PURE STORAGE, INC., 10-Q filed on 9/14/2023
Quarterly Report
v3.23.2
Cover - shares
 6 Months Ended
Aug. 06, 2023
Sep. 08, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 06, 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, $0.0001 par value per share  
Trading Symbol PSTG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   311,956,031
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001474432  
Current Fiscal Year End Date --02-04  
v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Current assets:    
Cash and cash equivalents $ 408,900 $ 580,854
Marketable securities 819,777 1,001,352
Accounts receivable, net of allowance of $1,057 and $1,062 525,260 612,491
Inventory 47,498 50,152
Deferred commissions, current 71,344 68,617
Prepaid expenses and other current assets 168,283 161,391
Total current assets 2,041,062 2,474,857
Property and equipment, net 325,783 272,445
Operating lease right-of-use assets 133,066 158,912
Deferred commissions, non-current 184,073 177,239
Intangible assets, net 40,906 49,222
Goodwill 361,427 361,427
Restricted cash 9,960 10,544
Other assets, non-current 37,645 38,814
Total assets 3,133,922 3,543,460
Current liabilities:    
Accounts payable 98,008 67,121
Accrued compensation and benefits 165,394 232,636
Accrued expenses and other liabilities 128,842 123,749
Operating lease liabilities, current 41,697 33,707
Deferred revenue, current 769,871 718,149
Debt, current 0 574,506
Total current liabilities 1,203,812 1,749,868
Long-term debt 100,000 0
Operating lease liabilities, non-current 132,191 142,473
Deferred revenue, non-current 667,172 667,501
Other liabilities, non-current 44,419 42,385
Total liabilities 2,147,594 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 311,839 Class A shares issued and outstanding 31 30
Additional paid-in capital 2,610,482 2,493,769
Accumulated other comprehensive loss (12,607) (15,504)
Accumulated deficit (1,611,578) (1,537,062)
Total stockholders’ equity 986,328 941,233
Total liabilities and stockholders’ equity $ 3,133,922 $ 3,543,460
v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Aug. 06, 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) 311,839,000 304,076,000
Common stock, shares outstanding (in shares) 311,839,000 304,076,000
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
v3.23.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Total revenue $ 688,671 $ 646,772 $ 1,277,978 $ 1,267,177
Total cost of revenue 202,078 203,204 378,038 397,183
Gross profit 486,593 443,568 899,940 869,994
Operating expenses:        
Research and development 182,492 165,690 367,823 326,963
Sales and marketing 232,732 206,836 465,178 424,989
General and administrative 60,831 56,679 128,215 108,246
Impairment and other 16,766 0 16,766 0
Total operating expenses 492,821 429,205 977,982 860,198
Income (loss) from operations (6,228) 14,363 (78,042) 9,796
Other income (expense), net 6,686 585 18,435 (5,596)
Income (loss) before provision for income taxes 458 14,948 (59,607) 4,200
Provision for income taxes 7,573 4,026 14,909 4,813
Net income (loss) $ (7,115) $ 10,922 $ (74,516) $ (613)
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) $ (0.02) $ 0.04 $ (0.24) $ (0.00)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) $ (0.02) $ 0.03 $ (0.24) $ (0.00)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares) 309,510 297,475 307,687 296,659
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) 309,510 312,720 307,687 296,659
Product        
Total revenue $ 399,738 $ 414,603 $ 708,701 $ 815,764
Total cost of revenue 120,605 134,292 216,818 259,776
Subscription services        
Total revenue 288,933 232,169 569,277 451,413
Total cost of revenue $ 81,473 $ 68,912 $ 161,220 $ 137,407
v3.23.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (7,115) $ 10,922 $ (74,516) $ (613)
Other comprehensive income (loss):        
Unrealized net gains (losses) on available-for-sale securities (1,685) (1,222) 3,181 (11,709)
Less: reclassification adjustment for net gains on available-for-sale securities included in net income (loss) (16) (32) (284) (25)
Change in unrealized net gains (losses) on available-for-sale securities (1,701) (1,254) 2,897 (11,734)
Comprehensive income (loss) $ (8,816) $ 9,668 $ (71,619) $ (12,347)
v3.23.2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Restricted Stock Units
Cumulative-effect adjustment from adoption of ASU 2020-06
Common Stock
Common Stock
Restricted Stock Units
Additional Paid-in Capital
Additional Paid-in Capital
Restricted Stock Units
Additional Paid-in Capital
Cumulative-effect adjustment from adoption of ASU 2020-06
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Cumulative-effect adjustment from adoption of ASU 2020-06
Accumulated Deficit
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) $ 98,138 $ (1,708,271)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock upon exercise of stock options (in shares)       1,857              
Issuance of common stock upon exercise of stock options 15,261         15,261          
Stock-based compensation expense 159,825         159,825          
Vesting of restricted stock units (in shares)         7,150            
Vesting of restricted stock units   $ 0     $ 1   $ (1)        
Tax withholding on vesting of equity awards and restricted stock units (in shares)         (405)            
Tax withholding on vesting of equity awards and restricted stock units   (12,987)         (12,987)        
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)       (4,521)              
Repurchases of common stock (126,999)         (126,999)          
Other comprehensive (loss) income (11,734)         0     (11,734)    
Net income (loss) (613)                   (613)
Ending balance (in shares) at Aug. 07, 2022       298,801              
Ending balance at Aug. 07, 2022 $ 761,358     $ 30   2,392,173     (20,099)   (1,610,746)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2020-06 [Member]                    
Beginning balance (in shares) at May. 08, 2022       297,132              
Beginning balance at May. 08, 2022 $ 727,094     $ 30   2,367,577     (18,845)   (1,621,668)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock upon exercise of stock options (in shares)       624              
Issuance of common stock upon exercise of stock options 3,828         3,828          
Stock-based compensation expense 84,140         84,140          
Vesting of restricted stock units (in shares)         3,542            
Vesting of restricted stock units   0                  
Tax withholding on vesting of equity awards and restricted stock units (in shares)         (110)            
Tax withholding on vesting of equity awards and restricted stock units   (2,793)         (2,793)        
Repurchases of common stock (in shares)       (2,387)              
Repurchases of common stock (60,579)         (60,579)          
Other comprehensive (loss) income (1,254)               (1,254)    
Net income (loss) 10,922                   10,922
Ending balance (in shares) at Aug. 07, 2022       298,801              
Ending balance at Aug. 07, 2022 761,358     $ 30   2,392,173     (20,099)   (1,610,746)
Beginning balance (in shares) at Feb. 05, 2023       304,076              
Beginning balance at Feb. 05, 2023 941,233     $ 30   2,493,769     (15,504)   (1,537,062)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock upon exercise of stock options (in shares)       3,400              
Issuance of common stock upon exercise of stock options 29,882         29,882          
Stock-based compensation expense 169,677         169,677          
Vesting of restricted stock units (in shares)         7,175            
Vesting of restricted stock units   0     $ 1   (1)        
Tax withholding on vesting of equity awards and restricted stock units (in shares)         (415)            
Tax withholding on vesting of equity awards and restricted stock units   (11,827)         (11,827)        
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)       (3,467)              
Repurchases of common stock (91,881)         (91,881)          
Issuance of common stock upon conversion of convertible senior notes (in shares)       1              
Issuance of common stock upon conversion of convertible senior notes (356)         (356)          
Other comprehensive (loss) income 2,897               2,897    
Net income (loss) (74,516)                   (74,516)
Ending balance (in shares) at Aug. 06, 2023       311,839              
Ending balance at Aug. 06, 2023 986,328     $ 31   2,610,482     (12,607)   (1,611,578)
Beginning balance (in shares) at May. 07, 2023       306,453              
Beginning balance at May. 07, 2023 905,807     $ 31   2,521,145     (10,906)   (1,604,463)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock upon exercise of stock options (in shares)       2,610              
Issuance of common stock upon exercise of stock options 25,263         25,263          
Stock-based compensation expense 91,012         91,012          
Vesting of restricted stock units (in shares)         3,505            
Vesting of restricted stock units   0                  
Tax withholding on vesting of equity awards and restricted stock units (in shares)         (134)            
Tax withholding on vesting of equity awards and restricted stock units   $ (5,068)         $ (5,068)        
Repurchases of common stock (in shares)       (595)              
Repurchases of common stock (21,970)         (21,970)          
Issuance of common stock upon conversion of convertible senior notes 100         100          
Other comprehensive (loss) income (1,701)               (1,701)    
Net income (loss) (7,115)                   (7,115)
Ending balance (in shares) at Aug. 06, 2023       311,839              
Ending balance at Aug. 06, 2023 $ 986,328     $ 31   $ 2,610,482     $ (12,607)   $ (1,611,578)
v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (74,516) $ (613)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 59,913 46,549
Stock-based compensation expense 167,277 158,135
Lease impairment and abandonment charges 16,766 0
Other (3,029) 3,031
Changes in operating assets and liabilities, net of effect of acquisition:    
Accounts receivable, net 87,231 140,007
Inventory 4,460 (12,492)
Deferred commissions (9,560) 10,626
Prepaid expenses and other assets (358) (15,563)
Operating lease right-of-use assets 19,635 16,820
Accounts payable 26,311 (6,529)
Accrued compensation and other liabilities (57,524) (37,824)
Operating lease liabilities (13,133) (21,442)
Deferred revenue 51,392 98,807
Net cash provided by operating activities 274,865 379,512
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (106,529) (57,994)
Acquisition, net of cash acquired 0 (1,989)
Purchases of marketable securities (246,617) (17,251)
Sales of marketable securities 48,748 0
Maturities of marketable securities 386,703 240,993
Net cash provided by investing activities 82,305 163,759
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from exercise of stock options 29,848 15,264
Proceeds from issuance of common stock under employee stock purchase plan 21,219 19,396
Principal payments on borrowings and finance lease obligations (577,067) (251,577)
Proceeds from borrowings 100,000 0
Tax withholding on vesting of equity awards (11,827) (12,987)
Repurchases of common stock (91,881) (126,999)
Net cash used in financing activities (529,708) (356,903)
Net increase (decrease) in cash, cash equivalents and restricted cash (172,538) 186,368
Cash, cash equivalents and restricted cash, beginning of period 591,398 476,743
Cash, cash equivalents and restricted cash, end of period 418,860 663,111
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD    
Cash and cash equivalents 408,900 652,567
Restricted cash 9,960 10,544
Cash, cash equivalents and restricted cash, end of period 418,860 663,111
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest 2,139 742
Cash paid for income taxes 13,988 4,817
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION    
Property and equipment purchased but not yet paid $ 18,406 $ 11,187
v3.23.2
Business Overview
 6 Months Ended
Aug. 06, 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 headquartered in Santa Clara, California and have wholly owned subsidiaries throughout the world.
v3.23.2
Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Aug. 06, 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 second quarter of fiscal 2023 and 2024 ended on August 7, 2022 and August 6, 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 income (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 second quarter of fiscal 2024, we had restricted cash of $10.5 million and $10.0 million.
v3.23.2
Financial Instruments
 6 Months Ended
Aug. 06, 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 second 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 Second Quarter of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable
Securities		Restricted Cash
Level 1
Money market accounts$— $— $— $19,656 $9,696 $— $9,960 
Level 2       
U.S. government treasury notes335,879 29 (3,949)331,959 — 331,959 — 
U.S. government agencies7,394 — (13)7,381 — 7,381 — 
Corporate debt securities425,392 146 (6,077)419,461 — 419,461 — 
Foreign government bonds590 — (31)559 — 559 — 
Asset-backed securities57,370 13 (809)56,574 — 56,574 — 
Municipal bonds3,950 — (107)3,843 — 3,843 — 
Total$830,575 $188 $(10,986)$839,433 $9,696 $819,777 $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 Second Quarter of Fiscal 2024
 Amortized CostFair Value
Due within one year$367,487 $363,005 
Due in one to five years463,088 456,772 
Total$830,575 $819,777 
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 second quarter and the first two quarters 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 second 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 Second 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$222,964 $(1,659)$81,980 $(2,290)$304,944 $(3,949)
U.S. government agencies4,388 (6)2,993 (7)7,381 (13)
Corporate debt securities186,849 (908)183,833 (5,169)370,682 (6,077)
Foreign government bonds— — 559 (31)559 (31)
Asset-backed securities37,161 (139)17,334 (670)54,495 (809)
Municipal bonds— — 3,843 (107)3,843 (107)
Total$451,362 $(2,712)$290,542 $(8,274)$741,904 $(10,986)
 Realized gains or losses on sale of marketable securities were not significant for all periods presented.
v3.23.2
Balance Sheet Components
 6 Months Ended
Aug. 06, 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
Second Quarter of Fiscal 2024
Raw materials$24,896 $21,050 
Finished goods25,256 26,448 
Inventory$50,152 $47,498 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2023
Second Quarter of Fiscal 2024
Test equipment$315,290 $347,310 
Computer equipment and software262,574 288,831 
Furniture and fixtures9,693 9,882 
Leasehold improvements71,235 92,782 
Capitalized software development costs15,806 25,663 
Total property and equipment674,598 764,468 
Less: accumulated depreciation and amortization(402,153)(438,685)
Property and equipment, net$272,445 $325,783 
Depreciation and amortization expense related to property and equipment was $19.5 million and $27.2 million for the second quarter of fiscal 2023 and 2024, and $38.8 million and $53.8 million for the first two quarters of fiscal 2023 and 2024.
Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2023
Second 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 $(15,467)$3,658 
Developed technology83,211 (43,366)39,845 83,211 (49,978)33,233 
Customer relationships6,459 (2,166)4,293 6,459 (2,626)3,833 
Trade name3,623 (2,838)785 3,623 (3,441)182 
Intangible assets, net$112,418 $(63,196)$49,222 $112,418 $(71,512)$40,906 
 
 Intangible assets amortization expense was $4.1 million for the second quarter of fiscal 2023 and 2024, and $8.2 million and $8.3 million for the first two quarters of fiscal 2023 and 2024. At the end of the second quarter of fiscal 2024, the weighted-average remaining amortization period was 1.3 years for technology patents, 2.5 years for developed technology, 4.2 years for customer relationships, and 0.2 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 second 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$7,894 
202515,425 
202612,830 
20273,107 
20281,054 
Thereafter596 
Total$40,906 
Goodwill
As of the end of fiscal 2023 and the second quarter of fiscal 2024, goodwill was $361.4 million. There were no impairments to goodwill for any period during 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
Second Quarter of Fiscal 2024
Taxes payable $16,615 $10,091 
Accrued marketing14,228 14,650 
Accrued cloud and outside services7,644 6,037 
Supply chain-related accruals (1)
23,545 30,148 
Accrued service logistics and professional services7,927 7,454 
Acquisition earn-out and deferred consideration3,556 5,299 
Finance lease liabilities, current5,432 7,223 
Customer deposits from contracts with customers17,824 17,869 
Other accrued liabilities26,978 30,071 
Total accrued expenses and other liabilities$123,749 $128,842 
_________________________________
(1) Primarily consists of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers.
v3.23.2
Deferred Revenue and Commissions
 6 Months Ended
Aug. 06, 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):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Beginning balance
$230,998 $248,188 $246,307 $245,856 
Additions36,638 45,028 63,122 80,129 
Recognition of deferred commissions(31,955)(37,799)(73,748)(70,568)
Ending balance$235,681 $255,417 $235,681 $255,417 
Of the $255.4 million total deferred commissions balance at the end of the second 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 second quarter and first two quarters 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):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Beginning balance
$1,112,473 $1,395,670 $1,079,872 $1,385,650 
Additions296,676 326,173 541,256 606,441 
Recognition of deferred revenue(230,458)(284,800)(442,437)(555,048)
Ending balance$1,178,691 $1,437,043 $1,178,691 $1,437,043 
Revenue recognized during the second quarter of fiscal 2023 and 2024 from deferred revenue at the beginning of each respective period was $201.4 million and $255.9 million. Revenue recognized during the first two quarters of fiscal 2023 and 2024 from deferred revenue at the beginning of each respective period was $341.7 million and $430.3 million.
Remaining Performance Obligations
Total remaining performance obligations (RPO) which is contracted but not recognized revenue was $1.9 billion at the end of the second 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 $1.9 billion RPO at the end of the second quarter of fiscal 2024, we expect to recognize approximately 47% over the next 12 months, and the remainder thereafter.
v3.23.2
Debt
 6 Months Ended
Aug. 06, 2023
Debt Disclosure [Abstract]  
Debt Debt
Revolving Credit Facility
In August 2020, we entered into a Credit Agreement with a consortium of financial institutions and lenders that provides for a five-year, senior secured revolving credit facility of $300.0 million (Credit Facility). Proceeds from the Credit Facility may be used for general corporate purposes and working capital. The Credit Facility expires, absent default or 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 April 2023, we borrowed $100.0 million under the Credit Facility which remained outstanding at the end of the second quarter of fiscal 2024. The outstanding loan bore weighted-average interest at an annual rate of 6.53% and 6.49% based on a one-month term SOFR period resulting in interest expense of $1.7 million and $2.1 million during the second quarter and first two quarters 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 second quarter of fiscal 2024.
Convertible Senior Notes
In April 2018, we issued $575.0 million of 0.125% convertible senior notes (the Notes) due April 15, 2023, in a private placement to qualified institutional buyers. The Notes were senior unsecured obligations and 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
Second Quarter of Fiscal 2024
Principal$575,000 $— 
Less: debt issuance costs, net of amortization(494)— 
Net carrying amount of the Notes$574,506 $— 
Prior to repayment, the effective interest rate on the Notes was 0.6%. The following table sets forth total interest expense recognized related to the Notes (in thousands):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Amortization of debt issuance costs$649 $— $1,297 $494 
Contractual interest expense179 — 358 136 
Total interest expense
$828 $— $1,655 $630 
In connection with the issuance of the Notes, we entered 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 21.9 million shares of our common stock to offset the economic dilution in excess of the principal amount upon conversion of the Notes at maturity up to a cap of $39.66 per share. The Capped Calls were not exercised and expired in April 2023.
v3.23.2
Commitments and Contingencies
 6 Months Ended
Aug. 06, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
At the end of fiscal 2023 and the second 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 second 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.
v3.23.2
Leases
 6 Months Ended
Aug. 06, 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 are excluded from our future lease payments disclosure below.
During the second quarter of fiscal 2024, we ceased use of our former corporate headquarters and recorded an impairment charge to operating lease right-of-use assets of $15.9 million and an abandonment charge of $0.9 million related to these leases, which are presented in Impairment and Other in the condensed consolidated statement of operations. The impairment charge represents the amount that the carrying value of the assets exceeded their estimated fair values, which were determined by utilizing an undiscounted cash flow approach that incorporated a sublease assumption.
We also lease certain engineering test equipment under financing agreements. These finance leases have a lease term of three years and contain a bargain purchase option at the end of the respective lease term. It is reasonably certain that the bargain purchase option will be exercised.
The components of lease costs during the periods presented were as follows (in thousands):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Fixed operating lease cost$10,753 $12,652 $21,071 $26,653 
Variable lease cost (1)
1,932 3,590 3,822 5,674 
Short-term lease cost (12 months or less)764 1,075 1,616 2,133 
Finance lease cost:
Amortization of finance lease right-of-use assets535 1,100 1,003 2,200 
Interest on finance lease liabilities59 128 99 257 
Total finance lease cost$594 $1,228 $1,102 $2,457 
Total lease cost$14,043 $18,545 $27,611 $36,917 
____________________________________
(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
Second Quarter of Fiscal 2024
Operating leases:
Weighted-average remaining lease term (in years)5.25.2
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)(5,612)
Finance lease right-of-use assets, net (1)
$14,184 $11,984 
Finance lease liabilities, current (2)
5,432 7,223 
Finance lease liabilities, non-current (3)
4,765 2,869 
Total finance lease liabilities$10,197 $10,092 
Weighted-average remaining lease term (in years)3.32.8
Weighted-average discount rate5.1 %5.1 %
____________________________________
(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 Two Quarters of Fiscal
20232024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$27,150 $18,643 
Financing cash outflows for finance leases$1,124 $1,540 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$77,449 $10,840 
Finance leases$7,737 $— 
Future lease payments under our non-cancelable leases at the end of the second quarter of fiscal 2024 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2024$26,350 $5,459 
202550,579 4,728 
202638,891 183 
202721,654 — 
202824,020 — 
Thereafter47,688 — 
Total future lease payments209,182 10,370 
Less: imputed interest(35,294)(278)
Present value of total lease liabilities$173,888 $10,092 
v3.23.2
Stockholders' Equity
 6 Months Ended
Aug. 06, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
We have 20.0 million authorized shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board of Directors. At the end of the second 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 second quarter of fiscal 2024, we had 2.0 billion authorized shares of Class A common stock and 250.0 million authorized shares of Class B common stock, with each class having a par value of $0.0001 per share. At the end of the second quarter of fiscal 2024, 311.8 million shares of Class A common stock were issued and outstanding.
Share Repurchase Program
In March 2023, our Board of Directors authorized the repurchase of up to an additional $250.0 million of our common stock. During the second quarter of fiscal 2024, we repurchased and retired approximately 0.6 million shares of common stock at an average purchase price of $36.89 per share for an aggregate repurchase price of $22.0 million. During the first two quarters of fiscal 2024, we repurchased and retired approximately 3.5 million shares of common stock at an average purchase price of $26.48 per share for an aggregate repurchase price of $91.8 million. At the end of the second quarter of fiscal 2024, $189.3 million remained available for future share repurchases under our current repurchase authorization.
v3.23.2
Equity Incentive Plans
 6 Months Ended
Aug. 06, 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 that resulted in a modification charge of $16.7 million, which is being recognized over the new offering period ending March 15, 2025.
Stock-based compensation expense related to our 2015 ESPP was $4.9 million and $6.5 million during the second quarter of fiscal 2023 and 2024, and $11.8 million and $12.6 million during the first two quarters of fiscal 2023 and 2024. At the end of the second quarter of fiscal 2024, total unrecognized stock-based compensation cost related to our 2015 ESPP was $42.3 million, which is expected to be recognized over a weighted-average period of 1.6 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(3,400,405)8.79   
Options forfeited(1,778)1.90   
Balance at the end of the second quarter of fiscal 2024
5,866,315 $12.12 2.4$149,619 
Vested and exercisable at the end of the second quarter of fiscal 2024
5,779,285 $12.20 2.3$146,519 
 
The aggregate intrinsic value of options vested and exercisable at the end of the second quarter of fiscal 2024 is calculated based on the difference between the exercise price and the closing price of $37.55 of our common stock on the last day of the second quarter of fiscal 2024.
Stock-based compensation expense recognized related to stock options was $1.3 million and $0.5 million during the second quarter of fiscal 2023 and 2024, and $2.8 million and $1.2 million during the first two quarters of fiscal 2023 and 2024.
At the end of the second quarter of fiscal 2024, total unrecognized employee stock-based compensation cost related to outstanding options was $1.2 million, which is expected to be recognized over a weighted-average period of 0.7 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
15,402,633 25.00 
Vested(7,175,365)22.90 
Forfeited(2,217,883)24.57 
Unvested balance at the end of the second quarter of fiscal 2024
32,769,905 $25.30 $1,230,529 
RSUs granted during the first two quarters of fiscal 2024 include PRSUs for approximately 1.6 million 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 approximately 0.6 million PRSUs based on the actual attainment of the fiscal 2023 performance condition for previously issued PRSUs, with these PRSUs issued subject to service condition through the remaining vesting periods.
Stock-based compensation expense related to RSUs and PRSUs was $77.3 million and $80.0 million during the second quarter of fiscal 2023 and 2024, and $143.5 million and $151.0 million during the first two quarters of fiscal 2023 and 2024. At the end of the second quarter of fiscal 2024, total unrecognized employee stock-based compensation cost related to unvested RSUs and PRSUs was $738.9 million, which is expected to be recognized over a weighted-average period of 2.9 years.
Long-Term Performance Incentive RSUs
In June 2023, we granted market-based long-term performance incentive restricted stock units (LTP Awards) to certain executives with an aggregate target number of shares of common stock of approximately 4.2 million.
•The total number of shares earned are subject to continuous service through March 20, 2028 and upon vesting, the number of shares vested will be subject to a one-year post-vest holding period.
•The number of shares earned are contingent upon our market capitalization meeting or exceeding $21 billion that will be measured over an approximate three to five year period, at the end of our fiscal years ending in 2026, 2027 and 2028.
The grant date fair value per share was $17.56, determined using a Monte Carlo simulation model that considers the following assumptions: (i) expected volatility of 51.8%, (ii) risk-free interest rate of 3.86%, (iii) total performance period of nearly five years, and (iv) a post-vest holding period discount of 14.9%. Total stock-based compensation expense of $73.9 million for these awards is recognized over the requisite service period of nearly five years using the accelerated attribution method and is not reversed if the market condition is not met provided. As of the end of the second quarter of fiscal 2024, approximately 4.2 million shares of unvested LTP Awards was outstanding. Stock-based compensation expense related to these awards was $2.4 million during the second quarter of fiscal 2024. At the end of the second quarter of fiscal 2024, total unrecognized stock-based compensation cost related to unvested LTP Awards was $71.5 million, which is expected to be recognized over a weighted-average period of 4.6 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):
 
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
Cost of revenue—product$2,607 $2,958 $4,470 $5,613 
Cost of revenue—subscription services5,808 6,851 11,164 12,498 
Research and development
41,575 44,085 78,092 82,317 
Sales and marketing17,954 19,493 36,299 36,674 
General and administrative15,620 16,060 28,110 30,175 
Total stock-based compensation expense$83,564 $89,447 $158,135 $167,277 
The tax benefit related to stock-based compensation expense for all periods presented was not material.
v3.23.2
Net Income (Loss) per Share Attributable to Common Stockholders
 6 Months Ended
Aug. 06, 2023
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Attributable to Common Stockholders Net Income (Loss) per Share Attributable to Common StockholdersBasic and diluted net income (loss) per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents, including our outstanding stock options, common stock related to unvested RSUs, PRSUs and LTP Awards, 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 have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data):
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
Numerator:
Net income (loss)$10,922 $(7,115)$(613)$(74,516)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic297,475 309,510 296,659 307,687 
Add: Dilutive effect of common stock equivalents15,245 — — — 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted312,720 309,510 296,659 307,687 
Net income (loss) per share attributable to common stockholders, basic$0.04 $(0.02)$(0.00)$(0.24)
Net income (loss) per share attributable to common stockholders, diluted$0.03 $(0.02)$(0.00)$(0.24)
The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
 
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
Stock options to purchase common stock10,716 6,982 11,136 7,928 
Unvested RSUs and PRSUs
32,570 34,350 30,860 31,072 
Unvested LTP Awards
— 2,683 — 1,342 
Unvested restricted stock— — 12 — 
Shares related to convertible senior notes21,884 — 21,884 8,657 
Shares issuable pursuant to the ESPP1,002 1,190 1,002 1,190 
Total66,172 45,205 64,894 50,189 
v3.23.2
Other Income (Expense), Net
 6 Months Ended
Aug. 06, 2023
Other Income and Expenses [Abstract]  
Other Income (Expense), Net Other Income (Expense), Net
Other income (expense), net consists of the following (in thousands):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Interest income(1)
$2,355 $10,496 $4,311 $23,485 
Interest expense(2)
(1,001)(1,962)(2,483)(3,347)
Foreign currency transactions losses(2,627)(1,734)(9,026)(1,686)
Other income (expense)1,858 (114)1,602 (17)
Total other income (expense), net$585 $6,686 $(5,596)$18,435 
____________________________________
(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.
v3.23.2
Income Taxes
 6 Months Ended
Aug. 06, 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 second 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.
v3.23.2
Segment Information
 6 Months Ended
Aug. 06, 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):
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
United States$462,135 $494,650 $926,670 $921,814 
Rest of the world184,637 194,021 340,507 356,164 
Total revenue$646,772 $688,671 $1,267,177 $1,277,978 
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
Second Quarter of Fiscal 2024
United States$259,131 $314,016 
Rest of the world13,314 11,767 
Total long-lived assets$272,445 $325,783 
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Pay vs Performance Disclosure        
Net loss $ (7,115) $ 10,922 $ (74,516) $ (613)
v3.23.2
Insider Trading Arrangements
 3 Months Ended
Aug. 06, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Aug. 06, 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 second quarter of fiscal 2023 and 2024 ended on August 7, 2022 and August 6, 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 income (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.
v3.23.2
Financial Instruments (Tables)
 6 Months Ended
Aug. 06, 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 second 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 Second Quarter of Fiscal 2024
 Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value		Cash EquivalentsMarketable
Securities		Restricted Cash
Level 1
Money market accounts$— $— $— $19,656 $9,696 $— $9,960 
Level 2       
U.S. government treasury notes335,879 29 (3,949)331,959 — 331,959 — 
U.S. government agencies7,394 — (13)7,381 — 7,381 — 
Corporate debt securities425,392 146 (6,077)419,461 — 419,461 — 
Foreign government bonds590 — (31)559 — 559 — 
Asset-backed securities57,370 13 (809)56,574 — 56,574 — 
Municipal bonds3,950 — (107)3,843 — 3,843 — 
Total$830,575 $188 $(10,986)$839,433 $9,696 $819,777 $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 Second Quarter of Fiscal 2024
 Amortized CostFair Value
Due within one year$367,487 $363,005 
Due in one to five years463,088 456,772 
Total$830,575 $819,777 
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 second 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 Second 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$222,964 $(1,659)$81,980 $(2,290)$304,944 $(3,949)
U.S. government agencies4,388 (6)2,993 (7)7,381 (13)
Corporate debt securities186,849 (908)183,833 (5,169)370,682 (6,077)
Foreign government bonds— — 559 (31)559 (31)
Asset-backed securities37,161 (139)17,334 (670)54,495 (809)
Municipal bonds— — 3,843 (107)3,843 (107)
Total$451,362 $(2,712)$290,542 $(8,274)$741,904 $(10,986)
v3.23.2
Balance Sheet Components (Tables)
 6 Months Ended
Aug. 06, 2023
Balance Sheet Components Disclosure [Abstract]  
Schedule of Inventory
Inventory consists of the following (in thousands):
At the End of
Fiscal 2023
Second Quarter of Fiscal 2024
Raw materials$24,896 $21,050 
Finished goods25,256 26,448 
Inventory$50,152 $47,498 
Schedule of Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
 
At the End of
 Fiscal 2023
Second Quarter of Fiscal 2024
Test equipment$315,290 $347,310 
Computer equipment and software262,574 288,831 
Furniture and fixtures9,693 9,882 
Leasehold improvements71,235 92,782 
Capitalized software development costs15,806 25,663 
Total property and equipment674,598 764,468 
Less: accumulated depreciation and amortization(402,153)(438,685)
Property and equipment, net$272,445 $325,783 
Schedule of Intangible Assets, Net
Intangible assets, net consist of the following (in thousands):
 
At the End of
 Fiscal 2023
Second 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 $(15,467)$3,658 
Developed technology83,211 (43,366)39,845 83,211 (49,978)33,233 
Customer relationships6,459 (2,166)4,293 6,459 (2,626)3,833 
Trade name3,623 (2,838)785 3,623 (3,441)182 
Intangible assets, net$112,418 $(63,196)$49,222 $112,418 $(71,512)$40,906 
Schedule of Expected Amortization Expenses for Intangible Assets
At the end of the second 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$7,894 
202515,425 
202612,830 
20273,107 
20281,054 
Thereafter596 
Total$40,906 
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
At the End of
 Fiscal 2023
Second Quarter of Fiscal 2024
Taxes payable $16,615 $10,091 
Accrued marketing14,228 14,650 
Accrued cloud and outside services7,644 6,037 
Supply chain-related accruals (1)
23,545 30,148 
Accrued service logistics and professional services7,927 7,454 
Acquisition earn-out and deferred consideration3,556 5,299 
Finance lease liabilities, current5,432 7,223 
Customer deposits from contracts with customers17,824 17,869 
Other accrued liabilities26,978 30,071 
Total accrued expenses and other liabilities$123,749 $128,842 
_________________________________
(1) Primarily consists of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers.
v3.23.2
Deferred Revenue and Commissions (Tables)
 6 Months Ended
Aug. 06, 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):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Beginning balance
$230,998 $248,188 $246,307 $245,856 
Additions36,638 45,028 63,122 80,129 
Recognition of deferred commissions(31,955)(37,799)(73,748)(70,568)
Ending balance$235,681 $255,417 $235,681 $255,417 
Schedule of Deferred Revenue
Changes in total deferred revenue during the periods presented are as follows (in thousands):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Beginning balance
$1,112,473 $1,395,670 $1,079,872 $1,385,650 
Additions296,676 326,173 541,256 606,441 
Recognition of deferred revenue(230,458)(284,800)(442,437)(555,048)
Ending balance$1,178,691 $1,437,043 $1,178,691 $1,437,043 
v3.23.2
Debt (Tables)
 6 Months Ended
Aug. 06, 2023
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The Notes consisted of the following (in thousands):
At the End of
Fiscal 2023
Second Quarter of Fiscal 2024
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 (in thousands):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Amortization of debt issuance costs$649 $— $1,297 $494 
Contractual interest expense179 — 358 136 
Total interest expense
$828 $— $1,655 $630 
v3.23.2
Leases (Tables)
 6 Months Ended
Aug. 06, 2023
Leases [Abstract]  
Summary of Components of Lease Cost
The components of lease costs during the periods presented were as follows (in thousands):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Fixed operating lease cost$10,753 $12,652 $21,071 $26,653 
Variable lease cost (1)
1,932 3,590 3,822 5,674 
Short-term lease cost (12 months or less)764 1,075 1,616 2,133 
Finance lease cost:
Amortization of finance lease right-of-use assets535 1,100 1,003 2,200 
Interest on finance lease liabilities59 128 99 257 
Total finance lease cost$594 $1,228 $1,102 $2,457 
Total lease cost$14,043 $18,545 $27,611 $36,917 
____________________________________
(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
Second Quarter of Fiscal 2024
Operating leases:
Weighted-average remaining lease term (in years)5.25.2
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)(5,612)
Finance lease right-of-use assets, net (1)
$14,184 $11,984 
Finance lease liabilities, current (2)
5,432 7,223 
Finance lease liabilities, non-current (3)
4,765 2,869 
Total finance lease liabilities$10,197 $10,092 
Weighted-average remaining lease term (in years)3.32.8
Weighted-average discount rate5.1 %5.1 %
____________________________________
(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 Two Quarters of Fiscal
20232024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases$27,150 $18,643 
Financing cash outflows for finance leases$1,124 $1,540 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases$77,449 $10,840 
Finance leases$7,737 $— 
Schedule of Future Operating Lease Payments
Future lease payments under our non-cancelable leases at the end of the second quarter of fiscal 2024 were as follows (in thousands):
Fiscal Years EndingOperating LeasesFinance Leases
The remainder of 2024$26,350 $5,459 
202550,579 4,728 
202638,891 183 
202721,654 — 
202824,020 — 
Thereafter47,688 — 
Total future lease payments209,182 10,370 
Less: imputed interest(35,294)(278)
Present value of total lease liabilities$173,888 $10,092 
v3.23.2
Equity Incentive Plans (Tables)
 6 Months Ended
Aug. 06, 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(3,400,405)8.79   
Options forfeited(1,778)1.90   
Balance at the end of the second quarter of fiscal 2024
5,866,315 $12.12 2.4$149,619 
Vested and exercisable at the end of the second quarter of fiscal 2024
5,779,285 $12.20 2.3$146,519 
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
15,402,633 25.00 
Vested(7,175,365)22.90 
Forfeited(2,217,883)24.57 
Unvested balance at the end of the second quarter of fiscal 2024
32,769,905 $25.30 $1,230,529 
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):
 
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
Cost of revenue—product$2,607 $2,958 $4,470 $5,613 
Cost of revenue—subscription services5,808 6,851 11,164 12,498 
Research and development
41,575 44,085 78,092 82,317 
Sales and marketing17,954 19,493 36,299 36,674 
General and administrative15,620 16,060 28,110 30,175 
Total stock-based compensation expense$83,564 $89,447 $158,135 $167,277 
v3.23.2
Net Income (Loss) per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Aug. 06, 2023
Earnings Per Share [Abstract]  
Summary of Computation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data):
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
Numerator:
Net income (loss)$10,922 $(7,115)$(613)$(74,516)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic297,475 309,510 296,659 307,687 
Add: Dilutive effect of common stock equivalents15,245 — — — 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted312,720 309,510 296,659 307,687 
Net income (loss) per share attributable to common stockholders, basic$0.04 $(0.02)$(0.00)$(0.24)
Net income (loss) per share attributable to common stockholders, diluted$0.03 $(0.02)$(0.00)$(0.24)
Summary of Weighted-average Outstanding Shares Excluded from Computation of Diluted Net Income (Loss) per Share Attributable to Common Stockholders
The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
 
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
Stock options to purchase common stock10,716 6,982 11,136 7,928 
Unvested RSUs and PRSUs
32,570 34,350 30,860 31,072 
Unvested LTP Awards
— 2,683 — 1,342 
Unvested restricted stock— — 12 — 
Shares related to convertible senior notes21,884 — 21,884 8,657 
Shares issuable pursuant to the ESPP1,002 1,190 1,002 1,190 
Total66,172 45,205 64,894 50,189 
v3.23.2
Other Income (Expense), Net (Tables)
 6 Months Ended
Aug. 06, 2023
Other Income and Expenses [Abstract]  
Summary of Other Income (Expense)
Other income (expense), net consists of the following (in thousands):
Second Quarter of Fiscal
First Two Quarters of Fiscal
2023202420232024
Interest income(1)
$2,355 $10,496 $4,311 $23,485 
Interest expense(2)
(1,001)(1,962)(2,483)(3,347)
Foreign currency transactions losses(2,627)(1,734)(9,026)(1,686)
Other income (expense)1,858 (114)1,602 (17)
Total other income (expense), net$585 $6,686 $(5,596)$18,435 
____________________________________
(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.
v3.23.2
Segment Information (Tables)
 6 Months Ended
Aug. 06, 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):
 
Second Quarter of Fiscal
First Two Quarters of Fiscal
 2023202420232024
United States$462,135 $494,650 $926,670 $921,814 
Rest of the world184,637 194,021 340,507 356,164 
Total revenue$646,772 $688,671 $1,267,177 $1,277,978 
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
Second Quarter of Fiscal 2024
United States$259,131 $314,016 
Rest of the world13,314 11,767 
Total long-lived assets$272,445 $325,783 
v3.23.2
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Aug. 07, 2022
Accounting Policies [Abstract]      
Restricted cash $ 9,960 $ 10,544 $ 10,544
v3.23.2
Financial Instruments - Cash Equivalents, Marketable Securities and Restricted Cash (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 830,575  
Fair Value 819,777  
Cash Equivalents 9,696 $ 71,197
Marketable Securities 819,777 1,001,352
Restricted Cash 9,960 10,544
Amortized Cost 830,575 1,047,054
Total gross unrealized gains 188 1,352
Total gross unrealized losses (10,986) (15,046)
Total fair value 839,433 1,083,093
Level 1 | Money market accounts    
Debt Securities, Available-for-sale [Line Items]    
Fair Value 19,656 49,733
Cash Equivalents 9,696 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 335,879 425,977
Gross Unrealized Gains 29 170
Gross Unrealized Losses (3,949) (4,229)
Fair Value 331,959 421,918
Cash Equivalents 0 32,008
Marketable Securities 331,959 389,910
Restricted Cash 0 0
Level 2 | U.S. government agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 7,394 23,795
Gross Unrealized Gains 0 0
Gross Unrealized Losses (13) (289)
Fair Value 7,381 23,506
Cash Equivalents 0 0
Marketable Securities 7,381 23,506
Restricted Cash 0 0
Level 2 | Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 425,392 527,164
Gross Unrealized Gains 146 901
Gross Unrealized Losses (6,077) (9,300)
Fair Value 419,461 518,765
Cash Equivalents 0 0
Marketable Securities 419,461 518,765
Restricted Cash 0 0
Level 2 | Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 590 4,797
Gross Unrealized Gains 0 0
Gross Unrealized Losses (31) (44)
Fair Value 559 4,753
Cash Equivalents 0 0
Marketable Securities 559 4,753
Restricted Cash 0 0
Level 2 | Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 57,370 61,371
Gross Unrealized Gains 13 281
Gross Unrealized Losses (809) (1,016)
Fair Value 56,574 60,636
Cash Equivalents 0 0
Marketable Securities 56,574 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 (107) (168)
Fair Value 3,843 3,782
Cash Equivalents 0 0
Marketable Securities 3,843 3,782
Restricted Cash $ 0 $ 0
v3.23.2
Financial Instruments - Amortized Cost and Estimated Fair Value (Details) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Amortized Cost        
Due within one year $ 367,487,000   $ 367,487,000  
Due in one to five years 463,088,000   463,088,000  
Amortized Cost 830,575,000   830,575,000  
Fair Value        
Due within one year 363,005,000   363,005,000  
Due in one to five years 456,772,000   456,772,000  
Total 819,777,000   819,777,000  
Impairment charge for unrealized losses $ 0 $ 0 $ 0 $ 0
v3.23.2
Financial Instruments - Gross Unrealized Losses and Fair Values (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months $ 451,362 $ 360,946
Unrealized Loss, Less than 12 months (2,712) (495)
Fair Value, Greater than 12 months 290,542 450,559
Unrealized Loss, Greater than 12 months (8,274) (14,551)
Fair Value, Total 741,904 811,505
Unrealized Loss, Total (10,986) (15,046)
U.S. government treasury notes    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 222,964 250,046
Unrealized Loss, Less than 12 months (1,659) (130)
Fair Value, Greater than 12 months 81,980 127,976
Unrealized Loss, Greater than 12 months (2,290) (4,099)
Fair Value, Total 304,944 378,022
Unrealized Loss, Total (3,949) (4,229)
U.S. government agencies    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 4,388 5,194
Unrealized Loss, Less than 12 months (6) (5)
Fair Value, Greater than 12 months 2,993 18,312
Unrealized Loss, Greater than 12 months (7) (284)
Fair Value, Total 7,381 23,506
Unrealized Loss, Total (13) (289)
Corporate debt securities    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 186,849 99,446
Unrealized Loss, Less than 12 months (908) (330)
Fair Value, Greater than 12 months 183,833 277,717
Unrealized Loss, Greater than 12 months (5,169) (8,970)
Fair Value, Total 370,682 377,163
Unrealized Loss, Total (6,077) (9,300)
Foreign government bonds    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Fair Value, Less than 12 months 0 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 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 37,161 3,060
Unrealized Loss, Less than 12 months (139) (25)
Fair Value, Greater than 12 months 17,334 22,221
Unrealized Loss, Greater than 12 months (670) (991)
Fair Value, Total 54,495 25,281
Unrealized Loss, Total (809) (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 3,843 3,782
Unrealized Loss, Greater than 12 months (107) (168)
Fair Value, Total 3,843 3,782
Unrealized Loss, Total $ (107) $ (168)
v3.23.2
Balance Sheet Components - Inventory (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Balance Sheet Components Disclosure [Abstract]    
Raw materials $ 21,050 $ 24,896
Finished goods 26,448 25,256
Inventory $ 47,498 $ 50,152
v3.23.2
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Property Plant And Equipment [Line Items]    
Total property and equipment $ 764,468 $ 674,598
Less: accumulated depreciation and amortization (438,685) (402,153)
Property and equipment, net 325,783 272,445
Test equipment    
Property Plant And Equipment [Line Items]    
Total property and equipment 347,310 315,290
Computer equipment and software    
Property Plant And Equipment [Line Items]    
Total property and equipment 288,831 262,574
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Total property and equipment 9,882 9,693
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property and equipment 92,782 71,235
Capitalized software development costs    
Property Plant And Equipment [Line Items]    
Total property and equipment $ 25,663 $ 15,806
v3.23.2
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Finite-Lived Intangible Assets [Line Items]        
Depreciation and amortization $ 27.2 $ 19.5 $ 53.8 $ 38.8
Intangible assets amortization expense $ 4.1 $ 4.1 $ 8.3 $ 8.2
Technology patents        
Finite-Lived Intangible Assets [Line Items]        
Useful life (in years)     1 year 3 months 18 days  
Developed technology        
Finite-Lived Intangible Assets [Line Items]        
Useful life (in years)     2 years 6 months  
Customer relationships        
Finite-Lived Intangible Assets [Line Items]        
Useful life (in years)     4 years 2 months 12 days  
Trade name        
Finite-Lived Intangible Assets [Line Items]        
Useful life (in years)     2 months 12 days  
v3.23.2
Balance Sheet Components - Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 112,418 $ 112,418
Accumulated Amortization (71,512) (63,196)
Net Carrying Amount 40,906 49,222
Technology patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 19,125 19,125
Accumulated Amortization (15,467) (14,826)
Net Carrying Amount 3,658 4,299
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 83,211 83,211
Accumulated Amortization (49,978) (43,366)
Net Carrying Amount 33,233 39,845
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 6,459 6,459
Accumulated Amortization (2,626) (2,166)
Net Carrying Amount 3,833 4,293
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 3,623 3,623
Accumulated Amortization (3,441) (2,838)
Net Carrying Amount $ 182 $ 785
v3.23.2
Balance Sheet Components - Expected Amortization Expenses for Intangible Assets (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Balance Sheet Components Disclosure [Abstract]    
Remainder of 2024 $ 7,894  
2025 15,425  
2026 12,830  
2027 3,107  
2028 1,054  
Thereafter 596  
Net Carrying Amount $ 40,906 $ 49,222
v3.23.2
Balance Sheet Components - Goodwill (Details) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Feb. 05, 2023
Goodwill [Roll Forward]          
Goodwill $ 361,427,000   $ 361,427,000   $ 361,427,000
Impairments to goodwill $ 0 $ 0 $ 0 $ 0  
v3.23.2
Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Balance Sheet Components Disclosure [Abstract]    
Taxes payable $ 10,091 $ 16,615
Accrued marketing 14,650 14,228
Accrued cloud and outside services 6,037 7,644
Supply chain-related accruals 30,148 23,545
Accrued service logistics and professional services 7,454 7,927
Acquisition earn-out and deferred consideration 5,299 3,556
Finance lease liabilities, current 7,223 5,432
Customer deposits from contracts with customers 17,869 17,824
Other accrued liabilities 30,071 26,978
Total accrued expenses and other liabilities $ 128,842 $ 123,749
v3.23.2
Deferred Revenue and Commissions - Deferred Commissions (Details) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Deferred Commissions [Roll Forward]        
Beginning balance $ 248,188,000 $ 230,998,000 $ 245,856,000 $ 246,307,000
Additions 45,028,000 36,638,000 80,129,000 63,122,000
Recognition of deferred commissions (37,799,000) (31,955,000) (70,568,000) (73,748,000)
Ending balance $ 255,417,000 235,681,000 $ 255,417,000 $ 235,681,000
Commission expected to be recognized over the next 12 months (percent) 28.00%   28.00%  
Impairment of capitalized commissions $ 0 $ 0    
v3.23.2
Deferred Revenue and Commissions - Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Contract Liability        
Additions $ 45,028 $ 36,638 $ 80,129 $ 63,122
Recognition of deferred revenue (37,799) (31,955) (70,568) (73,748)
Product Revenue and Support Subscription Revenue        
Contract Liability        
Beginning balance 1,395,670 1,112,473 1,385,650 1,079,872
Additions 326,173 296,676 606,441 541,256
Recognition of deferred revenue (284,800) (230,458) (555,048) (442,437)
Ending balance $ 1,437,043 $ 1,178,691 $ 1,437,043 $ 1,178,691
v3.23.2
Deferred Revenue and Commissions - Remaining Performance Obligation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Revenue from Contract with Customer [Abstract]        
Deferred revenue recognized $ 255.9 $ 201.4 $ 430.3 $ 341.7
Contracted but not recognized revenue $ 1,900.0   $ 1,900.0  
v3.23.2
Deferred Revenue and Commissions - Remaining Performance Obligation Period (Details)
Aug. 06, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-07  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized (as a percent) 47.00%
Revenue expected to be recognized term (in months) 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-08  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized term (in months)
v3.23.2
Debt - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 24, 2020
USD ($)
financial_ratio
Apr. 30, 2023
USD ($)
shares
Apr. 30, 2018
USD ($)
shares
Aug. 06, 2023
USD ($)
Aug. 07, 2022
USD ($)
Aug. 06, 2023
USD ($)
Aug. 07, 2022
USD ($)
Apr. 04, 2018
$ / shares
Debt Instrument [Line Items]                
Issuance of common stock upon conversion of convertible senior notes (in shares) | shares   1,065            
Class A common stock | Capped Call                
Debt Instrument [Line Items]                
Exercise price (in dollars per share) | $ / shares               $ 39.66
Convertible Senior Notes                
Debt Instrument [Line Items]                
Interest expense       $ 0 $ 828,000 $ 630,000 $ 1,655,000  
Principal amount     $ 575,000,000          
Interest rate (as a percent)     0.125%          
Repayments of convertible debt   $ 575,000,000            
Effective interest rate of the liability component (as a percent)           0.60%    
Convertible Senior Notes | Class A common stock                
Debt Instrument [Line Items]                
Number of convertible shares at initial conversion rate (in shares) | shares     21,900,000          
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              
Proceeds from lines of credit   $ 100,000,000            
Interest expense       $ 1,700,000   $ 2,100,000    
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 | Secured Overnight Financing Rate                
Debt Instrument [Line Items]                
Interest during the period (percent)       6.53%   6.49%    
Revolving Credit Facility | Secured Overnight Financing Rate | Minimum                
Debt Instrument [Line Items]                
Margin rate (percent) 1.50%              
Revolving Credit Facility | Secured Overnight Financing Rate | Maximum                
Debt Instrument [Line Items]                
Margin rate (percent) 2.25%              
Revolving Credit Facility | Secured Overnight Financing Rate | Interest Rate Floor                
Debt Instrument [Line Items]                
Effective interest rate (percent) 0.00%              
v3.23.2
Debt - Convertible Debt (Details) - Convertible Senior Notes - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Liabilities    
Principal $ 0 $ 575,000
Less: debt issuance costs, net of amortization 0 (494)
Net carrying amount of the Notes $ 0 $ 574,506
v3.23.2
Debt - Interest Expense (Details) - Convertible Senior Notes - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Debt Instrument [Line Items]        
Amortization of debt issuance costs $ 0 $ 649 $ 494 $ 1,297
Contractual interest expense 0 179 136 358
Total interest expense $ 0 $ 828 $ 630 $ 1,655
v3.23.2
Commitments and Contingencies - Narrative (Details) - USD ($)
Aug. 06, 2023
Feb. 05, 2023
Commitments and Contingencies Disclosure [Abstract]    
Outstanding letters of credit $ 8,000,000 $ 8,000,000
Loss contingency $ 0  
v3.23.2
Leases - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended
Jun. 30, 2022
Aug. 06, 2023
May 31, 2024
Aug. 31, 2022
Lessee, Lease, Description [Line Items]        
Sublease term 8 years      
Total lease payments that include rent escalation and abatement clauses $ 100,200 $ 209,182   $ 89,400
Right-of-use assets, impairment loss   15,900    
Lease abandonment charges   $ 900    
Finance lease, term   3 years    
Forecast        
Lessee, Lease, Description [Line Items]        
Total lease payments that include rent escalation and abatement clauses     $ 10,800  
v3.23.2
Leases - Lease costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Leases [Abstract]        
Fixed operating lease cost $ 12,652 $ 10,753 $ 26,653 $ 21,071
Variable lease cost 3,590 1,932 5,674 3,822
Short-term lease cost (12 months or less) 1,075 764 2,133 1,616
Amortization of finance lease right-of-use assets 1,100 535 2,200 1,003
Interest on finance lease liabilities 128 59 257 99
Total finance lease cost 1,228 594 2,457 1,102
Total lease cost $ 18,545 $ 14,043 $ 36,917 $ 27,611
v3.23.2
Leases - Lease term and discount rate (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Operating leases:    
Weighted-average remaining lease term (in years) 5 years 2 months 12 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 (5,612) (3,412)
Finance lease right-of-use assets, net 11,984 14,184
Finance lease liabilities, current 7,223 5,432
Finance lease liabilities, non-current 2,869 4,765
Present value of total lease liabilities $ 10,092 $ 10,197
Weighted-average remaining lease term (in years) 2 years 9 months 18 days 3 years 3 months 18 days
Weighted-average discount rate 5.10% 5.10%
v3.23.2
Leases - Supplemental cash flow information related to leases (Details) - USD ($)
$ in Thousands
 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Leases [Abstract]    
Operating cash outflows for operating leases $ 18,643 $ 27,150
Financing cash outflows for finance leases 1,540 1,124
Operating leases 10,840 77,449
Finance leases $ 0 $ 7,737
v3.23.2
Leases - Future minimum lease payments (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Aug. 31, 2022
Jun. 30, 2022
Operating Leases        
The remainder of 2024 $ 26,350      
2025 50,579      
2026 38,891      
2027 21,654      
2028 24,020      
Thereafter 47,688      
Total future lease payments 209,182   $ 89,400 $ 100,200
Less: imputed interest (35,294)      
Present value of total lease liabilities 173,888      
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 (278)      
Present value of total lease liabilities $ 10,092 $ 10,197    
v3.23.2
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Aug. 06, 2023
USD ($)
stock_class
$ / shares
shares
Aug. 06, 2023
USD ($)
stock_class
$ / shares
shares
Mar. 31, 2023
USD ($)
Feb. 05, 2023
$ / shares
shares
Class of Stock [Line Items]        
Preferred stock, shares authorized (in shares) 20,000,000 20,000,000   20,000,000
Preferred stock, shares issued (in shares) 0 0   0
Preferred stock, shares outstanding (in shares) 0 0   0
Number of classes of stock | stock_class 2 2    
Common stock, shares authorized (in shares) 2,250,000,000 2,250,000,000   2,250,000,000
Additional value approved for repurchase | $     $ 250.0  
Stock repurchased and retired (in shares) 600,000 3,500,000    
Shares repurchased and retired, average purchase price (in dollars per share) | $ / shares $ 36.89 $ 26.48    
Stock repurchased and retired during period, value | $ $ 22.0 $ 91.8    
Authorized amount remaining under stock repurchase program | $ $ 189.3 $ 189.3    
Class A common stock        
Class of Stock [Line Items]        
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000   2,000,000,000
Common stock, par value per share (in dollars per share) | $ / shares $ 0.0001 $ 0.0001   $ 0.0001
Common stock, shares issued (in shares) 311,839,000 311,839,000   304,076,000
Common stock, shares outstanding (in shares) 311,839,000 311,839,000   304,076,000
Class B common stock        
Class of Stock [Line Items]        
Common stock, shares authorized (in shares) 250,000,000 250,000,000   250,000,000
Common stock, par value per share (in dollars per share) | $ / shares $ 0.0001 $ 0.0001   $ 0.0001
v3.23.2
Equity Incentive Plans - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2023
shares
Aug. 06, 2023
USD ($)
purchasePeriod
shares
Aug. 07, 2022
USD ($)
Aug. 06, 2023
USD ($)
plan
purchasePeriod
$ / shares
shares
Aug. 07, 2022
USD ($)
Mar. 20, 2028
USD ($)
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   $ 89,447,000 $ 83,564,000 $ 167,277,000 $ 158,135,000  
PRSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting rights, target (as a percent)       100.00%    
Granted (in shares) | shares       1,600,000    
Long-Term Performance Incentive RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Total stock-based compensation expense   2,400,000   $ 73,900,000    
Unrecognized stock-based compensation expense   $ 71,500,000   $ 71,500,000    
Compensation cost (in years)   4 years 7 months 6 days        
Granted (in shares) | shares 4,200,000          
Post-vesting holding period 1 year          
Granted (in dollars per share) | $ / shares       $ 17.56    
Volatility rate (percent)       51.80%    
Risk-free interest rate (percent)       3.86%    
Expected term       5 years    
Post-vesting holding period discount rate (percent)       14.90%    
Unvested awards (in shares) | shares   4,200,000   4,200,000    
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   4    
Purchase period, term       6 months    
ESPP modification charge       $ 16,700,000    
Total stock-based compensation expense   $ 6,500,000 $ 4,900,000 12,600,000 $ 11,800,000  
Unrecognized stock-based compensation expense   $ 42,300,000   $ 42,300,000    
Compensation cost (in years)       1 year 7 months 6 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%   30.00%    
Share cap for ESPP at purchase date (in shares) | shares   3,000   3,000    
Dollar cap per purchase period       $ 7,500    
Calendar year gap for ESPP contribution amount       $ 25,000    
Purchase price as percentage of fair market value of common stock       85.00%    
Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)       2 years    
Minimum | PRSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting rights, target (as a percent)       0.00%    
Minimum | Long-Term Performance Incentive RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years) 3 years          
Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)       4 years    
Maximum | PRSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting rights, target (as a percent)       150.00%    
Maximum | Long-Term Performance Incentive RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years) 5 years          
Maximum | Long-Term Performance Incentive RSUs | Forecast            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Target market capitalization           $ 21,000,000,000
v3.23.2
Equity Incentive Plans - Equity Incentive Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Feb. 05, 2023
Number of Shares          
Beginning balance (in shares)     9,268,498    
Options exercised (in shares)     (3,400,405)    
Options forfeited (in shares)     (1,778)    
Ending balance (in shares) 5,866,315   5,866,315   9,268,498
Vested and exercisable (in shares) 5,779,285   5,779,285    
Weighted- Average Exercise Price          
Beginning balance (in dollars per share)     $ 10.90    
Options exercised (in dollars per share)     8.79    
Options forfeited (in dollars per share)     1.90    
Ending balance (in dollars per share) $ 12.12   12.12   $ 10.90
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) $ 12.20   $ 12.20    
Weighted- Average Remaining Contractual Life (In Years)          
Weighted Average Remaining Contractual Life (in years)     2 years 4 months 24 days   2 years 8 months 12 days
Weighted Average Remaining Contractual Life (in years), Vested and exercisable     2 years 3 months 18 days    
Aggregate Intrinsic Value (in thousands)          
Aggregate Intrinsic Value $ 149,619   $ 149,619   $ 176,674
Aggregate Intrinsic Value, Vested and exercisable 146,519   146,519    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total stock-based compensation expense 89,447 $ 83,564 167,277 $ 158,135  
Unrecognized compensation cost, stock options 1,200   1,200    
Employee Stock Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total stock-based compensation expense $ 500 $ 1,300 $ 1,200 $ 2,800  
Compensation cost (in years)     8 months 12 days    
Class A common stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Closing price of stock (in dollars per share) $ 37.55   $ 37.55    
v3.23.2
Equity Incentive Plans - Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Feb. 05, 2023
Weighted- Average Grant Date Fair Value          
Stock-based compensation expense $ 89,447 $ 83,564 $ 167,277 $ 158,135  
Unvested RSUs and PRSUs          
Number of RSUs and PRSUs Outstanding          
Unvested, Beginning balance (in shares)     26,760,520    
Granted (in shares)     15,402,633    
Vested (in shares)     (7,175,365)    
Forfeited (in shares)     (2,217,883)    
Unvested, Ending balance (in shares) 32,769,905   32,769,905    
Weighted- Average Grant Date Fair Value          
Beginning balance (in dollars per share)     $ 24.78    
Granted (in dollars per share)     25.00    
Vested (in dollars per share)     22.90    
Forfeited (in dollars per share)     24.57    
Ending balance (in dollars per share) $ 25.30   $ 25.30    
Aggregate Intrinsic Value $ 1,230,529   $ 1,230,529   $ 800,407
Stock-based compensation expense 80,000 $ 77,300 151,000 $ 143,500  
Compensation not yet recognized $ 738,900   $ 738,900    
Compensation cost (in years)     2 years 10 months 24 days    
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)     1,600,000    
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)     600,000    
v3.23.2
Equity Incentive Plans - Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 89,447 $ 83,564 $ 167,277 $ 158,135
Cost of revenue—product        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 2,958 2,607 5,613 4,470
Cost of revenue—subscription services        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 6,851 5,808 12,498 11,164
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 44,085 41,575 82,317 78,092
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 19,493 17,954 36,674 36,299
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 16,060 $ 15,620 $ 30,175 $ 28,110
v3.23.2
Net Income (Loss) per Share Attributable to Common Stockholders - Net Loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Earnings Per Share [Abstract]        
Net income (loss) $ (7,115) $ 10,922 $ (74,516) $ (613)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares) 309,510 297,475 307,687 296,659
Add: Dilutive effect of common stock equivalents (in shares) 0 15,245 0 0
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) 309,510 312,720 307,687 296,659
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) $ (0.02) $ 0.04 $ (0.24) $ (0.00)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) $ (0.02) $ 0.03 $ (0.24) $ (0.00)
v3.23.2
Net Income (Loss) per Share Attributable to Common Stockholders - Shares Excluded (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 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) 45,205 66,172 50,189 64,894
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) 6,982 10,716 7,928 11,136
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) 34,350 32,570 31,072 30,860
Unvested LTP Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 2,683 0 1,342 0
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 0 0 12
Shares related to convertible senior notes        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) 0 21,884 8,657 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) 1,190 1,002 1,190 1,002
v3.23.2
Other Income (Expense), Net - Other Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Other Income and Expenses [Abstract]        
Interest income $ 10,496 $ 2,355 $ 23,485 $ 4,311
Interest expense (1,962) (1,001) (3,347) (2,483)
Foreign currency transactions losses (1,734) (2,627) (1,686) (9,026)
Other income (expense) (114) 1,858 (17) 1,602
Total other income (expense), net $ 6,686 $ 585 $ 18,435 $ (5,596)
v3.23.2
Segment Information - Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2023
Aug. 07, 2022
Aug. 06, 2023
Aug. 07, 2022
Revenues From External Customers And Long Lived Assets [Line Items]        
Total revenue $ 688,671 $ 646,772 $ 1,277,978 $ 1,267,177
United States        
Revenues From External Customers And Long Lived Assets [Line Items]        
Total revenue 494,650 462,135 921,814 926,670
Rest of the world        
Revenues From External Customers And Long Lived Assets [Line Items]        
Total revenue $ 194,021 $ 184,637 $ 356,164 $ 340,507
v3.23.2
Segment Information - Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Aug. 06, 2023
Feb. 05, 2023
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 325,783 $ 272,445
United States    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets 314,016 259,131
Rest of the world    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets $ 11,767 $ 13,314