Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2021 | Dec. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 | 37,003,100 | |
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 | Oct. 31, 2021 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 457,760 | $ 241,274 |
Marketable debt securities | 0 | 199,434 |
Accounts receivable, net | 44,776 | 24,974 |
Inventories | 47,039 | 26,081 |
Restricted cash | 10 | 10 |
Prepaid expenses and other current assets | 5,789 | 5,531 |
Total current assets | 555,374 | 497,304 |
Property and equipment, net | 8,498 | 5,530 |
Deferred tax assets, non-current | 11,467 | 10,914 |
Intangible assets, net | 15,267 | 18,703 |
Operating lease right-of-use assets, net | 11,958 | 9,659 |
Goodwill | 26,601 | 26,601 |
Other non-current assets | 4,190 | 4,569 |
Total assets | 633,355 | 573,280 |
Current liabilities: | ||
Accounts payable | 27,071 | 21,124 |
Accrued and other current liabilities | 48,909 | 48,126 |
Operating lease liabilities, current | 3,494 | 2,911 |
Income taxes payable | 1,358 | 962 |
Deferred revenue, current | 787 | 844 |
Total current liabilities | 81,619 | 73,967 |
Operating lease liabilities, non-current | 9,053 | 7,525 |
Other long-term liabilities | 13,448 | 16,812 |
Total liabilities | 104,120 | 98,304 |
Commitments and contingencies (Note 13) | 0 | 0 |
Shareholders' equity: | ||
Preference shares, $0.00045 par value per share, 20,000,000 shares authorized and no shares issued and outstanding at October 31, 2021 and January 31, 2021, respectively | 0 | 0 |
Ordinary shares, $0.00045 par value per share, 200,000,000 shares authorized at October 31, 2021 and January 31, 2021, respectively; 36,925,142 shares issued and outstanding at October 31, 2021; 35,547,440 shares issued and outstanding at January 31, 2021 | 17 | 16 |
Additional paid-in capital | 420,153 | 347,458 |
Accumulated other comprehensive income | 0 | 1,219 |
Retained earnings | 109,065 | 126,283 |
Total shareholders’ equity | 529,235 | 474,976 |
Total liabilities and shareholders' equity | $ 633,355 | $ 573,280 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Oct. 31, 2021 | Jan. 31, 2021 |
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 | 36,925,142 | 35,547,440 |
Ordinary shares, shares outstanding | 36,925,142 | 35,547,440 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 92,167 | $ 56,090 | $ 241,627 | $ 160,848 |
Cost of revenue | 34,541 | 21,298 | 90,817 | 63,078 |
Gross profit | 57,626 | 34,792 | 150,810 | 97,770 |
Operating expenses: | ||||
Research and development | 41,362 | 36,573 | 118,794 | 103,575 |
Selling, general and administrative | 17,475 | 14,468 | 49,323 | 41,348 |
Total operating expenses | 58,837 | 51,041 | 168,117 | 144,923 |
Loss from operations | (1,211) | (16,249) | (17,307) | (47,153) |
Other income, net | 407 | 673 | 1,218 | 3,231 |
Loss before income taxes | (804) | (15,576) | (16,089) | (43,922) |
Provision (benefit) for income taxes | (1,560) | 1,502 | 1,129 | 3,375 |
Net income (loss) | $ 756 | $ (17,078) | $ (17,218) | $ (47,297) |
Net income (loss) per share attributable to ordinary shareholders: | ||||
Basic | $ 0.02 | $ (0.49) | $ (0.47) | $ (1.37) |
Diluted | $ 0.02 | $ (0.49) | $ (0.47) | $ (1.37) |
Weighted-average shares used to compute net income (loss) per share attributable to ordinary shareholders: | ||||
Basic | 36,792,187 | 34,819,880 | 36,391,676 | 34,460,172 |
Diluted | 39,046,274 | 34,819,880 | 36,391,676 | 34,460,172 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 756 | $ (17,078) | $ (17,218) | $ (47,297) |
Other comprehensive income (loss), net of tax: | ||||
Net change and reclassification of unrealized gains (losses) on investments | (608) | (224) | (1,219) | 595 |
Other comprehensive income (loss), net of tax | (608) | (224) | (1,219) | 595 |
Comprehensive income (loss) | $ 148 | $ (17,302) | $ (18,437) | $ (46,702) |
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 Income [Member] | Retained Earnings [Member] |
Beginning Balance, Amount at Jan. 31, 2020 | $ 448,072 | $ 15 | $ 261,220 | $ 768 | $ 186,069 |
Beginning Balance, Shares at Jan. 31, 2020 | 33,805,609 | ||||
Issuance of shares through employee equity incentive plan, Amount | 6,463 | $ 0 | 6,463 | 0 | 0 |
Issuance of shares through employee equity incentive plan, Shares | 478,643 | ||||
Issuance of shares through employee stock purchase plan, Amount | 2,660 | $ 0 | 2,660 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 83,564 | ||||
Stock repurchase, Amount | (1,000) | $ 0 | (1,000) | 0 | 0 |
Stock repurchase, Shares | (25,719) | ||||
Stock-based compensation expense related to stock awards granted to employees and consultants | 15,214 | $ 0 | 15,214 | 0 | 0 |
Other comprehensive income (loss) - net of tax | (363) | 0 | 0 | (363) | 0 |
Net income (loss) | (15,463) | 0 | 0 | 0 | (15,463) |
Ending Balance, Amount at Apr. 30, 2020 | 455,583 | $ 15 | 284,557 | 405 | 170,606 |
Ending Balance, Shares at Apr. 30, 2020 | 34,342,097 | ||||
Beginning Balance, Amount at Jan. 31, 2020 | 448,072 | $ 15 | 261,220 | 768 | 186,069 |
Beginning Balance, Shares at Jan. 31, 2020 | 33,805,609 | ||||
Other comprehensive income (loss) - net of tax | 595 | ||||
Net income (loss) | (47,297) | ||||
Ending Balance, Amount at Oct. 31, 2020 | 462,653 | $ 16 | 322,502 | 1,363 | 138,772 |
Ending Balance, Shares at Oct. 31, 2020 | 35,072,089 | ||||
Beginning Balance, Amount at Apr. 30, 2020 | 455,583 | $ 15 | 284,557 | 405 | 170,606 |
Beginning Balance, Shares at Apr. 30, 2020 | 34,342,097 | ||||
Issuance of shares through employee equity incentive plan, Amount | 344 | $ 0 | 344 | 0 | 0 |
Issuance of shares through employee equity incentive plan, Shares | 268,739 | ||||
Stock-based compensation expense related to stock awards granted to employees and consultants | 16,294 | $ 0 | 16,294 | 0 | 0 |
Other comprehensive income (loss) - net of tax | 1,182 | 0 | 0 | 1,182 | 0 |
Net income (loss) | (14,756) | 0 | 0 | 0 | (14,756) |
Ending Balance, Amount at Jul. 31, 2020 | 458,647 | $ 15 | 301,195 | 1,587 | 155,850 |
Ending Balance, Shares at Jul. 31, 2020 | 34,610,836 | ||||
Issuance of shares through employee equity incentive plan, Amount | 1,103 | $ 1 | 1,102 | 0 | 0 |
Issuance of shares through employee equity incentive plan, Shares | 361,886 | ||||
Issuance of shares through employee stock purchase plan, Amount | 3,164 | $ 0 | 3,164 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 99,367 | ||||
Stock-based compensation expense related to stock awards granted to employees and consultants | 17,041 | $ 0 | 17,041 | 0 | 0 |
Other comprehensive income (loss) - net of tax | (224) | 0 | 0 | (224) | 0 |
Net income (loss) | (17,078) | 0 | 0 | 0 | (17,078) |
Ending Balance, Amount at Oct. 31, 2020 | 462,653 | $ 16 | 322,502 | 1,363 | 138,772 |
Ending Balance, Shares at Oct. 31, 2020 | 35,072,089 | ||||
Beginning Balance, Amount at Jan. 31, 2021 | $ 474,976 | $ 16 | 347,458 | 1,219 | 126,283 |
Beginning Balance, Shares at Jan. 31, 2021 | 35,547,440 | 35,547,440 | |||
Issuance of shares through employee equity incentive plan, Amount | $ 6,741 | $ 0 | 6,741 | 0 | 0 |
Issuance of shares through employee equity incentive plan, Shares | 643,120 | ||||
Issuance of shares through employee stock purchase plan, Amount | 3,694 | $ 0 | 3,694 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 82,783 | ||||
Stock-based compensation expense related to stock awards granted to employees and consultants | 17,128 | $ 0 | 17,128 | 0 | 0 |
Other comprehensive income (loss) - net of tax | (427) | 0 | 0 | (427) | 0 |
Net income (loss) | (10,818) | 0 | 0 | 0 | (10,818) |
Ending Balance, Amount at Apr. 30, 2021 | 491,294 | $ 16 | 375,021 | 792 | 115,465 |
Ending Balance, Shares at Apr. 30, 2021 | 36,273,343 | ||||
Beginning Balance, Amount at Jan. 31, 2021 | $ 474,976 | $ 16 | 347,458 | 1,219 | 126,283 |
Beginning Balance, Shares at Jan. 31, 2021 | 35,547,440 | 35,547,440 | |||
Other comprehensive income (loss) - net of tax | $ (1,219) | ||||
Net income (loss) | (17,218) | ||||
Ending Balance, Amount at Oct. 31, 2021 | $ 529,235 | $ 17 | 420,153 | 109,065 | |
Ending Balance, Shares at Oct. 31, 2021 | 36,925,142 | 36,925,142 | |||
Beginning Balance, Amount at Apr. 30, 2021 | $ 491,294 | $ 16 | 375,021 | 792 | 115,465 |
Beginning Balance, Shares at Apr. 30, 2021 | 36,273,343 | ||||
Issuance of shares through employee equity incentive plan, Amount | 1,461 | $ 0 | 1,461 | 0 | 0 |
Issuance of shares through employee equity incentive plan, Shares | 371,293 | ||||
Stock-based compensation expense related to stock awards granted to employees and consultants | 17,639 | $ 0 | 17,639 | 0 | 0 |
Other comprehensive income (loss) - net of tax | (184) | 0 | 0 | (184) | 0 |
Net income (loss) | (7,156) | 0 | 0 | 0 | (7,156) |
Ending Balance, Amount at Jul. 31, 2021 | 503,054 | $ 16 | 394,121 | 608 | 108,309 |
Ending Balance, Shares at Jul. 31, 2021 | 36,644,636 | ||||
Issuance of shares through employee equity incentive plan, Amount | 2,201 | $ 1 | 2,200 | 0 | 0 |
Issuance of shares through employee equity incentive plan, Shares | 244,507 | ||||
Issuance of shares through employee stock purchase plan, Amount | 3,513 | $ 0 | 3,513 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 35,999 | ||||
Stock-based compensation expense related to stock awards granted to employees and consultants | 20,319 | $ 0 | 20,319 | 0 | 0 |
Other comprehensive income (loss) - net of tax | (608) | 0 | 0 | (608) | 0 |
Net income (loss) | 756 | 0 | 0 | $ 0 | 756 |
Ending Balance, Amount at Oct. 31, 2021 | $ 529,235 | $ 17 | $ 420,153 | $ 109,065 | |
Ending Balance, Shares at Oct. 31, 2021 | 36,925,142 | 36,925,142 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (17,218) | $ (47,297) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 9,139 | 8,868 |
Amortization (accretion) of premium (discount) on marketable debt securities, net | 1,034 | 348 |
Stock-based compensation | 60,267 | 51,407 |
Deferred income taxes | (553) | (63) |
Other non-cash items, net | (517) | (94) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (19,802) | (5,624) |
Inventories | (20,958) | (741) |
Prepaid expenses and other current assets | (275) | 238 |
Other non-current assets | 878 | 683 |
Accounts payable | 5,947 | (297) |
Accrued and other current liabilities | 2,359 | 9,887 |
Income taxes payable | 396 | 1,020 |
Deferred revenue | (57) | 477 |
Operating lease liabilities | (2,681) | (1,656) |
Other long-term liabilities | 265 | 1,160 |
Net cash provided by operating activities | 18,224 | 18,316 |
Cash flows from investing activities: | ||
Purchase of investments | (118,726) | (175,265) |
Sales of investments | 208,132 | 57,936 |
Maturities of investments | 107,760 | 92,897 |
Purchase of tangible and intangible assets | (6,235) | (1,529) |
Net cash provided by (used in) investing activities | 190,931 | (25,961) |
Cash flows from financing activities: | ||
Stock repurchase | 0 | (1,000) |
Proceeds from exercise of stock options and employee stock purchase plan | 11,127 | 6,504 |
Payment for intangible assets | (3,796) | (3,753) |
Net cash provided by financing activities | 7,331 | 1,751 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 216,486 | (5,894) |
Cash, cash equivalents and restricted cash at beginning of period | 241,284 | 231,412 |
Cash, cash equivalents and restricted cash at end of period | 457,770 | 225,518 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 1,294 | 937 |
Supplemental disclosure of noncash investing and financing activities: | ||
Unpaid liabilities related to tangible and intangible assets additions | $ 1,346 | $ 3,656 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2021 | |
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, image processing, and deep neural network 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, artificial intelligence (AI) computer vision algorithms, audio processing and system functions onto a single chip, delivering exceptional video and image quality, differentiated functionality and low power consumption. The Company is currently addressing a broad range of human and computer vision applications, including professional and consumer security cameras, automotive cameras such as 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 design manufacturers, or ODMs, and original equipment manufacturers, or 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 2021 fiscal year filed with the SEC on March 31, 2021 (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, but does not include all disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”). 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. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates and assumptions, including those related to (i) write down of excess and obsolete inventories; (ii) the estimated useful lives of long-lived assets; (iii) the valuation of stock-based compensation awards and financial instruments; (iv) the probability of performance objectives achievement; and (v) the realization of tax assets and estimates of tax liabilities, including reserves for uncertain tax positions. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. The Company also assessed the impacts of COVID-19 on the above accounting matters as of October 3 1 , 2021 and through the date of issuing this report. While it is difficult to quantify the impact of COVID-19 , the future magnitude and duration of COVID-19, as well as other associated factors, could r esult in material negative impacts to the Company’s condensed consolidated financial statements in future reporting periods . 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 Wintech, which serves as its non-exclusive sales representative in Asia other than Japan, and directly to one ODM customer, Chicony Electronics Co., Ltd., or Chicony. 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 14 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, asset-backed securities, commercial paper, U.S. government securities and debt securities of corporations 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. Financial Instruments The Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments in fiscal year 2021. As a result, the Company recognizes credit losses based on a forward-looking current expected credit losses (CECL) model, including accounts receivable. The Company’s accounts receivable are recorded at invoiced amount less an allowance for any potentially uncollectible amounts. Accordingly, the Company makes estimates of expected credit losses for the allowance for doubtful accounts based upon its assessment of various factors, including historical collection experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Company considers all highly liquid debt security investments with original maturities of less than three months at the time of purchase to be cash equivalents. Debt security investments that are highly liquid with original maturities at the time of purchase greater than three months are considered marketable debt securities. The Company classifies these investments as “available-for-sale” (AFS) securities. The Company estimates the expected losses whenever a security’s fair value is below its amortized cost basis. The expected loss is computed at an individual security level using the discounted cash flow method with the effective interest rate on the purchase date. In the determination of credit-related losses, the Company excludes securities with zero loss expectation such as assets backed by government agencies. There are various factors considered in its assessment of credit-related losses, including the extent to which the fair value is less than the amortized cost basis, adverse conditions related to an industry or an underlying loan obligator, the payment structure of the security, changes to the rating of the security and other factors that may affect the security credit. 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 income in the condensed consolidated balance sheets. As of October 31, 2021, the Company fully liquidated all of the investments in debt securities and realized all of the gains and losses in the condensed consolidated statements of operations. Restricted Cash Amounts included in restricted cash represent those required to be set aside to secure certain transactions in a foreign entity. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets, and the sums are presented on the condensed consolidated statements of cash flows: As of October 31, 2021 January 31, 2021 October 31, 2020 January 31, 2020 (in thousands) Cash and cash equivalents $ 457,760 $ 241,274 $ 225,508 $ 231,403 Restricted cash 10 10 10 9 Total as presented in the condensed consolidated statements of cash flows $ 457,770 $ 241,284 $ 225,518 $ 231,412 Inventories The Company records inventories at the lower of cost or net realizable value. The cost includes materials and other production costs and is computed using standard cost on a first-in, first-out basis. Inventory reserves are recorded for estimated obsolescence or unmarketable inventories based on forecast of future demand and market conditions. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. Software Licenses The Company accounts for a noncancelable on premise internal-use software license as the acquisition of an intangible asset and the incurrence of a liability to the extent that all or a portion of the software licensing fees are not paid on or before the license acquisition date. The intangible asset and related liability are recorded at net present The Company expenses the cost of purchased software that is to be sold, leased or otherwise marketed as part of a product until the technological feasibility of the product has been established or where the software has an alternative future use. Once the technological feasibility of the product, to be externally marketed, has been established or where the software has an alternative future use, the Company capitalizes the cost of purchased software until the associated product is available for general release to customers, at which point the capitalized cost is amortized on a product by product basis over the remaining estimated economic life of the product. Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases in fiscal year 2020 . As a result, t . Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when control of its goods and services is transferred to its customers. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. The sale of semiconductor products accounts for the substantial majority of the Company’s consolidated revenue. Sales agreements with customers are renewable periodically and contain terms and conditions with respect to payment, delivery, warranty, supply and other rights. The Company considers an accepted customer purchase order, governed by sales agreement, to be the contract with the customer. For each contract, the Company considers the promise to transfer tangible products to be the identified performance obligation. Product sales contracts may include volume-based tiered pricing or rebates that are fulfilled in cash or product. In determining the transaction price, the Company accounts for the right of returns, cash rebates, commissions and other pricing adjustments as variable consideration , estimates these amounts based on the expected amount to be provided to customers and reduces the revenue recognized. The Company estimates sales returns and rebates based on the Company’s historical patterns of return and pricing credits. As the Company’s standard payment terms are 30 days to 60 days, the contracts have no financing component. Under ASC 606, the Company estimates the total consideration to be received by using the expected value method for each contract, computes weighted average selling price for each unit shipped in cases where there is a material right due to the presence of volume-based tiered pricing, allocates the total consideration between the identified performance obligations, and recognizes revenue when control of its goods and services is transferred to its customers. The Company considers product control to be transferred at a point in time upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset . The Company also enters into fixed-price engineering service agreements with certain customers. These agreements may include multiple performance obligations, such as software development services, licensing of intellectual property and post-contract customer support, or PCS. These multiple performance obligations are highly interdependent, highly interrelated, are typically not sold separately and do not have standalone selling prices. They are all inputs to generate one combined output which is incorporating the Company’s SoC into the customer’s product. Accordingly, the Company determines that they are not separately identifiable and shall be treated as a single performance obligation. Customers usually pay based on milestones achieved. Because payments received do not correspond directly with the value of the Company’s performance to date, for fixed-price engineering services arrangements, revenue is recognized using the time-based straight line method, which best depicts the Company’s performance toward complete satisfaction of the performance obligation based on the nature of such professional services. Revenues from engineering service agreements were not material for the three and nine months ended October 31, 2021 and 2020, respectively. Timing of revenue recognition may differ from the timing of invoicing to the Company’s customers. The Company records contract assets when revenue is recognized prior to invoicing. The Company’s contract assets are primarily related to satisfied but unbilled performance obligations associated with its engineering service agreements at the reporting date. As of October 31, 2021 and January 31, 2021, the contract assets for these unbilled receivables were not material. The Company’s contract liabilities consist of deferred revenue. The deferred revenue is primarily related to the portion of a transaction price that exceeds the weighted average selling price for products sold to date under tiered-pricing contracts which contain material rights. This deferred revenue is expected to be recognized over the course of the contract when products are delivered for future pricing below the weighted average selling price of the contract. For the three and nine months ended October 31, 2021 and 2020, the Company did not recognize any material revenue adjustment, respectively, related to performance obligations satisfied in prior periods released from this deferred revenue. As of October 31, 2021 and January 31, 2021, the respective deferred revenues were not material. Additionally, the transaction price allocated to unsatisfied, or partially unsatisfied, purchase orders for contracts that are greater than a year was not material as of October 31, 2021 and January 31, 2021, respectively. The Company also elects not to disclose the value of unsatisfied or partially unsatisfied performance obligations due to an original expected contract duration of one year or less and elects to exclude amounts collected from customers for all sales taxes from the transaction price Cost of Revenue Cost of revenue includes cost of materials, cost associated with packaging and assembly, testing and shipping, cost of personnel, stock-based compensation, logistics and quality assurance, warranty cost, royalty expense, write-downs of inventories and allocation of overhead. Research and Development Research and development costs are expensed as incurred and consist primarily of personnel costs, product development costs, which include engineering services, development software and hardware tools, license fees, costs of fabrication of masks for prototype products, other development materials costs, depreciation of equipment and tools and allocation of facility costs, net of any research and development grants. As of October 31, 2021, there was approximately $1.4 million of grants recorded in prepaid expenses and other current assets and approximately $0.9 million of grants recorded in other non-current assets in the condensed consolidated balance sheets. Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company applies authoritative guidance for the accounting for uncertainty in income taxes. The guidance requires that tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. Upon estimating its tax positions and tax benefits, the Company considers and evaluates numerous factors, which may require periodic adjustments and which may not reflect the final tax liabilities. The Company adjusts its financial statements to reflect only those tax positions that are more likely than not to be sustained under examination. As part of the process of preparing condensed consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets, which are included in the condensed consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the condensed consolidated statements of operations become deductible expenses under applicable income tax laws, or loss or credit carryforwards are utilized. In assessing whether deferred tax assets may be realized, the Company considers whether it is more likely than not that some portion or all of deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company makes estimates and judgments about its future taxable income based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from estimates, the amount of valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the condensed consolidated statements of operations for the periods in which the adjustment is determined to be required. Net Income (Loss) Per Ordinary Share Basic earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period increased to include the number of additional ordinary shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan and unvested restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings (losses) per share by application of the treasury stock method. Comprehensive Income (Loss) Comprehensive income (loss) includes unrealized gains or losses, net from available-for-sale securities that are excluded from net income (loss). Recent Accounting Pronouncements None. |
Financial Instruments and Fair
Financial Instruments and Fair Value | 9 Months Ended |
Oct. 31, 2021 | |
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 debt securities that are denominated in United States dollars. The investment portfolio consists of money market funds, asset-backed securities, commercial paper, U.S. government securities, and debt securities of corporations. All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets. As of October 31, 2021, the Company fully liquidated all of the investments and reported the remaining cash equivalents in the condensed consolidated balance sheets as follows: As of October 31, 2021 Amortized Unrealized Unrealized Losses Fair Value (in thousands) Money market funds $ 20 $ — $ — $ 20 Commercial paper — — — — Corporate bonds — — — — Asset-backed securities — — — — U.S. government securities — — — — Total cash equivalents and marketable debt securities $ 20 $ — $ — $ 20 As of January 31, 2021 Amortized Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 171 $ — $ — $ 171 Commercial paper 66,181 — — 66,181 Corporate bonds 102,108 980 (7 ) 103,081 Asset-backed securities 15,740 164 — 15,904 U.S. government securities 29,383 82 — 29,465 Total cash equivalents and marketable debt securities $ 213,583 $ 1,226 $ (7 ) $ 214,802 As of October 31, 2021 January (in thousands) Included in cash equivalents $ 20 $ 15,368 Included in marketable debt securities — 199,434 Total cash equivalents and marketable debt securities $ 20 $ 214,802 The contractual maturities of the investments at October 31, 2021 and January 31, 2021 were as follows: As of October 31, 2021 January (in thousands) Due within one year $ 20 $ 135,899 Due within one to three years — 78,903 Total cash equivalents and marketable debt securities $ 20 $ 214,802 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 income in the condensed consolidated balance sheets. The credit-related losses were not material for the three and nine months ended October 31, 2020, respectively. As of October 31, 2021, the Company fully liquidated all of the investment in debt securities and realized all of the gains and losses in the condensed consolidated statement of operations. 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 October 31, 2021 and January 31, 2021, respectively: As of October 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 20 $ 20 $ — $ — Commercial paper — — — — Corporate bonds — — — — Asset-backed securities — — — — U.S. government securities — — — — Total cash equivalents and marketable debt securities $ 20 $ 20 $ — $ — As of January 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 171 $ 171 $ — $ — Commercial paper 66,181 — 66,181 — Corporate bonds 103,081 — 103,081 — Asset-backed securities 15,904 — 15,904 — U.S. government securities 29,465 — 29,465 — Total cash equivalents and marketable debt securities $ 214,802 $ 171 $ 214,631 $ — |
Inventories
Inventories | 9 Months Ended |
Oct. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Work-in-progress $ 30,240 $ 18,219 Finished goods 16,799 7,862 Total $ 47,039 $ 26,081 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Oct. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Depreciation expense was approximately $0.7 million and $0.6 million for the three months ended October 31, 2021 and 2020, respectively, and was approximately $1.9 million and $1.9 million for the nine months ended October 31, 2021 and 2020, respectively. Property and equipment at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Computer equipment and software $ 14,316 $ 11,525 Machinery and equipment 7,368 6,946 Furniture and fixtures 1,158 969 Leasehold improvements 2,621 2,237 Construction in progress 1,419 331 26,882 22,008 Less: accumulated depreciation and amortization (18,384 ) (16,478 ) Total property and equipment, net $ 8,498 $ 5,530 |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Oct. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 5. Intangible Assets, Net The intangible assets primarily consist of $4.0 million of developed technology and $11.3 million of software licenses, net of amortization expense. In the third quarter of fiscal year 2022, the Company determined that the underlying project incorporating the in-process research and development (“IPR&D”) from the acquisition of VisLab S.r.l., or VisLab, 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 October 31, 2021, $5.7 million was recorded in accrued and other current liabilities and $2.6 million was recorded in other long-term liabilities in the condensed consolidated balance sheets. The carrying amounts of intangible assets as of October 31, 2021 and January 31, 2021 were as follows As of October 31, 2021 As of January 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) In-process research and development $ — $ — $ — $ 4,100 $ — $ 4,100 Developed technology 4,100 (147 ) 3,953 — — — Software licenses 21,708 (10,394 ) 11,314 21,043 (6,440 ) 14,603 Total intangible assets, net $ 25,808 $ (10,541 ) $ 15,267 $ 25,143 $ (6,440 ) $ 18,703 The amortization expense related to the intangible assets was approximately $1.7 million and $1.7 million for the three months ended October 31, 2021 and 2020, respectively, and was approximately $4.7 million and $4.8 million for the nine months ended October 31, 2021 and 2020, respectively. The expected future amortization expense related to these intangible assets as of October 31, 2021 is as follows: As of October 31, 2021 Fiscal Year (in thousands) 2022 (3 months remaining) $ 1,665 2023 7,292 2024 3,478 2025 782 2026 586 Thereafter 1,464 Total future amortization expenses: $ 15,267 The Company is required to test the impairment prior to changing the IPR&D from an indefinite-lived asset to a finite-lived asset. There were no intangible asset impairments for the three and nine months ended October 31, 2021 and 2020, respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Oct. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued and Other Current Liabilities | 6. Accrued and Other Current Liabilities Accrued and other current liabilities at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Accrued employee compensation $ 20,459 $ 18,105 Accrued rebates 253 391 Accrued product development costs 16,305 21,157 Software license liabilities, current 5,677 5,582 Other accrued liabilities 6,215 2,891 Total accrued and other current liabilities $ 48,909 $ 48,126 |
Leases
Leases | 9 Months Ended |
Oct. 31, 2021 | |
Leases [Abstract] | |
Leases | 7. Leases The Company has entered into various operating leases for its worldwide office facilities. During the nine months ended October 31, 2021, the Company extended its existing Shanghai office lease for an additional three years beginning December 1, 2021 to November 30, 2024 and extended its existing Hong Kong office lease for an additional five years beginning December 1, 2021 to November 30, 2026. The Company also leased an additional space for its Shanghai office for a period of 40 months starting from August 1, 2021 through November 30, 2024. The Company recorded an aggregate increase of approximately $4.4 million to the operating lease right-of-use assets and corresponding operating lease liabilities in the condensed consolidated balance sheets as a result of these lease extensions and additional leased space. The operating lease expense was approximately $0.9 million and $0.8 million for the three months ended October 31, 2021 and 2020, respectively. The operating lease expense was approximately $2.5 million and $2.2 million for the nine months ended October 31, 2021 and 2020, respectively. The Company's short-term leases and finance leases were not material as of October 31, 2021 and January 31, 2021, respectively . Supplemental cash flow information related to leases is as follows: Three Months Ended Nine Months Ended October 31, 2021 October 31, 2021 (in thousands) Cash paid for operating leases included in operating cash flows $ 918 $ 2,681 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 95 $ 272 Leased assets obtained in exchange for operating lease liabilities arising from lease modifications $ 1,112 $ 2,799 As of October 31, 2021, the weighted average remaining lease term is 3.81 years, and the weighted average discount rate is 3.55 percent. Future minimum lease payments for the lease liabilities are as follows : As of October 31, 2021 Fiscal Year (in thousands) 2022 (3 months remaining) $ 951 2023 3,698 2024 3,474 2025 3,267 2026 1,431 Thereafter 485 Total future annual minimum lease payments 13,306 Less: interest (759 ) Total lease liabilities $ 12,547 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Oct. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 8. Other Long-Term Liabilities Other long-term liabilities at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Unrecognized tax benefits, including interest $ 9,224 $ 8,966 Deferred tax liabilities, non-current 1,287 1,288 Software license liabilities, non-current 2,630 6,259 Other long-term liabilities 307 299 Total other long-term liabilities $ 13,448 $ 16,812 |
Capital Stock
Capital Stock | 9 Months Ended |
Oct. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | 9. Capital Stock Preference shares After completion of the Company’s initial public offering in 2012, a total of 20,000,000 preference shares, with a $0.00045 par value per share, were authorized. There were no preference shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively. Ordinary shares As of October 31, 2021 and January 31, 2021, a total of 200,000,000 ordinary shares were authorized. In June 2021, the Company’s shareholders approved the 2021 Equity Incentive Plan, or 2021 EIP. The 2021 EIP permits the grant of incentive stock options, or ISOs, within the meaning of Section 422 of the Code, to employees of the Company and any of the Company’s subsidiary or parent corporations, and the grant of nonstatutory stock options, or NSOs, stock appreciation rights, restricted stock, restricted stock units, and performance awards to employees, directors and consultants of the Company and any of the Company’s subsidiary or parent corporations’ employees and consultants. Upon adoption of the 2021 EIP, the total number of ordinary shares of the Company reserved for issuance under the 2021 Plan was equal to, subject to adjustments upon changes in capitalization as provided under the 2021 EIP, 1,350,000 ordinary shares, plus (i) any ordinary shares subject to outstanding awards granted under the that, after the date the 2012 EIP is terminated, are cancelled, expire or otherwise terminate without having been exercised in full or are forfeited to or repurchased by the Company due to failure to vest, and (ii) any ordinary shares that, as of immediately prior to the termination of the 2012 EIP, were available for grant under the 2012 EIP, up to a maximum of 6,834,208 ordinary shares pursuant to clauses (i) and (ii) In the first quarter of fiscal year 2022, the Company added 1,599,634 ordinary shares to the ordinary shares reserved for issuance, pursuant to an “evergreen” provision contained in the 2012 EIP. Upon the approval of the 2021 EIP, the 2012 EIP was terminated. No additional awards will be granted under the 2012 EIP and any shares that were reserved but not issued under the 2012 EIP became available for future grant or sale under the 2021 EIP. However, all outstanding stock options and other awards previously granted under the 2012 EIP will remain subject to the terms of the 2012 EIP. In the first quarter of fiscal year 2022, the Company added 444,343 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 such date, or (iii) an amount determined by the Company’s Board of Directors or a duly authorized committee of the Board of Directors. As of October 31, 2021 and January 31, 2021, the following ordinary shares were reserved for future issuance under the EIP and ESPP: As of October 31, 2021 January 31, 2021 Shares reserved for options, restricted stock and restricted stock units under EIP 7,671,344 5,981,741 Shares reserved for ESPP 2,624,704 2,299,143 Shares repurchased On May 29, 2019, the Company’s Board of Directors authorized a program to repurchase up to $50.0 million of the Company’s ordinary shares through June 30, 2020. On March 16, 2020, the Company repurchased a total of 25,719 shares for approximately $1.0 million in cash. On May 29, 2020, the Board approved an extension of this program for an additional twelve months ending June 30, 2021. On May 25, 2021, the Board extended the repurchase program for another 12 months through June 30, 2022.There were no ordinary shares repurchased in the nine months ended October 31, 2021. 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. As of October 31, 2021, there was approximately $49.0 million available for repurchases under the repurchase program through June 30, 2022. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Oct. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 10. Stock-based Compensation The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 (in thousands) Stock-based compensation: Cost of revenue $ 391 $ 368 $ 1,073 $ 981 Research and development 13,725 11,496 36,444 31,402 Selling, general and administrative 7,937 7,113 22,750 19,024 Total stock-based compensation $ 22,053 $ 18,977 $ 60,267 $ 51,407 During the three and nine months ended October 31, 2021, approximately $1.7 million and $5.1 million of stock-based compensation expense was accrued in accrued and other current liabilities in the condensed consolidated balance sheets, respectively. As of October 31, 2021, total unrecognized compensation cost related to unvested stock options was $2.4 million and is expected to be recognized over a weighted-average period of 2.13 years. Total unrecognized compensation cost related to unvested restricted stock units was $198.6 million and is expected to be recognized over a weighted-average period of 2.45 years. The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Stock Options: Volatility — 52 % 51 % 52 % Risk-free interest rate — 0.40 % 0.98 % 0.52 % Expected term (years) — 5.81 5.27 5.84 Dividend yield — 0 % 0 % 0 % Employee stock purchase plan awards: Volatility 54 % 58 % 57 % 59 % Risk-free interest rate 0.05 % 0.12 % 0.06 % 0.21 % Expected term (years) 0.5 0.5 0.5 0.5 Dividend yield 0 % 0 % 0 % 0 % The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Fair Value (in (in years) (in Outstanding at January 31, 2021 719,143 $ 38.33 Granted 14,700 110.19 $ 50.28 Exercised (229,051 ) 25.37 $ 19,201 Forfeited (7,401 ) 69.40 Expired (1,146 ) 9.86 Outstanding at October 31, 2021 496,245 46.05 4.64 $ 69,365 Exercisable at October 31, 2021 411,465 $ 42.64 3.90 $ 58,916 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 October 31, 2021 was $185.83, as reported by The NASDAQ Global 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 units activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2021 2,871,801 $ 51.73 Granted 1,113,417 122.39 Vested (1,029,869 ) 50.81 Forfeited (48,983 ) 66.60 Unvested at October 31, 2021 2,906,366 $ 78.88 As of October 31, 2021, the aggregate intrinsic value of unvested restricted stock units was $540.1 million. |
Net Income (Loss) Per Ordinary
Net Income (Loss) Per Ordinary Share | 9 Months Ended |
Oct. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Ordinary Share | 11. Net Income (Loss) Per Ordinary Share The following table sets forth the computation of basic and diluted net income (loss) per ordinary share for the periods indicated: Three Nine 2021 2020 2021 2020 (in thousands, except share and per share data) Numerator: Net income (loss) $ 756 $ (17,078 ) $ (17,218 ) $ (47,297 ) Denominator: Weighted-average ordinary shares - basic 36,792,187 34,819,880 36,391,676 34,460,172 Effect of potentially dilutive securities: Employee stock options 327,417 — — — Restricted stock units 1,921,723 — — — Employee stock purchase plan 4,947 — — — Weighted-average ordinary shares - diluted 39,046,274 34,819,880 36,391,676 34,460,172 Net income (loss) per ordinary share: Basic $ 0.02 $ (0.49 ) $ (0.47 ) $ (1.37 ) Diluted $ 0.02 $ (0.49 ) $ (0.47 ) $ (1.37 ) The following weighted-average potentially dilutive securities were excluded from the computation of diluted net income (loss) per ordinary share as their effect would have been antidilutive: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Options to purchase ordinary shares 13,399 701,113 269,713 734,506 Restricted stock units 51 1,233,679 1,105,083 1,316,682 Employee stock purchase plan 3,446 23,144 9,010 26,494 16,896 1,957,936 1,383,806 2,077,682 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The following table provides details of income taxes for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 (in thousands) Loss before income taxes $ (804 ) $ (15,576 ) $ (16,089 ) $ (43,922 ) Provision (benefit) for income taxes (1,560 ) 1,502 1,129 3,375 Effective tax rate 194.2% (9.6)% (7.0)% (7.7)% The Company recorded an income tax benefit of $1.6 million and an income tax provision of $1.5 million for the three months ended October 31, 2021 and 2020, respectively. The change from an income tax provision to an income tax benefit was primarily due to the changes in the amounts of pre-tax income, changes to the Company’s estimated annual effective tax rate, and an increase in tax benefits from excess stock-based compensation deductions. The Company recorded an income tax provision of $1.1 million and $3.4 million for the nine months ended October 31, 2021 and 2020, respectively. The decrease in income tax expense was primarily due to an increase in the U.S. federal research tax credit, and an increase in tax benefits from excess stock-based compensation deductions. The Company files federal and state income tax returns in the United States and in various foreign jurisdictions. The Internal Revenue Service is currently examining the Company’s U.S. federal income tax return for the fiscal year ended January 31, 2017. The tax years 2013 to 2020 remain open to examination by U.S. federal tax authorities. The tax years 2009 to 2020 remain open to examination by U.S. state tax authorities. The tax years 2015 to 2020 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 October 31, 2021, the gross amount of unrecognized tax benefits was approximately $28.1 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. The Company does not anticipate significant changes to its uncertain tax positions during the next twelve months. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. 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 the 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 October 31, 2021 and January 31, 2021, total manufacturing purchase commitments were approximately $66.0 million and $48.2 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. As of October 31, 2021, there was no material loss recognized in the condensed consolidated balance sheets from adverse purchase commitments. 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 not made payments under these obligations, and no liabilities have been recorded for these obligations in the condensed consolidated balance sheets as of October 31, 2021 and January 31, 2021, respectively. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. Segment Reporting The Company operates in one reportable segment related to the development and sales of low-power, high-definition (HD), Ultra HD video compression, image processing and 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 October 31, Nine Months Ended October 31, 2021 2020 2021 2020 (in thousands) Taiwan $ 59,412 $ 35,073 $ 153,135 $ 96,846 Asia Pacific 21,323 14,642 60,122 43,635 Europe 4,432 1,970 11,837 6,856 North America other than United States 5,984 2,433 13,117 8,449 United States 1,016 1,972 3,416 5,062 Total revenue $ 92,167 $ 56,090 $ 241,627 $ 160,848 As of October 31, 2021, substantially all of the Company’s property and equipment, net, was located in the United States, Asia Pacific region and Europe with approximate net amounts of $3.1 million, $4.0 million and $1.5 million, respectively. Major Customers For the three and nine months ended October 31, 2021, the customers representing 10% or more of revenue and accounts receivable were Wintech and Chicony, which accounted for approximately 63.1% and 13.4% of total revenue for the three months ended October 31, 2021, respectively, and accounted for approximately 62.7% and 14.9% of total revenue for the nine months ended October 31, 2021, respectively. For the three and nine months ended October 31, 2020, the customers representing 10% or more of revenue and accounts receivable were Wintech and Chicony, which accounted for approximately 62.3% and 17.6% of total revenue for the three months ended October 31, 2020, respectively, and accounted for approximately 60.4% and 17.4% of total revenue for the nine months ended October 31, 2020, respectively. Accounts receivable with Wintech and Chicony were approximately $23.5 million and $12.4 million as of October 31, 2021, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On November 5, 2021, the Company completed the 100% voting rights acquisition of Oculii Corporation, a privately-held Ohio-based company that develops adaptive radar perception algorithms for automotive, including advanced driver assistance systems and autonomous vehicle driving systems, and other commercial applications, for an aggregate consideration of $307.5 million in cash, subject to customary adjustments for cash, indebtedness, transaction expenses and working capital. In addition, the Company assumed all unvested options to purchase Oculii capital stock that were held by continuing Oculii service providers, subject to customary adjustments with respect to the exercise price and number of shares underlying such options. The incurred acquisition related costs of $1.6 million were recorded in the operating expenses in the condensed consolidated statements of operations in the third quarter of fiscal 2022. Due to the limited time since the acquisition date, and the size and complexity of the transaction, the accounting for the business combination and the assumed unvested options are not yet complete. Accordingly, the Company is not able to provide the allocation of consideration paid to the assets acquired or liabilities assumed and the fair value of the assumed unvested options as of the filing of the condensed consolidated financial statements, but it is expected that the transaction will result in an increase to the Company’s net assets and goodwill. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2021 | |
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, image processing, and deep neural network 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, artificial intelligence (AI) computer vision algorithms, audio processing and system functions onto a single chip, delivering exceptional video and image quality, differentiated functionality and low power consumption. The Company is currently addressing a broad range of human and computer vision applications, including professional and consumer security cameras, automotive cameras such as 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 design manufacturers, or ODMs, and original equipment manufacturers, or 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 2021 fiscal year filed with the SEC on March 31, 2021 (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, but does not include all disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”). 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. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates and assumptions, including those related to (i) write down of excess and obsolete inventories; (ii) the estimated useful lives of long-lived assets; (iii) the valuation of stock-based compensation awards and financial instruments; (iv) the probability of performance objectives achievement; and (v) the realization of tax assets and estimates of tax liabilities, including reserves for uncertain tax positions. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. The Company also assessed the impacts of COVID-19 on the above accounting matters as of October 3 1 , 2021 and through the date of issuing this report. While it is difficult to quantify the impact of COVID-19 , the future magnitude and duration of COVID-19, as well as other associated factors, could r esult in material negative impacts to the Company’s condensed consolidated financial statements in future reporting periods . |
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 Wintech, which serves as its non-exclusive sales representative in Asia other than Japan, and directly to one ODM customer, Chicony Electronics Co., Ltd., or Chicony. 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 14 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, asset-backed securities, commercial paper, U.S. government securities and debt securities of corporations 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. |
Financial Instruments | Financial Instruments The Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments in fiscal year 2021. As a result, the Company recognizes credit losses based on a forward-looking current expected credit losses (CECL) model, including accounts receivable. The Company’s accounts receivable are recorded at invoiced amount less an allowance for any potentially uncollectible amounts. Accordingly, the Company makes estimates of expected credit losses for the allowance for doubtful accounts based upon its assessment of various factors, including historical collection experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Company considers all highly liquid debt security investments with original maturities of less than three months at the time of purchase to be cash equivalents. Debt security investments that are highly liquid with original maturities at the time of purchase greater than three months are considered marketable debt securities. The Company classifies these investments as “available-for-sale” (AFS) securities. The Company estimates the expected losses whenever a security’s fair value is below its amortized cost basis. The expected loss is computed at an individual security level using the discounted cash flow method with the effective interest rate on the purchase date. In the determination of credit-related losses, the Company excludes securities with zero loss expectation such as assets backed by government agencies. There are various factors considered in its assessment of credit-related losses, including the extent to which the fair value is less than the amortized cost basis, adverse conditions related to an industry or an underlying loan obligator, the payment structure of the security, changes to the rating of the security and other factors that may affect the security credit. 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 income in the condensed consolidated balance sheets. As of October 31, 2021, the Company fully liquidated all of the investments in debt securities and realized all of the gains and losses in the condensed consolidated statements of operations. |
Restricted Cash | Restricted Cash Amounts included in restricted cash represent those required to be set aside to secure certain transactions in a foreign entity. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets, and the sums are presented on the condensed consolidated statements of cash flows: As of October 31, 2021 January 31, 2021 October 31, 2020 January 31, 2020 (in thousands) Cash and cash equivalents $ 457,760 $ 241,274 $ 225,508 $ 231,403 Restricted cash 10 10 10 9 Total as presented in the condensed consolidated statements of cash flows $ 457,770 $ 241,284 $ 225,518 $ 231,412 |
Inventories | Inventories The Company records inventories at the lower of cost or net realizable value. The cost includes materials and other production costs and is computed using standard cost on a first-in, first-out basis. Inventory reserves are recorded for estimated obsolescence or unmarketable inventories based on forecast of future demand and market conditions. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. |
Software Licenses | Software Licenses The Company accounts for a noncancelable on premise internal-use software license as the acquisition of an intangible asset and the incurrence of a liability to the extent that all or a portion of the software licensing fees are not paid on or before the license acquisition date. The intangible asset and related liability are recorded at net present The Company expenses the cost of purchased software that is to be sold, leased or otherwise marketed as part of a product until the technological feasibility of the product has been established or where the software has an alternative future use. Once the technological feasibility of the product, to be externally marketed, has been established or where the software has an alternative future use, the Company capitalizes the cost of purchased software until the associated product is available for general release to customers, at which point the capitalized cost is amortized on a product by product basis over the remaining estimated economic life of the product. |
Leases | Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases in fiscal year 2020 . As a result, t . |
Revenue Recognition | Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when control of its goods and services is transferred to its customers. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. The sale of semiconductor products accounts for the substantial majority of the Company’s consolidated revenue. Sales agreements with customers are renewable periodically and contain terms and conditions with respect to payment, delivery, warranty, supply and other rights. The Company considers an accepted customer purchase order, governed by sales agreement, to be the contract with the customer. For each contract, the Company considers the promise to transfer tangible products to be the identified performance obligation. Product sales contracts may include volume-based tiered pricing or rebates that are fulfilled in cash or product. In determining the transaction price, the Company accounts for the right of returns, cash rebates, commissions and other pricing adjustments as variable consideration , estimates these amounts based on the expected amount to be provided to customers and reduces the revenue recognized. The Company estimates sales returns and rebates based on the Company’s historical patterns of return and pricing credits. As the Company’s standard payment terms are 30 days to 60 days, the contracts have no financing component. Under ASC 606, the Company estimates the total consideration to be received by using the expected value method for each contract, computes weighted average selling price for each unit shipped in cases where there is a material right due to the presence of volume-based tiered pricing, allocates the total consideration between the identified performance obligations, and recognizes revenue when control of its goods and services is transferred to its customers. The Company considers product control to be transferred at a point in time upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset . The Company also enters into fixed-price engineering service agreements with certain customers. These agreements may include multiple performance obligations, such as software development services, licensing of intellectual property and post-contract customer support, or PCS. These multiple performance obligations are highly interdependent, highly interrelated, are typically not sold separately and do not have standalone selling prices. They are all inputs to generate one combined output which is incorporating the Company’s SoC into the customer’s product. Accordingly, the Company determines that they are not separately identifiable and shall be treated as a single performance obligation. Customers usually pay based on milestones achieved. Because payments received do not correspond directly with the value of the Company’s performance to date, for fixed-price engineering services arrangements, revenue is recognized using the time-based straight line method, which best depicts the Company’s performance toward complete satisfaction of the performance obligation based on the nature of such professional services. Revenues from engineering service agreements were not material for the three and nine months ended October 31, 2021 and 2020, respectively. Timing of revenue recognition may differ from the timing of invoicing to the Company’s customers. The Company records contract assets when revenue is recognized prior to invoicing. The Company’s contract assets are primarily related to satisfied but unbilled performance obligations associated with its engineering service agreements at the reporting date. As of October 31, 2021 and January 31, 2021, the contract assets for these unbilled receivables were not material. The Company’s contract liabilities consist of deferred revenue. The deferred revenue is primarily related to the portion of a transaction price that exceeds the weighted average selling price for products sold to date under tiered-pricing contracts which contain material rights. This deferred revenue is expected to be recognized over the course of the contract when products are delivered for future pricing below the weighted average selling price of the contract. For the three and nine months ended October 31, 2021 and 2020, the Company did not recognize any material revenue adjustment, respectively, related to performance obligations satisfied in prior periods released from this deferred revenue. As of October 31, 2021 and January 31, 2021, the respective deferred revenues were not material. Additionally, the transaction price allocated to unsatisfied, or partially unsatisfied, purchase orders for contracts that are greater than a year was not material as of October 31, 2021 and January 31, 2021, respectively. The Company also elects not to disclose the value of unsatisfied or partially unsatisfied performance obligations due to an original expected contract duration of one year or less and elects to exclude amounts collected from customers for all sales taxes from the transaction price |
Cost of Revenue | Cost of Revenue Cost of revenue includes cost of materials, cost associated with packaging and assembly, testing and shipping, cost of personnel, stock-based compensation, logistics and quality assurance, warranty cost, royalty expense, write-downs of inventories and allocation of overhead. |
Research and Development | Research and Development Research and development costs are expensed as incurred and consist primarily of personnel costs, product development costs, which include engineering services, development software and hardware tools, license fees, costs of fabrication of masks for prototype products, other development materials costs, depreciation of equipment and tools and allocation of facility costs, net of any research and development grants. As of October 31, 2021, there was approximately $1.4 million of grants recorded in prepaid expenses and other current assets and approximately $0.9 million of grants recorded in other non-current assets in the condensed consolidated balance sheets. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company applies authoritative guidance for the accounting for uncertainty in income taxes. The guidance requires that tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. Upon estimating its tax positions and tax benefits, the Company considers and evaluates numerous factors, which may require periodic adjustments and which may not reflect the final tax liabilities. The Company adjusts its financial statements to reflect only those tax positions that are more likely than not to be sustained under examination. As part of the process of preparing condensed consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets, which are included in the condensed consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the condensed consolidated statements of operations become deductible expenses under applicable income tax laws, or loss or credit carryforwards are utilized. In assessing whether deferred tax assets may be realized, the Company considers whether it is more likely than not that some portion or all of deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company makes estimates and judgments about its future taxable income based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from estimates, the amount of valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the condensed consolidated statements of operations for the periods in which the adjustment is determined to be required. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share Basic earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period increased to include the number of additional ordinary shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan and unvested restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings (losses) per share by application of the treasury stock method. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes unrealized gains or losses, net from available-for-sale securities that are excluded from net income (loss). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements None. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
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 sums are presented on the condensed consolidated statements of cash flows: As of October 31, 2021 January 31, 2021 October 31, 2020 January 31, 2020 (in thousands) Cash and cash equivalents $ 457,760 $ 241,274 $ 225,508 $ 231,403 Restricted cash 10 10 10 9 Total as presented in the condensed consolidated statements of cash flows $ 457,770 $ 241,284 $ 225,518 $ 231,412 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Investments All Other Investments [Abstract] | |
Schedule of Available-for-Sale Securities at Fair Value | As of October 31, 2021, the Company fully liquidated all of the investments and reported the remaining cash equivalents in the condensed consolidated balance sheets as follows: As of October 31, 2021 Amortized Unrealized Unrealized Losses Fair Value (in thousands) Money market funds $ 20 $ — $ — $ 20 Commercial paper — — — — Corporate bonds — — — — Asset-backed securities — — — — U.S. government securities — — — — Total cash equivalents and marketable debt securities $ 20 $ — $ — $ 20 As of January 31, 2021 Amortized Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 171 $ — $ — $ 171 Commercial paper 66,181 — — 66,181 Corporate bonds 102,108 980 (7 ) 103,081 Asset-backed securities 15,740 164 — 15,904 U.S. government securities 29,383 82 — 29,465 Total cash equivalents and marketable debt securities $ 213,583 $ 1,226 $ (7 ) $ 214,802 |
Schedule of Cash Equivalents and Marketable Debt Securities | As of October 31, 2021 January (in thousands) Included in cash equivalents $ 20 $ 15,368 Included in marketable debt securities — 199,434 Total cash equivalents and marketable debt securities $ 20 $ 214,802 |
Summary of Contractual Maturities of Investments | The contractual maturities of the investments at October 31, 2021 and January 31, 2021 were as follows: As of October 31, 2021 January (in thousands) Due within one year $ 20 $ 135,899 Due within one to three years — 78,903 Total cash equivalents and marketable debt securities $ 20 $ 214,802 |
Schedule of Fair Value of Financial Instruments Measured on Recurring Basis | As of October 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 20 $ 20 $ — $ — Commercial paper — — — — Corporate bonds — — — — Asset-backed securities — — — — U.S. government securities — — — — Total cash equivalents and marketable debt securities $ 20 $ 20 $ — $ — As of January 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 171 $ 171 $ — $ — Commercial paper 66,181 — 66,181 — Corporate bonds 103,081 — 103,081 — Asset-backed securities 15,904 — 15,904 — U.S. government securities 29,465 — 29,465 — Total cash equivalents and marketable debt securities $ 214,802 $ 171 $ 214,631 $ — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Work-in-progress $ 30,240 $ 18,219 Finished goods 16,799 7,862 Total $ 47,039 $ 26,081 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Computer equipment and software $ 14,316 $ 11,525 Machinery and equipment 7,368 6,946 Furniture and fixtures 1,158 969 Leasehold improvements 2,621 2,237 Construction in progress 1,419 331 26,882 22,008 Less: accumulated depreciation and amortization (18,384 ) (16,478 ) Total property and equipment, net $ 8,498 $ 5,530 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amounts of Intangible Assets | 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 October 31, 2021, $5.7 million was recorded in accrued and other current liabilities and $2.6 million was recorded in other long-term liabilities in the condensed consolidated balance sheets. The carrying amounts of intangible assets as of October 31, 2021 and January 31, 2021 were as follows As of October 31, 2021 As of January 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) In-process research and development $ — $ — $ — $ 4,100 $ — $ 4,100 Developed technology 4,100 (147 ) 3,953 — — — Software licenses 21,708 (10,394 ) 11,314 21,043 (6,440 ) 14,603 Total intangible assets, net $ 25,808 $ (10,541 ) $ 15,267 $ 25,143 $ (6,440 ) $ 18,703 |
Summary of Expected Future Amortization Expense Related to Intangible Assets | The expected future amortization expense related to these intangible assets as of October 31, 2021 is as follows: As of October 31, 2021 Fiscal Year (in thousands) 2022 (3 months remaining) $ 1,665 2023 7,292 2024 3,478 2025 782 2026 586 Thereafter 1,464 Total future amortization expenses: $ 15,267 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Accrued employee compensation $ 20,459 $ 18,105 Accrued rebates 253 391 Accrued product development costs 16,305 21,157 Software license liabilities, current 5,677 5,582 Other accrued liabilities 6,215 2,891 Total accrued and other current liabilities $ 48,909 $ 48,126 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows: Three Months Ended Nine Months Ended October 31, 2021 October 31, 2021 (in thousands) Cash paid for operating leases included in operating cash flows $ 918 $ 2,681 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 95 $ 272 Leased assets obtained in exchange for operating lease liabilities arising from lease modifications $ 1,112 $ 2,799 |
Schedule of Future Minimum Lease Payments for Lease Liabilities | As of October 31, 2021, the weighted average remaining lease term is 3.81 years, and the weighted average discount rate is 3.55 percent. Future minimum lease payments for the lease liabilities are as follows : As of October 31, 2021 Fiscal Year (in thousands) 2022 (3 months remaining) $ 951 2023 3,698 2024 3,474 2025 3,267 2026 1,431 Thereafter 485 Total future annual minimum lease payments 13,306 Less: interest (759 ) Total lease liabilities $ 12,547 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities at October 31, 2021 and January 31, 2021 consisted of the following: As of October 31, 2021 January (in thousands) Unrecognized tax benefits, including interest $ 9,224 $ 8,966 Deferred tax liabilities, non-current 1,287 1,288 Software license liabilities, non-current 2,630 6,259 Other long-term liabilities 307 299 Total other long-term liabilities $ 13,448 $ 16,812 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Equity [Abstract] | |
Schedule of Ordinary Shares Reserved for Future Issuance under EIP and ESPP | As of October 31, 2021 and January 31, 2021, the following ordinary shares were reserved for future issuance under the EIP and ESPP: As of October 31, 2021 January 31, 2021 Shares reserved for options, restricted stock and restricted stock units under EIP 7,671,344 5,981,741 Shares reserved for ESPP 2,624,704 2,299,143 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Classification of Stock-based Compensation | The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 (in thousands) Stock-based compensation: Cost of revenue $ 391 $ 368 $ 1,073 $ 981 Research and development 13,725 11,496 36,444 31,402 Selling, general and administrative 7,937 7,113 22,750 19,024 Total stock-based compensation $ 22,053 $ 18,977 $ 60,267 $ 51,407 |
Weighted-Average Assumptions Used to Estimate Fair Value | The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Stock Options: Volatility — 52 % 51 % 52 % Risk-free interest rate — 0.40 % 0.98 % 0.52 % Expected term (years) — 5.81 5.27 5.84 Dividend yield — 0 % 0 % 0 % Employee stock purchase plan awards: Volatility 54 % 58 % 57 % 59 % Risk-free interest rate 0.05 % 0.12 % 0.06 % 0.21 % Expected term (years) 0.5 0.5 0.5 0.5 Dividend yield 0 % 0 % 0 % 0 % |
Stock Option Activities | The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Fair Value (in (in years) (in Outstanding at January 31, 2021 719,143 $ 38.33 Granted 14,700 110.19 $ 50.28 Exercised (229,051 ) 25.37 $ 19,201 Forfeited (7,401 ) 69.40 Expired (1,146 ) 9.86 Outstanding at October 31, 2021 496,245 46.05 4.64 $ 69,365 Exercisable at October 31, 2021 411,465 $ 42.64 3.90 $ 58,916 |
Restricted Stock Units Activities | The following table summarizes restricted stock units activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2021 2,871,801 $ 51.73 Granted 1,113,417 122.39 Vested (1,029,869 ) 50.81 Forfeited (48,983 ) 66.60 Unvested at October 31, 2021 2,906,366 $ 78.88 |
Net Income (Loss) Per Ordinar_2
Net Income (Loss) Per Ordinary Share (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Ordinary Share | The following table sets forth the computation of basic and diluted net income (loss) per ordinary share for the periods indicated: Three Nine 2021 2020 2021 2020 (in thousands, except share and per share data) Numerator: Net income (loss) $ 756 $ (17,078 ) $ (17,218 ) $ (47,297 ) Denominator: Weighted-average ordinary shares - basic 36,792,187 34,819,880 36,391,676 34,460,172 Effect of potentially dilutive securities: Employee stock options 327,417 — — — Restricted stock units 1,921,723 — — — Employee stock purchase plan 4,947 — — — Weighted-average ordinary shares - diluted 39,046,274 34,819,880 36,391,676 34,460,172 Net income (loss) per ordinary share: Basic $ 0.02 $ (0.49 ) $ (0.47 ) $ (1.37 ) Diluted $ 0.02 $ (0.49 ) $ (0.47 ) $ (1.37 ) |
Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Ordinary Share | The following weighted-average potentially dilutive securities were excluded from the computation of diluted net income (loss) per ordinary share as their effect would have been antidilutive: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Options to purchase ordinary shares 13,399 701,113 269,713 734,506 Restricted stock units 51 1,233,679 1,105,083 1,316,682 Employee stock purchase plan 3,446 23,144 9,010 26,494 16,896 1,957,936 1,383,806 2,077,682 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Taxes | The following table provides details of income taxes for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 (in thousands) Loss before income taxes $ (804 ) $ (15,576 ) $ (16,089 ) $ (43,922 ) Provision (benefit) for income taxes (1,560 ) 1,502 1,129 3,375 Effective tax rate 194.2% (9.6)% (7.0)% (7.7)% |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
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 October 31, Nine Months Ended October 31, 2021 2020 2021 2020 (in thousands) Taiwan $ 59,412 $ 35,073 $ 153,135 $ 96,846 Asia Pacific 21,323 14,642 60,122 43,635 Europe 4,432 1,970 11,837 6,856 North America other than United States 5,984 2,433 13,117 8,449 United States 1,016 1,972 3,416 5,062 Total revenue $ 92,167 $ 56,090 $ 241,627 $ 160,848 |
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 | Oct. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 457,760 | $ 241,274 | $ 225,508 | $ 231,403 |
Restricted cash | 10 | 10 | 10 | 9 |
Total as presented in the condensed consolidated statements of cash flows | $ 457,770 | $ 241,284 | $ 225,518 | $ 231,412 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Material inventory losses recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Prepaid Expenses and Other Current Assets [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Grants recorded | 1,400,000 | 1,400,000 | ||
Other Non-current Assets [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Grants recorded | $ 900,000 | $ 900,000 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value - Schedule of Available-for-Sale Securities at Fair Value (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 20 | $ 213,583 |
Unrealized Gains | 0 | 1,226 |
Unrealized Losses | 0 | (7) |
Fair Value | 20 | 214,802 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20 | 171 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 20 | 171 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 66,181 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 0 | 66,181 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 102,108 |
Unrealized Gains | 0 | 980 |
Unrealized Losses | 0 | (7) |
Fair Value | 0 | 103,081 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 15,740 |
Unrealized Gains | 0 | 164 |
Unrealized Losses | 0 | 0 |
Fair Value | 0 | 15,904 |
U.S. government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 29,383 |
Unrealized Gains | 0 | 82 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 0 | $ 29,465 |
Financial Instruments And Fai_4
Financial Instruments And Fair Value - Schedule of Cash Equivalents and Marketable Debt Securities (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 20 | $ 214,802 |
Included in cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | 20 | 15,368 |
Included in marketable debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 0 | $ 199,434 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value - Summary of Contractual Maturities of Investments (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Available For Sale Securities Debt Maturities Fair Value [Abstract] | ||
Due within one year | $ 20 | $ 135,899 |
Due within one to three years | 0 | 78,903 |
Total cash equivalents and marketable debt securities | $ 20 | $ 214,802 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value - Schedule of Fair Value of Financial Instruments Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 20 | $ 214,802 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 20 | 171 |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 66,181 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 103,081 |
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 | 15,904 |
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 | 29,465 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 20 | 171 |
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 | 20 | 171 |
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 | 0 | 214,631 |
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 | 0 | 66,181 |
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 | 0 | 103,081 |
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 | 0 | 15,904 |
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 | 0 | 29,465 |
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 | Oct. 31, 2021 | Jan. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Work-in-progress | $ 30,240 | $ 18,219 |
Finished goods | 16,799 | 7,862 |
Total | $ 47,039 | $ 26,081 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation of property and equipment | $ 0.7 | $ 0.6 | $ 1.9 | $ 1.9 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 26,882 | $ 22,008 |
Less: accumulated depreciation and amortization | (18,384) | (16,478) |
Total property and equipment, net | 8,498 | 5,530 |
Computer equipment and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 14,316 | 11,525 |
Machinery and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,368 | 6,946 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,158 | 969 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,621 | 2,237 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,419 | $ 331 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of amortization expense | $ 15,267,000 | $ 15,267,000 | $ 18,703,000 | ||
Liabilities associated with noncancelable internal-use software license at net present value, current | 5,677,000 | 5,677,000 | 5,582,000 | ||
Liabilities associated with noncancelable internal-use software license at net present value, non-current | 2,630,000 | 2,630,000 | 6,259,000 | ||
Amortization expense | 1,700,000 | $ 1,700,000 | 4,700,000 | $ 4,800,000 | |
Impairment of intangible assets | 0 | $ 0 | 0 | $ 0 | |
Developed technology [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of amortization expense | 3,953,000 | 3,953,000 | 0 | ||
Internal-use software licenses [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of amortization expense | 11,314,000 | 11,314,000 | 14,603,000 | ||
IPR&D [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Intangible assets, net of amortization expense | $ 0 | 0 | $ 4,100,000 | ||
Intangible assets acquired | $ 4,100,000 | ||||
Estimated economic life | 7 years |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Carrying Amounts of Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 25,808 | $ 25,143 |
Accumulated Amortization | (10,541) | (6,440) |
Net Carrying Amount | 15,267 | 18,703 |
In-process research and development [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 4,100 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | 0 | 4,100 |
Developed technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,100 | 0 |
Accumulated Amortization | (147) | 0 |
Net Carrying Amount | 3,953 | 0 |
Software licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,708 | 21,043 |
Accumulated Amortization | (10,394) | (6,440) |
Net Carrying Amount | $ 11,314 | $ 14,603 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Expected Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2022 (3 months remaining) | $ 1,665 | |
2023 | 7,292 | |
2024 | 3,478 | |
2025 | 782 | |
2026 | 586 | |
Thereafter | 1,464 | |
Net Carrying Amount | $ 15,267 | $ 18,703 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued employee compensation | $ 20,459 | $ 18,105 |
Accrued rebates | 253 | 391 |
Accrued product development costs | 16,305 | 21,157 |
Software license liabilities, current | 5,677 | 5,582 |
Other accrued liabilities | 6,215 | 2,891 |
Total accrued and other current liabilities | $ 48,909 | $ 48,126 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Lessee Lease Description [Line Items] | ||||
Operating lease expense | $ 0.9 | $ 0.8 | $ 2.5 | $ 2.2 |
Weighted-average remaining lease term - operating leases | 3 years 9 months 21 days | 3 years 9 months 21 days | ||
Weighted-average discount rate - operating leases | 3.55% | 3.55% | ||
Extended Office Lease [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Increase to operating lease right-of-use assets | $ 4.4 | |||
Increase to operating lease liabilities | $ 4.4 | |||
Shanghai [Member] | Extended Office Lease [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Inception date | Dec. 1, 2021 | |||
Expiration date | Nov. 30, 2024 | |||
Lease term | 3 years | 3 years | ||
Shanghai [Member] | Additional Office Space [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Expiration date | Nov. 30, 2024 | |||
Lease term | 40 months | 40 months | ||
Commencement date | Aug. 1, 2021 | |||
Hong Kong [Member] | Extended Office Lease [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Inception date | Dec. 1, 2021 | |||
Expiration date | Nov. 30, 2026 | |||
Lease term | 5 years | 5 years |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2021 | Oct. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 918 | $ 2,681 |
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets | 95 | 272 |
Leased assets obtained in exchange for operating lease liabilities arising from lease modifications | $ 1,112 | $ 2,799 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Lease Liabilities (Detail) $ in Thousands | Oct. 31, 2021USD ($) |
Leases [Abstract] | |
2022 (3 months remaining) | $ 951 |
2023 | 3,698 |
2024 | 3,474 |
2025 | 3,267 |
2026 | 1,431 |
Thereafter | 485 |
Total future annual minimum lease payments | 13,306 |
Less: interest | (759) |
Total lease liabilities | $ 12,547 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Unrecognized tax benefits, including interest | $ 9,224 | $ 8,966 |
Deferred tax liabilities, non-current | 1,287 | 1,288 |
Software license liabilities, non-current | 2,630 | 6,259 |
Other long-term liabilities | 307 | 299 |
Total other long-term liabilities | $ 13,448 | $ 16,812 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | May 25, 2021 | May 29, 2020 | Mar. 16, 2020 | May 29, 2019 | Jun. 30, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2021 |
Class Of Stock [Line Items] | ||||||||||
Preference shares, shares authorized | 20,000,000 | 20,000,000 | ||||||||
Preference shares, par value | $ 0.00045 | $ 0.00045 | ||||||||
Preference shares, shares issued | 0 | 0 | ||||||||
Preference shares, shares outstanding | 0 | 0 | ||||||||
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 | ||||||||
Stock repurchased during period, cash | $ 0 | $ 1,000,000 | ||||||||
2012 Equity Incentive Plan [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Additional ordinary shares reserved for issuance | 0 | 1,599,634 | ||||||||
2021 Equity Incentive Plan [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Additional ordinary shares reserved for issuance | 1,350,000 | |||||||||
Maximum number of ordinary shares reserved for issuance | 6,834,208 | 6,834,208 | ||||||||
Amended and Restated 2012 Employee Stock Purchase Plan [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Additional ordinary shares reserved for issuance | 444,343 | |||||||||
Amended and Restated 2012 Employee Stock Purchase Plan [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% | |||||||||
Stock Repurchase Program $50.0 Million Authorization [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Stock repurchase program, authorization date | May 29, 2019 | |||||||||
Stock repurchase program, expiration date | Jun. 30, 2020 | |||||||||
Stock repurchased, shares | 25,719 | 0 | ||||||||
Stock repurchased during period, cash | $ 1,000,000 | |||||||||
Stock repurchase program, extended expiration period | 12 months | 12 months | ||||||||
Stock repurchase program, extended expiration date | Jun. 30, 2022 | Jun. 30, 2021 | ||||||||
Amount available under stock repurchase program | $ 49,000,000 | |||||||||
Stock Repurchase Program $50.0 Million Authorization [Member] | Maximum [Member] | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Amount authorized under stock repurchase program | $ 50,000,000 |
Capital Stock - Schedule of Ord
Capital Stock - Schedule of Ordinary Shares Reserved for Future Issuance under EIP and ESPP (Detail) - shares | Oct. 31, 2021 | Jan. 31, 2021 |
EIP [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 7,671,344 | 5,981,741 |
ESPP [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 2,624,704 | 2,299,143 |
Stock-based Compensation - Clas
Stock-based Compensation - Classification of Stock-based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Stock-based compensation: | ||||
Total stock-based compensation | $ 22,053 | $ 18,977 | $ 60,267 | $ 51,407 |
Cost of revenue [Member] | ||||
Stock-based compensation: | ||||
Total stock-based compensation | 391 | 368 | 1,073 | 981 |
Research and development [Member] | ||||
Stock-based compensation: | ||||
Total stock-based compensation | 13,725 | 11,496 | 36,444 | 31,402 |
Selling, general and administrative [Member] | ||||
Stock-based compensation: | ||||
Total stock-based compensation | $ 7,937 | $ 7,113 | $ 22,750 | $ 19,024 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 31, 2021USD ($)$ / shares | Oct. 31, 2021USD ($)$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accrued share based compensation expense | $ 1.7 | $ 5.1 |
Closing price of ordinary shares | $ / shares | $ 185.83 | $ 185.83 |
Stock options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized compensation cost, stock options | $ 2.4 | $ 2.4 |
Weighted average recognition period | 2 years 1 month 17 days | |
Restricted stock units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized compensation cost, restricted stock units | 198.6 | $ 198.6 |
Weighted average recognition period | 2 years 5 months 12 days | |
Aggregate intrinsic value of unvested restricted stock units | $ 540.1 | $ 540.1 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted-Average Assumptions Used to Estimate Fair Value (Detail) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Stock options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Volatility | 52.00% | 51.00% | 52.00% | |
Risk-free interest rate | 0.40% | 0.98% | 0.52% | |
Expected term (years) | 5 years 9 months 21 days | 5 years 3 months 7 days | 5 years 10 months 2 days | |
Dividend yield | 0.00% | 0.00% | 0.00% | |
Employee stock purchase plan awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Volatility | 54.00% | 58.00% | 57.00% | 59.00% |
Risk-free interest rate | 0.05% | 0.12% | 0.06% | 0.21% |
Expected term (years) | 6 months | 6 months | 6 months | 6 months |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activities (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Oct. 31, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares, Outstanding | shares | 719,143 |
Shares, Granted | shares | 14,700 |
Shares, Exercised | shares | (229,051) |
Shares, Forfeited | shares | (7,401) |
Shares, Expired | shares | (1,146) |
Shares, Outstanding | shares | 496,245 |
Shares, Exercisable | shares | 411,465 |
Weighted-Average Exercise Price, Outstanding | $ 38.33 |
Weighted-Average Exercise Price, Granted | 110.19 |
Weighted-Average Exercise Price, Exercised | 25.37 |
Weighted-Average Exercise Price, Forfeited | 69.40 |
Weighted-Average Exercise Price, Expired | 9.86 |
Weighted-Average Exercise Price, Outstanding | 46.05 |
Weighted-Average Exercise Price, Exercisable | 42.64 |
Weighted-Average Grant-date Fair Value, Granted | $ 50.28 |
Total Intrinsic Value Of Options Exercised | $ | $ 19,201 |
Weighted-Average Remaining Contractual Term, Outstanding | 4 years 7 months 20 days |
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 10 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 69,365 |
Aggregate Intrinsic Value, Exercisable | $ | $ 58,916 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units Activities (Detail) - Restricted Stock Units [Member] | 9 Months Ended |
Oct. 31, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested, beginning balance | shares | 2,871,801 |
Shares, Granted | shares | 1,113,417 |
Shares, Vested | shares | (1,029,869) |
Shares, Forfeited | shares | (48,983) |
Shares, Unvested, ending balance | shares | 2,906,366 |
Weighted-Average Grant-Date Fair Value, Unvested, beginning balance | $ / shares | $ 51.73 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 122.39 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 50.81 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 66.60 |
Weighted-Average Grant-Date Fair Value, Unvested, ending balance | $ / shares | $ 78.88 |
Net Income (Loss) Per Ordinar_3
Net Income (Loss) Per Ordinary Share - Computation of Basic and Diluted Net Income (Loss) Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Numerator: | ||||||||
Net income (loss) | $ 756 | $ (7,156) | $ (10,818) | $ (17,078) | $ (14,756) | $ (15,463) | $ (17,218) | $ (47,297) |
Denominator: | ||||||||
Weighted-average ordinary shares - basic | 36,792,187 | 34,819,880 | 36,391,676 | 34,460,172 | ||||
Weighted-average ordinary shares - diluted | 39,046,274 | 34,819,880 | 36,391,676 | 34,460,172 | ||||
Net income (loss) per ordinary share: | ||||||||
Basic | $ 0.02 | $ (0.49) | $ (0.47) | $ (1.37) | ||||
Diluted | $ 0.02 | $ (0.49) | $ (0.47) | $ (1.37) | ||||
Stock options [Member] | ||||||||
Effect of potentially dilutive securities: | ||||||||
Effect of potentially dilutive securities | 327,417 | |||||||
Restricted stock units [Member] | ||||||||
Effect of potentially dilutive securities: | ||||||||
Effect of potentially dilutive securities | 1,921,723 | |||||||
Employee stock purchase plan awards [Member] | ||||||||
Effect of potentially dilutive securities: | ||||||||
Effect of potentially dilutive securities | 4,947 |
Net Income (Loss) Per Ordinar_4
Net Income (Loss) Per Ordinary Share - Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Ordinary Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of earnings per share | 16,896 | 1,957,936 | 1,383,806 | 2,077,682 |
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 | 13,399 | 701,113 | 269,713 | 734,506 |
Restricted stock units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of earnings per share | 51 | 1,233,679 | 1,105,083 | 1,316,682 |
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 | 3,446 | 23,144 | 9,010 | 26,494 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Loss before income taxes | $ (804) | $ (15,576) | $ (16,089) | $ (43,922) |
Provision (benefit) for income taxes | $ (1,560) | $ 1,502 | $ 1,129 | $ 3,375 |
Effective tax rate | 194.20% | (9.60%) | (7.00%) | (7.70%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Taxes [Line Items] | ||||
Provision (benefit) for income taxes | $ (1,560) | $ 1,502 | $ 1,129 | $ 3,375 |
Unrecognized tax benefits | $ 28,100 | $ 28,100 | ||
U.S. federal tax authorities [Member] | Earliest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2013 | |||
U.S. federal tax authorities [Member] | Latest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2020 | |||
U.S. state tax authorities [Member] | Earliest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2009 | |||
U.S. state tax authorities [Member] | Latest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2020 | |||
Foreign tax authorities [Member] | Earliest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2015 | |||
Foreign tax authorities [Member] | Latest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2020 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2021 | Jan. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Total manufacturing purchase commitments | $ 66,000,000 | $ 48,200,000 |
Indemnification agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Payments under indemnification obligations | 0 | 0 |
Liabilities recorded under indemnification obligations | $ 0 | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2021USD ($) | Oct. 31, 2020 | Oct. 31, 2021USD ($)Segment | Oct. 31, 2020 | Jan. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |||||
Number of reportable segment | Segment | 1 | ||||
Property and equipment, net | $ 8,498 | $ 8,498 | $ 5,530 | ||
Accounts receivable | $ 44,776 | $ 44,776 | $ 24,974 | ||
Sales revenue, net [Member] | Wintech [Member] | Customer concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenue | 63.10% | 62.30% | 62.70% | 60.40% | |
Sales revenue, net [Member] | Chicony [Member] | Customer concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenue | 13.40% | 17.60% | 14.90% | 17.40% | |
Accounts receivable [Member] | Wintech [Member] | Credit concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | $ 23,500 | $ 23,500 | |||
Accounts receivable [Member] | Chicony [Member] | Credit concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | 12,400 | 12,400 | |||
United States [Member] | |||||
Concentration Risk [Line Items] | |||||
Property and equipment, net | 3,100 | 3,100 | |||
Asia Pacific [Member] | |||||
Concentration Risk [Line Items] | |||||
Property and equipment, net | 4,000 | 4,000 | |||
Europe [Member] | |||||
Concentration Risk [Line Items] | |||||
Property and equipment, net | $ 1,500 | $ 1,500 |
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 | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 92,167 | $ 56,090 | $ 241,627 | $ 160,848 |
Taiwan [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 59,412 | 35,073 | 153,135 | 96,846 |
Asia Pacific [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 21,323 | 14,642 | 60,122 | 43,635 |
Europe [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 4,432 | 1,970 | 11,837 | 6,856 |
North America other than United States [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 5,984 | 2,433 | 13,117 | 8,449 |
United States [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 1,016 | $ 1,972 | $ 3,416 | $ 5,062 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Oculii Corporation [Member] - USD ($) $ in Millions | Nov. 05, 2021 | Oct. 31, 2021 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Voting right acquired | 100.00% | |
Aggregate consideration paid for business acquisition | $ 307.5 | |
Operating Expenses [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition related costs | $ 1.6 |