SAMSARA INC., 10-Q filed on 9/5/2023
Quarterly Report
v3.23.2
Cover - shares
6 Months Ended
Jul. 29, 2023
Aug. 29, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jul. 29, 2023  
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, $0.0001 par value per share  
Trading Symbol IOT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001642896  
Amendment Flag false  
Current Fiscal Year End Date --02-03  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Common Class A    
Cover [Abstract]    
Entity Common Stock, Shares Outstanding   179,290,763
Common Class B    
Cover [Abstract]    
Entity Common Stock, Shares Outstanding   355,661,294
Common Class C    
Cover [Abstract]    
Entity Common Stock, Shares Outstanding   0
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Current assets:    
Cash and cash equivalents $ 196,037 $ 200,670
Short-term investments 528,766 489,192
Accounts receivable, net 115,422 122,867
Inventories 21,767 40,571
Connected device costs, current 94,061 82,046
Prepaid expenses and other current assets 21,902 22,189
Total current assets 977,955 957,535
Restricted cash 24,086 23,096
Long-term investments 109,723 113,101
Property and equipment, net 58,405 59,278
Operating lease right-of-use assets 92,683 112,624
Connected device costs, non-current 210,500 194,852
Deferred commissions 153,244 140,166
Other assets, non-current 16,036 16,356
Total assets 1,642,632 1,617,008
Current liabilities:    
Accounts payable 34,675 30,144
Accrued expenses and other current liabilities 49,508 53,824
Accrued compensation and benefits 29,869 36,030
Deferred revenue, current 348,820 300,113
Operating lease liabilities, current 16,469 22,047
Total current liabilities 479,341 442,158
Deferred revenue, non-current 128,217 126,452
Operating lease liabilities, non-current 89,424 100,873
Other liabilities, non-current 9,283 9,506
Total liabilities 706,265 678,989
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.0001 par value—400,000,000 shares authorized as of July 29, 2023 and January 28, 2023; zero shares issued and outstanding as of July 29, 2023 and January 28, 2023 0 0
Additional paid-in capital 2,233,533 2,107,013
Accumulated other comprehensive loss (1,001) (652)
Accumulated deficit (1,296,196) (1,168,372)
Total stockholders’ equity 936,367 938,019
Total liabilities and stockholders’ equity 1,642,632 1,617,008
Common Class A    
Stockholders’ equity:    
Common stock 8 7
Common Class B    
Stockholders’ equity:    
Common stock 23 23
Common Class C    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jul. 29, 2023
Jan. 28, 2023
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) 176,254,788 132,111,095
Common stock, outstanding (in shares) 176,254,788 132,111,095
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) 358,662,609 392,049,114
Common stock, outstanding (in shares) 358,662,609 392,049,114
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
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Income Statement [Abstract]        
Revenue $ 219,257 $ 153,523 $ 423,577 $ 296,168
Cost of revenue 58,866 44,257 116,423 83,875
Gross profit 160,391 109,266 307,154 212,293
Operating expenses        
Research and development 63,969 41,847 124,335 82,832
Sales and marketing 117,908 91,842 236,863 179,291
General and administrative 48,268 41,359 91,534 85,101
Lease modification, impairment, and related charges 0 0 0 1,056
Total operating expenses 230,145 175,048 452,732 348,280
Loss from operations (69,754) (65,782) (145,578) (135,987)
Interest income and other income (expense), net 10,220 1,541 19,115 1,481
Loss before provision for income taxes (59,534) (64,241) (126,463) (134,506)
Provision for income taxes 434 40 1,361 763
Net loss (59,968) (64,281) (127,824) (135,269)
Other comprehensive income (loss):        
Foreign currency translation adjustments 2,009 (77) 1,096 101
Unrealized gains (losses) on investments, net of tax (1,404) 0 (1,445) 0
Other comprehensive income (loss) 605 (77) (349) 101
Comprehensive loss $ (59,363) $ (64,358) $ (128,173) $ (135,168)
Basic and diluted net loss per share:        
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.11) $ (0.13) $ (0.24) $ (0.27)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.11) $ (0.13) $ (0.24) $ (0.27)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 531,751,683 511,758,439 529,077,540 509,526,709
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 531,751,683 511,758,439 529,077,540 509,526,709
v3.23.2
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. 29, 2022   505,476,160      
Balance at beginning of period at Jan. 29, 2022 $ 988,947 $ 29 $ 1,909,964 $ (96) $ (920,950)
Stockholders' Equity (Deficit)          
Issuance of common stock for vesting of RSUs (in shares)   6,491,755      
Issuance of common stock in connection with equity compensation plans (in shares)   2,398,793      
Issuance of common stock in connection with equity compensation plans 10,712   10,712    
Vesting of early exercised stock options 178   178    
Repurchase of restricted common stock (in shares)   (438)      
Stock-based compensation expense 88,469   88,469    
Other comprehensive income (loss) 101     101  
Net loss (135,269)       (135,269)
Balance at end of period (in shares) at Jul. 30, 2022   514,366,270      
Balance at end of period at Jul. 30, 2022 953,138 $ 29 2,009,323 5 (1,056,219)
Balance at beginning of period (in shares) at Apr. 30, 2022   509,023,570      
Balance at beginning of period at Apr. 30, 2022 962,416 $ 29 1,954,243 82 (991,938)
Stockholders' Equity (Deficit)          
Issuance of common stock for vesting of RSUs (in shares)   3,835,453      
Issuance of common stock in connection with equity compensation plans (in shares)   1,507,247      
Issuance of common stock in connection with equity compensation plans 10,463   10,463    
Vesting of early exercised stock options 76   76    
Stock-based compensation expense 44,541   44,541    
Other comprehensive income (loss) (77)     (77)  
Net loss (64,281)       (64,281)
Balance at end of period (in shares) at Jul. 30, 2022   514,366,270      
Balance at end of period at Jul. 30, 2022 953,138 $ 29 2,009,323 5 (1,056,219)
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 RSUs (in shares)   9,245,415      
Issuance of common stock for vesting of RSUs 1 $ 1      
Issuance of common stock in connection with equity compensation plans (in shares)   1,511,773      
Issuance of common stock in connection with equity compensation plans 13,126   13,126    
Vesting of early exercised stock options 25   25    
Stock-based compensation expense 113,369   113,369    
Other comprehensive income (loss) (349)     (349)  
Net loss (127,824)       (127,824)
Balance at end of period (in shares) at Jul. 29, 2023   534,917,397      
Balance at end of period at Jul. 29, 2023 936,367 $ 31 2,233,533 (1,001) (1,296,196)
Balance at beginning of period (in shares) at Apr. 29, 2023   528,511,394      
Balance at beginning of period at Apr. 29, 2023 922,595 $ 30 2,160,399 (1,606) (1,236,228)
Stockholders' Equity (Deficit)          
Issuance of common stock for vesting of RSUs (in shares)   5,130,041      
Issuance of common stock for vesting of RSUs 1 $ 1      
Issuance of common stock in connection with equity compensation plans (in shares)   1,275,962      
Issuance of common stock in connection with equity compensation plans 13,011   13,011    
Stock-based compensation expense 60,123   60,123    
Other comprehensive income (loss) 605     605  
Net loss (59,968)       (59,968)
Balance at end of period (in shares) at Jul. 29, 2023   534,917,397      
Balance at end of period at Jul. 29, 2023 $ 936,367 $ 31 $ 2,233,533 $ (1,001) $ (1,296,196)
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Operating activities    
Net loss $ (127,824) $ (135,269)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 7,193 5,005
Stock-based compensation expense 112,604 87,952
Lease modification, impairment, and related charges 0 1,056
Other non-cash adjustments (8,514) 2,882
Changes in operating assets and liabilities:    
Accounts receivable, net 6,767 1,637
Inventories 18,803 (5,988)
Prepaid expenses and other current assets 243 (2,912)
Connected device costs (27,664) (36,714)
Deferred commissions (13,078) (6,333)
Other assets, non-current 371 70
Accounts payable and other liabilities (5,249) (37,218)
Deferred revenue 50,471 40,884
Operating lease right-of-use assets and liabilities, net 4,051 (812)
Net cash provided by (used in) operating activities 18,174 (85,760)
Investing activities    
Purchase of property and equipment (5,503) (16,930)
Purchases of investments (374,389) 0
Proceeds from sales of investments 4,474 0
Proceeds from maturities and redemptions of investments 340,878 0
Other investing activities (50) 0
Net cash used in investing activities (34,590) (16,930)
Financing activities    
Proceeds from issuance of common stock in connection with equity compensation plans 13,170 10,704
Payment of offering costs 0 (2,208)
Payment of principal on finance leases (915) (487)
Net cash provided by financing activities 12,255 8,009
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 518 (396)
Net decrease in cash, cash equivalents, and restricted cash (3,643) (95,077)
Cash, cash equivalents, and restricted cash, beginning of period 223,766 944,310
Cash, cash equivalents, and restricted cash, end of period 220,123 849,233
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net of refunds 586 178
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment accrued but not yet paid 135 7,748
Unpaid offering costs 0 324
Vesting of early exercised stock options $ 25 $ 178
v3.23.2
Description of Business
6 Months Ended
Jul. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of BusinessSamsara 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 business 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.
v3.23.2
Summary of Significant Accounting Policies
6 Months Ended
Jul. 29, 2023
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 notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023, which was filed with the SEC on March 21, 2023.
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 July 29, 2023 and the results of operations for the three and six months ended July 29, 2023 and July 30, 2022, and cash flows for the six months ended July 29, 2023 and July 30, 2022. The condensed consolidated balance sheet as of January 28, 2023 was derived from the audited financial statements but does not include all disclosures required by GAAP. The results of operations for the three and six months ended July 29, 2023 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. Every sixth fiscal year is a 53-week year. Fiscal year 2024 consists of 53 weeks, with the fourth quarter consisting of 14 weeks, and fiscal year 2023 consisted of 52 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 U.S. 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—Notwithstanding the addition of policies described below as a result of a recently adopted accounting pronouncement, there were no material changes to the Company’s significant accounting policies during the six months ended July 29, 2023.
Accounts Receivable—Accounts receivable consist of current trade receivables from customers, net of allowance for credit losses. The allowance for credit losses is estimated based on the Company’s assessment of the collectibility of accounts receivable by considering various factors, including customer creditworthiness and the related aging of past-due balances, historical write-off experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable. Management evaluates customer accounts periodically, and accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. An allowance for credit losses balance of $6.2 million was recorded as of July 29, 2023. During the three and six months ended July 29, 2023, the Company recorded a charge of $1.2 million and $0.7 million, respectively, to operations and wrote off $1.0 million and $2.0 million, respectively, against the allowance.
Investments—The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. Credit losses relating to available-for-sale marketable debt securities are recorded through an allowance for credit losses with a corresponding charge in “Interest income and other income (expense), net” on the condensed consolidated statements of operations and comprehensive loss. When identifying and measuring impairment, the Company excludes the applicable accrued interest from both the fair value and amortized cost basis.
Recently Adopted Accounting Pronouncement—In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, with further clarifications made in subsequent amendments. This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. For trade receivables and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale marketable debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company for its fiscal year beginning January 29, 2023 and interim periods within that fiscal year. The Company adopted this guidance effective January 29, 2023 and the adoption did not result in a material impact on the Company’s condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted—The Company has reviewed 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.
v3.23.2
Cash, Cash Equivalents, Restricted Cash, and Investments
6 Months Ended
Jul. 29, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Investments Cash, Cash Equivalents, Restricted Cash, and Investments
As of July 29, 2023 and January 28, 2023, 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 July 29, 2023 and January 28, 2023, 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 July 29, 2023 and January 28, 2023 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
July 29, 2023January 28, 2023
Cash and cash equivalents$196,037 $200,670 
Restricted cash24,086 23,096 
Total cash, cash equivalents, and restricted cash$220,123 $223,766 
The following is a summary of the Company’s cash equivalents and available-for-sale marketable debt securities recorded within short-term and long-term investments on the condensed consolidated balance sheets (in thousands):
As of
July 29, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Cash equivalents:
Money market funds
$6,164 $— $— $6,164 
Commercial paper
23,130 — — 23,130 
U.S. government and agency securities
2,000 — — 2,000 
Total cash equivalents$31,294 $— $— $31,294 
Investments:
Commercial paper
$111,213 $— $— $111,213 
Corporate notes and bonds
204,958 11 (948)204,021 
U.S. government and agency securities
324,828 (1,582)323,255 
Total investments$640,999 $20 $(2,530)$638,489 
As of
January 28, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Cash equivalents:
Money market funds
$5,604 $— $— $5,604 
Commercial paper
36,337 — — 36,337 
U.S. government and agency securities
12,974 — (1)12,973 
Total cash equivalents$54,915 $— $(1)$54,914 
Investments:
Commercial paper
$182,869 $— $— $182,869 
Corporate notes and bonds
190,933 57 (437)190,553 
U.S. government and agency securities
229,556 (693)228,871 
Total investments$603,358 $65 $(1,130)$602,293 
The Company included $3.2 million and $2.0 million of accrued interest receivable, net of the allowance for credit losses (if any), in “Prepaid expenses and other current assets” on the condensed consolidated balance sheets as of July 29, 2023 and January 28, 2023, respectively.
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 July 29, 2023 because such potential losses were not material.
As of July 29, 2023, the contractual maturities of the Company’s investments did not exceed 23 months. The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands):
As of
July 29, 2023
Due within one year$528,766 
Due in one year to two years
109,723 
Total$638,489 
There were no material realized gains or losses that were reclassified out of accumulated other comprehensive loss either individually or in the aggregate, during the three and six months ended July 29, 2023. There were no material unrealized gains or losses, either individually or in the aggregate, as of July 29, 2023 and January 28, 2023.
Concentrations of Credit Risk—The Company maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings.
v3.23.2
Fair Value Measurements
6 Months Ended
Jul. 29, 2023
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 July 29, 2023 and January 28, 2023 do not include any nonrecurring 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 July 29, 2023
Level 1Level 2Level 3Total
Cash equivalents and restricted cash:
Cash equivalents
Money market funds$141,931 $— $— $141,931 
Commercial paper— 23,130 — 23,130 
U.S. government and agency securities— 2,000 — 2,000 
Restricted cash—letters of credit23,036 — — 23,036 
Total cash equivalents and restricted cash$164,967 $25,130 $— $190,097 
Marketable debt securities:
Commercial paper
$— $111,213 $— $111,213 
Corporate notes and bonds
— 204,021 — 204,021 
U.S. government and agency securities
— 323,255 — 323,255 
Total marketable debt securities$— $638,489 $— $638,489 
As of January 28, 2023
Level 1Level 2Level 3Total
Cash equivalents and restricted cash:
Cash equivalents
Money market funds$120,751 $— $— $120,751 
Commercial paper— 36,337 — 36,337 
U.S. government and agency securities— 12,973 — 12,973 
Restricted cash—letters of credit23,096 — — 23,096 
Total cash equivalents and restricted cash$143,847 $49,310 $— $193,157 
Marketable debt securities:
Commercial paper
$— $182,869 $— $182,869 
Corporate notes and bonds
— 190,553 — 190,553 
U.S. government and agency securities
— 228,871 — 228,871 
Total marketable debt securities$— $602,293 $— $602,293 
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 six months ended July 29, 2023 and July 30, 2022.
v3.23.2
Costs to Obtain and Fulfill a Contract
6 Months Ended
Jul. 29, 2023
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 July 29, 2023 and January 28, 2023 were $153.2 million and $140.2 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized commission costs$22,502 $16,406 $39,489 $30,842 
Amortization expense$12,942 $12,331 $26,411 $24,510 
Connected Devices—Total connected device costs, which the Company also refers to as IoT device costs, current and non-current, as of July 29, 2023 and January 28, 2023 were $304.6 million and $276.9 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized connected device costs$40,655 $35,737 $71,230 $65,770 
Amortization expense$22,698 $15,251 $43,567 $28,972 
Revenue, 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Subscription revenue$215,179 $151,704 $414,663 $292,431 
Other revenue4,078 1,819 8,914 3,737 
Total revenue$219,257 $153,523 $423,577 $296,168 
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Deferred revenue, beginning of period$449,943 $329,858 $426,565 $313,686 
Deferred revenue, end of period477,037 354,570 477,037 354,570 
Revenue recognized in the period from beginning deferred revenue balance195,160 144,061 232,793 165,668 
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 July 29, 2023, the Company’s RPO was $1,636.7 million, of which the Company expects to recognize revenue of approximately $791.7 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 six months ended July 29, 2023 and July 30, 2022.
There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of July 29, 2023 and January 28, 2023.
v3.23.2
Property and Equipment, Net
6 Months Ended
Jul. 29, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, comprises the following (in thousands):
As of
July 29, 2023January 28, 2023
Gross property and equipment
Computers and equipment$1,446 $1,257 
Leasehold improvements50,312 49,727 
Furniture and fixtures20,629 19,740 
Internal-use software development costs (1)
27,536 22,422 
Total gross property and equipment99,923 93,146 
Accumulated depreciation and amortization (2)
(41,518)(33,868)
Property and equipment, net$58,405 $59,278 
__________
(1)The Company’s internal-use software development costs included $0.7 million and $1.2 million of stock-based compensation costs for the three and six months ended July 29, 2023, respectively, and $0.3 million and $0.6 million of stock-based compensation costs for the three and six months ended July 30, 2022, respectively. The following table provides the amounts capitalized and amortized for the Company’s internal-use software development costs for the periods presented (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized internal-use software development costs$3,009 $1,161 $5,114 $2,551 
Amortization expense$1,158 $1,004 $2,174 $1,977 
Internal-use software development costs, net, as of the periods presented was as follows (in thousands):
As of
July 29, 2023January 28, 2023
Internal-use software development costs, net$11,227 $8,744 
(2)The following table presents the depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Depreciation and amortization expense$3,709 $2,645 $7,193 $5,005 
v3.23.2
Leases
6 Months Ended
Jul. 29, 2023
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 eight 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Operating lease cost$6,015 $6,324 $12,290 $12,763 
Short-term lease cost382 138 747 315 
Sublease income(184)(210)(438)(387)
Total lease cost$6,213 $6,252 $12,599 $12,691 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$6,778 $6,701 $13,427 $13,291 
During the six months ended July 29, 2023, the Company recorded no additional operating lease liabilities arising from obtaining right-of-use (“ROU”) assets.
As of
July 29, 2023January 28, 2023
Weighted-average remaining lease term—operating leases (in years)6.26.5
Weighted-average discount rate—operating leases4.63 %4.53 %
Future minimum lease payments included in the measurement of operating lease liabilities as of July 29, 2023 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2024$13,657 
202527,115 
202620,123 
202714,236 
202812,596 
2029 and thereafter43,664 
Total future minimum lease payments (1)
131,391 
Less: imputed interest(19,105)
Total operating lease liabilities$112,286 
__________
(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.
On April 12, 2023, the Company settled a lease dispute, which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. This amount was recognized primarily as a reduction to the corresponding ROU assets on the Company’s condensed consolidated balance sheet and was also included in “Operating lease liabilities, net” on the Company’s condensed consolidated statement of cash flows. This claim is unrelated to the claim discussed under the caption “Lease-Related Litigation” in Note 9, “Commitments and Contingencies.”
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 July 29, 2023 and January 28, 2023.
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 eight 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Operating lease cost$6,015 $6,324 $12,290 $12,763 
Short-term lease cost382 138 747 315 
Sublease income(184)(210)(438)(387)
Total lease cost$6,213 $6,252 $12,599 $12,691 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$6,778 $6,701 $13,427 $13,291 
During the six months ended July 29, 2023, the Company recorded no additional operating lease liabilities arising from obtaining right-of-use (“ROU”) assets.
As of
July 29, 2023January 28, 2023
Weighted-average remaining lease term—operating leases (in years)6.26.5
Weighted-average discount rate—operating leases4.63 %4.53 %
Future minimum lease payments included in the measurement of operating lease liabilities as of July 29, 2023 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2024$13,657 
202527,115 
202620,123 
202714,236 
202812,596 
2029 and thereafter43,664 
Total future minimum lease payments (1)
131,391 
Less: imputed interest(19,105)
Total operating lease liabilities$112,286 
__________
(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.
On April 12, 2023, the Company settled a lease dispute, which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. This amount was recognized primarily as a reduction to the corresponding ROU assets on the Company’s condensed consolidated balance sheet and was also included in “Operating lease liabilities, net” on the Company’s condensed consolidated statement of cash flows. This claim is unrelated to the claim discussed under the caption “Lease-Related Litigation” in Note 9, “Commitments and Contingencies.”
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 July 29, 2023 and January 28, 2023.
v3.23.2
Revenue, Deferred Revenue, and Remaining Performance Obligations
6 Months Ended
Jul. 29, 2023
Revenue from Contract with Customer [Abstract]  
Revenue, Deferred Revenue, and Remaining Performance Obligations Costs to Obtain and Fulfill a Contract
Deferred Commissions—Total deferred commissions as of July 29, 2023 and January 28, 2023 were $153.2 million and $140.2 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized commission costs$22,502 $16,406 $39,489 $30,842 
Amortization expense$12,942 $12,331 $26,411 $24,510 
Connected Devices—Total connected device costs, which the Company also refers to as IoT device costs, current and non-current, as of July 29, 2023 and January 28, 2023 were $304.6 million and $276.9 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized connected device costs$40,655 $35,737 $71,230 $65,770 
Amortization expense$22,698 $15,251 $43,567 $28,972 
Revenue, 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Subscription revenue$215,179 $151,704 $414,663 $292,431 
Other revenue4,078 1,819 8,914 3,737 
Total revenue$219,257 $153,523 $423,577 $296,168 
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Deferred revenue, beginning of period$449,943 $329,858 $426,565 $313,686 
Deferred revenue, end of period477,037 354,570 477,037 354,570 
Revenue recognized in the period from beginning deferred revenue balance195,160 144,061 232,793 165,668 
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 July 29, 2023, the Company’s RPO was $1,636.7 million, of which the Company expects to recognize revenue of approximately $791.7 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 six months ended July 29, 2023 and July 30, 2022.
There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of July 29, 2023 and January 28, 2023.
v3.23.2
Commitments and Contingencies
6 Months Ended
Jul. 29, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Leases—See Note 7, “Leases,” for the maturities of operating lease liabilities as of July 29, 2023.
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 six months ended July 29, 2023 that were outside of the ordinary course of business.
Letters of Credit—As of July 29, 2023 and January 28, 2023, the Company had $23.0 million and $23.1 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 and has been and may be subject to third-party intellectual property infringement claims.
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 July 29, 2023 were also not material.
Lease-Related Litigation—In March 2019, the Company signed a lease agreement with a landlord for certain premises located in San Francisco, California (the “Premises”). In September 2021, the Company sued the landlord in San Francisco Superior Court to enforce its right to terminate the lease and to recover damages on the grounds that the Premises were never adequately delivered to the Company. The landlord countersued the Company for allegedly breaching the lease. On October 30, 2021, the Company vacated the Premises. On November 17, 2021, the landlord drew down the remaining $8.7 million letter of credit, which the Company accounts for as a receivable in “Other assets, non-current.” The outcome of this matter is subject to ongoing litigation and is uncertain at this time.
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.
v3.23.2
Equity
6 Months Ended
Jul. 29, 2023
Equity [Abstract]  
Equity Equity
As of July 29, 2023, there were 176,254,788, 358,662,609, and no shares of Class A, Class B, and Class C common stock issued and outstanding, respectively. As of January 28, 2023, there were 132,111,095, 392,049,114, 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 July 29, 2023 and January 28, 2023, as follows:
As of
July 29, 2023January 28, 2023
2015 Equity Incentive Plan:
Options outstanding6,573,583 6,927,540 
RSUs outstanding10,740,334 15,137,385 
2021 Equity Incentive Plan:
RSUs outstanding35,610,877 25,658,719 
Shares available for future grants67,304,926 55,891,021 
2021 Employee Stock Purchase Plan:
Shares available for future issuance17,560,555 13,471,769 
Total shares of common stock reserved for future issuance137,790,275 117,086,434 
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 Equity Incentive 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 July 29, 2023 includes 26,208,010 shares added on the first day of fiscal year 2024 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 six months ended July 29, 2023 is presented below (the number of options represents shares of Class B 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 January 28, 20236,927,540 $4.61 6.4$63,351 
Granted— $— 
Exercised(353,957)$0.53 
Forfeited, canceled, or expired— $— 
Balance as of July 29, 20236,573,583 $4.83 6.0$150,369 
Exercisable as of July 29, 20235,620,058 $4.37 5.8$131,184 
__________
(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 $7.0 million and $19.4 million during the six months ended July 29, 2023 and July 30, 2022, respectively.
As of July 29, 2023, unrecognized stock-based compensation expense related to outstanding unvested stock options for employees that are expected to vest was approximately $3.8 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 0.7 years.
RSUs—RSUs granted prior to the IPO had both a service condition and a performance condition. 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 three years for RSUs granted after fiscal year 2023.
A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the six months ended July 29, 2023 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of January 28, 202340,796,104 $12.20 
Granted17,501,017 $17.45 
Vested(9,245,415)$12.32 
Forfeited(2,700,495)$13.18 
Balance as of July 29, 202346,351,211 $14.10 
As of July 29, 2023, unrecognized stock-based compensation expense related to outstanding unvested RSUs for employees that are expected to vest was approximately $549.1 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.5 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 July 29, 2023 includes 5,241,602 shares added on the first day of fiscal year 2024 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 six months ended July 29, 2023 and July 30, 2022, 1,152,816 and 1,109,945 shares of Class A common stock were purchased under the 2021 ESPP, resulting in net cash proceeds of $13.0 million and $10.3 million, respectively.
As of July 29, 2023, unrecognized stock-based compensation expense related to the 2021 ESPP was approximately $6.9 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:
Six Months Ended
July 29, 2023July 30, 2022
Expected volatility
66.9% – 72.5%
81.0% – 97.7%
Expected term (years)
0.5 – 1.0
0.5 – 1.0
Risk-free interest rate
5.2% – 5.4%
2.3% – 2.9%
Expected dividend yield—%—%
Expected volatility—The expected volatility for the six months ended July 29, 2023 was based on the historical volatility of the Company. The expected volatility for the six months ended July 30, 2022 was based on the historical volatility of the Company and similar companies whose stock or option prices are publicly available, after considering the industry, stage of life cycle, size, market capitalization, and financial leverage of the other companies.
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 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Stock options$775 $1,085 $1,586 $2,224 
RSUs55,674 40,040 105,090 79,351 
Employee stock purchase plan3,207 3,215 5,928 6,377 
Total stock-based compensation expense$59,656 $44,340 $112,604 $87,952 
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Cost of revenue$3,056 $2,541 $5,762 $4,245 
Research and development22,524 13,800 42,855 27,470 
Sales and marketing17,337 14,323 32,579 28,867 
General and administrative16,739 13,676 31,408 27,370 
Total stock-based compensation expense$59,656 $44,340 $112,604 $87,952 
v3.23.2
Income Taxes
6 Months Ended
Jul. 29, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company had an effective tax rate of (0.7)% and (0.1)% for the three months ended July 29, 2023 and July 30, 2022, respectively, and (1.1)% and (0.6)% for the six months ended July 29, 2023 and July 30, 2022, respectively. The Company’s provision for income taxes was $0.4 million and immaterial for the three months ended July 29, 2023 and July 30, 2022, respectively, and $1.4 million and $0.8 million for the six months ended July 29, 2023 and July 30, 2022, 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 July 29, 2023 and January 28, 2023, 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 July 29, 2023, if recognized, would not affect the effective income tax rate due to the valuation allowance that currently offsets the deferred tax assets.
During the six months ended July 29, 2023, 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. All periods since inception are subject to examination by U.S. federal, state, and foreign authorities, where applicable.
v3.23.2
Net Loss Per Share, Basic and Diluted
6 Months Ended
Jul. 29, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share, Basic and Diluted Net Loss Per Share, Basic and DilutedFor 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Numerator:
Net loss attributable to common stockholders$(59,968)$(64,281)$(127,824)$(135,269)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted531,751,683 511,758,439 529,077,540 509,526,709 
Net loss per share attributable to common stockholders, basic and diluted$(0.11)$(0.13)$(0.24)$(0.27)
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Outstanding stock options6,573,583 7,333,210 6,573,583 7,333,210 
RSUs46,351,211 38,261,800 46,351,211 38,261,800 
Employee stock purchase rights under the 2021 ESPP848,923 3,152 848,923 1,576 
Total antidilutive securities53,773,717 45,598,162 53,773,717 45,596,586 
v3.23.2
Segment Information
6 Months Ended
Jul. 29, 2023
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 8, “Revenue, 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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
United States$192,278 $136,722 $372,919 $264,123 
Other (1)
26,979 16,801 50,658 32,044 
Total revenue$219,257 $153,523 $423,577 $296,168 
__________
(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
July 29, 2023January 28, 2023
United States$143,330 $163,193 
Other (1)
7,758 8,709 
Total long-lived assets, net$151,088 $171,902 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.
v3.23.2
Subsequent Event
6 Months Ended
Jul. 29, 2023
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventIn August 2023, the Company executed a sublease for certain office space, resulting in an impairment of the corresponding ROU and fixed assets of $4.8 million. This impairment charge will be recorded in “Lease modification, impairment, and related charges” in the third quarter of fiscal year 2024.
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Pay vs Performance Disclosure        
Net loss $ (59,968) $ (64,281) $ (127,824) $ (135,269)
v3.23.2
Insider Trading Arrangements
3 Months Ended
Jul. 29, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jul. 29, 2023
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 notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023, which was filed with the SEC on March 21, 2023.
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 July 29, 2023 and the results of operations for the three and six months ended July 29, 2023 and July 30, 2022, and cash flows for the six months ended July 29, 2023 and July 30, 2022. The condensed consolidated balance sheet as of January 28, 2023 was derived from the audited financial statements but does not include all disclosures required by GAAP. The results of operations for the three and six months ended July 29, 2023 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. Every sixth fiscal year is a 53-week year. Fiscal year 2024 consists of 53 weeks, with the fourth quarter consisting of 14 weeks, and fiscal year 2023 consisted of 52 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 U.S. 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.
Accounts Receivable Accounts Receivable—Accounts receivable consist of current trade receivables from customers, net of allowance for credit losses. The allowance for credit losses is estimated based on the Company’s assessment of the collectibility of accounts receivable by considering various factors, including customer creditworthiness and the related aging of past-due balances, historical write-off experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable. Management evaluates customer accounts periodically, and accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. An allowance for credit losses balance of $6.2 million was recorded as of July 29, 2023. During the three and six months ended July 29, 2023, the Company recorded a charge of $1.2 million and $0.7 million, respectively, to operations and wrote off $1.0 million and $2.0 million, respectively, against the allowance.
Investments Investments—The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. Credit losses relating to available-for-sale marketable debt securities are recorded through an allowance for credit losses with a corresponding charge in “Interest income and other income (expense), net” on the condensed consolidated statements of operations and comprehensive loss. When identifying and measuring impairment, the Company excludes the applicable accrued interest from both the fair value and amortized cost basis.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncement—In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, with further clarifications made in subsequent amendments. This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. For trade receivables and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale marketable debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company for its fiscal year beginning January 29, 2023 and interim periods within that fiscal year. The Company adopted this guidance effective January 29, 2023 and the adoption did not result in a material impact on the Company’s condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted—The Company has reviewed 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.
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.
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.
v3.23.2
Cash, Cash Equivalents, Restricted Cash, and Investments (Tables)
6 Months Ended
Jul. 29, 2023
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents Total cash, cash equivalents, and restricted cash consist of the following (in thousands):
As of
July 29, 2023January 28, 2023
Cash and cash equivalents$196,037 $200,670 
Restricted cash24,086 23,096 
Total cash, cash equivalents, and restricted cash$220,123 $223,766 
Schedule of Restricted Cash Total cash, cash equivalents, and restricted cash consist of the following (in thousands):
As of
July 29, 2023January 28, 2023
Cash and cash equivalents$196,037 $200,670 
Restricted cash24,086 23,096 
Total cash, cash equivalents, and restricted cash$220,123 $223,766 
Summary of Cash Equivalents and Available for Sale Marketable Securities
The following is a summary of the Company’s cash equivalents and available-for-sale marketable debt securities recorded within short-term and long-term investments on the condensed consolidated balance sheets (in thousands):
As of
July 29, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Cash equivalents:
Money market funds
$6,164 $— $— $6,164 
Commercial paper
23,130 — — 23,130 
U.S. government and agency securities
2,000 — — 2,000 
Total cash equivalents$31,294 $— $— $31,294 
Investments:
Commercial paper
$111,213 $— $— $111,213 
Corporate notes and bonds
204,958 11 (948)204,021 
U.S. government and agency securities
324,828 (1,582)323,255 
Total investments$640,999 $20 $(2,530)$638,489 
As of
January 28, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Cash equivalents:
Money market funds
$5,604 $— $— $5,604 
Commercial paper
36,337 — — 36,337 
U.S. government and agency securities
12,974 — (1)12,973 
Total cash equivalents$54,915 $— $(1)$54,914 
Investments:
Commercial paper
$182,869 $— $— $182,869 
Corporate notes and bonds
190,933 57 (437)190,553 
U.S. government and agency securities
229,556 (693)228,871 
Total investments$603,358 $65 $(1,130)$602,293 
Schedule of Fair Values of Available for Sale Marketable Securities The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands):
As of
July 29, 2023
Due within one year$528,766 
Due in one year to two years
109,723 
Total$638,489 
v3.23.2
Fair Value Measurements (Tables)
6 Months Ended
Jul. 29, 2023
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on 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 July 29, 2023
Level 1Level 2Level 3Total
Cash equivalents and restricted cash:
Cash equivalents
Money market funds$141,931 $— $— $141,931 
Commercial paper— 23,130 — 23,130 
U.S. government and agency securities— 2,000 — 2,000 
Restricted cash—letters of credit23,036 — — 23,036 
Total cash equivalents and restricted cash$164,967 $25,130 $— $190,097 
Marketable debt securities:
Commercial paper
$— $111,213 $— $111,213 
Corporate notes and bonds
— 204,021 — 204,021 
U.S. government and agency securities
— 323,255 — 323,255 
Total marketable debt securities$— $638,489 $— $638,489 
As of January 28, 2023
Level 1Level 2Level 3Total
Cash equivalents and restricted cash:
Cash equivalents
Money market funds$120,751 $— $— $120,751 
Commercial paper— 36,337 — 36,337 
U.S. government and agency securities— 12,973 — 12,973 
Restricted cash—letters of credit23,096 — — 23,096 
Total cash equivalents and restricted cash$143,847 $49,310 $— $193,157 
Marketable debt securities:
Commercial paper
$— $182,869 $— $182,869 
Corporate notes and bonds
— 190,553 — 190,553 
U.S. government and agency securities
— 228,871 — 228,871 
Total marketable debt securities$— $602,293 $— $602,293 
v3.23.2
Costs to Obtain and Fulfill a Contract (Tables)
6 Months Ended
Jul. 29, 2023
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized commission costs$22,502 $16,406 $39,489 $30,842 
Amortization expense$12,942 $12,331 $26,411 $24,510 
The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized connected device costs$40,655 $35,737 $71,230 $65,770 
Amortization expense$22,698 $15,251 $43,567 $28,972 
v3.23.2
Property and Equipment, Net (Tables)
6 Months Ended
Jul. 29, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net, comprises the following (in thousands):
As of
July 29, 2023January 28, 2023
Gross property and equipment
Computers and equipment$1,446 $1,257 
Leasehold improvements50,312 49,727 
Furniture and fixtures20,629 19,740 
Internal-use software development costs (1)
27,536 22,422 
Total gross property and equipment99,923 93,146 
Accumulated depreciation and amortization (2)
(41,518)(33,868)
Property and equipment, net$58,405 $59,278 
__________
(1)The Company’s internal-use software development costs included $0.7 million and $1.2 million of stock-based compensation costs for the three and six months ended July 29, 2023, respectively, and $0.3 million and $0.6 million of stock-based compensation costs for the three and six months ended July 30, 2022, respectively. The following table provides the amounts capitalized and amortized for the Company’s internal-use software development costs for the periods presented (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Capitalized internal-use software development costs$3,009 $1,161 $5,114 $2,551 
Amortization expense$1,158 $1,004 $2,174 $1,977 
Internal-use software development costs, net, as of the periods presented was as follows (in thousands):
As of
July 29, 2023January 28, 2023
Internal-use software development costs, net$11,227 $8,744 
(2)The following table presents the depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Depreciation and amortization expense$3,709 $2,645 $7,193 $5,005 
v3.23.2
Leases (Tables)
6 Months Ended
Jul. 29, 2023
Leases [Abstract]  
Schedule of Lease Costs
The components of operating lease expense were as follows (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Operating lease cost$6,015 $6,324 $12,290 $12,763 
Short-term lease cost382 138 747 315 
Sublease income(184)(210)(438)(387)
Total lease cost$6,213 $6,252 $12,599 $12,691 
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows$6,778 $6,701 $13,427 $13,291 
As of
July 29, 2023January 28, 2023
Weighted-average remaining lease term—operating leases (in years)6.26.5
Weighted-average discount rate—operating leases4.63 %4.53 %
Schedule of Future Minimum Lease Payments
Future minimum lease payments included in the measurement of operating lease liabilities as of July 29, 2023 were as follows (in thousands):
Fiscal Years EndingAmount
Remainder of 2024$13,657 
202527,115 
202620,123 
202714,236 
202812,596 
2029 and thereafter43,664 
Total future minimum lease payments (1)
131,391 
Less: imputed interest(19,105)
Total operating lease liabilities$112,286 
__________
(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.
v3.23.2
Revenue, Deferred Revenue, and Remaining Performance Obligations (Tables)
6 Months Ended
Jul. 29, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue
Revenue consists of the following (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Subscription revenue$215,179 $151,704 $414,663 $292,431 
Other revenue4,078 1,819 8,914 3,737 
Total revenue$219,257 $153,523 $423,577 $296,168 
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Deferred revenue, beginning of period$449,943 $329,858 $426,565 $313,686 
Deferred revenue, end of period477,037 354,570 477,037 354,570 
Revenue recognized in the period from beginning deferred revenue balance195,160 144,061 232,793 165,668 
v3.23.2
Equity (Tables)
6 Months Ended
Jul. 29, 2023
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 July 29, 2023 and January 28, 2023, as follows:
As of
July 29, 2023January 28, 2023
2015 Equity Incentive Plan:
Options outstanding6,573,583 6,927,540 
RSUs outstanding10,740,334 15,137,385 
2021 Equity Incentive Plan:
RSUs outstanding35,610,877 25,658,719 
Shares available for future grants67,304,926 55,891,021 
2021 Employee Stock Purchase Plan:
Shares available for future issuance17,560,555 13,471,769 
Total shares of common stock reserved for future issuance137,790,275 117,086,434 
Schedule of Stock Option Activity
Options—A summary of the stock options activity under the 2015 Plan during the six months ended July 29, 2023 is presented below (the number of options represents shares of Class B 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 January 28, 20236,927,540 $4.61 6.4$63,351 
Granted— $— 
Exercised(353,957)$0.53 
Forfeited, canceled, or expired— $— 
Balance as of July 29, 20236,573,583 $4.83 6.0$150,369 
Exercisable as of July 29, 20235,620,058 $4.37 5.8$131,184 
__________
(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 six months ended July 29, 2023 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of January 28, 202340,796,104 $12.20 
Granted17,501,017 $17.45 
Vested(9,245,415)$12.32 
Forfeited(2,700,495)$13.18 
Balance as of July 29, 202346,351,211 $14.10 
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:
Six Months Ended
July 29, 2023July 30, 2022
Expected volatility
66.9% – 72.5%
81.0% – 97.7%
Expected term (years)
0.5 – 1.0
0.5 – 1.0
Risk-free interest rate
5.2% – 5.4%
2.3% – 2.9%
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Stock options$775 $1,085 $1,586 $2,224 
RSUs55,674 40,040 105,090 79,351 
Employee stock purchase plan3,207 3,215 5,928 6,377 
Total stock-based compensation expense$59,656 $44,340 $112,604 $87,952 
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Cost of revenue$3,056 $2,541 $5,762 $4,245 
Research and development22,524 13,800 42,855 27,470 
Sales and marketing17,337 14,323 32,579 28,867 
General and administrative16,739 13,676 31,408 27,370 
Total stock-based compensation expense$59,656 $44,340 $112,604 $87,952 
v3.23.2
Net Loss Per Share, Basic and Diluted (Tables)
6 Months Ended
Jul. 29, 2023
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Numerator:
Net loss attributable to common stockholders$(59,968)$(64,281)$(127,824)$(135,269)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted531,751,683 511,758,439 529,077,540 509,526,709 
Net loss per share attributable to common stockholders, basic and diluted$(0.11)$(0.13)$(0.24)$(0.27)
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 EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Outstanding stock options6,573,583 7,333,210 6,573,583 7,333,210 
RSUs46,351,211 38,261,800 46,351,211 38,261,800 
Employee stock purchase rights under the 2021 ESPP848,923 3,152 848,923 1,576 
Total antidilutive securities53,773,717 45,598,162 53,773,717 45,596,586 
v3.23.2
Segment Information (Tables)
6 Months Ended
Jul. 29, 2023
Segment Reporting [Abstract]  
Schedule of Revenue from External Customers by Geographic Areas
The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s customers (in thousands):
Three Months EndedSix Months Ended
July 29, 2023July 30, 2022July 29, 2023July 30, 2022
United States$192,278 $136,722 $372,919 $264,123 
Other (1)
26,979 16,801 50,658 32,044 
Total revenue$219,257 $153,523 $423,577 $296,168 
__________
(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
July 29, 2023January 28, 2023
United States$143,330 $163,193 
Other (1)
7,758 8,709 
Total long-lived assets, net$151,088 $171,902 
__________
(1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.
v3.23.2
Summary of Significant Accounting Policies (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 29, 2023
USD ($)
Jul. 29, 2023
USD ($)
Accounting Policies [Abstract]    
Allowance for credit losses $ 6.2 $ 6.2
Credit loss expense (benefit) 1.2 0.7
Allowance for doubtful accounts, writeoff $ 1.0 $ 2.0
v3.23.2
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Jul. 30, 2022
Jan. 29, 2022
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 196,037 $ 200,670    
Restricted cash 24,086 23,096    
Total cash, cash equivalents, and restricted cash $ 220,123 $ 223,766 $ 849,233 $ 944,310
v3.23.2
Cash, Cash Equivalents, Restricted Cash, and Investments - Summary of Cash Equivalents and Available for Sale Marketable Securities (Details) - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Cash equivalents:    
Amortized Cost $ 31,294 $ 54,915
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (1)
Estimated Fair Value 31,294 54,914
Investments:    
Amortized Cost 640,999 603,358
Gross Unrealized Gains 20 65
Gross Unrealized Losses (2,530) (1,130)
Estimated Fair Value 638,489 602,293
Commercial paper    
Investments:    
Amortized Cost 111,213 182,869
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 111,213 182,869
Corporate notes and bonds    
Investments:    
Amortized Cost 204,958 190,933
Gross Unrealized Gains 11 57
Gross Unrealized Losses (948) (437)
Estimated Fair Value 204,021 190,553
U.S. government and agency securities    
Investments:    
Amortized Cost 324,828 229,556
Gross Unrealized Gains 9 8
Gross Unrealized Losses (1,582) (693)
Estimated Fair Value 323,255 228,871
Money market funds    
Cash equivalents:    
Amortized Cost 6,164 5,604
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 6,164 5,604
Commercial paper    
Cash equivalents:    
Amortized Cost 23,130 36,337
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 23,130 36,337
U.S. government and agency securities    
Cash equivalents:    
Amortized Cost 2,000 12,974
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (1)
Estimated Fair Value $ 2,000 $ 12,973
v3.23.2
Cash, Cash Equivalents, Restricted Cash, and Investments - Narrative (Details) - USD ($)
$ in Millions
Jul. 29, 2023
Jan. 28, 2023
Cash and Cash Equivalents [Abstract]    
Interest receivable $ 3.2 $ 2.0
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
Contractual maturities of available-for-sale debt securities, maximum 23 months  
v3.23.2
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Fair Values of Available for Sale Marketable Securities (Details) - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Cash and Cash Equivalents [Abstract]    
Due within one year $ 528,766  
Due in one year to two years 109,723  
Total $ 638,489 $ 602,293
v3.23.2
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities $ 638,489 $ 602,293
Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 111,213 182,869
Corporate notes and bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 204,021 190,553
U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 323,255 228,871
Fair Value, Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Restricted cash—letters of credit 23,036 23,096
Total cash equivalents and restricted cash 190,097 193,157
Marketable securities 638,489 602,293
Fair Value, Recurring | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 111,213 182,869
Fair Value, Recurring | Corporate notes and bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 204,021 190,553
Fair Value, Recurring | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 323,255 228,871
Fair Value, Recurring | Money market funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 141,931 120,751
Fair Value, Recurring | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 23,130 36,337
Fair Value, Recurring | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 2,000 12,973
Fair Value, Recurring | Level 1    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Restricted cash—letters of credit 23,036 23,096
Total cash equivalents and restricted cash 164,967 143,847
Marketable securities 0 0
Fair Value, Recurring | Level 1 | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 0 0
Fair Value, Recurring | Level 1 | Corporate notes and bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 0 0
Fair Value, Recurring | Level 1 | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 0 0
Fair Value, Recurring | Level 1 | Money market funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 141,931 120,751
Fair Value, Recurring | Level 1 | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 0 0
Fair Value, Recurring | Level 1 | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 0 0
Fair Value, Recurring | Level 2    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Restricted cash—letters of credit 0 0
Total cash equivalents and restricted cash 25,130 49,310
Marketable securities 638,489 602,293
Fair Value, Recurring | Level 2 | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 111,213 182,869
Fair Value, Recurring | Level 2 | Corporate notes and bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 204,021 190,553
Fair Value, Recurring | Level 2 | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 323,255 228,871
Fair Value, Recurring | Level 2 | Money market funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 0 0
Fair Value, Recurring | Level 2 | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 23,130 36,337
Fair Value, Recurring | Level 2 | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 2,000 12,973
Fair Value, Recurring | Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Restricted cash—letters of credit 0 0
Total cash equivalents and restricted cash 0 0
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Corporate notes and bonds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Money market funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents 0 0
Fair Value, Recurring | Level 3 | U.S. government and agency securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cash equivalents $ 0 $ 0
v3.23.2
Costs to Obtain and Fulfill a Contract - Narrative (Details) - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Capitalized Contract Cost [Line Items]    
Deferred commissions $ 153,244 $ 140,166
Connected Device Costs    
Capitalized Contract Cost [Line Items]    
Capitalized contract cost $ 304,600 $ 276,900
v3.23.2
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized Commission Costs (Details) - Commission Costs - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Capitalized Contract Cost [Line Items]        
Capitalized commission costs $ 22,502 $ 16,406 $ 39,489 $ 30,842
Amortization expense $ 12,942 $ 12,331 $ 26,411 $ 24,510
v3.23.2
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized Connected Device Costs (Details) - Connected Device Costs - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Capitalized Contract Cost [Line Items]        
Capitalized connected device costs $ 40,655 $ 35,737 $ 71,230 $ 65,770
Amortization expense $ 22,698 $ 15,251 $ 43,567 $ 28,972
v3.23.2
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Jan. 28, 2023
Property, Plant and Equipment [Line Items]          
Total gross property and equipment $ 99,923   $ 99,923   $ 93,146
Accumulated depreciation and amortization (41,518)   (41,518)   (33,868)
Property and equipment, net 58,405   58,405   59,278
Computers and equipment          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 1,446   1,446   1,257
Leasehold improvements          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 50,312   50,312   49,727
Furniture and fixtures          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 20,629   20,629   19,740
Internal-use software development costs          
Property, Plant and Equipment [Line Items]          
Total gross property and equipment 27,536   27,536   $ 22,422
Share-based payment arrangement, amount capitalized $ 700 $ 300 $ 1,200 $ 600  
v3.23.2
Property and Equipment, Net - Capitalized and Amortized Amounts for Internal-Use Software Development Costs (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Property, Plant and Equipment [Abstract]        
Capitalized internal-use software development costs $ 3,009 $ 1,161 $ 5,114 $ 2,551
Amortization expense $ 1,158 $ 1,004 $ 2,174 $ 1,977
v3.23.2
Property and Equipment, Net - Internal-Use Software Development Costs, Net (Details) - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Property, Plant and Equipment [Abstract]    
Internal-use software development costs, net $ 11,227 $ 8,744
v3.23.2
Property and Equipment, Net - Depreciation and Amortization (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Property, Plant and Equipment [Abstract]        
Depreciation and amortization expense $ 3,709 $ 2,645 $ 7,193 $ 5,005
v3.23.2
Leases - Narrative (Details) - USD ($)
6 Months Ended
Jul. 29, 2023
Apr. 12, 2023
Jan. 28, 2023
Lessee, Lease, Description [Line Items]      
Increase (decrease) in operating lease, right-of-use asset $ 0    
Incentive received   $ 11,300,000  
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, right-of-use asset $ 0   $ 0
Finance lease, liability $ 0   $ 0
Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease, remaining lease term (in years) 8 years    
Minimum      
Lessee, Lease, Description [Line Items]      
Operating lease, remaining lease term (in years) 1 year    
v3.23.2
Leases - Operating Lease Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Leases [Abstract]        
Operating lease cost $ 6,015 $ 6,324 $ 12,290 $ 12,763
Short-term lease cost 382 138 747 315
Sublease income (184) (210) (438) (387)
Total lease cost $ 6,213 $ 6,252 $ 12,599 $ 12,691
v3.23.2
Leases - Supplemental Information Related to Operating Leases (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Leases [Abstract]        
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 6,778 $ 6,701 $ 13,427 $ 13,291
v3.23.2
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)
Jul. 29, 2023
Jan. 28, 2023
Leases [Abstract]    
Weighted-average remaining lease term—operating leases (in years) 6 years 2 months 12 days 6 years 6 months
Weighted-average discount rate—operating leases 4.63% 4.53%
v3.23.2
Leases - Future Minimum Lease Payments (Details)
$ in Thousands
Jul. 29, 2023
USD ($)
Leases [Abstract]  
Remainder of 2024 $ 13,657
2025 27,115
2026 20,123
2027 14,236
2028 12,596
2029 and thereafter 43,664
Total future minimum lease payments 131,391
Less: imputed interest (19,105)
Total operating lease liabilities $ 112,286
v3.23.2
Revenue, Deferred Revenue, and Remaining Performance Obligations - Schedule of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Disaggregation of Revenue [Line Items]        
Revenue $ 219,257 $ 153,523 $ 423,577 $ 296,168
Subscription revenue        
Disaggregation of Revenue [Line Items]        
Revenue 215,179 151,704 414,663 292,431
Other revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 4,078 $ 1,819 $ 8,914 $ 3,737
v3.23.2
Revenue, Deferred Revenue, and Remaining Performance Obligations - Schedule of Deferred Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Contract with Customer, Liability [Roll Forward]        
Deferred revenue, beginning of period $ 449,943 $ 329,858 $ 426,565 $ 313,686
Deferred revenue, end of period 477,037 354,570 477,037 354,570
Revenue recognized in the period from beginning deferred revenue balance $ 195,160 $ 144,061 $ 232,793 $ 165,668
v3.23.2
Revenue, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details)
$ in Millions
Jul. 29, 2023
USD ($)
Disaggregation of Revenue [Line Items]  
Remaining performance obligation, amount $ 1,636.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-30  
Disaggregation of Revenue [Line Items]  
Remaining performance obligation, amount $ 791.7
Remaining performance obligation, period (in months) 12 months
v3.23.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jul. 29, 2023
Jan. 28, 2023
Nov. 17, 2021
Loss Contingencies [Line Items]      
Letters of credit outstanding, amount $ 23.0 $ 23.1  
Unlawful Draw Down On Letter Of Credit | Pending Litigation      
Loss Contingencies [Line Items]      
Loss contingency, receivable     $ 8.7
v3.23.2
Equity - Narrative (Details)
$ in Millions
6 Months Ended 12 Months Ended
Jul. 29, 2023
USD ($)
plan
shares
Jul. 30, 2022
USD ($)
shares
Feb. 03, 2024
Jan. 28, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of equity incentive plans | plan 2      
Intrinsic value of shares exercised | $ $ 7.0 $ 19.4    
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Cost not yet recognized, amount | $ $ 3.8      
Cost not yet recognized, period for recognition 8 months 12 days      
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Cost not yet recognized, amount | $ $ 549.1      
Cost not yet recognized, period for recognition 1 year 6 months      
Award vesting period 4 years      
RSUs | Forecast        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period     3 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) 5,241,602      
Cost not yet recognized, amount | $ $ 6.9      
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) 1,152,816 1,109,945    
Common stock purchases | $ $ 13.0 $ 10.3    
Employee stock purchase plan | First Purchase Period        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected term 6 months      
Employee stock purchase plan | Second Purchase Period        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected term 1 year      
Common Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, issued (in shares) 176,254,788     132,111,095
Common stock, outstanding (in shares) 176,254,788     132,111,095
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) 26,208,010      
Common Class B        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, issued (in shares) 358,662,609     392,049,114
Common stock, outstanding (in shares) 358,662,609     392,049,114
Common Class C        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, issued (in shares) 0     0
Common stock, outstanding (in shares) 0     0
v3.23.2
Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares
Jul. 29, 2023
Jan. 28, 2023
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 137,790,275 117,086,434
Options outstanding | 2015 Equity Incentive Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 6,573,583 6,927,540
RSUs outstanding | 2015 Equity Incentive Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 10,740,334 15,137,385
RSUs outstanding | 2021 Equity Incentive Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 35,610,877 25,658,719
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 67,304,926 55,891,021
Shares available for future issuance | 2021 Employee Stock Purchase Plan    
Class of Stock [Line Items]    
Total shares of common stock reserved for future issuance 17,560,555 13,471,769
v3.23.2
Equity - Summary of Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended 12 Months Ended
Jul. 29, 2023
Jan. 28, 2023
Number of Shares    
Balance at beginning of period (in shares) 6,927,540  
Granted (in shares) 0  
Exercised (in shares) (353,957)  
Forfeited, canceled, or expired (in shares) 0  
Balance at end of period (in shares) 6,573,583 6,927,540
Exercisable at end of period (in shares) 5,620,058  
Weighted-Average Exercise Price    
Balance at beginning of period (in dollars per share) $ 4.61  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 0.53  
Forfeited, canceled, or expired (in dollars per share) 0  
Balance at end of period (in dollars per share) 4.83 $ 4.61
Exercisable at end of period (in dollars per share) $ 4.37  
Stock Options, Additional Disclosures    
Weighted-average remaining contractual term, outstanding 6 years 6 years 4 months 24 days
Weighted-average remaining contractual term, exercisable 5 years 9 months 18 days  
Aggregate intrinsic value, outstanding $ 150,369 $ 63,351
Aggregate intrinsic value, exercisable $ 131,184  
v3.23.2
Equity - Schedule of RSU Activity (Details) - RSUs
6 Months Ended
Jul. 29, 2023
$ / shares
shares
Number of Shares  
Balance at beginning of period (in shares) | shares 40,796,104
Granted (in shares) | shares 17,501,017
Vested (in shares) | shares (9,245,415)
Forfeited (in shares) | shares (2,700,495)
Balance at end of period (in shares) | shares 46,351,211
Weighted-Average Grant-Date Fair Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 12.20
Granted (in dollars per share) | $ / shares 17.45
Vested (in dollars per share) | $ / shares 12.32
Forfeited (in dollars per share) | $ / shares 13.18
Balance at end of period (in dollars per share) | $ / shares $ 14.10
v3.23.2
Equity - Schedule of Weighted Average Assumptions Used To Estimate The Fair Value (Details) - 2021 Employee Stock Purchase Plan - Employee stock purchase plan
6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility, minimum 66.90% 81.00%
Expected volatility, maximum 72.50% 97.70%
Risk-free interest rate, minimum 5.20% 2.30%
Risk-free interest rate, maximum 5.40% 2.90%
Expected dividend yield 0.00% 0.00%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term 6 months 6 months
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term 1 year 1 year
v3.23.2
Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 59,656 $ 44,340 $ 112,604 $ 87,952
Cost of revenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 3,056 2,541 5,762 4,245
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 22,524 13,800 42,855 27,470
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 17,337 14,323 32,579 28,867
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 16,739 13,676 31,408 27,370
Stock options        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 775 1,085 1,586 2,224
RSUs        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 55,674 40,040 105,090 79,351
Employee stock purchase plan        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 3,207 $ 3,215 $ 5,928 $ 6,377
v3.23.2
Income Taxes (Details) - USD ($)
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Income Tax Disclosure [Abstract]        
Effective tax rate (0.70%) (0.10%) (1.10%) (0.60%)
Provision for income taxes $ 434,000 $ 40,000 $ 1,361,000 $ 763,000
Unrecognized tax benefits that would impact effective tax rate 0   0  
Amount of expected significant change in unrecognized tax benefit $ 0   $ 0  
v3.23.2
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 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Numerator:        
Net loss attributable to common stockholders $ (59,968) $ (64,281) $ (127,824) $ (135,269)
Denominator:        
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 531,751,683 511,758,439 529,077,540 509,526,709
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 531,751,683 511,758,439 529,077,540 509,526,709
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.11) $ (0.13) $ (0.24) $ (0.27)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.11) $ (0.13) $ (0.24) $ (0.27)
v3.23.2
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 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 53,773,717 45,598,162 53,773,717 45,596,586
Options outstanding        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 6,573,583 7,333,210 6,573,583 7,333,210
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 46,351,211 38,261,800 46,351,211 38,261,800
Employee stock purchase plan        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 848,923 3,152 848,923 1,576
v3.23.2
Segment Information - Narrative (Details)
6 Months Ended
Jul. 29, 2023
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.23.2
Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Disaggregation of Revenue [Line Items]        
Total revenue $ 219,257 $ 153,523 $ 423,577 $ 296,168
United States        
Disaggregation of Revenue [Line Items]        
Total revenue 192,278 136,722 372,919 264,123
Other        
Disaggregation of Revenue [Line Items]        
Total revenue $ 26,979 $ 16,801 $ 50,658 $ 32,044
v3.23.2
Segment Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Jul. 29, 2023
Jan. 28, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets, net $ 151,088 $ 171,902
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets, net 143,330 163,193
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets, net $ 7,758 $ 8,709
v3.23.2
Subsequent Event (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Oct. 28, 2023
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Subsequent Event [Line Items]          
Lease modification, impairment, and related charges   $ 0 $ 0 $ 0 $ 1,056
Forecast          
Subsequent Event [Line Items]          
Lease modification, impairment, and related charges $ 4,800