Cover
Cover - shares | 3 Months Ended | |
Apr. 30, 2022 | Jun. 01, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-41140 | |
Entity Registrant Name | SAMSARA INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-3100039 | |
Entity Address, Address Line One | 350 Rhode Island Street | |
Entity Address, Address Line Two | 4th Floor, South Building | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94103 | |
City Area Code | 415 | |
Local Phone Number | 985-2400 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | |
Trading Symbol | IOT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001642896 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-28 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 90,532,340 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 418,669,609 | |
Common Class C | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 859,841 | $ 921,218 |
Accounts receivable, net | 84,855 | 81,987 |
Inventories | 41,991 | 33,067 |
Connected device costs, current | 67,514 | 52,519 |
Prepaid expenses and other current assets | 14,372 | 11,376 |
Total current assets | 1,068,573 | 1,100,167 |
Restricted cash | 23,094 | 23,092 |
Property and equipment, net | 50,848 | 36,772 |
Operating lease right-of-use assets | 128,396 | 134,427 |
Connected device costs, non-current | 142,610 | 141,292 |
Deferred commissions | 120,015 | 117,757 |
Other assets, non-current | 11,424 | 14,422 |
Total assets | 1,544,960 | 1,567,929 |
Current liabilities: | ||
Accounts payable | 40,758 | 54,705 |
Accrued expenses and other current liabilities | 51,949 | 31,835 |
Accrued compensation and benefits | 17,216 | 27,107 |
Deferred revenue, current | 220,820 | 203,185 |
Operating lease liabilities, current | 21,518 | 21,447 |
Total current liabilities | 352,261 | 338,279 |
Deferred revenue, non-current | 109,038 | 110,501 |
Operating lease liabilities, non-current | 117,644 | 123,513 |
Other liabilities, non-current | 3,601 | 6,689 |
Total liabilities | 582,544 | 578,982 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value—400,000,000 shares authorized as of April 30, 2022 and January 29, 2022; zero shares issued and outstanding as of April 30, 2022 and January 29, 2022 | 0 | 0 |
Additional paid-in capital | 1,954,243 | 1,909,964 |
Accumulated other comprehensive income (loss) | 82 | (96) |
Accumulated deficit | (991,938) | (920,950) |
Total stockholders’ equity | 962,416 | 988,947 |
Total liabilities and stockholders’ equity | 1,544,960 | 1,567,929 |
Common Class A | ||
Stockholders’ equity: | ||
Common stock | 6 | 6 |
Common Class B | ||
Stockholders’ equity: | ||
Common stock | 23 | 23 |
Common Class C | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2022 | Jan. 29, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 400,000,000 | 400,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common Class A | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, issued (in shares) | 80,386,997 | 77,144,718 |
Common stock, outstanding (in shares) | 80,386,997 | 77,144,718 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 428,636,573 | 428,331,442 |
Common stock, outstanding (in shares) | 428,636,573 | 428,331,442 |
Common Class C | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, issued (in shares) | 0 | 0 |
Common stock, outstanding (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 142,645,000 | $ 87,731,000 |
Cost of revenue | 39,618,000 | 25,629,000 |
Gross profit | 103,027,000 | 62,102,000 |
Operating expenses | ||
Research and development | 40,985,000 | 23,530,000 |
Sales and marketing | 87,449,000 | 52,286,000 |
General and administrative | 43,742,000 | 24,884,000 |
Lease modification, impairment, and related charges | 1,056,000 | 0 |
Total operating expenses | 173,232,000 | 100,700,000 |
Loss from operations | (70,205,000) | (38,598,000) |
Interest income and other income (expense), net | (60,000) | 160,000 |
Loss before provision for income taxes | (70,265,000) | (38,438,000) |
Provision for income taxes | 723,000 | 0 |
Net loss | (70,988,000) | (38,438,000) |
Other comprehensive loss, net of taxes: | ||
Change in foreign currency translation adjustment | 178,000 | 0 |
Comprehensive loss | $ (70,810,000) | $ (38,438,000) |
Basic and diluted net loss per share: | ||
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.14) | $ (0.16) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.14) | $ (0.16) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 507,295,982 | 245,235,264 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 507,295,982 | 245,235,264 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at beginning of period (in shares) at Jan. 30, 2021 | 205,638,256 | ||||
Balance at beginning of period at Jan. 30, 2021 | $ 949,067 | ||||
Balance at end of period (in shares) at May. 01, 2021 | 205,638,256 | ||||
Balance at end of period at May. 01, 2021 | $ 949,067 | ||||
Balance at beginning of period (in shares) at Jan. 30, 2021 | 245,985,471 | ||||
Balance at beginning of period at Jan. 30, 2021 | (532,803) | $ 1 | $ 33,122 | $ 0 | $ (565,926) |
Stockholders' Equity (Deficit) | |||||
Issuance of common stock under equity compensation plans (in shares) | 899,381 | ||||
Issuance of common stock under equity compensation plans | 667 | 667 | |||
Vesting of early exercised stock options | 0 | 0 | |||
Repurchase of restricted common stock (in shares) | (1,462) | ||||
Stock-based compensation expense | 1,453 | 1,453 | |||
Other comprehensive loss | 0 | 0 | |||
Net loss | (38,438) | (38,438) | |||
Balance at end of period (in shares) at May. 01, 2021 | 246,883,390 | ||||
Balance at end of period at May. 01, 2021 | $ (569,121) | $ 1 | 35,242 | 0 | (604,364) |
Balance at beginning of period (in shares) at Jan. 29, 2022 | 0 | ||||
Balance at beginning of period at Jan. 29, 2022 | $ 0 | ||||
Balance at end of period (in shares) at Apr. 30, 2022 | 0 | ||||
Balance at end of period at Apr. 30, 2022 | $ 0 | ||||
Balance at beginning of period (in shares) at Jan. 29, 2022 | 505,476,160 | ||||
Balance at beginning of period at Jan. 29, 2022 | $ 988,947 | $ 29 | 1,909,964 | (96) | (920,950) |
Stockholders' Equity (Deficit) | |||||
Issuance of common stock for vesting of restricted stock units (“RSUs”) (in shares) | 2,656,302 | ||||
Issuance of common stock under equity compensation plans (in shares) | 891,546 | 891,546 | |||
Issuance of common stock under equity compensation plans | $ 249 | 249 | |||
Vesting of early exercised stock options | 102 | 102 | |||
Repurchase of restricted common stock (in shares) | (438) | ||||
Stock-based compensation expense | 43,928 | 43,928 | |||
Other comprehensive loss | 178 | 178 | |||
Net loss | (70,988) | (70,988) | |||
Balance at end of period (in shares) at Apr. 30, 2022 | 509,023,570 | ||||
Balance at end of period at Apr. 30, 2022 | $ 962,416 | $ 29 | $ 1,954,243 | $ 82 | $ (991,938) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Operating activities | ||
Net loss | $ (70,988) | $ (38,438) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,360 | 2,484 |
Stock-based compensation expense | 43,612 | 1,453 |
Lease modification, impairment, and related charges | 1,056 | 0 |
Other non-cash charges | 2,117 | 2,486 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (4,790) | (9,393) |
Inventories | (8,925) | (181) |
Prepaid expenses and other current assets | (2,996) | 1,111 |
Connected device costs | (16,312) | (19,159) |
Deferred commissions | (2,258) | (2,840) |
Other assets, non-current | 2,992 | (1,674) |
Accounts payable and other liabilities | (10,232) | 11,097 |
Deferred revenue | 16,172 | 15,795 |
Operating lease liabilities, net | (590) | 189 |
Net cash used in operating activities | (48,782) | (37,070) |
Investing activities | ||
Purchase of property and equipment | (10,668) | (3,508) |
Net cash used in investing activities | (10,668) | (3,508) |
Financing activities | ||
Proceeds from issuance of common stock in connection with equity compensation plans | 249 | 512 |
Proceeds from early exercise of stock options | 0 | 132 |
Repurchase of restricted common stock | 0 | (1) |
Payment of offering costs | (1,742) | (300) |
Payment of principal on finance leases | (241) | (73) |
Net cash provided by (used in) financing activities | (1,734) | 270 |
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (191) | 0 |
Net decrease in cash, cash equivalents, and restricted cash | (61,375) | (40,308) |
Cash, cash equivalents, and restricted cash, beginning of period | 944,310 | 434,309 |
Cash, cash equivalents, and restricted cash, end of period | 882,935 | 394,001 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 79 | 10 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Property and equipment accrued but not yet paid | 5,707 | 0 |
Unpaid offering costs | 790 | 1,487 |
Vesting of early exercised stock options | $ 102 | $ 132 |
Description of Business
Description of Business | 3 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessSamsara Inc. (“Samsara”) and its subsidiaries (collectively, the “Company”) are the pioneers of the Connected Operations Cloud, which allows businesses that depend on physical operations to harness Internet of Things (“IoT”) data to develop actionable business insights and improve their operations. Samsara was incorporated in Delaware in 2015 as Samsara Networks Inc. and changed its name to Samsara Inc. in February 2021. Samsara’s principal executive offices are located at 350 Rhode Island Street, 4th Floor, South Building, San Francisco, California 94103. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Fiscal Year —The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022, which was filed with the SEC on March 30, 2022. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of April 30, 2022 and the results of operations for the three months ended April 30, 2022 and May 1, 2021, and cash flows for the three months ended April 30, 2022 and May 1, 2021. The condensed consolidated balance sheet as of January 29, 2022 was derived from the audited financial statements but does not include all disclosures required by GAAP. The results of operations for the three months ended April 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. Fiscal year 2023 consists of 52 weeks and fiscal year 2022 consisted of 52 weeks. Every sixth fiscal year is a 53-week year. Fiscal year 2024 is the Company’s next 53-week fiscal year, with the fourth quarter consisting of 14 weeks. Principles of Consolidation —The condensed consolidated financial statements include the accounts of Samsara and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates —The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the fair value of stock-based awards, internal-use software development costs, sales return reserve, accrued liabilities and contingencies, depreciation and amortization periods, lease modification, impairment, and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made. Significant Accounting Policies —There were no material changes to the Company’s significant accounting policies during the three months ended April 30, 2022. Recently Adopted Accounting Pronouncements —None. Recent Accounting Pronouncements Not Yet Adopted —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815 , Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments in this update represent changes to clarify, correct errors in, or improve the codification. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326) . The amendments in this update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost , with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall , applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. This guidance is effective for the Company for its fiscal year beginning January 29, 2023. Early adoption is permitted. The standard requires a modified retrospective method of adoption. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact on the Company’s consolidated financial statements. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Apr. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash As of April 30, 2022 and January 29, 2022, cash and cash equivalents consist of cash deposited with banks and money market funds. Restricted cash as of April 30, 2022 and January 29, 2022 consists of letters of credit secured as collateral on the Company’s office space leases. Total cash, cash equivalents, and restricted cash consist of the following (in thousands): As of April 30, 2022 January 29, 2022 Cash and cash equivalents $ 859,841 $ 921,218 Restricted cash 23,094 23,092 Total cash, cash equivalents, and restricted cash $ 882,935 $ 944,310 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company reports all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 —Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety. The condensed consolidated financial statements as of April 30, 2022 and January 29, 2022 do not include any nonrecurring fair value measurements relating to assets or liabilities. The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of the periods presented (in thousands): As of April 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents—money market funds $ 807,187 $ — $ — $ 807,187 Restricted cash—letters of credit 23,094 — — 23,094 Total $ 830,281 $ — $ — $ 830,281 As of January 29, 2022 Level 1 Level 2 Level 3 Total Cash equivalents—money market funds $ 866,364 $ — $ — $ 866,364 Restricted cash—letters of credit 23,092 — — 23,092 Total $ 889,456 $ — $ — $ 889,456 There were no transfers between Level 1 or Level 2, or transfers in or out of Level 3 of the fair value hierarchy during the three months ended April 30, 2022 and May 1, 2021. |
Costs to Obtain and Fulfill a C
Costs to Obtain and Fulfill a Contract | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Costs to Obtain and Fulfill a Contract | Costs to Obtain and Fulfill a Contract Deferred Commissions —Total deferred commissions as of April 30, 2022 and January 29, 2022 was $120.0 million and $117.8 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized commission costs $ 14,437 $ 14,178 Amortization expense 12,179 11,338 Connected Devices —Total connected device costs, which the Company also refers to as IoT device costs, current and non-current as of April 30, 2022 and January 29, 2022 was $210.1 million and $193.8 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized connected device costs $ 30,033 $ 27,066 Amortization expense 13,720 7,906 Revenue Recognition —Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period. Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services. Revenue consists of the following (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Subscription revenue $ 140,727 $ 85,430 Other revenue 1,918 2,301 Total revenue $ 142,645 $ 87,731 Deferred Revenue —The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Deferred revenue, beginning of period $ 313,686 $ 249,572 Deferred revenue, end of period 329,858 265,479 Revenue recognized in the period from beginning deferred revenue balance 134,518 94,986 Remaining Performance Obligations (“RPO”) —RPO represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of April 30, 2022, the Company’s RPO was $1,101.1 million. The Company expects to recognize revenue of approximately $533.8 million over the next 12 months, with the remaining balance recognized thereafter. Concentrations of Significant Customers and Credit Risk —No customer accounted for greater than 10% of the Company’s total revenue for the three months ended April 30, 2022 and May 1, 2021. There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of April 30, 2022 and January 29, 2022. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net, comprises the following (in thousands): As of April 30, 2022 January 29, 2022 Gross property and equipment Computers and equipment $ 958 $ 834 Leasehold improvements 39,058 24,752 Furniture and fixtures 17,421 16,854 Internal-use software development costs (1) 17,541 16,152 Total gross property and equipment 74,978 58,592 Accumulated depreciation and amortization (2) (24,130) (21,820) Property and equipment, net $ 50,848 $ 36,772 __________ (1) The Company’s internal-use software development costs included $0.4 million and an immaterial amount of stock-based compensation costs for the three months ended April 30, 2022 and May 1, 2021, respectively. The following table provides the amounts capitalized and amortized for the Company’s internal-use software development costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized internal-use software development costs $ 1,389 $ 817 Amortization expense $ 973 $ 767 Internal-use software development costs, net, as of the periods presented was as follows (in thousands): As of April 30, 2022 January 29, 2022 Internal-use software development costs, net $ 7,121 $ 6,747 (2) The following table presents the depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Depreciation and amortization expense $ 2,360 $ 2,484 |
Leases
Leases | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to 10 years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities, and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities. The Company impaired and ceased using leased office spaces for which the Company recorded $1.1 million of expense in “Lease modification, impairment, and related charges” for the three months ended April 30, 2022. The components of operating lease expense were as follows (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Operating lease cost $ 6,439 $ 5,812 Short-term lease cost 177 41 Sublease income (177) — Total lease cost $ 6,439 $ 5,853 Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data): Three Months Ended April 30, 2022 May 1, 2021 Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 6,590 $ 6,516 During the three months ended April 30, 2022, the Company recorded no additional operating leases and had a reduction of right-of-use (“ROU”) assets associated with the lease impairment of $1.0 million. As of April 30, 2022 January 29, 2022 Weighted-average remaining lease term—operating leases (in years) 7.0 7.1 Weighted-average discount rate—operating leases 4.41 % 4.38 % Future minimum lease payments included in the measurement of operating lease liabilities as of April 30, 2022 were as follows (in thousands): Fiscal Years Ending Amount Remainder of 2023 $ 20,353 2024 27,059 2025 27,056 2026 20,084 2027 14,236 2028 and thereafter 56,255 Total future minimum lease payments (1) 165,043 Less: imputed interest (25,880) Total operating lease liabilities $ 139,163 __________ (1) The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees. In addition to its operating leases, the Company has entered into non-cancelable finance leases for equipment beginning in 2020. The balances for finance leases were recorded in “ Other assets, non-current Other liabilities, non-current |
Leases | Leases The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to 10 years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities, and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities. The Company impaired and ceased using leased office spaces for which the Company recorded $1.1 million of expense in “Lease modification, impairment, and related charges” for the three months ended April 30, 2022. The components of operating lease expense were as follows (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Operating lease cost $ 6,439 $ 5,812 Short-term lease cost 177 41 Sublease income (177) — Total lease cost $ 6,439 $ 5,853 Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data): Three Months Ended April 30, 2022 May 1, 2021 Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 6,590 $ 6,516 During the three months ended April 30, 2022, the Company recorded no additional operating leases and had a reduction of right-of-use (“ROU”) assets associated with the lease impairment of $1.0 million. As of April 30, 2022 January 29, 2022 Weighted-average remaining lease term—operating leases (in years) 7.0 7.1 Weighted-average discount rate—operating leases 4.41 % 4.38 % Future minimum lease payments included in the measurement of operating lease liabilities as of April 30, 2022 were as follows (in thousands): Fiscal Years Ending Amount Remainder of 2023 $ 20,353 2024 27,059 2025 27,056 2026 20,084 2027 14,236 2028 and thereafter 56,255 Total future minimum lease payments (1) 165,043 Less: imputed interest (25,880) Total operating lease liabilities $ 139,163 __________ (1) The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees. In addition to its operating leases, the Company has entered into non-cancelable finance leases for equipment beginning in 2020. The balances for finance leases were recorded in “ Other assets, non-current Other liabilities, non-current |
Deferred Revenue and Remaining
Deferred Revenue and Remaining Performance Obligations | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue and Remaining Performance Obligations | Costs to Obtain and Fulfill a Contract Deferred Commissions —Total deferred commissions as of April 30, 2022 and January 29, 2022 was $120.0 million and $117.8 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized commission costs $ 14,437 $ 14,178 Amortization expense 12,179 11,338 Connected Devices —Total connected device costs, which the Company also refers to as IoT device costs, current and non-current as of April 30, 2022 and January 29, 2022 was $210.1 million and $193.8 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized connected device costs $ 30,033 $ 27,066 Amortization expense 13,720 7,906 Revenue Recognition —Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period. Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services. Revenue consists of the following (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Subscription revenue $ 140,727 $ 85,430 Other revenue 1,918 2,301 Total revenue $ 142,645 $ 87,731 Deferred Revenue —The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Deferred revenue, beginning of period $ 313,686 $ 249,572 Deferred revenue, end of period 329,858 265,479 Revenue recognized in the period from beginning deferred revenue balance 134,518 94,986 Remaining Performance Obligations (“RPO”) —RPO represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of April 30, 2022, the Company’s RPO was $1,101.1 million. The Company expects to recognize revenue of approximately $533.8 million over the next 12 months, with the remaining balance recognized thereafter. Concentrations of Significant Customers and Credit Risk —No customer accounted for greater than 10% of the Company’s total revenue for the three months ended April 30, 2022 and May 1, 2021. There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of April 30, 2022 and January 29, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases —See Note 7, “Leases,” for the maturities of operating lease liabilities as of April 30, 2022. Purchase Commitments —The Company’s purchase commitments consist of contractual arrangements with software-as-a-service subscription providers and non-cancelable purchase orders based on current inventory needs fulfilled by its suppliers and contract manufacturers. There were no material contractual obligations that were entered into during the three months ended April 30, 2022 that were outside the ordinary course of business. Letters of Credit —As of April 30, 2022 and January 29, 2022, the Company had $23.1 million and $23.1 million, respectively, in letters of credit outstanding in favor of certain landlords for office space. These letters of credit renew annually and expire on various dates through 2031. Litigation —From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. The Company continually evaluates uncertainties associated with litigation and records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the condensed consolidated financial statements indicates that it is probable that a liability has been incurred at the date of the condensed consolidated financial statements and (ii) the loss or range of loss can be reasonably estimated. If the Company determines that a loss is possible and a range of the loss can be reasonably estimated, the Company will disclose the range of the possible loss. The Company evaluates developments in legal matters that could affect the amount of liability that has been previously accrued, if any, and the matters and related ranges of possible losses disclosed and makes adjustments and changes to the disclosures, as appropriate. Significant judgment is required to determine both likelihood of there being, and the estimated amount of, a loss related to such matters. Until the final resolution of such matters, there may be an exposure to loss, and such amounts could be material. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined there is no material exposure on an aggregate basis. The amounts recorded for losses deemed probable as of April 30, 2022 were also not material. Lease-Related Litigation —In March 2019, the Company signed a lease agreement with a landlord for certain premises located at 2 Henry Adams, San Francisco, California (the “Premises”). In September 2021, the Company sued the landlord in San Francisco Superior Court to enforce its right to terminate the lease and to recover damages on the grounds that the Premises were never adequately delivered to the Company. The landlord countersued the Company for allegedly breaching the lease. On October 30, 2021, the Company vacated the Premises. On November 17, 2021, the landlord unlawfully drew down the remaining $8.7 million letter of credit, which the Company accounts for as a receivable in “Other assets, non-current.” The outcome of this matter is subject to ongoing litigation and is uncertain at this time. Indemnification —In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties, to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, or claims that the Company’s products infringe the intellectual property rights of other parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. |
Equity
Equity | 3 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Equity | Equity As of April 30, 2022, there were 80,386,997, 428,636,573, and no shares of Class A, Class B, and Class C common stock issued and outstanding, respectively. As of January 29, 2022, there were 77,144,718, 428,331,442, and no shares of Class A, Class B, and Class C common stock issued and outstanding, respectively. The Company had reserved shares of common stock for future issuance as of April 30, 2022 and January 29, 2022, as follows: As of April 30, 2022 January 29, 2022 2015 Equity Incentive Plan: Options outstanding 7,730,214 8,628,071 RSUs outstanding 25,500,458 29,452,103 2021 Equity Incentive Plan: RSUs outstanding 13,238,268 3,123,995 Shares available for future grants 70,507,740 54,050,260 2021 Employee Stock Purchase Plan: Shares available for future issuance 15,254,762 10,200,000 Total shares of common stock reserved for future issuance 132,231,442 105,454,429 Employee Compensation Plans The Company currently has two equity incentive plans, the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2021 Equity Incentive Plan (the “2021 Plan”). The 2015 Plan was terminated in connection with the adoption of the 2021 Plan in December 2021 but continues to govern the terms of outstanding stock options and RSUs that were granted prior to the termination of the 2015 Plan. The Company no longer grants equity awards pursuant to the 2015 Plan. 2021 Equity Incentive Plan —In December 2021, the Board of Directors adopted and stockholders approved the 2021 Equity Incentive Plan, which became effective in December 2021 in connection with the Company’s initial public offering (“IPO”). A total of 50,600,000 shares of the Company’s Class A common stock initially were reserved for issuance under the 2021 Plan. In addition, the number of shares of the Company’s Class A common stock are increased by (i) any annual automatic evergreen increases in the number of shares of Class A common stock reserved for issuance under the 2021 Plan on the first day of each fiscal year, as determined in accordance with the formula set forth in the 2021 Plan and (ii) a number of shares of Class A common stock equal to the number of shares of Class B common stock subject to equity awards granted under the 2015 Plan that expire, terminate without having been exercised or issued in full, are tendered to or withheld for payment of an exercise price or for tax withholding obligations with respect to a 2015 Plan award, or are forfeited to or repurchased by the Company due to failure to vest, such number of shares under this clause (ii) not to exceed 57,631,084. As of April 30, 2022 and January 29, 2022, the total number of shares of the Company’s Class A common stock reserved for future grants was 70,507,740 and 54,050,260, respectively. As of April 30, 2022, the total number of shares of the Company’s Class A common stock reserved for future grants includes the annual automatic evergreen increase of 25,273,808 shares. Options —A summary of the stock options activity under the 2015 Plan during the three months ended April 30, 2022 is presented below (the number of options represents shares of Class B common stock exercisable in respect thereof): Number of Shares Weighted-Average Weighted-Average Aggregate Intrinsic Value (1) (In Thousands) Balance as of January 29, 2022 8,628,071 $ 3.77 6.9 $ 111,170 Exercised (891,546) $ 0.28 Forfeited, canceled, or expired (6,311) $ 1.16 Balance as of April 30, 2022 7,730,214 $ 4.17 6.9 $ 63,073 Exercisable as of April 30, 2022 5,318,110 $ 3.02 6.3 $ 49,553 __________ (1) Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented. There were no stock options granted during the three months ended April 30, 2022 and May 1, 2021. The intrinsic value of stock options exercised was $10.8 million and $9.0 million during the three months ended April 30, 2022 and May 1, 2021, respectively. As of April 30, 2022, unrecognized stock-based compensation expense related to outstanding unvested stock options for employees that are expected to vest was approximately $8.6 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.2 years. RSUs —RSUs granted prior to the IPO had both a service condition and a performance condition. Stock-based compensation expense is only recognized for RSUs for which both the service condition and performance condition have been met. The service condition for these awards is generally satisfied over four years. The performance condition was satisfied upon the IPO. Prior to the IPO, the Company did not record expense on RSUs as a liquidity event upon which vesting is contingent was not probable of occurring. Following the closing of the IPO in December 2021, the Company began recording stock-based compensation expense for these RSUs using the accelerated attribution method, based on the grant-date fair value of the RSUs. RSUs granted after the IPO only have a service condition, and the related stock-based compensation expense is recognized on a straight-line basis over the requisite service period. A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the three months ended April 30, 2022 is presented below: Number of Shares Weighted-Average Balance as of January 29, 2022 32,576,098 $ 10.83 Granted 10,588,909 $ 13.87 Vested (2,656,302) $ 7.97 Forfeited (1,769,979) $ 10.40 Balance as of April 30, 2022 38,738,726 $ 11.88 As of April 30, 2022, unrecognized stock-based compensation expense related to outstanding unvested RSUs for employees that are expected to vest was approximately $325.8 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.9 years. 2021 Employee Stock Purchase Plan —In December 2021, the Board of Directors adopted and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in December 2021 in connection with the IPO. The 2021 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to eligible employees. A total of 10,200,000 shares of the Company’s Class A common stock initially were reserved for future sale under the 2021 ESPP. In addition, the number of shares of the Company’s Class A common stock are increased by any annual automatic evergreen increases in the number of shares of Class A common stock reserved for future sale under the 2021 ESPP on the first day of each fiscal year, as determined in accordance with the formula set forth in the 2021 ESPP. As of April 30, 2022 and January 29, 2022, the total number of shares of the Company’s Class A common stock reserved for future issuance was 15,254,762 and 10,200,000, respectively. As of April 30, 2022, the total number of shares of the Company’s Class A common stock reserved for future issuance includes the annual automatic evergreen increase of 5,054,762 shares. The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the lower of the fair market value of a share of the Company’s Class A common stock on the enrollment date or on the exercise date. The enrollment date means the first trading day of each offering period, and the exercise date means the last trading day of each purchase period. Offering periods are generally 12 months long, commencing on the first trading day on or after June 11 and December 11 of each year and terminating on the last trading day on or before June 10 and December 10. The first offering period began on the first trading day on or after the Company’s registration date, which was December 15, 2021, and is scheduled to end on the last trading day on or before December 10, 2022, and the second offering period is scheduled to commence on the first trading day on or after June 11, 2022. Purchase periods are generally six months long, commencing on the first trading day after one exercise date and ending with the next exercise date. The first purchase period began on the first trading day on or after the registration date, which was December 15, 2021, and will end on the last trading day on or before June 10, 2022, and the second purchase period will commence on the first trading day on or after June 11, 2022 and terminate on the last trading day on or before December 10, 2022. For the three months ended April 30, 2022, there were no purchases of shares under the 2021 ESPP. As of April 30, 2022, unrecognized stock-based compensation expense related to the 2021 ESPP for employees that are expected to vest was approximately $7.2 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over the remaining term of the first offering period of 0.6 years. Early Exercise of Stock Options —Certain stock options granted under the 2015 Plan provide option holders the right to elect to exercise unvested stock options in exchange for restricted common stock. Such unvested restricted shares are subject to a repurchase right held by the Company at the original issuance price in the event the option holder’s service to the Company is terminated either voluntarily or involuntarily. The right lapses as the awards vest. These repurchase terms are considered to be a forfeiture provision. The cash received from option holders for exercises of unvested stock options is treated as a refundable deposit shown as a liability in the Company’s condensed consolidated balance sheets and reclassified to additional paid-in capital as the Company’s repurchase right lapses. As of April 30, 2022 and January 29, 2022, there were 72,146 and 138,710 unvested early exercised shares outstanding, respectively, which remain subject to repurchase. The liability related to such shares was $0.3 million and $0.4 million as of April 30, 2022 and January 29, 2022, respectively. Stock-Based Compensation Expense —Stock-based compensation expense, by grant type, was as follows (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Stock options $ 1,139 $ 1,453 RSUs $ 39,311 $ — ESPP $ 3,162 $ — Total stock-based compensation expense $ 43,612 $ 1,453 Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Cost of revenue $ 1,704 $ 1 Research and development 13,670 172 Sales and marketing 14,544 188 General and administrative 13,694 1,092 Total stock-based compensation expense $ 43,612 $ 1,453 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company had an effective tax rate of (1.0)% and 0.0% for the three months ended April 30, 2022 and May 1, 2021, respectively. The Company’s provision for income taxes was $0.7 million and was immaterial for the three months ended April 30, 2022 and May 1, 2021, respectively. The Company has incurred U.S. operating losses and has minimal profits in foreign jurisdictions. The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income from recurring operations and adjusting for discrete tax items arising in that quarter. As of April 30, 2022 and January 29, 2022, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was not more likely than not that the net deferred tax assets were fully realized. Accordingly, the Company established a full valuation allowance against its deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. The unrecognized tax benefits for the three months ended April 30, 2022 and May 1, 2021, if recognized, would not affect the effective income tax rate due to the valuation allowance that currently offsets the deferred tax assets. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. The Company had no interest and penalties accrued as of April 30, 2022 and January 29, 2022. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. All periods since inception are subject to examination by U.S. federal, state, and foreign authorities, where applicable. There are currently no pending income tax examinations. |
Net Loss Per Share, Basic and D
Net Loss Per Share, Basic and Diluted | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share, Basic and Diluted | Net Loss Per Share, Basic and DilutedFor purposes of calculating net loss per share, the Company continues to use the two-class method. As Class A, Class B, and Class C common stock have identical liquidation and dividend rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share are the same for all classes of Samsara’s common stock on both an individual and combined basis and therefore are presented together. The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended April 30, 2022 May 1, 2021 Numerator: Net loss $ (70,988) $ (38,438) Net loss attributable to common stockholders (70,988) (38,438) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 507,295,982 245,235,264 Net loss per share attributable to common stockholders, basic and diluted $ (0.14) $ (0.16) The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been antidilutive: Three Months Ended April 30, 2022 May 1, 2021 Convertible preferred stock — 205,638,256 Outstanding stock options 7,730,214 10,741,601 RSUs 38,738,726 41,361,169 ESPP 255,833 — Total antidilutive securities 46,724,773 257,741,026 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Revenue by Geographic Area The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s users (in thousands): Three Months Ended April 30, 2022 May 1, 2021 United States $ 127,402 $ 79,239 Other (1) 15,243 8,492 Total revenue $ 142,645 $ 87,731 __________ (1) No individual country, other than disclosed above, exceeded 10% of the Company’s total revenue for any period presented. Long-Lived Assets, Net, by Geographic Area The following table presents the Company’s long-lived assets, net, disaggregated by geography, which consist of property and equipment, net, and operating lease ROU assets (in thousands): As of April 30, 2022 January 29, 2022 United States $ 168,934 $ 160,310 Other (1) 10,310 10,889 Total long-lived assets, net $ 179,244 $ 171,199 __________ (1) No individual country, other than disclosed above, exceeded 10% of the Company’s total long-lived assets, net, for any period presented. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Fiscal Year | Basis of Presentation and Fiscal Year —The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022, which was filed with the SEC on March 30, 2022. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of April 30, 2022 and the results of operations for the three months ended April 30, 2022 and May 1, 2021, and cash flows for the three months ended April 30, 2022 and May 1, 2021. The condensed consolidated balance sheet as of January 29, 2022 was derived from the audited financial statements but does not include all disclosures required by GAAP. The results of operations for the three months ended April 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. Fiscal year 2023 consists of 52 weeks and fiscal year 2022 consisted of 52 weeks. Every sixth fiscal year is a 53-week year. Fiscal year 2024 is the Company’s next 53-week fiscal year, with the fourth quarter consisting of 14 weeks. |
Principles of Consolidation | Principles of Consolidation —The condensed consolidated financial statements include the accounts of Samsara and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates —The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the fair value of stock-based awards, internal-use software development costs, sales return reserve, accrued liabilities and contingencies, depreciation and amortization periods, lease modification, impairment, and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements —None. Recent Accounting Pronouncements Not Yet Adopted —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815 , Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments in this update represent changes to clarify, correct errors in, or improve the codification. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326) . The amendments in this update provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost , with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall , applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. This guidance is effective for the Company for its fiscal year beginning January 29, 2023. Early adoption is permitted. The standard requires a modified retrospective method of adoption. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. The Company has reviewed all other recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact on the Company’s consolidated financial statements. |
Fair Value Measurements | The Company reports all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 —Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety. |
Revenue Recognition | Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period.Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services. |
Net Loss Per Share | For purposes of calculating net loss per share, the Company continues to use the two-class method. As Class A, Class B, and Class C common stock have identical liquidation and dividend rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share are the same for all classes of Samsara’s common stock on both an individual and combined basis and therefore are presented together. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Total cash, cash equivalents, and restricted cash consist of the following (in thousands): As of April 30, 2022 January 29, 2022 Cash and cash equivalents $ 859,841 $ 921,218 Restricted cash 23,094 23,092 Total cash, cash equivalents, and restricted cash $ 882,935 $ 944,310 |
Schedule of Restricted Cash | Total cash, cash equivalents, and restricted cash consist of the following (in thousands): As of April 30, 2022 January 29, 2022 Cash and cash equivalents $ 859,841 $ 921,218 Restricted cash 23,094 23,092 Total cash, cash equivalents, and restricted cash $ 882,935 $ 944,310 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of the periods presented (in thousands): As of April 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents—money market funds $ 807,187 $ — $ — $ 807,187 Restricted cash—letters of credit 23,094 — — 23,094 Total $ 830,281 $ — $ — $ 830,281 As of January 29, 2022 Level 1 Level 2 Level 3 Total Cash equivalents—money market funds $ 866,364 $ — $ — $ 866,364 Restricted cash—letters of credit 23,092 — — 23,092 Total $ 889,456 $ — $ — $ 889,456 |
Costs to Obtain and Fulfill a_2
Costs to Obtain and Fulfill a Contract (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Capitalized Contract Costs | The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized commission costs $ 14,437 $ 14,178 Amortization expense 12,179 11,338 The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized connected device costs $ 30,033 $ 27,066 Amortization expense 13,720 7,906 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net, comprises the following (in thousands): As of April 30, 2022 January 29, 2022 Gross property and equipment Computers and equipment $ 958 $ 834 Leasehold improvements 39,058 24,752 Furniture and fixtures 17,421 16,854 Internal-use software development costs (1) 17,541 16,152 Total gross property and equipment 74,978 58,592 Accumulated depreciation and amortization (2) (24,130) (21,820) Property and equipment, net $ 50,848 $ 36,772 __________ (1) The Company’s internal-use software development costs included $0.4 million and an immaterial amount of stock-based compensation costs for the three months ended April 30, 2022 and May 1, 2021, respectively. The following table provides the amounts capitalized and amortized for the Company’s internal-use software development costs for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Capitalized internal-use software development costs $ 1,389 $ 817 Amortization expense $ 973 $ 767 Internal-use software development costs, net, as of the periods presented was as follows (in thousands): As of April 30, 2022 January 29, 2022 Internal-use software development costs, net $ 7,121 $ 6,747 (2) The following table presents the depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Depreciation and amortization expense $ 2,360 $ 2,484 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Lease Costs | The components of operating lease expense were as follows (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Operating lease cost $ 6,439 $ 5,812 Short-term lease cost 177 41 Sublease income (177) — Total lease cost $ 6,439 $ 5,853 Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data): Three Months Ended April 30, 2022 May 1, 2021 Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 6,590 $ 6,516 As of April 30, 2022 January 29, 2022 Weighted-average remaining lease term—operating leases (in years) 7.0 7.1 Weighted-average discount rate—operating leases 4.41 % 4.38 % |
Future Minimum Lease Payments | Future minimum lease payments included in the measurement of operating lease liabilities as of April 30, 2022 were as follows (in thousands): Fiscal Years Ending Amount Remainder of 2023 $ 20,353 2024 27,059 2025 27,056 2026 20,084 2027 14,236 2028 and thereafter 56,255 Total future minimum lease payments (1) 165,043 Less: imputed interest (25,880) Total operating lease liabilities $ 139,163 __________ (1) The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees. |
Deferred Revenue and Remainin_2
Deferred Revenue and Remaining Performance Obligations (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue | Revenue consists of the following (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Subscription revenue $ 140,727 $ 85,430 Other revenue 1,918 2,301 Total revenue $ 142,645 $ 87,731 |
Schedule of Deferred Revenue | The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Deferred revenue, beginning of period $ 313,686 $ 249,572 Deferred revenue, end of period 329,858 265,479 Revenue recognized in the period from beginning deferred revenue balance 134,518 94,986 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
Schedule of Reserved Shares of Common Stock for Future Issuance | The Company had reserved shares of common stock for future issuance as of April 30, 2022 and January 29, 2022, as follows: As of April 30, 2022 January 29, 2022 2015 Equity Incentive Plan: Options outstanding 7,730,214 8,628,071 RSUs outstanding 25,500,458 29,452,103 2021 Equity Incentive Plan: RSUs outstanding 13,238,268 3,123,995 Shares available for future grants 70,507,740 54,050,260 2021 Employee Stock Purchase Plan: Shares available for future issuance 15,254,762 10,200,000 Total shares of common stock reserved for future issuance 132,231,442 105,454,429 |
Summary of Stock Option Activity | A summary of the stock options activity under the 2015 Plan during the three months ended April 30, 2022 is presented below (the number of options represents shares of Class B common stock exercisable in respect thereof): Number of Shares Weighted-Average Weighted-Average Aggregate Intrinsic Value (1) (In Thousands) Balance as of January 29, 2022 8,628,071 $ 3.77 6.9 $ 111,170 Exercised (891,546) $ 0.28 Forfeited, canceled, or expired (6,311) $ 1.16 Balance as of April 30, 2022 7,730,214 $ 4.17 6.9 $ 63,073 Exercisable as of April 30, 2022 5,318,110 $ 3.02 6.3 $ 49,553 __________ (1) Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented. |
Summary of RSU Activity | A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the three months ended April 30, 2022 is presented below: Number of Shares Weighted-Average Balance as of January 29, 2022 32,576,098 $ 10.83 Granted 10,588,909 $ 13.87 Vested (2,656,302) $ 7.97 Forfeited (1,769,979) $ 10.40 Balance as of April 30, 2022 38,738,726 $ 11.88 |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense, by grant type, was as follows (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Stock options $ 1,139 $ 1,453 RSUs $ 39,311 $ — ESPP $ 3,162 $ — Total stock-based compensation expense $ 43,612 $ 1,453 Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three Months Ended April 30, 2022 May 1, 2021 Cost of revenue $ 1,704 $ 1 Research and development 13,670 172 Sales and marketing 14,544 188 General and administrative 13,694 1,092 Total stock-based compensation expense $ 43,612 $ 1,453 |
Net Loss Per Share, Basic and_2
Net Loss Per Share, Basic and Diluted (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended April 30, 2022 May 1, 2021 Numerator: Net loss $ (70,988) $ (38,438) Net loss attributable to common stockholders (70,988) (38,438) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 507,295,982 245,235,264 Net loss per share attributable to common stockholders, basic and diluted $ (0.14) $ (0.16) |
Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share | The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been antidilutive: Three Months Ended April 30, 2022 May 1, 2021 Convertible preferred stock — 205,638,256 Outstanding stock options 7,730,214 10,741,601 RSUs 38,738,726 41,361,169 ESPP 255,833 — Total antidilutive securities 46,724,773 257,741,026 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s users (in thousands): Three Months Ended April 30, 2022 May 1, 2021 United States $ 127,402 $ 79,239 Other (1) 15,243 8,492 Total revenue $ 142,645 $ 87,731 __________ (1) No individual country, other than disclosed above, exceeded 10% of the Company’s total revenue for any period presented. |
Long-lived Assets by Geographic Areas | The following table presents the Company’s long-lived assets, net, disaggregated by geography, which consist of property and equipment, net, and operating lease ROU assets (in thousands): As of April 30, 2022 January 29, 2022 United States $ 168,934 $ 160,310 Other (1) 10,310 10,889 Total long-lived assets, net $ 179,244 $ 171,199 __________ (1) No individual country, other than disclosed above, exceeded 10% of the Company’s total long-lived assets, net, for any period presented. |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 | May 01, 2021 | Jan. 30, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 859,841 | $ 921,218 | ||
Restricted cash | 23,094 | 23,092 | ||
Total cash, cash equivalents, and restricted cash | $ 882,935 | $ 944,310 | $ 394,001 | $ 434,309 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents—money market funds | $ 807,187 | $ 866,364 |
Restricted cash—letters of credit | 23,094 | 23,092 |
Total | 830,281 | 889,456 |
Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents—money market funds | 807,187 | 866,364 |
Restricted cash—letters of credit | 23,094 | 23,092 |
Total | 830,281 | 889,456 |
Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents—money market funds | 0 | 0 |
Restricted cash—letters of credit | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents—money market funds | 0 | 0 |
Restricted cash—letters of credit | 0 | 0 |
Total | $ 0 | $ 0 |
Costs to Obtain and Fulfill a_3
Costs to Obtain and Fulfill a Contract - Narrative (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 |
Capitalized Contract Cost [Line Items] | ||
Deferred commissions | $ 120,015 | $ 117,757 |
Connected Device Costs | ||
Capitalized Contract Cost [Line Items] | ||
Connected device costs, non-current | 210,100 | 193,800 |
Connected device costs, current | $ 210,100 | $ 193,800 |
Costs to Obtain and Fulfill a_4
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized Commission Costs (Details) - Commission Costs - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Capitalized commission costs | $ 14,437 | $ 14,178 |
Amortization expense | $ 12,179 | $ 11,338 |
Costs to Obtain and Fulfill a_5
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized Connected Device Costs (Details) - Connected Device Costs - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Capitalized Contract Cost [Line Items] | ||
Capitalized connected device costs | $ 30,033 | $ 27,066 |
Amortization expense | $ 13,720 | $ 7,906 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | Jan. 29, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | $ 74,978,000 | $ 58,592,000 | |
Accumulated depreciation and amortization | (24,130,000) | (21,820,000) | |
Property and equipment, net | 50,848,000 | 36,772,000 | |
Share-based payment arrangement, expense | 43,612,000 | $ 1,453,000 | |
Computers and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 958,000 | 834,000 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 39,058,000 | 24,752,000 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 17,421,000 | 16,854,000 | |
Internal-use software development costs | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 17,541,000 | $ 16,152,000 | |
Share-based payment arrangement, expense | $ 400,000 | $ 0 |
Property and Equipment, Net - C
Property and Equipment, Net - Capitalized and Amortized Amounts for Internal-Use Software Development Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized internal-use software development costs | $ 1,389 | $ 817 |
Amortization expense | $ 973 | $ 767 |
Property and Equipment, Net - I
Property and Equipment, Net - Internal-Use Software Development Costs, Net (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 |
Property, Plant and Equipment [Abstract] | ||
Internal-use software development costs, net | $ 7,121 | $ 6,747 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 2,360 | $ 2,484 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | Jan. 29, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, expense | $ 1,100,000 | |
Increase (decrease) in operating lease, right-of-use asset | 0 | |
Operating lease, impairment loss | $ 1,000,000 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, non-current | Other assets, non-current |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities, non-current | Other liabilities, non-current |
Finance lease, right-of-use asset | $ 0 | $ 0 |
Finance lease, liability | $ 0 | $ 0 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 10 years |
Leases - Operating Lease Expens
Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 6,439 | $ 5,812 |
Short-term lease cost | 177 | 41 |
Sublease income | (177) | 0 |
Total lease cost | $ 6,439 | $ 5,853 |
Leases - Supplemental Informati
Leases - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows | $ 6,590 | $ 6,516 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Apr. 30, 2022 | Jan. 29, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term—operating leases (in years) | 7 years | 7 years 1 month 6 days |
Weighted-average discount rate—operating leases | 4.41% | 4.38% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Apr. 30, 2022USD ($) |
Leases [Abstract] | |
Remainder of 2023 | $ 20,353 |
2024 | 27,059 |
2025 | 27,056 |
2026 | 20,084 |
2027 | 14,236 |
2028 and thereafter | 56,255 |
Total future minimum lease payments | 165,043 |
Less: imputed interest | (25,880) |
Total operating lease liabilities | $ 139,163 |
Deferred Revenue and Remainin_3
Deferred Revenue and Remaining Performance Obligations - Schedule of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 142,645 | $ 87,731 |
Subscription revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 140,727 | 85,430 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,918 | $ 2,301 |
Deferred Revenue and Remainin_4
Deferred Revenue and Remaining Performance Obligations - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Contract with Customer, Liability [Roll Forward] | ||
Deferred revenue, beginning of period | $ 313,686 | $ 249,572 |
Deferred revenue, end of period | 329,858 | 265,479 |
Revenue recognized in the period from beginning deferred revenue balance | $ 134,518 | $ 94,986 |
Deferred Revenue and Remainin_5
Deferred Revenue and Remaining Performance Obligations - Narrative (Details) $ in Millions | Apr. 30, 2022USD ($) |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 1,101.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 533.8 |
Remaining performance obligation, period | 12 months |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Apr. 30, 2022 | Jan. 29, 2022 | Nov. 17, 2021 |
Loss Contingencies [Line Items] | |||
Letters of credit outstanding, amount | $ 23.1 | $ 23.1 | |
Unlawful Draw Down On Letter Of Credit | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Loss contingency, receivable | $ 8.7 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Apr. 30, 2022 | May 01, 2021 | Jan. 29, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares of common stock reserved for future issuance | 132,231,442 | 105,454,429 | ||
Capital shares reserved for future issuance, maximum (in shares) | 57,631,084 | |||
Options, grants (in shares) | 0 | 0 | ||
Options, exercises | $ 10.8 | $ 9 | ||
2021 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance, annual evergreen increase (in shares) | 5,054,762 | |||
2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested early exercised shares outstanding (in shares) | 72,146 | 138,710 | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cost not yet recognized, amount | $ 8.6 | |||
Cost not yet recognized, period for recognition | 1 year 2 months 12 days | |||
Stock options | 2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares of common stock reserved for future issuance | 7,730,214 | 8,628,071 | ||
Unvested early exercised shares outstanding, liability | $ 0.3 | $ 0.4 | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cost not yet recognized, amount | $ 325.8 | |||
Cost not yet recognized, period for recognition | 1 year 10 months 24 days | |||
Award vesting period | 4 years | |||
RSUs | 2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares of common stock reserved for future issuance | 25,500,458 | 29,452,103 | ||
ESPP | 2021 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares of common stock reserved for future issuance | 15,254,762 | 10,200,000 | 10,200,000 | |
Cost not yet recognized, amount | $ 7.2 | |||
Cost not yet recognized, period for recognition | 7 months 6 days | |||
Purchase price of common stock, percent | 85.00% | |||
Offering period | 12 years | |||
Purchase period | 6 months | |||
Shares issued in period (in shares) | 0 | |||
Common Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, issued (in shares) | 80,386,997 | 77,144,718 | ||
Common stock, outstanding (in shares) | 80,386,997 | 77,144,718 | ||
Total shares of common stock reserved for future issuance | 50,600,000 | |||
Common Class A | Shares available for future grants | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares of common stock reserved for future issuance | 70,507,740 | 54,050,260 | ||
Shares reserved for future issuance, annual evergreen increase (in shares) | 25,273,808 | |||
Common Class B | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, issued (in shares) | 428,636,573 | 428,331,442 | ||
Common stock, outstanding (in shares) | 428,636,573 | 428,331,442 | ||
Common Class C | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, issued (in shares) | 0 | 0 | ||
Common stock, outstanding (in shares) | 0 | 0 |
Equity - Schedule of Reserved S
Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares | Apr. 30, 2022 | Jan. 29, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 132,231,442 | 105,454,429 | |
Common Class A | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 50,600,000 | ||
Shares available for future grants | Common Class A | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 70,507,740 | 54,050,260 | |
2015 Equity Incentive Plan | Stock options | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 7,730,214 | 8,628,071 | |
2015 Equity Incentive Plan | RSUs | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 25,500,458 | 29,452,103 | |
2021 Equity Incentive Plan | RSUs | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 13,238,268 | 3,123,995 | |
2021 Employee Stock Purchase Plan | ESPP | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 15,254,762 | 10,200,000 | 10,200,000 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jan. 29, 2022 | |
Number of Shares | ||
Balance at beginning of period (in shares) | 8,628,071 | |
Exercised (in shares) | (891,546) | |
Forfeited, canceled, or expired (in shares) | (6,311) | |
Balance at end of period (in shares) | 7,730,214 | 8,628,071 |
Exercisable at end of period (in shares) | 5,318,110 | |
Weighted-Average Exercise Price | ||
Balance at beginning of period (in dollars per share) | $ 3.77 | |
Exercised (in dollars per share) | 0.28 | |
Forfeited, canceled, or expired (in dollars per share) | 1.16 | |
Balance at end of period (in dollars per share) | 4.17 | $ 3.77 |
Exercisable at end of period (in dollars per share) | $ 3.02 | |
Stock Options, Additional Disclosures | ||
Weighted-average remaining contractual term, outstanding | 6 years 10 months 24 days | 6 years 10 months 24 days |
Weighted-average remaining contractual term, exercisable | 6 years 3 months 18 days | |
Aggregate intrinsic value, outstanding | $ 63,073 | $ 111,170 |
Aggregate intrinsic value, exercisable | $ 49,553 |
Equity - Summary of RSU Activit
Equity - Summary of RSU Activity (Details) - RSUs | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 32,576,098 |
Granted (in shares) | shares | 10,588,909 |
Vested (in shares) | shares | (2,656,302) |
Forfeited (in shares) | shares | (1,769,979) |
Balance at end of period (in shares) | shares | 38,738,726 |
Weighted-Average Grant-Date Fair Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 10.83 |
Granted (in dollars per share) | $ / shares | 13.87 |
Vested (in dollars per share) | $ / shares | 7.97 |
Forfeited (in dollars per share) | $ / shares | 10.40 |
Balance at end of period (in dollars per share) | $ / shares | $ 11.88 |
Equity - Summary of Stock-Based
Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 43,612 | $ 1,453 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 1,704 | 1 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 13,670 | 172 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 14,544 | 188 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 13,694 | 1,092 |
Stock options | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 1,139 | 1,453 |
RSUs | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 39,311 | 0 |
ESPP | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 3,162 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | May 01, 2021 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | (1.00%) | 0.00% | |
Provision for income taxes | $ 723,000 | $ 0 | |
Penalties and interest accrued | $ 0 | $ 0 |
Net Loss Per Share, Basic and_3
Net Loss Per Share, Basic and Diluted - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Numerator: | ||
Net loss | $ (70,988) | $ (38,438) |
Net loss attributable to common stockholders | $ (70,988) | $ (38,438) |
Denominator: | ||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 507,295,982 | 245,235,264 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 507,295,982 | 245,235,264 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.14) | $ (0.16) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.14) | $ (0.16) |
Net Loss Per Share, Basic and_4
Net Loss Per Share, Basic and Diluted - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 46,724,773 | 257,741,026 |
Convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 0 | 205,638,256 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 7,730,214 | 10,741,601 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 38,738,726 | 41,361,169 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 255,833 | 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Apr. 30, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Segment Information - Disaggreg
Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | May 01, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 142,645 | $ 87,731 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 127,402 | 79,239 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 15,243 | $ 8,492 |
Segment Information - Long-live
Segment Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 29, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 179,244 | $ 171,199 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | 168,934 | 160,310 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 10,310 | $ 10,889 |