Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2024 | May 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2024 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AMBA | |
Entity Registrant Name | AMBARELLA, INC. | |
Entity Central Index Key | 0001280263 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 40,985,225 | |
Entity File Number | 001-35667 | |
Entity Tax Identification Number | 98-0459628 | |
Entity Address, Address Line One | 3101 Jay Street | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 408 | |
Local Phone Number | 734-8888 | |
Entity Incorporation, State or Country Code | E9 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Ordinary Shares, $0.00045 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 131,810 | $ 144,914 |
Marketable debt securities | 71,537 | 75,013 |
Accounts receivable, net | 28,299 | 24,950 |
Inventories | 28,325 | 29,043 |
Restricted cash | 7 | 7 |
Prepaid expenses and other current assets | 6,929 | 6,230 |
Total current assets | 266,907 | 280,157 |
Property and equipment, net | 9,763 | 10,439 |
Deferred tax assets | 115 | 234 |
Intangible assets, net | 51,099 | 55,136 |
Operating lease right-of-use assets, net | 4,324 | 5,250 |
Goodwill | 303,625 | 303,625 |
Other non-current assets | 2,827 | 2,814 |
Total assets | 638,660 | 657,655 |
Current liabilities: | ||
Accounts payable | 16,470 | 28,503 |
Accrued and other current liabilities | 49,714 | 48,598 |
Operating lease liabilities, current | 3,148 | 3,443 |
Income taxes payable | 904 | 1,541 |
Deferred revenue, current | 2,009 | 894 |
Total current liabilities | 72,245 | 82,979 |
Operating lease liabilities, non-current | 1,243 | 1,896 |
Other long-term liabilities | 9,747 | 12,909 |
Total liabilities | 83,235 | 97,784 |
Commitments and contingencies (Note 14) | 0 | 0 |
Shareholders' equity: | ||
Preference shares, $0.00045 par value per share, 20,000,000 shares authorized and no shares issued and outstanding at April 30, 2024 and January 31, 2024, respectively | 0 | 0 |
Ordinary shares, $0.00045 par value per share, 200,000,000 shares authorized; 40,985,045 and 40,520,558 shares issued and outstanding at April 30, 2024 and January 31, 2024, respectively | 18 | 18 |
Additional paid-in capital | 728,842 | 694,967 |
Accumulated other comprehensive loss | (572) | (183) |
Accumulated deficit | (172,863) | (134,931) |
Total shareholders’ equity | 555,425 | 559,871 |
Total liabilities and shareholders' equity | $ 638,660 | $ 657,655 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Apr. 30, 2024 | Jan. 31, 2024 |
Statement of Financial Position [Abstract] | ||
Preference shares, par value | $ 0.00045 | $ 0.00045 |
Preference shares, shares authorized | 20,000,000 | 20,000,000 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
Ordinary shares, par value | $ 0.00045 | $ 0.00045 |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued | 40,985,045 | 40,520,558 |
Ordinary shares, shares outstanding | 40,985,045 | 40,520,558 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 54,473 | $ 62,142 |
Cost of revenue | 21,313 | 24,623 |
Gross profit | 33,160 | 37,519 |
Operating expenses: | ||
Research and development | 54,137 | 54,441 |
Selling, general and administrative | 18,468 | 18,620 |
Total operating expenses | 72,605 | 73,061 |
Loss from operations | (39,445) | (35,542) |
Other income, net | 2,271 | 1,286 |
Loss before income taxes | (37,174) | (34,256) |
Provision for income taxes | 758 | 1,646 |
Net loss | $ (37,932) | $ (35,902) |
Net loss per share attributable to ordinary shareholders: | ||
Basic | $ (0.93) | $ (0.91) |
Diluted | $ (0.93) | $ (0.91) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders: | ||
Basic | 40,774,991 | 39,340,791 |
Diluted | 40,774,991 | 39,340,791 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (37,932) | $ (35,902) |
Other comprehensive income (loss), net of tax: | ||
Net unrealized gains (losses) on investments | (389) | 110 |
Other comprehensive income (loss), net of tax | (389) | 110 |
Comprehensive loss | $ (38,321) | $ (35,792) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Outstanding Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance, Amount at Jan. 31, 2023 | $ 606,088 | $ 18 | $ 572,076 | $ (492) | $ 34,486 |
Beginning Balance, Shares at Jan. 31, 2023 | 39,043,000 | ||||
Issuance of shares through employee equity plans, Amount | 5,198 | $ 0 | 5,198 | ||
Issuance of shares through employee equity plans, Shares | 467,996 | ||||
Issuance of shares through employee stock purchase plan, Amount | 4,448 | $ 0 | 4,448 | ||
Issuance of shares through employee stock purchase plan, Shares | 80,207 | ||||
Stock-based compensation expense | 26,249 | 26,249 | |||
Other comprehensive (loss) gain - net of tax | 110 | 110 | |||
Net loss | (35,902) | (35,902) | |||
Ending Balance, Amount at Apr. 30, 2023 | 606,191 | $ 18 | 607,971 | (382) | (1,416) |
Ending Balance, Shares at Apr. 30, 2023 | 39,591,203 | ||||
Beginning Balance, Amount at Jan. 31, 2024 | $ 559,871 | $ 18 | 694,967 | (183) | (134,931) |
Beginning Balance, Shares at Jan. 31, 2024 | 40,520,558 | 40,520,558 | |||
Issuance of shares through employee equity plans, Amount | $ 4,237 | $ 0 | 4,237 | ||
Issuance of shares through employee equity plans, Shares | 367,413 | ||||
Issuance of shares through employee stock purchase plan, Amount | 4,055 | $ 0 | 4,055 | ||
Issuance of shares through employee stock purchase plan, Shares | 97,074 | ||||
Stock-based compensation expense | 25,583 | 25,583 | |||
Other comprehensive (loss) gain - net of tax | (389) | (389) | |||
Net loss | (37,932) | (37,932) | |||
Ending Balance, Amount at Apr. 30, 2024 | $ 555,425 | $ 18 | $ 728,842 | $ (572) | $ (172,863) |
Ending Balance, Shares at Apr. 30, 2024 | 40,985,045 | 40,985,045 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (37,932) | $ (35,902) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,354 | 5,824 |
Amortization (accretion) of premium (discount) on marketable debt securities, net | (205) | (369) |
Stock-based compensation | 26,036 | 27,265 |
Deferred income taxes | 119 | 846 |
Other non-cash items, net | 478 | 64 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,349) | 22,162 |
Inventories | 928 | (737) |
Prepaid expenses and other current assets | (702) | (810) |
Other non-current assets | (13) | 106 |
Accounts payable | (12,037) | 7,780 |
Accrued and other current liabilities | 5,806 | (2,613) |
Income taxes payable | (637) | (493) |
Deferred revenue | 1,115 | (152) |
Operating lease liabilities | (983) | (968) |
Other long-term liabilities | 71 | 22 |
Net cash provided by (used in) operating activities | (14,951) | 22,025 |
Cash flows from investing activities: | ||
Purchase of investments | (6,653) | (19,790) |
Sales of investments | 7,195 | 1,468 |
Maturities of investments | 2,725 | 12,410 |
Purchase of tangible and intangible assets | (1,132) | (2,298) |
Net cash provided by (used in) investing activities | 2,135 | (8,210) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and employee stock purchase plan | 2,903 | 2,592 |
Long-term financing payment for intangible assets | (3,191) | (2,207) |
Net cash provided by (used in) financing activities | (288) | 385 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (13,104) | 14,200 |
Cash, cash equivalents and restricted cash at beginning of period | 144,921 | 113,549 |
Cash, cash equivalents and restricted cash at end of period | 131,817 | 127,749 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 1,084 | 1,251 |
Supplemental disclosure of noncash investing activities: | ||
Unpaid liabilities related to tangible and intangible assets purchases | $ 298 | $ 825 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (37,932) | $ (35,902) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Apr. 30, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Securities Trading Plans of Directors and Executive Officers During our fiscal quarter ending April 30, 2024, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408. |
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 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Ambarella, Inc. (the Company) was incorporated in the Cayman Islands on January 15, 2004. The Company is a leading developer of low-power semiconductor solutions offering high-definition (HD) and Ultra HD compression, advanced image signal processing, and powerful artificial intelligence (AI) processing. The Company combines its processor design capabilities with its expertise in video and image processing, algorithms and software to provide a technology platform that is designed to be easily scalable across multiple applications and enable rapid and efficient product development. The Company’s system-on-a-chip, or SoC, designs fully integrate high-definition video processing, image processing, AI computer vision algorithms, audio processing and system functions onto a single chip. These low power SoCs deliver exceptional video and image quality and can extract valuable data from high-resolution video and radar streams. The Company is currently addressing a broad range of human and computer vision applications, including video security, advanced driver assistance systems (ADAS), electronic mirrors, drive recorders, driver/cabin monitoring systems, autonomous driving, and industrial and robotic applications. The Company sells its solutions to leading original equipment manufacturers, or OEMs, who include the Company’s SoCs in their products, and original design manufacturers, or ODMs, who include the Company’s SoCs in the products that they supply to OEMs, globally. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and, therefore, do not include all information and notes normally provided in audited financial statements. The accounting policies are described in the “Notes to Consolidated Financial Statements” in the Annual Report on Form 10-K for the 2024 fiscal year filed with the SEC on March 29, 2024 (the Form 10-K) and updated, as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair statement have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Form 10-K. Basis of Consolidation The Company’s fiscal year ends on January 31. The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated upon consolidation. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies described in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Concentration of Risk The Company’s products are manufactured, assembled and tested by third-party contractors located primarily in Asia. The Company does not have long-term agreements with these contractors. A significant disruption in the operations of one or more of these contractors would impact the production of the Company’s products which could have a material adverse effect on its business, financial condition and results of operations. A substantial portion of the Company’s revenue is derived from sales through one of its distributors, WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, which serves as its non-exclusive sales representative and fulfillment partner in Asia other than Japan, and to one ODM, Chicony Electronics Co., Ltd., or Chicony, which manufactures devices incorporating the Company’s solutions on behalf of multiple end-customers. Termination of the relationships with these customers could result in a temporary or permanent loss of revenue. Furthermore, any credit issues from these customers could impair their abilities to make timely payment to the Company. See Note 15 for additional information regarding revenue and credit concentration with these customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable debt securities and accounts receivable. The Company maintains its cash primarily in checking accounts with reputable financial institutions. Cash deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on deposits of its cash. In order to limit the exposure of each investment, the cash equivalents and marketable debt securities consist primarily of money market funds, fixed deposit accounts, commercial paper, corporate bonds, asset-backed securities and U.S. government securities which management assesses to be highly liquid. The Company does not hold or issue financial instruments for trading purposes. The Company performs ongoing credit evaluation of its customers and adjusts credit limits based upon payment history and customers’ credit worthiness. The Company regularly monitors collections and payments from its customers. Restricted Cash Amounts included in restricted cash represent those required to be set aside to secure certain transactions in a foreign entity. As of April 30, 2024 and January 31, 2024, restricted cash was immaterial, respectively. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets, and the totals are presented on the condensed consolidated statements of cash flows: As of April 30, January 31, April 30, January 31, (in thousands) Cash and cash equivalents $ 131,810 $ 144,914 $ 127,741 $ 113,541 Restricted cash 7 7 8 8 Total as presented in the condensed consolidated statements of cash flows $ 131,817 $ 144,921 $ 127,749 $ 113,549 Recent Accounting Pronouncements There has been no adoption of any new and recently issued accounting pronouncements. |
Financial Instruments and Fair
Financial Instruments and Fair Value | 3 Months Ended |
Apr. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments and Fair Value | 2. Financial Instruments and Fair Value The Company invests a portion of its cash in money market funds and debt securities that are denominated in United States dollars. The debt security investment portfolio consists of commercial paper, corporate bonds, asset-backed securities and U.S. government securities. All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows: As of April 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 4,061 $ — $ — $ 4,061 Commercial paper 15,781 — — 15,781 Corporate bonds 42,221 37 ( 297 ) 41,961 Asset-backed securities 12,309 — ( 123 ) 12,186 U.S. government securities 23,189 — ( 189 ) 23,000 Total cash equivalents and marketable debt securities $ 97,561 $ 37 $ ( 609 ) $ 96,989 As of January 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 296 $ — $ — $ 296 Commercial paper 30,806 — — 30,806 Corporate bonds 38,867 180 ( 135 ) 38,912 Asset-backed securities 15,212 14 ( 96 ) 15,130 U.S. government securities 21,118 — ( 146 ) 20,972 Total cash equivalents and marketable debt securities $ 106,299 $ 194 $ ( 377 ) $ 106,116 The following table provides the breakdown of unrealized losses as of April 30, 2024 and January 31, 2024, respectively, aggregated by investment category and length of time that individual securities have been in a continuous loss position: As of April 30, 2024 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate bonds $ 27,191 $ ( 165 ) $ 7,963 $ ( 132 ) $ 35,154 $ ( 297 ) Asset-backed securities 4,981 ( 19 ) 7,205 ( 104 ) 12,186 ( 123 ) U.S. government securities 15,357 ( 97 ) 7,643 ( 92 ) 23,000 ( 189 ) Total marketable debt securities at loss position $ 47,529 $ ( 281 ) $ 22,811 $ ( 328 ) $ 70,340 $ ( 609 ) As of January 31, 2024 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate bonds $ 9,050 $ ( 19 ) $ 8,363 $ ( 116 ) $ 17,413 $ ( 135 ) Asset-backed securities 4,821 ( 15 ) 6,289 ( 81 ) 11,110 ( 96 ) U.S. government securities 15,020 ( 65 ) 5,952 ( 81 ) 20,972 ( 146 ) Total marketable debt securities at loss position $ 28,891 $ ( 99 ) $ 20,604 $ ( 278 ) $ 49,495 $ ( 377 ) As of April 30, 2024 January 31, 2024 (in thousands) Included in cash equivalents $ 25,452 $ 31,103 Included in marketable debt securities 71,537 75,013 Total cash equivalents and marketable debt securities $ 96,989 $ 106,116 The contractual maturities of the investments at April 30, 2024 and January 31, 2024 were as follows: As of April 30, 2024 January 31, 2024 (in thousands) Due within one year $ 54,987 $ 50,216 Due in 1 - 5 years 42,002 55,900 Total cash equivalents and marketable debt securities $ 96,989 $ 106,116 The unrealized gains and losses on the available-for-sale securities were primarily caused by fluctuations in market value and interest rates as a result of the economic environment. In accordance with ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company estimates the expected losses at an individual security level whenever a security’s fair value is below its amortized cost basis using the discounted cash flow method. The credit-related portion of the loss is recognized in other income, net, in the condensed consolidated statements of operations but is limited to the difference between the fair value and the amortized cost basis of the security, adjusted for accrued interest. The non-credit-related portion of the loss is recognized in accumulated other comprehensive loss in the condensed consolidated balance sheets. The credit-related losses were not material for the three months ended April 30, 2024 and 2023, respectively. Interest income, including amortization of premiums and accretion of discounts related to the investments, as well as realized gains and losses from sales of the investments are recorded in other income, net, in the condensed consolidated statements of operations. For the three months ended April 30, 2024 and 2023, interest income and realized gains and losses, net, were approximately $ 1.3 million and $ 1.0 million, respectively. The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. Level 3—Unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. The Company measures the fair value of money market funds using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar assets in active markets and are classified within Level 2. The following tables present the fair value of the financial instruments measured on a recurring basis as of April 30, 2024 and January 31, 2024, respectively: As of April 30, 2024 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 4,061 $ 4,061 $ — $ — Commercial paper 15,781 — 15,781 — Corporate bonds 41,961 — 41,961 — Asset-backed securities 12,186 — 12,186 — U.S. government securities 23,000 — 23,000 — Total cash equivalents and marketable debt securities $ 96,989 $ 4,061 $ 92,928 $ — As of January 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 296 $ 296 $ — $ — Commercial paper 30,806 — 30,806 — Corporate bonds 38,912 — 38,912 — Asset-backed securities 15,130 — 15,130 — U.S. government securities 20,972 — 20,972 — Total cash equivalents and marketable debt securities $ 106,116 $ 296 $ 105,820 $ — In addition to available-for-sale securities, the Company also has fixed deposit accounts that are classified as cash equivalents. As of April 30, 2024 and January 31, 2024, the carrying value of fixed deposit accounts was approximately $ 12.9 million and $ 7.0 million, respectively, which represented their fair value within level 1 hierarchy. |
Inventories
Inventories | 3 Months Ended |
Apr. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Work-in-progress $ 18,705 $ 18,933 Finished goods 9,620 10,110 Total $ 28,325 $ 29,043 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Apr. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Depreciation expense was approximately $ 1.2 million and $ 1.1 million for the three months ended April 30, 2024 and 2023, respectively. Property and equipment at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Computer hardware and software $ 24,007 $ 23,518 Tools and equipment 8,576 8,564 Furniture and fixtures 1,352 1,351 Leasehold improvements 3,448 3,440 Construction in progress 212 166 37,595 37,039 Less: accumulated depreciation and amortization ( 27,832 ) ( 26,600 ) Total property and equipment, net $ 9,763 $ 10,439 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | 5. Goodwill and Intangible Assets, Net Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired in a business combination. Intangible assets primarily consist of software licenses as well as developed technology, customer relationships and trade name that were acquired from business combinations. The Company enters into certain software license agreements with third parties from time-to-time. The software licenses consist of noncancelable on-premise internal-use software and software with alternative use that is to be sold, leased or otherwise marketed as part of a product. The licenses have been capitalized as intangible assets, and the corresponding future payments have been recorded as liabilities at net present value. As of April 30, 2024, software license liabilities of approximately $ 8.1 million were recorded in accrued and other current liabilities and approximately $ 5.1 million were recorded in other long-term liabilities in the condensed consolidated balance sheets. The components of intangible assets as of April 30, 2024 and January 31, 2024 were as follows: As of April 30, 2024 As of January 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Software licenses $ 41,406 $ ( 14,929 ) $ 26,477 $ 41,329 $ ( 12,029 ) $ 29,300 Developed technology 21,200 ( 7,718 ) 13,482 21,200 ( 6,961 ) 14,239 Customer relationships 13,200 ( 3,667 ) 9,533 13,200 ( 3,300 ) 9,900 Trade name 2,500 ( 893 ) 1,607 2,500 ( 803 ) 1,697 Total intangible assets, net $ 78,306 $ ( 27,207 ) $ 51,099 $ 78,229 $ ( 23,093 ) $ 55,136 The amortization expense associated with software licenses was approximately $ 3.0 million and $ 2.6 million for the three months ended April 30, 2024 and 2023, respectively. The amortization expense associated with acquisition-related intangible assets, including developed technology, customer relationships and trade name, was approximately $ 1.2 million and $ 1.2 million for the three months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, the Company has not commenced amortization with respect to approximately $ 3.7 million of software licenses with alternative uses that are to be sold, leased or otherwise marketed as part of products. Once the associated products are available for general release to customers, the Company will commence amortization on a product-by-product basis over the remaining estimated economic life of the products. The expected future amortization expense related to the intangible assets as of April 30, 2024 is as follows: As of April 30, 2024 Fiscal Year (in thousands) 2025 (9 months remaining) $ 11,424 2026 12,615 2027 7,719 2028 6,133 2029 5,815 Thereafter 7,393 Total future amortization expenses: $ 51,099 Goodwill and intangible assets are tested for impairment at least annually, in the fourth fiscal quarter, or more frequently if events or changes in circumstances indicate that they may be impaired. There were no goodwill and intangible asset impairments for the three months ended April 30, 2024 and 2023, respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Apr. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | 6. Accrued and Other Current Liabilities Accrued and other current liabilities at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Accrued employee compensation $ 12,603 $ 16,610 Accrued product development costs 24,118 18,290 Software license liabilities, current 8,113 8,161 Other accrued liabilities 4,880 5,537 Total accrued and other current liabilities $ 49,714 $ 48,598 The timing of SoC development and invoicing from outside foundries usually results in the fluctuation of accrued product development costs. For the accrued employee compensation, approximately $ 4.1 million of annual bonus was paid in the first quarter of fiscal year 2025, of which $ 1.1 million was paid in cash and $ 3.0 million was settled with fully vested restricted stock units. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Leases | 7. Leases There were no material lease agreements entered into, or modified, during the three months ended April 30, 2024. The operating lease expense was approximately $ 1.0 million and $ 0.9 million for the three months ended April 30, 2024 and 2023, respectively. The Company's short-term leases and finance leases were not material as of April 30, 2024 and January 31, 2024, respectively. Supplemental cash flow information related to the operating leases is as follows: Three Months Ended April 30, 2024 2023 (in thousands) Cash paid for operating leases included in operating cash flows $ 983 $ 968 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 36 $ 62 As of April 30, 2024, the weighted average remaining lease term is 1.58 years, and the weighted average discount rate is 3.65 percent. Future minimum lease payments for the lease liabilities are as follows: As of April 30, 2024 Fiscal Year (in thousands) 2025 (9 months remaining) $ 2,594 2026 1,532 2027 287 2028 71 2029 — Thereafter — Total future annual minimum lease payments 4,484 Less: interest ( 93 ) Total lease liabilities $ 4,391 |
Deferred Revenue
Deferred Revenue | 3 Months Ended |
Apr. 30, 2024 | |
Deferred Revenue [Abstract] | |
Deferred Revenue | 8. Deferred Revenue Deferred revenue is primarily related to nonrecurring engineering charges that are either invoiced or paid but for which the related performance obligations are not yet satisfied, as well as the portion of a transaction price that exceeds the weighted average selling price for products sold to date under tiered-pricing contracts that contain material rights. During the three months ended April 30, 2024 and 2023, the amount recognized as revenue that was included in the deferred revenue balance at the end of prior fiscal year was not material, respectively. As of April 30, 2024, the amount of remaining unsatisfied performance obligations on contracts, primarily consisting of product purchase orders and nonrecurring engineering service agreements with original contract duration of more than one year , was approximately $ 10.5 million, of which approximately 89 % is expected to be recognized within the next 12 months . This does not include amounts which have an original expected contract duration of one year or less. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 3 Months Ended |
Apr. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 9. Other Long-Term Liabilities Other long-term liabilities at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Unrecognized tax benefits, including interest $ 3,833 $ 3,762 Deferred tax liabilities 855 855 Software license liabilities, non-current 5,055 8,288 Other long-term liabilities 4 4 Total other long-term liabilities $ 9,747 $ 12,909 |
Capital Stock
Capital Stock | 3 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
Capital Stock | 10. Capital Stock Preference shares There were no preference shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively. Ordinary shares In the first quarter of fiscal year 2025, the Company added 506,506 ordinary shares to the ordinary shares reserved for issuance, pursuant to an “evergreen” provision contained in the Amended and Restated 2012 Employee Stock Purchase Plan, or ESPP. Pursuant to such provision, for each fiscal year, the number of ordinary shares reserved for issuance under the ESPP is automatically increased by a number equal to the lesser of (i) 1,500,000 ordinary shares, (ii) one and one quarter percent ( 1.25 %) of the aggregate number of ordinary shares outstanding on February 1st of each fiscal year, or (iii) an amount determined by the Company’s Board of Directors or a duly authorized committee of the Board of Directors. As of April 30, 2024 and January 31, 2024, the following ordinary shares were reserved for future issuance under the Company’s equity plans and employee stock purchase plan: As of April 30, 2024 January 31, 2024 Shares reserved for options, restricted stock and 4,125,230 4,492,705 Shares reserved for employee stock purchase plan 3,731,853 2,834,384 Share repurchase program There were no ordinary shares repurchased in the three months ended April 30, 2024. As of April 30, 2024, there was approximately $ 49.0 million available for repurchases under the current repurchase program through June 30, 2024. Repurchases may be made from time-to-time through open market purchases, 10b5-1 plans or privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the Company’s discretion. The repurchase program is funded using the Company’s working capital and any repurchased shares are recorded as authorized but unissued shares. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 11. Stock-based Compensation The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended April 30, 2024 2023 (in thousands) Stock-based compensation: Cost of revenue $ 607 $ 941 Research and development 17,621 18,361 Selling, general and administrative 7,808 7,963 Total stock-based compensation $ 26,036 $ 27,265 As of April 30, 2024, approximately $ 1.2 million of stock-based compensation expense was accrued in accrued and other current liabilities in the condensed consolidated balance sheets. Total unrecognized compensation cost related to unvested stock options at April 30, 2024 was $ 5.4 million and is expected to be recognized over a weighted-average period of 1.04 years. Total unrecognized compensation cost related to unvested restricted stock units at April 30, 2024 was approximately $ 181.3 million and is expected to be recognized over a weighted-average period of 2.43 years. The following table sets forth the weighted-average assumptions used to estimate the fair value of employee stock purchase plan awards for the periods indicated: Three Months Ended April 30, 2024 2023 Employee stock purchase plan awards: Volatility 39 % 59 % Risk-free interest rate 5.38 % 4.73 % Expected term (years) 0.5 0.5 Dividend yield 0 % 0 % The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Intrinsic Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Price Fair Value (in thousands) (in years) (in thousands) Outstanding at January 31, 2024 373,318 $ 46.39 Exercised ( 32,065 ) 37.72 $ 351 Expired ( 62 ) 11.16 Outstanding at April 30, 2024 341,191 47.21 3.43 $ 1,956 Exercisable at April 30, 2024 304,129 $ 48.61 3.05 $ 1,409 The intrinsic value of options outstanding and exercisable is calculated based on the difference between the fair market value of the Company’s ordinary shares on the reporting date and the exercise price. The closing price of the Company’s ordinary shares on April 30, 2024 was $ 45.97 , as reported by The Nasdaq Global Select Market. The intrinsic value of exercised options is calculated based on the difference between the fair market value of the Company’s ordinary shares on the exercise date and the exercise price. The following table summarizes restricted stock unit activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2024 2,432,640 $ 82.54 Granted 604,990 66.21 Vested ( 335,348 ) 73.44 Forfeited ( 89,977 ) 148.33 Unvested at April 30, 2024 2,612,305 $ 77.66 As of April 30, 2024, the aggregate intrinsic value of unvested restricted stock units was $ 120.1 million. |
Net Loss Per Ordinary Share
Net Loss Per Ordinary Share | 3 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Ordinary Share | 12. Net Loss Per Ordinary Share The following table sets forth the computation of basic and diluted loss per ordinary share for the periods indicated: Three Months Ended April 30, 2024 2023 (in thousands, except share and per share data) Numerator: Net loss $ ( 37,932 ) $ ( 35,902 ) Denominator: Weighted-average ordinary shares - basic 40,774,991 39,340,791 Weighted-average ordinary shares - diluted 40,774,991 39,340,791 Net loss per ordinary share: Basic $ ( 0.93 ) $ ( 0.91 ) Diluted $ ( 0.93 ) $ ( 0.91 ) The following weighted-average potentially dilutive securities were excluded from the computation of diluted net loss per ordinary share as their effect would have been antidilutive: Three Months Ended April 30, 2024 2023 Options to purchase ordinary shares 218,909 269,154 Restricted stock units 2,091,060 1,392,312 Employee stock purchase plan 9,229 17,081 2,319,198 1,678,547 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The following table provides details of income taxes for the periods indicated: Three Months Ended April 30, 2024 2023 (in thousands) Loss before income taxes $ ( 37,174 ) $ ( 34,256 ) Provision for income taxes 758 1,646 Effective tax rate ( 2.0 )% ( 4.8 )% The Company recorded an expense for income taxes of $ 0.8 million and $ 1.6 million for the three months ended April 30, 2024 and 2023, respectively. The decrease in income tax expense for the three months ended April 30, 2024, as compared to the same period in the prior fiscal year, was primarily due to a decrease in the proportion of profits generated in the U.S. The Company files federal and state income tax returns in the United States and in various foreign jurisdictions. The Company’s fiscal years 2021 through 2024 are generally open and subject to potential examination by U.S. federal tax authorities. The Company’s fiscal years 2020 through 2024 are generally open and subject to potential examination by state tax authorities. The Company’s fiscal years 2017 to 2024 remain open to examination by foreign tax authorities. Fiscal years outside of the normal statute of limitations remain open to audit by tax authorities due to tax attributes generated in those earlier years, which have been carried forward and may be audited in subsequent years when utilized. The Company regularly assesses the likelihood of adverse outcomes resulting from potential tax examinations to determine the adequacy of its provision for income taxes. These assessments can require considerable estimates and judgments. As of April 30, 2024, the gross amount of unrecognized tax benefits was approximately $ 22.8 million. If the estimates of income tax liabilities prove to be less than the ultimate assessment, then a further charge to expense could be required. If events occur, and the payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities could result in tax benefits being recognized in the period in which the Company determines the liabilities are no longer necessary. It is reasonably possible that within the next 12 months the Company's unrecognized tax benefits could potentially be reduced by up to $ 9.0 million. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Contract Manufacturer Commitments The Company’s components and products are procured and built by independent contract manufacturers based on sales forecasts. These forecasts include estimates of future demand, historical trends, analysis of sales and marketing activities, and adjustment of overall market conditions. The Company regularly issues purchase orders to independent contract manufacturers which are cancelable upon agreement between the Company and third-party manufacturers. These manufacturing purchase commitments typically provide the Company with flexibility to cancel, reschedule or adjust requirements based upon business needs but the Company may incur certain costs depending on the production stage of the products. As of April 30, 2024 and January 31, 2024, total manufacturing purchase commitments were approximately $ 35.4 million and $ 30.7 million, respectively. The Company also reviews and assesses the need for any expected loss liabilities on quarterly basis for all products that it does not expect to sell for which it has committed purchases from suppliers and records the liabilities in accrued and other current liabilities in the condensed consolidated balance sheets. There were no material loss liabilities recorded in the condensed consolidated balance sheets from adverse purchase commitments as of April 30, 2024 and January 31, 2024. Indemnification The Company, from time to time, in the normal course of business, indemnifies certain vendors with whom it enters into contractual relationships. The Company has agreed to hold the other party harmless against third-party claims in connection with the Company’s future products. The Company also indemnifies certain customers against third-party claims related to certain intellectual property and product liability matters. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. The Company has no t made payments under these obligations as of April 30, 2024, and no liabilities have been recorded for these obligations in the condensed consolidated balance sheets as of April 30, 2024 and January 31, 2024, respectively. Other Matters From time to time, the Company is subject to commercial disputes, employment issues, intellectual property claims and litigation, in the ordinary course of its business. Although the ultimate disposition of asserted claims cannot be predicted with certainty, it is the Company’s belief that the outcome of any such claims, either individually or on a combined basis, will not have a material adverse effect on its consolidated financial position. The results of any litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. As of April 30, 2024 and January 31, 2024, there were no accruals for contingent liabilities related to such matters recorded in the condensed consolidated balance sheets. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. Segment Reporting The Company operates in one operating and reporting segment related to the development and sales of low-power, HD, Ultra HD video compression, image processing and AI computer vision solutions. The Chief Executive Officer of the Company has been identified as the Chief Operating Decision Maker (the CODM) and manages the Company’s operations as a whole. For the purpose of evaluating financial performance and allocating resources, the CODM reviews financial information presented on a consolidated basis accompanied by information by customer and geographic region. Geographic Revenue The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated. Three Months Ended April 30, 2024 2023 (in thousands) Taiwan $ 33,685 $ 30,634 Asia Pacific 12,750 15,605 Europe 4,199 3,516 North America other than United States 2,770 10,877 United States 1,069 1,510 Total revenue $ 54,473 $ 62,142 Substantially all of the Company’s property and equipment were located in the Asia Pacific region, United States and Europe. As of April 30, 2024, the net amount of these fixed assets located in these regions was approximately $ 4.9 million, $ 3.7 million and $ 1.2 million, respectively. As of January 31, 2024, the net amount of these fixed assets located in these regions was approximately $ 5.3 million, $ 3.9 million and $ 1.2 million, respectively. Major Customers For the three months ended April 30, 2024, the customers representing 10% or more of revenue were WT and Chicony, which accounted for approximately 62 % and 13 % of total revenue, respectively. For the three months ended April 30, 2023, the customers representing 10% or more of revenue were WT, Chicony and Motorola, which accounted for approximately 49 %, 16 % and 11 % of total revenue, respectively. Accounts receivable with WT and Chicony were approximately $ 13.8 million and $ 7.4 million as of April 30, 2024, respectively. Accounts receivable with WT and Chicony were approximately $ 10.3 million and $ 7.0 million as of January 31, 2024, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On May 29, 2024, the Company ’ s Board of Directors approved an extension of the Company's existing share repurchase program for an additional twelve months through June 30, 2025 . The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the Company’s discretion. As of June 6, 2024, there was approximately $ 49.0 million available for repurchases under the repurchase program through June 30, 2025. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Organization | Organization Ambarella, Inc. (the Company) was incorporated in the Cayman Islands on January 15, 2004. The Company is a leading developer of low-power semiconductor solutions offering high-definition (HD) and Ultra HD compression, advanced image signal processing, and powerful artificial intelligence (AI) processing. The Company combines its processor design capabilities with its expertise in video and image processing, algorithms and software to provide a technology platform that is designed to be easily scalable across multiple applications and enable rapid and efficient product development. The Company’s system-on-a-chip, or SoC, designs fully integrate high-definition video processing, image processing, AI computer vision algorithms, audio processing and system functions onto a single chip. These low power SoCs deliver exceptional video and image quality and can extract valuable data from high-resolution video and radar streams. The Company is currently addressing a broad range of human and computer vision applications, including video security, advanced driver assistance systems (ADAS), electronic mirrors, drive recorders, driver/cabin monitoring systems, autonomous driving, and industrial and robotic applications. The Company sells its solutions to leading original equipment manufacturers, or OEMs, who include the Company’s SoCs in their products, and original design manufacturers, or ODMs, who include the Company’s SoCs in the products that they supply to OEMs, globally. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and, therefore, do not include all information and notes normally provided in audited financial statements. The accounting policies are described in the “Notes to Consolidated Financial Statements” in the Annual Report on Form 10-K for the 2024 fiscal year filed with the SEC on March 29, 2024 (the Form 10-K) and updated, as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair statement have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Form 10-K. |
Basis of Consolidation | Basis of Consolidation The Company’s fiscal year ends on January 31. The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated upon consolidation. |
Concentration of Risk | Concentration of Risk The Company’s products are manufactured, assembled and tested by third-party contractors located primarily in Asia. The Company does not have long-term agreements with these contractors. A significant disruption in the operations of one or more of these contractors would impact the production of the Company’s products which could have a material adverse effect on its business, financial condition and results of operations. A substantial portion of the Company’s revenue is derived from sales through one of its distributors, WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, which serves as its non-exclusive sales representative and fulfillment partner in Asia other than Japan, and to one ODM, Chicony Electronics Co., Ltd., or Chicony, which manufactures devices incorporating the Company’s solutions on behalf of multiple end-customers. Termination of the relationships with these customers could result in a temporary or permanent loss of revenue. Furthermore, any credit issues from these customers could impair their abilities to make timely payment to the Company. See Note 15 for additional information regarding revenue and credit concentration with these customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable debt securities and accounts receivable. The Company maintains its cash primarily in checking accounts with reputable financial institutions. Cash deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on deposits of its cash. In order to limit the exposure of each investment, the cash equivalents and marketable debt securities consist primarily of money market funds, fixed deposit accounts, commercial paper, corporate bonds, asset-backed securities and U.S. government securities which management assesses to be highly liquid. The Company does not hold or issue financial instruments for trading purposes. The Company performs ongoing credit evaluation of its customers and adjusts credit limits based upon payment history and customers’ credit worthiness. The Company regularly monitors collections and payments from its customers. |
Restricted Cash | Restricted Cash Amounts included in restricted cash represent those required to be set aside to secure certain transactions in a foreign entity. As of April 30, 2024 and January 31, 2024, restricted cash was immaterial, respectively. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets, and the totals are presented on the condensed consolidated statements of cash flows: As of April 30, January 31, April 30, January 31, (in thousands) Cash and cash equivalents $ 131,810 $ 144,914 $ 127,741 $ 113,541 Restricted cash 7 7 8 8 Total as presented in the condensed consolidated statements of cash flows $ 131,817 $ 144,921 $ 127,749 $ 113,549 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There has been no adoption of any new and recently issued accounting pronouncements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets, and the totals are presented on the condensed consolidated statements of cash flows: As of April 30, January 31, April 30, January 31, (in thousands) Cash and cash equivalents $ 131,810 $ 144,914 $ 127,741 $ 113,541 Restricted cash 7 7 8 8 Total as presented in the condensed consolidated statements of cash flows $ 131,817 $ 144,921 $ 127,749 $ 113,549 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
Schedule of Available-for-Sale Securities at Fair Value | All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows: As of April 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 4,061 $ — $ — $ 4,061 Commercial paper 15,781 — — 15,781 Corporate bonds 42,221 37 ( 297 ) 41,961 Asset-backed securities 12,309 — ( 123 ) 12,186 U.S. government securities 23,189 — ( 189 ) 23,000 Total cash equivalents and marketable debt securities $ 97,561 $ 37 $ ( 609 ) $ 96,989 As of January 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 296 $ — $ — $ 296 Commercial paper 30,806 — — 30,806 Corporate bonds 38,867 180 ( 135 ) 38,912 Asset-backed securities 15,212 14 ( 96 ) 15,130 U.S. government securities 21,118 — ( 146 ) 20,972 Total cash equivalents and marketable debt securities $ 106,299 $ 194 $ ( 377 ) $ 106,116 |
Schedule of Available-for-Sale Securities Unrealized Loss Position at Fair Value | The following table provides the breakdown of unrealized losses as of April 30, 2024 and January 31, 2024, respectively, aggregated by investment category and length of time that individual securities have been in a continuous loss position: As of April 30, 2024 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate bonds $ 27,191 $ ( 165 ) $ 7,963 $ ( 132 ) $ 35,154 $ ( 297 ) Asset-backed securities 4,981 ( 19 ) 7,205 ( 104 ) 12,186 ( 123 ) U.S. government securities 15,357 ( 97 ) 7,643 ( 92 ) 23,000 ( 189 ) Total marketable debt securities at loss position $ 47,529 $ ( 281 ) $ 22,811 $ ( 328 ) $ 70,340 $ ( 609 ) As of January 31, 2024 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate bonds $ 9,050 $ ( 19 ) $ 8,363 $ ( 116 ) $ 17,413 $ ( 135 ) Asset-backed securities 4,821 ( 15 ) 6,289 ( 81 ) 11,110 ( 96 ) U.S. government securities 15,020 ( 65 ) 5,952 ( 81 ) 20,972 ( 146 ) Total marketable debt securities at loss position $ 28,891 $ ( 99 ) $ 20,604 $ ( 278 ) $ 49,495 $ ( 377 ) |
Schedule of Cash Equivalents and Marketable Debt Securities | As of April 30, 2024 January 31, 2024 (in thousands) Included in cash equivalents $ 25,452 $ 31,103 Included in marketable debt securities 71,537 75,013 Total cash equivalents and marketable debt securities $ 96,989 $ 106,116 |
Summary of Contractual Maturities of Investments | The contractual maturities of the investments at April 30, 2024 and January 31, 2024 were as follows: As of April 30, 2024 January 31, 2024 (in thousands) Due within one year $ 54,987 $ 50,216 Due in 1 - 5 years 42,002 55,900 Total cash equivalents and marketable debt securities $ 96,989 $ 106,116 |
Schedule of Fair Value of Financial Instruments Measured on Recurring Basis | The following tables present the fair value of the financial instruments measured on a recurring basis as of April 30, 2024 and January 31, 2024, respectively: As of April 30, 2024 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 4,061 $ 4,061 $ — $ — Commercial paper 15,781 — 15,781 — Corporate bonds 41,961 — 41,961 — Asset-backed securities 12,186 — 12,186 — U.S. government securities 23,000 — 23,000 — Total cash equivalents and marketable debt securities $ 96,989 $ 4,061 $ 92,928 $ — As of January 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 296 $ 296 $ — $ — Commercial paper 30,806 — 30,806 — Corporate bonds 38,912 — 38,912 — Asset-backed securities 15,130 — 15,130 — U.S. government securities 20,972 — 20,972 — Total cash equivalents and marketable debt securities $ 106,116 $ 296 $ 105,820 $ — |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Work-in-progress $ 18,705 $ 18,933 Finished goods 9,620 10,110 Total $ 28,325 $ 29,043 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Computer hardware and software $ 24,007 $ 23,518 Tools and equipment 8,576 8,564 Furniture and fixtures 1,352 1,351 Leasehold improvements 3,448 3,440 Construction in progress 212 166 37,595 37,039 Less: accumulated depreciation and amortization ( 27,832 ) ( 26,600 ) Total property and equipment, net $ 9,763 $ 10,439 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Components of Intangible Assets | The components of intangible assets as of April 30, 2024 and January 31, 2024 were as follows: As of April 30, 2024 As of January 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Software licenses $ 41,406 $ ( 14,929 ) $ 26,477 $ 41,329 $ ( 12,029 ) $ 29,300 Developed technology 21,200 ( 7,718 ) 13,482 21,200 ( 6,961 ) 14,239 Customer relationships 13,200 ( 3,667 ) 9,533 13,200 ( 3,300 ) 9,900 Trade name 2,500 ( 893 ) 1,607 2,500 ( 803 ) 1,697 Total intangible assets, net $ 78,306 $ ( 27,207 ) $ 51,099 $ 78,229 $ ( 23,093 ) $ 55,136 |
Summary of Expected Future Amortization Expense Related to Intangible Assets | The expected future amortization expense related to the intangible assets as of April 30, 2024 is as follows: As of April 30, 2024 Fiscal Year (in thousands) 2025 (9 months remaining) $ 11,424 2026 12,615 2027 7,719 2028 6,133 2029 5,815 Thereafter 7,393 Total future amortization expenses: $ 51,099 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Accrued employee compensation $ 12,603 $ 16,610 Accrued product development costs 24,118 18,290 Software license liabilities, current 8,113 8,161 Other accrued liabilities 4,880 5,537 Total accrued and other current liabilities $ 49,714 $ 48,598 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to the operating leases is as follows: Three Months Ended April 30, 2024 2023 (in thousands) Cash paid for operating leases included in operating cash flows $ 983 $ 968 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 36 $ 62 |
Schedule of Future Minimum Lease Payments for Lease Liabilities | As of April 30, 2024, the weighted average remaining lease term is 1.58 years, and the weighted average discount rate is 3.65 percent. Future minimum lease payments for the lease liabilities are as follows: As of April 30, 2024 Fiscal Year (in thousands) 2025 (9 months remaining) $ 2,594 2026 1,532 2027 287 2028 71 2029 — Thereafter — Total future annual minimum lease payments 4,484 Less: interest ( 93 ) Total lease liabilities $ 4,391 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities at April 30, 2024 and January 31, 2024 consisted of the following: As of April 30, 2024 January 31, 2024 (in thousands) Unrecognized tax benefits, including interest $ 3,833 $ 3,762 Deferred tax liabilities 855 855 Software license liabilities, non-current 5,055 8,288 Other long-term liabilities 4 4 Total other long-term liabilities $ 9,747 $ 12,909 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
Schedule of Ordinary Shares Reserved for Future Issuance under Company's Equity Plans and Employee Stock Purchase Plan | As of April 30, 2024 and January 31, 2024, the following ordinary shares were reserved for future issuance under the Company’s equity plans and employee stock purchase plan: As of April 30, 2024 January 31, 2024 Shares reserved for options, restricted stock and 4,125,230 4,492,705 Shares reserved for employee stock purchase plan 3,731,853 2,834,384 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Classification of Stock-based Compensation | The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended April 30, 2024 2023 (in thousands) Stock-based compensation: Cost of revenue $ 607 $ 941 Research and development 17,621 18,361 Selling, general and administrative 7,808 7,963 Total stock-based compensation $ 26,036 $ 27,265 |
Weighted-Average Assumptions Used to Estimate Fair Value | The following table sets forth the weighted-average assumptions used to estimate the fair value of employee stock purchase plan awards for the periods indicated: Three Months Ended April 30, 2024 2023 Employee stock purchase plan awards: Volatility 39 % 59 % Risk-free interest rate 5.38 % 4.73 % Expected term (years) 0.5 0.5 Dividend yield 0 % 0 % |
Stock Option Activities | The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Intrinsic Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Price Fair Value (in thousands) (in years) (in thousands) Outstanding at January 31, 2024 373,318 $ 46.39 Exercised ( 32,065 ) 37.72 $ 351 Expired ( 62 ) 11.16 Outstanding at April 30, 2024 341,191 47.21 3.43 $ 1,956 Exercisable at April 30, 2024 304,129 $ 48.61 3.05 $ 1,409 |
Restricted Stock Unit Activities | The following table summarizes restricted stock unit activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2024 2,432,640 $ 82.54 Granted 604,990 66.21 Vested ( 335,348 ) 73.44 Forfeited ( 89,977 ) 148.33 Unvested at April 30, 2024 2,612,305 $ 77.66 |
Net Loss Per Ordinary Share (Ta
Net Loss Per Ordinary Share (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Ordinary Share | The following table sets forth the computation of basic and diluted loss per ordinary share for the periods indicated: Three Months Ended April 30, 2024 2023 (in thousands, except share and per share data) Numerator: Net loss $ ( 37,932 ) $ ( 35,902 ) Denominator: Weighted-average ordinary shares - basic 40,774,991 39,340,791 Weighted-average ordinary shares - diluted 40,774,991 39,340,791 Net loss per ordinary share: Basic $ ( 0.93 ) $ ( 0.91 ) Diluted $ ( 0.93 ) $ ( 0.91 ) |
Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Ordinary Share | The following weighted-average potentially dilutive securities were excluded from the computation of diluted net loss per ordinary share as their effect would have been antidilutive: Three Months Ended April 30, 2024 2023 Options to purchase ordinary shares 218,909 269,154 Restricted stock units 2,091,060 1,392,312 Employee stock purchase plan 9,229 17,081 2,319,198 1,678,547 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Taxes | The following table provides details of income taxes for the periods indicated: Three Months Ended April 30, 2024 2023 (in thousands) Loss before income taxes $ ( 37,174 ) $ ( 34,256 ) Provision for income taxes 758 1,646 Effective tax rate ( 2.0 )% ( 4.8 )% |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Segment Reporting [Abstract] | |
Company's Revenue by Geographic Region Based on Bill-to Location | The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated. Three Months Ended April 30, 2024 2023 (in thousands) Taiwan $ 33,685 $ 30,634 Asia Pacific 12,750 15,605 Europe 4,199 3,516 North America other than United States 2,770 10,877 United States 1,069 1,510 Total revenue $ 54,473 $ 62,142 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 | Apr. 30, 2023 | Jan. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 131,810 | $ 144,914 | $ 127,741 | $ 113,541 |
Restricted cash | 7 | 7 | 8 | 8 |
Total as presented in the condensed consolidated statements of cash flows | $ 131,817 | $ 144,921 | $ 127,749 | $ 113,549 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value - Schedule of Available-for-Sale Securities at Fair Value (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 97,561 | $ 106,299 |
Unrealized Gains | 37 | 194 |
Unrealized Losses | (609) | (377) |
Fair Value | 96,989 | 106,116 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,061 | 296 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 4,061 | 296 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,781 | 30,806 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 15,781 | 30,806 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 42,221 | 38,867 |
Unrealized Gains | 37 | 180 |
Unrealized Losses | (297) | (135) |
Fair Value | 41,961 | 38,912 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,309 | 15,212 |
Unrealized Gains | 0 | 14 |
Unrealized Losses | (123) | (96) |
Fair Value | 12,186 | 15,130 |
U.S. government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,189 | 21,118 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (189) | (146) |
Fair Value | $ 23,000 | $ 20,972 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value - Schedule of Available-for-Sale Securities Unrealized Loss Position at Fair Value (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | $ 47,529 | $ 28,891 |
12 Months or Greater, Fair Value | 22,811 | 20,604 |
Total, Fair Value | 70,340 | 49,495 |
Less than 12 Months, Unrealized Losses | (281) | (99) |
12 Months or Greater, Unrealized Losses | (328) | (278) |
Total, Unrealized Losses | (609) | (377) |
Corporate bonds [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 27,191 | 9,050 |
12 Months or Greater, Fair Value | 7,963 | 8,363 |
Total, Fair Value | 35,154 | 17,413 |
Less than 12 Months, Unrealized Losses | (165) | (19) |
12 Months or Greater, Unrealized Losses | (132) | (116) |
Total, Unrealized Losses | (297) | (135) |
Asset-backed securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 4,981 | 4,821 |
12 Months or Greater, Fair Value | 7,205 | 6,289 |
Total, Fair Value | 12,186 | 11,110 |
Less than 12 Months, Unrealized Losses | (19) | (15) |
12 Months or Greater, Unrealized Losses | (104) | (81) |
Total, Unrealized Losses | (123) | (96) |
U.S. government securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months, Fair Value | 15,357 | 15,020 |
12 Months or Greater, Fair Value | 7,643 | 5,952 |
Total, Fair Value | 23,000 | 20,972 |
Less than 12 Months, Unrealized Losses | (97) | (65) |
12 Months or Greater, Unrealized Losses | (92) | (81) |
Total, Unrealized Losses | $ (189) | $ (146) |
Financial Instruments and Fai_5
Financial Instruments and Fair Value - Schedule of Cash Equivalents and Marketable Debt Securities (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 96,989 | $ 106,116 |
Included in cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | 25,452 | 31,103 |
Included in marketable debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 71,537 | $ 75,013 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value - Summary of Contractual Maturities of Investments (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due within one year | $ 54,987 | $ 50,216 |
Due in 1 - 5 years | 42,002 | 55,900 |
Total cash equivalents and marketable debt securities | $ 96,989 | $ 106,116 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | ||||
Interest income and realized gains and losses from available-for-sale debt securities | $ 1,300 | $ 1,000 | ||
Carrying value of fixed deposit accounts | 131,810 | $ 127,741 | $ 144,914 | $ 113,541 |
Fixed Deposit Accounts [Member] | Level 1 [Member] | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Carrying value of fixed deposit accounts | $ 12,900 | $ 7,000 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value - Schedule of Fair Value of Financial Instruments Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 96,989 | $ 106,116 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 4,061 | 296 |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 15,781 | 30,806 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 41,961 | 38,912 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 12,186 | 15,130 |
U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 23,000 | 20,972 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 4,061 | 296 |
Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 4,061 | 296 |
Level 1 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 1 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 1 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 1 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 92,928 | 105,820 |
Level 2 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 2 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 15,781 | 30,806 |
Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 41,961 | 38,912 |
Level 2 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 12,186 | 15,130 |
Level 2 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 23,000 | 20,972 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 3 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 3 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 3 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 3 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 0 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Inventory Disclosure [Abstract] | ||
Work-in-progress | $ 18,705 | $ 18,933 |
Finished goods | 9,620 | 10,110 |
Total | $ 28,325 | $ 29,043 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation of property and equipment | $ 1.2 | $ 1.1 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 37,595 | $ 37,039 |
Less: accumulated depreciation and amortization | (27,832) | (26,600) |
Total property and equipment, net | 9,763 | 10,439 |
Computer hardware and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 24,007 | 23,518 |
Tools and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,576 | 8,564 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,352 | 1,351 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,448 | 3,440 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 212 | $ 166 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Finite Lived Intangible Assets [Line Items] | |||
Liabilities associated with software license at net present value, current | $ 8,113,000 | $ 8,161,000 | |
Liabilities associated with software license at net present value, non-current | 5,055,000 | $ 8,288,000 | |
Unamortized software licenses with alternative uses to be sold, leased or marketed | 3,700,000 | ||
Impairment of goodwill and intangible assets | 0 | $ 0 | |
Software licenses [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | 3,000,000 | 2,600,000 | |
Acquired Intangible Assets [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 1,200,000 | $ 1,200,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Summary of Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 78,306 | $ 78,229 |
Accumulated Amortization | (27,207) | (23,093) |
Net Carrying Amount | 51,099 | 55,136 |
Software licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,406 | 41,329 |
Accumulated Amortization | (14,929) | (12,029) |
Net Carrying Amount | 26,477 | 29,300 |
Developed technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,200 | 21,200 |
Accumulated Amortization | (7,718) | (6,961) |
Net Carrying Amount | 13,482 | 14,239 |
Customer relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,200 | 13,200 |
Accumulated Amortization | (3,667) | (3,300) |
Net Carrying Amount | 9,533 | 9,900 |
Trade Name [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,500 | 2,500 |
Accumulated Amortization | (893) | (803) |
Net Carrying Amount | $ 1,607 | $ 1,697 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Expected Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2025 (9 months remaining) | $ 11,424 | |
2026 | 12,615 | |
2027 | 7,719 | |
2028 | 6,133 | |
2029 | 5,815 | |
Thereafter | 7,393 | |
Net Carrying Amount | $ 51,099 | $ 55,136 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation | $ 12,603 | $ 16,610 |
Accrued product development costs | 24,118 | 18,290 |
Software license liabilities, current | 8,113 | 8,161 |
Other accrued liabilities | 4,880 | 5,537 |
Total accrued and other current liabilities | $ 49,714 | $ 48,598 |
Accrued and Other Current Lia_4
Accrued and Other Current Liabilities - Additional Information (Detail) $ in Millions | 3 Months Ended |
Apr. 30, 2024 USD ($) | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | $ 4.1 |
Cash [Member] | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | 1.1 |
Restricted stock units [Member] | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | $ 3 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Leases [Abstract] | ||
Operating lease expense | $ 1 | $ 0.9 |
Weighted-average remaining lease term - operating leases | 1 year 6 months 29 days | |
Weighted-average discount rate - operating leases | 3.65% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 983 | $ 968 |
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets | $ 36 | $ 62 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Lease Liabilities (Detail) $ in Thousands | Apr. 30, 2024 USD ($) |
Leases [Abstract] | |
2025 (9 months remaining) | $ 2,594 |
2026 | 1,532 |
2027 | 287 |
2028 | 71 |
2029 | 0 |
Thereafter | 0 |
Total future annual minimum lease payments | 4,484 |
Less: interest | (93) |
Total lease liabilities | $ 4,391 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) $ in Millions | 3 Months Ended |
Apr. 30, 2024 USD ($) | |
Deferred Revenue [Abstract] | |
Remaining duration of performance obligation | 1 year |
Amount of remaining performance obligation | $ 10.5 |
Percentage of remaining performance obligation | 89% |
Description of expected timing to be recognized | expected to be recognized within the next 12 months |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Other Liabilities Disclosure [Abstract] | ||
Unrecognized tax benefits, including interest | $ 3,833 | $ 3,762 |
Deferred tax liabilities | 855 | 855 |
Software license liabilities, non-current | 5,055 | 8,288 |
Other long-term liabilities | 4 | 4 |
Total other long-term liabilities | $ 9,747 | $ 12,909 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2024 | Jan. 31, 2024 | |
Class Of Stock [Line Items] | ||
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
Share Repurchase Program [Member] | ||
Class Of Stock [Line Items] | ||
Stock repurchased, shares | 0 | |
Amount available under stock repurchase program | $ 49 | |
ESPP [Member] | ||
Class Of Stock [Line Items] | ||
Additional ordinary shares reserved for issuance | 506,506 | |
ESPP [Member] | Scenario, plan automatically increased by the lessor of [Member] | ||
Class Of Stock [Line Items] | ||
Annual increase in ordinary shares for available for future issuance | 1,500,000 | |
Annual shares increase for future issuance by percentage under 2012 employee stock purchase plan | 1.25% |
Capital Stock - Schedule of Ord
Capital Stock - Schedule of Ordinary Shares Reserved for Future Issuance under Company's Equity Plans and Employee Stock Purchase Plan (Detail) - shares | Apr. 30, 2024 | Jan. 31, 2024 |
Equity Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 4,125,230 | 4,492,705 |
ESPP [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 3,731,853 | 2,834,384 |
Stock-based Compensation - Clas
Stock-based Compensation - Classification of Stock-based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Stock-based compensation: | ||
Total stock-based compensation | $ 26,036 | $ 27,265 |
Cost of revenue [Member] | ||
Stock-based compensation: | ||
Total stock-based compensation | 607 | 941 |
Research and development [Member] | ||
Stock-based compensation: | ||
Total stock-based compensation | 17,621 | 18,361 |
Selling, general and administrative [Member] | ||
Stock-based compensation: | ||
Total stock-based compensation | $ 7,808 | $ 7,963 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Apr. 30, 2024 USD ($) $ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Accrued stock-based compensation expense liabilities | $ 1.2 |
Closing price of ordinary shares | $ / shares | $ 45.97 |
Stock options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized compensation cost, stock options | $ 5.4 |
Weighted average recognition period | 1 year 14 days |
Restricted stock units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized compensation cost, restricted stock units | $ 181.3 |
Weighted average recognition period | 2 years 5 months 4 days |
Aggregate intrinsic value of unvested restricted stock units | $ 120.1 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted-Average Assumptions Used to Estimate Fair Value (Detail) - Employee stock purchase plan awards [Member] | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility | 39% | 59% |
Risk-free interest rate | 5.38% | 4.73% |
Expected term (years) | 6 months | 6 months |
Dividend yield | 0% | 0% |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activities (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 30, 2024 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares, Outstanding | shares | 373,318 |
Shares, Exercised | shares | (32,065) |
Shares, Expired | shares | (62) |
Shares, Outstanding | shares | 341,191 |
Shares, Exercisable | shares | 304,129 |
Weighted-Average Exercise Price, Outstanding | $ / shares | $ 46.39 |
Weighted-Average Exercise Price, Exercised | $ / shares | 37.72 |
Weighted-Average Exercise Price, Expired | $ / shares | 11.16 |
Weighted-Average Exercise Price, Outstanding | $ / shares | 47.21 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 48.61 |
Total Intrinsic Value Of Options Exercised | $ | $ 351 |
Weighted-Average Remaining Contractual Term, Outstanding | 3 years 5 months 4 days |
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 18 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 1,956 |
Aggregate Intrinsic Value, Exercisable | $ | $ 1,409 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Unit Activities (Detail) - Restricted Stock Unit [Member] | 3 Months Ended |
Apr. 30, 2024 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested, beginning balance | shares | 2,432,640 |
Shares, Granted | shares | 604,990 |
Shares, Vested | shares | (335,348) |
Shares, Forfeited | shares | (89,977) |
Shares, Unvested, ending balance | shares | 2,612,305 |
Weighted-Average Grant-Date Fair Value, Unvested, beginning balance | $ / shares | $ 82.54 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 66.21 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 73.44 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 148.33 |
Weighted-Average Grant-Date Fair Value, Unvested, ending balance | $ / shares | $ 77.66 |
Net Loss Per Ordinary Share - C
Net Loss Per Ordinary Share - Computation of Basic and Diluted Loss Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Numerator: | ||
Net loss | $ (37,932) | $ (35,902) |
Denominator: | ||
Weighted-average ordinary shares - basic | 40,774,991 | 39,340,791 |
Weighted-average ordinary shares - diluted | 40,774,991 | 39,340,791 |
Net loss per ordinary share: | ||
Basic | $ (0.93) | $ (0.91) |
Diluted | $ (0.93) | $ (0.91) |
Net Loss Per Ordinary Share - W
Net Loss Per Ordinary Share - Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Ordinary Share (Detail) - shares | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 2,319,198 | 1,678,547 |
Options to purchase ordinary shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 218,909 | 269,154 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 2,091,060 | 1,392,312 |
Employee stock purchase plan awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 9,229 | 17,081 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Loss before income taxes | $ (37,174) | $ (34,256) |
Provision for income taxes | $ 758 | $ 1,646 |
Effective tax rate | (2.00%) | (4.80%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Taxes [Line Items] | ||
Income tax expense | $ 758 | $ 1,646 |
Unrecognized tax benefits | 22,800 | |
Decrease in unrecognized tax benefits is reasonably possible | $ 9,000 | |
U.S. federal tax authorities [Member] | Earliest tax year [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year | 2021 | |
U.S. federal tax authorities [Member] | Latest tax year [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year | 2024 | |
U.S. state tax authorities [Member] | Earliest tax year [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year | 2020 | |
U.S. state tax authorities [Member] | Latest tax year [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year | 2024 | |
Foreign tax authorities [Member] | Earliest tax year [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year | 2017 | |
Foreign tax authorities [Member] | Latest tax year [Member] | ||
Income Taxes [Line Items] | ||
Income tax examination, year | 2024 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Apr. 30, 2024 | Jan. 31, 2024 |
Loss Contingencies [Line Items] | ||
Total manufacturing purchase commitments | $ 35,400,000 | $ 30,700,000 |
Loss recognized from adverse purchase commitments | 0 | 0 |
Indemnification agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Payments under indemnification obligations | 0 | |
Liabilities recorded under indemnification obligations | 0 | 0 |
Other Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Liabilities recorded under indemnification obligations | $ 0 | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2024 USD ($) Segment | Apr. 30, 2023 | Jan. 31, 2024 USD ($) | |
Concentration Risk [Line Items] | |||
Number of reportable segment | Segment | 1 | ||
Property and equipment, net | $ 9,763 | $ 10,439 | |
Accounts receivable | $ 28,299 | 24,950 | |
Sales revenue, net [Member] | WT [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 62% | 49% | |
Sales revenue, net [Member] | Chicony [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 13% | 16% | |
Sales revenue, net [Member] | Motorola [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 11% | ||
Accounts receivable [Member] | WT [Member] | Credit concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | $ 13,800 | 10,300 | |
Accounts receivable [Member] | Chicony [Member] | Credit concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | 7,400 | 7,000 | |
Asia Pacific [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | 4,900 | 5,300 | |
United States [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | 3,700 | 3,900 | |
Europe [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | $ 1,200 | $ 1,200 |
Segment Reporting - Company's R
Segment Reporting - Company's Revenue by Geographic Region Based on Bill-to Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Revenue from External Customer [Line Items] | ||
Total revenue | $ 54,473 | $ 62,142 |
Taiwan [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 33,685 | 30,634 |
Asia Pacific [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 12,750 | 15,605 |
Europe [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 4,199 | 3,516 |
North America other than United States [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 2,770 | 10,877 |
United States [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | $ 1,069 | $ 1,510 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Share Repurchase Program [Member] - USD ($) $ in Millions | May 29, 2024 | Jun. 06, 2024 | Apr. 30, 2024 |
Subsequent Event [Line Items] | |||
Amount available under share repurchase program | $ 49 | ||
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Amount available under share repurchase program | $ 49 | ||
Stock repurchase program, expiration date | Jun. 30, 2025 |