Cover
Cover - shares | 9 Months Ended | |
Nov. 05, 2023 | Dec. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 05, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37570 | |
Entity Registrant Name | Pure Storage, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-1069557 | |
Entity Address, Address Line One | 2555 Augustine Dr. | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 800 | |
Local Phone Number | 379-7873 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | |
Trading Symbol | PSTG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 315,972,820 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001474432 | |
Current Fiscal Year End Date | --02-04 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 529,191 | $ 580,854 |
Marketable securities | 821,868 | 1,001,352 |
Accounts receivable, net of allowance of $1,057 and $1,178 | 636,324 | 612,491 |
Inventory | 46,211 | 50,152 |
Deferred commissions, current | 74,303 | 68,617 |
Prepaid expenses and other current assets | 139,129 | 161,391 |
Total current assets | 2,247,026 | 2,474,857 |
Property and equipment, net | 337,559 | 272,445 |
Operating lease right-of-use assets | 126,558 | 158,912 |
Deferred commissions, non-current | 190,614 | 177,239 |
Intangible assets, net | 36,868 | 49,222 |
Goodwill | 361,427 | 361,427 |
Restricted cash | 9,960 | 10,544 |
Other assets, non-current | 45,497 | 38,814 |
Total assets | 3,355,509 | 3,543,460 |
Current liabilities: | ||
Accounts payable | 101,092 | 67,121 |
Accrued compensation and benefits | 149,705 | 232,636 |
Accrued expenses and other liabilities | 141,241 | 123,749 |
Operating lease liabilities, current | 44,301 | 33,707 |
Deferred revenue, current | 801,562 | 718,149 |
Debt, current | 0 | 574,506 |
Total current liabilities | 1,237,901 | 1,749,868 |
Long-term debt | 100,000 | 0 |
Operating lease liabilities, non-current | 122,388 | 142,473 |
Deferred revenue, non-current | 694,945 | 667,501 |
Other liabilities, non-current | 51,820 | 42,385 |
Total liabilities | 2,207,054 | 2,602,227 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, par value of $0.0001 per share— 20,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Class A and Class B common stock, par value of $0.0001 per share— 2,250,000 (Class A 2,000,000, Class B 250,000) shares authorized; 304,076 and 315,986 Class A shares issued and outstanding | 32 | 30 |
Additional paid-in capital | 2,699,644 | 2,493,769 |
Accumulated other comprehensive loss | (10,032) | (15,504) |
Accumulated deficit | (1,541,189) | (1,537,062) |
Total stockholders’ equity | 1,148,455 | 941,233 |
Total liabilities and stockholders’ equity | $ 3,355,509 | $ 3,543,460 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Accounts receivable, allowance | $ 1,178 | $ 1,057 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 2,250,000,000 | 2,250,000,000 |
Class A common stock | ||
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 315,986,000 | 304,076,000 |
Common stock, shares outstanding (in shares) | 315,986,000 | 304,076,000 |
Class B common stock | ||
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Total revenue | $ 762,838 | $ 676,050 | $ 2,040,816 | $ 1,943,227 |
Total cost of revenue | 210,091 | 209,715 | 588,129 | 606,898 |
Gross profit | 552,747 | 466,335 | 1,452,687 | 1,336,329 |
Operating expenses: | ||||
Research and development | 182,100 | 180,008 | 549,923 | 506,971 |
Sales and marketing | 231,707 | 212,140 | 696,885 | 637,129 |
General and administrative | 64,729 | 65,054 | 192,944 | 173,300 |
Impairment and other | 0 | 0 | 16,766 | 0 |
Total operating expenses | 478,536 | 457,202 | 1,456,518 | 1,317,400 |
Income (loss) from operations | 74,211 | 9,133 | (3,831) | 18,929 |
Other income (expense), net | 5,184 | (2,814) | 23,619 | (8,410) |
Income before provision for income taxes | 79,395 | 6,319 | 19,788 | 10,519 |
Provision for income taxes | 9,006 | 7,106 | 23,915 | 11,919 |
Net income (loss) | $ 70,389 | $ (787) | $ (4,127) | $ (1,400) |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ 0.22 | $ 0 | $ (0.01) | $ 0 |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ 0.21 | $ 0 | $ (0.01) | $ 0 |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares) | 314,153 | 300,984 | 309,842 | 298,101 |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) | 330,255 | 300,984 | 309,842 | 298,101 |
Product | ||||
Total revenue | $ 453,277 | $ 431,281 | $ 1,161,978 | $ 1,247,045 |
Total cost of revenue | 126,770 | 135,546 | 343,588 | 395,322 |
Subscription services | ||||
Total revenue | 309,561 | 244,769 | 878,838 | 696,182 |
Total cost of revenue | $ 83,321 | $ 74,169 | $ 244,541 | $ 211,576 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 70,389 | $ (787) | $ (4,127) | $ (1,400) |
Other comprehensive income (loss): | ||||
Unrealized net gains (losses) on available-for-sale securities | 2,582 | (3,656) | 5,763 | (15,365) |
Less: reclassification adjustment for net (gains) losses on available-for-sale securities included in net income (loss) | (7) | 2 | (291) | (23) |
Change in unrealized net gains (losses) on available-for-sale securities | 2,575 | (3,654) | 5,472 | (15,388) |
Comprehensive income (loss) | $ 72,964 | $ (4,441) | $ 1,345 | $ (16,788) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands | Total | Restricted Stock Units | Cumulative-effect adjustment from adoption of ASU 2020-06 | Common Stock | Common Stock Restricted Stock Units | Additional Paid-in Capital | Additional Paid-in Capital Restricted Stock Units | Additional Paid-in Capital Cumulative-effect adjustment from adoption of ASU 2020-06 | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Cumulative-effect adjustment from adoption of ASU 2020-06 | Accumulated Deficit |
Beginning balance (in shares) at Feb. 06, 2022 | 292,633 | ||||||||||
Beginning balance at Feb. 06, 2022 | $ 754,336 | $ (35,127) | $ 29 | $ 2,470,943 | $ (133,265) | $ (8,365) | $ 98,138 | $ (1,708,271) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,316 | ||||||||||
Issuance of common stock upon exercise of stock options | 19,139 | 19,139 | |||||||||
Stock-based compensation expense | 246,677 | 246,677 | |||||||||
Vesting of restricted stock units (in shares) | 10,632 | ||||||||||
Vesting of restricted stock units | $ 0 | $ 1 | $ (1) | ||||||||
Tax withholding on vesting of equity awards and restricted stock units (in shares) | (517) | ||||||||||
Tax withholding on vesting of equity awards and restricted stock units | (16,130) | (16,130) | |||||||||
Common stock issued under employee stock purchase plan (in shares) | 3,014 | ||||||||||
Common stock issued under employee stock purchase plan | 39,965 | 39,965 | |||||||||
Repurchases of common stock (in shares) | (5,409) | ||||||||||
Repurchases of common stock | (151,564) | (151,564) | |||||||||
Other comprehensive (loss) income | (15,388) | (15,388) | |||||||||
Net income (loss) | (1,400) | (1,400) | |||||||||
Ending balance (in shares) at Nov. 06, 2022 | 302,669 | ||||||||||
Ending balance at Nov. 06, 2022 | 840,508 | $ 30 | 2,475,764 | (23,753) | (1,611,533) | ||||||
Beginning balance (in shares) at Aug. 07, 2022 | 298,801 | ||||||||||
Beginning balance at Aug. 07, 2022 | 761,358 | $ 30 | 2,392,173 | (20,099) | (1,610,746) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 459 | ||||||||||
Issuance of common stock upon exercise of stock options | 3,878 | 3,878 | |||||||||
Stock-based compensation expense | 86,852 | 86,852 | |||||||||
Vesting of restricted stock units (in shares) | 3,482 | ||||||||||
Tax withholding on vesting of equity awards and restricted stock units (in shares) | (112) | ||||||||||
Tax withholding on vesting of equity awards and restricted stock units | (3,143) | (3,143) | |||||||||
Common stock issued under employee stock purchase plan (in shares) | 927 | ||||||||||
Common stock issued under employee stock purchase plan | 20,569 | 20,569 | |||||||||
Repurchases of common stock (in shares) | (888) | ||||||||||
Repurchases of common stock | (24,565) | (24,565) | |||||||||
Other comprehensive (loss) income | (3,654) | (3,654) | |||||||||
Net income (loss) | (787) | (787) | |||||||||
Ending balance (in shares) at Nov. 06, 2022 | 302,669 | ||||||||||
Ending balance at Nov. 06, 2022 | 840,508 | $ 30 | 2,475,764 | (23,753) | (1,611,533) | ||||||
Beginning balance (in shares) at Feb. 05, 2023 | 304,076 | ||||||||||
Beginning balance at Feb. 05, 2023 | 941,233 | $ 30 | 2,493,769 | (15,504) | (1,537,062) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 3,711 | ||||||||||
Issuance of common stock upon exercise of stock options | 32,878 | 32,878 | |||||||||
Stock-based compensation expense | 259,189 | 259,189 | |||||||||
Vesting of restricted stock units (in shares) | 10,613 | ||||||||||
Vesting of restricted stock units | 0 | $ 2 | (2) | ||||||||
Tax withholding on vesting of equity awards and restricted stock units (in shares) | (546) | ||||||||||
Tax withholding on vesting of equity awards and restricted stock units | (16,582) | (16,582) | |||||||||
Common stock issued under employee stock purchase plan (in shares) | 2,233 | ||||||||||
Common stock issued under employee stock purchase plan | 45,089 | 45,089 | |||||||||
Repurchases of common stock (in shares) | (4,102) | ||||||||||
Repurchases of common stock | (114,341) | (114,341) | |||||||||
Issuance of common stock upon conversion of convertible senior notes (in shares) | 1 | ||||||||||
Issuance of common stock upon conversion of convertible senior notes | (356) | (356) | |||||||||
Other comprehensive (loss) income | 5,472 | 5,472 | |||||||||
Net income (loss) | (4,127) | (4,127) | |||||||||
Ending balance (in shares) at Nov. 05, 2023 | 315,986 | ||||||||||
Ending balance at Nov. 05, 2023 | 1,148,455 | $ 32 | 2,699,644 | (10,032) | (1,541,189) | ||||||
Beginning balance (in shares) at Aug. 06, 2023 | 311,839 | ||||||||||
Beginning balance at Aug. 06, 2023 | 986,328 | $ 31 | 2,610,482 | (12,607) | (1,611,578) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 311 | ||||||||||
Issuance of common stock upon exercise of stock options | 2,996 | 2,996 | |||||||||
Stock-based compensation expense | 89,512 | 89,512 | |||||||||
Vesting of restricted stock units (in shares) | 3,438 | ||||||||||
Vesting of restricted stock units | 0 | $ 1 | (1) | ||||||||
Tax withholding on vesting of equity awards and restricted stock units (in shares) | (131) | ||||||||||
Tax withholding on vesting of equity awards and restricted stock units | $ (4,755) | $ (4,755) | |||||||||
Common stock issued under employee stock purchase plan (in shares) | 1,164 | ||||||||||
Common stock issued under employee stock purchase plan | 23,870 | 23,870 | |||||||||
Repurchases of common stock (in shares) | (635) | ||||||||||
Repurchases of common stock | (22,460) | (22,460) | |||||||||
Other comprehensive (loss) income | 2,575 | 2,575 | |||||||||
Net income (loss) | 70,389 | 70,389 | |||||||||
Ending balance (in shares) at Nov. 05, 2023 | 315,986 | ||||||||||
Ending balance at Nov. 05, 2023 | $ 1,148,455 | $ 32 | $ 2,699,644 | $ (10,032) | $ (1,541,189) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 05, 2023 | Nov. 06, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (4,127) | $ (1,400) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 91,560 | 72,268 |
Stock-based compensation expense | 255,243 | 245,114 |
Impairment of long-lived assets | 16,766 | 0 |
Other | (5,844) | 2,473 |
Changes in operating assets and liabilities, net of effect of acquisition: | ||
Accounts receivable, net | (23,959) | 106,216 |
Inventory | 5,278 | (16,341) |
Deferred commissions | (19,061) | 11,175 |
Prepaid expenses and other assets | 19,686 | (56,164) |
Operating lease right-of-use assets | 27,269 | 26,073 |
Accounts payable | 33,844 | 22,536 |
Accrued compensation and other liabilities | (52,757) | (17,739) |
Operating lease liabilities | (21,457) | (28,339) |
Deferred revenue | 110,856 | 168,336 |
Net cash provided by operating activities | 433,297 | 534,208 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (151,591) | (97,910) |
Acquisition, net of cash acquired | 0 | (1,989) |
Purchases of marketable securities | (351,725) | (92,129) |
Sales of marketable securities | 52,495 | 0 |
Maturities of marketable securities | 495,899 | 352,295 |
Net cash provided by investing activities | 45,078 | 160,267 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from exercise of stock options | 32,904 | 19,131 |
Proceeds from issuance of common stock under employee stock purchase plan | 45,089 | 39,965 |
Principal payments on borrowings and finance lease obligations | (584,582) | (256,145) |
Proceeds from borrowings | 106,890 | 0 |
Tax withholding on vesting of equity awards | (16,582) | (16,130) |
Repurchases of common stock | (114,341) | (151,564) |
Net cash used in financing activities | (530,622) | (364,743) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (52,247) | 329,732 |
Cash, cash equivalents and restricted cash, beginning of period | 591,398 | 476,743 |
Cash, cash equivalents and restricted cash, end of period | 539,151 | 806,475 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | ||
Cash and cash equivalents | 529,191 | 795,931 |
Restricted cash | 9,960 | 10,544 |
Cash, cash equivalents and restricted cash, end of period | 539,151 | 806,475 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest | 3,989 | 1,151 |
Cash paid for income taxes | 19,459 | 8,452 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION | ||
Property and equipment purchased but not yet paid | $ 13,957 | $ 19,976 |
Business Overview
Business Overview | 9 Months Ended |
Nov. 05, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Overview | Business Overview Pure Storage, Inc. (the Company, we, us, or other similar pronouns) was originally incorporated in the state of Delaware in October 2009 under the name OS76, Inc. In January 2010, we changed our name to Pure Storage, Inc. We are headquartered in Santa Clara, California and have wholly owned subsidiaries throughout the world. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 05, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation We operate using a 52/53 week fiscal year ending on the first Sunday after January 30, which for fiscal 2023 was February 5, 2023 and for fiscal 2024 will be February 4, 2024. The third quarter of fiscal 2023 and 2024 ended on November 6, 2022 and November 5, 2023. Unless otherwise stated, all dates refer to our fiscal year and fiscal quarters. The condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2024 or any future period. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations when the price at which the performance obligation sold separately or observable past transactions are not available, useful lives of intangible assets and property and equipment, the period of benefit for deferred contract costs for commissions, stock-based compensation, provision for income taxes including related reserves, fair value of leases, fair value of equity assumed, intangible and tangible assets acquired and liabilities assumed for business combinations. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Restricted Cash Restricted cash is comprised of cash collateral for letters of credit related to our leases and for a vendor credit card program. At the end of fiscal 2023 and the third quarter of fiscal 2024, we had restricted cash of $10.5 million and $10.0 million. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 will be effective for our fiscal year beginning February 5, 2024, and interim periods within our fiscal year beginning February 3, 2025, with early adoption permitted and requires application on a fully retrospective basis. We are currently evaluating the impact of this standard on our financial statement disclosures. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Nov. 05, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Financial Instruments | Financial Instruments Fair Value Measurements We define fair value as the exchange price that would be received from sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: • Level 1 - Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2 - Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation. Cash Equivalents, Marketable Securities and Restricted Cash We measure our cash equivalents, marketable securities, and restricted cash at fair value on a recurring basis. We classify our cash equivalents, marketable securities and restricted cash within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Our fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of our marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. The following tables summarize our cash equivalents, marketable securities and restricted cash by significant investment categories and their classification within the fair value hierarchy at the end of fiscal 2023 and the third quarter of fiscal 2024 (in thousands): At the End of Fiscal 2023 Amortized Gross Unrealized Gross Unrealized Fair Cash Equivalents Marketable Securities Restricted Cash Level 1 Money market accounts $ — $ — $ — $ 49,733 $ 39,189 $ — $ 10,544 Level 2 U.S. government treasury notes 425,977 170 (4,229) 421,918 32,008 389,910 — U.S. government agencies 23,795 — (289) 23,506 — 23,506 — Corporate debt securities 527,164 901 (9,300) 518,765 — 518,765 — Foreign government bonds 4,797 — (44) 4,753 — 4,753 — Asset-backed securities 61,371 281 (1,016) 60,636 — 60,636 — Municipal bonds 3,950 — (168) 3,782 — 3,782 — Total $ 1,047,054 $ 1,352 $ (15,046) $ 1,083,093 $ 71,197 $ 1,001,352 $ 10,544 At the End of the Third Quarter of Fiscal 2024 Amortized Gross Unrealized Gross Unrealized Fair Cash Equivalents Marketable Restricted Cash Level 1 Money market accounts $ — $ — $ — $ 26,907 $ 16,947 $ — $ 9,960 Level 2 U.S. government treasury notes 349,092 80 (3,144) 346,028 — 346,028 — U.S. government agencies 4,395 — (6) 4,389 — 4,389 — Corporate debt securities 406,659 208 (4,575) 402,292 — 402,292 — Foreign government bonds 1,290 — (25) 1,265 — 1,265 — Asset-backed securities 65,644 48 (746) 64,946 — 64,946 — Municipal bonds 3,010 — (62) 2,948 — 2,948 — Total $ 830,090 $ 336 $ (8,558) $ 848,775 $ 16,947 $ 821,868 $ 9,960 The amortized cost and estimated fair value of our marketable securities are shown below by contractual maturity (in thousands): At the End of the Third Quarter of Fiscal 2024 Amortized Cost Fair Value Due within one year $ 405,765 $ 400,902 Due in one to five years 423,560 420,200 Due in five to ten years 765 766 Total $ 830,090 $ 821,868 Unrealized losses on our marketable securities have not been recorded into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis. The decline in fair value of our marketable securities is largely due to the rising interest rate environment driven by current market conditions that has resulted in higher credit spreads. The credit ratings associated with our marketable securities are highly rated and the issuers continue to make timely principal and interest payments. As a result, there were no credit or non-credit impairment charges recorded in the third quarter and the first three quarters of fiscal 2023 and 2024. The following table presents gross unrealized losses and fair values for those investments that were in a continuous unrealized loss position at the end of fiscal 2023 and the third quarter of fiscal 2024, aggregated by investment category (in thousands): At the End of Fiscal 2023 Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government treasury notes $ 250,046 $ (130) $ 127,976 $ (4,099) $ 378,022 $ (4,229) U.S. government agencies 5,194 (5) 18,312 (284) 23,506 (289) Corporate debt securities 99,446 (330) 277,717 (8,970) 377,163 (9,300) Foreign government bonds 3,200 (5) 551 (39) 3,751 (44) Asset-backed securities 3,060 (25) 22,221 (991) 25,281 (1,016) Municipal bonds — — 3,782 (168) 3,782 (168) Total $ 360,946 $ (495) $ 450,559 $ (14,551) $ 811,505 $ (15,046) At the End of the Third Quarter of Fiscal 2024 Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government treasury notes $ 216,545 $ (1,743) $ 72,662 $ (1,401) $ 289,207 $ (3,144) U.S. government agencies 4,389 (6) — — 4,389 (6) Corporate debt securities 192,151 (1,055) 135,200 (3,520) 327,351 (4,575) Foreign government bonds 699 — 566 (25) 1,265 (25) Asset-backed securities 36,738 (250) 15,263 (496) 52,001 (746) Municipal bonds — — 2,948 (62) 2,948 (62) Total $ 450,522 $ (3,054) $ 226,639 $ (5,504) $ 677,161 $ (8,558) Realized gains or losses on sale of marketable securities were not significant for all periods presented. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Nov. 05, 2023 | |
Balance Sheet Components Disclosure [Abstract] | |
Balance Sheet Components | Balance Sheet Components Inventory Inventory consists of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Raw materials $ 24,896 $ 20,704 Finished goods 25,256 25,507 Inventory $ 50,152 $ 46,211 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Test equipment $ 315,290 $ 359,073 Computer equipment and software 262,574 308,671 Furniture and fixtures 9,693 9,915 Leasehold improvements 71,235 95,919 Capitalized software development costs 15,806 30,831 Total property and equipment 674,598 804,409 Less: accumulated depreciation and amortization (402,153) (466,850) Property and equipment, net $ 272,445 $ 337,559 Depreciation and amortization expense related to property and equipment was $22.2 million and $28.7 million for the third quarter of fiscal 2023 and 2024, and $61.0 million and $82.5 million for the first three quarters of fiscal 2023 and 2024. Intangible Assets, Net Intangible assets, net consist of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Technology patents $ 19,125 $ (14,826) $ 4,299 $ 19,125 $ (15,787) $ 3,338 Developed technology 83,211 (43,366) 39,845 83,211 (53,284) 29,927 Customer relationships 6,459 (2,166) 4,293 6,459 (2,856) 3,603 Trade name 3,623 (2,838) 785 3,623 (3,623) — Intangible assets, net $ 112,418 $ (63,196) $ 49,222 $ 112,418 $ (75,550) $ 36,868 Intangible assets amortization expense was $4.1 million and $4.0 million for the third quarter of fiscal 2023 and 2024, and $12.3 million for the first three quarters of fiscal 2023 and 2024. At the end of the third quarter of fiscal 2024, the weighted-average remaining amortization period was 1.2 years for technology patents, 2.3 years for developed technology, and 3.9 years for customer relationships. We record amortization of technology patents in general and administrative expenses due to their defensive nature, developed technology in cost of product revenue, and customer relationships and trade name in sales and marketing expenses in the condensed consolidated statements of operations. At the end of the third quarter of fiscal 2024, future expected amortization expense for intangible assets is as follows (in thousands): Fiscal Years Ending Estimated Future Remainder of 2024 $ 3,856 2025 15,425 2026 12,830 2027 3,107 2028 1,054 Thereafter 596 Total $ 36,868 Goodwill As of the end of fiscal 2023 and the third quarter of fiscal 2024, goodwill was $361.4 million. There were no impairments to goodwill during the third quarter and first three quarters of fiscal 2023 and 2024. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Taxes payable $ 16,615 $ 18,132 Accrued marketing 14,228 15,649 Accrued cloud and outside services 7,644 5,077 Supply chain-related accruals (1) 23,545 34,966 Accrued service logistics and professional services 7,927 8,135 Acquisition earn-out and deferred consideration 3,556 1,000 Finance lease liabilities, current 5,432 5,576 Customer deposits from contracts with customers 17,824 20,993 Other accrued liabilities 26,978 31,713 Total accrued expenses and other liabilities $ 123,749 $ 141,241 _________________________________ (1) Primarily consists of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers. |
Deferred Revenue and Commission
Deferred Revenue and Commissions | 9 Months Ended |
Nov. 05, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue and Commissions | Deferred Revenue and Commissions Deferred Commissions Deferred commissions consist of incremental costs paid to our sales force to obtain customer contracts. Changes in total deferred commissions during the periods presented are as follows (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Beginning balance $ 235,681 $ 255,417 $ 246,307 $ 245,856 Additions 35,827 50,183 98,949 130,312 Recognition of deferred commissions (36,376) (40,683) (110,124) (111,251) Ending balance $ 235,132 $ 264,917 $ 235,132 $ 264,917 Of the $264.9 million total deferred commissions balance at the end of the third quarter of fiscal 2024, we expect to recognize approximately 28% as commission expense over the next 12 months and the remainder thereafter. There was no impairment related to capitalized commissions for the third quarter and first three quarters of fiscal 2023 and 2024. Deferred Revenue Deferred revenue primarily consists of amounts that have been invoiced but have not yet been recognized as revenue including performance obligations pertaining to subscription services. Changes in total deferred revenue during the periods presented are as follows (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Beginning balance $ 1,178,691 $ 1,437,043 $ 1,079,872 $ 1,385,650 Additions 313,279 368,708 854,535 975,149 Recognition of deferred revenue (243,751) (309,244) (686,188) (864,292) Ending balance $ 1,248,219 $ 1,496,507 $ 1,248,219 $ 1,496,507 Revenue recognized during the third quarter of fiscal 2023 and 2024 from deferred revenue at the beginning of each respective period was $216.8 million and $280.4 million. Revenue recognized during the first three quarters of fiscal 2023 and 2024 from deferred revenue at the beginning of each respective period was $466.0 million and $589.1 million. Remaining Performance Obligations Total remaining performance obligations (RPO) which is contracted but not recognized revenue was $2.0 billion at the end of the third quarter of fiscal 2024, and includes a $41.0 million non-cancelable product order that we expect to fulfill subsequent to current fiscal year. RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods. Product orders are generally cancelable until delivery has occurred, and as such, unfulfilled product orders that are cancelable are excluded from RPO. Of the $2.0 billion RPO at the end of the third quarter of fiscal 2024, we expect to recognize approximately 46% over the next 12 months, and the remainder thereafter. |
Debt
Debt | 9 Months Ended |
Nov. 05, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Revolving Credit Facility In August 2020, we entered into a Credit Agreement with a consortium of financial institutions and lenders that provides for a five-year, senior secured revolving credit facility of $300.0 million (Credit Facility). Proceeds from the Credit Facility may be used for general corporate purposes and working capital. The Credit Facility expires, absent default or early termination by us, on the earlier of (i) August 24, 2025 or (ii) 91 days prior to the stated maturity of the Notes unless, on such date and each subsequent day until the Notes are paid in full, the sum of our cash, cash equivalents and marketable securities and the aggregate unused commitments then available to us exceed $625.0 million. In March 2023, we amended the Credit Facility to transition LIBOR to the Secured Overnight Financing Rate (SOFR) effective April 1, 2023. The annual interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% or term SOFR (based on one, three or six-month interest periods), subject to a floor of 0%, plus a margin ranging from 1.50% to 2.25%. Interest on revolving loans is payable quarterly in arrears with respect to loans based on the base rate and at the end of an interest period in the case of loans based on term SOFR (or at each three-month interval if the interest period is longer than three months). We are also required to pay a commitment fee on the unused portion of the commitments ranging from 0.25% to 0.40% per annum, payable quarterly in arrears. In April 2023, we borrowed $100.0 million under the Credit Facility which remained outstanding at the end of the third quarter of fiscal 2024. The outstanding loan bore weighted-average interest at an annual rate of 6.81% and 6.62% based on a one-month term SOFR period resulting in interest expense of $1.7 million and $3.8 million during the third quarter and first three quarters of fiscal 2024. Loans under the Credit Facility are collateralized by substantially all of our assets and subject to certain restrictions and two financial ratios measured as of the last day of each fiscal quarter: a Consolidated Leverage Ratio not to exceed 4.5:1 and an Interest Coverage Ratio not to be less than 3:1. We were in compliance with all covenants under the Credit Facility at the end of the third quarter of fiscal 2024. Convertible Senior Notes In April 2018, we issued $575.0 million of 0.125% convertible senior, unsecured notes (the Notes) due April 15, 2023, in a private placement to qualified institutional buyers. In April 2023, we repaid the entire principal balance with approximately $575.0 million in cash and 1,065 shares of our common stock. In connection with the issuance of the Notes, we entered into capped call transactions with certain of the underwriters and their affiliates (the Capped Calls), which gave us the option to purchase up to a total of 21.9 million shares of our common stock to offset the economic dilution in excess of the principal amount upon conversion of the Notes at maturity up to a cap of $39.66 per share. The Capped Calls were not exercised and expired in April 2023. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 05, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit At the end of fiscal 2023 and the third quarter of fiscal 2024, we had outstanding letters of credit in the aggregate amount of $8.0 million in connection with our facility leases. The letters of credit are collateralized by either restricted cash or the Credit Facility and mature on various dates through September 2030. Legal Matters From time to time, we have become involved in claims and other legal matters arising in the normal course of business. We investigate these claims as they arise. Although claims are inherently unpredictable, we currently are not aware of any matters that we expect to have a material adverse effect on our business, financial position, results of operations or cash flows. Accordingly, no material loss contingency has been recorded on our condensed consolidated balance sheet as of the end of the third quarter of fiscal 2024. Indemnification Our arrangements generally include certain provisions for indemnifying customers against liabilities if our products or services infringe a third party’s intellectual property rights. Other guarantees or indemnification arrangements include guarantees of product and service performance and standby letters of credit for lease facilities. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any material costs as a result of such obligations and have not accrued any liabilities related to such obligations in the condensed consolidated financial statements. In addition, we indemnify our officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions. |
Leases
Leases | 9 Months Ended |
Nov. 05, 2023 | |
Leases [Abstract] | |
Leases | Leases We lease office facilities under non-cancelable operating lease agreements expiring through July 2032. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. In June 2022, we entered into an eight-year sublease through July 2030 for a new headquarters facility in Santa Clara, California with total lease payments of $100.2 million that include rent escalation and abatement clauses. The sublease of space with total lease payments of $89.4 million commenced in August 2022. Additional space with lease payments of $10.8 million will commence in May 2024 and end in July 2030, and are excluded from our future lease payments disclosure below. During the second quarter of fiscal 2024, we ceased use of our former corporate headquarters and recorded an impairment charge to operating lease right-of-use assets of $15.9 million and an abandonment charge of $0.9 million related to these leases, which are presented in Impairment and Other in the condensed consolidated statement of operations for the first three quarters of fiscal 2024. The impairment charge represents the amount that the carrying value of the assets exceeded their estimated fair values, which were determined by utilizing an undiscounted cash flow approach that incorporated a sublease assumption. We also lease certain engineering test equipment under financing agreements. These finance leases have a lease term of three years and contain a bargain purchase option at the end of the respective lease term. It is reasonably certain that the bargain purchase option will be exercised. The components of lease costs during the periods presented were as follows (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Fixed operating lease cost $ 13,412 $ 10,685 $ 34,483 $ 37,338 Variable lease cost (1) 931 2,328 4,753 8,002 Short-term lease cost (12 months or less) 1,096 1,081 2,712 3,214 Finance lease cost: Amortization of finance lease right-of-use assets 926 1,100 1,929 3,300 Interest on finance lease liabilities 98 81 197 338 Total finance lease cost $ 1,024 $ 1,181 $ 2,126 $ 3,638 Total lease cost $ 16,463 $ 15,275 $ 44,074 $ 52,192 ____________________________________ (1) Variable lease cost predominantly included common area maintenance charges. Supplemental information related to leases is as follows (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Operating leases: Weighted-average remaining lease term (in years) 5.2 5.0 Weighted-average discount rate 6.1 % 7.0 % Finance leases: Finance lease right-of-use assets, gross (1) $ 17,596 $ 17,596 Accumulated amortization (1) (3,412) (6,712) Finance lease right-of-use assets, net (1) $ 14,184 $ 10,884 Finance lease liabilities, current (2) 5,432 5,576 Finance lease liabilities, non-current (3) 4,765 386 Total finance lease liabilities $ 10,197 $ 5,962 Weighted-average remaining lease term (in years) 3.3 2.6 Weighted-average discount rate 5.1 % 5.0 % ____________________________________ (1) Included in the condensed consolidated balance sheets within property and equipment, net. (2) Included in the condensed consolidated balance sheets within accrued expenses and other liabilities. (3) Included in the condensed consolidated balance sheets within other liabilities, non-current. Supplemental cash flow information related to leases is as follows (in thousands): First Three Quarters of Fiscal 2023 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 38,853 $ 29,591 Financing cash outflows for finance leases $ 5,323 $ 5,969 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 77,986 $ 11,966 Finance leases $ 14,019 $ — Future lease payments under our non-cancelable leases at the end of the third quarter of fiscal 2024 were as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases The remainder of 2024 $ 15,707 $ 1,266 2025 51,252 4,728 2026 39,127 183 2027 21,654 — 2028 24,020 — Thereafter 47,688 — Total future lease payments 199,448 6,177 Less: imputed interest (32,759) (215) Present value of total lease liabilities $ 166,689 $ 5,962 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Nov. 05, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred Stock We have 20.0 million authorized shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board of Directors. At the end of the third quarter of fiscal 2024, there were no shares of preferred stock issued or outstanding. Class A and Class B Common Stock We have two classes of authorized common stock, Class A common stock, which we refer to as our "common stock", and Class B common stock. At the end of the third quarter of fiscal 2024, we had 2.0 billion authorized shares of Class A common stock and 250.0 million authorized shares of Class B common stock, with each class having a par value of $0.0001 per share. At the end of the third quarter of fiscal 2024, 316.0 million shares of Class A common stock were issued and outstanding. Share Repurchase Program In March 2023, our Board of Directors authorized the repurchase of up to an additional $250.0 million of our common stock. During the third quarter of fiscal 2024, we repurchased and retired approximately 0.6 million shares of common stock at an average purchase price of $35.38 per share for an aggregate repurchase price of $22.4 million. During the first three quarters of fiscal 2024, we repurchased and retired approximately 4.1 million shares of common stock at an average purchase price of $27.86 per share for an aggregate repurchase price of $114.3 million. At the end of the third quarter of fiscal 2024, $166.8 million remained available for future share repurchases under our current repurchase authorization. |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Nov. 05, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans Equity Incentive Plans We maintain two equity incentive plans: the 2009 Equity Incentive Plan (the 2009 Plan) and the 2015 Equity Incentive Plan (the 2015 Plan). The 2015 Plan serves as the successor to our 2009 Plan and provides for grants of incentive stock options to our employees and non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance stock awards, performance cash awards, and other forms of stock awards to our employees, directors and consultants. Our equity awards generally vest over a two We net-share settle equity awards held by certain employees by withholding shares upon vesting to satisfy tax withholding obligations. The shares withheld to satisfy employee tax withholding obligations are returned to our 2015 Plan and will be available for future issuance. Payments for employees’ tax obligations to the tax authorities are recognized as a reduction to additional paid-in capital and reflected as a financing activity in our condensed consolidated statements of cash flows. 2015 Amended and Restated Employee Stock Purchase Plan Under our Amended and Restated 2015 Employee Stock Purchase Plan (2015 ESPP), our Board of Directors (or a committee thereof) has the authority to establish the length and terms of the offering periods and purchase periods and the purchase price of the shares of common stock which may be purchased under the plan. The current offering terms allow eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 30% of their eligible compensation, subject to a cap of 3,000 shares on any purchase date, a dollar cap of $7,500 per purchase period, or $25,000 in any calendar year (as determined under applicable tax rules). The current terms also allow for a 24-month offering period beginning March 16th and September 16th of each year, with each offering period consisting of four 6-month purchase periods, subject to a reset provision. Further, currently, on each purchase date, eligible employees may purchase our common stock at a price per share equal to 85% of the lesser of the fair market value of our common stock (1) on the first trading day of the applicable offering period or (2) the purchase date. Under the reset provision currently authorized, if the closing stock price on the offering date of a new offering falls below the closing stock price on the offering date of an ongoing offering, the ongoing offering would terminate immediately following the purchase of ESPP shares on the purchase date immediately preceding the new offering and participants in the terminated offering would automatically be enrolled in the new offering (ESPP reset), resulting in a modification charge to be recognized over the new offering period. An ESPP reset occurred during the first quarter of fiscal 2024 that resulted in a modification charge of $16.7 million, which is being recognized over the new offering period ending March 15, 2025. Stock-based compensation expense related to our 2015 ESPP was $5.5 million and $7.1 million during the third quarter of fiscal 2023 and 2024, and $17.3 million and $19.7 million during the first three quarters of fiscal 2023 and 2024. At the end of the third quarter of fiscal 2024, total unrecognized stock-based compensation cost related to our 2015 ESPP was $40.8 million, which is expected to be recognized over a weighted-average period of 1.4 years. Stock Options A summary of the stock option activity under our equity incentive plans and related information is as follows: Options Outstanding Number of Weighted- Weighted- Aggregate Balance at the end of fiscal 2023 9,268,498 $ 10.90 2.7 $ 176,674 Options exercised (3,711,431) 8.86 Options forfeited (1,778) 1.90 Balance at the end of the third quarter of fiscal 2024 5,555,289 $ 12.26 2.2 $ 126,547 Vested and exercisable at the end of the third quarter of fiscal 2024 5,502,850 $ 12.28 2.2 $ 124,815 The aggregate intrinsic value of options vested and exercisable at the end of the third quarter of fiscal 2024 is calculated based on the difference between the exercise price and the closing price of $34.96 of our common stock on the last day of the third quarter of fiscal 2024. Stock-based compensation expense recognized related to stock options was $1.2 million and $0.5 million during the third quarter of fiscal 2023 and 2024, and $4.0 million and $1.7 million during the first three quarters of fiscal 2023 and 2024. At the end of the third quarter of fiscal 2024, total unrecognized employee stock-based compensation cost related to outstanding options was $0.7 million, which is expected to be recognized over a weighted-average period of 0.5 years. RSUs and Performance RSUs (PRSUs) A summary of the RSU and PRSU activity under our equity incentive plans and related information is as follows: Number of RSUs and PRSUs Outstanding Weighted- Aggregate Unvested balance at the end of fiscal 2023 26,760,520 $ 24.78 $ 800,407 Granted 16,453,548 25.68 Vested (10,612,542) 22.90 Forfeited (3,017,178) 25.00 Unvested balance at the end of the third quarter of fiscal 2024 29,584,348 $ 25.92 $ 1,034,269 RSUs granted during the first three quarters of fiscal 2024 include PRSUs for approximately 1.6 million shares of common stock, at a target percentage of 100%, with both performance and service vesting conditions. The actual PRSUs earned will range from 0% to 150% of the target number granted, contingent upon the degree to which the fiscal 2024 performance condition is met. Any portion of shares that are not earned will be canceled. In addition, during the first quarter of fiscal 2024, we issued approximately 0.6 million PRSUs based on the actual attainment of the fiscal 2023 performance condition for previously issued PRSUs, with these PRSUs issued subject to service condition through the remaining vesting periods. Stock-based compensation expense related to RSUs and PRSUs was $80.3 million and $76.5 million during the third quarter of fiscal 2023 and 2024, and $223.8 million and $227.5 million during the first three quarters of fiscal 2023 and 2024. At the end of the third quarter of fiscal 2024, total unrecognized employee stock-based compensation cost related to unvested RSUs and PRSUs was $679.1 million, which is expected to be recognized over a weighted-average period of 2.8 years. Long-Term Performance Incentive RSUs In June 2023, we granted market-based long-term performance incentive restricted stock units (LTP Awards) to certain executives with an aggregate target number of shares of common stock of approximately 4.2 million. • The total number of shares earned are subject to continuous service through March 20, 2028 and upon vesting, the number of shares vested will be subject to a one-year post-vest holding period. • The number of shares earned are contingent upon our market capitalization meeting or exceeding $21 billion that will be measured over an approximate three The grant date fair value per share was $17.56, determined using a Monte Carlo simulation model that considers the following assumptions: (i) expected volatility of 51.8%, (ii) risk-free interest rate of 3.86%, (iii) total performance period of nearly five years, and (iv) a post-vest holding period discount of 14.9%. Total stock-based compensation expense of $73.9 million for these awards is recognized over the requisite service period of nearly five years using the accelerated attribution method and is not reversed if the market condition is not met. As of the end of the third quarter of fiscal 2024, approximately 4.2 million shares of unvested LTP Awards was outstanding. Stock-based compensation expense related to these awards was $3.9 million and $6.3 million during the third quarter and first three quarters of fiscal 2024. At the end of the third quarter of fiscal 2024, total unrecognized stock-based compensation cost related to unvested LTP Awards was $67.6 million, which is expected to be recognized over a weighted-average period of 4.4 years. Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Cost of revenue—product $ 2,984 $ 1,443 $ 7,454 $ 7,056 Cost of revenue—subscription services 5,814 6,849 16,978 19,347 Research and development 42,390 43,908 120,482 126,225 Sales and marketing 18,441 19,209 54,740 55,883 General and administrative 17,350 16,557 45,460 46,732 Total stock-based compensation expense $ 86,979 $ 87,966 $ 245,114 $ 255,243 The tax benefit related to stock-based compensation expense for all periods presented was not material. |
Net Income (Loss) per Share Att
Net Income (Loss) per Share Attributable to Common Stockholders | 9 Months Ended |
Nov. 05, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share Attributable to Common Stockholders | Net Income (Loss) per Share Attributable to Common Stockholders Basic and diluted net income (loss) per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents, including our outstanding stock options, common stock related to unvested RSUs, PRSUs and LTP Awards, unvested restricted stock, the shares underlying the conversion option in our Notes (prior to the Notes being repaid in April 2023) to the extent dilutive, and common stock issuable pursuant to the ESPP. We used the if-converted method to calculate the impact of our Notes, prior to the Notes being repaid, on diluted EPS. In periods of net loss, all potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Numerator: Net income (loss) $ (787) $ 70,389 $ (1,400) $ (4,127) Denominator: Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic 300,984 314,153 298,101 309,842 Add: Dilutive effect of common stock equivalents — 16,102 — — Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted 300,984 330,255 298,101 309,842 Net income (loss) per share attributable to common stockholders, basic $ (0.00) $ 0.22 $ (0.00) $ (0.01) Net income (loss) per share attributable to common stockholders, diluted $ (0.00) $ 0.21 $ (0.00) $ (0.01) The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Stock options to purchase common stock 10,164 — 10,812 7,185 Unvested RSUs and PRSUs 29,809 — 30,510 31,115 Unvested LTP Awards — — — 2,298 Unvested restricted stock — — 8 — Shares related to convertible senior notes 21,884 — 21,884 5,772 Shares issuable pursuant to the ESPP 450 — 450 655 Total 62,307 — 63,664 47,025 |
Other Income (Expense), Net
Other Income (Expense), Net | 9 Months Ended |
Nov. 05, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | Other Income (Expense), Net Other income (expense), net consists of the following (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Interest income (1) $ 3,969 $ 12,167 $ 8,280 $ 35,652 Interest expense (2) (1,117) (2,094) (3,600) (5,441) Foreign currency transactions losses (6,663) (4,599) (15,689) (6,285) Other income (expense) 997 (290) 2,599 (307) Total other income (expense), net $ (2,814) $ 5,184 $ (8,410) $ 23,619 ____________________________________ (1) Interest income includes interest income related to our cash, cash equivalents and marketable securities and non-cash interest income (expense) related to accretion (amortization) of the discount (premium) on marketable securities. (2) Interest expense includes non-cash interest expense related to amortization of debt issuance costs, contractual interest expense related to our debt and accretion of our finance lease liabilities. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 05, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our provision for income tax primarily reflects taxes on international operations and U.S. income taxes. The difference between the income tax provision that would be derived by applying the statutory rate to our income before provision for income taxes and the income tax provision recorded was primarily attributable to our valuation allowance on U.S. deferred tax assets, research and development credits, U.S. taxes on foreign income, stock-based compensation expense and state taxes driven by Internal Revenue Code Section 174. At the end of the third quarter of fiscal 2024, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for fiscal 2023. |
Segment Information
Segment Information | 9 Months Ended |
Nov. 05, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our chief operating decision maker is our Chief Executive Officer . Our chief operating decision maker reviews financial information presented on a consolidated basis fo r purposes of allocating resources and evaluating financial performance. Accordingly, we have a single reportable segment. Disaggregation of Revenue The following table depicts the disaggregation of revenue by geographic area based on the billing address of our customers and is consistent with how we evaluate our financial performance (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 United States $ 492,770 $ 535,452 $ 1,419,440 $ 1,457,266 Rest of the world 183,280 227,386 523,787 583,550 Total revenue $ 676,050 $ 762,838 $ 1,943,227 $ 2,040,816 Long-Lived Assets by Geographic Area Long-lived assets, which are comprised of property and equipment, net, by geographic area are summarized as follows (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 United States $ 259,131 $ 326,833 Rest of the world 13,314 10,726 Total long-lived assets $ 272,445 $ 337,559 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Pay vs Performance Disclosure | ||||
Net loss | $ 70,389 | $ (787) | $ (4,127) | $ (1,400) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Nov. 05, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 05, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation We operate using a 52/53 week fiscal year ending on the first Sunday after January 30, which for fiscal 2023 was February 5, 2023 and for fiscal 2024 will be February 4, 2024. The third quarter of fiscal 2023 and 2024 ended on November 6, 2022 and November 5, 2023. Unless otherwise stated, all dates refer to our fiscal year and fiscal quarters. The condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Unaudited Interim Consolidated Financial Information | Unaudited Interim Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2024 or any future period. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations when the price at which the performance obligation sold separately or observable past transactions are not available, useful lives of intangible assets and property and equipment, the period of benefit for deferred contract costs for commissions, stock-based compensation, provision for income taxes including related reserves, fair value of leases, fair value of equity assumed, intangible and tangible assets acquired and liabilities assumed for business combinations. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Restricted Cash | Restricted Cash |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 will be effective for our fiscal year beginning February 5, 2024, and interim periods within our fiscal year beginning February 3, 2025, with early adoption permitted and requires application on a fully retrospective basis. We are currently evaluating the impact of this standard on our financial statement disclosures. |
Fair Value Measurements | Fair Value Measurements We define fair value as the exchange price that would be received from sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: • Level 1 - Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2 - Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash Equivalents, Marketable Securities and Restricted Cash | The following tables summarize our cash equivalents, marketable securities and restricted cash by significant investment categories and their classification within the fair value hierarchy at the end of fiscal 2023 and the third quarter of fiscal 2024 (in thousands): At the End of Fiscal 2023 Amortized Gross Unrealized Gross Unrealized Fair Cash Equivalents Marketable Securities Restricted Cash Level 1 Money market accounts $ — $ — $ — $ 49,733 $ 39,189 $ — $ 10,544 Level 2 U.S. government treasury notes 425,977 170 (4,229) 421,918 32,008 389,910 — U.S. government agencies 23,795 — (289) 23,506 — 23,506 — Corporate debt securities 527,164 901 (9,300) 518,765 — 518,765 — Foreign government bonds 4,797 — (44) 4,753 — 4,753 — Asset-backed securities 61,371 281 (1,016) 60,636 — 60,636 — Municipal bonds 3,950 — (168) 3,782 — 3,782 — Total $ 1,047,054 $ 1,352 $ (15,046) $ 1,083,093 $ 71,197 $ 1,001,352 $ 10,544 At the End of the Third Quarter of Fiscal 2024 Amortized Gross Unrealized Gross Unrealized Fair Cash Equivalents Marketable Restricted Cash Level 1 Money market accounts $ — $ — $ — $ 26,907 $ 16,947 $ — $ 9,960 Level 2 U.S. government treasury notes 349,092 80 (3,144) 346,028 — 346,028 — U.S. government agencies 4,395 — (6) 4,389 — 4,389 — Corporate debt securities 406,659 208 (4,575) 402,292 — 402,292 — Foreign government bonds 1,290 — (25) 1,265 — 1,265 — Asset-backed securities 65,644 48 (746) 64,946 — 64,946 — Municipal bonds 3,010 — (62) 2,948 — 2,948 — Total $ 830,090 $ 336 $ (8,558) $ 848,775 $ 16,947 $ 821,868 $ 9,960 |
Schedule of Amortized Cost and Estimated Fair Value | The amortized cost and estimated fair value of our marketable securities are shown below by contractual maturity (in thousands): At the End of the Third Quarter of Fiscal 2024 Amortized Cost Fair Value Due within one year $ 405,765 $ 400,902 Due in one to five years 423,560 420,200 Due in five to ten years 765 766 Total $ 830,090 $ 821,868 |
Schedule of Gross Unrealized Losses and Fair Values | The following table presents gross unrealized losses and fair values for those investments that were in a continuous unrealized loss position at the end of fiscal 2023 and the third quarter of fiscal 2024, aggregated by investment category (in thousands): At the End of Fiscal 2023 Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government treasury notes $ 250,046 $ (130) $ 127,976 $ (4,099) $ 378,022 $ (4,229) U.S. government agencies 5,194 (5) 18,312 (284) 23,506 (289) Corporate debt securities 99,446 (330) 277,717 (8,970) 377,163 (9,300) Foreign government bonds 3,200 (5) 551 (39) 3,751 (44) Asset-backed securities 3,060 (25) 22,221 (991) 25,281 (1,016) Municipal bonds — — 3,782 (168) 3,782 (168) Total $ 360,946 $ (495) $ 450,559 $ (14,551) $ 811,505 $ (15,046) At the End of the Third Quarter of Fiscal 2024 Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government treasury notes $ 216,545 $ (1,743) $ 72,662 $ (1,401) $ 289,207 $ (3,144) U.S. government agencies 4,389 (6) — — 4,389 (6) Corporate debt securities 192,151 (1,055) 135,200 (3,520) 327,351 (4,575) Foreign government bonds 699 — 566 (25) 1,265 (25) Asset-backed securities 36,738 (250) 15,263 (496) 52,001 (746) Municipal bonds — — 2,948 (62) 2,948 (62) Total $ 450,522 $ (3,054) $ 226,639 $ (5,504) $ 677,161 $ (8,558) |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Balance Sheet Components Disclosure [Abstract] | |
Schedule of Inventory | Inventory consists of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Raw materials $ 24,896 $ 20,704 Finished goods 25,256 25,507 Inventory $ 50,152 $ 46,211 |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Test equipment $ 315,290 $ 359,073 Computer equipment and software 262,574 308,671 Furniture and fixtures 9,693 9,915 Leasehold improvements 71,235 95,919 Capitalized software development costs 15,806 30,831 Total property and equipment 674,598 804,409 Less: accumulated depreciation and amortization (402,153) (466,850) Property and equipment, net $ 272,445 $ 337,559 |
Schedule of Intangible Assets, Net | Intangible assets, net consist of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Gross Carrying Value Accumulated Amortization Net Carrying Amount Gross Carrying Value Accumulated Amortization Net Carrying Amount Technology patents $ 19,125 $ (14,826) $ 4,299 $ 19,125 $ (15,787) $ 3,338 Developed technology 83,211 (43,366) 39,845 83,211 (53,284) 29,927 Customer relationships 6,459 (2,166) 4,293 6,459 (2,856) 3,603 Trade name 3,623 (2,838) 785 3,623 (3,623) — Intangible assets, net $ 112,418 $ (63,196) $ 49,222 $ 112,418 $ (75,550) $ 36,868 |
Schedule of Expected Amortization Expenses for Intangible Assets | At the end of the third quarter of fiscal 2024, future expected amortization expense for intangible assets is as follows (in thousands): Fiscal Years Ending Estimated Future Remainder of 2024 $ 3,856 2025 15,425 2026 12,830 2027 3,107 2028 1,054 Thereafter 596 Total $ 36,868 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Taxes payable $ 16,615 $ 18,132 Accrued marketing 14,228 15,649 Accrued cloud and outside services 7,644 5,077 Supply chain-related accruals (1) 23,545 34,966 Accrued service logistics and professional services 7,927 8,135 Acquisition earn-out and deferred consideration 3,556 1,000 Finance lease liabilities, current 5,432 5,576 Customer deposits from contracts with customers 17,824 20,993 Other accrued liabilities 26,978 31,713 Total accrued expenses and other liabilities $ 123,749 $ 141,241 _________________________________ (1) Primarily consists of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers. |
Deferred Revenue and Commissi_2
Deferred Revenue and Commissions (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Commissions | Changes in total deferred commissions during the periods presented are as follows (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Beginning balance $ 235,681 $ 255,417 $ 246,307 $ 245,856 Additions 35,827 50,183 98,949 130,312 Recognition of deferred commissions (36,376) (40,683) (110,124) (111,251) Ending balance $ 235,132 $ 264,917 $ 235,132 $ 264,917 |
Schedule of Deferred Revenue | Changes in total deferred revenue during the periods presented are as follows (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Beginning balance $ 1,178,691 $ 1,437,043 $ 1,079,872 $ 1,385,650 Additions 313,279 368,708 854,535 975,149 Recognition of deferred revenue (243,751) (309,244) (686,188) (864,292) Ending balance $ 1,248,219 $ 1,496,507 $ 1,248,219 $ 1,496,507 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease costs during the periods presented were as follows (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Fixed operating lease cost $ 13,412 $ 10,685 $ 34,483 $ 37,338 Variable lease cost (1) 931 2,328 4,753 8,002 Short-term lease cost (12 months or less) 1,096 1,081 2,712 3,214 Finance lease cost: Amortization of finance lease right-of-use assets 926 1,100 1,929 3,300 Interest on finance lease liabilities 98 81 197 338 Total finance lease cost $ 1,024 $ 1,181 $ 2,126 $ 3,638 Total lease cost $ 16,463 $ 15,275 $ 44,074 $ 52,192 ____________________________________ (1) Variable lease cost predominantly included common area maintenance charges. Supplemental information related to leases is as follows (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 Operating leases: Weighted-average remaining lease term (in years) 5.2 5.0 Weighted-average discount rate 6.1 % 7.0 % Finance leases: Finance lease right-of-use assets, gross (1) $ 17,596 $ 17,596 Accumulated amortization (1) (3,412) (6,712) Finance lease right-of-use assets, net (1) $ 14,184 $ 10,884 Finance lease liabilities, current (2) 5,432 5,576 Finance lease liabilities, non-current (3) 4,765 386 Total finance lease liabilities $ 10,197 $ 5,962 Weighted-average remaining lease term (in years) 3.3 2.6 Weighted-average discount rate 5.1 % 5.0 % ____________________________________ (1) Included in the condensed consolidated balance sheets within property and equipment, net. (2) Included in the condensed consolidated balance sheets within accrued expenses and other liabilities. (3) Included in the condensed consolidated balance sheets within other liabilities, non-current. |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): First Three Quarters of Fiscal 2023 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 38,853 $ 29,591 Financing cash outflows for finance leases $ 5,323 $ 5,969 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 77,986 $ 11,966 Finance leases $ 14,019 $ — |
Schedule of Future Operating Lease Payments | Future lease payments under our non-cancelable leases at the end of the third quarter of fiscal 2024 were as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases The remainder of 2024 $ 15,707 $ 1,266 2025 51,252 4,728 2026 39,127 183 2027 21,654 — 2028 24,020 — Thereafter 47,688 — Total future lease payments 199,448 6,177 Less: imputed interest (32,759) (215) Present value of total lease liabilities $ 166,689 $ 5,962 |
Schedule of Future Finance Lease Payments | Future lease payments under our non-cancelable leases at the end of the third quarter of fiscal 2024 were as follows (in thousands): Fiscal Years Ending Operating Leases Finance Leases The remainder of 2024 $ 15,707 $ 1,266 2025 51,252 4,728 2026 39,127 183 2027 21,654 — 2028 24,020 — Thereafter 47,688 — Total future lease payments 199,448 6,177 Less: imputed interest (32,759) (215) Present value of total lease liabilities $ 166,689 $ 5,962 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity Under Equity Incentive Plans and Related Information | A summary of the stock option activity under our equity incentive plans and related information is as follows: Options Outstanding Number of Weighted- Weighted- Aggregate Balance at the end of fiscal 2023 9,268,498 $ 10.90 2.7 $ 176,674 Options exercised (3,711,431) 8.86 Options forfeited (1,778) 1.90 Balance at the end of the third quarter of fiscal 2024 5,555,289 $ 12.26 2.2 $ 126,547 Vested and exercisable at the end of the third quarter of fiscal 2024 5,502,850 $ 12.28 2.2 $ 124,815 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of the RSU and PRSU activity under our equity incentive plans and related information is as follows: Number of RSUs and PRSUs Outstanding Weighted- Aggregate Unvested balance at the end of fiscal 2023 26,760,520 $ 24.78 $ 800,407 Granted 16,453,548 25.68 Vested (10,612,542) 22.90 Forfeited (3,017,178) 25.00 Unvested balance at the end of the third quarter of fiscal 2024 29,584,348 $ 25.92 $ 1,034,269 |
Summarizes the Components of Stock-Based Compensation | The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Cost of revenue—product $ 2,984 $ 1,443 $ 7,454 $ 7,056 Cost of revenue—subscription services 5,814 6,849 16,978 19,347 Research and development 42,390 43,908 120,482 126,225 Sales and marketing 18,441 19,209 54,740 55,883 General and administrative 17,350 16,557 45,460 46,732 Total stock-based compensation expense $ 86,979 $ 87,966 $ 245,114 $ 255,243 |
Net Income (Loss) per Share A_2
Net Income (Loss) per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Numerator: Net income (loss) $ (787) $ 70,389 $ (1,400) $ (4,127) Denominator: Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic 300,984 314,153 298,101 309,842 Add: Dilutive effect of common stock equivalents — 16,102 — — Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted 300,984 330,255 298,101 309,842 Net income (loss) per share attributable to common stockholders, basic $ (0.00) $ 0.22 $ (0.00) $ (0.01) Net income (loss) per share attributable to common stockholders, diluted $ (0.00) $ 0.21 $ (0.00) $ (0.01) |
Summary of Weighted-average Outstanding Shares Excluded from Computation of Diluted Net Income (Loss) per Share Attributable to Common Stockholders | The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Stock options to purchase common stock 10,164 — 10,812 7,185 Unvested RSUs and PRSUs 29,809 — 30,510 31,115 Unvested LTP Awards — — — 2,298 Unvested restricted stock — — 8 — Shares related to convertible senior notes 21,884 — 21,884 5,772 Shares issuable pursuant to the ESPP 450 — 450 655 Total 62,307 — 63,664 47,025 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income (Expense) | Other income (expense), net consists of the following (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 Interest income (1) $ 3,969 $ 12,167 $ 8,280 $ 35,652 Interest expense (2) (1,117) (2,094) (3,600) (5,441) Foreign currency transactions losses (6,663) (4,599) (15,689) (6,285) Other income (expense) 997 (290) 2,599 (307) Total other income (expense), net $ (2,814) $ 5,184 $ (8,410) $ 23,619 ____________________________________ (1) Interest income includes interest income related to our cash, cash equivalents and marketable securities and non-cash interest income (expense) related to accretion (amortization) of the discount (premium) on marketable securities. (2) Interest expense includes non-cash interest expense related to amortization of debt issuance costs, contractual interest expense related to our debt and accretion of our finance lease liabilities. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Nov. 05, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | The following table depicts the disaggregation of revenue by geographic area based on the billing address of our customers and is consistent with how we evaluate our financial performance (in thousands): Third Quarter of Fiscal First Three Quarters of Fiscal 2023 2024 2023 2024 United States $ 492,770 $ 535,452 $ 1,419,440 $ 1,457,266 Rest of the world 183,280 227,386 523,787 583,550 Total revenue $ 676,050 $ 762,838 $ 1,943,227 $ 2,040,816 |
Schedule of Long-Lived Assets by Geographic Area | Long-lived assets, which are comprised of property and equipment, net, by geographic area are summarized as follows (in thousands): At the End of Fiscal 2023 Third Quarter of Fiscal 2024 United States $ 259,131 $ 326,833 Rest of the world 13,314 10,726 Total long-lived assets $ 272,445 $ 337,559 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 | Nov. 06, 2022 |
Accounting Policies [Abstract] | |||
Restricted cash | $ 9,960 | $ 10,544 | $ 10,544 |
Financial Instruments - Cash Eq
Financial Instruments - Cash Equivalents, Marketable Securities and Restricted Cash (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 830,090 | |
Fair Value | 821,868 | |
Cash Equivalents | 16,947 | $ 71,197 |
Marketable Securities | 821,868 | 1,001,352 |
Restricted Cash | 9,960 | 10,544 |
Amortized Cost | 830,090 | 1,047,054 |
Total gross unrealized gains | 336 | 1,352 |
Total gross unrealized losses | (8,558) | (15,046) |
Total fair value | 848,775 | 1,083,093 |
Level 1 | Money market accounts | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 26,907 | 49,733 |
Cash Equivalents | 16,947 | 39,189 |
Marketable Securities | 0 | 0 |
Restricted Cash | 9,960 | 10,544 |
Level 2 | U.S. government treasury notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 349,092 | 425,977 |
Gross Unrealized Gains | 80 | 170 |
Gross Unrealized Losses | (3,144) | (4,229) |
Fair Value | 346,028 | 421,918 |
Cash Equivalents | 0 | 32,008 |
Marketable Securities | 346,028 | 389,910 |
Restricted Cash | 0 | 0 |
Level 2 | U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,395 | 23,795 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (6) | (289) |
Fair Value | 4,389 | 23,506 |
Cash Equivalents | 0 | 0 |
Marketable Securities | 4,389 | 23,506 |
Restricted Cash | 0 | 0 |
Level 2 | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 406,659 | 527,164 |
Gross Unrealized Gains | 208 | 901 |
Gross Unrealized Losses | (4,575) | (9,300) |
Fair Value | 402,292 | 518,765 |
Cash Equivalents | 0 | 0 |
Marketable Securities | 402,292 | 518,765 |
Restricted Cash | 0 | 0 |
Level 2 | Foreign government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,290 | 4,797 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (25) | (44) |
Fair Value | 1,265 | 4,753 |
Cash Equivalents | 0 | 0 |
Marketable Securities | 1,265 | 4,753 |
Restricted Cash | 0 | 0 |
Level 2 | Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 65,644 | 61,371 |
Gross Unrealized Gains | 48 | 281 |
Gross Unrealized Losses | (746) | (1,016) |
Fair Value | 64,946 | 60,636 |
Cash Equivalents | 0 | 0 |
Marketable Securities | 64,946 | 60,636 |
Restricted Cash | 0 | 0 |
Level 2 | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,010 | 3,950 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (62) | (168) |
Fair Value | 2,948 | 3,782 |
Cash Equivalents | 0 | 0 |
Marketable Securities | 2,948 | 3,782 |
Restricted Cash | $ 0 | $ 0 |
Financial Instruments - Amortiz
Financial Instruments - Amortized Cost and Estimated Fair Value (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Amortized Cost | ||||
Due within one year | $ 405,765,000 | $ 405,765,000 | ||
Due in one to five years | 423,560,000 | 423,560,000 | ||
Due in five to ten years | 765,000 | 765,000 | ||
Amortized Cost | 830,090,000 | 830,090,000 | ||
Fair Value | ||||
Due within one year | 400,902,000 | 400,902,000 | ||
Due in one to five years | 420,200,000 | 420,200,000 | ||
Due in five to ten years | 766,000 | 766,000 | ||
Total | 821,868,000 | 821,868,000 | ||
Impairment charge for unrealized losses | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Instruments - Gross U
Financial Instruments - Gross Unrealized Losses and Fair Values (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value, Less than 12 months | $ 450,522 | $ 360,946 |
Unrealized Loss, Less than 12 months | (3,054) | (495) |
Fair Value, Greater than 12 months | 226,639 | 450,559 |
Unrealized Loss, Greater than 12 months | (5,504) | (14,551) |
Fair Value, Total | 677,161 | 811,505 |
Unrealized Loss, Total | (8,558) | (15,046) |
U.S. government treasury notes | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value, Less than 12 months | 216,545 | 250,046 |
Unrealized Loss, Less than 12 months | (1,743) | (130) |
Fair Value, Greater than 12 months | 72,662 | 127,976 |
Unrealized Loss, Greater than 12 months | (1,401) | (4,099) |
Fair Value, Total | 289,207 | 378,022 |
Unrealized Loss, Total | (3,144) | (4,229) |
U.S. government agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value, Less than 12 months | 4,389 | 5,194 |
Unrealized Loss, Less than 12 months | (6) | (5) |
Fair Value, Greater than 12 months | 0 | 18,312 |
Unrealized Loss, Greater than 12 months | 0 | (284) |
Fair Value, Total | 4,389 | 23,506 |
Unrealized Loss, Total | (6) | (289) |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value, Less than 12 months | 192,151 | 99,446 |
Unrealized Loss, Less than 12 months | (1,055) | (330) |
Fair Value, Greater than 12 months | 135,200 | 277,717 |
Unrealized Loss, Greater than 12 months | (3,520) | (8,970) |
Fair Value, Total | 327,351 | 377,163 |
Unrealized Loss, Total | (4,575) | (9,300) |
Foreign government bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value, Less than 12 months | 699 | 3,200 |
Unrealized Loss, Less than 12 months | 0 | (5) |
Fair Value, Greater than 12 months | 566 | 551 |
Unrealized Loss, Greater than 12 months | (25) | (39) |
Fair Value, Total | 1,265 | 3,751 |
Unrealized Loss, Total | (25) | (44) |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value, Less than 12 months | 36,738 | 3,060 |
Unrealized Loss, Less than 12 months | (250) | (25) |
Fair Value, Greater than 12 months | 15,263 | 22,221 |
Unrealized Loss, Greater than 12 months | (496) | (991) |
Fair Value, Total | 52,001 | 25,281 |
Unrealized Loss, Total | (746) | (1,016) |
Municipal bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value, Less than 12 months | 0 | 0 |
Unrealized Loss, Less than 12 months | 0 | 0 |
Fair Value, Greater than 12 months | 2,948 | 3,782 |
Unrealized Loss, Greater than 12 months | (62) | (168) |
Fair Value, Total | 2,948 | 3,782 |
Unrealized Loss, Total | $ (62) | $ (168) |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Balance Sheet Components Disclosure [Abstract] | ||
Raw materials | $ 20,704 | $ 24,896 |
Finished goods | 25,507 | 25,256 |
Inventory | $ 46,211 | $ 50,152 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 804,409 | $ 674,598 |
Less: accumulated depreciation and amortization | (466,850) | (402,153) |
Property and equipment, net | 337,559 | 272,445 |
Test equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 359,073 | 315,290 |
Computer equipment and software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 308,671 | 262,574 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 9,915 | 9,693 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 95,919 | 71,235 |
Capitalized software development costs | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 30,831 | $ 15,806 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Depreciation and amortization | $ 28.7 | $ 22.2 | $ 82.5 | $ 61 |
Intangible assets amortization expense | $ 4 | $ 4.1 | $ 12.3 | $ 12.3 |
Technology patents | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life (in years) | 1 year 2 months 12 days | |||
Developed technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life (in years) | 2 years 3 months 18 days | |||
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life (in years) | 3 years 10 months 24 days |
Balance Sheet Components - Inta
Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 112,418 | $ 112,418 |
Accumulated Amortization | (75,550) | (63,196) |
Net Carrying Amount | 36,868 | 49,222 |
Technology patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 19,125 | 19,125 |
Accumulated Amortization | (15,787) | (14,826) |
Net Carrying Amount | 3,338 | 4,299 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 83,211 | 83,211 |
Accumulated Amortization | (53,284) | (43,366) |
Net Carrying Amount | 29,927 | 39,845 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 6,459 | 6,459 |
Accumulated Amortization | (2,856) | (2,166) |
Net Carrying Amount | 3,603 | 4,293 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3,623 | 3,623 |
Accumulated Amortization | (3,623) | (2,838) |
Net Carrying Amount | $ 0 | $ 785 |
Balance Sheet Components - Expe
Balance Sheet Components - Expected Amortization Expenses for Intangible Assets (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Balance Sheet Components Disclosure [Abstract] | ||
Remainder of 2024 | $ 3,856 | |
2025 | 15,425 | |
2026 | 12,830 | |
2027 | 3,107 | |
2028 | 1,054 | |
Thereafter | 596 | |
Net Carrying Amount | $ 36,868 | $ 49,222 |
Balance Sheet Components - Good
Balance Sheet Components - Goodwill (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | Feb. 05, 2023 | |
Balance Sheet Components Disclosure [Abstract] | |||||
Goodwill | $ 361,427,000 | $ 361,427,000 | $ 361,427,000 | ||
Impairments to goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Balance Sheet Components Disclosure [Abstract] | ||
Taxes payable | $ 18,132 | $ 16,615 |
Accrued marketing | 15,649 | 14,228 |
Accrued cloud and outside services | 5,077 | 7,644 |
Supply chain-related accruals | 34,966 | 23,545 |
Accrued service logistics and professional services | 8,135 | 7,927 |
Acquisition earn-out and deferred consideration | 1,000 | 3,556 |
Finance lease liabilities, current | 5,576 | 5,432 |
Customer deposits from contracts with customers | 20,993 | 17,824 |
Other accrued liabilities | 31,713 | 26,978 |
Total accrued expenses and other liabilities | $ 141,241 | $ 123,749 |
Deferred Revenue and Commissi_3
Deferred Revenue and Commissions - Deferred Commissions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Deferred Commissions [Roll Forward] | ||||
Beginning balance | $ 255,417,000 | $ 235,681,000 | $ 245,856,000 | $ 246,307,000 |
Additions | 50,183,000 | 35,827,000 | 130,312,000 | 98,949,000 |
Recognition of deferred commissions | (40,683,000) | (36,376,000) | (111,251,000) | (110,124,000) |
Ending balance | $ 264,917,000 | 235,132,000 | $ 264,917,000 | 235,132,000 |
Commission expected to be recognized over the next 12 months (percent) | 28% | 28% | ||
Impairment of capitalized commissions | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred Revenue and Commissi_4
Deferred Revenue and Commissions - Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Contract Liability | ||||
Additions | $ 50,183 | $ 35,827 | $ 130,312 | $ 98,949 |
Recognition of deferred revenue | (40,683) | (36,376) | (111,251) | (110,124) |
Product Revenue and Support Subscription Revenue | ||||
Contract Liability | ||||
Beginning balance | 1,437,043 | 1,178,691 | 1,385,650 | 1,079,872 |
Additions | 368,708 | 313,279 | 975,149 | 854,535 |
Recognition of deferred revenue | (309,244) | (243,751) | (864,292) | (686,188) |
Ending balance | $ 1,496,507 | $ 1,248,219 | $ 1,496,507 | $ 1,248,219 |
Deferred Revenue and Commissi_5
Deferred Revenue and Commissions - Remaining Performance Obligation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue recognized | $ 280.4 | $ 216.8 | $ 589.1 | $ 466 |
Contracted but not recognized revenue | 2,000 | 2,000 | ||
Non-cancelable product order | $ 41 | $ 41 |
Deferred Revenue and Commissi_6
Deferred Revenue and Commissions - Remaining Performance Obligation Period (Details) | Nov. 05, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-06 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized (as a percent) | 46% |
Revenue expected to be recognized term (in months) | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-06 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized term (in months) |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 24, 2020 USD ($) | Apr. 30, 2023 USD ($) shares | Mar. 31, 2023 financial_ratio | Apr. 30, 2018 USD ($) shares | Nov. 05, 2023 USD ($) | Nov. 05, 2023 USD ($) | Apr. 04, 2018 $ / shares | |
Debt Instrument [Line Items] | |||||||
Issuance of common stock upon conversion of convertible senior notes (in shares) | shares | 1,065 | ||||||
Class A common stock | Capped Call | |||||||
Debt Instrument [Line Items] | |||||||
Exercise price (in dollars per share) | $ / shares | $ 39.66 | ||||||
Convertible Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 575,000,000 | ||||||
Interest rate (as a percent) | 0.125% | ||||||
Repayments of convertible debt | $ 575,000,000 | ||||||
Convertible Senior Notes | Class A common stock | |||||||
Debt Instrument [Line Items] | |||||||
Number of convertible shares at initial conversion rate (in shares) | shares | 21,900,000 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Term of credit facility | 5 years | ||||||
Senior secured revolving credit facility maximum capacity | $ 300,000,000 | ||||||
Credit facility maturity period prior to stated maturity if out of compliance with liquidity threshold | 91 days | ||||||
Credit facility, daily minimum sum of cash and cash equivalents and aggregate unused commitments to prevent maturity prior to stated maturity | $ 625,000,000 | ||||||
Proceeds from lines of credit | $ 100,000,000 | ||||||
Interest expense | $ 1,700,000 | $ 3,800,000 | |||||
Number of financial ratios | financial_ratio | 2 | ||||||
Consolidated leverage ratio, maximum | 4.5 | ||||||
Interest coverage ratio, minimum | 3 | ||||||
Revolving Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee (percent) | 0.25% | ||||||
Revolving Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee (percent) | 0.40% | ||||||
Revolving Credit Facility | Base Rate | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Margin rate (percent) | 0.50% | ||||||
Revolving Credit Facility | Base Rate | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Margin rate (percent) | 1.25% | ||||||
Revolving Credit Facility | Secured Overnight Financing Rate | |||||||
Debt Instrument [Line Items] | |||||||
Interest during the period (percent) | 6.81% | 6.62% | |||||
Revolving Credit Facility | Secured Overnight Financing Rate | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Margin rate (percent) | 1.50% | ||||||
Revolving Credit Facility | Secured Overnight Financing Rate | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Margin rate (percent) | 2.25% | ||||||
Revolving Credit Facility | Secured Overnight Financing Rate | Interest Rate Floor | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate (percent) | 0% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | Nov. 05, 2023 | Feb. 05, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding letters of credit | $ 8,000,000 | $ 8,000,000 |
Loss contingency | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jun. 30, 2022 | Aug. 06, 2023 | May 31, 2024 | Nov. 05, 2023 | Aug. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||||
Sublease term | 8 years | ||||
Total lease payments that include rent escalation and abatement clauses | $ 100,200 | $ 199,448 | $ 89,400 | ||
Right-of-use assets, impairment loss | $ 15,900 | ||||
Lease abandonment charges | $ 900 | ||||
Finance lease, term | 3 years | ||||
Forecast | |||||
Lessee, Lease, Description [Line Items] | |||||
Total lease payments that include rent escalation and abatement clauses | $ 10,800 |
Leases - Lease costs (Details)
Leases - Lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Leases [Abstract] | ||||
Fixed operating lease cost | $ 10,685 | $ 13,412 | $ 37,338 | $ 34,483 |
Variable lease cost | 2,328 | 931 | 8,002 | 4,753 |
Short-term lease cost (12 months or less) | 1,081 | 1,096 | 3,214 | 2,712 |
Amortization of finance lease right-of-use assets | 1,100 | 926 | 3,300 | 1,929 |
Interest on finance lease liabilities | 81 | 98 | 338 | 197 |
Total finance lease cost | 1,181 | 1,024 | 3,638 | 2,126 |
Total lease cost | $ 15,275 | $ 16,463 | $ 52,192 | $ 44,074 |
Leases - Lease term and discoun
Leases - Lease term and discount rate (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Operating leases: | ||
Weighted-average remaining lease term (in years) | 5 years | 5 years 2 months 12 days |
Weighted-average discount rate | 7% | 6.10% |
Finance leases: | ||
Finance lease right-of-use assets, gross | $ 17,596 | $ 17,596 |
Accumulated amortization | (6,712) | (3,412) |
Finance lease right-of-use assets, net | 10,884 | 14,184 |
Finance lease liabilities, current | 5,576 | 5,432 |
Finance lease liabilities, non-current | 386 | 4,765 |
Present value of total lease liabilities | $ 5,962 | $ 10,197 |
Weighted-average remaining lease term (in years) | 2 years 7 months 6 days | 3 years 3 months 18 days |
Weighted-average discount rate | 5% | 5.10% |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 05, 2023 | Nov. 06, 2022 | |
Leases [Abstract] | ||
Operating cash outflows for operating leases | $ 29,591 | $ 38,853 |
Financing cash outflows for finance leases | 5,969 | 5,323 |
Operating leases | 11,966 | 77,986 |
Finance leases | $ 0 | $ 14,019 |
Leases - Future minimum lease p
Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 | Aug. 31, 2022 | Jun. 30, 2022 |
Operating Leases | ||||
The remainder of 2024 | $ 15,707 | |||
2025 | 51,252 | |||
2026 | 39,127 | |||
2027 | 21,654 | |||
2028 | 24,020 | |||
Thereafter | 47,688 | |||
Total future lease payments | 199,448 | $ 89,400 | $ 100,200 | |
Less: imputed interest | (32,759) | |||
Present value of total lease liabilities | 166,689 | |||
Finance Leases | ||||
The remainder of 2024 | 1,266 | |||
2025 | 4,728 | |||
2026 | 183 | |||
2027 | 0 | |||
2028 | 0 | |||
Thereafter | 0 | |||
Total future lease payments | 6,177 | |||
Less: imputed interest | (215) | |||
Present value of total lease liabilities | $ 5,962 | $ 10,197 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 USD ($) stock_class $ / shares shares | Nov. 05, 2023 USD ($) stock_class $ / shares shares | Mar. 31, 2023 USD ($) | Feb. 05, 2023 $ / shares shares | |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | |
Number of classes of stock | stock_class | 2 | 2 | ||
Common stock, shares authorized (in shares) | 2,250,000,000 | 2,250,000,000 | 2,250,000,000 | |
Additional value approved for repurchase | $ | $ 250 | |||
Stock repurchased and retired (in shares) | 600,000 | 4,100,000 | ||
Shares repurchased and retired, average purchase price (in dollars per share) | $ / shares | $ 35.38 | $ 27.86 | ||
Stock repurchased and retired during period, value | $ | $ 22.4 | $ 114.3 | ||
Authorized amount remaining under stock repurchase program | $ | $ 166.8 | $ 166.8 | ||
Class A common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock, shares issued (in shares) | 315,986,000 | 315,986,000 | 304,076,000 | |
Common stock, shares outstanding (in shares) | 315,986,000 | 315,986,000 | 304,076,000 | |
Class B common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 | |
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 USD ($) shares | Nov. 05, 2023 USD ($) purchasePeriod shares | Nov. 06, 2022 USD ($) | Nov. 05, 2023 USD ($) plan purchasePeriod $ / shares shares | Nov. 06, 2022 USD ($) | Mar. 20, 2028 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equity incentive plans | plan | 2 | |||||
Equity awards expiration period (no later than) | 10 years | |||||
Total stock-based compensation expense | $ 87,966,000 | $ 86,979,000 | $ 255,243,000 | $ 245,114,000 | ||
PRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, target (as a percent) | 100% | |||||
Granted (in shares) | shares | 1,600,000 | |||||
Long-Term Performance Incentive RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation not yet recognized | $ 73,900,000 | |||||
Total stock-based compensation expense | 3,900,000 | $ 6,300,000 | ||||
Unrecognized stock-based compensation expense | $ 67,600,000 | $ 67,600,000 | ||||
Compensation cost (in years) | 4 years 4 months 24 days | |||||
Granted (in shares) | shares | 4,200,000 | |||||
Post-vesting holding period | 1 year | |||||
Granted (in dollars per share) | $ / shares | $ 17.56 | |||||
Volatility rate (percent) | 51.80% | |||||
Risk-free interest rate (percent) | 3.86% | |||||
Expected term | 5 years | |||||
Post-vesting holding period discount rate (percent) | 14.90% | |||||
Unvested awards (in shares) | shares | 4,200,000 | 4,200,000 | ||||
2015 Employee Stock Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee stock purchase plan offering period | 24 months | |||||
Number of purchase periods | purchasePeriod | 4 | 4 | ||||
Purchase period, term | 6 months | |||||
ESPP modification charge | $ 16,700,000 | |||||
Total stock-based compensation expense | $ 7,100,000 | $ 5,500,000 | 19,700,000 | $ 17,300,000 | ||
Unrecognized stock-based compensation expense | $ 40,800,000 | $ 40,800,000 | ||||
Compensation cost (in years) | 1 year 4 months 24 days | |||||
2015 Employee Stock Purchase Plan | Class A common stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payroll deductions percentage | 30% | 30% | ||||
Share cap for ESPP at purchase date (in shares) | shares | 3,000 | 3,000 | ||||
Dollar cap per purchase period | $ 7,500 | |||||
Calendar year gap for ESPP contribution amount | $ 25,000 | |||||
Purchase price as percentage of fair market value of common stock | 85% | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 2 years | |||||
Minimum | PRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, target (as a percent) | 0% | |||||
Minimum | Long-Term Performance Incentive RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 4 years | |||||
Maximum | PRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, target (as a percent) | 150% | |||||
Maximum | Long-Term Performance Incentive RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 5 years | |||||
Maximum | Long-Term Performance Incentive RSUs | Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target market capitalization | $ 21,000,000,000 |
Equity Incentive Plans - Equity
Equity Incentive Plans - Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | Feb. 05, 2023 | |
Number of Shares | |||||
Beginning balance (in shares) | 9,268,498 | ||||
Options exercised (in shares) | (3,711,431) | ||||
Options forfeited (in shares) | (1,778) | ||||
Ending balance (in shares) | 5,555,289 | 5,555,289 | 9,268,498 | ||
Vested and exercisable (in shares) | 5,502,850 | 5,502,850 | |||
Weighted- Average Exercise Price | |||||
Beginning balance (in dollars per share) | $ 10.90 | ||||
Options exercised (in dollars per share) | 8.86 | ||||
Options forfeited (in dollars per share) | 1.90 | ||||
Ending balance (in dollars per share) | $ 12.26 | 12.26 | $ 10.90 | ||
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) | $ 12.28 | $ 12.28 | |||
Weighted- Average Remaining Contractual Life (In Years) | |||||
Weighted Average Remaining Contractual Life (in years) | 2 years 2 months 12 days | 2 years 8 months 12 days | |||
Weighted Average Remaining Contractual Life (in years), Vested and exercisable | 2 years 2 months 12 days | ||||
Aggregate Intrinsic Value (in thousands) | |||||
Aggregate Intrinsic Value | $ 126,547 | $ 126,547 | $ 176,674 | ||
Aggregate Intrinsic Value, Vested and exercisable | 124,815 | 124,815 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | 87,966 | $ 86,979 | 255,243 | $ 245,114 | |
Unrecognized compensation cost, stock options | 700 | 700 | |||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | $ 500 | $ 1,200 | $ 1,700 | $ 4,000 | |
Compensation cost (in years) | 6 months | ||||
Class A common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Closing price of stock (in dollars per share) | $ 34.96 | $ 34.96 |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | Feb. 05, 2023 | |
Weighted- Average Grant Date Fair Value | |||||
Stock-based compensation expense | $ 87,966 | $ 86,979 | $ 255,243 | $ 245,114 | |
Unvested RSUs and PRSUs | |||||
Number of RSUs and PRSUs Outstanding | |||||
Unvested, Beginning balance (in shares) | 26,760,520 | ||||
Granted (in shares) | 16,453,548 | ||||
Vested (in shares) | (10,612,542) | ||||
Forfeited (in shares) | (3,017,178) | ||||
Unvested, Ending balance (in shares) | 29,584,348 | 29,584,348 | |||
Weighted- Average Grant Date Fair Value | |||||
Beginning balance (in dollars per share) | $ 24.78 | ||||
Granted (in dollars per share) | 25.68 | ||||
Vested (in dollars per share) | 22.90 | ||||
Forfeited (in dollars per share) | 25 | ||||
Ending balance (in dollars per share) | $ 25.92 | $ 25.92 | |||
Aggregate Intrinsic Value | $ 1,034,269 | $ 1,034,269 | $ 800,407 | ||
Stock-based compensation expense | 76,500 | $ 80,300 | 227,500 | $ 223,800 | |
Compensation not yet recognized | $ 679,100 | $ 679,100 | |||
Compensation cost (in years) | 2 years 9 months 18 days | ||||
PRSUs | |||||
Number of RSUs and PRSUs Outstanding | |||||
Granted (in shares) | 1,600,000 | ||||
Weighted- Average Grant Date Fair Value | |||||
Award vesting rights, target (as a percent) | 100% | ||||
PRSUs | Minimum | |||||
Weighted- Average Grant Date Fair Value | |||||
Award vesting rights, target (as a percent) | 0% | ||||
PRSUs | Maximum | |||||
Weighted- Average Grant Date Fair Value | |||||
Award vesting rights, target (as a percent) | 150% | ||||
PRSUs, Subject to Service Condition | |||||
Number of RSUs and PRSUs Outstanding | |||||
Granted (in shares) | 600,000 |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 87,966 | $ 86,979 | $ 255,243 | $ 245,114 |
Cost of revenue—product | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,443 | 2,984 | 7,056 | 7,454 |
Cost of revenue—subscription services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 6,849 | 5,814 | 19,347 | 16,978 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 43,908 | 42,390 | 126,225 | 120,482 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 19,209 | 18,441 | 55,883 | 54,740 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 16,557 | $ 17,350 | $ 46,732 | $ 45,460 |
Net Income (Loss) per Share A_3
Net Income (Loss) per Share Attributable to Common Stockholders - Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ 70,389 | $ (787) | $ (4,127) | $ (1,400) |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic (in shares) | 314,153 | 300,984 | 309,842 | 298,101 |
Add: Dilutive effect of common stock equivalents (in shares) | 16,102 | 0 | 0 | 0 |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted (in shares) | 330,255 | 300,984 | 309,842 | 298,101 |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ 0.22 | $ 0 | $ (0.01) | $ 0 |
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | $ 0.21 | $ 0 | $ (0.01) | $ 0 |
Net Income (Loss) per Share A_4
Net Income (Loss) per Share Attributable to Common Stockholders - Shares Excluded (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 62,307 | 47,025 | 63,664 |
Stock options to purchase common stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 10,164 | 7,185 | 10,812 |
Unvested RSUs and PRSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 29,809 | 31,115 | 30,510 |
Unvested LTP Awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 0 | 2,298 | 0 |
Unvested restricted stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 0 | 0 | 8 |
Shares related to convertible senior notes | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 21,884 | 5,772 | 21,884 |
Shares issuable pursuant to the ESPP | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 450 | 655 | 450 |
Other Income (Expense), Net - O
Other Income (Expense), Net - Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 12,167 | $ 3,969 | $ 35,652 | $ 8,280 |
Interest expense | (2,094) | (1,117) | (5,441) | (3,600) |
Foreign currency transactions losses | (4,599) | (6,663) | (6,285) | (15,689) |
Other income (expense) | (290) | 997 | (307) | 2,599 |
Total other income (expense), net | $ 5,184 | $ (2,814) | $ 23,619 | $ (8,410) |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 05, 2023 | Nov. 06, 2022 | Nov. 05, 2023 | Nov. 06, 2022 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 762,838 | $ 676,050 | $ 2,040,816 | $ 1,943,227 |
United States | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | 535,452 | 492,770 | 1,457,266 | 1,419,440 |
Rest of the world | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 227,386 | $ 183,280 | $ 583,550 | $ 523,787 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Nov. 05, 2023 | Feb. 05, 2023 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | $ 337,559 | $ 272,445 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | 326,833 | 259,131 |
Rest of the world | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | $ 10,726 | $ 13,314 |
Uncategorized Items - pstg-2023
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |