Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Mar. 14, 2023 | Jul. 29, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 28, 2023 | ||
Current Fiscal Year End Date | --01-28 | ||
Document Transition Report | false | ||
Entity File Number | 001-41140 | ||
Entity Registrant Name | SAMSARA INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-3100039 | ||
Entity Address, Address Line One | 1 De Haro Street | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94107 | ||
City Area Code | 415 | ||
Local Phone Number | 985-2400 | ||
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | ||
Trading Symbol | IOT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,690.9 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the registrant’s annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such definitive proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended January 28, 2023. | ||
Entity Central Index Key | 0001642896 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Common Class A | |||
Cover [Abstract] | |||
Entity Common Stock, Shares Outstanding | 136,526,022 | ||
Common Class B | |||
Cover [Abstract] | |||
Entity Common Stock, Shares Outstanding | 387,832,653 | ||
Common Class C | |||
Cover [Abstract] | |||
Entity Common Stock, Shares Outstanding | 0 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 28, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | San Francisco, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 200,670 | $ 921,218 |
Short-term investments | 489,192 | 0 |
Accounts receivable, net | 122,867 | 81,987 |
Inventories | 40,571 | 33,067 |
Connected device costs, current | 82,046 | 52,519 |
Prepaid expenses and other current assets | 22,189 | 11,376 |
Total current assets | 957,535 | 1,100,167 |
Restricted cash | 23,096 | 23,092 |
Long-term investments | 113,101 | 0 |
Property and equipment, net | 59,278 | 36,772 |
Operating lease right-of-use assets | 112,624 | 134,427 |
Connected device costs, non-current | 194,852 | 141,292 |
Deferred commissions | 140,166 | 117,757 |
Other assets, non-current | 16,356 | 14,422 |
Total assets | 1,617,008 | 1,567,929 |
Current liabilities: | ||
Accounts payable | 30,144 | 54,705 |
Accrued expenses and other current liabilities | 53,824 | 31,835 |
Accrued compensation and benefits | 36,030 | 27,107 |
Deferred revenue, current | 300,113 | 203,185 |
Operating lease liabilities, current | 22,047 | 21,447 |
Total current liabilities | 442,158 | 338,279 |
Deferred revenue, non-current | 126,452 | 110,501 |
Operating lease liabilities, non-current | 100,873 | 123,513 |
Other liabilities, non-current | 9,506 | 6,689 |
Total liabilities | 678,989 | 578,982 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value—400,000,000 shares authorized as of January 28, 2023 and January 29, 2022; zero shares issued and outstanding as of January 28, 2023 and January 29, 2022 | 0 | 0 |
Additional paid-in capital | 2,107,013 | 1,909,964 |
Accumulated other comprehensive loss | (652) | (96) |
Accumulated deficit | (1,168,372) | (920,950) |
Total stockholders’ equity | 938,019 | 988,947 |
Total liabilities and stockholders’ equity | 1,617,008 | 1,567,929 |
Common Class A | ||
Stockholders’ equity: | ||
Common stock | 7 | 6 |
Common Class B | ||
Stockholders’ equity: | ||
Common stock | 23 | 23 |
Common Class C | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 28, 2023 | 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) | 132,111,095 | 77,144,718 |
Common stock, outstanding (in shares) | 132,111,095 | 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) | 392,049,114 | 428,331,442 |
Common stock, outstanding (in shares) | 392,049,114 | 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 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Statement [Abstract] | |||
Revenue | $ 652,545 | $ 428,345 | $ 249,905 |
Cost of revenue | 182,656 | 124,484 | 75,393 |
Gross profit | 469,889 | 303,861 | 174,512 |
Operating expenses | |||
Research and development | 187,405 | 205,125 | 99,738 |
Sales and marketing | 370,098 | 291,209 | 202,262 |
General and administrative | 170,785 | 159,843 | 75,223 |
Lease modification, impairment, and related charges | 1,056 | 1,532 | 0 |
Restructuring and related charges | 0 | 0 | 6,768 |
Total operating expenses | 729,344 | 657,709 | 383,991 |
Loss from operations | (259,455) | (353,848) | (209,479) |
Interest income and other income (expense), net | 15,620 | (2) | (642) |
Loss before provision for income taxes | (243,835) | (353,850) | (210,121) |
Provision for income taxes | 3,587 | 1,174 | 87 |
Net loss | (247,422) | (355,024) | (210,208) |
Other comprehensive loss: | |||
Change in foreign currency translation adjustment | 509 | (96) | 0 |
Change in unrealized gains (losses) on investments | (1,065) | 0 | 0 |
Other comprehensive loss | (556) | (96) | 0 |
Comprehensive loss | $ (247,978) | $ (355,120) | $ (210,208) |
Basic and diluted net loss per share: | |||
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.48) | $ (1.28) | $ (0.92) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.48) | $ (1.28) | $ (0.92) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 514,279,230 | 277,543,471 | 239,281,696 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 514,279,230 | 277,543,471 | 239,281,696 |
CONSOLIDATED STATEMENTS OF CONV
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at beginning of period (in shares) at Feb. 01, 2020 | 163,598,280 | ||||
Balance at beginning of period at Feb. 01, 2020 | $ 539,617 | ||||
Convertible Preferred Stock | |||||
Issuance of Series F convertible preferred stock, net of issuance costs (in shares) | 36,163,421 | ||||
Issuance of Series F convertible preferred stock, net of issuance costs | $ 399,826 | ||||
Deemed dividend on Series F convertible preferred stock (in shares) | 5,876,555 | ||||
Deemed dividend on Series F convertible preferred stock | $ 9,624 | ||||
Balance at end of period (in shares) at Jan. 30, 2021 | 205,638,256 | ||||
Balance at end of period at Jan. 30, 2021 | $ 949,067 | ||||
Balance at beginning of period (in shares) at Feb. 01, 2020 | 241,212,968 | ||||
Balance at beginning of period at Feb. 01, 2020 | (340,962) | $ 0 | $ 5,132 | $ 0 | $ (346,094) |
Stockholders' Equity (Deficit) | |||||
Issuance of common stock in connection with equity compensation plans (in shares) | 4,926,086 | ||||
Issuance of common stock in connection with equity compensation plans | 1,563 | $ 1 | 1,562 | ||
Vesting of early exercised stock options | 864 | 864 | |||
Deemed dividend on Series F convertible preferred stock | (9,624) | (9,624) | |||
Repurchase of restricted common stock (in shares) | (153,583) | ||||
Stock-based compensation expense | 25,564 | 25,564 | |||
Net loss | (210,208) | (210,208) | |||
Balance at end of period (in shares) at Jan. 30, 2021 | 245,985,471 | ||||
Balance at end of period at Jan. 30, 2021 | $ (532,803) | $ 1 | 33,122 | 0 | (565,926) |
Convertible Preferred Stock | |||||
Conversion of convertible preferred stock to common stock upon initial public offering (“IPO”) (in shares) | (205,638,256) | ||||
Conversion of convertible preferred stock to common stock upon initial public offering (“IPO”) | $ (949,067) | ||||
Balance at end of period (in shares) at Jan. 29, 2022 | 0 | ||||
Balance at end of period at Jan. 29, 2022 | $ 0 | ||||
Stockholders' Equity (Deficit) | |||||
Conversion of convertible preferred stock to common stock upon initial public offering (“IPO”) (in shares) | 205,638,256 | ||||
Conversion of convertible preferred stock to common stock upon initial public offering (“IPO”) | 949,067 | $ 21 | 949,046 | ||
Issuance of Class A common stock in connection with IPO, net of underwriting discounts and commissions and offering costs (in shares) | 38,546,882 | ||||
Issuance of Class A common stock in connection with IPO, net of underwriting discounts and commissions and offering costs | 840,045 | $ 4 | 840,041 | ||
Issuance of common stock for vesting of restricted stock units (“RSUs”) (in shares) | 18,586,259 | ||||
Issuance of common stock for vesting of restricted stock units (“RSUs”) | 2 | $ 2 | |||
Shares withheld related to net share settlement of RSUs (in shares) | (6,228,543) | ||||
Shares withheld related to net share settlement of RSUs | (143,434) | (143,434) | |||
Issuance of common stock in connection with equity compensation plans (in shares) | 2,962,665 | ||||
Issuance of common stock in connection with equity compensation plans | 1,510 | $ 1 | 1,509 | ||
Vesting of early exercised stock options | 551 | 551 | |||
Repurchase of restricted common stock (in shares) | (14,830) | ||||
Repurchase of restricted common stock | (5) | (5) | |||
Stock-based compensation expense | 229,134 | 229,134 | |||
Other comprehensive income (loss) | (96) | (96) | |||
Net loss | (355,024) | (355,024) | |||
Balance at end of period (in shares) at Jan. 29, 2022 | 505,476,160 | ||||
Balance at end of period at Jan. 29, 2022 | $ 988,947 | $ 29 | 1,909,964 | (96) | (920,950) |
Balance at end of period (in shares) at Jan. 28, 2023 | 0 | ||||
Balance at end of period at Jan. 28, 2023 | $ 0 | ||||
Stockholders' Equity (Deficit) | |||||
Issuance of common stock for vesting of restricted stock units (“RSUs”) (in shares) | 15,211,976 | ||||
Issuance of common stock for vesting of restricted stock units (“RSUs”) | 1 | $ 1 | |||
Issuance of common stock in connection with equity compensation plans (in shares) | 3,472,511 | ||||
Issuance of common stock in connection with equity compensation plans | 18,057 | 18,057 | |||
Vesting of early exercised stock options | 328 | 328 | |||
Repurchase of restricted common stock (in shares) | (438) | ||||
Stock-based compensation expense | 178,664 | 178,664 | |||
Other comprehensive income (loss) | (556) | (556) | |||
Net loss | (247,422) | (247,422) | |||
Balance at end of period (in shares) at Jan. 28, 2023 | 524,160,209 | ||||
Balance at end of period at Jan. 28, 2023 | $ 938,019 | $ 30 | $ 2,107,013 | $ (652) | $ (1,168,372) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Operating activities | |||
Net loss | $ (247,422) | $ (355,024) | $ (210,208) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 11,768 | 10,388 | 10,738 |
Stock-based compensation expense | 177,473 | 228,723 | 25,564 |
Lease modification, impairment, and related charges | 1,056 | 1,532 | 0 |
Other non-cash adjustments | 2,120 | 6,630 | 16,786 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (47,464) | (47,049) | (14,140) |
Inventories | (7,504) | (19,393) | 2,843 |
Prepaid expenses and other current assets | (11,293) | (1,426) | 1,624 |
Connected device costs | (83,086) | (86,293) | (44,184) |
Deferred commissions | (22,409) | (30,821) | (21,327) |
Other assets, non-current | (1,862) | (12,327) | 110 |
Accounts payable and other liabilities | 13,485 | 69,926 | 16,250 |
Deferred revenue | 112,879 | 64,001 | 35,160 |
Operating lease liabilities, net | (762) | (348) | 9,015 |
Net cash used in operating activities | (103,021) | (171,481) | (171,769) |
Investing activities | |||
Purchase of property and equipment | (33,240) | (19,353) | (32,102) |
Purchases of investments | (685,615) | 0 | 0 |
Proceeds from maturities of investments | 86,625 | 0 | 0 |
Investing other | 382 | (682) | (100) |
Net cash used in investing activities | (631,848) | (20,035) | (32,202) |
Financing activities | |||
Proceeds from initial public offering, net of underwriting discounts and commissions | 0 | 846,682 | 0 |
Payment of taxes related to net share settlement of equity awards | 0 | (141,747) | 0 |
Proceeds from issuance of common stock in connection with equity compensation plans | 18,047 | 1,210 | 1,624 |
Proceeds from early exercise of stock options | 0 | 154 | 753 |
Repurchase of restricted common stock | 0 | (5) | (61) |
Proceeds from issuance of Series F convertible preferred stock, net of issuance costs | 0 | 0 | 399,826 |
Payment of offering costs | (2,532) | (4,105) | 0 |
Payment of principal on finance leases | (1,303) | (545) | (168) |
Net cash provided by financing activities | 14,212 | 701,644 | 401,974 |
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 113 | (127) | 0 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (720,544) | 510,001 | 198,003 |
Cash, cash equivalents, and restricted cash, beginning of period | 944,310 | 434,309 | 236,306 |
Cash, cash equivalents, and restricted cash, end of period | 223,766 | 944,310 | 434,309 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 607 | 467 | 31 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Property and equipment accrued but not yet paid | 120 | 162 | 0 |
Stock option exercises in transit | 2 | 146 | 0 |
Unpaid offering costs | 0 | 2,532 | 0 |
Vesting of early exercised stock options | 328 | 551 | 864 |
Series F convertible preferred stock deemed dividend | $ 0 | $ 0 | $ 9,624 |
Description of Business
Description of Business | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessSamsara Inc. (“Samsara”) and its subsidiaries (collectively, the “Company”) are the pioneers of the Connected Operations Cloud, which is a system of record that enables businesses that depend on physical operations to harness Internet of Things (“IoT”) data to develop actionable business insights and improve their operations. Samsara was incorporated in Delaware in 2015 as Samsara Networks Inc. and changed its name to Samsara Inc. in February 2021. Samsara’s principal executive offices are located at 1 De Haro Street, San Francisco, California 94107. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Fiscal Year —The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. The fiscal years ended January 28, 2023 and January 29, 2022 both consisted of 52 weeks. Every sixth fiscal year is a 53-week year. The fiscal year ending February 3, 2024 is the Company’s next 53-week fiscal year, with the fourth quarter consisting of 14 weeks. Principles of Consolidation —The 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 consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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, restructuring and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made. Cash, Cash Equivalents, Restricted Cash, and Investments —The Company considers all highly liquid investments with an original maturity of 90 days or less, when purchased, to be cash and cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. The Company determines the appropriate classification of investments at the time of purchase and reevaluates such determination at each balance sheet date and classifies its marketable debt securities as either short-term or long-term based on their remaining contractual maturities. Short-term investments are investments with original or remaining maturities of one year or less at each balance sheet date. Purchase premiums and discounts are amortized or accreted using the effective interest method over the life of the related security and such amortization and accretion are included in “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. If neither of these criteria is met, the Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit-related unrealized losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge in “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. Non-credit related unrealized losses and unrealized gains on available-for-sale securities are included in accumulated other comprehensive income (loss). Realized gains and losses are determined based on the specific identification method and are reported in “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. See Note 4, “Fair Value Measurements,” for information regarding the fair value of the Company’s investments in marketable debt securities. Accounts Receivable— Accounts receivable consist of current trade receivables from customers and are recorded at their net realizable value. Judgment is required in assessing the realization of these receivables, including the current creditworthiness of each customer and related aging of the past-due balances. Management evaluates all accounts periodically, and an allowance for doubtful accounts may be established based on specific identification using the best facts available and reevaluated and adjusted as additional information is received. An allowance for doubtful accounts balance of $7.5 million and $4.4 million was recorded as of January 28, 2023 and January 29, 2022, respectively. During the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, the Company recorded a charge of $6.6 million, $7.4 million, and $9.5 million, respectively, to operations, and wrote off $3.5 million, $6.2 million, and $6.5 million, respectively, against the allowance. Inventories —Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company’s inventory consists of finished goods and management assesses the valuation of inventory and periodically writes down the value for estimated excess and obsolete inventory based upon assumptions about future demand and market conditions. Property and Equipment, Net —Property and equipment, net, are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets. The Company uses an estimated useful life of five years for computers, office equipment, and furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in operating expenses on the consolidated statements of operations and comprehensive loss. Leases —The Company determines if an arrangement is a lease at inception or modification. The Company evaluates the lease terms to determine whether the lease will be accounted for as an operating or finance lease. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and non-current operating lease liabilities on the Company’s consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company does not include any anticipated lease incentives in the recognition of an ROU asset, but rather records the incentive upon receipt. The carrying amount of ROU assets and operating lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the assessment to purchase the underlying asset. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company’s accounting for lease terms will include options to extend the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recorded on the Company’s consolidated balance sheet. The Company’s lease agreements do not contain any residual value guarantees and lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease terminations when a lease is no longer legally binding and the Company no longer has the right to control the use of the asset. When the conditions for a lease termination are met, the Company recognizes the lease termination by removing the ROU asset and the operating lease liability from its consolidated balance sheet, with a gain or loss recognized for the difference. Strategic Investments —The Company may invest in strategic investments, which consist of non-marketable securities in privately-held companies in which the Company does not have a controlling interest or significant influence. The Company applies the measurement alternative for non-marketable equity securities that do not have readily determinable fair values, measuring them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. For these investments, the Company recognizes remeasurement adjustments, including upward and downward adjustments, and impairments, if any, in “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. Strategic investments are subject to periodic impairment analysis, which involves an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, and the rate at which the investee is using its cash. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred. If the strategic investment is considered impaired, the Company recognizes an impairment through “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss and establishes a new carrying value for the investment. The Company’s strategic investments are not material to the Company’s financial position, results of operations, or cash flows for any period presented. 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. The Company’s arrangements are also generally sold as non-cancelable and non-refundable subscriptions, subject to limited exceptions under the Company’s standard terms of service, and have contract terms typically for three • Identification of the contract, or contracts, with a customer—A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance, and (iii) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The Company’s contracts are typically evidenced through a signed Company quote or a customer purchase order and Company quote. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. • Identification of the performance obligations in the contract—Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods or services, the Company applies judgment to determine whether promised goods or services are capable of being distinct in the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. The Company has determined that its integrated solution represents a combined performance obligation as the cloud-based Applications and connected devices, individually, are not distinct within the context of customer contracts because they are highly interdependent and interrelated. In reaching this conclusion, the Company considered the context of the contract and the nature of its promise to provide the customer with actionable real-time business insights to manage their operations. Specifically, the Company’s connected devices, including the embedded proprietary firmware, are updated continuously by its Connected Operations Cloud using artificial intelligence and machine learning models to improve the capture, aggregation, and enrichment of data by the connected devices. Additionally, the Company’s Connected Operations Cloud then utilizes this data to deliver actionable real-time business insights that are promised to its customers throughout the term of their subscription to Applications on the Connected Operations Cloud. As a result of the highly interdependent and interrelated nature of the integrated service provided, these arrangements are accounted for as a combined performance obligation to the customer. Additionally, the Company has certain accessories sold in connection with its integrated sensor solution, which have been determined to be separate performance obligations. • Determination of the transaction price—The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer. Such amounts are stated within the customer contracts. • Allocation of the transaction price to the performance obligations in the contract—If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. The Company determines SSP based on the price at which the performance obligation is sold separately. If the SSP is not observable through past transactions, the Company estimates the SSP taking into consideration available information, such as market conditions and internally approved pricing guidelines related to the performance obligations. • Recognition of revenue when or as the Company satisfies a performance obligation—The Company satisfies substantially all of its performance obligations over time. Specifically, the combined cloud-based application and connected device performance obligation and related support services and warranty coverage represent stand-ready performance obligations provided throughout the term the customer has access to the platform. Revenue recognition commences ratably when control of the services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services over the contractual term. 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. For revenue generated from contracts that involve third parties, the Company evaluates whether it is the principal, and reports revenue on a gross basis, or the agent, and reports revenue on a net basis. In this assessment, the Company considers if it obtains control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. Deferred Revenue —Deferred revenue represents amounts billed to customers or payments received from customers for which revenue has not yet been recognized. Deferred revenue primarily consists of prepayments made by customers for future periods and, to a lesser extent, the unearned portion of monthly-billed subscription fees. A portion of customer contracts is paid in advance for the full, multi-year term. Additionally, the Company enables its customers to prepay all, or part, of their contractual obligations monthly, quarterly, or annually. As a result, the deferred revenue balance does not represent the total contract value of all multi-year, non-cancelable subscription agreements. The current portion of deferred revenue represents the amount that is expected to be recognized within one year of the consolidated balance sheet date. Allocation of Overhead Costs —Overhead costs that are not substantially dedicated to use by a specific functional group are allocated based on headcount. Such costs include costs associated with office facilities, depreciation of property and equipment, and other expenses, such as corporate software, subscription services, and insurance. Cost of Revenue —Cost of revenue consists primarily of the amortization of IoT device costs associated with subscription agreements, cellular-related costs, third-party cloud infrastructure expenses, customer support costs, warranty charges, and operational costs consisting of employee-related costs, including salaries, employee benefits and stock-based compensation, amortization of internal-use software development costs, expenses related to shipping and handling, packaging, fulfillment, warehousing, write-downs of excess and obsolete inventory, and allocated overhead costs. Costs to Obtain and Fulfill a Contract Deferred Commissions —The Company capitalizes commissions paid to sales employees and the related payroll taxes, as well as commissions paid to referral partners, when customer contracts are signed. These costs are recorded as deferred commissions on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have been incurred absent the execution of the customer contract. The Company amortizes sales commissions paid on the initial contract over an expected period of benefit, which the Company has determined to be five years. The Company has determined the period of benefit by taking into consideration its customer contracts and the duration of its relationships with its customers and the life of its technology. Commissions paid upon the renewal of a contract are amortized as expense ratably over the renewal term. Amortization of these costs is included in sales and marketing expense on the consolidated statements of operations and comprehensive loss. Connected Devices —For typical sales arrangements, the Company capitalizes the cost of connected devices sold to customers upon shipment and the capitalized cost is recorded as connected device costs, which the Company also refers to as IoT device costs, on the Company’s consolidated balance sheet. The Company capitalizes connected device costs associated with subscription contracts as contract fulfillment costs where the connected device is not distinct from other undelivered obligations in the customer contract. These costs are directly related to customer contracts and are expected to be recoverable and enhance the resources used to satisfy the undelivered performance obligations in those contracts. Connected device costs are amortized over a period of benefit of five years. The Company determined the period of benefit by taking into consideration the expected life of the connected device, the connected device’s warranty period, past experience with customers, the duration of the Company’s relationships with its customers, and other available information. Amortization of these costs is included in cost of revenue on the consolidated statements of operations and comprehensive loss. Research and Development —Research and development costs are charged to expense as incurred. Research and development expenses consist primarily of employee-related costs, including salaries, employee benefits and stock-based compensation, depreciation and other expenses related to prototyping IoT devices, product initiatives, software subscriptions, hosting used in research and development, and allocated overhead costs. The Company continues to focus its research and development efforts on adding new features and products and enhancing the utility of its Connected Operations Cloud. The Company capitalizes the portion of its internal-use software development costs that meets the criteria for capitalization. Internal-Use Software Development Costs —The Company capitalizes qualifying internal-use software development costs related to its Connected Operations Cloud. The costs consist of personnel costs (including related benefits and stock-based compensation) that are incurred during the software development stage. Capitalization of costs begins when three criteria are met: (1) the preliminary development efforts are successfully completed, (2) management has authorized and committed project funding, and (3) it is probable that the project will be completed and the software will be used as intended. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all substantial testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Capitalized costs are included in property and equipment, net, on the consolidated balance sheets. These costs are amortized over the estimated useful life of the software, which is two years, on a straight-line basis, which represents the manner in which the expected benefit will be derived. The amortization of costs related to the software is primarily included in cost of revenue on the consolidated statements of operations and comprehensive loss. Advertising and Promotional Costs —Advertising and promotional costs, which are expensed as incurred and included in sales and marketing expense, were $47.1 million, $41.9 million, and $39.9 million for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, respectively. Impairment of Long-Lived Assets —Long-lived assets are evaluated for impairment at the asset group level, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities, whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets or an asset group by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flow. If the future undiscounted cash flow is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. The Company recognized $1.1 million and $1.9 million in impairment charges during the fiscal years ended January 28, 2023 and January 29, 2022, respectively, in “Lease modification, impairment, and related charges” on the consolidated statements of operations and comprehensive loss, and no impairment charges were recorded on any long-lived assets during the fiscal year ended January 30, 2021. Stock-Based Compensation —The Company measures compensation expense for all stock-based awards based on the estimated fair values on the date of grant. The Company’s stock-based awards include stock options, RSUs, and shares issued or to be issued under the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). RSUs granted by the Company prior to its IPO in December 2021 had service and performance vesting conditions while stock options, as well as RSUs granted subsequent to its IPO, only have a service vesting condition. The Company accounts for forfeitures as they occur. The fair value of employee stock options and shares to be issued under the 2021 ESPP has been determined using the Black-Scholes option-pricing model using various inputs, including the fair value of the Company’s common stock, estimates of expected volatility, expected term, risk-free rate, and future dividends. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting term of four years for stock options and approximately the one-year duration of each offering period for shares to be issued under the 2021 ESPP. The fair value of RSUs granted after the IPO is based on the closing price of the Company’s Class A common stock on the date of grant. The fair value of RSUs granted prior to the IPO was determined at the grant date by the Company’s Board of Directors. For RSUs granted prior to the Company’s IPO, which generally has a four-year service condition, expense was recognized when the performance vesting condition was satisfied upon the effective date of the Company’s IPO. At that date, cumulative stock-based compensation expense using the graded vesting method for those RSUs for which the service condition had been satisfied prior to the performance vesting condition was recognized and the remaining expense will be thereafter recognized over the remaining vesting period of the award under a graded vesting method. For RSUs granted subsequent to its IPO, the Company recognizes the expense on a straight-line basis, over the requisite service period, which is generally a vesting period over four years. The contractual term of the Company’s stock options and RSUs granted prior to its IPO is 10 years and seven years, respectively. Income Taxes —The Company utilizes the liability method of accounting for income taxes under which deferred tax assets and liabilities are determined based on the differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is established, when necessary, to reduce the deferred tax assets to the amount more likely than not to be realized. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. A tax position is recognized when it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is more than 50% likely to be realized upon ultimate settlement with a taxing authority. The Company recognizes interest and penalties related to income tax positions as a component of income tax expense. Translation of Foreign Currencies —The Company predominantly uses the U.S. dollar as its functional currency. Monetary assets and liabilities and transactions denominated in currencies other than an entity’s functional currency are remeasured into its functional currency using current exchange rates, whereas nonmonetary assets and liabilities are remeasured using historical exchange rates. The Company recognizes gains and losses from such remeasurements within “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss in the period of occurrence. Certain non-U.S. subsidiaries designate the local currency as their functional currency, and the Company records the translation of their assets and liabilities into U.S. dollars at the balance sheet date as translation adjustments and includes them as a component of accumulated other comprehensive loss on the consolidated balance sheets. Net Loss Per Share Attributable to Common Stockholders —Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Prior to the automatic conversion of all series of its convertible preferred stock outstanding into Class B common stock upon the completion of the IPO, the Company considered all series of its convertible preferred stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of its convertible preferred stock do not have a contractual obligation to share in the Company’s losses. Net loss is attributed to common stockholders and participating securities based on their participation rights. Basic earnings per share attributable to common stockholders is computed by dividing the earnings attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, shares issued under an employee stock purchase plan, and convertible preferred stock are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented. The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, and Class C common stock are identical, except with respect to voting and conversion rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share attributable to common stockholders are the same for all classes of Samsara’s common stock, on both an individual and combined basis, and therefore are presented together. Fair Value Measurements —Fair value accounting is applied for all assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on the reporting date on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows the established framework for measuring fair value in accordance with US GAAP. Concentrations of Credit Risk —Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments in marketable debt securities, and trade accounts receivable. The Company’s cash and cash equivalents are held on deposit with creditworthy domestic institutions. The Company invests its excess cash in low-risk, highly liquid money market funds. The Company has not experienced losses in such accounts. The Company also maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings. The Company generally does not require collateral or other security in support of accounts receivable. Allowances are provided for individual accounts receivable when the Company becomes aware of a customer’s inability |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash, and Investments | 12 Months Ended |
Jan. 28, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, Restricted Cash, and Investments | Cash, Cash Equivalents, Restricted Cash, and InvestmentsAs of January 28, 2023 and January 29, 2022, cash and cash equivalents consist of cash deposited with banks and money market funds, and all highly liquid investments with an original or remaining maturity of 90 days or less when purchased. As of January 28, 2023, short-term and long-term investments in marketable debt securities consist of U.S. government and agency securities, corporate notes and bonds, and commercial paper. Restricted cash as of January 28, 2023 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 January 28, 2023 January 29, 2022 Cash and cash equivalents $ 200,670 $ 921,218 Restricted cash 23,096 23,092 Total cash, cash equivalents, and restricted cash $ 223,766 $ 944,310 The following is a summary of the Company’s cash equivalents and available-for-sale marketable debt securities recorded within short-term and long-term investments on the consolidated balance sheets (in thousands): As of January 28, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 5,604 $ — $ — $ 5,604 Commercial paper 36,337 — — 36,337 U.S. government and agency securities 12,974 — (1) 12,973 Total cash equivalents $ 54,915 $ — $ (1) $ 54,914 Investments: Commercial paper $ 182,869 $ — $ — $ 182,869 Corporate notes and bonds 190,933 57 (437) 190,553 U.S. government and agency securities 229,556 8 (693) 228,871 Total investments $ 603,358 $ 65 $ (1,130) $ 602,293 The Company included $2.0 million of interest receivable in “ Prepaid expenses and other current assets For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell any of the securities and the Company considers it more likely than not that the Company will hold these securities until a recovery of the cost basis, which may not occur until maturity. The Company did not recognize an allowance for credit losses on these securities as of January 28, 2023 because such potential losses were not material. As of January 28, 2023, the contractual maturities of the Company’s investments did not exceed 23 months. The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands): As of January 28, 2023 Due within one year $ 489,192 Due in one year to two years 113,101 Total $ 602,293 There were no material realized or unrealized gains or losses, either individually or in the aggregate, during the fiscal year ended January 28, 2023. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 28, 2023 | |
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 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 consolidated financial statements as of January 28, 2023 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 January 28, 2023 Level 1 Level 2 Level 3 Total Cash equivalents and restricted cash: Cash equivalents Money market funds $ 120,751 $ — $ — $ 120,751 Commercial paper — 36,337 — 36,337 U.S. government and agency securities — 12,973 — 12,973 Restricted cash—letters of credit 23,096 — — 23,096 Total cash equivalents and restricted cash $ 143,847 $ 49,310 $ — $ 193,157 Marketable debt securities: Commercial paper $ — $ 182,869 $ — $ 182,869 Corporate notes and bonds — 190,553 — 190,553 U.S. government and agency securities — 228,871 — 228,871 Total marketable debt securities $ — $ 602,293 $ — $ 602,293 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 cash equivalents and restricted cash $ 889,456 $ — $ — $ 889,456 The Company determines the fair value of its security holdings based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. |
Costs to Obtain and Fulfill a C
Costs to Obtain and Fulfill a Contract | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Costs to Obtain and Fulfill a Contract | Costs to Obtain and Fulfill a Contract Deferred Commissions —Total deferred commissions as of January 28, 2023 and January 29, 2022 was $140.2 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): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized commission costs $ 72,519 $ 76,702 $ 54,098 Amortization expense $ 50,110 $ 45,882 $ 33,843 Connected Devices —Total connected device costs, current and non-current, as of January 28, 2023 and January 29, 2022 was $276.9 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): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized connected device costs $ 148,057 $ 127,308 $ 64,201 Amortization expense $ 64,970 $ 39,851 $ 20,016 Revenue consists of the following (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Subscription revenue $ 639,533 $ 418,980 $ 245,481 Other revenue 13,012 9,365 4,424 Total revenue $ 652,545 $ 428,345 $ 249,905 Deferred Revenue —The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 Deferred revenue, beginning of period $ 313,686 $ 249,572 Deferred revenue, end of period 426,565 313,686 Revenue recognized in the period from beginning deferred revenue balance 203,185 143,109 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 January 28, 2023, the Company’s RPO was $1,450.8 million. The Company expects to recognize revenue of approximately $694.8 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 fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021. There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of January 28, 2023 and January 29, 2022. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net, comprises the following (in thousands): As of January 28, 2023 January 29, 2022 Gross property and equipment Computers and equipment $ 1,257 $ 834 Leasehold improvements 49,727 24,752 Furniture and fixtures 19,740 16,854 Internal-use software development costs (1) 22,422 16,152 Total gross property and equipment 93,146 58,592 Accumulated depreciation and amortization (2) (33,868) (21,820) Property and equipment, net $ 59,278 $ 36,772 __________ (1) The Company’s internal-use software development costs included $1.6 million, $0.4 million, and an immaterial amount of stock-based compensation costs for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 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): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized internal-use software development costs $ 6,270 $ 5,035 $ 5,221 Amortization expense $ 3,901 $ 3,332 $ 2,815 Internal-use software development costs, net, as of the periods presented was as follows (in thousands): As of January 28, 2023 January 29, 2022 Internal-use software development costs, net $ 8,744 $ 6,747 (2) The following table presents the depreciation and amortization of property and equipment, excluding the accelerated depreciation expense of $29.7 million recorded in connection with the lease modification during the fiscal year ended January 29, 2022, which is included in “Lease modification, impairment, and related charges” on the Company’s consolidated statements of operations and comprehensive loss (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Depreciation and amortization expense $ 11,768 $ 10,388 $ 10,738 |
Leases
Leases | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases office space under operating lease agreements that are non-cancelable (subject to limited termination rights). These leases have remaining lease terms ranging from one year to approximately eight years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities, and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities. The 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 fiscal year ended January 28, 2023. The components of operating lease expense were as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Operating lease cost $ 25,326 $ 24,146 $ 23,612 Short-term lease cost 710 253 1,949 Sublease income (786) (188) — Total lease cost $ 25,250 $ 24,211 $ 25,561 Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 25,777 $ 24,970 $ 17,238 Operating lease ROU assets obtained in exchange for new operating lease liabilities $ — $ 20,816 $ 1,136 In the second quarter of fiscal year 2023, the Company relocated from its former corporate headquarters to its new corporate headquarters. During the fiscal year ended January 28, 2023, the Company recorded no additional operating leases and had a reduction of ROU assets associated with a lease impairment of $1.0 million. As of January 28, 2023 January 29, 2022 Weighted-average remaining lease term—operating leases (in years) 6.5 7.1 Weighted-average discount rate—operating leases 4.53 % 4.38 % Future minimum lease payments included in the measurement of operating lease liabilities as of January 28, 2023 were as follows (in thousands): Fiscal Years Ending Amount 2024 $ 27,018 2025 27,015 2026 20,056 2027 14,236 2028 12,596 2029 and thereafter 43,656 Total future minimum lease payments (1) 144,577 Less: imputed interest (21,657) Total operating lease liabilities $ 122,920 __________ (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, which was completed in the second quarter of fiscal year 2023, 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, Accrued expenses and other current liabilities 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 approximately eight years. The Company is required to pay property taxes, insurance, and normal maintenance costs for certain of these facilities, and will be required to pay any increases over the base year of these expenses on the remainder of the Company’s facilities. The 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 fiscal year ended January 28, 2023. The components of operating lease expense were as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Operating lease cost $ 25,326 $ 24,146 $ 23,612 Short-term lease cost 710 253 1,949 Sublease income (786) (188) — Total lease cost $ 25,250 $ 24,211 $ 25,561 Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 25,777 $ 24,970 $ 17,238 Operating lease ROU assets obtained in exchange for new operating lease liabilities $ — $ 20,816 $ 1,136 In the second quarter of fiscal year 2023, the Company relocated from its former corporate headquarters to its new corporate headquarters. During the fiscal year ended January 28, 2023, the Company recorded no additional operating leases and had a reduction of ROU assets associated with a lease impairment of $1.0 million. As of January 28, 2023 January 29, 2022 Weighted-average remaining lease term—operating leases (in years) 6.5 7.1 Weighted-average discount rate—operating leases 4.53 % 4.38 % Future minimum lease payments included in the measurement of operating lease liabilities as of January 28, 2023 were as follows (in thousands): Fiscal Years Ending Amount 2024 $ 27,018 2025 27,015 2026 20,056 2027 14,236 2028 12,596 2029 and thereafter 43,656 Total future minimum lease payments (1) 144,577 Less: imputed interest (21,657) Total operating lease liabilities $ 122,920 __________ (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, which was completed in the second quarter of fiscal year 2023, 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, Accrued expenses and other current liabilities Other liabilities, non-current |
Revenue, Deferred Revenue, and
Revenue, Deferred Revenue, and Remaining Performance Obligations | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Deferred Revenue, and Remaining Performance Obligations | Costs to Obtain and Fulfill a Contract Deferred Commissions —Total deferred commissions as of January 28, 2023 and January 29, 2022 was $140.2 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): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized commission costs $ 72,519 $ 76,702 $ 54,098 Amortization expense $ 50,110 $ 45,882 $ 33,843 Connected Devices —Total connected device costs, current and non-current, as of January 28, 2023 and January 29, 2022 was $276.9 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): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized connected device costs $ 148,057 $ 127,308 $ 64,201 Amortization expense $ 64,970 $ 39,851 $ 20,016 Revenue consists of the following (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Subscription revenue $ 639,533 $ 418,980 $ 245,481 Other revenue 13,012 9,365 4,424 Total revenue $ 652,545 $ 428,345 $ 249,905 Deferred Revenue —The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 Deferred revenue, beginning of period $ 313,686 $ 249,572 Deferred revenue, end of period 426,565 313,686 Revenue recognized in the period from beginning deferred revenue balance 203,185 143,109 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 January 28, 2023, the Company’s RPO was $1,450.8 million. The Company expects to recognize revenue of approximately $694.8 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 fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021. There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of January 28, 2023 and January 29, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases —See Note 7, “Leases,” for the maturities of operating lease liabilities as of January 28, 2023. Purchase Commitments —The Company’s purchase commitments consist of contractual arrangements with software-as-a-service subscription providers and non-cancelable purchase orders based on current inventory needs fulfilled by the Company’s suppliers and contract manufacturers. Future minimum payments under the Company’s non-cancelable purchase commitments as of January 28, 2023 were as follows (in thousands): Fiscal Years Ending Amount 2024 $ 93,996 2025 58,462 2026 67,873 2027 75,388 2028 34,167 2029 and thereafter — Total (1) (2) $ 329,886 __________ (1) Includes non-cancelable contractual commitments as of January 28, 2023 related to one of the Company’s third-party cloud infrastructure agreements, under which the Company committed to spend at least $275.0 million between July 2022 and June 2027 on cloud infrastructure services. The commitment may be offset by up to $11.0 million in additional credits subject to the Company meeting certain conditions of the agreement, of which $0.6 million had been earned as of January 28, 2023. (2) As of January 28, 2023, the Company’s non-cancelable purchase commitments primarily pertained to contractual arrangements with software-as-a-service subscription providers and purchase orders based on current inventory needs fulfilled by the Company’s suppliers and contract manufacturers. The purchase commitments end on various dates that extend into fiscal year 2028. These purchase commitments were not recorded as liabilities on the consolidated balance sheet as of January 28, 2023, as the Company had not yet received the related services or goods. Letters of Credit —As of January 28, 2023 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 has been and may become involved in various legal proceedings in the ordinary course of its business and has been and may be subject to third-party intellectual property infringement claims. The Company continually evaluates uncertainties associated with litigation and records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the consolidated financial statements indicates that it is probable that a liability has been incurred at the date of the 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 January 28, 2023 were also not material. Lease-Related Litigation —In March 2019, the Company signed a lease agreement with a landlord for certain premises located in San Francisco, California (the “Premises”). In September 2021, the Company sued the landlord in San Francisco Superior Court to enforce its right to terminate the lease and to recover damages on the grounds that the Premises were never adequately delivered to the Company. The landlord countersued the Company for allegedly breaching the lease. On October 30, 2021, the Company vacated the Premises. On November 17, 2021, the landlord drew down the remaining $8.7 million letter of credit, which the Company accounts for as a receivable in “Other assets, non-current.” The outcome of this matter is subject to ongoing litigation and is uncertain at this time. Indemnification —In the normal course of business, the Company has agreed and may 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. |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Jan. 28, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | Convertible Preferred StockUpon completion of Samsara’s IPO in December 2021, the remaining outstanding shares of the Company’s convertible preferred stock, totaling 203,575,531 shares, were automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis. The Company recognized the $949.0 million in excess over par of the carrying value upon conversion to additional paid-in capital as of January 29, 2022. As of January 28, 2023 and January 29, 2022, there were no shares of convertible preferred stock issued and outstanding. |
Equity
Equity | 12 Months Ended |
Jan. 28, 2023 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock —In December 2021, in connection with the IPO, the Company filed its Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), which authorized the issuance of up to 400,000,000 shares of preferred stock with a par value of $0.0001 per share. Common Stock — In December 2021, in connection with the IPO, the Company’s Certificate of Incorporation authorized the issuance of up to 5,800,000,000 shares of common stock with a par value of $0.0001 per share, consisting of 4,000,000,000 shares of Class A common stock, 600,000,000 shares of Class B common stock, and 1,200,000,000 shares of Class C common stock. As a result of this amendment, effective upon completion of the IPO on December 17, 2021, the Company has three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are substantially identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and is not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is entitled to 10 votes per share and is convertible at any time into one share of Class A common stock. All shares of Class B common stock will be converted into shares of Class A common stock following the earliest to occur of (i) the date specified by the affirmative vote or consent of (a) the holders of a majority of the outstanding Class B common stock and (b) each of Mr. Biswas and Mr. Bicket to the extent he (together with his permitted assigns) then holds at least 25% of the Class B common stock held by him and his permitted assigns immediately prior to the completion of the Company’s IPO and is not then deceased or disabled; (ii) nine months following the death or disability of the later to die or become disabled of Messrs. Biswas and Bicket, which period may be extended to 18 months upon the consent of a majority of the independent directors then in office; and (iii) such date fixed by the Company’s Board of Directors following the date that the total number of shares of Class B common stock held by Messrs. Biswas and Bicket (together with their permitted assigns) equals less than 25% of the Class B common stock held by them immediately prior to the completion of the Company’s IPO. Shares of Class C common stock have no voting rights, except as otherwise required by law, and each share will convert into one share of the Company’s Class A common stock, following the conversion or exchange of all outstanding shares of Class B common stock into shares of the Company’s Class A common stock and upon the date or time specified by the holders of a majority of the outstanding shares of Class A common stock, voting as a separate class. Subject to preferences that may apply to any shares of convertible preferred stock outstanding at the time, the holders of Class A common stock, Class B common stock, and Class C common stock are entitled to receive dividends out of funds legally available if the Board of Directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that the Board of Directors may determine. As of January 28, 2023, there were 132,111,095, 392,049,114, and no shares of Class A, Class B, and Class C common stock issued and outstanding, respectively. 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 January 28, 2023 and January 29, 2022, as follows: As of January 28, 2023 January 29, 2022 2015 Equity Incentive Plan: Options outstanding 6,927,540 8,628,071 RSUs outstanding 15,137,385 29,452,103 2021 Equity Incentive Plan: RSUs outstanding 25,658,719 3,123,995 Shares available for future grants 55,891,021 54,050,260 2021 Employee Stock Purchase Plan: Shares available for future issuance 13,471,769 10,200,000 Total shares of common stock reserved for future issuance 117,086,434 105,454,429 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 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. The total number of shares of the Company’s Class A common stock reserved for future grants as of January 28, 2023 includes 25,273,808 shares added on the first day of fiscal year 2023 pursuant to the annual automatic evergreen increase provision of the 2021 Plan. Options —A summary of the stock options activity under the 2015 Plan during the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 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 February 1, 2020 13,977,069 $ 0.98 7.8 $ 63,153 Granted 3,051,280 $ 7.59 Exercised (4,926,086) $ 0.56 Forfeited, canceled, or expired (430,921) $ 0.38 Balance as of January 30, 2021 11,671,342 $ 2.91 7.6 $ 88,184 Exercised (2,962,665) $ 0.44 Forfeited, canceled, or expired (80,606) $ 0.61 Balance as of January 29, 2022 8,628,071 $ 3.77 6.9 $ 111,170 Exercised (1,694,436) $ 0.35 Forfeited, canceled, or expired (6,095) $ 1.08 Balance as of January 28, 2023 6,927,540 $ 4.61 6.4 $ 63,351 Exercisable as of January 28, 2023 5,542,131 $ 3.91 6.1 $ 54,597 __________ (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 fiscal years ended January 28, 2023 and January 29, 2022. The weighted-average grant-date fair value of stock options granted during the fiscal year ended January 30, 2021 was $4.08 per share. The intrinsic value of stock options exercised was $24.2 million, $48.1 million, and $48.8 million during the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, respectively. The Company recognized a deferred income tax benefit on the consolidated statements of operations and comprehensive loss for stock-based compensation arrangements of $1.0 million, $0.8 million, and an immaterial amount during the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, respectively. As of January 28, 2023, unrecognized stock-based compensation expense related to outstanding unvested stock options for employees that are expected to vest was approximately $5.4 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately one year. Employee Stock Options Valuation —The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which greatly affect the fair value of each stock option. The weighted-average assumptions used to estimate the fair value of stock options granted during the fiscal year ended January 30, 2021 were as follows: Fiscal Year Ended January 30, 2021 Expected volatility 50.1 % Expected term (years) 6.0 Risk-free interest rate 0.4 % Expected dividend yield — % Since the Company’s stock was not publicly traded during the fiscal year ended January 30, 2021, the expected volatility was based on the historical and implied volatility of similar companies whose stock or option prices are publicly available, after considering the industry, stage of life cycle, size, market capitalization, and financial leverage of the other companies. As permitted under authoritative guidance, due to the limited amount of stock option exercises, the Company used the simplified method to compute the expected term for stock options granted to employees. The risk-free interest rate assumption is based on observed U.S. Treasury yield curve interest rates in effect at the time of grant appropriate for the expected term of the stock options granted. The expected dividend assumption is based on the Company’s current expectations about its anticipated dividend policy. 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, as adjusted to reflect stock splits or similar changes to the Company’s capital structure, 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 consolidated balance sheets and reclassified to additional paid-in capital as the Company’s repurchase right lapses. As of January 28, 2023 and January 29, 2022, there were 7,126 and 138,710 unvested early exercised shares outstanding, respectively, which remain subject to repurchase. The liability related to such shares was immaterial and $0.4 million as of January 28, 2023 and January 29, 2022, respectively. RSUs —RSUs granted prior to the IPO had both a service condition and a performance condition. Stock-based compensation expense was only recognized for RSUs for which both the service condition and performance condition have been met. The service condition for these awards is generally satisfied over four years. The performance condition was satisfied upon the IPO. Prior to the IPO, the Company did not record expense on RSUs as a liquidity event upon which vesting is contingent was not probable of occurring. Following the closing of the IPO in December 2021, the Company began recording stock-based compensation expense for these RSUs using the accelerated attribution method, based on the grant-date fair value of the RSUs. RSUs granted after the IPO only have a service condition, and the related stock-based compensation expense is recognized on a straight-line basis over the requisite service period. The service condition for these awards is generally satisfied over four years. A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 is presented below: Number of Shares Weighted-Average Balance as of February 1, 2020 18,953,141 $ 3.48 Granted 17,494,895 $ 7.24 Forfeited (4,028,102) $ 3.93 Balance as of January 30, 2021 32,419,934 $ 5.45 Granted 21,917,372 $ 13.50 Vested (18,586,259) $ 5.13 Forfeited (3,174,949) $ 7.73 Balance as of January 29, 2022 32,576,098 $ 10.83 Granted 28,915,610 $ 12.82 Vested (15,211,976) $ 10.70 Forfeited (5,483,628) $ 11.49 Balance as of January 28, 2023 40,796,104 $ 12.20 As of January 28, 2023, unrecognized stock-based compensation expense related to outstanding unvested RSUs for employees that are expected to vest was approximately $384.3 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.7 years. 2021 Employee Stock Purchase Plan —In December 2021, the Board of Directors adopted and stockholders approved 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 have been reserved for future issuance under the 2021 ESPP, in addition to any annual automatic evergreen increases in the number of shares of Class A common stock reserved for issuance under the 2021 ESPP. As of January 28, 2023, 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 ended on December 9, 2022, and the second offering period began on June 13, 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 of the first offering period began on the first trading day on or after the registration date, which was December 15, 2021, and ended on June 10, 2022, and the second purchase period began on June 13, 2022 and ended on December 9, 2022. For the fiscal year ended January 28, 2023, 1,782,993 shares of common stock were purchased under the 2021 ESPP, resulting in net cash proceeds of $17.5 million. As of January 28, 2023, unrecognized stock-based compensation expense related to the 2021 ESPP for employees that are expected to vest was approximately $8.4 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 0.8 years. Employee Stock Purchase Plan Valuation —The Company estimates the fair value of shares to be issued under the 2021 ESPP using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which greatly affect fair value. The weighted-average assumptions used to estimate the fair value of shares to be issued under the 2021 ESPP which were granted during the fiscal years ended January 28, 2023 and January 29, 2022 were as follows: Fiscal Year Ended January 28, 2023 January 29, 2022 Expected volatility 75.7% – 97.7% 52.0% – 52.2% Expected term (years) 0.5 – 1.0 0.5 – 1.0 Risk-free interest rate 2.3% – 4.8% 0.1% – 0.3% Expected dividend yield —% —% Expected volatility —The expected volatility was based on the historical volatility of the Company and similar companies whose stock or option prices are publicly available, after considering the industry, stage of life cycle, size, market capitalization, and financial leverage of the other companies. Expected term (years) —For all offering periods subsequent to the first offering period, the expected term is approximately 0.5 years for the first purchase period and approximately 1.0 year for the second purchase period. Risk-free interest rate —The risk-free interest rate assumption is based on observed U.S. Treasury yield curve interest rates in effect at the time of grant appropriate for the expected term of the stock-based award. Expected dividend yield —Because the Company has never paid and has no intention to pay cash dividends on its common stock, the expected dividend yield is zero. Stock-Based Compensation Expense —Stock-based compensation expense, by grant type, was as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 (1) Stock options $ 4,386 $ 5,177 $ 25,564 RSUs 160,989 222,177 — ESPP 12,098 1,369 — Total stock-based compensation expense $ 177,473 $ 228,723 $ 25,564 Stock-based compensation expense included in the following line items of the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 (1) Cost of revenue $ 9,182 $ 6,043 $ 13 Research and development 62,738 98,282 13,783 Sales and marketing 53,080 59,478 6,947 General and administrative 52,473 64,920 4,821 Total stock-based compensation expense $ 177,473 $ 228,723 $ 25,564 __________ (1) Stock-based compensation expense for the fiscal year ended January 30, 2021 included $19.9 million in stock-based compensation expense resulting from the third-party tender offer that the Company facilitated in September 2020 whereby the purchase price per share in the tender offer was in excess of the fair value of the Company’s common stock at the time of the transaction. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Loss before provision for income taxes consisted of the following for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 United States $ (256,905) $ (363,472) $ (210,405) Foreign 13,070 9,864 284 Loss before provision for income taxes $ (243,835) $ (353,608) $ (210,121) The components of the provision for income taxes consists of the following for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Current: U.S. Federal $ — $ — $ — State and local 585 53 112 Foreign 1,007 82 275 Total current tax expense $ 1,592 $ 135 $ 387 Deferred: U.S. federal $ — $ — $ — State and local — — — Foreign 1,995 1,039 (300) Total deferred tax expense 1,995 1,039 (300) Total provision for income taxes $ 3,587 $ 1,174 $ 87 The effective income tax rate is lower than the U.S. statutory tax rate primarily due to a valuation allowance on the cumulative deferred tax assets, stock-based compensation adjustments, and executive compensation adjustments. Reconciliations of the income tax provision at the U.S. federal statutory tax rate to the Company’s effective tax rate are as follows: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Changes in income taxes resulting from: State taxes, net of federal benefit 3.2 5.3 2.6 Foreign income taxed at different rates (0.1) 0.3 — Federal research and development credits 0.9 1.1 0.9 Stock-based compensation (1.0) 14.0 — Tax on foreign earnings (0.2) (0.2) — Permanent differences (0.4) (0.2) (1.6) Change in valuation allowance (22.9) (39.7) (23.4) Other (2.0) (1.9) 0.5 Total tax (provision) benefit (1.5) % (0.3) % — % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are shown below (in thousands): As of January 28, 2023 January 29, 2022 Deferred tax assets: Net operating loss carryforwards $ 328,697 $ 283,180 Tax credit carryforwards 12,205 10,153 Operating lease liability 29,946 34,431 Capitalized research and development 33,387 — Accruals and reserves 52,756 53,852 Total deferred tax assets 456,991 381,616 Valuation allowance (326,623) (270,788) Deferred tax assets, net of valuation allowance 130,368 110,828 Deferred tax liabilities: Property and equipment (2,226) (2,548) Deferred commissions (31,039) (26,297) Deferred connected device costs (65,799) (46,731) Operating lease right-of-use assets (27,435) (31,822) Accruals (6,618) (4,169) Total deferred tax liabilities (133,117) (111,567) Net deferred tax liabilities $ (2,749) $ (739) As required by the 2017 Tax Cuts and Jobs Act, effective January 1, 2022, the Company’s research and development expenditures were capitalized and amortized, which resulted in higher deferred tax assets. The provisions of Accounting Standards Codification (“ASC”) Topic 740, Accounting for Income Taxes (ASC 740), require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. As of January 28, 2023 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 realizable for U.S. federal and states. Accordingly, the Company established a full valuation allowance against its deferred tax assets for U.S. federal and states. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance for U.S. federal and states. For foreign jurisdictions, the Company does not have a valuation allowance against its deferred tax assets, after considering both the positive and negative evidence. During the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, the Company’s valuation allowance increased by $55.8 million, $140.2 million, and $49.1 million, respectively. As of January 28, 2023, the Company had U.S. federal, California, and other state net operating loss (“NOL”) carryforwards of approximately $1,364.5 million, $213.3 million, and $1,421.0 million, respectively. Of the U.S. federal NOL carryforwards, $52.2 million, if not utilized, will begin to expire in 2036 and $1,312.3 million will carryforward indefinitely. The California and other state NOL carryforwards will begin to expire in 2024, if not utilized. As of January 28, 2023, the Company’s U.S. federal and California research and development credit carryforwards were $9.0 million and $7.9 million, respectively, and the Company’s Georgia job tax credit carryforwards were $2.8 million. These are available to offset future income taxes. The U.S. federal credit carryforwards, if not utilized, will begin to expire in 2036, while the California credit carryforwards have no expiration date. The Georgia credit carryforwards, if not utilized, will begin to expire in 2030. Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change NOL carryforwards and other pre-change attributes, such as research tax credits, to offset its post-change income may be limited. In general, an “ownership change” will occur if there is a cumulative change in the Company’s ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws. The most recent analysis of the Company’s historical ownership changes was completed through January 28, 2023. Based on the analysis, $27 million of NOL are limited under Section 382. Uncertain Tax Positions The Company adopted the provisions of ASC 740, which requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the consolidated financial statements. It also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions. A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits, excluding accrued net interest and penalties, is as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Unrecognized tax benefits, beginning balance $ 8,816 $ 6,809 $ 5,917 Gross increases for tax positions taken in prior years — 88 152 Gross decreases for tax positions taken in prior years (15) — (172) Gross increases for tax positions taken in current year 1,009 1,919 912 Unrecognized tax benefits, ending balance $ 9,810 $ 8,816 $ 6,809 The unrecognized tax benefits for the fiscal years ended January 28, 2023 and January 29, 2022, 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 January 28, 2023 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 | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share, Basic and Diluted | Net Loss Per Share, Basic and Diluted The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Numerator: Net loss $ (247,422) $ (355,024) $ (210,208) Add: Deemed dividend on Series F convertible preferred stock — — (9,624) Net loss attributable to common stockholders (247,422) (355,024) (219,832) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 514,279,230 277,543,471 239,281,696 Net loss per share attributable to common stockholders, basic and diluted $ (0.48) $ (1.28) $ (0.92) 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: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Convertible preferred stock — — 205,638,256 Outstanding stock options 6,927,540 8,628,071 11,671,342 RSUs 40,796,104 32,576,098 32,419,934 ESPP — 15,889 — Total antidilutive securities 47,723,644 41,220,058 249,729,532 |
Segment Information
Segment Information | 12 Months Ended |
Jan. 28, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company derives its subscription revenue from customers that leverage the Company’s Connected Operations Cloud, which consists of a data platform and set of applications to consolidate data from their physical operations into a single, integrated solution. Amounts derived from subscription and other revenue are summarized in Note 8, “Revenue, Deferred Revenue, and Remaining Performance Obligations.” Revenue by Geographic Area The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s customers (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 United States $ 581,755 $ 384,240 $ 230,479 Other (1) 70,790 44,105 19,426 Total revenue $ 652,545 $ 428,345 $ 249,905 __________ (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 January 28, 2023 January 29, 2022 United States $ 163,193 $ 160,310 Other (1) 8,709 10,889 Total long-lived assets, net $ 171,902 $ 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) | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Fiscal Year | Basis of Presentation and Fiscal Year —The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. The fiscal years ended January 28, 2023 and January 29, 2022 both consisted of 52 weeks. Every sixth fiscal year is a 53-week year. The fiscal year ending February 3, 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 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 consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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, restructuring and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, Restricted Cash, and Investments —The Company considers all highly liquid investments with an original maturity of 90 days or less, when purchased, to be cash and cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. |
Investments, Debt Securities | The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale and are recorded at estimated fair value. The Company determines the appropriate classification of investments at the time of purchase and reevaluates such determination at each balance sheet date and classifies its marketable debt securities as either short-term or long-term based on their remaining contractual maturities. Short-term investments are investments with original or remaining maturities of one year or less at each balance sheet date. Purchase premiums and discounts are amortized or accreted using the effective interest method over the life of the related security and such amortization and accretion are included in “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. If neither of these criteria is met, the Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Credit-related unrealized losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge in “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. Non-credit related unrealized losses and unrealized gains on available-for-sale securities are included in accumulated other comprehensive income (loss). |
Accounts Receivable | Accounts Receivable—Accounts receivable consist of current trade receivables from customers and are recorded at their net realizable value. Judgment is required in assessing the realization of these receivables, including the current creditworthiness of each customer and related aging of the past-due balances. Management evaluates all accounts periodically, and an allowance for doubtful accounts may be established based on specific identification using the best facts available and reevaluated and adjusted as additional information is received. |
Inventories | Inventories —Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company’s inventory consists of finished goods and management assesses the valuation of inventory and periodically writes down the value for estimated excess and obsolete inventory based upon assumptions about future demand and market conditions. |
Property and Equipment, Net | Property and Equipment, Net —Property and equipment, net, are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets. The Company uses an estimated useful life of five years for computers, office equipment, and furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposition, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is reflected in operating expenses on the consolidated statements of operations and comprehensive loss. |
Leases | Leases —The Company determines if an arrangement is a lease at inception or modification. The Company evaluates the lease terms to determine whether the lease will be accounted for as an operating or finance lease. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and non-current operating lease liabilities on the Company’s consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company does not include any anticipated lease incentives in the recognition of an ROU asset, but rather records the incentive upon receipt. The carrying amount of ROU assets and operating lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the assessment to purchase the underlying asset. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company’s accounting for lease terms will include options to extend the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recorded on the Company’s consolidated balance sheet. The Company’s lease agreements do not contain any residual value guarantees and lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease terminations when a lease is no longer legally binding and the Company no longer has the right to control the use of the asset. When the conditions for a lease termination are met, the Company recognizes the lease termination by removing the ROU asset and the operating lease liability from its consolidated balance sheet, with a gain or loss recognized for the difference. |
Strategic Investments | Strategic Investments —The Company may invest in strategic investments, which consist of non-marketable securities in privately-held companies in which the Company does not have a controlling interest or significant influence. The Company applies the measurement alternative for non-marketable equity securities that do not have readily determinable fair values, measuring them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. For these investments, the Company recognizes remeasurement adjustments, including upward and downward adjustments, and impairments, if any, in “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss. Strategic investments are subject to periodic impairment analysis, which involves an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, and the rate at which the investee is using its cash. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred. If the strategic investment is considered impaired, the Company recognizes an impairment through “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss and establishes a new carrying value for the investment. |
Revenue Recognition and Deferred Revenue | 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. The Company’s arrangements are also generally sold as non-cancelable and non-refundable subscriptions, subject to limited exceptions under the Company’s standard terms of service, and have contract terms typically for three • Identification of the contract, or contracts, with a customer—A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance, and (iii) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The Company’s contracts are typically evidenced through a signed Company quote or a customer purchase order and Company quote. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. • Identification of the performance obligations in the contract—Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods or services, the Company applies judgment to determine whether promised goods or services are capable of being distinct in the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. The Company has determined that its integrated solution represents a combined performance obligation as the cloud-based Applications and connected devices, individually, are not distinct within the context of customer contracts because they are highly interdependent and interrelated. In reaching this conclusion, the Company considered the context of the contract and the nature of its promise to provide the customer with actionable real-time business insights to manage their operations. Specifically, the Company’s connected devices, including the embedded proprietary firmware, are updated continuously by its Connected Operations Cloud using artificial intelligence and machine learning models to improve the capture, aggregation, and enrichment of data by the connected devices. Additionally, the Company’s Connected Operations Cloud then utilizes this data to deliver actionable real-time business insights that are promised to its customers throughout the term of their subscription to Applications on the Connected Operations Cloud. As a result of the highly interdependent and interrelated nature of the integrated service provided, these arrangements are accounted for as a combined performance obligation to the customer. Additionally, the Company has certain accessories sold in connection with its integrated sensor solution, which have been determined to be separate performance obligations. • Determination of the transaction price—The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer. Such amounts are stated within the customer contracts. • Allocation of the transaction price to the performance obligations in the contract—If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”) basis. The Company determines SSP based on the price at which the performance obligation is sold separately. If the SSP is not observable through past transactions, the Company estimates the SSP taking into consideration available information, such as market conditions and internally approved pricing guidelines related to the performance obligations. • Recognition of revenue when or as the Company satisfies a performance obligation—The Company satisfies substantially all of its performance obligations over time. Specifically, the combined cloud-based application and connected device performance obligation and related support services and warranty coverage represent stand-ready performance obligations provided throughout the term the customer has access to the platform. Revenue recognition commences ratably when control of the services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services over the contractual term. 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. For revenue generated from contracts that involve third parties, the Company evaluates whether it is the principal, and reports revenue on a gross basis, or the agent, and reports revenue on a net basis. In this assessment, the Company considers if it obtains control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. Deferred Revenue —Deferred revenue represents amounts billed to customers or payments received from customers for which revenue has not yet been recognized. Deferred revenue primarily consists of prepayments made by customers for future periods and, to a lesser extent, the unearned portion of monthly-billed subscription fees. A portion of customer contracts is paid in advance for the full, multi-year term. Additionally, the Company enables its customers to prepay all, or part, of their contractual obligations monthly, quarterly, or annually. As a result, the deferred revenue balance does not represent the total contract value of all multi-year, non-cancelable subscription agreements. The current portion of deferred revenue represents the amount that is expected to be recognized within one year of the consolidated balance sheet date. |
Allocation of Overhead Costs | Allocation of Overhead Costs —Overhead costs that are not substantially dedicated to use by a specific functional group are allocated based on headcount. Such costs include costs associated with office facilities, depreciation of property and equipment, and other expenses, such as corporate software, subscription services, and insurance. |
Cost of Revenue | Cost of Revenue —Cost of revenue consists primarily of the amortization of IoT device costs associated with subscription agreements, cellular-related costs, third-party cloud infrastructure expenses, customer support costs, warranty charges, and operational costs consisting of employee-related costs, including salaries, employee benefits and stock-based compensation, amortization of internal-use software development costs, expenses related to shipping and handling, packaging, fulfillment, warehousing, write-downs of excess and obsolete inventory, and allocated overhead costs. Costs to Obtain and Fulfill a Contract Deferred Commissions —The Company capitalizes commissions paid to sales employees and the related payroll taxes, as well as commissions paid to referral partners, when customer contracts are signed. These costs are recorded as deferred commissions on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have been incurred absent the execution of the customer contract. The Company amortizes sales commissions paid on the initial contract over an expected period of benefit, which the Company has determined to be five years. The Company has determined the period of benefit by taking into consideration its customer contracts and the duration of its relationships with its customers and the life of its technology. Commissions paid upon the renewal of a contract are amortized as expense ratably over the renewal term. Amortization of these costs is included in sales and marketing expense on the consolidated statements of operations and comprehensive loss. Connected Devices —For typical sales arrangements, the Company capitalizes the cost of connected devices sold to customers upon shipment and the capitalized cost is recorded as connected device costs, which the Company also refers to as IoT device costs, on the Company’s consolidated balance sheet. The Company capitalizes connected device costs associated with subscription contracts as contract fulfillment costs where the connected device is not distinct from other undelivered obligations in the customer contract. These costs are directly related to customer contracts and are expected to be recoverable and enhance the resources used to satisfy the undelivered performance obligations in those contracts. Connected device costs are amortized over a period of benefit of five years. The Company determined the period of benefit by taking into consideration the expected life of the connected device, the connected device’s warranty period, past experience with customers, the duration of the Company’s relationships with its customers, and other available information. Amortization of these costs is included in cost of revenue on the consolidated statements of operations and comprehensive loss. |
Research and Development | Research and Development —Research and development costs are charged to expense as incurred. Research and development expenses consist primarily of employee-related costs, including salaries, employee benefits and stock-based compensation, depreciation and other expenses related to prototyping IoT devices, product initiatives, software subscriptions, hosting used in research and development, and allocated overhead costs. The Company continues to focus its research and development efforts on adding new features and products and enhancing the utility of its Connected Operations Cloud. The Company capitalizes the portion of its internal-use software development costs that meets the criteria for capitalization. |
Internal-Use Software Development Costs | Internal-Use Software Development Costs —The Company capitalizes qualifying internal-use software development costs related to its Connected Operations Cloud. The costs consist of personnel costs (including related benefits and stock-based compensation) that are incurred during the software development stage. Capitalization of costs begins when three criteria are met: (1) the preliminary development efforts are successfully completed, (2) management has authorized and committed project funding, and (3) it is probable that the project will be completed and the software will be used as intended. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all substantial testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Capitalized costs are included in property and equipment, net, on the consolidated balance sheets. These costs are amortized over the estimated useful life of the software, which is two years, on a straight-line basis, which represents the manner in which the expected benefit will be derived. The amortization of costs related to the software is primarily included in cost of revenue on the consolidated statements of operations and comprehensive loss. |
Advertising and Promotional Costs | Advertising and Promotional Costs—Advertising and promotional costs, which are expensed as incurred and included in sales and marketing expense |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets —Long-lived assets are evaluated for impairment at the asset group level, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities, whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets or an asset group by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flow. If the future undiscounted cash flow is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. |
Stock-Based Compensation | Stock-Based Compensation —The Company measures compensation expense for all stock-based awards based on the estimated fair values on the date of grant. The Company’s stock-based awards include stock options, RSUs, and shares issued or to be issued under the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). RSUs granted by the Company prior to its IPO in December 2021 had service and performance vesting conditions while stock options, as well as RSUs granted subsequent to its IPO, only have a service vesting condition. The Company accounts for forfeitures as they occur. The fair value of employee stock options and shares to be issued under the 2021 ESPP has been determined using the Black-Scholes option-pricing model using various inputs, including the fair value of the Company’s common stock, estimates of expected volatility, expected term, risk-free rate, and future dividends. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting term of four years for stock options and approximately the one-year duration of each offering period for shares to be issued under the 2021 ESPP. The fair value of RSUs granted after the IPO is based on the closing price of the Company’s Class A common stock on the date of grant. The fair value of RSUs granted prior to the IPO was determined at the grant date by the Company’s Board of Directors. For RSUs granted prior to the Company’s IPO, which generally has a four-year service condition, expense was recognized when the performance vesting condition was satisfied upon the effective date of the Company’s IPO. At that date, cumulative stock-based compensation expense using the graded vesting method for those RSUs for which the service condition had been satisfied prior to the performance vesting condition was recognized and the remaining expense will be thereafter recognized over the remaining vesting period of the award under a graded vesting method. For RSUs granted subsequent to its IPO, the Company recognizes the expense on a straight-line basis, over the requisite service period, which is generally a vesting period over four years. |
Income Taxes | Income Taxes —The Company utilizes the liability method of accounting for income taxes under which deferred tax assets and liabilities are determined based on the differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is established, when necessary, to reduce the deferred tax assets to the amount more likely than not to be realized. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. A tax position is recognized when it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is more than 50% likely to be realized upon ultimate settlement with a taxing authority. The Company recognizes interest and penalties related to income tax positions as a component of income tax expense. |
Translation of Foreign Currencies | Translation of Foreign Currencies —The Company predominantly uses the U.S. dollar as its functional currency. Monetary assets and liabilities and transactions denominated in currencies other than an entity’s functional currency are remeasured into its functional currency using current exchange rates, whereas nonmonetary assets and liabilities are remeasured using historical exchange rates. The Company recognizes gains and losses from such remeasurements within “Interest income and other income (expense), net” on the consolidated statements of operations and comprehensive loss in the period of occurrence. Certain non-U.S. subsidiaries designate the local currency as their functional currency, and the Company records the translation of their assets and liabilities into U.S. dollars at the balance sheet date as translation adjustments and includes them as a component of accumulated other comprehensive loss on the consolidated balance sheets. |
Net Loss Per Share Attributable to Common Stockholder | Net Loss Per Share Attributable to Common Stockholders —Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Prior to the automatic conversion of all series of its convertible preferred stock outstanding into Class B common stock upon the completion of the IPO, the Company considered all series of its convertible preferred stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of its convertible preferred stock do not have a contractual obligation to share in the Company’s losses. Net loss is attributed to common stockholders and participating securities based on their participation rights. Basic earnings per share attributable to common stockholders is computed by dividing the earnings attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, RSUs, shares issued under an employee stock purchase plan, and convertible preferred stock are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented. The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, and Class C common stock are identical, except with respect to voting and conversion rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share attributable to common stockholders are the same for all classes of Samsara’s common stock, on both an individual and combined basis, and therefore are presented together. |
Fair Value Measurements | Fair Value Measurements —Fair value accounting is applied for all assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on the reporting date on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows the established framework for measuring fair value in accordance with US GAAP. The Company reports all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the 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. |
Concentrations of Credit Risk | Concentrations of Credit Risk —Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments in marketable debt securities, and trade accounts receivable. The Company’s cash and cash equivalents are held on deposit with creditworthy domestic institutions. The Company invests its excess cash in low-risk, highly liquid money market funds. The Company has not experienced losses in such accounts. The Company also maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings. The Company generally does not require collateral or other security in support of accounts receivable. Allowances are provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results, or a change in financial position. If circumstances related to a customer change, estimates of the recoverability of receivables would be further adjusted. The Company also considers broader factors in evaluating the sufficiency of its allowances for doubtful accounts, including the length of times receivables are past due, significant one-time events, and historical experience. |
Employee Benefit Plan | Employee Benefit Plan —The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Eligible participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. The Company provides dollar-for-dollar matching contributions of each participant’s contributions up to a maximum of 4% of the participant’s eligible compensation under this plan, and participants vest immediately in all contributions. |
Commitments and Contingencies | Commitments and Contingencies —Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements —There were no new accounting pronouncements adopted during the fiscal year ended January 28, 2023. 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. For trade receivables and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale marketable debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company for its fiscal year beginning January 29, 2023 and interim periods within that fiscal year. The Company will adopt this guidance effective January 29, 2023 and does not expect the adoption will 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, Restr_2
Cash, Cash Equivalents, Restricted Cash, and Investments (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Total cash, cash equivalents, and restricted cash consist of the following (in thousands): As of January 28, 2023 January 29, 2022 Cash and cash equivalents $ 200,670 $ 921,218 Restricted cash 23,096 23,092 Total cash, cash equivalents, and restricted cash $ 223,766 $ 944,310 |
Schedule of Restricted Cash | Total cash, cash equivalents, and restricted cash consist of the following (in thousands): As of January 28, 2023 January 29, 2022 Cash and cash equivalents $ 200,670 $ 921,218 Restricted cash 23,096 23,092 Total cash, cash equivalents, and restricted cash $ 223,766 $ 944,310 |
Summary of Cash Equivalents and Available for Sale Marketable Securities | The following is a summary of the Company’s cash equivalents and available-for-sale marketable debt securities recorded within short-term and long-term investments on the consolidated balance sheets (in thousands): As of January 28, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 5,604 $ — $ — $ 5,604 Commercial paper 36,337 — — 36,337 U.S. government and agency securities 12,974 — (1) 12,973 Total cash equivalents $ 54,915 $ — $ (1) $ 54,914 Investments: Commercial paper $ 182,869 $ — $ — $ 182,869 Corporate notes and bonds 190,933 57 (437) 190,553 U.S. government and agency securities 229,556 8 (693) 228,871 Total investments $ 603,358 $ 65 $ (1,130) $ 602,293 |
Schedule of Fair Values of Available for Sale Marketable Securities | The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands): As of January 28, 2023 Due within one year $ 489,192 Due in one year to two years 113,101 Total $ 602,293 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of the periods presented (in thousands): As of January 28, 2023 Level 1 Level 2 Level 3 Total Cash equivalents and restricted cash: Cash equivalents Money market funds $ 120,751 $ — $ — $ 120,751 Commercial paper — 36,337 — 36,337 U.S. government and agency securities — 12,973 — 12,973 Restricted cash—letters of credit 23,096 — — 23,096 Total cash equivalents and restricted cash $ 143,847 $ 49,310 $ — $ 193,157 Marketable debt securities: Commercial paper $ — $ 182,869 $ — $ 182,869 Corporate notes and bonds — 190,553 — 190,553 U.S. government and agency securities — 228,871 — 228,871 Total marketable debt securities $ — $ 602,293 $ — $ 602,293 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 cash equivalents and restricted cash $ 889,456 $ — $ — $ 889,456 |
Costs to Obtain and Fulfill a_2
Costs to Obtain and Fulfill a Contract (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Capitalized Contract Costs | The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized commission costs $ 72,519 $ 76,702 $ 54,098 Amortization expense $ 50,110 $ 45,882 $ 33,843 The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized connected device costs $ 148,057 $ 127,308 $ 64,201 Amortization expense $ 64,970 $ 39,851 $ 20,016 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net, comprises the following (in thousands): As of January 28, 2023 January 29, 2022 Gross property and equipment Computers and equipment $ 1,257 $ 834 Leasehold improvements 49,727 24,752 Furniture and fixtures 19,740 16,854 Internal-use software development costs (1) 22,422 16,152 Total gross property and equipment 93,146 58,592 Accumulated depreciation and amortization (2) (33,868) (21,820) Property and equipment, net $ 59,278 $ 36,772 __________ (1) The Company’s internal-use software development costs included $1.6 million, $0.4 million, and an immaterial amount of stock-based compensation costs for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 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): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Capitalized internal-use software development costs $ 6,270 $ 5,035 $ 5,221 Amortization expense $ 3,901 $ 3,332 $ 2,815 Internal-use software development costs, net, as of the periods presented was as follows (in thousands): As of January 28, 2023 January 29, 2022 Internal-use software development costs, net $ 8,744 $ 6,747 (2) The following table presents the depreciation and amortization of property and equipment, excluding the accelerated depreciation expense of $29.7 million recorded in connection with the lease modification during the fiscal year ended January 29, 2022, which is included in “Lease modification, impairment, and related charges” on the Company’s consolidated statements of operations and comprehensive loss (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Depreciation and amortization expense $ 11,768 $ 10,388 $ 10,738 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Lease Costs | The components of operating lease expense were as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Operating lease cost $ 25,326 $ 24,146 $ 23,612 Short-term lease cost 710 253 1,949 Sublease income (786) (188) — Total lease cost $ 25,250 $ 24,211 $ 25,561 Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows $ 25,777 $ 24,970 $ 17,238 Operating lease ROU assets obtained in exchange for new operating lease liabilities $ — $ 20,816 $ 1,136 As of January 28, 2023 January 29, 2022 Weighted-average remaining lease term—operating leases (in years) 6.5 7.1 Weighted-average discount rate—operating leases 4.53 % 4.38 % |
Future Minimum Lease Payments | Future minimum lease payments included in the measurement of operating lease liabilities as of January 28, 2023 were as follows (in thousands): Fiscal Years Ending Amount 2024 $ 27,018 2025 27,015 2026 20,056 2027 14,236 2028 12,596 2029 and thereafter 43,656 Total future minimum lease payments (1) 144,577 Less: imputed interest (21,657) Total operating lease liabilities $ 122,920 __________ (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, which was completed in the second quarter of fiscal year 2023, 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. |
Revenue, Deferred Revenue, an_2
Revenue, Deferred Revenue, and Remaining Performance Obligations (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue | Revenue consists of the following (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Subscription revenue $ 639,533 $ 418,980 $ 245,481 Other revenue 13,012 9,365 4,424 Total revenue $ 652,545 $ 428,345 $ 249,905 |
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): Fiscal Year Ended January 28, 2023 January 29, 2022 Deferred revenue, beginning of period $ 313,686 $ 249,572 Deferred revenue, end of period 426,565 313,686 Revenue recognized in the period from beginning deferred revenue balance 203,185 143,109 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Obligation, Fiscal Year Maturity | Future minimum payments under the Company’s non-cancelable purchase commitments as of January 28, 2023 were as follows (in thousands): Fiscal Years Ending Amount 2024 $ 93,996 2025 58,462 2026 67,873 2027 75,388 2028 34,167 2029 and thereafter — Total (1) (2) $ 329,886 __________ (1) Includes non-cancelable contractual commitments as of January 28, 2023 related to one of the Company’s third-party cloud infrastructure agreements, under which the Company committed to spend at least $275.0 million between July 2022 and June 2027 on cloud infrastructure services. The commitment may be offset by up to $11.0 million in additional credits subject to the Company meeting certain conditions of the agreement, of which $0.6 million had been earned as of January 28, 2023. (2) As of January 28, 2023, the Company’s non-cancelable purchase commitments primarily pertained to contractual arrangements with software-as-a-service subscription providers and purchase orders based on current inventory needs fulfilled by the Company’s suppliers and contract manufacturers. The purchase commitments end on various dates that extend into fiscal year 2028. These purchase commitments were not recorded as liabilities on the consolidated balance sheet as of January 28, 2023, as the Company had not yet received the related services or goods. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Equity [Abstract] | |
Schedule of Reserved Shares of Common Stock for Future Issuance | The Company had reserved shares of common stock for future issuance as of January 28, 2023 and January 29, 2022, as follows: As of January 28, 2023 January 29, 2022 2015 Equity Incentive Plan: Options outstanding 6,927,540 8,628,071 RSUs outstanding 15,137,385 29,452,103 2021 Equity Incentive Plan: RSUs outstanding 25,658,719 3,123,995 Shares available for future grants 55,891,021 54,050,260 2021 Employee Stock Purchase Plan: Shares available for future issuance 13,471,769 10,200,000 Total shares of common stock reserved for future issuance 117,086,434 105,454,429 |
Summary of Stock Option Activity | A summary of the stock options activity under the 2015 Plan during the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 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 February 1, 2020 13,977,069 $ 0.98 7.8 $ 63,153 Granted 3,051,280 $ 7.59 Exercised (4,926,086) $ 0.56 Forfeited, canceled, or expired (430,921) $ 0.38 Balance as of January 30, 2021 11,671,342 $ 2.91 7.6 $ 88,184 Exercised (2,962,665) $ 0.44 Forfeited, canceled, or expired (80,606) $ 0.61 Balance as of January 29, 2022 8,628,071 $ 3.77 6.9 $ 111,170 Exercised (1,694,436) $ 0.35 Forfeited, canceled, or expired (6,095) $ 1.08 Balance as of January 28, 2023 6,927,540 $ 4.61 6.4 $ 63,351 Exercisable as of January 28, 2023 5,542,131 $ 3.91 6.1 $ 54,597 __________ (1) Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented. |
Schedule of Stock Options Valuation Assumptions | The weighted-average assumptions used to estimate the fair value of stock options granted during the fiscal year ended January 30, 2021 were as follows: Fiscal Year Ended January 30, 2021 Expected volatility 50.1 % Expected term (years) 6.0 Risk-free interest rate 0.4 % Expected dividend yield — % |
Summary of RSU Activity | A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 is presented below: Number of Shares Weighted-Average Balance as of February 1, 2020 18,953,141 $ 3.48 Granted 17,494,895 $ 7.24 Forfeited (4,028,102) $ 3.93 Balance as of January 30, 2021 32,419,934 $ 5.45 Granted 21,917,372 $ 13.50 Vested (18,586,259) $ 5.13 Forfeited (3,174,949) $ 7.73 Balance as of January 29, 2022 32,576,098 $ 10.83 Granted 28,915,610 $ 12.82 Vested (15,211,976) $ 10.70 Forfeited (5,483,628) $ 11.49 Balance as of January 28, 2023 40,796,104 $ 12.20 |
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of ESPP Shares | The weighted-average assumptions used to estimate the fair value of shares to be issued under the 2021 ESPP which were granted during the fiscal years ended January 28, 2023 and January 29, 2022 were as follows: Fiscal Year Ended January 28, 2023 January 29, 2022 Expected volatility 75.7% – 97.7% 52.0% – 52.2% Expected term (years) 0.5 – 1.0 0.5 – 1.0 Risk-free interest rate 2.3% – 4.8% 0.1% – 0.3% Expected dividend yield —% —% |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense, by grant type, was as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 (1) Stock options $ 4,386 $ 5,177 $ 25,564 RSUs 160,989 222,177 — ESPP 12,098 1,369 — Total stock-based compensation expense $ 177,473 $ 228,723 $ 25,564 Stock-based compensation expense included in the following line items of the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 (1) Cost of revenue $ 9,182 $ 6,043 $ 13 Research and development 62,738 98,282 13,783 Sales and marketing 53,080 59,478 6,947 General and administrative 52,473 64,920 4,821 Total stock-based compensation expense $ 177,473 $ 228,723 $ 25,564 __________ (1) Stock-based compensation expense for the fiscal year ended January 30, 2021 included $19.9 million in stock-based compensation expense resulting from the third-party tender offer that the Company facilitated in September 2020 whereby the purchase price per share in the tender offer was in excess of the fair value of the Company’s common stock at the time of the transaction. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Loss before provision for income taxes consisted of the following for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 United States $ (256,905) $ (363,472) $ (210,405) Foreign 13,070 9,864 284 Loss before provision for income taxes $ (243,835) $ (353,608) $ (210,121) |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes consists of the following for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021 (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Current: U.S. Federal $ — $ — $ — State and local 585 53 112 Foreign 1,007 82 275 Total current tax expense $ 1,592 $ 135 $ 387 Deferred: U.S. federal $ — $ — $ — State and local — — — Foreign 1,995 1,039 (300) Total deferred tax expense 1,995 1,039 (300) Total provision for income taxes $ 3,587 $ 1,174 $ 87 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the income tax provision at the U.S. federal statutory tax rate to the Company’s effective tax rate are as follows: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Changes in income taxes resulting from: State taxes, net of federal benefit 3.2 5.3 2.6 Foreign income taxed at different rates (0.1) 0.3 — Federal research and development credits 0.9 1.1 0.9 Stock-based compensation (1.0) 14.0 — Tax on foreign earnings (0.2) (0.2) — Permanent differences (0.4) (0.2) (1.6) Change in valuation allowance (22.9) (39.7) (23.4) Other (2.0) (1.9) 0.5 Total tax (provision) benefit (1.5) % (0.3) % — % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are shown below (in thousands): As of January 28, 2023 January 29, 2022 Deferred tax assets: Net operating loss carryforwards $ 328,697 $ 283,180 Tax credit carryforwards 12,205 10,153 Operating lease liability 29,946 34,431 Capitalized research and development 33,387 — Accruals and reserves 52,756 53,852 Total deferred tax assets 456,991 381,616 Valuation allowance (326,623) (270,788) Deferred tax assets, net of valuation allowance 130,368 110,828 Deferred tax liabilities: Property and equipment (2,226) (2,548) Deferred commissions (31,039) (26,297) Deferred connected device costs (65,799) (46,731) Operating lease right-of-use assets (27,435) (31,822) Accruals (6,618) (4,169) Total deferred tax liabilities (133,117) (111,567) Net deferred tax liabilities $ (2,749) $ (739) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits, excluding accrued net interest and penalties, is as follows (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Unrecognized tax benefits, beginning balance $ 8,816 $ 6,809 $ 5,917 Gross increases for tax positions taken in prior years — 88 152 Gross decreases for tax positions taken in prior years (15) — (172) Gross increases for tax positions taken in current year 1,009 1,919 912 Unrecognized tax benefits, ending balance $ 9,810 $ 8,816 $ 6,809 |
Net Loss Per Share, Basic and_2
Net Loss Per Share, Basic and Diluted (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Numerator: Net loss $ (247,422) $ (355,024) $ (210,208) Add: Deemed dividend on Series F convertible preferred stock — — (9,624) Net loss attributable to common stockholders (247,422) (355,024) (219,832) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 514,279,230 277,543,471 239,281,696 Net loss per share attributable to common stockholders, basic and diluted $ (0.48) $ (1.28) $ (0.92) |
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: Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 Convertible preferred stock — — 205,638,256 Outstanding stock options 6,927,540 8,628,071 11,671,342 RSUs 40,796,104 32,576,098 32,419,934 ESPP — 15,889 — Total antidilutive securities 47,723,644 41,220,058 249,729,532 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
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 customers (in thousands): Fiscal Year Ended January 28, 2023 January 29, 2022 January 30, 2021 United States $ 581,755 $ 384,240 $ 230,479 Other (1) 70,790 44,105 19,426 Total revenue $ 652,545 $ 428,345 $ 249,905 __________ (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 January 28, 2023 January 29, 2022 United States $ 163,193 $ 160,310 Other (1) 8,709 10,889 Total long-lived assets, net $ 171,902 $ 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_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Summary of Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts | $ 7,500,000 | $ 4,400,000 | |
Bad debt expense | 6,600,000 | 7,400,000 | $ 9,500,000 |
Allowance for doubtful accounts, writeoff | 3,500,000 | 6,200,000 | 6,500,000 |
Advertising and promotional costs | 47,100,000 | 41,900,000 | 39,900,000 |
Lease modification, impairment, and related charges | $ 1,100,000 | $ 1,900,000 | $ 0 |
Employer matching contribution, percent of match | 4% | ||
Stock options | |||
Summary of Significant Accounting Policies [Line Items] | |||
Award vesting period | 4 years | ||
Contractual term of award | 10 years | ||
ESPP | 2021 Employee Stock Purchase Plan | |||
Summary of Significant Accounting Policies [Line Items] | |||
Offering period | 1 year | ||
RSUs | |||
Summary of Significant Accounting Policies [Line Items] | |||
Award vesting period | 4 years | ||
Contractual term of award | 7 years | ||
Computers and equipment | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
Furniture and fixtures | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
Internal-use software development costs | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 2 years | ||
Commissions Costs | |||
Summary of Significant Accounting Policies [Line Items] | |||
Capitalized connected device costs, amortization period | 5 years | ||
Connected Device Costs | |||
Summary of Significant Accounting Policies [Line Items] | |||
Capitalized connected device costs, amortization period | 5 years | ||
Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Contract with customer, contract terms | 3 years | ||
Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Contract with customer, contract terms | 5 years |
Cash, Cash Equivalents, Restr_3
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 200,670 | $ 921,218 | ||
Restricted cash | 23,096 | 23,092 | ||
Total cash, cash equivalents, and restricted cash | $ 223,766 | $ 944,310 | $ 434,309 | $ 236,306 |
Cash, Cash Equivalents, Restr_4
Cash, Cash Equivalents, Restricted Cash, and Investments - Summary of Cash Equivalents and Available for Sale Marketable Securities (Details) $ in Thousands | Jan. 28, 2023 USD ($) |
Cash equivalents: | |
Amortized Cost | $ 54,915 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (1) |
Estimated Fair Value | 54,914 |
Investments: | |
Amortized Cost | 603,358 |
Gross Unrealized Gains | 65 |
Gross Unrealized Losses | (1,130) |
Estimated Fair Value | 602,293 |
Commercial paper | |
Investments: | |
Amortized Cost | 182,869 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 182,869 |
Corporate notes and bonds | |
Investments: | |
Amortized Cost | 190,933 |
Gross Unrealized Gains | 57 |
Gross Unrealized Losses | (437) |
Estimated Fair Value | 190,553 |
U.S. government and agency securities | |
Investments: | |
Amortized Cost | 229,556 |
Gross Unrealized Gains | 8 |
Gross Unrealized Losses | (693) |
Estimated Fair Value | 228,871 |
Money market funds | |
Cash equivalents: | |
Amortized Cost | 5,604 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 5,604 |
Commercial paper | |
Cash equivalents: | |
Amortized Cost | 36,337 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 36,337 |
U.S. government and agency securities | |
Cash equivalents: | |
Amortized Cost | 12,974 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (1) |
Estimated Fair Value | $ 12,973 |
Cash, Cash Equivalents, Restr_5
Cash, Cash Equivalents, Restricted Cash, and Investments - Narrative (Details) | 12 Months Ended |
Jan. 28, 2023 USD ($) | |
Cash and Cash Equivalents [Abstract] | |
Interest receivable | $ 2,000,000 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets |
Contractual maturities of available-for-sale debt securities, maximum | 23 months |
Debt securities, available-for-sale, realized gain (loss) | $ 0 |
Debt securities, available-for-sale, unrealized gain (loss) | $ 0 |
Cash, Cash Equivalents, Restr_6
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Fair Values of Available for Sale Marketable Securities (Details) $ in Thousands | Jan. 28, 2023 USD ($) |
Cash and Cash Equivalents [Abstract] | |
Due within one year | $ 489,192 |
Due in one year to two years | 113,101 |
Total | $ 602,293 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | $ 602,293 | |
Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 182,869 | |
Corporate notes and bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 190,553 | |
U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 228,871 | |
Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | $ 866,364 | |
Restricted cash—letters of credit | 23,096 | 23,092 |
Total cash equivalents and restricted cash | 193,157 | 889,456 |
Marketable securities | 602,293 | |
Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 182,869 | |
Fair Value, Recurring | Corporate notes and bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 190,553 | |
Fair Value, Recurring | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 228,871 | |
Fair Value, Recurring | Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 120,751 | |
Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 36,337 | |
Fair Value, Recurring | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 12,973 | |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 866,364 | |
Restricted cash—letters of credit | 23,096 | 23,092 |
Total cash equivalents and restricted cash | 143,847 | 889,456 |
Marketable securities | 0 | |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 1 | Corporate notes and bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 1 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 1 | Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 120,751 | |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 0 | |
Fair Value, Recurring | Level 1 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 0 | |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 0 | |
Restricted cash—letters of credit | 0 | 0 |
Total cash equivalents and restricted cash | 49,310 | 0 |
Marketable securities | 602,293 | |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 182,869 | |
Fair Value, Recurring | Level 2 | Corporate notes and bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 190,553 | |
Fair Value, Recurring | Level 2 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 228,871 | |
Fair Value, Recurring | Level 2 | Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 0 | |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 36,337 | |
Fair Value, Recurring | Level 2 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 12,973 | |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 0 | |
Restricted cash—letters of credit | 0 | 0 |
Total cash equivalents and restricted cash | 0 | $ 0 |
Marketable securities | 0 | |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 3 | Corporate notes and bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 3 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Fair Value, Recurring | Level 3 | Money market funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 0 | |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | 0 | |
Fair Value, Recurring | Level 3 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash equivalents | $ 0 |
Costs to Obtain and Fulfill a_3
Costs to Obtain and Fulfill a Contract - Narrative (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Capitalized Contract Cost [Line Items] | ||
Deferred commissions | $ 140,166 | $ 117,757 |
Connected Device Costs | ||
Capitalized Contract Cost [Line Items] | ||
Capitalized contract cost | $ 276,900 | $ 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 | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Capitalized Contract Cost [Line Items] | |||
Capitalized commission costs | $ 72,519 | $ 76,702 | $ 54,098 |
Amortization expense | $ 50,110 | $ 45,882 | $ 33,843 |
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 | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Capitalized Contract Cost [Line Items] | |||
Capitalized connected device costs | $ 148,057 | $ 127,308 | $ 64,201 |
Amortization expense | $ 64,970 | $ 39,851 | $ 20,016 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | $ 93,146 | $ 58,592 | |
Accumulated depreciation and amortization | (33,868) | (21,820) | |
Property and equipment, net | 59,278 | 36,772 | |
Computers and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 1,257 | 834 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 49,727 | 24,752 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 19,740 | 16,854 | |
Internal-use software development costs | |||
Property, Plant and Equipment [Line Items] | |||
Total gross property and equipment | 22,422 | 16,152 | |
Share-based payment arrangement, amount capitalized | $ 1,600 | $ 400 | $ 0 |
Property and Equipment, Net - C
Property and Equipment, Net - Capitalized and Amortized Amounts for Internal-Use Software Development Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Capitalized internal-use software development costs | $ 6,270 | $ 5,035 | $ 5,221 |
Amortization expense | $ 3,901 | $ 3,332 | $ 2,815 |
Property and Equipment, Net - I
Property and Equipment, Net - Internal-Use Software Development Costs, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Internal-use software development costs, net | $ 6,747 | $ 8,744 |
Asset impairment charges, accelerated depreciation | $ 29,700 |
Property and Equipment, Net - D
Property and Equipment, Net - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 11,768 | $ 10,388 | $ 10,738 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Lease modification, impairment, and related charges | $ 1,100,000 | $ 1,900,000 | $ 0 |
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, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities, non-current | Other liabilities, non-current | |
Finance lease, right-of-use asset | $ 0 | $ 0 | |
Finance lease, liability | $ 0 | $ 0 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, remaining lease term | 8 years |
Leases - Operating Lease Expens
Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 25,326 | $ 24,146 | $ 23,612 |
Short-term lease cost | 710 | 253 | 1,949 |
Sublease income | (786) | (188) | 0 |
Total lease cost | $ 25,250 | $ 24,211 | $ 25,561 |
Leases - Supplemental Informati
Leases - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Leases [Abstract] | |||
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows | $ 25,777 | $ 24,970 | $ 17,238 |
Operating lease ROU assets obtained in exchange for new operating lease liabilities | $ 0 | $ 20,816 | $ 1,136 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Jan. 28, 2023 | Jan. 29, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term—operating leases (in years) | 6 years 6 months | 7 years 1 month 6 days |
Weighted-average discount rate—operating leases | 4.53% | 4.38% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jan. 28, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 27,018 |
2025 | 27,015 |
2026 | 20,056 |
2027 | 14,236 |
2028 | 12,596 |
2029 and thereafter | 43,656 |
Total future minimum lease payments | 144,577 |
Less: imputed interest | (21,657) |
Total operating lease liabilities | $ 122,920 |
Revenue, Deferred Revenue, an_3
Revenue, Deferred Revenue, and Remaining Performance Obligations - Schedule of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 652,545 | $ 428,345 | $ 249,905 |
Subscription revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 639,533 | 418,980 | 245,481 |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 13,012 | $ 9,365 | $ 4,424 |
Revenue, Deferred Revenue, an_4
Revenue, Deferred Revenue, and Remaining Performance Obligations - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Contract with Customer, Liability [Roll Forward] | ||
Deferred revenue, beginning of period | $ 313,686 | $ 249,572 |
Deferred revenue, end of period | 426,565 | 313,686 |
Revenue recognized in the period from beginning deferred revenue balance | $ 203,185 | $ 143,109 |
Revenue, Deferred Revenue, an_5
Revenue, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) $ in Millions | Jan. 28, 2023 USD ($) |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 1,450.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-29 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 694.8 |
Remaining performance obligation, period | 12 months |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Obligation, Fiscal Year Maturity (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jun. 30, 2022 |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||
2024 | $ 93,996 | |
2025 | 58,462 | |
2026 | 67,873 | |
2027 | 75,388 | |
2028 | 34,167 | |
2029 and thereafter | 0 | |
Total | 329,886 | |
Contractual obligation, total | $ 275,000 | |
Contractual obligation, maximum offsetting amount | $ 11,000 | |
Contractual obligation, offsetting amount earned | $ 600 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Jan. 28, 2023 | 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 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 29, 2022 | Jan. 28, 2023 | Dec. 31, 2021 | Jan. 30, 2021 | Feb. 01, 2020 | |
Temporary Equity [Line Items] | |||||
Convertible preferred stock, outstanding (in shares) | 0 | 0 | 203,575,531 | 205,638,256 | 163,598,280 |
Conversion of convertible preferred stock to common stock upon initial public offering (“IPO”) | $ 949,067 | ||||
Convertible preferred stock, issued (in shares) | 0 | 0 | |||
Additional Paid-In Capital | |||||
Temporary Equity [Line Items] | |||||
Conversion of convertible preferred stock to common stock upon initial public offering (“IPO”) | $ 949,046 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 12 Months Ended | ||||
Jan. 28, 2023 USD ($) plan $ / shares shares | Jan. 29, 2022 USD ($) $ / shares shares | Jan. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 vote mo $ / shares shares | Dec. 17, 2021 stock_class | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Preferred stock, authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock, authorized (in shares) | 5,800,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||
Number of classes of stock | stock_class | 3 | ||||
Number of equity incentive plans | plan | 2 | ||||
Total shares of common stock reserved for future issuance | 117,086,434 | 105,454,429 | |||
Options, grants (in shares) | 0 | 0 | 3,051,280 | ||
Weighted average grant date fair value of options (in dollars per share) | $ / shares | $ 4.08 | ||||
Intrinsic value of shares exercised | $ | $ 24,200,000 | $ 48,100,000 | $ 48,800,000 | ||
Tax benefit | $ | $ 1,000,000 | $ 800,000 | $ 0 | ||
2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum potential capital shares added to plan (in shares) | 57,631,084 | ||||
Unvested early exercised shares outstanding (in shares) | 7,126 | 138,710 | |||
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 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cost not yet recognized, amount | $ | $ 5,400,000 | ||||
Cost not yet recognized, period for recognition | 1 year | ||||
Award vesting period | 4 years | ||||
Expected term (years) | 6 years | ||||
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 | 6,927,540 | 8,628,071 | |||
Unvested early exercised shares outstanding, liability | $ | $ 0 | $ 400,000 | |||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cost not yet recognized, amount | $ | $ 384,300,000 | ||||
Cost not yet recognized, period for recognition | 1 year 8 months 12 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 | 15,137,385 | 29,452,103 | |||
ESPP | First Purchase Period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (years) | 6 months | ||||
ESPP | Second Purchase Period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (years) | 1 year | ||||
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 | 13,471,769 | 10,200,000 | 10,200,000 | ||
Cost not yet recognized, amount | $ | $ 8,400,000 | ||||
Cost not yet recognized, period for recognition | 9 months 18 days | ||||
Purchase price of common stock, percent | 85% | ||||
Offering period | 12 months | ||||
Purchase period | 6 months | ||||
Common stock purchases (in shares) | 1,782,993 | ||||
Proceeds from issuance of common stock | $ | $ 17,500,000 | ||||
ESPP | 2021 Employee Stock Purchase Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (years) | 6 months | 6 months | |||
ESPP | 2021 Employee Stock Purchase Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (years) | 1 year | 1 year | |||
Common Class A | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, authorized (in shares) | 4,000,000,000 | 4,000,000,000 | 4,000,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Number of votes per share | vote | 1 | ||||
Common stock, issued (in shares) | 132,111,095 | 77,144,718 | |||
Common stock, outstanding (in shares) | 132,111,095 | 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] | |||||
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, authorized (in shares) | 600,000,000 | 600,000,000 | 600,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Number of votes per share | vote | 10 | ||||
Common stock, conversion ratio | 1 | ||||
Common stock, conversion basis, percent held threshold | 0.25 | ||||
Common stock, issued (in shares) | 392,049,114 | 428,331,442 | |||
Common stock, outstanding (in shares) | 392,049,114 | 428,331,442 | |||
Common Class B | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, conversion basis, number of months following death or disability threshold | mo | 9 | ||||
Common Class B | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, conversion basis, number of months following death or disability threshold | mo | 18 | ||||
Common Class C | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, authorized (in shares) | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Number of votes per share | vote | 0 | ||||
Common stock, conversion ratio | 1 | ||||
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 | Jan. 28, 2023 | Jan. 29, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 117,086,434 | 105,454,429 | |
Common Class A | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 50,600,000 | ||
2015 Equity Incentive Plan | Stock options | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 6,927,540 | 8,628,071 | |
2015 Equity Incentive Plan | RSUs | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 15,137,385 | 29,452,103 | |
2021 Equity Incentive Plan | RSUs | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 25,658,719 | 3,123,995 | |
2021 Equity Incentive Plan | Shares available for future grants | Common Class A | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 55,891,021 | 54,050,260 | |
2021 Employee Stock Purchase Plan | ESPP | |||
Class of Stock [Line Items] | |||
Total shares of common stock reserved for future issuance | 13,471,769 | 10,200,000 | 10,200,000 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Number of Shares | ||||
Balance at beginning of period (in shares) | 8,628,071 | 11,671,342 | 13,977,069 | |
Granted (in shares) | 0 | 0 | 3,051,280 | |
Exercised (in shares) | (1,694,436) | (2,962,665) | (4,926,086) | |
Forfeited, canceled, or expired (in shares) | (6,095) | (80,606) | (430,921) | |
Balance at end of period (in shares) | 6,927,540 | 8,628,071 | 11,671,342 | 13,977,069 |
Exercisable at end of period (in shares) | 5,542,131 | |||
Weighted-Average Exercise Price | ||||
Balance at beginning of period (in dollars per share) | $ 3.77 | $ 2.91 | $ 0.98 | |
Granted (in dollars per share) | 7.59 | |||
Exercised (in dollars per share) | 0.35 | 0.44 | 0.56 | |
Forfeited, canceled, or expired (in dollars per share) | 1.08 | 0.61 | 0.38 | |
Balance at end of period (in dollars per share) | 4.61 | $ 3.77 | $ 2.91 | $ 0.98 |
Exercisable at end of period (in dollars per share) | $ 3.91 | |||
Stock Options, Additional Disclosures | ||||
Weighted-average remaining contractual term, outstanding | 6 years 4 months 24 days | 6 years 10 months 24 days | 7 years 7 months 6 days | 7 years 9 months 18 days |
Weighted-average remaining contractual term, exercisable | 6 years 1 month 6 days | |||
Aggregate intrinsic value, outstanding | $ 63,351 | $ 111,170 | $ 88,184 | $ 63,153 |
Aggregate intrinsic value, exercisable | $ 54,597 |
Equity - Schedule of Weighted A
Equity - Schedule of Weighted Average Assumptions Used To Estimate The Fair Value (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 50.10% | ||
Expected term (years) | 6 years | ||
Risk-free interest rate | 0.40% | ||
Expected dividend yield | 0% | ||
2021 Employee Stock Purchase Plan | ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 75.70% | 52% | |
Expected volatility, maximum | 97.70% | 52.20% | |
Risk-free interest rate, minimum | 2.30% | 0.10% | |
Risk-free interest rate, maximum | 4.80% | 0.30% | |
Expected dividend yield | 0% | 0% | |
2021 Employee Stock Purchase Plan | ESPP | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 months | 6 months | |
2021 Employee Stock Purchase Plan | ESPP | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 1 year | 1 year |
Equity - Summary of RSU Activit
Equity - Summary of RSU Activity (Details) - RSUs - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Number of Shares | |||
Balance at beginning of period (in shares) | 32,576,098 | 32,419,934 | 18,953,141 |
Granted (in shares) | 28,915,610 | 21,917,372 | 17,494,895 |
Vested (in shares) | (15,211,976) | (18,586,259) | |
Forfeited (in shares) | (5,483,628) | (3,174,949) | (4,028,102) |
Balance at end of period (in shares) | 40,796,104 | 32,576,098 | 32,419,934 |
Weighted-Average Grant-Date Fair Value | |||
Balance at beginning of period (in dollars per share) | $ 10.83 | $ 5.45 | $ 3.48 |
Granted (in dollars per share) | 12.82 | 13.50 | 7.24 |
Vested (in dollars per share) | 10.70 | 5.13 | |
Forfeited (in dollars per share) | 11.49 | 7.73 | 3.93 |
Balance at end of period (in dollars per share) | $ 12.20 | $ 10.83 | $ 5.45 |
Equity - Summary of Stock-Based
Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 177,473 | $ 228,723 | $ 25,564 | |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 9,182 | 6,043 | 13 | |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 62,738 | 98,282 | 13,783 | |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 53,080 | 59,478 | 6,947 | |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 52,473 | 64,920 | 4,821 | |
Stock options | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 4,386 | 5,177 | 25,564 | |
RSUs | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 160,989 | 222,177 | 0 | |
ESPP | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 12,098 | $ 1,369 | $ 0 | |
Tender offer | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 19,900 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (256,905) | $ (363,472) | $ (210,405) |
Foreign | 13,070 | 9,864 | 284 |
Loss before provision for income taxes | $ (243,835) | $ (353,608) | $ (210,121) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Current: | |||
U.S. Federal | $ 0 | $ 0 | $ 0 |
State and local | 585 | 53 | 112 |
Foreign | 1,007 | 82 | 275 |
Total current tax expense | 1,592 | 135 | 387 |
Deferred: | |||
U.S. federal | 0 | 0 | 0 |
State and local | 0 | 0 | 0 |
Foreign | 1,995 | 1,039 | (300) |
Total deferred tax expense | 1,995 | 1,039 | (300) |
Provision for income taxes | $ 3,587 | $ 1,174 | $ 87 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 21% | 21% | 21% |
Changes in income taxes resulting from: | |||
State taxes, net of federal benefit | 3.20% | 5.30% | 2.60% |
Foreign income taxed at different rates | (0.10%) | 0.30% | 0% |
Federal research and development credits | 0.90% | 1.10% | 0.90% |
Stock-based compensation | (1.00%) | 14% | 0% |
Tax on foreign earnings | (0.20%) | (0.20%) | 0% |
Permanent differences | (0.40%) | (0.20%) | (1.60%) |
Change in valuation allowance | (22.90%) | (39.70%) | (23.40%) |
Other | (2.00%) | (1.90%) | 0.50% |
Total tax (provision) benefit | (1.50%) | (0.30%) | 0% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 328,697 | $ 283,180 |
Tax credit carryforwards | 12,205 | 10,153 |
Operating lease liability | 29,946 | 34,431 |
Capitalized research and development | 33,387 | 0 |
Accruals and reserves | 52,756 | 53,852 |
Total deferred tax assets | 456,991 | 381,616 |
Valuation allowance | (326,623) | (270,788) |
Deferred tax assets, net of valuation allowance | 130,368 | 110,828 |
Deferred tax liabilities: | ||
Property and equipment | (2,226) | (2,548) |
Deferred commissions | (31,039) | (26,297) |
Deferred connected device costs | (65,799) | (46,731) |
Operating lease right-of-use assets | (27,435) | (31,822) |
Accruals | (6,618) | (4,169) |
Total deferred tax liabilities | (133,117) | (111,567) |
Net deferred tax liabilities | $ (2,749) | $ (739) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance increase | $ 55,800,000 | $ 140,200,000 | $ 49,100,000 |
Ownership change, limitations on use | 27,000,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 0 | 0 | |
Penalties and interest accrued | 0 | $ 0 | |
Amount of expected significant change in unrecognized tax benefit | 0 | ||
US Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 1,364,500,000 | ||
Operating loss carryforwards, subject to expiration | 52,200,000 | ||
Operating loss carryforwards, not subject to expiration | 1,312,300,000 | ||
US Federal | Research and development tax credit | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | 9,000,000 | ||
State | California | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 213,300,000 | ||
State | California | Research and development tax credit | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | 7,900,000 | ||
State | Other states | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 1,421,000,000 | ||
State | Georgia | Job tax credit | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | $ 2,800,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning balance | $ 8,816 | $ 6,809 | $ 5,917 |
Gross increases for tax positions taken in prior years | 0 | 88 | 152 |
Gross decreases for tax positions taken in prior years | (15) | 0 | (172) |
Gross increases for tax positions taken in current year | 1,009 | 1,919 | 912 |
Unrecognized tax benefits, ending balance | $ 9,810 | $ 8,816 | $ 6,809 |
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 | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Numerator: | |||
Net loss | $ (247,422) | $ (355,024) | $ (210,208) |
Add: Deemed dividend on Series F convertible preferred stock | 0 | 0 | (9,624) |
Net loss attributable to common stockholders | $ (247,422) | $ (355,024) | $ (219,832) |
Denominator: | |||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 514,279,230 | 277,543,471 | 239,281,696 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 514,279,230 | 277,543,471 | 239,281,696 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.48) | $ (1.28) | $ (0.92) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.48) | $ (1.28) | $ (0.92) |
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 | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 47,723,644 | 41,220,058 | 249,729,532 |
Convertible preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 0 | 0 | 205,638,256 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 6,927,540 | 8,628,071 | 11,671,342 |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 40,796,104 | 32,576,098 | 32,419,934 |
ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 0 | 15,889 | 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Jan. 28, 2023 segment | |
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 | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 652,545 | $ 428,345 | $ 249,905 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 581,755 | 384,240 | 230,479 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 70,790 | $ 44,105 | $ 19,426 |
Segment Information - Long-live
Segment Information - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jan. 29, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 171,902 | $ 171,199 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | 163,193 | 160,310 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 8,709 | $ 10,889 |