SAMSARA INC., 10-Q filed on 12/10/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Nov. 02, 2024
Dec. 03, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 02, 2024  
Document Transition Report false  
Entity File Number 001-41140  
Entity Registrant Name SAMSARA INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-3100039  
Entity Address, Address Line One 1 De Haro Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 415  
Local Phone Number 985-2400  
Title of 12(b) Security Class A Common Stock, $0.0001 par value per share  
Trading Symbol IOT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001642896  
Amendment Flag false  
Current Fiscal Year End Date --02-01  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Common Class A    
Cover [Abstract]    
Entity Common Stock, Shares Outstanding   269,400,337
Common Class B    
Cover [Abstract]    
Entity Common Stock, Shares Outstanding   291,798,028
Common Class C    
Cover [Abstract]    
Entity Common Stock, Shares Outstanding   0
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Current assets:    
Cash and cash equivalents $ 160,348 $ 135,536
Short-term investments 511,564 412,126
Accounts receivable, net 178,723 161,829
Inventories 39,366 22,238
Connected device costs, current 115,093 104,008
Prepaid expenses and other current assets 34,321 51,221
Total current assets 1,039,415 886,958
Restricted cash 20,241 19,202
Long-term investments 241,131 276,166
Property and equipment, net 56,418 54,969
Operating lease right-of-use assets 69,215 81,974
Connected device costs, non-current 234,825 230,782
Deferred commissions 196,013 177,562
Other assets, non-current 6,610 7,232
Total assets 1,863,868 1,734,845
Current liabilities:    
Accounts payable 31,522 46,281
Accrued expenses and other current liabilities 63,028 61,437
Accrued compensation and benefits 36,013 37,068
Deferred revenue, current 505,557 426,369
Operating lease liabilities, current 18,000 20,661
Total current liabilities 654,120 591,816
Deferred revenue, non-current 134,165 139,117
Operating lease liabilities, non-current 67,954 78,830
Other liabilities, non-current 8,494 9,935
Total liabilities 864,733 819,698
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.0001 par value—400,000,000 shares authorized as of November 2, 2024 and February 3, 2024; zero shares issued and outstanding as of November 2, 2024 and February 3, 2024 0 0
Additional paid-in capital 2,597,904 2,368,597
Accumulated other comprehensive income 0 1,616
Accumulated deficit (1,598,803) (1,455,098)
Total stockholders’ equity 999,135 915,147
Total liabilities and stockholders’ equity 1,863,868 1,734,845
Common Class A    
Stockholders’ equity:    
Common stock 11 9
Common Class B    
Stockholders’ equity:    
Common stock 23 23
Common Class C    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Nov. 02, 2024
Feb. 03, 2024
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares) 400,000,000 400,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 4,000,000,000 4,000,000,000
Common stock, issued (in shares) 268,848,415 200,989,931
Common stock, outstanding (in shares) 268,848,415 200,989,931
Common Class B    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 292,349,200 344,983,598
Common stock, outstanding (in shares) 292,349,200 344,983,598
Common Class C    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 1,200,000,000 1,200,000,000
Common stock, issued (in shares) 0 0
Common stock, outstanding (in shares) 0 0
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Income Statement [Abstract]        
Revenue $ 321,981 $ 237,534 $ 902,909 $ 661,111
Cost of revenue 76,027 61,585 218,017 178,008
Gross profit 245,954 175,949 684,892 483,103
Operating expenses:        
Research and development 76,990 60,820 226,439 185,155
Sales and marketing 150,065 116,780 448,995 353,643
General and administrative 62,660 48,354 177,410 139,888
Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762
Total operating expenses 293,324 230,716 856,453 683,448
Loss from operations (47,370) (54,767) (171,561) (200,345)
Interest income and other income, net 10,057 9,378 29,767 28,493
Loss before provision for income taxes (37,313) (45,389) (141,794) (171,852)
Provision for income taxes 493 142 1,911 1,503
Net loss (37,806) (45,531) (143,705) (173,355)
Other comprehensive loss:        
Foreign currency translation adjustments, net of tax (361) (820) (1,771) 276
Unrealized gains (losses) on investments, net of tax (1,244) 382 155 (1,063)
Other comprehensive loss (1,605) (438) (1,616) (787)
Comprehensive loss $ (39,411) $ (45,969) $ (145,321) $ (174,142)
Basic and diluted net loss per share:        
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.07) $ (0.08) $ (0.26) $ (0.33)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.07) $ (0.08) $ (0.26) $ (0.33)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 559,006,539 537,464,892 553,858,923 531,873,324
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 559,006,539 537,464,892 553,858,923 531,873,324
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Balance at beginning of period (in shares) at Jan. 28, 2023   524,160,209      
Balance at beginning of period at Jan. 28, 2023 $ 938,019 $ 30 $ 2,107,013 $ (652) $ (1,168,372)
Stockholders' Equity (Deficit)          
Issuance of common stock for vesting of restricted stock units (“RSUs”) (in shares)   14,308,592      
Issuance of common stock for vesting of restricted stock units (“RSUs”) 2 $ 2      
Issuance of common stock in connection with equity compensation plans (in shares)   1,700,016      
Issuance of common stock in connection with equity compensation plans 13,391   13,391    
Vesting of early exercised stock options 25   25    
Stock-based compensation expense 173,636   173,636    
Other comprehensive loss (787)     (787)  
Net loss (173,355)       (173,355)
Balance at end of period (in shares) at Oct. 28, 2023   540,168,817      
Balance at end of period at Oct. 28, 2023 950,931 $ 32 2,294,065 (1,439) (1,341,727)
Balance at beginning of period (in shares) at Jul. 29, 2023   534,917,397      
Balance at beginning of period at Jul. 29, 2023 936,367 $ 31 2,233,533 (1,001) (1,296,196)
Stockholders' Equity (Deficit)          
Issuance of common stock for vesting of restricted stock units (“RSUs”) (in shares)   5,063,177      
Issuance of common stock for vesting of restricted stock units (“RSUs”) 1 $ 1      
Issuance of common stock in connection with equity compensation plans (in shares)   188,243      
Issuance of common stock in connection with equity compensation plans 265   265    
Stock-based compensation expense 60,267   60,267    
Other comprehensive loss (438)     (438)  
Net loss (45,531)       (45,531)
Balance at end of period (in shares) at Oct. 28, 2023   540,168,817      
Balance at end of period at Oct. 28, 2023 950,931 $ 32 2,294,065 (1,439) (1,341,727)
Balance at beginning of period (in shares) at Feb. 03, 2024   545,973,529      
Balance at beginning of period at Feb. 03, 2024 915,147 $ 32 2,368,597 1,616 (1,455,098)
Stockholders' Equity (Deficit)          
Issuance of common stock for vesting of restricted stock units (“RSUs”) (in shares)   14,077,918      
Issuance of common stock for vesting of restricted stock units (“RSUs”) 2 $ 2      
Issuance of common stock in connection with equity compensation plans (in shares)   1,146,308      
Issuance of common stock in connection with equity compensation plans 16,959   16,959    
Shares withheld related to net share settlement of RSUs (in shares)   (140)      
Shares withheld related to net share settlement of RSUs (7)   (7)    
Stock-based compensation expense 212,355   212,355    
Other comprehensive loss (1,616)     (1,616)  
Net loss (143,705)       (143,705)
Balance at end of period (in shares) at Nov. 02, 2024   561,197,615      
Balance at end of period at Nov. 02, 2024 999,135 $ 34 2,597,904 0 (1,598,803)
Balance at beginning of period (in shares) at Aug. 03, 2024   556,361,204      
Balance at beginning of period at Aug. 03, 2024 964,683 $ 33 2,524,042 1,605 (1,560,997)
Stockholders' Equity (Deficit)          
Issuance of common stock for vesting of restricted stock units (“RSUs”) (in shares)   4,617,756      
Issuance of common stock for vesting of restricted stock units (“RSUs”) 1 $ 1      
Issuance of common stock in connection with equity compensation plans (in shares)   218,795      
Issuance of common stock in connection with equity compensation plans 36   36    
Shares withheld related to net share settlement of RSUs (in shares)   (140)      
Shares withheld related to net share settlement of RSUs (7)   (7)    
Stock-based compensation expense 73,833   73,833    
Other comprehensive loss (1,605)     (1,605)  
Net loss (37,806)       (37,806)
Balance at end of period (in shares) at Nov. 02, 2024   561,197,615      
Balance at end of period at Nov. 02, 2024 $ 999,135 $ 34 $ 2,597,904 $ 0 $ (1,598,803)
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Operating activities    
Net loss $ (143,705) $ (173,355)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 15,845 10,839
Stock-based compensation expense 208,852 172,395
Net accretion of discounts on investments (12,173) (12,727)
Lease modification, impairment, and related charges 3,609 4,762
Other non-cash adjustments 3,992 2,046
Changes in operating assets and liabilities:    
Accounts receivable, net (23,192) 3,824
Inventories (20,181) 13,467
Prepaid expenses and other current assets 16,899 (17,448)
Connected device costs (15,127) (36,997)
Deferred commissions (18,451) (21,297)
Other assets, non-current 822 267
Accounts payable and other liabilities (13,791) (206)
Deferred revenue 74,236 77,155
Operating lease right-of-use assets and liabilities, net 165 7,338
Net cash provided by operating activities 77,800 30,063
Investing activities    
Purchases of property and equipment (14,830) (8,858)
Purchases of investments (526,086) (541,401)
Proceeds from sales of investments 1,247 6,174
Proceeds from maturities and redemptions of investments 472,766 508,093
Other investing activities (200) (50)
Net cash used in investing activities (67,103) (36,042)
Financing activities    
Payment of taxes related to net share settlement of equity awards (7) 0
Proceeds from issuance of common stock in connection with equity compensation plans 16,959 13,435
Payment of principal on finance leases (1,340) (1,416)
Net cash provided by financing activities 15,612 12,019
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (458) (24)
Net increase in cash, cash equivalents, and restricted cash 25,851 6,016
Cash, cash equivalents, and restricted cash, beginning of period 154,738 223,766
Cash, cash equivalents, and restricted cash, end of period 180,589 229,782
Supplemental disclosure of cash flow information    
Cash paid for income taxes, net of refunds 2,369 1,533
Supplemental disclosures of non-cash investing and financing activities    
Property and equipment accrued but not yet paid 376 109
Vesting of early exercised stock options $ 0 $ 25
v3.24.3
Description of Business
 9 Months Ended
Nov. 02, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Samsara Inc. (“Samsara”) and its subsidiaries (collectively, the “Company”) are the pioneers of the Connected Operations Cloud, which is a system of record that enables businesses that depend on physical operations to harness Internet of Things (“IoT”) data to develop actionable insights and improve their operations. Samsara was incorporated in Delaware in 2015 as Samsara Networks Inc. and changed its name to Samsara Inc. in February 2021. Samsara’s principal executive offices are located at 1 De Haro Street, San Francisco, California 94107.
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Nov. 02, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Fiscal Year—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024, which was filed with the SEC on March 26, 2024.
In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of November 2, 2024 and the results of operations for the three and nine months ended November 2, 2024 and October 28, 2023, and cash flows for the nine months ended November 2, 2024 and October 28, 2023. The condensed consolidated balance sheet as of February 3, 2024 was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended November 2, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. Fiscal year 2025 consists of 52 weeks, with the fourth quarter consisting of 13 weeks, and fiscal year 2024 consisted of 53 weeks, with the fourth quarter consisting of 14 weeks. Every sixth fiscal year is a 53-week year. Fiscal year 2030 is the Company’s next 53-week fiscal year, with the fourth quarter consisting of 14 weeks.
Principles of Consolidation—The condensed consolidated financial statements include the accounts of Samsara and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates—The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the fair value of stock-based awards, internal-use software development costs, sales return reserve, accrued liabilities and contingencies, depreciation and amortization periods, lease modification, impairment, and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made.
Significant Accounting Policies—There were no material changes to the Company’s significant accounting policies during the nine months ended November 2, 2024.
Recently Adopted Accounting Pronouncements—There were no new accounting pronouncements adopted during the nine months ended November 2, 2024.
Recent Accounting Pronouncements Not Yet Adopted—In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires disclosure of incremental segment information on an annual and interim basis. This guidance is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending February 1, 2025, and subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements, which is expected to result in expanded financial statement disclosures. The Company will adopt this guidance for the fiscal year ending February 1, 2025 on a retrospective basis and does not expect the adoption of this new guidance to have a material impact on its business, results, or operations.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard requires further transparency to income tax disclosures related to the rate reconciliation and income taxes paid information. This guidance is effective for the Company for its fiscal year beginning February 2, 2025 and should be applied on a prospective basis. Early adoption and retrospective application are permitted. The Company plans to adopt this guidance effective February 2, 2025 on a prospective basis and expects the adoption to result in additional disaggregation of certain tax information within the Company’s income tax footnote disclosure.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires disclosure of specified information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and amortization. This guidance is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending January 29, 2028, and subsequent interim periods. Early adoption is permitted and may be applied either prospectively or retrospectively. The Company is currently evaluating the timing of its adoption of this ASU and the impact on its consolidated financial statements.
The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact on the Company’s condensed consolidated financial statements.
v3.24.3
Cash, Cash Equivalents, Restricted Cash, and Investments
 9 Months Ended
Nov. 02, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Investments Cash, Cash Equivalents, Restricted Cash, and Investments
As of November 2, 2024 and February 3, 2024, cash and cash equivalents consist of cash deposited with banks and money market funds, and all highly liquid investments with an original or remaining maturity of 90 days or less when purchased. As of November 2, 2024 and February 3, 2024, short-term and long-term investments in marketable debt securities consist of U.S. government and agency securities, corporate notes and bonds, and commercial paper.
Restricted cash as of November 2, 2024 and February 3, 2024 consists of letters of credit secured as collateral on the Company’s office space leases.
Total cash, cash equivalents, and restricted cash consist of the following (in thousands):
As of
November 2, 2024February 3, 2024
Cash and cash equivalents$160,348 $135,536 
Restricted cash20,241 19,202 
Total cash, cash equivalents, and restricted cash$180,589 $154,738 
The following is a summary of the Company’s available-for-sale marketable debt securities recorded within short-term and long-term investments on the condensed consolidated balance sheets (in thousands):
As of
November 2, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Investments
Commercial paper
$83,680 $— $— $83,680 
Corporate notes and bonds
431,745 950 (492)432,203 
U.S. government and agency securities
236,750 385 (323)236,812 
Total investments$752,175 $1,335 $(815)$752,695 
As of
February 3, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Investments
Commercial paper
$67,107 $— $— $67,107 
Corporate notes and bonds
381,511 797 (280)382,028 
U.S. government and agency securities
239,310 241 (394)239,157 
Total investments$687,928 $1,038 $(674)$688,292 
The Company included $5.6 million and $4.9 million of accrued interest receivable, net of the allowance for credit losses, in “Prepaid expenses and other current assets” on the condensed consolidated balance sheets as of November 2, 2024 and February 3, 2024, respectively. The Company did not recognize an allowance for credit losses against accrued interest receivable as of November 2, 2024 and February 3, 2024 because such potential losses were not material.
For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell any of the securities and the Company considers it more likely than not that the Company will hold these securities until a recovery of the cost basis, which may not occur until maturity. The Company did not recognize an allowance for credit losses on these securities as of November 2, 2024 and February 3, 2024 because such potential losses were not material.
As of November 2, 2024, the estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands):
As of
November 2, 2024
Due within one year$511,564 
Due in one year to three years241,131 
Total$752,695 
There were no material realized gains or losses that were reclassified out of accumulated other comprehensive income (loss), either individually or in the aggregate, during the three and nine months ended November 2, 2024 and October 28, 2023. There were no material unrealized gains or losses for cash equivalents and available-for-sale marketable debt securities, either individually or in the aggregate, as of November 2, 2024 and February 3, 2024.
Concentrations of Credit Risk—The Company maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings.
v3.24.3
Fair Value Measurements
 9 Months Ended
Nov. 02, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.
The condensed consolidated financial statements as of November 2, 2024 and February 3, 2024 do not include any non-recurring fair value measurements relating to assets or liabilities.
The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of the periods presented (in thousands):
As of November 2, 2024
Level 1Level 2Level 3Total
Cash equivalents and restricted cash
Cash equivalents:
Money market funds$82,161 $— $— $82,161 
Commercial paper— 7,985 — 7,985 
Restricted cash—letters of credit17,316 — — 17,316 
Total cash equivalents and restricted cash$99,477 $7,985 $— $107,462 
Marketable debt securities
Commercial paper
$— $83,680 $— $83,680 
Corporate notes and bonds
— 432,203 — 432,203 
U.S. government and agency securities
— 236,812 — 236,812 
Total marketable debt securities$— $752,695 $— $752,695 
As of February 3, 2024
Level 1Level 2Level 3Total
Cash equivalents and restricted cash
Cash equivalents:
Money market funds$43,977 $— $— $43,977 
Commercial paper— 19,920 — 19,920 
U.S. government and agency securities— 11,972 — 11,972 
Corporate notes and bonds— 1,999 — 1,999 
Restricted cash—letters of credit17,711 — — 17,711 
Total cash equivalents and restricted cash$61,688 $33,891 $— $95,579 
Marketable debt securities
Commercial paper
$— $67,107 $— $67,107 
Corporate notes and bonds
— 382,028 — 382,028 
U.S. government and agency securities
— 239,157 — 239,157 
Total marketable debt securities$— $688,292 $— $688,292 
The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.
There were no transfers between Level 1 or Level 2, or transfers in or out of Level 3, of the fair value hierarchy during the nine months ended November 2, 2024 and October 28, 2023.
v3.24.3
Costs to Obtain and Fulfill a Contract
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Costs to Obtain and Fulfill a Contract Costs to Obtain and Fulfill a Contract
Deferred Commissions—Total deferred commissions as of November 2, 2024 and February 3, 2024 were $196.0 million and $177.6 million, respectively.
The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Capitalized commission costs$22,326 $20,075 $60,015 $59,564 
Amortization expense$14,757 $11,856 $41,564 $38,267 
Connected Devices—Total connected device costs, which the Company also refers to as IoT device costs, current and non-current, as of November 2, 2024 and February 3, 2024 were $349.9 million and $334.8 million, respectively.
The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Capitalized connected device costs$34,072 $34,276 $101,441 $105,506 
Amortization expense$29,831 $24,942 $86,313 $68,509 
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations
Revenue Recognition—Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement, and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period.
Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services.
Revenue consists of the following (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Subscription revenue$316,157 $232,857 $887,675 $647,520 
Other revenue5,824 4,677 15,234 13,591 
Total revenue$321,981 $237,534 $902,909 $661,111 
Accounts Receivable—An allowance for credit losses balance of $8.6 million and $7.8 million was recorded as of November 2, 2024 and February 3, 2024, respectively. During the three and nine months ended November 2, 2024, the Company recorded a charge of $3.1 million and $6.3 million, respectively, to operations and wrote off $2.1 million and $5.5 million, respectively, against the allowance. During the three and nine months ended October 28, 2023, the Company recorded a charge of $3.2 million and $3.8 million, respectively, to operations and wrote off $2.7 million and $4.7 million, respectively, against the allowance.
Deferred Revenue—The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Deferred revenue, beginning of period$622,722 $477,037 $565,486 $426,565 
Deferred revenue, end of period$639,722 $503,721 $639,722 $503,721 
Revenue recognized in the period from beginning deferred revenue balance$291,778 $213,383 $387,654 $271,518 
Remaining Performance Obligations (“RPO”)—RPO represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods.
As of November 2, 2024, the Company’s RPO was $2,429.1 million, of which the Company expects to recognize revenue of approximately $1,160.8 million over the next 12 months, with the remaining balance to be recognized thereafter.
Concentrations of Significant Customers and Credit Risk—No customer accounted for greater than 10% of the Company’s total revenue for the three and nine months ended November 2, 2024 and October 28, 2023.
There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of November 2, 2024 and February 3, 2024.
v3.24.3
Balance Sheet Components
 9 Months Ended
Nov. 02, 2024
Disclosure Text Block Supplement [Abstract]  
Balance Sheet Components Balance Sheet Components
Property and Equipment, Net—Property and equipment, net, comprises the following (in thousands):
As of
November 2, 2024February 3, 2024
Gross property and equipment:
Computers and equipment$5,254 $1,758 
Leasehold improvements48,470 50,524 
Furniture and fixtures21,387 22,273 
Internal-use software development costs (1)
46,313 32,137 
Total gross property and equipment121,424 106,692 
Accumulated depreciation and amortization(65,006)(51,723)
Property and equipment, net$56,418 $54,969 
__________
(1)The Company’s internal-use software development costs included $1.2 million and $3.5 million of stock-based compensation costs for the three and nine months ended November 2, 2024, respectively, and $0.8 million and $2.0 million of stock-based compensation costs for the three and nine months ended October 28, 2023, respectively.
Depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Depreciation and amortization expense$6,757 $3,646 $15,845 $10,839 
v3.24.3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations Costs to Obtain and Fulfill a Contract
Deferred Commissions—Total deferred commissions as of November 2, 2024 and February 3, 2024 were $196.0 million and $177.6 million, respectively.
The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Capitalized commission costs$22,326 $20,075 $60,015 $59,564 
Amortization expense$14,757 $11,856 $41,564 $38,267 
Connected Devices—Total connected device costs, which the Company also refers to as IoT device costs, current and non-current, as of November 2, 2024 and February 3, 2024 were $349.9 million and $334.8 million, respectively.
The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Capitalized connected device costs$34,072 $34,276 $101,441 $105,506 
Amortization expense$29,831 $24,942 $86,313 $68,509 
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations
Revenue Recognition—Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement, and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period.
Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services.
Revenue consists of the following (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Subscription revenue$316,157 $232,857 $887,675 $647,520 
Other revenue5,824 4,677 15,234 13,591 
Total revenue$321,981 $237,534 $902,909 $661,111 
Accounts Receivable—An allowance for credit losses balance of $8.6 million and $7.8 million was recorded as of November 2, 2024 and February 3, 2024, respectively. During the three and nine months ended November 2, 2024, the Company recorded a charge of $3.1 million and $6.3 million, respectively, to operations and wrote off $2.1 million and $5.5 million, respectively, against the allowance. During the three and nine months ended October 28, 2023, the Company recorded a charge of $3.2 million and $3.8 million, respectively, to operations and wrote off $2.7 million and $4.7 million, respectively, against the allowance.
Deferred Revenue—The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Deferred revenue, beginning of period$622,722 $477,037 $565,486 $426,565 
Deferred revenue, end of period$639,722 $503,721 $639,722 $503,721 
Revenue recognized in the period from beginning deferred revenue balance$291,778 $213,383 $387,654 $271,518 
Remaining Performance Obligations (“RPO”)—RPO represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods.
As of November 2, 2024, the Company’s RPO was $2,429.1 million, of which the Company expects to recognize revenue of approximately $1,160.8 million over the next 12 months, with the remaining balance to be recognized thereafter.
Concentrations of Significant Customers and Credit Risk—No customer accounted for greater than 10% of the Company’s total revenue for the three and nine months ended November 2, 2024 and October 28, 2023.
There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of November 2, 2024 and February 3, 2024.
v3.24.3
Leases
 9 Months Ended
Nov. 02, 2024
Leases [Abstract]  
Leases Leases
The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to approximately seven years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities.
The components of operating lease expense were as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$5,691 $5,788 $17,088 $18,078 
Short-term lease cost339 371 729 1,119 
Sublease income(345)(345)(1,036)(783)
Total lease cost$5,685 $5,814 $16,781 $18,414 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$7,065 $6,788 $20,997 $20,215 
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities$4,281 $— $4,281 $— 
As of
November 2, 2024February 3, 2024
Weighted-average remaining lease term—operating leases (in years)5.55.9
Weighted-average discount rate—operating leases4.93 %4.73 %
Future minimum lease payments included in the measurement of operating lease liabilities as of November 2, 2024 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2025$3,949 
202622,133 
202716,107 
202813,965 
202912,984 
2030 and thereafter30,573 
Total future minimum lease payments (1)
99,711 
Less: imputed interest(13,757)
Total operating lease liabilities$85,954 
__________
(1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees.
In September 2024, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $3.6 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended November 2, 2024.
In addition to its operating leases, the Company has entered into non-cancelable finance leases for equipment beginning in 2020. The balances for finance leases were recorded in “Other assets, non-current,” “Accrued expenses and other current liabilities,” and “Other liabilities, non-current” as the amounts were immaterial as of November 2, 2024 and February 3, 2024.
Leases Leases
The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to approximately seven years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities.
The components of operating lease expense were as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$5,691 $5,788 $17,088 $18,078 
Short-term lease cost339 371 729 1,119 
Sublease income(345)(345)(1,036)(783)
Total lease cost$5,685 $5,814 $16,781 $18,414 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$7,065 $6,788 $20,997 $20,215 
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities$4,281 $— $4,281 $— 
As of
November 2, 2024February 3, 2024
Weighted-average remaining lease term—operating leases (in years)5.55.9
Weighted-average discount rate—operating leases4.93 %4.73 %
Future minimum lease payments included in the measurement of operating lease liabilities as of November 2, 2024 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2025$3,949 
202622,133 
202716,107 
202813,965 
202912,984 
2030 and thereafter30,573 
Total future minimum lease payments (1)
99,711 
Less: imputed interest(13,757)
Total operating lease liabilities$85,954 
__________
(1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees.
In September 2024, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $3.6 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended November 2, 2024.
In addition to its operating leases, the Company has entered into non-cancelable finance leases for equipment beginning in 2020. The balances for finance leases were recorded in “Other assets, non-current,” “Accrued expenses and other current liabilities,” and “Other liabilities, non-current” as the amounts were immaterial as of November 2, 2024 and February 3, 2024.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Nov. 02, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Leases—See Note 8, “Leases,” for the maturities of operating lease liabilities as of November 2, 2024.
Purchase Commitments—The Company’s purchase commitments consist of contractual arrangements with software-as-a-service subscription providers and non-cancelable purchase orders based on current inventory needs fulfilled by the Company’s suppliers and contract manufacturers. There were no material contractual obligations that were entered into by the Company during the nine months ended November 2, 2024 that were outside of the ordinary course of business.
Letters of Credit—As of November 2, 2024 and February 3, 2024, the Company had $17.3 million and $17.7 million, respectively, in letters of credit outstanding primarily in favor of certain landlords for office space. These letters of credit renew annually and expire on various dates through 2031.
Litigation—From time to time, the Company has been and may become involved in various legal proceedings in the ordinary course of its business, including proceedings initiated by us, and has been and may be subject to third-party intellectual property infringement claims. Such proceedings, even if not meritorious, can require significant financial and operational resources, including the diversion of management’s attention from the Company’s business objectives.
The Company continually evaluates uncertainties associated with litigation and records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the condensed consolidated financial statements indicates that it is probable that a liability has been incurred at the date of the condensed consolidated financial statements and (ii) the loss or range of loss can be reasonably estimated. If the Company determines that a loss is possible and a range of the loss can be reasonably estimated, the Company will disclose the range of the possible loss. The Company evaluates developments in legal matters that could affect the amount of liability that has been previously accrued, if any, and the matters and related ranges of possible losses disclosed and makes adjustments and changes to the disclosures, as appropriate. Significant judgment is required to determine both likelihood of there being, and the estimated amount of, a loss related to such matters. Until the final resolution of such matters, there may be an exposure to loss, and such amounts could be material. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined there is no material exposure on an aggregate basis. The amounts recorded for losses deemed probable as of November 2, 2024 were also not material.
Indemnification—In the normal course of business, the Company has agreed and may continue to agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, claims that the Company’s products infringe the intellectual property rights of other parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim.
v3.24.3
Equity
 9 Months Ended
Nov. 02, 2024
Equity [Abstract]  
Equity Equity
As of November 2, 2024, there were 268,848,415, 292,349,200, and no shares of Class A, Class B, and Class C common stock issued and outstanding, respectively. As of February 3, 2024, there were 200,989,931, 344,983,598, and no shares of Class A, Class B, and Class C common stock issued and outstanding, respectively.
The Company had reserved shares of common stock for future issuance as of November 2, 2024 and February 3, 2024, as follows:
As of
November 2, 2024February 3, 2024
2015 Equity Incentive Plan:
Options outstanding5,635,770 6,165,885 
RSUs outstanding1,727,814 6,654,559 
2021 Equity Incentive Plan:
RSUs outstanding25,121,928 28,716,715 
Shares available for future grants90,063,448 68,321,018 
2021 Employee Stock Purchase Plan:
Shares available for future issuance21,719,508 16,875,966 
Total shares of common stock reserved for future issuance144,268,468 126,734,143 
Employee Compensation Plans
The Company currently has two equity incentive plans, the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2021 Equity Incentive Plan (the “2021 Plan”). The 2015 Plan was terminated in connection with the adoption of the 2021 Plan in December 2021 but continues to govern the terms of outstanding stock options and RSUs that were granted prior to the termination of the 2015 Plan. The Company no longer grants equity awards pursuant to the 2015 Plan.
2021 Equity Incentive Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Plan, which became effective in December 2021 in connection with the Company’s initial public offering (“IPO”). The total number of shares of the Company’s Class A common stock reserved for future grants as of November 2, 2024 includes 27,298,676 shares added on the first day of fiscal year 2025 pursuant to the annual automatic evergreen increase provision of the 2021 Plan.
Options—A summary of the stock options activity under the 2015 Plan during the nine months ended November 2, 2024 is presented below (the number of options represents shares of common stock exercisable in respect thereof):
Number of SharesWeighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(In Years)
Aggregate Intrinsic Value (1)
(In Thousands)
Balance as of February 3, 20246,165,885 $5.07 5.7$169,153 
Granted— $— 
Exercised(530,115)$1.62 
Forfeited, canceled, or expired— $— 
Balance as of November 2, 20245,635,770 $5.40 5.1$230,043 
Exercisable as of November 2, 20245,635,770 $5.40 5.1$230,043 
__________
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented.
The intrinsic value of stock options exercised was $21.0 million and $11.7 million during the nine months ended November 2, 2024 and October 28, 2023, respectively.
As of November 2, 2024, the Company had no remaining unrecognized stock-based compensation expense related to outstanding unvested stock options for employees that are expected to vest.
RSUs—RSUs granted prior to the IPO had both a service condition and a performance condition (defined under the 2015 Plan as the occurrence of a qualifying liquidity event, which was defined as the earlier of a successful IPO or acquisition). Stock-based compensation expense was only recognized for RSUs for which both the service condition and performance condition have been met. The service condition for these awards is generally satisfied over four years. The performance condition was satisfied upon the IPO. Prior to the IPO, the Company did not record expense on RSUs as a liquidity event upon which vesting is contingent was not probable of occurring. Following the closing of the IPO in December 2021, the Company began recording stock-based compensation expense for these RSUs using the accelerated attribution method, based on the grant-date fair value of the RSUs. RSUs granted after the IPO only have a service condition, and the related stock-based compensation expense is recognized on a straight-line basis over the requisite service period. The service condition for these awards is generally satisfied over four years for RSUs granted through fiscal year 2023 and either three or four years for RSUs granted after fiscal year 2023.
A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the nine months ended November 2, 2024 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of February 3, 202435,371,274 $15.17 
Granted10,217,066 $34.81 
Vested(14,077,918)$16.36 
Forfeited(4,660,680)$16.93 
Balance as of November 2, 202426,849,742 $21.72 
As of November 2, 2024, unrecognized stock-based compensation expense related to outstanding unvested RSUs for employees that are expected to vest was approximately $532.6 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.3 years.
2021 Employee Stock Purchase Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in December 2021 in connection with the IPO. The total number of shares of the Company’s Class A common stock reserved for future issuance as of November 2, 2024 includes 5,459,735 shares added on the first day of fiscal year 2025 pursuant to the annual automatic evergreen increase provision of the 2021 ESPP.
The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the lower of the fair market value of a share of the Company’s Class A common stock on the enrollment date or on the exercise date. The enrollment date means the first trading day of each offering period, and the exercise date means the last trading day of each purchase period. Offering periods are generally 12 months long, commencing on the first trading day on or after June 11 and December 11 of each year and terminating on the last trading day on or before June 10 and December 10 of each year. Purchase periods are generally six months long, commencing on the first trading day after one exercise date and ending with the next exercise date.
For the nine months ended November 2, 2024 and October 28, 2023, 616,193 and 1,152,816 shares of Class A common stock were purchased under the 2021 ESPP, resulting in net cash proceeds of $16.1 million and $13.0 million, respectively.
As of November 2, 2024, unrecognized stock-based compensation expense related to the 2021 ESPP was approximately $3.6 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 0.5 years.
Employee Stock Purchase Plan Valuation—The Company estimates the fair value of shares to be issued under the 2021 ESPP using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which greatly affect fair value. The weighted-average assumptions used to estimate the fair value of shares to be issued under the 2021 ESPP were as follows:
Nine Months Ended
November 2, 2024October 28, 2023
Expected volatility
53.2% – 57.4%
66.9% – 72.5%
Expected term (years)
0.5 – 1.0
0.5 – 1.0
Risk-free interest rate
5.2% – 5.4%
5.2% – 5.4%
Expected dividend yield—%—%
Expected volatility—The expected volatility for the nine months ended November 2, 2024 and October 28, 2023 was based on the historical volatility of the Company.
Expected term (years)—The expected term is approximately 0.5 years for the first purchase period and approximately 1.0 year for the second purchase period.
Risk-free interest rate—The risk-free interest rate assumption is based on observed U.S. Treasury yield curve interest rates in effect at the time of grant appropriate for the expected term of the stock-based award.
Expected dividend yield—Because the Company has never paid and has no current intention to pay cash dividends on its common stock, the expected dividend yield is zero.
Stock-Based Compensation Expense—Stock-based compensation expense, by grant type, was as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Stock options$612 $771 $2,169 $2,357 
RSUs68,895 55,165 197,393 160,255 
Employee stock purchase plan3,085 3,855 9,290 9,783 
Total stock-based compensation expense$72,592 $59,791 $208,852 $172,395 
Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cost of revenue$3,041 $2,936 $9,189 $8,698 
Research and development26,899 21,523 76,275 64,378 
Sales and marketing22,008 19,253 61,886 51,832 
General and administrative20,644 16,079 61,502 47,487 
Total stock-based compensation expense$72,592 $59,791 $208,852 $172,395 
v3.24.3
Income Taxes
 9 Months Ended
Nov. 02, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company had an effective tax rate of (1.3%) and (0.3%) for the three months ended November 2, 2024 and October 28, 2023, respectively, and (1.3%) and (0.9%) for the nine months ended November 2, 2024 and October 28, 2023, respectively. The Company’s provision for income taxes was $0.5 million and $0.1 million for the three months ended November 2, 2024 and October 28, 2023, respectively, and $1.9 million and $1.5 million for the nine months ended November 2, 2024 and October 28, 2023, respectively. The Company has incurred U.S. operating losses and has minimal profits in foreign jurisdictions.
The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income from recurring operations and adjusting for discrete tax items arising in that quarter.
As of November 2, 2024 and February 3, 2024, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was not more likely than not that the net deferred tax assets were fully realizable for U.S. federal and state tax purposes. Accordingly, the Company established a full valuation allowance against its deferred tax assets for U.S. federal and state tax purposes. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance for U.S. federal and state tax purposes.
The unrecognized tax benefits as of November 2, 2024, if recognized, would not affect the effective income tax rate due to the valuation allowance that currently offsets the deferred tax assets.
During the nine months ended November 2, 2024, there were no material changes to the total amount of unrecognized tax benefits and the Company does not expect any significant changes in the next 12 months.
The Company files income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The statute of limitations is generally open for all fiscal years after fiscal year 2021, during which the Company is subject to examination by U.S. federal, state, and foreign authorities, where applicable.
v3.24.3
Net Loss Per Share, Basic and Diluted
 9 Months Ended
Nov. 02, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share, Basic and Diluted Net Loss Per Share, Basic and Diluted
For purposes of calculating net loss per share, the Company continues to use the two-class method. As Class A, Class B, and Class C common stock have identical liquidation and dividend rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share attributable to common stockholders are the same for all classes of the Company’s common stock, on both an individual and combined basis, and therefore are presented together.
The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Numerator:
Net loss attributable to common stockholders$(37,806)$(45,531)$(143,705)$(173,355)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted559,006,539 537,464,892 553,858,923 531,873,324 
Net loss per share attributable to common stockholders, basic and diluted$(0.07)$(0.08)$(0.26)$(0.33)
The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been antidilutive:
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Outstanding stock options5,635,770 6,385,340 5,635,770 6,385,340 
RSUs26,849,742 40,879,380 26,849,742 40,879,380 
Employee stock purchase rights under the 2021 ESPP658,171 905,835 658,171 905,835 
Total antidilutive securities33,143,683 48,170,555 33,143,683 48,170,555 
v3.24.3
Segment Information
 9 Months Ended
Nov. 02, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company derives its subscription revenue from customers that leverage the Company’s Connected Operations Cloud, which consists of a data platform and set of applications to consolidate data from their physical operations into a single, integrated solution. Amounts derived from subscription and other revenue are summarized in Note 7, “Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations.”
Revenue by Geographic Area
The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s customers (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
United States$278,979 $207,949 $782,429 $581,164 
Other (1)
43,002 29,585 120,480 79,947 
Total revenue$321,981 $237,534 $902,909 $661,111 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total revenue for any period presented.
Long-Lived Assets, Net, by Geographic Area
The following table presents the Company’s long-lived assets, net, disaggregated by geography, which consist of property and equipment, net, and operating lease ROU assets (in thousands):
As of
November 2, 2024February 3, 2024
United States$120,706 $129,988 
Other (1)
4,927 6,955 
Total long-lived assets, net$125,633 $136,943 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Pay vs Performance Disclosure        
Net loss $ (37,806) $ (45,531) $ (143,705) $ (173,355)
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Nov. 02, 2024
shares
Nov. 02, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Jonathan Chadwick [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Jonathan Chadwick, one of our Directors, entered into a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of up to 90,000 shares of our Class A common stock. The plan was adopted on September 25, 2024 and will terminate on December 19, 2025, subject to early termination for certain specified events set forth in the plan, and trading under the plan may not begin until after all trades under Mr. Chadwick’s prior plan are completed or expire without execution.
Name Jonathan Chadwick  
Title Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 25, 2024  
Expiration Date December 19, 2025  
Arrangement Duration 450 days  
Aggregate Available 90,000 90,000
Adam Eltoukhy [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Adam Eltoukhy, our Executive Vice President, Chief Legal Officer and Corporate Secretary, entered into a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of up to 385,835 shares of our Class A common stock (less any shares that may be withheld by us or separately sold by a broker to generate funds to cover the withholding taxes associated with the vesting of his Samsara equity awards). In addition, up to 100% of the net shares of Class A common stock received by Mr. Eltoukhy after taxes in connection with the vesting of any newly granted Samsara equity awards may be sold under the plan. The plan was adopted on September 20, 2024 and will terminate on December 20, 2025, subject to early termination for certain specified events set forth in the plan, and trading under the plan may not begin until after all trades under Mr. Eltoukhy’s prior plan are completed or expire without execution.
Name Adam Eltoukhy  
Title Executive Vice President, Chief Legal Officer and Corporate Secretary  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 20, 2024  
Expiration Date December 20, 2025  
Arrangement Duration 456 days  
Aggregate Available 385,835 385,835
James Andrew Munk [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
James Andrew Munk, our Chief Accounting Officer, entered into a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of up to 22,539 shares of our Class A common stock (less any shares that may be withheld by us or separately sold by a broker to generate funds to cover the withholding taxes associated with the vesting of his Samsara equity awards). The plan was adopted on September 25, 2024 and will terminate on December 26, 2025, subject to early termination for certain specified events set forth in the plan, and trading under the plan may not begin until after all trades under Mr. Munk’s prior plan are completed or expire without execution.
Name James Andrew Munk  
Title Chief Accounting Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 25, 2024  
Expiration Date December 26, 2025  
Arrangement Duration 457 days  
Aggregate Available 22,539 22,539
Sanjit Biswas [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Sanjit Biswas, our Chief Executive Officer and Director, entered into trading plans on behalf of affiliated family trusts that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plans provide for the sale of an aggregate of up to 5,000,000 shares of our Class A common stock. The plans were adopted on September 30, 2024 and will terminate on December 31, 2025, subject to early termination for certain specified events set forth in the plans, and trading under the plan may not begin until after all trades under Mr. Biswas’ prior plan are completed or expire without execution.
Name Sanjit Biswas  
Title Chief Executive Officer and Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 30, 2024  
Expiration Date December 31, 2025  
Arrangement Duration 457 days  
Aggregate Available 5,000,000 5,000,000
John Bicket [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
John Bicket, our Executive Vice President, Chief Technology Officer and Director, entered into trading plans on behalf of affiliated family trusts that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plans provide for the sale of an aggregate of up to 5,000,000 shares of our Class A common stock. The plans were adopted on September 30, 2024 and will terminate on December 31, 2025, subject to early termination for certain specified events set forth in the plans, and trading under the plan may not begin until after all trades under Mr. Bicket’s prior plan are completed or expire without execution.
Name John Bicket  
Title Executive Vice President, Chief Technology Officer and Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 30, 2024  
Expiration Date December 31, 2025  
Arrangement Duration 457 days  
Aggregate Available 5,000,000 5,000,000
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Nov. 02, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Fiscal Year
Basis of Presentation and Fiscal Year—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024, which was filed with the SEC on March 26, 2024.
In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of November 2, 2024 and the results of operations for the three and nine months ended November 2, 2024 and October 28, 2023, and cash flows for the nine months ended November 2, 2024 and October 28, 2023. The condensed consolidated balance sheet as of February 3, 2024 was derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended November 2, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. Fiscal year 2025 consists of 52 weeks, with the fourth quarter consisting of 13 weeks, and fiscal year 2024 consisted of 53 weeks, with the fourth quarter consisting of 14 weeks. Every sixth fiscal year is a 53-week year. Fiscal year 2030 is the Company’s next 53-week fiscal year, with the fourth quarter consisting of 14 weeks.
Principles of Consolidation
Principles of Consolidation—The condensed consolidated financial statements include the accounts of Samsara and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates—The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the fair value of stock-based awards, internal-use software development costs, sales return reserve, accrued liabilities and contingencies, depreciation and amortization periods, lease modification, impairment, and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements—There were no new accounting pronouncements adopted during the nine months ended November 2, 2024.
Recent Accounting Pronouncements Not Yet Adopted—In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires disclosure of incremental segment information on an annual and interim basis. This guidance is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending February 1, 2025, and subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements, which is expected to result in expanded financial statement disclosures. The Company will adopt this guidance for the fiscal year ending February 1, 2025 on a retrospective basis and does not expect the adoption of this new guidance to have a material impact on its business, results, or operations.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard requires further transparency to income tax disclosures related to the rate reconciliation and income taxes paid information. This guidance is effective for the Company for its fiscal year beginning February 2, 2025 and should be applied on a prospective basis. Early adoption and retrospective application are permitted. The Company plans to adopt this guidance effective February 2, 2025 on a prospective basis and expects the adoption to result in additional disaggregation of certain tax information within the Company’s income tax footnote disclosure.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires disclosure of specified information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and amortization. This guidance is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending January 29, 2028, and subsequent interim periods. Early adoption is permitted and may be applied either prospectively or retrospectively. The Company is currently evaluating the timing of its adoption of this ASU and the impact on its consolidated financial statements.
The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact on the Company’s condensed consolidated financial statements.
Concentrations of Credit Risk
Concentrations of Credit Risk—The Company maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings.
Fair Value Measurements
The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.
Revenue Recognition
Revenue Recognition—Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement, and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period.
Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services.
Net Loss Per Share
For purposes of calculating net loss per share, the Company continues to use the two-class method. As Class A, Class B, and Class C common stock have identical liquidation and dividend rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share attributable to common stockholders are the same for all classes of the Company’s common stock, on both an individual and combined basis, and therefore are presented together.
v3.24.3
Cash, Cash Equivalents, Restricted Cash, and Investments (Tables)
 9 Months Ended
Nov. 02, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents Total cash, cash equivalents, and restricted cash consist of the following (in thousands):
As of
November 2, 2024February 3, 2024
Cash and cash equivalents$160,348 $135,536 
Restricted cash20,241 19,202 
Total cash, cash equivalents, and restricted cash$180,589 $154,738 
Schedule of Restricted Cash Total cash, cash equivalents, and restricted cash consist of the following (in thousands):
As of
November 2, 2024February 3, 2024
Cash and cash equivalents$160,348 $135,536 
Restricted cash20,241 19,202 
Total cash, cash equivalents, and restricted cash$180,589 $154,738 
Schedule of Debt Securities, Available-for-sale
The following is a summary of the Company’s available-for-sale marketable debt securities recorded within short-term and long-term investments on the condensed consolidated balance sheets (in thousands):
As of
November 2, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Investments
Commercial paper
$83,680 $— $— $83,680 
Corporate notes and bonds
431,745 950 (492)432,203 
U.S. government and agency securities
236,750 385 (323)236,812 
Total investments$752,175 $1,335 $(815)$752,695 
As of
February 3, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Investments
Commercial paper
$67,107 $— $— $67,107 
Corporate notes and bonds
381,511 797 (280)382,028 
U.S. government and agency securities
239,310 241 (394)239,157 
Total investments$687,928 $1,038 $(674)$688,292 
Schedule of Fair Values of Available-for-sale Marketable Debt Securities
As of November 2, 2024, the estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands):
As of
November 2, 2024
Due within one year$511,564 
Due in one year to three years241,131 
Total$752,695 
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Nov. 02, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of the periods presented (in thousands):
As of November 2, 2024
Level 1Level 2Level 3Total
Cash equivalents and restricted cash
Cash equivalents:
Money market funds$82,161 $— $— $82,161 
Commercial paper— 7,985 — 7,985 
Restricted cash—letters of credit17,316 — — 17,316 
Total cash equivalents and restricted cash$99,477 $7,985 $— $107,462 
Marketable debt securities
Commercial paper
$— $83,680 $— $83,680 
Corporate notes and bonds
— 432,203 — 432,203 
U.S. government and agency securities
— 236,812 — 236,812 
Total marketable debt securities$— $752,695 $— $752,695 
As of February 3, 2024
Level 1Level 2Level 3Total
Cash equivalents and restricted cash
Cash equivalents:
Money market funds$43,977 $— $— $43,977 
Commercial paper— 19,920 — 19,920 
U.S. government and agency securities— 11,972 — 11,972 
Corporate notes and bonds— 1,999 — 1,999 
Restricted cash—letters of credit17,711 — — 17,711 
Total cash equivalents and restricted cash$61,688 $33,891 $— $95,579 
Marketable debt securities
Commercial paper
$— $67,107 $— $67,107 
Corporate notes and bonds
— 382,028 — 382,028 
U.S. government and agency securities
— 239,157 — 239,157 
Total marketable debt securities$— $688,292 $— $688,292 
v3.24.3
Costs to Obtain and Fulfill a Contract (Tables)
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Capitalized Contract Costs
The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Capitalized commission costs$22,326 $20,075 $60,015 $59,564 
Amortization expense$14,757 $11,856 $41,564 $38,267 
The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Capitalized connected device costs$34,072 $34,276 $101,441 $105,506 
Amortization expense$29,831 $24,942 $86,313 $68,509 
v3.24.3
Balance Sheet Components (Tables)
 9 Months Ended
Nov. 02, 2024
Disclosure Text Block Supplement [Abstract]  
Schedule of Property and Equipment, Net Property and equipment, net, comprises the following (in thousands):
As of
November 2, 2024February 3, 2024
Gross property and equipment:
Computers and equipment$5,254 $1,758 
Leasehold improvements48,470 50,524 
Furniture and fixtures21,387 22,273 
Internal-use software development costs (1)
46,313 32,137 
Total gross property and equipment121,424 106,692 
Accumulated depreciation and amortization(65,006)(51,723)
Property and equipment, net$56,418 $54,969 
__________
(1)The Company’s internal-use software development costs included $1.2 million and $3.5 million of stock-based compensation costs for the three and nine months ended November 2, 2024, respectively, and $0.8 million and $2.0 million of stock-based compensation costs for the three and nine months ended October 28, 2023, respectively.
Depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Depreciation and amortization expense$6,757 $3,646 $15,845 $10,839 
v3.24.3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations (Tables)
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue
Revenue consists of the following (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Subscription revenue$316,157 $232,857 $887,675 $647,520 
Other revenue5,824 4,677 15,234 13,591 
Total revenue$321,981 $237,534 $902,909 $661,111 
Schedule of Deferred Revenue
Deferred Revenue—The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Deferred revenue, beginning of period$622,722 $477,037 $565,486 $426,565 
Deferred revenue, end of period$639,722 $503,721 $639,722 $503,721 
Revenue recognized in the period from beginning deferred revenue balance$291,778 $213,383 $387,654 $271,518 
v3.24.3
Leases (Tables)
 9 Months Ended
Nov. 02, 2024
Leases [Abstract]  
Schedule of Lease Costs
The components of operating lease expense were as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$5,691 $5,788 $17,088 $18,078 
Short-term lease cost339 371 729 1,119 
Sublease income(345)(345)(1,036)(783)
Total lease cost$5,685 $5,814 $16,781 $18,414 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$7,065 $6,788 $20,997 $20,215 
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities$4,281 $— $4,281 $— 
As of
November 2, 2024February 3, 2024
Weighted-average remaining lease term—operating leases (in years)5.55.9
Weighted-average discount rate—operating leases4.93 %4.73 %
Schedule of Future Minimum Lease Payments
Future minimum lease payments included in the measurement of operating lease liabilities as of November 2, 2024 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2025$3,949 
202622,133 
202716,107 
202813,965 
202912,984 
2030 and thereafter30,573 
Total future minimum lease payments (1)
99,711 
Less: imputed interest(13,757)
Total operating lease liabilities$85,954 
__________
(1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees.
v3.24.3
Equity (Tables)
 9 Months Ended
Nov. 02, 2024
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock for Future Issuance
The Company had reserved shares of common stock for future issuance as of November 2, 2024 and February 3, 2024, as follows:
As of
November 2, 2024February 3, 2024
2015 Equity Incentive Plan:
Options outstanding5,635,770 6,165,885 
RSUs outstanding1,727,814 6,654,559 
2021 Equity Incentive Plan:
RSUs outstanding25,121,928 28,716,715 
Shares available for future grants90,063,448 68,321,018 
2021 Employee Stock Purchase Plan:
Shares available for future issuance21,719,508 16,875,966 
Total shares of common stock reserved for future issuance144,268,468 126,734,143 
Schedule of Stock Options Activity
Options—A summary of the stock options activity under the 2015 Plan during the nine months ended November 2, 2024 is presented below (the number of options represents shares of common stock exercisable in respect thereof):
Number of SharesWeighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(In Years)
Aggregate Intrinsic Value (1)
(In Thousands)
Balance as of February 3, 20246,165,885 $5.07 5.7$169,153 
Granted— $— 
Exercised(530,115)$1.62 
Forfeited, canceled, or expired— $— 
Balance as of November 2, 20245,635,770 $5.40 5.1$230,043 
Exercisable as of November 2, 20245,635,770 $5.40 5.1$230,043 
__________
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented.
Schedule of RSU Activity
A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the nine months ended November 2, 2024 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of February 3, 202435,371,274 $15.17 
Granted10,217,066 $34.81 
Vested(14,077,918)$16.36 
Forfeited(4,660,680)$16.93 
Balance as of November 2, 202426,849,742 $21.72 
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of ESPP Shares The weighted-average assumptions used to estimate the fair value of shares to be issued under the 2021 ESPP were as follows:
Nine Months Ended
November 2, 2024October 28, 2023
Expected volatility
53.2% – 57.4%
66.9% – 72.5%
Expected term (years)
0.5 – 1.0
0.5 – 1.0
Risk-free interest rate
5.2% – 5.4%
5.2% – 5.4%
Expected dividend yield—%—%
Schedule of Stock-Based Compensation Expense
Stock-Based Compensation Expense—Stock-based compensation expense, by grant type, was as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Stock options$612 $771 $2,169 $2,357 
RSUs68,895 55,165 197,393 160,255 
Employee stock purchase plan3,085 3,855 9,290 9,783 
Total stock-based compensation expense$72,592 $59,791 $208,852 $172,395 
Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Cost of revenue$3,041 $2,936 $9,189 $8,698 
Research and development26,899 21,523 76,275 64,378 
Sales and marketing22,008 19,253 61,886 51,832 
General and administrative20,644 16,079 61,502 47,487 
Total stock-based compensation expense$72,592 $59,791 $208,852 $172,395 
v3.24.3
Net Loss Per Share, Basic and Diluted (Tables)
 9 Months Ended
Nov. 02, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Numerator:
Net loss attributable to common stockholders$(37,806)$(45,531)$(143,705)$(173,355)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted559,006,539 537,464,892 553,858,923 531,873,324 
Net loss per share attributable to common stockholders, basic and diluted$(0.07)$(0.08)$(0.26)$(0.33)
Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share
The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been antidilutive:
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Outstanding stock options5,635,770 6,385,340 5,635,770 6,385,340 
RSUs26,849,742 40,879,380 26,849,742 40,879,380 
Employee stock purchase rights under the 2021 ESPP658,171 905,835 658,171 905,835 
Total antidilutive securities33,143,683 48,170,555 33,143,683 48,170,555 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Nov. 02, 2024
Segment Reporting [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s customers (in thousands):
Three Months EndedNine Months Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
United States$278,979 $207,949 $782,429 $581,164 
Other (1)
43,002 29,585 120,480 79,947 
Total revenue$321,981 $237,534 $902,909 $661,111 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total revenue for any period presented.
Schedule of Long-lived Assets by Geographic Areas
The following table presents the Company’s long-lived assets, net, disaggregated by geography, which consist of property and equipment, net, and operating lease ROU assets (in thousands):
As of
November 2, 2024February 3, 2024
United States$120,706 $129,988 
Other (1)
4,927 6,955 
Total long-lived assets, net$125,633 $136,943 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.
v3.24.3
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Oct. 28, 2023
Jan. 28, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents $ 160,348 $ 135,536    
Restricted cash 20,241 19,202    
Total cash, cash equivalents, and restricted cash $ 180,589 $ 154,738 $ 229,782 $ 223,766
v3.24.3
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Available-for-sale Marketable Debt Securities Recorded Within Short-term and Long-term Investments (Details) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Investments    
Amortized Cost $ 752,175 $ 687,928
Gross Unrealized Gains 1,335 1,038
Gross Unrealized Losses (815) (674)
Estimated Fair Value 752,695 688,292
Commercial paper    
Investments    
Amortized Cost 83,680 67,107
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 83,680 67,107
Corporate notes and bonds    
Investments    
Amortized Cost 431,745 381,511
Gross Unrealized Gains 950 797
Gross Unrealized Losses (492) (280)
Estimated Fair Value 432,203 382,028
U.S. government and agency securities    
Investments    
Amortized Cost 236,750 239,310
Gross Unrealized Gains 385 241
Gross Unrealized Losses (323) (394)
Estimated Fair Value $ 236,812 $ 239,157
v3.24.3
Cash, Cash Equivalents, Restricted Cash, and Investments - Narrative (Details) - USD ($)
$ in Millions
Nov. 02, 2024
Feb. 03, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]    
Interest receivable $ 5.6 $ 4.9
Debt securities, available-for-sale, accrued interest, after allowance for credit loss, statement of financial position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
v3.24.3
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Fair Values of Available-for-sale Marketable Debt Securities (Details) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]    
Due within one year $ 511,564  
Due in one year to three years 241,131  
Estimated Fair Value $ 752,695 $ 688,292
v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities $ 752,695 $ 688,292
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 83,680 67,107
Corporate notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 432,203 382,028
U.S. government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 236,812 239,157
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash—letters of credit 17,316 17,711
Total cash equivalents and restricted cash 107,462 95,579
Total marketable debt securities 752,695 688,292
Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 83,680 67,107
Fair Value, Recurring | Corporate notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 432,203 382,028
Fair Value, Recurring | U.S. government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 236,812 239,157
Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash—letters of credit 17,316 17,711
Total cash equivalents and restricted cash 99,477 61,688
Total marketable debt securities 0 0
Level 1 | Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 0 0
Level 1 | Fair Value, Recurring | Corporate notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 0 0
Level 1 | Fair Value, Recurring | U.S. government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 0 0
Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash—letters of credit 0 0
Total cash equivalents and restricted cash 7,985 33,891
Total marketable debt securities 752,695 688,292
Level 2 | Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 83,680 67,107
Level 2 | Fair Value, Recurring | Corporate notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 432,203 382,028
Level 2 | Fair Value, Recurring | U.S. government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 236,812 239,157
Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash—letters of credit 0 0
Total cash equivalents and restricted cash 0 0
Total marketable debt securities 0 0
Level 3 | Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 0 0
Level 3 | Fair Value, Recurring | Corporate notes and bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 0 0
Level 3 | Fair Value, Recurring | U.S. government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total marketable debt securities 0 0
Money market funds | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 82,161 43,977
Money market funds | Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 82,161 43,977
Money market funds | Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Money market funds | Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Commercial paper | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 7,985 19,920
Commercial paper | Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 0 0
Commercial paper | Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: 7,985 19,920
Commercial paper | Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents: $ 0 0
U.S. government and agency securities | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   11,972
U.S. government and agency securities | Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   0
U.S. government and agency securities | Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   11,972
U.S. government and agency securities | Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   0
Corporate notes and bonds | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   1,999
Corporate notes and bonds | Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   0
Corporate notes and bonds | Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   1,999
Corporate notes and bonds | Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents:   $ 0
v3.24.3
Costs to Obtain and Fulfill a Contract - Narrative (Details) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Capitalized Contract Cost [Line Items]    
Deferred commissions $ 196,013 $ 177,562
Connected Device Costs    
Capitalized Contract Cost [Line Items]    
Capitalized contract cost $ 349,900 $ 334,800
v3.24.3
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized and Amortized Commission Costs (Details) - Commission Costs - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Capitalized Contract Cost [Line Items]        
Capitalized commission costs $ 22,326 $ 20,075 $ 60,015 $ 59,564
Amortization expense $ 14,757 $ 11,856 $ 41,564 $ 38,267
v3.24.3
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized and Amortized Connected Device Costs (Details) - Connected Device Costs - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Capitalized Contract Cost [Line Items]        
Capitalized connected device costs $ 34,072 $ 34,276 $ 101,441 $ 105,506
Amortization expense $ 29,831 $ 24,942 $ 86,313 $ 68,509
v3.24.3
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Feb. 03, 2024
Property, Plant and Equipment [Line Items]          
Total gross property and equipment $ 121,424   $ 121,424   $ 106,692
Accumulated depreciation and amortization (65,006)   (65,006)   (51,723)
Property and equipment, net 56,418   56,418   54,969
Computers and equipment          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 5,254   5,254   1,758
Leasehold improvements          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 48,470   48,470   50,524
Furniture and fixtures          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 21,387   21,387   22,273
Internal-use software development costs          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 46,313   46,313   $ 32,137
Share-based payment arrangement, amount capitalized $ 1,200 $ 800 $ 3,500 $ 2,000  
v3.24.3
Balance Sheet Components - Depreciation and Amortization of Property and Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Disclosure Text Block Supplement [Abstract]        
Depreciation and amortization expense $ 6,757 $ 3,646 $ 15,845 $ 10,839
v3.24.3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Schedule of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Disaggregation of Revenue [Line Items]        
Total revenue $ 321,981 $ 237,534 $ 902,909 $ 661,111
Subscription revenue        
Disaggregation of Revenue [Line Items]        
Total revenue 316,157 232,857 887,675 647,520
Other revenue        
Disaggregation of Revenue [Line Items]        
Total revenue $ 5,824 $ 4,677 $ 15,234 $ 13,591
v3.24.3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Feb. 03, 2024
Disaggregation of Revenue [Line Items]          
Allowance for credit losses $ 8.6   $ 8.6   $ 7.8
Credit loss expense 3.1 $ 3.2 6.3 $ 3.8  
Allowance for doubtful accounts, writeoff 2.1 $ 2.7 5.5 $ 4.7  
Remaining performance obligation, amount 2,429.1   2,429.1    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-03          
Disaggregation of Revenue [Line Items]          
Remaining performance obligation, amount $ 1,160.8   $ 1,160.8    
Remaining performance obligation, period (in months) 12 months   12 months    
v3.24.3
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations - Schedule of Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Contract with Customer, Liability [Roll Forward]        
Deferred revenue, beginning of period $ 622,722 $ 477,037 $ 565,486 $ 426,565
Deferred revenue, end of period 639,722 503,721 639,722 503,721
Revenue recognized in the period from beginning deferred revenue balance $ 291,778 $ 213,383 $ 387,654 $ 271,518
v3.24.3
Leases - Narrative (Details) - USD ($)
 9 Months Ended
Nov. 02, 2024
Feb. 03, 2024
Lessee, Lease, Description [Line Items]    
Lease modification, impairment, and related charges $ 3,600,000  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, non-current Other assets, non-current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities, non-current Other liabilities, non-current
Finance lease, liability $ 0 $ 0
Finance lease, right-of-use asset $ 0 $ 0
Minimum    
Lessee, Lease, Description [Line Items]    
Operating lease, remaining lease term (in years) 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Operating lease, remaining lease term (in years) 7 years  
v3.24.3
Leases - Operating Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Leases [Abstract]        
Operating lease cost $ 5,691 $ 5,788 $ 17,088 $ 18,078
Short-term lease cost 339 371 729 1,119
Sublease income (345) (345) (1,036) (783)
Total lease cost $ 5,685 $ 5,814 $ 16,781 $ 18,414
v3.24.3
Leases - Schedule of Supplemental Information Related to Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Leases [Abstract]        
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 7,065 $ 6,788 $ 20,997 $ 20,215
Operating lease right-of-use (“ROU”) assets obtained in exchange for new operating lease liabilities $ 4,281 $ 0 $ 4,281 $ 0
v3.24.3
Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)
Nov. 02, 2024
Feb. 03, 2024
Leases [Abstract]    
Weighted-average remaining lease term—operating leases (in years) 5 years 6 months 5 years 10 months 24 days
Weighted-average discount rate—operating leases 4.93% 4.73%
v3.24.3
Leases - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Nov. 02, 2024
USD ($)
Leases [Abstract]  
Remainder of 2025 $ 3,949
2026 22,133
2027 16,107
2028 13,965
2029 12,984
2030 and thereafter 30,573
Total future minimum lease payments 99,711
Less: imputed interest (13,757)
Total operating lease liabilities $ 85,954
v3.24.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Nov. 02, 2024
Feb. 03, 2024
Commitments and Contingencies Disclosure [Abstract]    
Letters of credit outstanding, amount $ 17.3 $ 17.7
v3.24.3
Equity - Narrative (Details)
$ in Millions
 9 Months Ended
Nov. 02, 2024
USD ($)
plan
shares
Oct. 28, 2023
USD ($)
shares
Feb. 03, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of equity incentive plans | plan 2    
Intrinsic value of shares exercised | $ $ 21.0 $ 11.7  
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cost not yet recognized, amount | $ 0.0    
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cost not yet recognized, amount | $ $ 532.6    
Cost not yet recognized, period for recognition 1 year 3 months 18 days    
Award vesting period 4 years    
RSUs | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
RSUs | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 4 years    
Employee stock purchase plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance, annual evergreen increase (in shares) 5,459,735    
Cost not yet recognized, amount | $ $ 3.6    
Cost not yet recognized, period for recognition 6 months    
Purchase price of common stock 85.00%    
Offering period 12 months    
Purchase period 6 months    
Common stock purchases (in shares) 616,193 1,152,816  
Common stock purchases | $ $ 16.1 $ 13.0  
Employee stock purchase plan | 2021 Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend yield 0.00% 0.00%  
Employee stock purchase plan | First Purchase Period      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 months    
Employee stock purchase plan | Second Purchase Period      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 1 year    
Employee stock purchase plan | Minimum | 2021 Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 months 6 months  
Employee stock purchase plan | Maximum | 2021 Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 1 year 1 year  
Common Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock, outstanding (in shares) 268,848,415   200,989,931
Common stock, issued (in shares) 268,848,415   200,989,931
Common Class A | Shares available for future grants      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance, annual evergreen increase (in shares) 27,298,676    
Common Class B      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock, outstanding (in shares) 292,349,200   344,983,598
Common stock, issued (in shares) 292,349,200   344,983,598
Common Class C      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock, outstanding (in shares) 0   0
Common stock, issued (in shares) 0   0
v3.24.3
Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares
Nov. 02, 2024
Feb. 03, 2024
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 144,268,468 126,734,143
Options outstanding | 2015 Equity Incentive Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 5,635,770 6,165,885
RSUs outstanding | 2015 Equity Incentive Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 1,727,814 6,654,559
RSUs outstanding | 2021 Equity Incentive Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 25,121,928 28,716,715
Shares available for future grants | 2021 Equity Incentive Plan | Common Class A    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 90,063,448 68,321,018
Shares available for future issuance | 2021 Employee Stock Purchase Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 21,719,508 16,875,966
v3.24.3
Equity - Schedule of Stock Options Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Nov. 02, 2024
Feb. 03, 2024
Number of Shares    
Balance at beginning of period (in shares) 6,165,885  
Granted (in shares) 0  
Exercised (in shares) (530,115)  
Forfeited, canceled, or expired (in shares) 0  
Balance at end of period (in shares) 5,635,770 6,165,885
Exercisable at end of period (in shares) 5,635,770  
Weighted-Average Exercise Price    
Balance at beginning of period (in dollars per share) $ 5.07  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 1.62  
Forfeited, canceled, or expired (in dollars per share) 0  
Balance at end of period (in dollars per share) 5.40 $ 5.07
Exercisable at end of period (in dollars per share) $ 5.40  
Stock Options, Additional Disclosures    
Weighted-average remaining contractual term, outstanding 5 years 1 month 6 days 5 years 8 months 12 days
Weighted-average remaining contractual term, exercisable 5 years 1 month 6 days  
Aggregate intrinsic value, outstanding $ 230,043 $ 169,153
Aggregate intrinsic value, exercisable $ 230,043  
v3.24.3
Equity - Schedule of RSU Activity (Details) - RSUs
 9 Months Ended
Nov. 02, 2024
$ / shares
shares
Number of Shares  
Balance at beginning of period (in shares) | shares 35,371,274
Granted (in shares) | shares 10,217,066
Vested (in shares) | shares (14,077,918)
Forfeited (in shares) | shares (4,660,680)
Balance at end of period (in shares) | shares 26,849,742
Weighted-Average Grant-Date Fair Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 15.17
Granted (in dollars per share) | $ / shares 34.81
Vested (in dollars per share) | $ / shares 16.36
Forfeited (in dollars per share) | $ / shares 16.93
Balance at end of period (in dollars per share) | $ / shares $ 21.72
v3.24.3
Equity - Schedule of Weighted Average Assumptions Used To Estimate The Fair Value (Details) - Employee stock purchase plan - 2021 Employee Stock Purchase Plan
 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility 53.20% 66.90%
Expected volatility 57.40% 72.50%
Risk-free interest rate 5.20% 5.20%
Risk-free interest rate 5.40% 5.40%
Expected dividend yield 0.00% 0.00%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (years) 6 months 6 months
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (years) 1 year 1 year
v3.24.3
Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 72,592 $ 59,791 $ 208,852 $ 172,395
Cost of revenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 3,041 2,936 9,189 8,698
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 26,899 21,523 76,275 64,378
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 22,008 19,253 61,886 51,832
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 20,644 16,079 61,502 47,487
Stock options        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 612 771 2,169 2,357
RSUs        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 68,895 55,165 197,393 160,255
Employee stock purchase plan        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 3,085 $ 3,855 $ 9,290 $ 9,783
v3.24.3
Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate (1.30%) (0.30%) (1.30%) (0.90%)
Provision for income taxes $ 493,000 $ 142,000 $ 1,911,000 $ 1,503,000
Unrecognized tax benefits that would impact effective tax rate 0   0  
Amount of expected significant change in unrecognized tax benefit $ 0   $ 0  
v3.24.3
Net Loss Per Share, Basic and Diluted - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Numerator:        
Net loss attributable to common stockholders $ (37,806) $ (45,531) $ (143,705) $ (173,355)
Net loss attributable to common stockholders $ (37,806) $ (45,531) $ (143,705) $ (173,355)
Denominator:        
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 559,006,539 537,464,892 553,858,923 531,873,324
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 559,006,539 537,464,892 553,858,923 531,873,324
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.07) $ (0.08) $ (0.26) $ (0.33)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.07) $ (0.08) $ (0.26) $ (0.33)
v3.24.3
Net Loss Per Share, Basic and Diluted - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share (Details) - shares
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 33,143,683 48,170,555 33,143,683 48,170,555
Outstanding stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 5,635,770 6,385,340 5,635,770 6,385,340
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 26,849,742 40,879,380 26,849,742 40,879,380
Employee stock purchase rights under the 2021 ESPP        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 658,171 905,835 658,171 905,835
v3.24.3
Segment Information - Narrative (Details)
 9 Months Ended
Nov. 02, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.24.3
Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Disaggregation of Revenue [Line Items]        
Total revenue $ 321,981 $ 237,534 $ 902,909 $ 661,111
United States        
Disaggregation of Revenue [Line Items]        
Total revenue 278,979 207,949 782,429 581,164
Other        
Disaggregation of Revenue [Line Items]        
Total revenue $ 43,002 $ 29,585 $ 120,480 $ 79,947
v3.24.3
Segment Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets, net $ 125,633 $ 136,943
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets, net 120,706 129,988
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets, net $ 4,927 $ 6,955