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 Exercise Price		Weighted-Average Remaining Contractual Term (In Years)	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 Grant-Date Fair Value
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.