PURE STORAGE, INC., 10-Q filed on 6/13/2024
Quarterly Report
v3.24.1.1.u2
Cover - shares
 3 Months Ended
May 05, 2024
Jun. 05, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 05, 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, $0.0001 par value per share  
Trading Symbol PSTG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   325,234,458
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001474432  
Current Fiscal Year End Date --02-02  
v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Current assets:    
Cash and cash equivalents $ 900,615 $ 702,536
Marketable securities 823,397 828,557
Accounts receivable, net of allowance of $1,060 and $965 423,454 662,179
Inventory 40,674 42,663
Deferred commissions, current 85,386 88,712
Prepaid expenses and other current assets 174,238 173,407
Total current assets 2,447,764 2,498,054
Property and equipment, net 368,153 352,604
Operating lease right-of-use assets 126,435 129,942
Deferred commissions, non-current 211,240 215,620
Intangible assets, net 29,156 33,012
Goodwill 361,427 361,427
Restricted cash 9,595 9,595
Other assets, non-current 69,840 55,506
Total assets 3,623,610 3,655,760
Current liabilities:    
Accounts payable 55,709 82,757
Accrued compensation and benefits 137,669 250,257
Accrued expenses and other liabilities 127,885 135,755
Operating lease liabilities, current 44,819 44,668
Deferred revenue, current 860,221 852,247
Total current liabilities 1,226,303 1,365,684
Long-term debt 100,000 100,000
Operating lease liabilities, non-current 120,709 123,201
Deferred revenue, non-current 741,255 742,275
Other liabilities, non-current 61,370 54,506
Total liabilities 2,249,637 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 325,181 Class A shares issued and outstanding 33 32
Additional paid-in capital 2,890,284 2,749,595
Accumulated other comprehensive loss (5,584) (3,782)
Accumulated deficit (1,510,760) (1,475,751)
Total stockholders’ equity 1,373,973 1,270,094
Total liabilities and stockholders’ equity $ 3,623,610 $ 3,655,760
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Accounts receivable, allowance $ 965 $ 1,060
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 20,000,000 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 2,000,000,000
Common stock, shares issued (in shares) 325,181,000 319,523,000
Common stock, shares outstanding (in shares) 325,181,000 319,523,000
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
v3.24.1.1.u2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Total revenue $ 693,479 $ 589,307
Total cost of revenue 197,773 175,960
Gross profit 495,706 413,347
Operating expenses:    
Research and development 193,820 185,331
Sales and marketing 250,972 232,446
General and administrative 76,787 67,384
Restructuring and impairment 15,901 0
Total operating expenses 537,480 485,161
Loss from operations (41,774) (71,814)
Other income (expense), net 14,091 11,749
Loss before provision for income taxes (27,683) (60,065)
Provision for income taxes 7,326 7,336
Net loss $ (35,009) $ (67,401)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.11) $ (0.22)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.11) $ (0.22)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 322,589 305,863
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 322,589 305,863
Product    
Total revenue $ 347,384 $ 308,963
Total cost of revenue 100,753 96,213
Subscription services    
Total revenue 346,095 280,344
Total cost of revenue $ 97,020 $ 79,747
v3.24.1.1.u2
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Statement of Comprehensive Income [Abstract]    
Net loss $ (35,009) $ (67,401)
Other comprehensive income (loss):    
Unrealized net gains (losses) on available-for-sale securities (1,640) 4,866
Less: reclassification adjustment for net gains on available-for-sale securities included in net loss (162) (268)
Change in unrealized net gains (losses) on available-for-sale securities (1,802) 4,598
Comprehensive loss $ (36,811) $ (62,803)
v3.24.1.1.u2
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)   790      
Issuance of common stock upon exercise of stock options 4,619   4,619    
Stock-based compensation expense 78,665   78,665    
Vesting of restricted stock units (in shares)   3,670      
Vesting of restricted stock units 0 $ 1 (1)    
Tax withholding on vesting of restricted stock units (in shares)   (281)      
Tax withholding on vesting of restricted stock units (6,759)   (6,759)    
Common stock issued under employee stock purchase plan (in shares)   1,069      
Common stock issued under employee stock purchase plan 21,219   21,219    
Repurchase of common stock (in shares)   (2,872)      
Repurchases of common stock (69,911)   (69,911)    
Issuance of common stock upon conversion of convertible senior notes (in shares)   1      
Issuance of common stock upon conversion of convertible senior notes (456)   (456)    
Other comprehensive income (loss) 4,598     4,598  
Net loss (67,401)       (67,401)
Ending balance (in shares) at May. 07, 2023   306,453      
Ending balance at May. 07, 2023 905,807 $ 31 2,521,145 (10,906) (1,604,463)
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)   1,034      
Issuance of common stock upon exercise of stock options 13,223   13,223    
Stock-based compensation expense 114,617   114,617    
Vesting of restricted stock units (in shares)   3,679      
Vesting of restricted stock units 0 $ 1 (1)    
Tax withholding on vesting of restricted stock units (in shares)   (250)      
Tax withholding on vesting of restricted stock units (12,478)   (12,478)    
Common stock issued under employee stock purchase plan (in shares)   1,195      
Common stock issued under employee stock purchase plan 25,328   25,328    
Other comprehensive income (loss) (1,802)     (1,802)  
Net loss (35,009)       (35,009)
Ending balance (in shares) at May. 05, 2024   325,181      
Ending balance at May. 05, 2024 $ 1,373,973 $ 33 $ 2,890,284 $ (5,584) $ (1,510,760)
v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (35,009) $ (67,401)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 33,943 29,690
Stock-based compensation expense 112,994 77,830
Noncash portion of lease impairment and abandonment 3,270 0
Other 1,606 (1,804)
Changes in operating assets and liabilities:    
Accounts receivable, net 238,768 221,205
Inventory (1,705) 308
Deferred commissions 7,707 (2,331)
Prepaid expenses and other assets (9,219) (6,095)
Operating lease right-of-use assets 8,122 11,001
Accounts payable (26,581) (3,993)
Accrued compensation and other liabilities (109,124) (89,082)
Operating lease liabilities (10,226) (6,100)
Deferred revenue 6,954 10,019
Net cash provided by operating activities 221,500 173,247
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (48,818) (51,424)
Purchases of marketable securities and other (165,123) (128,788)
Sales of marketable securities 37,689 43,040
Maturities of marketable securities 127,857 288,373
Net cash provided by (used in) investing activities (48,395) 151,201
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from exercise of stock options 13,223 4,630
Proceeds from issuance of common stock under employee stock purchase plan 25,328 21,219
Principal payments on borrowings and finance lease obligations (1,099) (576,780)
Proceeds from borrowings 0 100,000
Tax withholding on vesting of equity awards (12,478) (6,759)
Repurchases of common stock 0 (69,911)
Net cash provided by (used in) financing activities 24,974 (527,601)
Net increase (decrease) in cash, cash equivalents and restricted cash 198,079 (203,153)
Cash, cash equivalents and restricted cash, beginning of period 712,131 591,398
Cash, cash equivalents and restricted cash, end of period 910,210 388,245
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD    
Cash and cash equivalents 900,615 378,285
Restricted cash 9,595 9,960
Cash, cash equivalents and restricted cash, end of period 910,210 388,245
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 1,743 390
Cash paid for income taxes 3,542 9,328
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION    
Property and equipment purchased but not yet paid $ 15,242 $ 22,036
v3.24.1.1.u2
Business Overview
 3 Months Ended
May 05, 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.
v3.24.1.1.u2
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
May 05, 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 first quarter of fiscal 2024 and 2025 ended on May 7, 2023 and May 5, 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.
Restricted Cash
Restricted cash is comprised of cash collateral for letters of credit related to our leases and for a vendor credit card program. At the end of fiscal 2024 and first quarter of fiscal 2025, we had restricted cash of $9.6 million.
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.
v3.24.1.1.u2
Financial Instruments
 3 Months Ended
May 05, 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 first quarter of fiscal 2025 (in thousands):
 
 At the End of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable SecuritiesRestricted 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 First Quarter of Fiscal 2025
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable
Securities		Restricted Cash
Level 1
Money market accounts$— $— $— $35,531 $25,936 $— $9,595 
Level 2       
U.S. government treasury notes331,983 23 (1,912)330,094 10,442 319,652 — 
U.S. government agencies4,398 1 (2)4,397 — 4,397 — 
Corporate debt securities424,317 418 (1,998)422,737 — 422,737 — 
Foreign government bonds1,290 1 (11)1,280 — 1,280 — 
Asset-backed securities74,115 50 (317)73,848 — 73,848 — 
Municipal bonds1,510 — (27)1,483 — 1,483 — 
Total$837,613 $493 $(4,267)$869,370 $36,378 $823,397 $9,595 
 
The amortized cost and estimated fair value of our marketable securities are shown below by contractual maturity (in thousands):
 
At the End of the First Quarter of Fiscal 2025
 Amortized CostFair Value
Due within one year$329,146 $326,989 
Due in one to five years495,475 493,878 
Due in five to ten years2,550 2,530 
Total$827,171 $823,397 
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 first quarter 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 first 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 First 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$289,528 $(1,567)$20,975 $(345)$310,503 $(1,912)
U.S. government agencies1,996 (2)— — 1,996 (2)
Corporate debt securities224,065 (795)83,781 (1,203)307,846 (1,998)
Foreign government bonds— — 579 (11)579 (11)
Asset-backed securities48,053 (174)10,802 (143)58,855 (317)
Municipal bonds— — 1,483 (27)1,483 (27)
Total$563,642 $(2,538)$117,620 $(1,729)$681,262 $(4,267)
 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 (NQDC) 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 $5.1 million at the end of fiscal 2024 and the first quarter of fiscal 2025.
v3.24.1.1.u2
Balance Sheet Components
 3 Months Ended
May 05, 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
First Quarter of Fiscal 2025
Raw materials$19,317 $18,130 
Finished goods23,346 22,544 
Inventory$42,663 $40,674 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2024
First Quarter of Fiscal 2025
Test equipment$371,269 $390,646 
Computer equipment and software319,636 332,358 
Furniture and fixtures12,547 12,804 
Leasehold improvements92,926 97,629 
Capitalized software development costs36,474 42,789 
Total property and equipment832,852 876,226 
Less: accumulated depreciation and amortization(480,248)(508,073)
Property and equipment, net$352,604 $368,153 
Depreciation and amortization expense related to property and equipment was $26.6 million and $31.1 million for the first quarter of fiscal 2024 and 2025.
Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2024
First Quarter of Fiscal 2025
Gross Carrying ValueAccumulated AmortizationNet Carrying AmountGross Carrying ValueAccumulated AmortizationNet Carrying Amount
Technology patents$19,125 $(16,107)$3,018 $19,125 $(16,428)$2,697 
Developed technology83,211 (56,589)26,622 83,211 (59,894)23,317 
Customer relationships6,459 (3,087)3,372 6,459 (3,317)3,142 
Trade name
3,623 (3,623)— 3,623 (3,623)— 
Intangible assets, net$112,418 $(79,406)$33,012 $112,418 $(83,262)$29,156 
 
 Intangible assets amortization expense was $4.2 million and $3.9 million for the first quarter of fiscal 2024 and 2025. At the end of the first quarter of fiscal 2025, the weighted-average remaining amortization period was 1.0 years for technology patents, 1.8 years for developed technology, and 3.4 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 first 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$11,569 
202612,830 
20273,107 
20281,054 
2029434 
Thereafter162 
Total$29,156 
Goodwill
As of the end of fiscal 2024 and the first quarter of fiscal 2025, goodwill was $361.4 million. There were no impairments to goodwill during the first quarter 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
First Quarter of Fiscal 2025
Taxes payable $13,097 $13,665 
Accrued marketing18,438 13,771 
Accrued cloud and outside services5,973 4,523 
Supply chain-related accruals (1)
25,962 18,335 
Accrued service logistics and professional services9,636 10,370 
Finance lease liabilities, current4,204 4,384 
Customer deposits from contracts with customers23,534 22,981 
Other accrued liabilities34,911 39,856 
Total accrued expenses and other liabilities$135,755 $127,885 
_________________________________
(1) Primarily consists of warranty reserves and accruals related to inventory and inventory purchase commitments with our contract manufacturers.
v3.24.1.1.u2
Deferred Revenue and Commissions
 3 Months Ended
May 05, 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):
First Quarter of Fiscal
20242025
Beginning balance
$245,856 $304,332 
Additions35,101 29,625 
Recognition of deferred commissions(32,769)(37,331)
Ending balance$248,188 $296,626 
Of the $296.6 million total deferred commissions balance at the end of the first 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 first quarter 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):
First Quarter of Fiscal
20242025
Beginning balance
$1,385,650 $1,594,522 
Additions280,268 341,789 
Recognition of deferred revenue(270,248)(334,835)
Ending balance$1,395,670 $1,601,476 
Revenue recognized during the first quarter of fiscal 2024 and 2025 from deferred revenue at the beginning of each respective period was $244.7 million and $293.9 million.
Remaining Performance Obligations
Total remaining performance obligations (RPO) which is contracted but not recognized revenue was $2.3 billion at the end of the first quarter of fiscal 2025. Total RPO includes $57.0 million in remaining non-cancelable product orders, of which $21.5 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 $2.3 billion RPO at the end of the first quarter of fiscal 2025, we expect to recognize approximately 48% over the next 12 months, and the remainder thereafter.
v3.24.1.1.u2
Debt
 3 Months Ended
May 05, 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.
In March 2023, we amended the Credit Facility to transition LIBOR to the Secured Overnight Financing Rate (SOFR) effective April 1, 2023. 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 first quarter of fiscal 2025. The outstanding borrowing bore weighted-average interest at an annual rate of 6.38% and 6.83% based on a one-month term SOFR period resulting in interest expense of $0.4 million and $2.0 million during the first quarter 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 first quarter of fiscal 2025
v3.24.1.1.u2
Commitments and Contingencies
 3 Months Ended
May 05, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
At the end of fiscal 2024 and the first quarter of fiscal 2025, we had outstanding letters of credit in the aggregate amount of $7.7 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 first 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.
v3.24.1.1.u2
Leases
 3 Months Ended
May 05, 2024
Leases [Abstract]  
Leases Leases
We lease office 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. During the first quarter of fiscal 2025, we entered into data center leases with a seven-year duration, and aggregate lease payments of $54.9 million, commencing in the second quarter of fiscal 2025 and therefore are excluded from our future lease payments tabular disclosure below.
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 at the end of the respective lease term. It is reasonably certain that the bargain purchase option will be exercised.
The components of lease costs during the periods presented were as follows (in thousands):
First Quarter of Fiscal
20242025
Fixed operating lease cost$14,001 $10,989 
Variable lease cost (1)
2,084 3,592 
Short-term lease cost (12 months or less)1,058 897 
Finance lease cost:
Amortization of finance lease right-of-use assets1,100 1,100 
Interest on finance lease liabilities129 63 
Total finance lease cost$1,229 $1,163 
Total lease cost$18,372 $16,641 
____________________________________
(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
First Quarter of Fiscal 2025
Operating leases:
Weighted-average remaining lease term (in years)5.04.9
Weighted-average discount rate7.1 %7.2 %
Finance leases:
Finance lease right-of-use assets, gross
$17,596$17,596
     Accumulated amortization
(7,812)(8,912)
Finance lease right-of-use assets, net (1)
$9,784$8,684
Finance lease liabilities, current (2)
4,2044,384
Finance lease liabilities, non-current (3)
18063
Total finance lease liabilities$4,384$4,447
Weighted-average remaining lease term (in years)2.42.2
Weighted-average discount rate5.4 %5.6 %
____________________________________
(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 Quarter of Fiscal
20242025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$8,425 $9,169 
Financing cash outflows for finance leases$1,540 $802 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$7,580 $7,885 
Future lease payments under our non-cancelable leases at the end of the first quarter of fiscal 2025 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2025
$42,714 $4,347 
202644,217 183 
202727,097 — 
202828,487 — 
202923,270 — 
Thereafter32,381 — 
Total future lease payments198,166 4,530 
Less: imputed interest(32,638)(83)
Present value of total lease liabilities$165,528 $4,447 
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 as subscription services revenue on our condensed consolidated statements of operations.
The total net consideration for the first lease that commenced in the first quarter of fiscal 2025 ("First Lease") is $21.3 million. Of this amount, we recognized $7.2 million in product revenue related to a sales-type lease component. The associated profit was $5.3 million, based on the $7.2 million in product revenue less certain costs. Subscription services revenue related to the operating lease and non-lease components recognized during the first quarter of fiscal 2025 was not material.
Future minimum gross lease payments for the First Lease allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments, allocated to the non-lease components, is $17.0 million and excluded from the table below.
Fiscal Years Ending
Sales-Type Leases
Operating Lease
The remainder of 2025
$1,381 $647 
20261,381 646 
20271,381 646 
20282,028 — 
20292,028 — 
Thereafter4,056 — 
Total future lease payments to be received
$12,255 $1,939 
v3.24.1.1.u2
Restructuring and Impairment
 3 Months Ended
May 05, 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 an additional $9.9 million in restructuring costs 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. The execution of the Plan was substantially completed by the end of the first quarter of fiscal 2025.
The following table summarizes our liability related to the Plan that is included within accrued compensation and benefits on our condensed consolidated balance sheet (in thousands):
Workforce Realignment Costs
Balance at the end of fiscal 2024
$18,009 
Restructuring charges
9,855 
Cash payments
(21,373)
Balance at the end of the first quarter of fiscal 2025
$6,491 
Facilities Abandonment and Impairment
During the first quarter of fiscal 2025, we recognized incremental abandonment and impairment charges of $3.9 million and $2.5 million, respectively, related to certain 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 asset exceeded its estimated fair value, which was determined by utilizing a discounted cash flow approach that incorporated revised sublease assumptions.
v3.24.1.1.u2
Stockholders' Equity
 3 Months Ended
May 05, 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 first 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 first 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 first quarter of fiscal 2025, 325.2 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. We did not repurchase shares of our common stock during the first quarter of fiscal 2025. At the end of the first quarter of fiscal 2025, $395.4 million remained available for future share repurchases under our current repurchase authorization.
v3.24.1.1.u2
Equity Incentive Plans
 3 Months Ended
May 05, 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.
We net-share settle equity awards held by certain employees by withholding shares upon vesting to satisfy tax withholding obligations. 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 $6.1 million and $8.0 million during the first quarter of fiscal 2024 and 2025. At the end of the first quarter of fiscal 2025, total unrecognized stock-based compensation cost related to our 2015 ESPP was $33.7 million, which is expected to be recognized over a weighted-average period of 1.0 years.
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(1,034,342)12.78   
Options forfeited(593)1.95   
Balance at the end of the first quarter of fiscal 2025
3,458,999 $13.89 2.3$133,119 
Vested and exercisable at the end of the first quarter of fiscal 2025
3,451,936 $13.78 2.3$132,763 
 
The aggregate intrinsic value of options vested and exercisable at the end of the first quarter of fiscal 2025 is calculated based on the difference between the exercise price and the closing price of $52.24 of our common stock on the last day of the first quarter of fiscal 2025.
Stock-based compensation expense recognized related to stock options was $0.7 million and $0.2 million during the first quarter of fiscal 2024 and 2025. At the end of the first quarter of fiscal 2025, total unrecognized employee stock-based compensation cost related to outstanding options was $0.1 million, which is expected to be recognized over a weighted-average period of 0.1 years.
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
6,063,832 49.75 
Vested(3,018,788)22.88 
Forfeited(1,020,204)26.47 
Unvested balance at the end of the first quarter of fiscal 2025
26,367,914 $32.51 $1,377,460 
Stock-based compensation expense related to RSUs was $60.6 million and $67.7 million during the first quarter of fiscal 2024 and 2025. At the end of the first quarter of fiscal 2025, total unrecognized employee stock-based compensation cost related to unvested RSUs was $814.2 million, which is expected to be recognized over a weighted-average period of 3.0 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. 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 ValueAggregate Intrinsic Value
(in thousands)
Unvested balance at the end of fiscal 2024
2,270,597 $25.64 $95,933 
Granted (1)
1,102,502 49.46 
Vested and earned (2)
(660,376)24.52 
Unearned (3)
(297,864)23.86 
Unvested balance at the end of the first quarter of fiscal 2025
2,414,859 $37.04 $126,152 
____________________________________
(1) Represents the number of shares that may be earned at the target percentage of 100% depending on the achievement of fiscal 2025 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 $10.4 million and $33.5 million during the first quarter of fiscal 2024 and 2025. At the end of the first quarter of fiscal 2025, total unrecognized employee stock-based compensation cost related to unvested PRSUs was $70.6 million, which is expected to be recognized over a weighted-average period of 2.6 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 $28.7 million was recognized in the first quarter 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 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 $209.3 million at the end of the first quarter of fiscal 2025. Stock-based compensation expense related to LTP Awards was $3.6 million during the first quarter of fiscal 2025. At the end of the first quarter of fiscal 2025, total unrecognized stock-based compensation cost related to unvested LTP Awards was $57.1 million, which is expected to be recognized over a weighted-average period of 3.9 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):
 
 
First Quarter of Fiscal
 20242025
Cost of revenue—product$2,655 $2,782 
Cost of revenue—subscription services5,647 8,871 
Research and development
38,232 50,294 
Sales and marketing17,181 23,519 
General and administrative14,115 27,528 
Total stock-based compensation expense, net of amounts capitalized (1)
$77,830 $112,994 
_________________________________
(1) Stock-based compensation expense capitalized was $0.8 million and $1.6 million during the first quarter of fiscal 2024 and 2025.
The tax benefit related to stock-based compensation expense for all periods presented was not material.
v3.24.1.1.u2
Net Loss per Share Attributable to Common Stockholders
 3 Months Ended
May 05, 2024
Earnings Per Share [Abstract]  
Net Loss per Share Attributable to Common Stockholders Net Loss per Share Attributable to Common Stockholders
Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Basic net loss per share attributable to common stockholders is computed by dividing the net 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 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 loss per share attributable to common stockholders (in thousands, except per share data):
 
First Quarter of Fiscal
 20242025
Net loss$(67,401)$(35,009)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted305,863 322,589 
Net loss per share attributable to common stockholders, basic and diluted$(0.22)$(0.11)
The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
 
 
First Quarter of Fiscal
 20242025
Stock options to purchase common stock8,874 3,883 
Unvested RSUs and PRSUs
27,794 25,516 
Shares related to convertible senior notes17,315 — 
Shares issuable pursuant to the ESPP822 775 
Total54,805 30,174 
v3.24.1.1.u2
Other Income (Expense), Net
 3 Months Ended
May 05, 2024
Other Income and Expenses [Abstract]  
Other Income (Expense), Net Other Income (Expense), Net
Other income (expense), net consists of the following (in thousands):
First Quarter of Fiscal
20242025
Interest income(1)
$12,989 $18,190 
Interest expense(2)
(1,385)(2,012)
Foreign currency transactions gains (losses)
48 (2,092)
Other income
97 5 
Total other income (expense), net$11,749 $14,091 
____________________________________
(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.
v3.24.1.1.u2
Income Taxes
 3 Months Ended
May 05, 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 first 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.
v3.24.1.1.u2
Segment Information
 3 Months Ended
May 05, 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):
 
First Quarter of Fiscal
 20242025
United States$427,164 $489,019 
Rest of the world162,143 204,460 
Total revenue$589,307 $693,479 

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
First Quarter of Fiscal 2025
United States$340,121 $355,490 
Rest of the world12,483 12,663 
Total long-lived assets$352,604 $368,153 
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Pay vs Performance Disclosure    
Net loss $ (35,009) $ (67,401)
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
May 05, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
John Colgrove [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On April 17, 2024, John Colgrove, our Chief Visionary Officer and a member of our Board of Directors, adopted a Rule 10b5-1 trading plan on behalf of the The Colgrove Family Charitable Remainder Trust, that is intended to satisfy the affirmative defense of Rule 10b5-1(c), which provides for the sale of up to 1,000,000 shares of our common stock on specified dates until the earlier of December 31, 2024, or when all the shares under Mr. Colgrove’s plan are sold.
Name John Colgrove
Rule 10b5-1 Arrangement Adopted true
Adoption Date April 17, 2024
Arrangement Duration 258 days
Aggregate Available 1,000,000
Dan FitzSimons [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On April 18, 2024, Dan FitzSimons, our Chief Revenue Officer, adopted a Rule 10b5-1 trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c), which provides for the sale of up to 77,155 shares of our common stock on specified dates until the earlier of April 18, 2025, or when all the shares under Mr. FitzSimon’s plan are sold. The actual number of shares subject to the trading arrangement under the Rule 10b5-1 trading plan may be lower due to our withholding of certain shares to satisfy income tax withholding and remittance obligations in connection with the vesting and net settlement of restricted stock units.
Name Dan FitzSimons
Rule 10b5-1 Arrangement Adopted true
Adoption Date April 18, 2024
Arrangement Duration 365 days
Aggregate Available 77,155
v3.24.1.1.u2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
May 05, 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 first quarter of fiscal 2024 and 2025 ended on May 7, 2023 and May 5, 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.
Restricted Cash
Restricted Cash
Restricted cash is comprised of cash collateral for letters of credit related to our leases and for a vendor credit card program.
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.
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.
v3.24.1.1.u2
Financial Instruments (Tables)
 3 Months Ended
May 05, 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 first quarter of fiscal 2025 (in thousands):
 
 At the End of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable SecuritiesRestricted 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 First Quarter of Fiscal 2025
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable
Securities		Restricted Cash
Level 1
Money market accounts$— $— $— $35,531 $25,936 $— $9,595 
Level 2       
U.S. government treasury notes331,983 23 (1,912)330,094 10,442 319,652 — 
U.S. government agencies4,398 1 (2)4,397 — 4,397 — 
Corporate debt securities424,317 418 (1,998)422,737 — 422,737 — 
Foreign government bonds1,290 1 (11)1,280 — 1,280 — 
Asset-backed securities74,115 50 (317)73,848 — 73,848 — 
Municipal bonds1,510 — (27)1,483 — 1,483 — 
Total$837,613 $493 $(4,267)$869,370 $36,378 $823,397 $9,595 
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 First Quarter of Fiscal 2025
 Amortized CostFair Value
Due within one year$329,146 $326,989 
Due in one to five years495,475 493,878 
Due in five to ten years2,550 2,530 
Total$827,171 $823,397 
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 first 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 First 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$289,528 $(1,567)$20,975 $(345)$310,503 $(1,912)
U.S. government agencies1,996 (2)— — 1,996 (2)
Corporate debt securities224,065 (795)83,781 (1,203)307,846 (1,998)
Foreign government bonds— — 579 (11)579 (11)
Asset-backed securities48,053 (174)10,802 (143)58,855 (317)
Municipal bonds— — 1,483 (27)1,483 (27)
Total$563,642 $(2,538)$117,620 $(1,729)$681,262 $(4,267)
v3.24.1.1.u2
Balance Sheet Components (Tables)
 3 Months Ended
May 05, 2024
Balance Sheet Components Disclosure [Abstract]  
Schedule of Inventory
Inventory consists of the following (in thousands):
At the End of
Fiscal 2024
First Quarter of Fiscal 2025
Raw materials$19,317 $18,130 
Finished goods23,346 22,544 
Inventory$42,663 $40,674 
Schedule of Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2024
First Quarter of Fiscal 2025
Test equipment$371,269 $390,646 
Computer equipment and software319,636 332,358 
Furniture and fixtures12,547 12,804 
Leasehold improvements92,926 97,629 
Capitalized software development costs36,474 42,789 
Total property and equipment832,852 876,226 
Less: accumulated depreciation and amortization(480,248)(508,073)
Property and equipment, net$352,604 $368,153 
Schedule of Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2024
First Quarter of Fiscal 2025
Gross Carrying ValueAccumulated AmortizationNet Carrying AmountGross Carrying ValueAccumulated AmortizationNet Carrying Amount
Technology patents$19,125 $(16,107)$3,018 $19,125 $(16,428)$2,697 
Developed technology83,211 (56,589)26,622 83,211 (59,894)23,317 
Customer relationships6,459 (3,087)3,372 6,459 (3,317)3,142 
Trade name
3,623 (3,623)— 3,623 (3,623)— 
Intangible assets, net$112,418 $(79,406)$33,012 $112,418 $(83,262)$29,156 
Schedule of Expected Amortization Expenses for Intangible Assets
At the end of the first 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$11,569 
202612,830 
20273,107 
20281,054 
2029434 
Thereafter162 
Total$29,156 
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
At the End of
 Fiscal 2024
First Quarter of Fiscal 2025
Taxes payable $13,097 $13,665 
Accrued marketing18,438 13,771 
Accrued cloud and outside services5,973 4,523 
Supply chain-related accruals (1)
25,962 18,335 
Accrued service logistics and professional services9,636 10,370 
Finance lease liabilities, current4,204 4,384 
Customer deposits from contracts with customers23,534 22,981 
Other accrued liabilities34,911 39,856 
Total accrued expenses and other liabilities$135,755 $127,885 
_________________________________
(1) Primarily consists of warranty reserves and accruals related to inventory and inventory purchase commitments with our contract manufacturers.
v3.24.1.1.u2
Deferred Revenue and Commissions (Tables)
 3 Months Ended
May 05, 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):
First Quarter of Fiscal
20242025
Beginning balance
$245,856 $304,332 
Additions35,101 29,625 
Recognition of deferred commissions(32,769)(37,331)
Ending balance$248,188 $296,626 
Schedule of Deferred Revenue
Changes in total deferred revenue during the periods presented are as follows (in thousands):
First Quarter of Fiscal
20242025
Beginning balance
$1,385,650 $1,594,522 
Additions280,268 341,789 
Recognition of deferred revenue(270,248)(334,835)
Ending balance$1,395,670 $1,601,476 
v3.24.1.1.u2
Leases (Tables)
 3 Months Ended
May 05, 2024
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease costs during the periods presented were as follows (in thousands):
First Quarter of Fiscal
20242025
Fixed operating lease cost$14,001 $10,989 
Variable lease cost (1)
2,084 3,592 
Short-term lease cost (12 months or less)1,058 897 
Finance lease cost:
Amortization of finance lease right-of-use assets1,100 1,100 
Interest on finance lease liabilities129 63 
Total finance lease cost$1,229 $1,163 
Total lease cost$18,372 $16,641 
____________________________________
(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
First Quarter of Fiscal 2025
Operating leases:
Weighted-average remaining lease term (in years)5.04.9
Weighted-average discount rate7.1 %7.2 %
Finance leases:
Finance lease right-of-use assets, gross
$17,596$17,596
     Accumulated amortization
(7,812)(8,912)
Finance lease right-of-use assets, net (1)
$9,784$8,684
Finance lease liabilities, current (2)
4,2044,384
Finance lease liabilities, non-current (3)
18063
Total finance lease liabilities$4,384$4,447
Weighted-average remaining lease term (in years)2.42.2
Weighted-average discount rate5.4 %5.6 %
____________________________________
(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 Quarter of Fiscal
20242025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$8,425 $9,169 
Financing cash outflows for finance leases$1,540 $802 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$7,580 $7,885 
Schedule of Future Lease Payments Under Non-Cancelable Leases
Future lease payments under our non-cancelable leases at the end of the first quarter of fiscal 2025 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2025
$42,714 $4,347 
202644,217 183 
202727,097 — 
202828,487 — 
202923,270 — 
Thereafter32,381 — 
Total future lease payments198,166 4,530 
Less: imputed interest(32,638)(83)
Present value of total lease liabilities$165,528 $4,447 
Sales-Type Leases, Payment to be Received, Maturity
Future minimum gross lease payments for the First Lease allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments, allocated to the non-lease components, is $17.0 million and excluded from the table below.
Fiscal Years Ending
Sales-Type Leases
Operating Lease
The remainder of 2025
$1,381 $647 
20261,381 646 
20271,381 646 
20282,028 — 
20292,028 — 
Thereafter4,056 — 
Total future lease payments to be received
$12,255 $1,939 
Lessor, Operating Lease, Payment to be Received, Maturity
Future minimum gross lease payments for the First Lease allocated to the sales-type leases and operating lease components were as follows (in thousands). The remaining lease payments, allocated to the non-lease components, is $17.0 million and excluded from the table below.
Fiscal Years Ending
Sales-Type Leases
Operating Lease
The remainder of 2025
$1,381 $647 
20261,381 646 
20271,381 646 
20282,028 — 
20292,028 — 
Thereafter4,056 — 
Total future lease payments to be received
$12,255 $1,939 
v3.24.1.1.u2
Restructuring and Impairment (Tables)
 3 Months Ended
May 05, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The following table summarizes our liability related to the Plan that is included within accrued compensation and benefits on our condensed consolidated balance sheet (in thousands):
Workforce Realignment Costs
Balance at the end of fiscal 2024
$18,009 
Restructuring charges
9,855 
Cash payments
(21,373)
Balance at the end of the first quarter of fiscal 2025
$6,491 
v3.24.1.1.u2
Equity Incentive Plans (Tables)
 3 Months Ended
May 05, 2024
Share-Based Payment Arrangement [Abstract]  
Summary 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(1,034,342)12.78   
Options forfeited(593)1.95   
Balance at the end of the first quarter of fiscal 2025
3,458,999 $13.89 2.3$133,119 
Vested and exercisable at the end of the first quarter of fiscal 2025
3,451,936 $13.78 2.3$132,763 
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
6,063,832 49.75 
Vested(3,018,788)22.88 
Forfeited(1,020,204)26.47 
Unvested balance at the end of the first quarter of fiscal 2025
26,367,914 $32.51 $1,377,460 
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 ValueAggregate Intrinsic Value
(in thousands)
Unvested balance at the end of fiscal 2024
2,270,597 $25.64 $95,933 
Granted (1)
1,102,502 49.46 
Vested and earned (2)
(660,376)24.52 
Unearned (3)
(297,864)23.86 
Unvested balance at the end of the first quarter of fiscal 2025
2,414,859 $37.04 $126,152 
____________________________________
(1) Represents the number of shares that may be earned at the target percentage of 100% depending on the achievement of fiscal 2025 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.
Summarizes the 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):
 
 
First Quarter of Fiscal
 20242025
Cost of revenue—product$2,655 $2,782 
Cost of revenue—subscription services5,647 8,871 
Research and development
38,232 50,294 
Sales and marketing17,181 23,519 
General and administrative14,115 27,528 
Total stock-based compensation expense, net of amounts capitalized (1)
$77,830 $112,994 
_________________________________
(1) Stock-based compensation expense capitalized was $0.8 million and $1.6 million during the first quarter of fiscal 2024 and 2025.
v3.24.1.1.u2
Net Income (Loss) per Share Attributable to Common Stockholders (Tables)
 3 Months Ended
May 05, 2024
Earnings Per Share [Abstract]  
Summary of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):
 
First Quarter of Fiscal
 20242025
Net loss$(67,401)$(35,009)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted305,863 322,589 
Net loss per share attributable to common stockholders, basic and diluted$(0.22)$(0.11)
Summary of Weighted-average Outstanding Shares Excluded from Computation of Diluted Net 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 loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
 
 
First Quarter of Fiscal
 20242025
Stock options to purchase common stock8,874 3,883 
Unvested RSUs and PRSUs
27,794 25,516 
Shares related to convertible senior notes17,315 — 
Shares issuable pursuant to the ESPP822 775 
Total54,805 30,174 
v3.24.1.1.u2
Other Income (Expense), Net (Tables)
 3 Months Ended
May 05, 2024
Other Income and Expenses [Abstract]  
Summary of Other Income (Expense)
Other income (expense), net consists of the following (in thousands):
First Quarter of Fiscal
20242025
Interest income(1)
$12,989 $18,190 
Interest expense(2)
(1,385)(2,012)
Foreign currency transactions gains (losses)
48 (2,092)
Other income
97 5 
Total other income (expense), net$11,749 $14,091 
____________________________________
(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.
v3.24.1.1.u2
Segment Information (Tables)
 3 Months Ended
May 05, 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):
 
First Quarter of Fiscal
 20242025
United States$427,164 $489,019 
Rest of the world162,143 204,460 
Total revenue$589,307 $693,479 
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
First Quarter of Fiscal 2025
United States$340,121 $355,490 
Rest of the world12,483 12,663 
Total long-lived assets$352,604 $368,153 
v3.24.1.1.u2
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
May 07, 2023
Accounting Policies [Abstract]      
Restricted cash $ 9,595 $ 9,595 $ 9,960
v3.24.1.1.u2
Financial Instruments - Cash Equivalents, Marketable Securities and Restricted Cash (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 827,171  
Fair Value 823,397  
Cash Equivalents 36,378 $ 24,661
Marketable Securities 823,397 828,557
Restricted Cash 9,595 9,595
Amortized Cost 837,613 832,363
Total gross unrealized gains 493 2,034
Total gross unrealized losses (4,267) (4,006)
Total fair value 869,370 862,813
Level 1 | Money market accounts    
Debt Securities, Available-for-sale [Line Items]    
Fair Value 35,531 32,422
Cash Equivalents 25,936 22,827
Marketable Securities 0 0
Restricted Cash 9,595 9,595
Level 2 | U.S. government treasury notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 331,983 340,168
Gross Unrealized Gains 23 584
Gross Unrealized Losses (1,912) (1,374)
Fair Value 330,094 339,378
Cash Equivalents 10,442 1,834
Marketable Securities 319,652 337,544
Restricted Cash 0 0
Level 2 | U.S. government agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,398 4,397
Gross Unrealized Gains 1 2
Gross Unrealized Losses (2) 0
Fair Value 4,397 4,399
Cash Equivalents 0 0
Marketable Securities 4,397 4,399
Restricted Cash 0 0
Level 2 | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 424,317 419,051
Gross Unrealized Gains 418 1,163
Gross Unrealized Losses (1,998) (2,262)
Fair Value 422,737 417,952
Cash Equivalents 0 0
Marketable Securities 422,737 417,952
Restricted Cash 0 0
Level 2 | Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,290 1,290
Gross Unrealized Gains 1 6
Gross Unrealized Losses (11) (16)
Fair Value 1,280 1,280
Cash Equivalents 0 0
Marketable Securities 1,280 1,280
Restricted Cash 0 0
Level 2 | Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 74,115 65,947
Gross Unrealized Gains 50 279
Gross Unrealized Losses (317) (316)
Fair Value 73,848 65,910
Cash Equivalents 0 0
Marketable Securities 73,848 65,910
Restricted Cash 0 0
Level 2 | Municipal bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,510 1,510
Gross Unrealized Gains 0 0
Gross Unrealized Losses (27) (38)
Fair Value 1,483 1,472
Cash Equivalents 0 0
Marketable Securities 1,483 1,472
Restricted Cash $ 0 $ 0
v3.24.1.1.u2
Financial Instruments - Amortized Cost and Estimated Fair Value (Details) - USD ($)
 3 Months Ended
May 05, 2024
May 07, 2023
Amortized Cost    
Due within one year $ 329,146,000  
Due in one to five years 495,475,000  
Due in five to ten years 2,550,000  
Amortized Cost 827,171,000  
Fair Value    
Due within one year 326,989,000  
Due in one to five years 493,878,000  
Due in five to ten years 2,530,000  
Total 823,397,000  
Impairment charge for unrealized losses $ 0 $ 0
v3.24.1.1.u2
Financial Instruments - Gross Unrealized Losses and Fair Values (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months $ 563,642 $ 294,841
Unrealized Loss, Less than 12 months (2,538) (1,019)
Fair Value, Greater than 12 months 117,620 168,497
Unrealized Loss, Greater than 12 months (1,729) (2,987)
Fair Value, Total 681,262 463,338
Unrealized Loss, Total (4,267) (4,006)
U.S. government treasury notes    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 289,528 166,565
Unrealized Loss, Less than 12 months (1,567) (725)
Fair Value, Greater than 12 months 20,975 47,842
Unrealized Loss, Greater than 12 months (345) (649)
Fair Value, Total 310,503 214,407
Unrealized Loss, Total (1,912) (1,374)
U.S. government agencies    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 1,996  
Unrealized Loss, Less than 12 months (2)  
Fair Value, Greater than 12 months 0  
Unrealized Loss, Greater than 12 months 0  
Fair Value, Total 1,996  
Unrealized Loss, Total (2)  
Corporate debt securities    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 224,065 116,247
Unrealized Loss, Less than 12 months (795) (260)
Fair Value, Greater than 12 months 83,781 104,810
Unrealized Loss, Greater than 12 months (1,203) (2,002)
Fair Value, Total 307,846 221,057
Unrealized Loss, Total (1,998) (2,262)
Foreign government bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 0 0
Unrealized Loss, Less than 12 months 0 0
Fair Value, Greater than 12 months 579 573
Unrealized Loss, Greater than 12 months (11) (16)
Fair Value, Total 579 573
Unrealized Loss, Total (11) (16)
Asset-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 48,053 12,029
Unrealized Loss, Less than 12 months (174) (34)
Fair Value, Greater than 12 months 10,802 13,800
Unrealized Loss, Greater than 12 months (143) (282)
Fair Value, Total 58,855 25,829
Unrealized Loss, Total (317) (316)
Municipal bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 0 0
Unrealized Loss, Less than 12 months 0 0
Fair Value, Greater than 12 months 1,483 1,472
Unrealized Loss, Greater than 12 months (27) (38)
Fair Value, Total 1,483 1,472
Unrealized Loss, Total $ (27) $ (38)
v3.24.1.1.u2
Financial Instrument - Other Financial Instruments (Details) - USD ($)
$ in Millions
May 05, 2024
Feb. 04, 2024
Investments, Debt and Equity Securities [Abstract]    
Defined contribution plan, plan liabilities, fair value $ 5.1 $ 3.2
v3.24.1.1.u2
Balance Sheet Components - Inventory (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]    
Raw materials $ 18,130 $ 19,317
Finished goods 22,544 23,346
Inventory $ 40,674 $ 42,663
v3.24.1.1.u2
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Property Plant And Equipment [Line Items]    
Total property and equipment $ 876,226 $ 832,852
Less: accumulated depreciation and amortization (508,073) (480,248)
Property and equipment, net 368,153 352,604
Test equipment    
Property Plant And Equipment [Line Items]    
Total property and equipment 390,646 371,269
Computer equipment and software    
Property Plant And Equipment [Line Items]    
Total property and equipment 332,358 319,636
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Total property and equipment 12,804 12,547
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property and equipment 97,629 92,926
Capitalized software development costs    
Property Plant And Equipment [Line Items]    
Total property and equipment $ 42,789 $ 36,474
v3.24.1.1.u2
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
May 05, 2024
May 07, 2023
Finite-Lived Intangible Assets [Line Items]    
Depreciation and amortization $ 31.1 $ 26.6
Intangible assets amortization expense $ 3.9 $ 4.2
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 9 months 18 days  
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 3 years 4 months 24 days  
v3.24.1.1.u2
Balance Sheet Components - Intangible Assets, Net (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 112,418 $ 112,418
Accumulated Amortization (83,262) (79,406)
Net Carrying Amount 29,156 33,012
Technology patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 19,125 19,125
Accumulated Amortization (16,428) (16,107)
Net Carrying Amount 2,697 3,018
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 83,211 83,211
Accumulated Amortization (59,894) (56,589)
Net Carrying Amount 23,317 26,622
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 6,459 6,459
Accumulated Amortization (3,317) (3,087)
Net Carrying Amount 3,142 3,372
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 3,623 3,623
Accumulated Amortization (3,623) (3,623)
Net Carrying Amount $ 0 $ 0
v3.24.1.1.u2
Balance Sheet Components - Expected Amortization Expenses for Intangible Assets (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]    
Remainder of 2025 $ 11,569  
2026 12,830  
2027 3,107  
2028 1,054  
2029 434  
Thereafter 162  
Net Carrying Amount $ 29,156 $ 33,012
v3.24.1.1.u2
Balance Sheet Components - Goodwill (Details) - USD ($)
 3 Months Ended
May 05, 2024
May 07, 2023
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]      
Goodwill $ 361,427,000   $ 361,427,000
Impairments to goodwill $ 0 $ 0  
v3.24.1.1.u2
Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Balance Sheet Components Disclosure [Abstract]    
Taxes payable $ 13,665 $ 13,097
Accrued marketing 13,771 18,438
Accrued cloud and outside services 4,523 5,973
Supply chain-related accruals 18,335 25,962
Accrued service logistics and professional services 10,370 9,636
Finance lease liabilities, current 4,384 4,204
Customer deposits from contracts with customers 22,981 23,534
Other accrued liabilities 39,856 34,911
Total accrued expenses and other liabilities $ 127,885 $ 135,755
v3.24.1.1.u2
Deferred Revenue and Commissions - Deferred Commissions (Details) - USD ($)
 3 Months Ended
May 05, 2024
May 07, 2023
Deferred Commissions [Roll Forward]    
Beginning balance $ 304,332,000 $ 245,856,000
Additions 29,625,000 35,101,000
Recognition of deferred commissions (37,331,000) (32,769,000)
Ending balance $ 296,626,000 248,188,000
Commission expected to be recognized over the next 12 months (percent) 29.00%  
Commission recognition period 12 months  
Impairment of capitalized commissions $ 0 $ 0
v3.24.1.1.u2
Deferred Revenue and Commissions - Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Contract Liability    
Additions $ 29,625 $ 35,101
Recognition of deferred revenue (37,331) (32,769)
Deferred revenue recognized 293,900 244,700
Product Revenue and Support Subscription Revenue    
Contract Liability    
Beginning balance 1,594,522 1,385,650
Additions 341,789 280,268
Recognition of deferred revenue (334,835) (270,248)
Ending balance $ 1,601,476 $ 1,395,670
v3.24.1.1.u2
Deferred Revenue and Commissions - Remaining Performance Obligation (Details)
$ in Millions
May 05, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Contracted but not recognized revenue $ 2,300.0
Non-cancelable product orders 57.0
Lessor arrangement $ 21.5
v3.24.1.1.u2
Deferred Revenue and Commissions - Remaining Performance Obligation Period (Details)
May 05, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-06  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized term (in months) 12 months
Revenue expected to be recognized (as a percent) 48.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-05-06  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized term (in months)
v3.24.1.1.u2
Debt - Narrative (Details) - Revolving Credit Facility
 1 Months Ended 3 Months Ended
Aug. 24, 2020
USD ($)
Apr. 30, 2023
USD ($)
May 05, 2024
USD ($)
financial_ratio
May 07, 2023
USD ($)
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  
Interest during the period (percent)     6.83% 6.38%
Interest expense     $ 2,000,000 $ 400,000
Number of financial ratios | financial_ratio     2  
Consolidated leverage ratio, maximum     4.5  
Interest coverage ratio, minimum     3  
Minimum        
Debt Instrument [Line Items]        
Commitment fee (percent)     0.25%  
Maximum        
Debt Instrument [Line Items]        
Commitment fee (percent)     0.40%  
Base Rate | Minimum        
Debt Instrument [Line Items]        
Margin rate (percent)     0.50%  
Base Rate | Maximum        
Debt Instrument [Line Items]        
Margin rate (percent)     1.25%  
Secured Overnight Financing Rate | Minimum        
Debt Instrument [Line Items]        
Margin rate (percent)     1.50%  
Secured Overnight Financing Rate | Maximum        
Debt Instrument [Line Items]        
Margin rate (percent)     2.25%  
Secured Overnight Financing Rate | Interest Rate Floor        
Debt Instrument [Line Items]        
Effective interest rate (percent)     0.00%  
v3.24.1.1.u2
Commitments and Contingencies - Narrative (Details) - USD ($)
May 05, 2024
Feb. 04, 2024
Commitments and Contingencies Disclosure [Abstract]    
Outstanding letters of credit $ 7,700,000 $ 7,700,000
Loss contingency $ 0  
v3.24.1.1.u2
Leases - Narrative (Details)
$ in Thousands
 3 Months Ended
May 05, 2024
USD ($)
Feb. 04, 2024
USD ($)
lease
Lessee, Lease, Description [Line Items]    
Aggregate lease payments $ 198,166  
Finance lease, term 3 years  
Lessor arrangement, number of leases | lease   3
Lessor arrangement, term of contract   7 years
Non-cancelable lease payments receivable, net $ 21,300 $ 76,600
Sales-type lease, revenue 7,200  
Sales-type lease, selling profit $ 5,300  
Data Centers    
Lessee, Lease, Description [Line Items]    
Lessee, operating lease, lease not yet commenced, term of contract 7 years  
Aggregate lease payments $ 54,900  
v3.24.1.1.u2
Leases - Lease costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Leases [Abstract]    
Fixed operating lease cost $ 10,989 $ 14,001
Variable lease cost 3,592 2,084
Short-term lease cost (12 months or less) 897 1,058
Amortization of finance lease right-of-use assets 1,100 1,100
Interest on finance lease liabilities 63 129
Total finance lease cost 1,163 1,229
Total lease cost $ 16,641 $ 18,372
v3.24.1.1.u2
Leases - Lease term and discount rate (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Operating leases:    
Weighted-average remaining lease term (in years) 4 years 10 months 24 days 5 years
Weighted-average discount rate 7.20% 7.10%
Finance leases:    
Finance lease right-of-use assets, gross $ 17,596 $ 17,596
Accumulated amortization (8,912) (7,812)
Finance lease right-of-use assets, net 8,684 9,784
Finance lease liabilities, current 4,384 4,204
Finance lease liabilities, non-current 63 180
Present value of total lease liabilities $ 4,447 $ 4,384
Weighted-average remaining lease term (in years) 2 years 2 months 12 days 2 years 4 months 24 days
Weighted-average discount rate 5.60% 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
v3.24.1.1.u2
Leases - Supplemental cash flow information related to leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Leases [Abstract]    
Operating cash outflows for operating leases $ 9,169 $ 8,425
Financing cash outflows for finance leases 802 1,540
Operating leases $ 7,885 $ 7,580
v3.24.1.1.u2
Leases - Future lease payments (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Operating Leases    
The remainder of 2025 $ 42,714  
2026 44,217  
2027 27,097  
2028 28,487  
2029 23,270  
Thereafter 32,381  
Total future lease payments 198,166  
Less: imputed interest (32,638)  
Present value of total lease liabilities 165,528  
Finance Leases    
The remainder of 2025 4,347  
2026 183  
2027 0  
2028 0  
2029 0  
Thereafter 0  
Total future lease payments 4,530  
Less: imputed interest (83)  
Present value of total lease liabilities $ 4,447 $ 4,384
v3.24.1.1.u2
Leases - Future minimum lease payments on lease receivables (Details)
$ in Thousands
May 05, 2024
USD ($)
Leases [Abstract]  
Non-lease components of remaining amount $ 17,000
Sales-Type Leases  
The remainder of 2025 1,381
2026 1,381
2027 1,381
2028 2,028
2029 2,028
Thereafter 4,056
Total future lease payments to be received 12,255
Operating Lease  
The remainder of 2025 647
2026 646
2027 646
2028 0
2029 0
Thereafter 0
Total future lease payments to be received $ 1,939
v3.24.1.1.u2
Restructuring and Impairment - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Feb. 29, 2024
USD ($)
employee
May 05, 2024
USD ($)
Feb. 04, 2024
USD ($)
May 07, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]        
Noncash portion of lease impairment and abandonment   $ 3,270   $ 0
Workplace Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Number of employees impacted | employee 250      
Total restructuring cost $ 27,900      
Workplace Restructuring Plan | Restructuring Charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   9,500    
Workplace Restructuring Plan | Cost of Revenue        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   400    
Employee Severance | Workplace Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   9,900 $ 18,000  
Ceased Use of Certain Leased Facilities        
Restructuring Cost and Reserve [Line Items]        
Noncash portion of lease impairment and abandonment   2,500    
Ceased Use of Certain Leased Facilities | Restructuring Charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ 3,900    
v3.24.1.1.u2
Restructuring and Impairment - Severance and Other Personnel Liabilities (Details) - Workforce Realignment Costs
$ in Thousands
 3 Months Ended
May 05, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring reserve, beginning balance $ 18,009
Restructuring charges 9,855
Cash payments (21,373)
Restructuring reserve, ending balance $ 6,491
v3.24.1.1.u2
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
May 05, 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   20,000,000
Preferred stock, shares issued (in shares) 0   0
Preferred stock, shares outstanding (in shares) 0   0
Number of classes of stock | stock_class 2    
Common stock, shares authorized (in shares) 2,250,000,000   2,250,000,000
Board of Directors      
Class of Stock [Line Items]      
Authorized amount remaining under stock repurchase program | $ $ 395.4    
Class A common stock      
Class of Stock [Line Items]      
Common stock, shares authorized (in shares) 2,000,000,000   2,000,000,000
Common stock, par value per share (in dollars per share) | $ / shares $ 0.0001   $ 0.0001
Common stock, shares issued (in shares) 325,181,000   319,523,000
Common stock, shares outstanding (in shares) 325,181,000   319,523,000
Class B common stock      
Class of Stock [Line Items]      
Common stock, shares authorized (in shares) 250,000,000   250,000,000
Common stock, par value per share (in dollars per share) | $ / shares $ 0.0001   $ 0.0001
Common Stock | Board of Directors      
Class of Stock [Line Items]      
Additional value approved for repurchase | $   $ 250.0  
Repurchase of common stock (in shares) 0    
v3.24.1.1.u2
Equity Incentive Plans - Narrative (Details)
 1 Months Ended 3 Months Ended
Jun. 30, 2023
shares
May 05, 2024
USD ($)
plan
purchasePeriod
$ / shares
shares
May 07, 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    
Share-based payment arrangement, expense   $ 112,994,000 $ 77,830,000  
Unrecognized compensation cost, stock options   100,000    
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense   $ 200,000 700,000  
Compensation cost (in years)   1 month 6 days    
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense   $ 67,700,000 60,600,000  
Compensation cost (in years)   3 years    
Compensation not yet recognized   $ 814,200,000    
Granted (in shares) | shares   6,063,832    
Unvested awards (in shares) | shares   26,367,914   24,343,074
Aggregate intrinsic value   $ 1,377,460,000   $ 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   $ 33,500,000 10,400,000  
Compensation cost (in years)   2 years 7 months 6 days    
Compensation not yet recognized   $ 70,600,000    
Award vesting rights, target (as a percent)   100.00%    
Award vesting rights, target shares earned (percent)   80.00%    
Share-based payment arrangement, vesting period   $ 28,700,000    
Granted (in shares) | shares   1,102,502    
Unvested awards (in shares) | shares   2,414,859   2,270,597
Aggregate intrinsic value   $ 126,152,000   $ 95,933,000
Long-Term Performance Incentive RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, expense   3,600,000    
Unrecognized stock-based compensation expense   $ 57,100,000    
Compensation cost (in years)   3 years 10 months 24 days    
Compensation not yet recognized   $ 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    
Aggregate intrinsic value   $ 209,300,000    
Class A common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Closing price of stock (in dollars per share) | $ / shares   $ 52.24    
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    
Purchase period, term   6 months    
Modification charge     16,700,000  
Share-based payment arrangement, expense   $ 8,000,000 $ 6,100,000  
Unrecognized stock-based compensation expense   $ 33,700,000    
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%    
Share cap for ESPP at purchase date (in shares) | shares   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    
Maximum | 2015 Employee Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)   4 years    
v3.24.1.1.u2
Equity Incentive Plans - Equity Incentive Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
May 05, 2024
Feb. 04, 2024
Number of Shares    
Beginning balance (in shares) 4,493,934  
Options exercised (in shares) (1,034,342)  
Options forfeited (in shares) (593)  
Ending balance (in shares) 3,458,999 4,493,934
Vested and exercisable (in shares) 3,451,936  
Weighted- Average Exercise Price    
Beginning balance (in dollars per share) $ 13.63  
Options exercised (in dollars per share) 12.78  
Options forfeited (in dollars per share) 1.95  
Ending balance (in dollars per share) 13.89 $ 13.63
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) $ 13.78  
Weighted- Average Remaining Contractual Life (In Years)    
Weighted Average Remaining Contractual Life (in years) 2 years 3 months 18 days 2 years 3 months 18 days
Weighted Average Remaining Contractual Life (in years), Vested and exercisable 2 years 3 months 18 days  
Aggregate Intrinsic Value (in thousands)    
Aggregate Intrinsic Value $ 133,119 $ 129,065
Aggregate Intrinsic Value, Vested and exercisable $ 132,763  
v3.24.1.1.u2
Equity Incentive Plans - Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 05, 2024
Feb. 04, 2024
Unvested RSUs and PRSUs    
Number of RSUs Outstanding    
Unvested, Beginning balance (in shares) 24,343,074  
Granted (in shares) 6,063,832  
Vested (in shares) (3,018,788)  
Unearned (in shares) (1,020,204)  
Unvested, Ending balance (in shares) 26,367,914  
Weighted- Average Grant Date Fair Value    
Beginning balance (in dollars per share) $ 26.77  
Granted (in dollars per share) 49.75  
Vested (in dollars per share) 22.88  
Unearned (in dollars per share) 26.47  
Ending balance (in dollars per share) $ 32.51  
Aggregate Intrinsic Value $ 1,377,460 $ 1,028,495
PRSUs    
Number of RSUs Outstanding    
Unvested, Beginning balance (in shares) 2,270,597  
Granted (in shares) 1,102,502  
Vested (in shares) (660,376)  
Unearned (in shares) (297,864)  
Unvested, Ending balance (in shares) 2,414,859  
Weighted- Average Grant Date Fair Value    
Beginning balance (in dollars per share) $ 25.64  
Granted (in dollars per share) 49.46  
Vested (in dollars per share) 24.52  
Unearned (in dollars per share) 23.86  
Ending balance (in dollars per share) $ 37.04  
Aggregate Intrinsic Value $ 126,152 $ 95,933
Award vesting rights, target (as a percent) 100.00%  
PRSUs | Minimum    
Weighted- Average Grant Date Fair Value    
Award vesting rights, target (as a percent) 0.00%  
PRSUs | Maximum    
Weighted- Average Grant Date Fair Value    
Award vesting rights, target (as a percent) 200.00%  
v3.24.1.1.u2
Equity Incentive Plans - Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based payment arrangement, expense $ 112,994 $ 77,830
Share-based compensation expense 1,600 800
Cost of revenue—product    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based payment arrangement, expense 2,782 2,655
Cost of revenue—subscription services    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based payment arrangement, expense 8,871 5,647
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based payment arrangement, expense 50,294 38,232
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based payment arrangement, expense 23,519 17,181
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based payment arrangement, expense $ 27,528 $ 14,115
v3.24.1.1.u2
Net Income (Loss) per Share Attributable to Common Stockholders - Net Loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Earnings Per Share [Abstract]    
Net loss $ (35,009) $ (67,401)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 322,589 305,863
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 322,589 305,863
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.11) $ (0.22)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.11) $ (0.22)
v3.24.1.1.u2
Net Loss per Share Attributable to Common Stockholders - Shares Excluded (Details) - shares
shares in Thousands
 3 Months Ended
May 05, 2024
May 07, 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) 30,174 54,805
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) 3,883 8,874
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) 25,516 27,794
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 17,315
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) 775 822
v3.24.1.1.u2
Other Income (Expense), Net - Other Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Other Income and Expenses [Abstract]    
Interest income $ 18,190 $ 12,989
Interest expense (2,012) (1,385)
Foreign currency transactions gains (losses) (2,092) 48
Other income 5 97
Total other income (expense), net $ 14,091 $ 11,749
v3.24.1.1.u2
Segment Information - Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 05, 2024
May 07, 2023
Revenues From External Customers And Long Lived Assets [Line Items]    
Total revenue $ 693,479 $ 589,307
United States    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total revenue 489,019 427,164
Rest of the world    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total revenue $ 204,460 $ 162,143
v3.24.1.1.u2
Segment Information - Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
May 05, 2024
Feb. 04, 2024
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 368,153 $ 352,604
United States    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets 355,490 340,121
Rest of the world    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 12,663 $ 12,483