PURE STORAGE, INC., 10-Q filed on 6/16/2023
Quarterly Report
v3.23.1
Cover - shares
 3 Months Ended
May 07, 2023
Jun. 09, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 07, 2023  
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, $0.0001 par value per share  
Trading Symbol PSTG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   307,532,852
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001474432  
Current Fiscal Year End Date --02-04  
v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Current assets:    
Cash and cash equivalents $ 378,285 $ 580,854
Marketable securities 805,715 1,001,352
Accounts receivable, net of allowance of $1,057 and $1,062 391,286 612,491
Inventory 51,821 50,152
Deferred commissions, current 68,826 68,617
Prepaid expenses and other current assets 171,824 161,391
Total current assets 1,867,757 2,474,857
Property and equipment, net 302,894 272,445
Operating lease right-of-use assets 155,205 158,912
Deferred commissions, non-current 179,362 177,239
Intangible assets, net 45,064 49,222
Goodwill 361,427 361,427
Restricted cash 9,960 10,544
Other assets, non-current 37,584 38,814
Total assets 2,959,253 3,543,460
Current liabilities:    
Accounts payable 71,334 67,121
Accrued compensation and benefits 143,204 232,636
Accrued expenses and other liabilities 121,230 123,749
Operating lease liabilities, current 37,995 33,707
Deferred revenue, current 732,433 718,149
Debt, current 0 574,506
Total current liabilities 1,106,196 1,749,868
Long-term debt 100,000 0
Operating lease liabilities, non-current 139,665 142,473
Deferred revenue, non-current 663,237 667,501
Other liabilities, non-current 44,348 42,385
Total liabilities 2,053,446 2,602,227
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; 304,076 and 306,453 Class A shares issued and outstanding 31 30
Additional paid-in capital 2,521,145 2,493,769
Accumulated other comprehensive loss (10,906) (15,504)
Accumulated deficit (1,604,463) (1,537,062)
Total stockholders’ equity 905,807 941,233
Total liabilities and stockholders’ equity $ 2,959,253 $ 3,543,460
v3.23.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Accounts receivable, allowance $ 1,062 $ 1,057
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) 306,452,699 304,076,000
Common stock, shares outstanding (in shares) 306,452,699 304,076,000
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
v3.23.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Revenue $ 589,307 $ 620,405
Cost of revenue 175,960 193,979
Gross profit 413,347 426,426
Operating expenses:    
Research and development 185,331 161,273
Sales and marketing 232,446 218,153
General and administrative 67,384 51,567
Total operating expenses 485,161 430,993
Loss from operations (71,814) (4,567)
Other income (expense), net 11,749 (6,181)
Loss before provision for income taxes (60,065) (10,748)
Provision for income taxes 7,336 787
Net loss $ (67,401) $ (11,535)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.22) $ (0.04)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.22) $ (0.04)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 305,863 295,843
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 305,863 295,843
Product    
Revenue $ 308,963 $ 401,161
Cost of revenue 96,213 125,484
Subscription services    
Revenue 280,344 219,244
Cost of revenue $ 79,747 $ 68,495
v3.23.1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Statement of Comprehensive Income [Abstract]    
Net loss $ (67,401) $ (11,535)
Other comprehensive (loss) income:    
Unrealized net (losses) gains on available-for-sale securities 4,866 (10,487)
Less: reclassification adjustment for net losses (gains) on available-for-sale securities included in net loss (268) 7
Change in unrealized net (losses) gains on available-for-sale securities 4,598 (10,480)
Comprehensive loss $ (62,803) $ (22,015)
v3.23.1
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Restricted Stock Units
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Common Stock
Common Stock
Restricted Stock Units
Additional Paid-in Capital
Additional Paid-in Capital
Restricted Stock Units
Additional Paid-in Capital
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Accumulated Other Comprehensive Loss
Accumulated Deficit
Accumulated Deficit
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Beginning balance (in shares) at Feb. 06, 2022       292,633              
Beginning balance at Feb. 06, 2022 $ 754,336   $ (35,127) $ 29   $ 2,470,943   $ (133,265) $ (8,365) $ (1,708,271) $ 98,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock upon exercise of stock options (in shares)       1,233              
Issuance of common stock upon exercise of stock options 11,433         11,433          
Stock-based compensation expense 75,685         75,685          
Vesting of restricted stock units (in shares)         3,608            
Vesting of restricted stock units   $ 0     $ 1   $ (1)        
Tax withholding on vesting of equity awards and restricted stock units (in shares)       (295)              
Tax withholding on vesting of equity awards and restricted stock units (10,194)         (10,194)          
Common stock issued under employee stock purchase plan (in shares)       2,087              
Common stock issued under employee stock purchase plan 19,396         19,396          
Repurchases of common stock (in shares)       (2,134)              
Repurchases of common stock (66,420)         (66,420)          
Other comprehensive (loss) income (10,480)               (10,480)    
Net loss (11,535)                 (11,535)  
Ending balance (in shares) at May. 08, 2022       297,132              
Ending balance at May. 08, 2022 727,094     $ 30   2,367,577     (18,845) (1,621,668)  
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 equity awards and restricted stock units (in shares)         (281)            
Tax withholding on vesting of equity awards and 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          
Repurchases 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 (loss) income 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)  
v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]    
Net loss $ (67,401) $ (11,535)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 29,690 22,663
Stock-based compensation expense 77,830 74,571
Other (1,804) 947
Changes in operating assets and liabilities:    
Accounts receivable, net 221,205 196,129
Inventory 308 (1,699)
Deferred commissions (2,331) 15,309
Prepaid expenses and other assets (6,095) (11,742)
Operating lease right-of-use assets 11,001 7,749
Accounts payable (3,993) (7,419)
Accrued compensation and other liabilities (89,082) (88,963)
Operating lease liabilities (6,100) (8,480)
Deferred revenue 10,019 32,602
Net cash provided by operating activities 173,247 220,132
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (51,424) (32,810)
Purchases of marketable securities (128,788) (17,251)
Sales of marketable securities 43,040 0
Maturities of marketable securities 288,373 116,175
Net cash provided by investing activities 151,201 66,114
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]    
Net proceeds from exercise of stock options 4,630 11,405
Proceeds from issuance of common stock under employee stock purchase plan 21,219 19,396
Principal payments on borrowings and finance lease obligations (576,780) (251,395)
Proceeds from borrowings 100,000 0
Tax withholding on vesting of equity awards (6,759) (10,194)
Repurchases of common stock (69,911) (66,420)
Net cash used in financing activities (527,601) (297,208)
Net decrease in cash, cash equivalents and restricted cash (203,153) (10,962)
Cash, cash equivalents and restricted cash, beginning of period 591,398 476,743
Cash, cash equivalents and restricted cash, end of period 388,245 465,781
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD    
Cash and cash equivalents 378,285 455,237
Restricted cash 9,960 10,544
Cash, cash equivalents and restricted cash, end of period 388,245 465,781
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 390 715
Cash paid for income taxes 9,328 1,848
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION    
Property and equipment purchased but not yet paid $ 22,036 $ 6,413
v3.23.1
Business Overview
 3 Months Ended
May 07, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Overview Business OverviewPure 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 now headquartered in Santa Clara, California and have wholly owned subsidiaries throughout the world.
v3.23.1
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
May 07, 2023
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 2023 was February 5, 2023 and for fiscal 2024 will be February 4, 2024. The first quarter of fiscal 2023 and 2024 ended on May 8, 2022 and May 7, 2023. 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 2023.
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 2024 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 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 2023 and the first quarter of fiscal 2024, we had restricted cash of $10.5 million and $10.0 million.
v3.23.1
Financial Instruments
 3 Months Ended
May 07, 2023
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 2023 and the first quarter of fiscal 2024 (in thousands):
 
 At the End of Fiscal 2023
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable SecuritiesRestricted Cash
Level 1      
Money market accounts$— $— $— $49,733 $39,189 $— $10,544 
Level 2      
U.S. government treasury notes425,977 170 (4,229)421,918 32,008 389,910 — 
U.S. government agencies23,795 — (289)23,506 — 23,506 — 
Corporate debt securities527,164 901 (9,300)518,765 — 518,765 — 
Foreign government bonds4,797 — (44)4,753 — 4,753 — 
Asset-backed securities61,371 281 (1,016)60,636 — 60,636 — 
Municipal bonds3,950 — (168)3,782 — 3,782 — 
Total$1,047,054 $1,352 $(15,046)$1,083,093 $71,197 $1,001,352 $10,544 


 
At the End of the First Quarter of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable
Securities		Restricted Cash
Level 1
Money market accounts$— $— $— $28,305 $18,345 $— $9,960 
Level 2       
U.S. government treasury notes253,286 634 (2,885)251,035 — 251,035 — 
U.S. government agencies18,991 18 (95)18,914 — 18,914 — 
Corporate debt securities479,168 1,049 (7,091)473,126 — 473,126 — 
Foreign government bonds1,590 — (31)1,559 — 1,559 — 
Asset-backed securities57,826 275 (838)57,263 — 57,263 — 
Municipal bonds3,950 — (132)3,818 — 3,818 — 
Total$814,811 $1,976 $(11,072)$834,020 $18,345 $805,715 $9,960 
 
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 2024
 Amortized CostFair Value
Due within one year$358,506 $353,414 
Due in one to five years456,305 452,301 
Total$814,811 $805,715 
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 decline in fair value of our marketable securities is largely due to the rising interest rate environment driven by current market conditions that has resulted in higher 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 2023 and 2024.
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 2023 and the first quarter of fiscal 2024, aggregated by investment category (in thousands):
At the End of Fiscal 2023
Less than 12 monthsGreater than 12 monthsTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. government treasury notes$250,046 $(130)$127,976 $(4,099)$378,022 $(4,229)
U.S. government agencies5,194 (5)18,312 (284)23,506 (289)
Corporate debt securities99,446 (330)277,717 (8,970)377,163 (9,300)
Foreign government bonds3,200 (5)551 (39)3,751 (44)
Asset-backed securities3,060 (25)22,221 (991)25,281 (1,016)
Municipal bonds— — 3,782 (168)3,782 (168)
Total$360,946 $(495)$450,559 $(14,551)$811,505 $(15,046)

At the End of the First Quarter 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$21,981 $(40)$100,205 $(2,845)$122,186 $(2,885)
U.S. government agencies999 (1)14,505 (94)15,504 (95)
Corporate debt securities90,761 (363)242,140 (6,728)332,901 (7,091)
Foreign government bonds1,000 — 559 (31)1,559 (31)
Asset-backed securities6,626 (15)20,034 (823)26,660 (838)
Municipal bonds— — 3,818 (132)3,818 (132)
Total$121,367 $(419)$381,261 $(10,653)$502,628 $(11,072)
 Realized gains or losses on sale of marketable securities were not significant for all periods presented.
v3.23.1
Balance Sheet Components
 3 Months Ended
May 07, 2023
Balance Sheet Components Disclosure [Abstract]  
Balance Sheet Components Balance Sheet Components
Inventory
Inventory consists of the following (in thousands):
At the End of
Fiscal 2023
First Quarter of Fiscal 2024
Raw materials$24,896 $22,919 
Finished goods25,256 28,902 
Inventory$50,152 $51,821 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2023
First Quarter of Fiscal 2024
Test equipment$315,290 $331,828 
Computer equipment and software262,574 273,515 
Furniture and fixtures9,693 9,529 
Leasehold improvements71,235 90,699 
Capitalized software development costs15,806 19,557 
Total property and equipment674,598 725,128 
Less: accumulated depreciation and amortization(402,153)(422,234)
Property and equipment, net$272,445 $302,894 
Depreciation and amortization expense related to property and equipment was $19.3 million and $26.6 million for the first quarter of fiscal 2023 and 2024.
Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2023
First Quarter of Fiscal 2024
Gross Carrying ValueAccumulated AmortizationNet Carrying AmountGross Carrying ValueAccumulated AmortizationNet Carrying Amount
Technology patents$19,125 $(14,826)$4,299 $19,125 $(15,146)$3,979 
Developed technology83,211 (43,366)39,845 83,211 (46,672)36,539 
Customer relationships6,459 (2,166)4,293 6,459 (2,397)4,062 
Trade name3,623 (2,838)785 3,623 (3,139)484 
Intangible assets, net$112,418 $(63,196)$49,222 $112,418 $(67,354)$45,064 
 
 Intangible assets amortization expense was $4.1 million and $4.2 million for the first quarter of fiscal 2023 and 2024. At the end of the first quarter of fiscal 2024, the weighted-average remaining amortization period was 1.4 years for technology patents, 2.8 years for developed technology, 4.4 years for customer relationships, and 0.4 years for trade name. 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 and trade name in sales and marketing expenses in the condensed consolidated statements of operations.
At the end of the first quarter of fiscal 2024, future expected amortization expense for intangible assets is as follows (in thousands):
Fiscal Years EndingEstimated Future
Amortization Expense
Remainder of 2024$12,052 
202515,425 
202612,830 
20273,107 
20281,054 
Thereafter596 
Total$45,064 
Goodwill
As of the end of fiscal 2023 and the first quarter of fiscal 2024, goodwill was $361.4 million. There were no impairments to goodwill during the first quarter of fiscal 2023 and 2024.
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
At the End of
 Fiscal 2023
First Quarter of Fiscal 2024
Taxes payable $16,615 $9,873 
Accrued marketing14,228 10,674 
Accrued cloud and outside services7,644 4,799 
Supply chain-related accruals (1)
23,545 29,158 
Accrued service logistics and professional services7,927 6,414 
Acquisition earn-out and deferred consideration3,556 4,428 
Finance lease liabilities, current5,432 5,499 
Customer deposits from contracts with customers17,824 17,613 
Other accrued liabilities26,978 32,772 
Total accrued expenses and other liabilities$123,749 $121,230 
_________________________________
(1) Primarily consist of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers.
v3.23.1
Deferred Revenue and Commissions
 3 Months Ended
May 07, 2023
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
20232024
Beginning balance
$246,307 $245,856 
Additions26,484 35,101 
Recognition of deferred commissions(41,793)(32,769)
Ending balance$230,998 $248,188 
Of the $248.2 million total deferred commissions balance at the end of the first quarter of fiscal 2024, we expect to recognize approximately 28% 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 2023 and 2024.
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
20232024
Beginning balance
$1,079,872 $1,385,650 
Additions244,580 280,268 
Recognition of deferred revenue(211,979)(270,248)
Ending balance$1,112,473 $1,395,670 
Revenue recognized during the first quarter of fiscal 2023 and 2024 from deferred revenue at the beginning of each respective period was $197.1 million and $244.7 million.
Remaining Performance Obligations
Total remaining performance obligations (RPO) which is contracted but not recognized revenue was $1.8 billion at the end of the first quarter of fiscal 2024. 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 are excluded from RPO. Of the $1.8 billion RPO at the end of the first quarter of fiscal 2024, we expect to recognize approximately 47% over the next 12 months, and the remainder thereafter.
v3.23.1
Debt
 3 Months Ended
May 07, 2023
Debt Disclosure [Abstract]  
Debt Debt
Convertible Senior Notes
In April 2018, we issued $575.0 million in principal amount of 0.125% convertible senior notes (the Notes) due April 15, 2023, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act and received proceeds of $562.1 million, after deducting the underwriters’ discounts and commissions. The Notes were senior unsecured obligations and governed by an indenture (the Indenture) between us, as the issuer, and U.S. Bank National Association, as trustee. The Indenture did not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness, or the issuance or repurchase of securities by us or any of our subsidiaries. Interest was payable semi-annually in arrears on April 15 and October 15 of each year.
In April 2023, we repaid the entire principal balance with approximately $575.0 million in cash and 1,065 shares of our common stock.
The Notes consisted of the following (in thousands):
At the End of
Fiscal 2023
First Quarter of Fiscal 2024
Liability:
Principal$575,000 $— 
Less: debt issuance costs, net of amortization(494)— 
Net carrying amount of the Notes$574,506 $— 
The following table sets forth total interest expense recognized related to the Notes for the first quarter of fiscal 2023 and 2024 (in thousands):
First Quarter of Fiscal
20232024
Amortization of debt issuance costs$648 $494 
Contractual interest expense179 136 
Total interest expense related to the Notes$827 $630 
Effective interest rate of the liability component0.6 %0.6 %
In connection with the offering of the Notes, we paid $64.6 million to enter into capped call transactions with certain of the underwriters and their affiliates (the Capped Calls), which gave us the option to purchase up to a total of 21,884,155 shares of our common stock to offset the dilution and/or any cash payments in excess of the principal amount upon conversion of the Notes at maturity, with such offset subject to a cap of $39.66 per share (which represented a premium of 100% over the last reported sales price of our common stock on April 4, 2018), subject to certain adjustments. The cost of the Capped Calls was accounted for as a reduction to additional paid-in capital on the condensed consolidated balance sheet. The Capped Calls were not exercised and expired in April 2023.
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 early termination by us, on the earlier of (i) August 24, 2025 or (ii) 91 days prior to the stated maturity of the Notes unless, on such date and each subsequent day until the Notes are paid in full, the sum of our cash, cash equivalents and marketable securities and the aggregate unused commitments then available to us exceed $625.0 million.
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 February 2022, we repaid, in full, the $250.0 million outstanding under the Credit Facility. Prior to repayment, the outstanding loan bore weighted-average interest at an annual rate of 1.61% based on a one-month LIBOR period resulting in interest expense of $0.3 million during the first quarter of fiscal 2023.
In April 2023, we borrowed $100.0 million under the Credit Facility which remained outstanding at the end of the first quarter of fiscal 2024. The outstanding loan bore weighted-average interest at an annual rate of 6.38% based on a one-month term SOFR period resulting in interest expense of $0.4 million during the first quarter of fiscal 2024.
Loans 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 2024.
v3.23.1
Commitments and Contingencies
 3 Months Ended
May 07, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
At the end of fiscal 2023 and the first quarter of fiscal 2024, we had outstanding letters of credit in the aggregate amount of $8.0 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 2024.
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.
v3.23.1
Leases
 3 Months Ended
May 07, 2023
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.
In June 2022, we entered into an eight-year sublease through July 2030 for a new headquarters facility in Santa Clara, California with total lease payments of $100.2 million that include rent escalation and abatement clauses. The sublease of space with total lease payments of $89.4 million commenced in August 2022. Additional space with lease payments of $10.8 million will commence in May 2024 and end in July 2030 and therefore are excluded from our future lease payments disclosure below.
We also lease certain engineering test equipment under financing agreements. These finance leases are 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
20232024
Fixed operating lease cost$10,318 $14,001 
Variable lease cost (1)
1,890 2,084 
Short-term lease cost (12 months or less)852 1,058 
Finance lease cost:
Amortization of finance lease right-of-use assets468 1,100 
Interest on finance lease liabilities40 129 
Total finance lease cost$508 $1,229 
Total lease cost$13,568 $18,372 
____________________________________
(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 2023
First Quarter of Fiscal 2024
Operating leases:
Weighted-average remaining lease term (in years)5.25.3
Weighted-average discount rate6.1 %6.9 %
Finance leases:
Finance lease right-of-use assets, gross (1)
$17,596 $17,596 
     Accumulated amortization (1)
(3,412)(4,512)
Finance lease right-of-use assets, net (1)
$14,184 $13,084 
Finance lease liabilities, current (2)
5,432 5,499 
Finance lease liabilities, non-current (3)
4,765 4,447 
Total finance lease liabilities$10,197 $9,946 
Weighted-average remaining lease term (in years)3.33.1
Weighted-average discount rate5.1 %5.2 %
____________________________________
(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
20232024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$11,924 $8,425 
Financing cash outflows for finance leases$1,124 $1,540 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$8,912 $7,580 
Finance leases$3,132 $— 
Future lease payments under our non-cancelable leases at the end of the first quarter of fiscal 2024 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2024$36,136 $5,459 
202549,915 4,728 
202638,047 183 
202720,839 — 
202823,003 — 
Thereafter47,389 — 
Total future lease payments215,329 10,370 
Less: imputed interest(37,669)(424)
Present value of total lease liabilities$177,660 $9,946 
v3.23.1
Stockholders' Equity
 3 Months Ended
May 07, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
We have 20,000,000 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 2024, 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 2024, we had 2,000,000,000 authorized shares of Class A common stock and 250,000,000 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 2024, 306,452,699 shares of Class A common stock were issued and outstanding.
Share Repurchase Program
In March 2022, our Board of Directors authorized the repurchase of up to an additional $250.0 million of our common stock, which was completed in the first quarter of fiscal 2024. In March 2023, our Board of Directors authorized the repurchase of up to an additional $250.0 million of our common stock. During the first quarter of fiscal 2024, we repurchased and retired 2,872,040 shares of common stock at an average purchase price of $24.32 per share for an aggregate repurchase price of $69.9 million. At the end of the first quarter of fiscal 2024, $211.2 million remained available for future share repurchases under our current repurchase authorization.
v3.23.1
Equity Incentive Plans
 3 Months Ended
May 07, 2023
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 (RSUs), performance stock awards, performance cash 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, and $16.7 million relating to this modification is being recognized over the new offering period ending March 15, 2025.
Stock-based compensation expense related to our 2015 ESPP was $6.9 million and $6.1 million during the first quarter of fiscal 2023 and 2024. At the end of the first quarter of fiscal 2024, total unrecognized stock-based compensation cost related to our 2015 ESPP was $49.6 million, which is expected to be recognized over a weighted-average period of 1.9 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 20239,268,498 $10.90 2.7$176,674 
Options exercised(790,240)5.85   
Options forfeited(1,778)1.90   
Balance at the end of the first quarter of fiscal 2024
8,476,480 $11.37 2.5$95,984 
Vested and exercisable at the end of the first quarter of fiscal 2024
8,346,944 $11.46 2.4$93,301 
 
The aggregate intrinsic value of options vested and exercisable at the end of the first quarter of fiscal 2024 is calculated based on the difference between the exercise price and the closing price of $22.64 of our common stock on the last day of the first quarter of fiscal 2024.
Stock-based compensation expense recognized related to stock options was $1.5 million and $0.7 million during the first quarter of fiscal 2023 and 2024.
At the end of the first quarter of fiscal 2024, total unrecognized employee stock-based compensation cost related to outstanding options was $1.7 million, which is expected to be recognized over a weighted-average period of 0.9 years.
RSUs and Performance RSUs (PRSUs)
A summary of the RSU and PRSU activity under our equity incentive plans and related information is as follows:
 Number of
RSUs and PRSUs Outstanding		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 202326,760,520 $24.78 $800,407 
Granted
14,435,336 24.20 
Vested(3,669,301)23.28 
Forfeited(1,439,343)24.06 
Unvested balance at the end of the first quarter of fiscal 2024
36,087,212 $24.72 $817,026 
RSUs granted during the first quarter of fiscal 2024 include PRSUs for 1,590,615 shares of common stock, at a target percentage of 100%, with both performance and service vesting conditions. The actual PRSUs earned will range from 0% to 150% of the target number granted, contingent upon the degree to which the fiscal 2024 performance condition is met. Any portion of shares that are not earned will be canceled. In addition, during the first quarter of fiscal 2024, we issued 579,096 PRSUs based on the actual attainment of fiscal 2023 performance conditions for previously issued PRSUs, with these PRSUs issued subject to service condition through the remaining vesting periods.
Stock-based compensation expense recognized related to RSUs and PRSUs was $66.2 million and $71.0 million during the first quarter of fiscal 2023 and 2024. At the end of the first quarter of fiscal 2024, total unrecognized employee stock-based compensation cost related to unvested RSUs and PRSUs was $822.7 million, which is expected to be recognized over a weighted-average period of 3.0 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
 20232024
Cost of revenue—product$1,863 $2,655 
Cost of revenue—subscription services5,356 5,647 
Research and development
36,517 38,232 
Sales and marketing18,345 17,181 
General and administrative12,490 14,115 
Total stock-based compensation expense$74,571 $77,830 
The tax benefit related to stock-based compensation expense for all periods presented was not material.
v3.23.1
Net Loss per Share Attributable to Common Stockholders
 3 Months Ended
May 07, 2023
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 and PRSUs, unvested restricted stock, 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. All potentially dilutive common stock equivalents, including from our Notes, have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented.
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
 20232024
Net loss$(11,535)$(67,401)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted295,843 305,863 
Net loss per share attributable to common stockholders, basic and diluted$(0.04)$(0.22)
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
 20232024
Stock options to purchase common stock11,555 8,874 
Unvested RSUs and PRSUs29,150 27,794 
Unvested restricted stock25 — 
Shares related to convertible senior notes21,884 17,315 
Shares issuable pursuant to the ESPP610 822 
Total63,224 54,805 
v3.23.1
Other Income (Expense), Net
 3 Months Ended
May 07, 2023
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
20232024
Interest income(1)
$1,956 $12,989 
Interest expense(2)
(1,482)(1,385)
Foreign currency transactions gains (losses)(6,399)48 
Other income (expense)(256)97 
Total other income (expense), net$(6,181)$11,749 
____________________________________
(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.
v3.23.1
Income Taxes
 3 Months Ended
May 07, 2023
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 income (loss) before 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 (IRC) Section 174.
At the end of the first quarter of fiscal 2024, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for fiscal 2023.
v3.23.1
Segment Information
 3 Months Ended
May 07, 2023
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
 20232024
United States$464,535 $427,164 
Rest of the world155,870 162,143 
Total revenue$620,405 $589,307 
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 2023
First Quarter of Fiscal 2024
United States$259,131 $290,261 
Rest of the world13,314 12,633 
Total long-lived assets$272,445 $302,894 
v3.23.1
Subsequent Event
 3 Months Ended
May 07, 2023
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventIn June 2023, we granted long-term performance incentive restricted stock unit awards under our 2015 Plan and related award agreements (the LTP Awards) for an aggregate of 4,209,985 shares of our common stock to certain company executives, subject to both market and service conditions. The number of shares vested under the LTP Awards will be contingent upon our market capitalization meeting or exceeding $21 billion, measured as of the end of our fiscal years ending in 2026, 2027 or 2028, subject to such employee’s continuous service through March 20, 2028. The stock-based compensation for the LTP Awards will be recognized ratably over approximately five years. We expect to finalize the amount of stock-based compensation relating to these awards during the second quarter of fiscal 2024.
v3.23.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
May 07, 2023
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 2023 was February 5, 2023 and for fiscal 2024 will be February 4, 2024. The first quarter of fiscal 2023 and 2024 ended on May 8, 2022 and May 7, 2023. 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 2023.
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 2024 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 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 CashRestricted cash is comprised of cash collateral for letters of credit related to our leases and for a vendor credit card program.
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.
v3.23.1
Financial Instruments (Tables)
 3 Months Ended
May 07, 2023
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 2023 and the first quarter of fiscal 2024 (in thousands):
 
 At the End of Fiscal 2023
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable SecuritiesRestricted Cash
Level 1      
Money market accounts$— $— $— $49,733 $39,189 $— $10,544 
Level 2      
U.S. government treasury notes425,977 170 (4,229)421,918 32,008 389,910 — 
U.S. government agencies23,795 — (289)23,506 — 23,506 — 
Corporate debt securities527,164 901 (9,300)518,765 — 518,765 — 
Foreign government bonds4,797 — (44)4,753 — 4,753 — 
Asset-backed securities61,371 281 (1,016)60,636 — 60,636 — 
Municipal bonds3,950 — (168)3,782 — 3,782 — 
Total$1,047,054 $1,352 $(15,046)$1,083,093 $71,197 $1,001,352 $10,544 


 
At the End of the First Quarter of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable
Securities		Restricted Cash
Level 1
Money market accounts$— $— $— $28,305 $18,345 $— $9,960 
Level 2       
U.S. government treasury notes253,286 634 (2,885)251,035 — 251,035 — 
U.S. government agencies18,991 18 (95)18,914 — 18,914 — 
Corporate debt securities479,168 1,049 (7,091)473,126 — 473,126 — 
Foreign government bonds1,590 — (31)1,559 — 1,559 — 
Asset-backed securities57,826 275 (838)57,263 — 57,263 — 
Municipal bonds3,950 — (132)3,818 — 3,818 — 
Total$814,811 $1,976 $(11,072)$834,020 $18,345 $805,715 $9,960 
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 2024
 Amortized CostFair Value
Due within one year$358,506 $353,414 
Due in one to five years456,305 452,301 
Total$814,811 $805,715 
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 2023 and the first quarter of fiscal 2024, aggregated by investment category (in thousands):
At the End of Fiscal 2023
Less than 12 monthsGreater than 12 monthsTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. government treasury notes$250,046 $(130)$127,976 $(4,099)$378,022 $(4,229)
U.S. government agencies5,194 (5)18,312 (284)23,506 (289)
Corporate debt securities99,446 (330)277,717 (8,970)377,163 (9,300)
Foreign government bonds3,200 (5)551 (39)3,751 (44)
Asset-backed securities3,060 (25)22,221 (991)25,281 (1,016)
Municipal bonds— — 3,782 (168)3,782 (168)
Total$360,946 $(495)$450,559 $(14,551)$811,505 $(15,046)

At the End of the First Quarter 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$21,981 $(40)$100,205 $(2,845)$122,186 $(2,885)
U.S. government agencies999 (1)14,505 (94)15,504 (95)
Corporate debt securities90,761 (363)242,140 (6,728)332,901 (7,091)
Foreign government bonds1,000 — 559 (31)1,559 (31)
Asset-backed securities6,626 (15)20,034 (823)26,660 (838)
Municipal bonds— — 3,818 (132)3,818 (132)
Total$121,367 $(419)$381,261 $(10,653)$502,628 $(11,072)
v3.23.1
Balance Sheet Components (Tables)
 3 Months Ended
May 07, 2023
Balance Sheet Components Disclosure [Abstract]  
Schedule of Inventory
Inventory consists of the following (in thousands):
At the End of
Fiscal 2023
First Quarter of Fiscal 2024
Raw materials$24,896 $22,919 
Finished goods25,256 28,902 
Inventory$50,152 $51,821 
Schedule of Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2023
First Quarter of Fiscal 2024
Test equipment$315,290 $331,828 
Computer equipment and software262,574 273,515 
Furniture and fixtures9,693 9,529 
Leasehold improvements71,235 90,699 
Capitalized software development costs15,806 19,557 
Total property and equipment674,598 725,128 
Less: accumulated depreciation and amortization(402,153)(422,234)
Property and equipment, net$272,445 $302,894 
Schedule of Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2023
First Quarter of Fiscal 2024
Gross Carrying ValueAccumulated AmortizationNet Carrying AmountGross Carrying ValueAccumulated AmortizationNet Carrying Amount
Technology patents$19,125 $(14,826)$4,299 $19,125 $(15,146)$3,979 
Developed technology83,211 (43,366)39,845 83,211 (46,672)36,539 
Customer relationships6,459 (2,166)4,293 6,459 (2,397)4,062 
Trade name3,623 (2,838)785 3,623 (3,139)484 
Intangible assets, net$112,418 $(63,196)$49,222 $112,418 $(67,354)$45,064 
Schedule of Expected Amortization Expenses for Intangible Assets
At the end of the first quarter of fiscal 2024, future expected amortization expense for intangible assets is as follows (in thousands):
Fiscal Years EndingEstimated Future
Amortization Expense
Remainder of 2024$12,052 
202515,425 
202612,830 
20273,107 
20281,054 
Thereafter596 
Total$45,064 
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
At the End of
 Fiscal 2023
First Quarter of Fiscal 2024
Taxes payable $16,615 $9,873 
Accrued marketing14,228 10,674 
Accrued cloud and outside services7,644 4,799 
Supply chain-related accruals (1)
23,545 29,158 
Accrued service logistics and professional services7,927 6,414 
Acquisition earn-out and deferred consideration3,556 4,428 
Finance lease liabilities, current5,432 5,499 
Customer deposits from contracts with customers17,824 17,613 
Other accrued liabilities26,978 32,772 
Total accrued expenses and other liabilities$123,749 $121,230 
_________________________________
(1) Primarily consist of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers.
v3.23.1
Deferred Revenue and Commissions (Tables)
 3 Months Ended
May 07, 2023
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
20232024
Beginning balance
$246,307 $245,856 
Additions26,484 35,101 
Recognition of deferred commissions(41,793)(32,769)
Ending balance$230,998 $248,188 
Schedule of Deferred Revenue
Changes in total deferred revenue during the periods presented are as follows (in thousands):
First Quarter of Fiscal
20232024
Beginning balance
$1,079,872 $1,385,650 
Additions244,580 280,268 
Recognition of deferred revenue(211,979)(270,248)
Ending balance$1,112,473 $1,395,670 
v3.23.1
Debt (Tables)
 3 Months Ended
May 07, 2023
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The Notes consisted of the following (in thousands):
At the End of
Fiscal 2023
First Quarter of Fiscal 2024
Liability:
Principal$575,000 $— 
Less: debt issuance costs, net of amortization(494)— 
Net carrying amount of the Notes$574,506 $— 
Schedule of Interest Expense
The following table sets forth total interest expense recognized related to the Notes for the first quarter of fiscal 2023 and 2024 (in thousands):
First Quarter of Fiscal
20232024
Amortization of debt issuance costs$648 $494 
Contractual interest expense179 136 
Total interest expense related to the Notes$827 $630 
Effective interest rate of the liability component0.6 %0.6 %
v3.23.1
Leases (Tables)
 3 Months Ended
May 07, 2023
Leases [Abstract]  
Components of Lease Cost
The components of lease costs during the periods presented were as follows (in thousands):
First Quarter of Fiscal
20232024
Fixed operating lease cost$10,318 $14,001 
Variable lease cost (1)
1,890 2,084 
Short-term lease cost (12 months or less)852 1,058 
Finance lease cost:
Amortization of finance lease right-of-use assets468 1,100 
Interest on finance lease liabilities40 129 
Total finance lease cost$508 $1,229 
Total lease cost$13,568 $18,372 
____________________________________
(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 2023
First Quarter of Fiscal 2024
Operating leases:
Weighted-average remaining lease term (in years)5.25.3
Weighted-average discount rate6.1 %6.9 %
Finance leases:
Finance lease right-of-use assets, gross (1)
$17,596 $17,596 
     Accumulated amortization (1)
(3,412)(4,512)
Finance lease right-of-use assets, net (1)
$14,184 $13,084 
Finance lease liabilities, current (2)
5,432 5,499 
Finance lease liabilities, non-current (3)
4,765 4,447 
Total finance lease liabilities$10,197 $9,946 
Weighted-average remaining lease term (in years)3.33.1
Weighted-average discount rate5.1 %5.2 %
____________________________________
(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 Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases is as follows (in thousands):
First Quarter of Fiscal
20232024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$11,924 $8,425 
Financing cash outflows for finance leases$1,124 $1,540 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$8,912 $7,580 
Finance leases$3,132 $— 
Schedule of Future Operating Lease Payments
Future lease payments under our non-cancelable leases at the end of the first quarter of fiscal 2024 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2024$36,136 $5,459 
202549,915 4,728 
202638,047 183 
202720,839 — 
202823,003 — 
Thereafter47,389 — 
Total future lease payments215,329 10,370 
Less: imputed interest(37,669)(424)
Present value of total lease liabilities$177,660 $9,946 
v3.23.1
Equity Incentive Plans (Tables)
 3 Months Ended
May 07, 2023
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 20239,268,498 $10.90 2.7$176,674 
Options exercised(790,240)5.85   
Options forfeited(1,778)1.90   
Balance at the end of the first quarter of fiscal 2024
8,476,480 $11.37 2.5$95,984 
Vested and exercisable at the end of the first quarter of fiscal 2024
8,346,944 $11.46 2.4$93,301 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the RSU and PRSU activity under our equity incentive plans and related information is as follows:
 Number of
RSUs and PRSUs Outstanding		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 202326,760,520 $24.78 $800,407 
Granted
14,435,336 24.20 
Vested(3,669,301)23.28 
Forfeited(1,439,343)24.06 
Unvested balance at the end of the first quarter of fiscal 2024
36,087,212 $24.72 $817,026 
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
 20232024
Cost of revenue—product$1,863 $2,655 
Cost of revenue—subscription services5,356 5,647 
Research and development
36,517 38,232 
Sales and marketing18,345 17,181 
General and administrative12,490 14,115 
Total stock-based compensation expense$74,571 $77,830 
v3.23.1
Net Loss per Share Attributable to Common Stockholders (Tables)
 3 Months Ended
May 07, 2023
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
 20232024
Net loss$(11,535)$(67,401)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted295,843 305,863 
Net loss per share attributable to common stockholders, basic and diluted$(0.04)$(0.22)
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
 20232024
Stock options to purchase common stock11,555 8,874 
Unvested RSUs and PRSUs29,150 27,794 
Unvested restricted stock25 — 
Shares related to convertible senior notes21,884 17,315 
Shares issuable pursuant to the ESPP610 822 
Total63,224 54,805 
v3.23.1
Other Income (Expense), Net (Tables)
 3 Months Ended
May 07, 2023
Other Income and Expenses [Abstract]  
Summary of Other Income (Expense)
Other income (expense), net consists of the following (in thousands):
First Quarter of Fiscal
20232024
Interest income(1)
$1,956 $12,989 
Interest expense(2)
(1,482)(1,385)
Foreign currency transactions gains (losses)(6,399)48 
Other income (expense)(256)97 
Total other income (expense), net$(6,181)$11,749 
____________________________________
(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.
v3.23.1
Segment Information (Tables)
 3 Months Ended
May 07, 2023
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
 20232024
United States$464,535 $427,164 
Rest of the world155,870 162,143 
Total revenue$620,405 $589,307 
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 2023
First Quarter of Fiscal 2024
United States$259,131 $290,261 
Rest of the world13,314 12,633 
Total long-lived assets$272,445 $302,894 
v3.23.1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
May 08, 2022
Accounting Policies [Abstract]      
Restricted cash $ 9,960 $ 10,544 $ 10,544
v3.23.1
Financial Instruments - Cash Equivalents, Marketable Securities and Restricted Cash (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 814,811  
Fair Value 805,715  
Cash Equivalents 18,345 $ 71,197
Marketable Securities 805,715 1,001,352
Restricted Cash 9,960 10,544
Amortized Cost 814,811 1,047,054
Total gross unrealized gains 1,976 1,352
Total gross unrealized losses (11,072) (15,046)
Total fair value 834,020 1,083,093
Level 1 | Money market accounts    
Debt Securities, Available-for-sale [Line Items]    
Fair Value 28,305 49,733
Cash Equivalents 18,345 39,189
Marketable Securities 0 0
Restricted Cash 9,960 10,544
Level 2 | U.S. government treasury notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 253,286 425,977
Gross Unrealized Gains 634 170
Gross Unrealized Losses (2,885) (4,229)
Fair Value 251,035 421,918
Cash Equivalents 0 32,008
Marketable Securities 251,035 389,910
Restricted Cash 0 0
Level 2 | U.S. government agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 18,991 23,795
Gross Unrealized Gains 18 0
Gross Unrealized Losses (95) (289)
Fair Value 18,914 23,506
Cash Equivalents 0 0
Marketable Securities 18,914 23,506
Restricted Cash 0 0
Level 2 | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 479,168 527,164
Gross Unrealized Gains 1,049 901
Gross Unrealized Losses (7,091) (9,300)
Fair Value 473,126 518,765
Cash Equivalents 0 0
Marketable Securities 473,126 518,765
Restricted Cash 0 0
Level 2 | Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,590 4,797
Gross Unrealized Gains 0 0
Gross Unrealized Losses (31) (44)
Fair Value 1,559 4,753
Cash Equivalents 0 0
Marketable Securities 1,559 4,753
Restricted Cash 0 0
Level 2 | Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 57,826 61,371
Gross Unrealized Gains 275 281
Gross Unrealized Losses (838) (1,016)
Fair Value 57,263 60,636
Cash Equivalents 0 0
Marketable Securities 57,263 60,636
Restricted Cash 0 0
Level 2 | Municipal bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,950 3,950
Gross Unrealized Gains 0 0
Gross Unrealized Losses (132) (168)
Fair Value 3,818 3,782
Cash Equivalents 0 0
Marketable Securities 3,818 3,782
Restricted Cash $ 0 $ 0
v3.23.1
Financial Instruments - Amortized Cost and Estimated Fair Value (Details) - USD ($)
 3 Months Ended
May 07, 2023
May 08, 2022
Amortized Cost    
Due within one year $ 358,506,000  
Due in one to five years 456,305,000  
Amortized Cost 814,811,000  
Fair Value    
Due within one year 353,414,000  
Due in one to five years 452,301,000  
Total 805,715,000  
Impairment charge for unrealized losses $ 0 $ 0
v3.23.1
Financial Instruments - Gross Unrealized Losses and Fair Values (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months $ 121,367 $ 360,946
Unrealized Loss, Less than 12 months (419) (495)
Fair Value, Greater than 12 months 381,261 450,559
Unrealized Loss, Greater than 12 months (10,653) (14,551)
Fair Value, Total 502,628 811,505
Unrealized Loss, Total (11,072) (15,046)
U.S. government treasury notes    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 21,981 250,046
Unrealized Loss, Less than 12 months (40) (130)
Fair Value, Greater than 12 months 100,205 127,976
Unrealized Loss, Greater than 12 months (2,845) (4,099)
Fair Value, Total 122,186 378,022
Unrealized Loss, Total (2,885) (4,229)
U.S. government agencies    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 999 5,194
Unrealized Loss, Less than 12 months (1) (5)
Fair Value, Greater than 12 months 14,505 18,312
Unrealized Loss, Greater than 12 months (94) (284)
Fair Value, Total 15,504 23,506
Unrealized Loss, Total (95) (289)
Corporate debt securities    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 90,761 99,446
Unrealized Loss, Less than 12 months (363) (330)
Fair Value, Greater than 12 months 242,140 277,717
Unrealized Loss, Greater than 12 months (6,728) (8,970)
Fair Value, Total 332,901 377,163
Unrealized Loss, Total (7,091) (9,300)
Foreign government bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 1,000 3,200
Unrealized Loss, Less than 12 months 0 (5)
Fair Value, Greater than 12 months 559 551
Unrealized Loss, Greater than 12 months (31) (39)
Fair Value, Total 1,559 3,751
Unrealized Loss, Total (31) (44)
Asset-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 6,626 3,060
Unrealized Loss, Less than 12 months (15) (25)
Fair Value, Greater than 12 months 20,034 22,221
Unrealized Loss, Greater than 12 months (823) (991)
Fair Value, Total 26,660 25,281
Unrealized Loss, Total (838) (1,016)
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 3,818 3,782
Unrealized Loss, Greater than 12 months (132) (168)
Fair Value, Total 3,818 3,782
Unrealized Loss, Total $ (132) $ (168)
v3.23.1
Balance Sheet Components - Inventory (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Balance Sheet Components Disclosure [Abstract]    
Raw materials $ 22,919 $ 24,896
Finished goods 28,902 25,256
Inventory $ 51,821 $ 50,152
v3.23.1
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Property Plant And Equipment [Line Items]    
Total property and equipment $ 725,128 $ 674,598
Less: accumulated depreciation and amortization (422,234) (402,153)
Property and equipment, net 302,894 272,445
Test equipment    
Property Plant And Equipment [Line Items]    
Total property and equipment 331,828 315,290
Computer equipment and software    
Property Plant And Equipment [Line Items]    
Total property and equipment 273,515 262,574
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Total property and equipment 9,529 9,693
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property and equipment 90,699 71,235
Capitalized software development costs    
Property Plant And Equipment [Line Items]    
Total property and equipment $ 19,557 $ 15,806
v3.23.1
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
May 07, 2023
May 08, 2022
Finite-Lived Intangible Assets [Line Items]    
Depreciation and amortization $ 26.6 $ 19.3
Intangible assets amortization expense $ 4.2 $ 4.1
Technology patents    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 1 year 4 months 24 days  
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 2 years 9 months 18 days  
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 4 years 4 months 24 days  
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 4 months 24 days  
v3.23.1
Balance Sheet Components - Intangible Assets, Net (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 112,418 $ 112,418
Accumulated Amortization (67,354) (63,196)
Net Carrying Amount 45,064 49,222
Technology patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 19,125 19,125
Accumulated Amortization (15,146) (14,826)
Net Carrying Amount 3,979 4,299
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 83,211 83,211
Accumulated Amortization (46,672) (43,366)
Net Carrying Amount 36,539 39,845
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 6,459 6,459
Accumulated Amortization (2,397) (2,166)
Net Carrying Amount 4,062 4,293
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 3,623 3,623
Accumulated Amortization (3,139) (2,838)
Net Carrying Amount $ 484 $ 785
v3.23.1
Balance Sheet Components - Expected Amortization Expenses for Intangible Assets (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Balance Sheet Components Disclosure [Abstract]    
Remainder of 2024 $ 12,052  
2025 15,425  
2026 12,830  
2027 3,107  
2028 1,054  
Thereafter 596  
Net Carrying Amount $ 45,064 $ 49,222
v3.23.1
Balance Sheet Components - Goodwill (Details) - USD ($)
 3 Months Ended
May 07, 2023
May 08, 2022
Feb. 05, 2023
Goodwill [Roll Forward]      
Goodwill $ 361,427,000   $ 361,427,000
Impairments to goodwill $ 0 $ 0  
v3.23.1
Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Balance Sheet Components Disclosure [Abstract]    
Taxes payable $ 9,873 $ 16,615
Accrued marketing 10,674 14,228
Accrued cloud and outside services 4,799 7,644
Supply chain-related accruals 29,158 23,545
Accrued service logistics and professional services 6,414 7,927
Acquisition earn-out and deferred consideration 4,428 3,556
Finance lease liabilities, current 5,499 5,432
Customer deposits from contracts with customers 17,613 17,824
Other accrued liabilities 32,772 26,978
Total accrued expenses and other liabilities $ 121,230 $ 123,749
v3.23.1
Deferred Revenue and Commissions - Deferred Commissions (Details) - USD ($)
 3 Months Ended
May 07, 2023
May 08, 2022
Deferred Commissions [Roll Forward]    
Beginning balance $ 245,856,000 $ 246,307,000
Additions 35,101,000 26,484,000
Recognition of deferred commissions (32,769,000) (41,793,000)
Ending balance $ 248,188,000 230,998,000
Commission expected to be recognized over the next 12 months (percent) 28.00%  
Impairment of capitalized commissions $ 0 $ 0
v3.23.1
Deferred Revenue and Commissions - Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Contract Liability    
Additions $ 35,101 $ 26,484
Recognition of deferred revenue (32,769) (41,793)
Product Revenue and Support Subscription Revenue    
Contract Liability    
Beginning balance 1,385,650 1,079,872
Additions 280,268 244,580
Recognition of deferred revenue (270,248) (211,979)
Ending balance $ 1,395,670 $ 1,112,473
v3.23.1
Deferred Revenue and Commissions - Remaining Performance Obligation (Details) - USD ($)
$ in Millions
 3 Months Ended
May 07, 2023
May 08, 2022
Revenue from Contract with Customer [Abstract]    
Deferred revenue recognized $ 244.7 $ 197.1
Contracted but not recognized revenue $ 1,800.0  
v3.23.1
Deferred Revenue and Commissions - Remaining Performance Obligation Period (Details)
May 07, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-05-08  
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) 47.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-08  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized term (in months)
Revenue expected to be recognized (as a percent) 53.00%
v3.23.1
Debt - Narrative (Details)
 1 Months Ended 3 Months Ended
Aug. 24, 2020
USD ($)
financial_ratio
Apr. 30, 2023
USD ($)
shares
Feb. 28, 2022
USD ($)
Apr. 30, 2018
USD ($)
shares
May 07, 2023
USD ($)
May 08, 2022
USD ($)
Apr. 04, 2018
$ / shares
Debt Instrument [Line Items]              
Proceeds from borrowings         $ 100,000,000 $ 0  
Issuance of common stock upon conversion of convertible senior notes (in shares) | shares   1,065          
Revolving Credit Facility              
Debt Instrument [Line Items]              
Term of credit facility 5 years            
Senior secured revolving credit facility maximum capacity $ 300,000,000            
Credit facility maturity period prior to stated maturity if out of compliance with liquidity threshold 91 days            
Credit facility, daily minimum sum of cash and cash equivalents and aggregate unused commitments to prevent maturity prior to stated maturity $ 625,000,000            
Repayments of lines of credit     $ 250,000,000        
Interest during the period (percent)           1.61%  
Interest expense         $ 400,000 $ 300,000  
Proceeds from lines of credit   $ 100,000,000          
Number of financial ratios | financial_ratio 2            
Consolidated leverage ratio, maximum         4.5    
Interest coverage ratio, minimum         3    
Revolving Credit Facility | Minimum              
Debt Instrument [Line Items]              
Commitment fee (percent) 0.25%            
Revolving Credit Facility | Maximum              
Debt Instrument [Line Items]              
Commitment fee (percent) 0.40%            
Revolving Credit Facility | Base Rate | Minimum              
Debt Instrument [Line Items]              
Margin rate (percent) 0.50%            
Revolving Credit Facility | Base Rate | Maximum              
Debt Instrument [Line Items]              
Margin rate (percent) 1.25%            
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)1 | Interest Rate Floor              
Debt Instrument [Line Items]              
Effective interest rate (percent) 0.00%            
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)1 | Minimum              
Debt Instrument [Line Items]              
Margin rate (percent) 1.50%            
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)1 | Maximum              
Debt Instrument [Line Items]              
Margin rate (percent) 2.25%            
Revolving Credit Facility | Secured Overnight Financing Rate              
Debt Instrument [Line Items]              
Interest during the period (percent)         6.38%    
Capped Call              
Debt Instrument [Line Items]              
Payment for purchase of capped calls       $ 64,600,000      
Class A common stock | Capped Call              
Debt Instrument [Line Items]              
Exercise price (in dollars per share) | $ / shares             $ 39.66
Exercise price premium percentage over last reported sales price             100.00%
Convertible Senior Notes              
Debt Instrument [Line Items]              
Principal amount       $ 575,000,000      
Interest rate (as a percent)       0.125%      
Proceeds from borrowings       $ 562,100,000      
Repayments of convertible debt   $ 575,000,000          
Interest expense         $ 630,000 $ 827,000  
Convertible Senior Notes | Class A common stock              
Debt Instrument [Line Items]              
Number of convertible shares at initial conversion rate (in shares) | shares       21,884,155      
Conversion ratio (in shares)       0.0380594      
v3.23.1
Debt - Convertible Debt (Details) - Convertible Senior Notes - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Liability:    
Principal $ 0 $ 575,000
Less: debt issuance costs, net of amortization 0 (494)
Net carrying amount of the Notes $ 0 $ 574,506
v3.23.1
Debt - Interest Expense (Details) - Convertible Senior Notes - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Debt Instrument [Line Items]    
Amortization of debt issuance costs $ 494 $ 648
Contractual interest expense 136 179
Total interest expense related to the Notes $ 630 $ 827
Effective interest rate of the liability component (as a percent) 0.60% 0.60%
v3.23.1
Commitments and Contingencies - Narrative (Details) - USD ($)
May 07, 2023
Feb. 05, 2023
Commitments and Contingencies Disclosure [Abstract]    
Outstanding letters of credit $ 8,000,000 $ 8,000,000
Loss contingency $ 0  
v3.23.1
Leases - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended
Jun. 30, 2022
May 31, 2024
May 07, 2023
Aug. 31, 2022
Lessee, Lease, Description [Line Items]        
Sublease term 8 years      
Total lease payments that include rent escalation and abatement clauses $ 100,200   $ 215,329 $ 89,400
Forecast        
Lessee, Lease, Description [Line Items]        
Total lease payments that include rent escalation and abatement clauses   $ 10,800    
v3.23.1
Leases - Lease costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Leases [Abstract]    
Fixed operating lease cost $ 14,001 $ 10,318
Variable lease cost 2,084 1,890
Short-term lease cost (12 months or less) 1,058 852
Amortization of finance lease right-of-use assets 1,100 468
Interest on finance lease liabilities 129 40
Total finance lease cost 1,229 508
Total lease cost $ 18,372 $ 13,568
v3.23.1
Leases - Lease term and discount rate (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Operating leases:    
Weighted-average remaining lease term (in years) 5 years 3 months 18 days 5 years 2 months 12 days
Weighted-average discount rate 6.90% 6.10%
Finance leases:    
Finance lease right-of-use assets, gross $ 17,596 $ 17,596
Accumulated amortization (4,512) (3,412)
Finance lease right-of-use assets, net 13,084 14,184
Finance lease liabilities, current 5,499 5,432
Finance lease liabilities, non-current 4,447 4,765
Present value of total lease liabilities $ 9,946 $ 10,197
Weighted-average remaining lease term (in years) 3 years 1 month 6 days 3 years 3 months 18 days
Weighted-average discount rate 5.20% 5.10%
v3.23.1
Leases - Supplemental cash flow information related to leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Leases [Abstract]    
Operating cash outflows for operating leases $ 8,425 $ 11,924
Financing cash outflows for finance leases 1,540 1,124
Operating leases 7,580 8,912
Finance leases $ 0 $ 3,132
v3.23.1
Leases - Future minimum lease payments (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Aug. 31, 2022
Jun. 30, 2022
Operating Leases        
The remainder of 2024 $ 36,136      
2025 49,915      
2026 38,047      
2027 20,839      
2028 23,003      
Thereafter 47,389      
Total future lease payments 215,329   $ 89,400 $ 100,200
Less: imputed interest (37,669)      
Present value of total lease liabilities 177,660      
Finance Leases        
The remainder of 2024 5,459      
2025 4,728      
2026 183      
2027 0      
2028 0      
Thereafter 0      
Total future lease payments 10,370      
Less: imputed interest (424)      
Present value of total lease liabilities $ 9,946 $ 10,197    
v3.23.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
May 07, 2023
USD ($)
stock_class
$ / shares
shares
Mar. 31, 2023
USD ($)
Feb. 05, 2023
$ / shares
shares
Mar. 31, 2022
USD ($)
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  
Additional value approved for repurchase | $   $ 250.0   $ 250.0
Stock repurchased and retired (in shares) 2,872,040      
Shares repurchased and retired, average purchase price (in dollars per share) | $ / shares $ 24.32      
Stock repurchased and retired during period, value | $ $ 69.9      
Authorized amount remaining under stock repurchase program | $ $ 211.2      
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) 306,452,699   304,076,000  
Common stock, shares outstanding (in shares) 306,452,699   304,076,000  
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  
v3.23.1
Equity Incentive Plans - Narrative (Details)
 3 Months Ended
May 07, 2023
USD ($)
purchasePeriod
plan
shares
May 08, 2022
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of equity incentive plans | plan 2  
Equity awards expiration period (no later than) 10 years  
Total stock-based compensation expense $ 77,830,000 $ 74,571,000
2015 Employee Stock Purchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee stock purchase plan offering period 24 months  
Number of purchase periods | purchasePeriod 4  
Purchase period, term 6 months  
ESPP modification charge $ 16,700,000  
Total stock-based compensation expense 6,100,000 $ 6,900,000
Unrecognized stock-based compensation expense $ 49,600,000  
Compensation cost (in years) 1 year 10 months 24 days  
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    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period (in years) 2 years  
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period (in years) 4 years  
v3.23.1
Equity Incentive Plans - Equity Incentive Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
May 07, 2023
May 08, 2022
Feb. 05, 2023
Number of Shares      
Beginning balance (in shares) 9,268,498    
Options exercised (in shares) (790,240)    
Options forfeited (in shares) (1,778)    
Ending balance (in shares) 8,476,480   9,268,498
Vested and exercisable (in shares) 8,346,944    
Weighted- Average Exercise Price      
Beginning balance (in dollars per share) $ 10.90    
Options exercised (in dollars per share) 5.85    
Options forfeited (in dollars per share) 1.90    
Ending balance (in dollars per share) 11.37   $ 10.90
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) $ 11.46    
Weighted- Average Remaining Contractual Life (In Years)      
Weighted Average Remaining Contractual Life (in years) 2 years 6 months   2 years 8 months 12 days
Weighted Average Remaining Contractual Life (in years), Vested and exercisable 2 years 4 months 24 days    
Aggregate Intrinsic Value (in thousands)      
Aggregate Intrinsic Value $ 95,984   $ 176,674
Aggregate Intrinsic Value, Vested and exercisable 93,301    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 77,830 $ 74,571  
Unrecognized compensation cost, stock options 1,700    
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 700 $ 1,500  
Compensation cost (in years) 10 months 24 days    
Class A common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Closing price of stock (in dollars per share) $ 22.64    
v3.23.1
Equity Incentive Plans - Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Feb. 05, 2023
Weighted- Average Grant Date Fair Value      
Stock-based compensation expense $ 77,830 $ 74,571  
Unvested RSUs and PRSUs      
Number of RSUs and PRSUs Outstanding      
Unvested, Beginning balance (in shares) 26,760,520    
Granted (in shares) 14,435,336    
Vested (in shares) (3,669,301)    
Forfeited (in shares) (1,439,343)    
Unvested, Ending balance (in shares) 36,087,212    
Weighted- Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 24.78    
Granted (in dollars per share) 24.20    
Vested (in dollars per share) 23.28    
Forfeited (in dollars per share) 24.06    
Ending balance (in dollars per share) $ 24.72    
Aggregate Intrinsic Value $ 817,026   $ 800,407
Stock-based compensation expense 71,000 $ 66,200  
Compensation not yet recognized $ 822,700    
Compensation cost (in years) 3 years    
PRSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights, target (as a percent) 100.00%    
Number of RSUs and PRSUs Outstanding      
Granted (in shares) 1,590,615    
PRSUs | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights, target (as a percent) 0.00%    
PRSUs | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights, target (as a percent) 150.00%    
PRSUs, Subject to Service Condition      
Number of RSUs and PRSUs Outstanding      
Granted (in shares) 579,096    
v3.23.1
Equity Incentive Plans - Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 77,830 $ 74,571
Cost of revenue—product    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 2,655 1,863
Cost of revenue—subscription services    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 5,647 5,356
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 38,232 36,517
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 17,181 18,345
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 14,115 $ 12,490
v3.23.1
Net 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 07, 2023
May 08, 2022
Earnings Per Share [Abstract]    
Net loss $ (67,401) $ (11,535)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 305,863 295,843
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 305,863 295,843
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.22) $ (0.04)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.22) $ (0.04)
v3.23.1
Net Loss per Share Attributable to Common Stockholders - Shares Excluded (Details) - shares
shares in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 54,805 63,224
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) 8,874 11,555
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) 27,794 29,150
Unvested restricted stock    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 0 25
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) 17,315 21,884
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) 822 610
v3.23.1
Other Income (Expense), Net - Other Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Other Income and Expenses [Abstract]    
Interest income $ 12,989 $ 1,956
Interest expense (1,385) (1,482)
Foreign currency transactions gains (losses) 48 (6,399)
Other income (expense) 97 (256)
Total other income (expense), net $ 11,749 $ (6,181)
v3.23.1
Segment Information - Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 07, 2023
May 08, 2022
Revenues From External Customers And Long Lived Assets [Line Items]    
Total revenue $ 589,307 $ 620,405
United States    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total revenue 427,164 464,535
Rest of the world    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total revenue $ 162,143 $ 155,870
v3.23.1
Segment Information - Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
May 07, 2023
Feb. 05, 2023
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 302,894 $ 272,445
United States    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets 290,261 259,131
Rest of the world    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 12,633 $ 13,314
v3.23.1
Subsequent Event (Details) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 20, 2028
Jun. 30, 2023
May 07, 2023
Subsequent Event [Line Items]      
Equity awards expiration period (no later than)     10 years
Long-Term Performance Incentive RSUs | Subsequent Event      
Subsequent Event [Line Items]      
Granted (in shares)   4,209,985  
Long-Term Performance Incentive RSUs | Forecast      
Subsequent Event [Line Items]      
Equity awards expiration period (no later than) 5 years    
Maximum | Long-Term Performance Incentive RSUs | Forecast      
Subsequent Event [Line Items]      
Target market capitalization $ 21,000,000,000    
v3.23.1
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2020-06 [Member]