,000  
Due in five to ten years 1,280,000   1,280,000  
Amortized Cost 751,127,000   751,127,000  
Fair Value        
Due within one year 268,560,000   268,560,000  
Due in one to five years 484,125,000   484,125,000  
Due in five to ten years 1,275,000   1,275,000  
Total 753,960,000   753,960,000  
Impairment charge for unrealized losses $ 0 $ 0 $ 0 $ 0
v3.24.3
Financial Instruments - Gross Unrealized Losses and Fair Values (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months $ 91,855 $ 294,841
Unrealized Loss, Less than 12 months (271) (1,019)
Fair Value, Greater than 12 months 65,163 168,497
Unrealized Loss, Greater than 12 months (141) (2,987)
Fair Value, Total 157,018 463,338
Unrealized Loss, Total (412) (4,006)
U.S. government treasury notes    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 57,841 166,565
Unrealized Loss, Less than 12 months (185) (725)
Fair Value, Greater than 12 months 35,280 47,842
Unrealized Loss, Greater than 12 months (30) (649)
Fair Value, Total 93,121 214,407
Unrealized Loss, Total (215) (1,374)
Corporate debt securities    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 30,830 116,247
Unrealized Loss, Less than 12 months (80) (260)
Fair Value, Greater than 12 months 29,736 104,810
Unrealized Loss, Greater than 12 months (110) (2,002)
Fair Value, Total 60,566 221,057
Unrealized Loss, Total (190) (2,262)
Foreign government bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months   0
Unrealized Loss, Less than 12 months   0
Fair Value, Greater than 12 months   573
Unrealized Loss, Greater than 12 months   (16)
Fair Value, Total   573
Unrealized Loss, Total   (16)
Asset-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 3,184 12,029
Unrealized Loss, Less than 12 months (6) (34)
Fair Value, Greater than 12 months 147 13,800
Unrealized Loss, Greater than 12 months (1) (282)
Fair Value, Total 3,331 25,829
Unrealized Loss, Total $ (7) (316)
Municipal bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months   0
Unrealized Loss, Less than 12 months   0
Fair Value, Greater than 12 months   1,472
Unrealized Loss, Greater than 12 months   (38)
Fair Value, Total   1,472
Unrealized Loss, Total   $ (38)
v3.24.3
Financial Instruments - Other Financial Instruments (Details) - USD ($)
$ in Millions
Nov. 03, 2024
Feb. 04, 2024
Investments, Debt and Equity Securities [Abstract]    
Defined contribution plan, plan liabilities, fair value $ 7.4 $ 3.2
v3.24.3
Balance Sheet Components - Inventory (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]    
Raw materials $ 13,045 $ 19,317
Finished goods 28,526 23,346
Inventory $ 41,571 $ 42,663
v3.24.3
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Property Plant And Equipment [Line Items]    
Total property and equipment $ 985,529 $ 832,852
Less: accumulated depreciation and amortization (554,176) (480,248)
Property and equipment, net 431,353 352,604
Test and infrastructure equipment    
Property Plant And Equipment [Line Items]    
Total property and equipment 436,765 371,269
Computer equipment and software    
Property Plant And Equipment [Line Items]    
Total property and equipment 375,874 319,636
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Total property and equipment 13,826 12,547
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property and equipment 100,358 92,926
Capitalized software development costs    
Property Plant And Equipment [Line Items]    
Total property and equipment $ 58,706 $ 36,474
v3.24.3
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Finite-Lived Intangible Assets [Line Items]          
Depreciation and amortization   $ 24.9 $ 28.7 $ 89.1 $ 82.5
Intangible assets amortization expense   $ 3.9 $ 4.0 $ 11.7 $ 12.3
Technology patents          
Finite-Lived Intangible Assets [Line Items]          
Useful life (in years) 1 year        
Developed technology          
Finite-Lived Intangible Assets [Line Items]          
Useful life (in years) 1 year 3 months 18 days        
Customer relationships          
Finite-Lived Intangible Assets [Line Items]          
Useful life (in years) 2 years 10 months 24 days        
v3.24.3
Balance Sheet Components - Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 110,545 $ 108,795
Accumulated Amortization (87,506) (75,783)
Net Carrying Amount 23,039 33,012
Technology patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 20,875 19,125
Accumulated Amortization (17,223) (16,107)
Net Carrying Amount 3,652 3,018
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 83,211 83,211
Accumulated Amortization (66,506) (56,589)
Net Carrying Amount 16,705 26,622
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 6,459 6,459
Accumulated Amortization (3,777) (3,087)
Net Carrying Amount $ 2,682 $ 3,372
v3.24.3
Balance Sheet Components - Expected Amortization Expenses for Intangible Assets (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]    
Remainder of 2025 $ 3,966  
2026 13,266  
2027 3,543  
2028 1,498  
2029 604  
Thereafter 162  
Net Carrying Amount $ 23,039 $ 33,012
v3.24.3
Balance Sheet Components - Goodwill (Details) - USD ($)
 3 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]      
Goodwill $ 361,427,000   $ 361,427,000
Impairments to goodwill $ 0 $ 0  
v3.24.3
Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]    
Taxes payable $ 12,953 $ 13,097
Accrued marketing 18,349 18,438
Engineering-related accruals 9,644 5,973
Supply chain-related accruals 15,736 25,962
Accrued service logistics and professional services 11,979 9,636
Finance lease liabilities, current 691 4,204
Customer deposits from contracts with customers 26,094 23,534
Other accrued liabilities 46,400 34,911
Total accrued expenses and other liabilities $ 141,846 $ 135,755
v3.24.3
Deferred Revenue and Commissions - Deferred Commissions (Details) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Deferred Commissions [Roll Forward]        
Beginning balance $ 298,179,000 $ 255,417,000 $ 304,332,000 $ 245,856,000
Additions 39,737,000 50,183,000 108,777,000 130,312,000
Recognition of deferred commissions (40,406,000) (40,683,000) (115,599,000) (111,251,000)
Ending balance $ 297,510,000 264,917,000 $ 297,510,000 264,917,000
Commission expected to be recognized over the next 12 months (percent) 29.00%   29.00%  
Commission recognition period 12 months      
Impairment of capitalized commissions $ 0 $ 0 $ 0 $ 0
v3.24.3
Deferred Revenue and Commissions - Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Contract Liability        
Additions $ 39,737 $ 50,183 $ 108,777 $ 130,312
Recognition of deferred revenue (40,406) (40,683) (115,599) (111,251)
Deferred revenue recognized 310,600 280,400 703,500 589,100
Product Revenue and Support Subscription Revenue        
Contract Liability        
Beginning balance 1,623,660 1,437,043 1,594,522 1,385,650
Additions 419,745 368,708 1,129,256 975,149
Recognition of deferred revenue (361,949) (309,244) (1,042,322) (864,292)
Ending balance $ 1,681,456 $ 1,496,507 $ 1,681,456 $ 1,496,507
v3.24.3
Deferred Revenue and Commissions - Remaining Performance Obligation (Details)
$ in Millions
Nov. 03, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Contracted but not recognized revenue $ 2,400.0
Non-cancelable product orders 35.7
Lessor arrangement $ 13.5
v3.24.3
Deferred Revenue and Commissions - Remaining Performance Obligation Period (Details)
Nov. 03, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-04  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized (as a percent) 47.00%
Revenue expected to be recognized term (in months) 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-08  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized term (in months)
v3.24.3
Debt - Narrative (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 24, 2020
USD ($)
Apr. 30, 2023
USD ($)
Nov. 03, 2024
USD ($)
Nov. 05, 2023
Nov. 03, 2024
USD ($)
financial_ratio
Nov. 05, 2023
USD ($)
Debt Instrument [Line Items]            
Proceeds from lines of credit         $ 0 $ 106,890,000
Revolving Credit Facility            
Debt Instrument [Line Items]            
Term of credit facility 5 years          
Senior secured revolving credit facility maximum capacity $ 300,000,000          
Proceeds from lines of credit   $ 100,000,000        
Credit facility, amount borrowed     $ 100,000,000   $ 100,000,000  
Interest during the period (percent)     6.62% 6.81% 6.76% 6.62%
Number of financial ratios | financial_ratio         2  
Consolidated leverage ratio, maximum         4.5  
Interest coverage ratio, minimum         3  
Revolving Credit Facility | Minimum            
Debt Instrument [Line Items]            
Commitment fee (percent)         0.25%  
Revolving Credit Facility | Maximum            
Debt Instrument [Line Items]            
Commitment fee (percent)         0.40%  
Revolving Credit Facility | Base Rate | Minimum            
Debt Instrument [Line Items]            
Margin rate (percent)         0.50%  
Revolving Credit Facility | Base Rate | Maximum            
Debt Instrument [Line Items]            
Margin rate (percent)         1.25%  
Revolving Credit Facility | Secured Overnight Financing Rate | Minimum            
Debt Instrument [Line Items]            
Margin rate (percent)         1.50%  
Revolving Credit Facility | Secured Overnight Financing Rate | Maximum            
Debt Instrument [Line Items]            
Margin rate (percent)         2.25%  
Revolving Credit Facility | Secured Overnight Financing Rate | Interest Rate Floor            
Debt Instrument [Line Items]            
Effective interest rate (percent)     0.00%   0.00%  
v3.24.3
Commitments and Contingencies (Details) - USD ($)
Nov. 03, 2024
Feb. 04, 2024
Commitments and Contingencies Disclosure [Abstract]    
Outstanding letters of credit $ 7,200,000 $ 7,700,000
Loss contingency $ 0  
v3.24.3
Leases - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Nov. 03, 2024
USD ($)
May 05, 2024
Aug. 04, 2024
USD ($)
lease
Nov. 03, 2024
USD ($)
Feb. 04, 2024
USD ($)
lease
Leases [Abstract]          
Finance lease, term 3 years     3 years  
Lessor arrangement, number of leases | lease     2   3
Lessor arrangement, term of contract   7 years 7 years    
Non-cancelable lease payments receivable, net     $ 50.6   $ 76.6
Sales-type lease, revenue       $ 15.2  
Sales-type lease, selling profit       11.4  
Subscription and non-lease components of service revenue $ 2.7     $ 4.8  
v3.24.3
Leases - Lease costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Leases [Abstract]        
Fixed operating lease cost $ 12,930 $ 10,685 $ 35,467 $ 37,338
Variable lease cost 3,905 2,328 10,699 8,002
Short-term lease cost (12 months or less) 1,160 1,081 3,014 3,214
Amortization of finance lease right-of-use assets 1,100 1,100 3,300 3,300
Interest on finance lease liabilities 16 81 141 338
Total finance lease cost 1,116 1,181 3,441 3,638
Total lease cost $ 19,111 $ 15,275 $ 52,621 $ 52,192
v3.24.3
Leases - Lease term and discount rate (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Operating leases:    
Weighted-average remaining lease term (in years) 5 years 5 years
Weighted-average discount rate 7.40% 7.10%
Finance leases:    
Finance lease right-of-use assets, gross $ 17,596 $ 17,596
Accumulated amortization (11,112) (7,812)
Finance lease right-of-use assets, net 6,484 9,784
Finance lease liabilities, current 691 4,204
Finance lease liabilities, non-current 0 180
Present value of total lease liabilities $ 691 $ 4,384
Weighted-average remaining lease term (in years) 1 year 1 month 6 days 2 years 4 months 24 days
Weighted-average discount rate 3.00% 5.40%
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities, non-current, Accrued expenses and other liabilities Other liabilities, non-current, Accrued expenses and other liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities, non-current Other liabilities, non-current
v3.24.3
Leases - Supplemental cash flow information related to leases (Details) - USD ($)
$ in Thousands
 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Leases [Abstract]    
Operating cash outflows for operating leases $ 37,380 $ 29,591
Financing cash outflows for finance leases 4,818 5,969
Operating leases $ 56,813 $ 11,966
v3.24.3
Leases - Future lease payments (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Operating Leases    
The remainder of 2025 $ 18,426  
2026 53,078  
2027 37,100  
2028 39,986  
2029 32,263  
Thereafter 53,696  
Total future lease payments 234,549  
Less: imputed interest (40,218)  
Present value of total lease liabilities 194,331  
Finance Leases    
The remainder of 2025 514  
2026 183  
2027 0  
2028 0  
2029 0  
Thereafter 0  
Total future lease payments 697  
Less: imputed interest (6)  
Present value of total lease liabilities $ 691 $ 4,384
v3.24.3
Leases - Future minimum lease payments on lease receivables (Details)
$ in Thousands
Nov. 03, 2024
USD ($)
Leases [Abstract]  
Non-lease components of remaining amount $ 35,900
Sales-Type Leases  
The remainder of 2025 727
2026 2,908
2027 2,908
2028 4,713
2029 5,100
Thereafter 10,966
Total future lease payments to be received 27,322
Operating Lease  
The remainder of 2025 549
2026 2,192
2027 2,192
2028 386
2029 0
Thereafter 0
Total future lease payments to be received $ 5,319
v3.24.3
Restructuring and Impairment (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 29, 2024
USD ($)
employee
May 05, 2024
USD ($)
Feb. 04, 2024
USD ($)
Nov. 03, 2024
USD ($)
Nov. 05, 2023
USD ($)
Ceased Use of Certain Leased Facilities          
Restructuring Cost and Reserve [Line Items]          
Lease abandonment charges       $ 6.4 $ 16.8
Workplace Restructuring Plan          
Restructuring Cost and Reserve [Line Items]          
Number of employees impacted | employee 250        
Total restructuring cost $ 27.9        
Workplace Restructuring Plan | Restructuring Charges          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges       9.5  
Workplace Restructuring Plan | Cost of Revenue          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges       $ 0.4  
Workplace Restructuring Plan | Employee Severance          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges   $ 9.9 $ 18.0    
v3.24.3
Stockholders' Equity (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Nov. 03, 2024
USD ($)
stock_class
$ / shares
shares
Nov. 03, 2024
USD ($)
stock_class
$ / shares
shares
Feb. 29, 2024
USD ($)
Feb. 04, 2024
$ / shares
shares
Class of Stock [Line Items]        
Preferred stock, shares authorized (in shares) 20,000,000.0 20,000,000.0   20,000,000
Preferred stock, shares issued (in shares) 0 0   0
Preferred stock, shares outstanding (in shares) 0 0   0
Number of classes of stock | stock_class 2 2    
Common stock, shares authorized (in shares) 2,250,000,000 2,250,000,000   2,250,000,000
Authorized amount remaining under stock repurchase program | $ $ 213.4 $ 213.4 $ 395.4  
Class A common stock        
Class of Stock [Line Items]        
Common stock, shares authorized (in shares) 2,000,000,000.0 2,000,000,000.0   2,000,000,000
Common stock, par value per share (in dollars per share) | $ / shares $ 0.0001 $ 0.0001   $ 0.0001
Common stock, shares issued (in shares) 327,132,000 327,132,000   319,523,000
Common stock, shares outstanding (in shares) 327,132,000 327,132,000   319,523,000
Class B common stock        
Class of Stock [Line Items]        
Common stock, shares authorized (in shares) 250,000,000 250,000,000   250,000,000
Common stock, par value per share (in dollars per share) | $ / shares $ 0.0001 $ 0.0001   $ 0.0001
Common Stock        
Class of Stock [Line Items]        
Stock repurchased and retired (in shares) 3,600,000 3,600,000    
Stock repurchased and retired, average cost (in dollars per share) | $ / shares $ 50.53 $ 50.53    
Stock repurchased and retired, value | $ $ 182.0 $ 182.0    
Common Stock | Board of Directors        
Class of Stock [Line Items]        
Additional value approved for repurchase | $     $ 250.0  
v3.24.3
Equity Incentive Plans - Narrative (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Nov. 03, 2024
USD ($)
purchasePeriod
$ / shares
shares
Jun. 30, 2023
shares
Nov. 03, 2024
USD ($)
purchasePeriod
$ / shares
shares
May 05, 2024
USD ($)
Nov. 05, 2023
USD ($)
Nov. 03, 2024
USD ($)
plan
purchasePeriod
$ / shares
shares
Nov. 05, 2023
USD ($)
Feb. 04, 2024
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Number of equity incentive plans | plan           2    
Tax withholding on vesting of restricted stock (in shares) | shares     1,100,000     2,500,000    
Tax withholding on vesting of restricted stock units     $ 55,300,000     $ 144,000,000.0    
Share-based payment arrangement, expense     101,072,000   $ 87,966,000 318,956,000 $ 255,243,000  
Restricted Stock Units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share-based payment arrangement, expense     80,200,000   68,900,000 227,600,000 199,000,000.0  
Compensation cost (in years) 2 years 8 months 12 days              
Compensation not yet recognized $ 719,600,000   $ 719,600,000     $ 719,600,000    
Granted (in shares) | shares           7,915,402    
Unvested awards (in shares) | shares 21,635,369   21,635,369     21,635,369   24,343,074
Aggregate intrinsic value $ 1,102,322,000   $ 1,102,322,000     $ 1,102,322,000   $ 1,028,495,000
PRSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting period (in years)           3 years    
Modification charge       $ 40,700,000        
Share-based payment arrangement, expense     8,600,000   7,600,000 $ 55,200,000 28,500,000  
Compensation cost (in years) 2 years 2 months 12 days              
Compensation not yet recognized $ 32,500,000   32,500,000     $ 32,500,000    
Award vesting rights, target (as a percent)           100.00%    
Award vesting rights, target shares earned (percent)       80.00%        
Share-based payment arrangement, vesting period     $ 2,600,000     $ 34,500,000    
Granted (in shares) | shares           1,221,033    
Unvested awards (in shares) | shares 2,077,163   2,077,163     2,077,163   2,270,597
Aggregate intrinsic value $ 105,831,000   $ 105,831,000     $ 105,831,000   $ 95,933,000
Long-Term Performance Incentive RSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share-based payment arrangement, expense     3,400,000   3,900,000 10,700,000 6,300,000  
Unrecognized stock-based compensation expense $ 49,000,000   49,000,000     49,000,000    
Compensation cost (in years) 3 years 4 months 24 days              
Compensation not yet recognized $ 73,900,000   $ 73,900,000     $ 73,900,000    
Granted (in shares) | shares   4,200,000            
Post-vesting holding period           1 year    
Expected term           5 years    
Unvested awards (in shares) | shares 4,000,000   4,000,000     4,000,000    
Aggregate intrinsic value $ 204,100,000   $ 204,100,000     $ 204,100,000    
Class A common stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Closing price of stock (in dollars per share) | $ / shares $ 50.95   $ 50.95     $ 50.95    
2015 Employee Stock Purchase Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Equity awards expiration period (no later than)           10 years    
Employee stock purchase plan offering period           24 months    
Number of purchase periods | purchasePeriod 4   4     4    
Purchase period, term           6 months    
Modification charge       $ 16,700,000        
Share-based payment arrangement, expense     $ 8,900,000   $ 7,100,000 $ 25,200,000 $ 19,700,000  
Unrecognized stock-based compensation expense $ 22,500,000   $ 22,500,000     $ 22,500,000    
Compensation cost (in years) 1 year              
2015 Employee Stock Purchase Plan | Class A common stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Payroll deductions percentage 30.00%   30.00%     30.00%    
Share cap for ESPP at purchase date (in shares) | shares 3,000   3,000     3,000    
Dollar cap per purchase period           $ 7,500    
Calendar year gap for ESPP contribution amount           $ 25,000    
Purchase price as percentage of fair market value of common stock           85.00%    
Minimum | PRSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights, target (as a percent)           0.00%    
Minimum | Long-Term Performance Incentive RSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting period (in years)           3 years    
Minimum | 2015 Employee Stock Purchase Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting period (in years)           2 years    
Maximum | PRSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights, target (as a percent)           200.00%    
Maximum | Long-Term Performance Incentive RSUs                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting period (in years)           5 years    
Target market capitalization $ 21,000,000,000   $ 21,000,000,000     $ 21,000,000,000    
Maximum | 2015 Employee Stock Purchase Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting period (in years)           4 years    
v3.24.3
Equity Incentive Plans - Equity Incentive Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Nov. 03, 2024
Feb. 04, 2024
Number of Shares    
Beginning balance (in shares) 4,493,934  
Options exercised (in shares) (1,655,884)  
Options forfeited (in shares) (593)  
Ending balance (in shares) 2,837,457 4,493,934
Vested and exercisable (in shares) 2,837,457  
Weighted- Average Exercise Price    
Beginning balance (in dollars per share) $ 13.63  
Options exercised (in dollars per share) 12.80  
Options forfeited (in dollars per share) 1.95  
Ending balance (in dollars per share) 13.96 $ 13.63
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) $ 13.96  
Weighted- Average Remaining Contractual Life (in years)    
Weighted Average Remaining Contractual Life (in years) 2 years 2 years 3 months 18 days
Weighted Average Remaining Contractual Life (in years), Vested and exercisable 2 years  
Aggregate Intrinsic Value (in thousands)    
Aggregate Intrinsic Value $ 104,962 $ 129,065
Aggregate Intrinsic Value, Vested and exercisable $ 104,962  
v3.24.3
Equity Incentive Plans - Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Nov. 03, 2024
Feb. 04, 2024
Unvested RSUs and PRSUs    
Number of RSUs Outstanding    
Unvested, Beginning balance (in shares) 24,343,074  
Granted (in shares) 7,915,402  
Vested (in shares) (8,526,064)  
Unearned (in shares) (2,097,043)  
Unvested, Ending balance (in shares) 21,635,369  
Weighted- Average Grant Date Fair Value    
Beginning balance (in dollars per share) $ 26.77  
Granted (in dollars per share) 51.60  
Vested (in dollars per share) 27.01  
Unearned (in dollars per share) 29.96  
Ending balance (in dollars per share) $ 35.45  
Aggregate Intrinsic Value $ 1,102,322 $ 1,028,495
PRSUs    
Number of RSUs Outstanding    
Unvested, Beginning balance (in shares) 2,270,597  
Granted (in shares) 1,221,033  
Vested (in shares) (1,116,603)  
Unearned (in shares) (297,864)  
Unvested, Ending balance (in shares) 2,077,163  
Weighted- Average Grant Date Fair Value    
Beginning balance (in dollars per share) $ 25.64  
Granted (in dollars per share) 49.58  
Vested (in dollars per share) 25.86  
Unearned (in dollars per share) 23.86  
Ending balance (in dollars per share) $ 39.85  
Aggregate Intrinsic Value $ 105,831 $ 95,933
Award vesting rights, target (as a percent) 100.00%  
v3.24.3
Equity Incentive Plans - Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense $ 101,072 $ 87,966 $ 318,956 $ 255,243
Share-based compensation expense 2,200 1,500 5,800 3,900
Cost of revenue—product        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense 3,216 1,443 9,443 7,056
Cost of revenue—subscription services        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense 7,800 6,849 24,632 19,347
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense 49,227 43,908 150,390 126,225
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense 24,393 19,209 72,330 55,883
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense $ 16,436 $ 16,557 $ 62,161 $ 46,732
v3.24.3
Net Income (Loss) per Share Attributable to Common Stockholders - Net Income (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Earnings Per Share [Abstract]        
Net income (loss) $ 63,639 $ 70,389 $ 64,304 $ (4,127)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares) 327,675 314,153 325,530 309,842
Add: Dilutive effect of common stock equivalents (in shares) 12,889 16,102 15,960 0
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) 340,564 330,255 341,490 309,842
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) $ 0.19 $ 0.22 $ 0.20 $ (0.01)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) $ 0.19 $ 0.21 $ 0.19 $ (0.01)
v3.24.3
Net Income (Loss) per Share Attributable to Common Stockholders - Weighted-average Outstanding Shares Excluded from Computation of Diluted Net Income (Loss) per Share Attributable to Common Stockholders (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 798 0 401 47,025
Stock options to purchase common stock        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 0 0 0 7,185
Unvested RSUs and PRSUs        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 798 0 401 31,115
Unvested LTP Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 0 0 0 2,298
Shares related to convertible senior notes        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 0 0 0 5,772
Shares issuable pursuant to the ESPP        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 0 0 0 655
v3.24.3
Other Income (Expense), Net - Other Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Other Income and Expenses [Abstract]        
Interest income $ 20,149 $ 12,167 $ 58,881 $ 35,652
Interest expense (1,925) (2,094) (5,966) (5,441)
Foreign currency transactions losses (1,158) (4,599) (2,270) (6,285)
Other income (expense) 90 (290) 39 (307)
Total other income (expense), net $ 17,156 $ 5,184 $ 50,684 $ 23,619
v3.24.3
Segment Information - Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 03, 2024
Nov. 05, 2023
Nov. 03, 2024
Nov. 05, 2023
Revenues From External Customers And Long Lived Assets [Line Items]        
Total revenue $ 831,072 $ 762,838 $ 2,288,322 $ 2,040,816
United States        
Revenues From External Customers And Long Lived Assets [Line Items]        
Total revenue 561,882 535,452 1,588,648 1,457,266
Rest of the world        
Revenues From External Customers And Long Lived Assets [Line Items]        
Total revenue $ 269,190 $ 227,386 $ 699,674 $ 583,550
v3.24.3
Segment Information - Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Nov. 03, 2024
Feb. 04, 2024
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 431,353 $ 352,604
United States    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets 418,535 340,121
Rest of the world    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 12,818 $ 12,483