QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices, including zip code) |
Not Applicable |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | o | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Connected device costs, current | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Restricted cash | |||||||||||
Long-term investments | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Connected device costs, non-current | |||||||||||
Deferred commissions | |||||||||||
Other assets, non-current | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Accrued compensation and benefits | |||||||||||
Deferred revenue, current | |||||||||||
Operating lease liabilities, current | |||||||||||
Total current liabilities | |||||||||||
Deferred revenue, non-current | |||||||||||
Operating lease liabilities, non-current | |||||||||||
Other liabilities, non-current | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 9) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Class C common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Lease modification, impairment, and related charges | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Interest income and other income (expense), net | |||||||||||||||||||||||
Loss before provision for income taxes | ( | ( | ( | ( | |||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ||||||||||||||||||||||
Unrealized gains (losses) on investments, net of tax | ( | ( | ( | ||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Basic and diluted net loss per share: | |||||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | |||||||||||||||||||||||
Three Months Ended October 28, 2023 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at July 29, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock for vesting of restricted stock units (“RSUs”) | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock in connection with equity compensation plans | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at October 28, 2023 | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended October 29, 2022 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at July 30, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock for vesting of RSUs | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock in connection with equity compensation plans | — | — | — | ||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at October 29, 2022 | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended October 28, 2023 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at January 28, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock for vesting of RSUs | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock in connection with equity compensation plans | — | — | — | ||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at October 28, 2023 | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended October 29, 2022 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at January 29, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock for vesting of RSUs | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock in connection with equity compensation plans | — | — | — | ||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of restricted common stock | ( | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at October 29, 2022 | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Lease modification, impairment, and related charges | |||||||||||
Other non-cash adjustments | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Connected device costs | ( | ( | |||||||||
Deferred commissions | ( | ( | |||||||||
Other assets, non-current | ( | ||||||||||
Accounts payable and other liabilities | ( | ( | |||||||||
Deferred revenue | |||||||||||
Operating lease right-of-use assets and liabilities, net | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Investing activities | |||||||||||
Purchase of property and equipment | ( | ( | |||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sales of investments | |||||||||||
Proceeds from maturities and redemptions of investments | |||||||||||
Other investing activities | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of common stock in connection with equity compensation plans | |||||||||||
Payment of offering costs | ( | ||||||||||
Payment of principal on finance leases | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | ( | ( | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for income taxes, net of refunds | $ | $ | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Property and equipment accrued but not yet paid | $ | $ | |||||||||
Stock option exercises in transit | $ | $ | |||||||||
Vesting of early exercised stock options | $ | $ | |||||||||
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
As of | |||||||||||||||||||||||
October 28, 2023 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Investments: | |||||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Corporate notes and bonds | ( | ||||||||||||||||||||||
U.S. government and agency securities | ( | ||||||||||||||||||||||
Total investments | $ | $ | $ | ( | $ |
As of | |||||||||||||||||||||||
January 28, 2023 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
U.S. government and agency securities | ( | ||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | ( | $ | ||||||||||||||||||
Investments: | |||||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Corporate notes and bonds | ( | ||||||||||||||||||||||
U.S. government and agency securities | ( | ||||||||||||||||||||||
Total investments | $ | $ | $ | ( | $ |
As of | |||||
October 28, 2023 | |||||
Due within one year | $ | ||||
Due in one year to two years | |||||
Total | $ |
As of October 28, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Cash equivalents and restricted cash: | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||
Restricted cash—letters of credit | |||||||||||||||||||||||
Total cash equivalents and restricted cash | $ | $ | $ | $ | |||||||||||||||||||
Marketable debt securities: | |||||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Corporate notes and bonds | |||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||
Total marketable debt securities | $ | $ | $ | $ |
As of January 28, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Cash equivalents and restricted cash: | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||
Restricted cash—letters of credit | |||||||||||||||||||||||
Total cash equivalents and restricted cash | $ | $ | $ | $ | |||||||||||||||||||
Marketable debt securities: | |||||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Corporate notes and bonds | |||||||||||||||||||||||
U.S. government and agency securities | |||||||||||||||||||||||
Total marketable debt securities | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Capitalized commission costs | $ | $ | $ | $ | |||||||||||||||||||
Amortization expense | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Capitalized connected device costs | $ | $ | $ | $ | |||||||||||||||||||
Amortization expense | $ | $ | $ | $ | |||||||||||||||||||
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
Gross property and equipment | |||||||||||
Computers and equipment | $ | $ | |||||||||
Leasehold improvements | |||||||||||
Furniture and fixtures | |||||||||||
Internal-use software development costs (1) | |||||||||||
Total gross property and equipment | |||||||||||
Accumulated depreciation and amortization (2) | ( | ( | |||||||||
Property and equipment, net | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Capitalized internal-use software development costs | $ | $ | $ | $ | |||||||||||||||||||
Amortization expense | $ | $ | $ | $ |
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
Internal-use software development costs, net | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Depreciation and amortization expense | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | |||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows | $ | $ | $ | $ | |||||||||||||||||||
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
Weighted-average remaining lease term—operating leases (in years) | |||||||||||
Weighted-average discount rate—operating leases | % | % |
Fiscal Years Ending | Amount | |||||||
Remainder of 2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
2029 and thereafter | ||||||||
Total future minimum lease payments (1) | ||||||||
Less: imputed interest | ( | |||||||
Total operating lease liabilities | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Subscription revenue | $ | $ | $ | $ | |||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Deferred revenue, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Deferred revenue, end of period | |||||||||||||||||||||||
Revenue recognized in the period from beginning deferred revenue balance |
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
2015 Equity Incentive Plan: | |||||||||||
Options outstanding | |||||||||||
RSUs outstanding | |||||||||||
2021 Equity Incentive Plan: | |||||||||||
RSUs outstanding | |||||||||||
Shares available for future grants | |||||||||||
2021 Employee Stock Purchase Plan: | |||||||||||
Shares available for future issuance | |||||||||||
Total shares of common stock reserved for future issuance |
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (1) (In Thousands) | ||||||||||||||||||||
Balance as of January 28, 2023 | $ | $ | |||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Exercised | ( | $ | |||||||||||||||||||||
Forfeited, canceled, or expired | $ | ||||||||||||||||||||||
Balance as of October 28, 2023 | $ | $ | |||||||||||||||||||||
Exercisable as of October 28, 2023 | $ | $ |
Number of Shares | Weighted-Average Grant-Date Fair Value | ||||||||||
Balance as of January 28, 2023 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
Balance as of October 28, 2023 | $ |
Nine Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Expected volatility | |||||||||||
Expected term (years) | |||||||||||
Risk-free interest rate | |||||||||||
Expected dividend yield |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Stock options | $ | $ | $ | $ | |||||||||||||||||||
RSUs | |||||||||||||||||||||||
Employee stock purchase plan | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | |||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | |||||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Outstanding stock options | |||||||||||||||||||||||
RSUs | |||||||||||||||||||||||
Employee stock purchase rights under the 2021 ESPP | |||||||||||||||||||||||
Total antidilutive securities |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Other (1) | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
United States | $ | $ | |||||||||
Other (1) | |||||||||||
Total long-lived assets, net | $ | $ |
As of | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Annual recurring revenue (“ARR”) | $ | 1,002,729 | $ | 723,667 | |||||||
Customers > $100,000 ARR | 1,663 | 1,113 |
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 237,534 | $ | 169,800 | $ | 67,734 | 40 | % | $ | 661,111 | $ | 465,968 | $ | 195,143 | 42 | % |
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 61,585 | $ | 47,253 | $ | 14,332 | 30 | % | $ | 178,008 | $ | 131,128 | $ | 46,880 | 36 | % | |||||||||||||||||||||||||||||||
Gross profit | $ | 175,949 | $ | 122,547 | $ | 483,103 | $ | 334,840 | |||||||||||||||||||||||||||||||||||||||
Gross margin | 74 | % | 72 | % | 73 | % | 72 | % | |||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Research and development | $ | 60,820 | $ | 49,970 | $ | 10,850 | 22 | % | $ | 185,155 | $ | 132,802 | $ | 52,353 | 39 | % | |||||||||||||||||||||||||||||||
Percentage of revenue | 26 | % | 29 | % | 28 | % | 29 | % | |||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 116,780 | $ | 94,056 | $ | 22,724 | 24 | % | $ | 353,643 | $ | 273,347 | $ | 80,296 | 29 | % | |||||||||||||||||||||||||||||||
Percentage of revenue | 49 | % | 55 | % | 53 | % | 59 | % | |||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative | $ | 48,354 | $ | 41,997 | $ | 6,357 | 15 | % | $ | 139,888 | $ | 127,098 | $ | 12,790 | 10 | % | |||||||||||||||||||||||||||||||
Percentage of revenue | 20 | % | 25 | % | 21 | % | 27 | % | |||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Lease modification, impairment, and related charges | $ | 4,762 | $ | — | $ | 4,762 | * | $ | 4,762 | $ | 1,056 | $ | 3,706 | 351 | % |
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Interest income and other income (expense), net | $ | 9,378 | $ | 5,613 | $ | 3,765 | 67 | % | $ | 28,493 | $ | 7,094 | $ | 21,399 | 302 | % |
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | Amount | % | October 28, 2023 | October 29, 2022 | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | $ | 142 | $ | 692 | $ | (550) | (79 | %) | $ | 1,503 | $ | 1,455 | $ | 48 | 3 | % | |||||||||||||||||||||||||||||||
Effective tax rate | (0.3 | %) | (1.2 | %) | (0.9 | %) | (0.8 | %) |
Three Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Non-GAAP gross profit | $ | 179,049 | $ | 125,232 | |||||||
Non-GAAP gross margin | 75 | % | 74 | % | |||||||
Non-GAAP income (loss) from operations | $ | 12,707 | $ | (16,607) | |||||||
Non-GAAP operating margin | 5 | % | (10) | % | |||||||
Non-GAAP net income (loss) | $ | 21,943 | $ | (11,686) | |||||||
Nine Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Free cash flow | $ | 21,205 | $ | (125,885) | |||||||
Free cash flow margin | 3 | % | (27) | % | |||||||
Three Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Gross profit | $ | 175,949 | $ | 122,547 | |||||||
Add: | |||||||||||
Stock-based compensation expense-related charges (1) | 3,100 | 2,685 | |||||||||
Non-GAAP gross profit | $ | 179,049 | $ | 125,232 | |||||||
GAAP gross margin | 74 | % | 72 | % | |||||||
Non-GAAP gross margin | 75 | % | 74 | % |
Three Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Loss from operations | $ | (54,767) | $ | (63,476) | |||||||
Add: | |||||||||||
Stock-based compensation expense-related charges (1) | 62,712 | 46,869 | |||||||||
Lease modification, impairment, and related charges | 4,762 | — | |||||||||
Non-GAAP income (loss) from operations | $ | 12,707 | $ | (16,607) | |||||||
GAAP operating margin | (23) | % | (37) | % | |||||||
Non-GAAP operating margin | 5 | % | (10) | % |
Three Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Net loss | $ | (45,531) | $ | (58,555) | |||||||
Add: | |||||||||||
Stock-based compensation expense-related charges, net of applicable taxes | 62,712 | 46,869 | |||||||||
Lease modification, impairment, and related charges, net of applicable taxes | 4,762 | — | |||||||||
Non-GAAP net income (loss) | $ | 21,943 | $ | (11,686) |
Nine Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Net cash provided by (used in) operating activities | $ | 30,063 | $ | (98,648) | |||||||
Purchase of property and equipment | (8,858) | (27,237) | |||||||||
Free cash flow (1) | $ | 21,205 | $ | (125,885) | |||||||
Net cash provided by (used in) operating activities margin | 5 | % | (21) | % | |||||||
Free cash flow margin (1) | 3 | % | (27) | % | |||||||
Net cash used in investing activities | $ | (36,042) | $ | (382,535) | |||||||
Net cash provided by financing activities | $ | 12,019 | $ | 7,480 |
Nine Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Purchase of property and equipment for build-out of corporate office facilities, net of tenant allowances (2) | $ | (10,179) | $ | 21,874 |
Nine Months Ended | |||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||
Net cash provided by (used in) operating activities | $ | 30,063 | $ | (98,648) | |||||||
Net cash used in investing activities | $ | (36,042) | $ | (382,535) | |||||||
Net cash provided by financing activities | $ | 12,019 | $ | 7,480 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Description | Form | File Number | Exhibit | Filing Date | |||||||||||||||||||||||||||
S-1 | 333-261204 | 3.2 | 11/19/2021 | |||||||||||||||||||||||||||||
10-Q | 001-41140 | 3.2 | 12/6/2022 | |||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||||||||||||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||||||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||||||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||||||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||||||||||||||||||||||||||
* | Filed herewith. | |||||||||||||||||||||||||||||||
# | The certifications attached as Exhibit 32.1 and 32.2 accompany this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of the Registrant’s filings under the Securities Act of 1933, as amended, irrespective of any general incorporation language contained in any such filing. |
SAMSARA INC. | ||||||||
Date: December 5, 2023 | By: | /s/ Sanjit Biswas | ||||||
Sanjit Biswas | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: December 5, 2023 | By: | /s/ Dominic Phillips | ||||||
Dominic Phillips | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: December 5, 2023 | By: | /s/ Sanjit Biswas | ||||||
Sanjit Biswas | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: December 5, 2023 | By: | /s/ Dominic Phillips | ||||||
Dominic Phillips | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: December 5, 2023 | By: | /s/ Sanjit Biswas | ||||||
Sanjit Biswas | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: December 5, 2023 | By: | /s/ Dominic Phillips | ||||||
Dominic Phillips | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Description of Business |
9 Months Ended |
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Oct. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Samsara 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.
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Summary of Significant Accounting Policies |
9 Months Ended |
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Oct. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Fiscal Year—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023, which was filed with the SEC on March 21, 2023. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of October 28, 2023 and the results of operations for the three and nine months ended October 28, 2023 and October 29, 2022, and cash flows for the nine months ended October 28, 2023 and October 29, 2022. The condensed consolidated balance sheet as of January 28, 2023 was derived from the audited financial statements but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended October 28, 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. Every sixth fiscal year is a 53-week year. Fiscal year 2024 consists of 53 weeks, with the fourth quarter consisting of 14 weeks, and fiscal year 2023 consisted of 52 weeks. Principles of Consolidation—The condensed consolidated financial statements include the accounts of Samsara and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates—The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the fair value of stock-based awards, internal-use software development costs, sales return reserve, accrued liabilities and contingencies, depreciation and amortization periods, lease modification, impairment, and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made. Significant Accounting Policies—Notwithstanding the addition of policies described below as a result of a recently adopted accounting pronouncement, there were no material changes to the Company’s significant accounting policies during the nine months ended October 28, 2023. Accounts Receivable—Accounts receivable consist of current trade receivables from customers, net of allowance for credit losses. The allowance for credit losses is estimated based on the Company’s assessment of the collectibility of accounts receivable by considering various factors, including customer creditworthiness and the related aging of past-due balances, historical write-off experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable. Management evaluates customer accounts periodically, and accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. An allowance for credit losses balance of $6.7 million was recorded as of October 28, 2023. During the three and nine months ended October 28, 2023, the Company recorded a charge of $3.2 million and $3.8 million, respectively, to operations and wrote off $2.7 million and $4.7 million, respectively, against the allowance. Investments—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. Credit losses relating to available-for-sale marketable debt securities are recorded through an allowance for credit losses with a corresponding charge in “Interest income and other income (expense), net” on the condensed consolidated statements of operations and comprehensive loss. When identifying and measuring impairment, the Company excludes the applicable accrued interest from both the fair value and amortized cost basis. Recently Adopted Accounting Pronouncement—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, with further clarifications made in subsequent amendments. This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. 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 adopted this guidance effective January 29, 2023 and the adoption did not result in a material impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted—In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires disclosure of incremental segment information on an annual and interim basis. This guidance is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025, and subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact of this ASU 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 condensed consolidated financial statements.
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Cash, Cash Equivalents, Restricted Cash, and Investments |
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Cash, Cash Equivalents, Restricted Cash, and Investments | Cash, Cash Equivalents, Restricted Cash, and Investments As of October 28, 2023 and January 28, 2023, 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 October 28, 2023 and 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 October 28, 2023 and January 28, 2023 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):
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 condensed consolidated balance sheets (in thousands):
The Company included $4.3 million and $2.0 million of accrued interest receivable, net of the allowance for credit losses (if any), in “ ” on the condensed consolidated balance sheets as of October 28, 2023 and January 28, 2023, respectively. 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 October 28, 2023 because such potential losses were not material. As of October 28, 2023, the contractual maturities of the Company’s investments did not exceed 24 months. The estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands):
There were no material realized gains or losses that were reclassified out of accumulated other comprehensive loss either individually or in the aggregate, during the three and nine months ended October 28, 2023 and October 29, 2022. There were no material unrealized gains or losses, either individually or in the aggregate, as of October 28, 2023 and January 28, 2023. Concentrations of Credit Risk—The Company maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety. The condensed consolidated financial statements as of October 28, 2023 and January 28, 2023 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):
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. There were no transfers between Level 1 or Level 2, or transfers in or out of Level 3, of the fair value hierarchy during the nine months ended October 28, 2023 and October 29, 2022.
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Costs to Obtain and Fulfill a Contract |
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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 October 28, 2023 and January 28, 2023 were $161.5 million and $140.2 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands):
Connected Devices—Total connected device costs, which the Company also refers to as IoT device costs, current and non-current, as of October 28, 2023 and January 28, 2023 were $313.9 million and $276.9 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands):
Revenue Recognition—Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period. Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services. Revenue consists of the following (in thousands):
Deferred Revenue—The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands):
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 October 28, 2023, the Company’s RPO was $1,763.6 million, of which the Company expects to recognize revenue of approximately $846.6 million over the next 12 months, with the remaining balance to be recognized thereafter. Concentrations of Significant Customers and Credit Risk—No customer accounted for greater than 10% of the Company’s total revenue for the three and nine months ended October 28, 2023 and October 29, 2022. There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of October 28, 2023 and January 28, 2023.
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net, comprises the following (in thousands):
__________ (1)The Company’s internal-use software development costs included $0.8 million and $2.0 million of stock-based compensation costs for the three and nine months ended October 28, 2023, respectively, and $0.5 million and $1.1 million of stock-based compensation costs for the three and nine months ended October 29, 2022, 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):
Internal-use software development costs, net, as of the periods presented was as follows (in thousands):
(2)The following table presents the depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
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Leases |
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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 components of operating lease expense were as follows (in thousands):
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
During the nine months ended October 28, 2023, the Company recorded no additional operating lease liabilities arising from obtaining right-of-use (“ROU”) assets.
Future minimum lease payments included in the measurement of operating lease liabilities as of October 28, 2023 were as follows (in thousands):
__________ (1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees. On April 12, 2023, the Company settled a lease dispute, which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. This amount was recognized primarily as a reduction to the corresponding ROU assets on the Company’s condensed consolidated balance sheet and was also included in “Operating lease liabilities, net” on the Company’s condensed consolidated statement of cash flows. This claim is unrelated to the claim discussed under the caption “Lease-Related Litigation” in Note 9, “Commitments and Contingencies.” In August 2023, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $4.8 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended October 28, 2023. 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 “ ” “ ,” and “ ” as the amounts were immaterial as of October 28, 2023 and January 28, 2023.
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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 components of operating lease expense were as follows (in thousands):
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
During the nine months ended October 28, 2023, the Company recorded no additional operating lease liabilities arising from obtaining right-of-use (“ROU”) assets.
Future minimum lease payments included in the measurement of operating lease liabilities as of October 28, 2023 were as follows (in thousands):
__________ (1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees. On April 12, 2023, the Company settled a lease dispute, which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. This amount was recognized primarily as a reduction to the corresponding ROU assets on the Company’s condensed consolidated balance sheet and was also included in “Operating lease liabilities, net” on the Company’s condensed consolidated statement of cash flows. This claim is unrelated to the claim discussed under the caption “Lease-Related Litigation” in Note 9, “Commitments and Contingencies.” In August 2023, the Company executed a sublease for certain office space, which resulted in an impairment of the corresponding ROU and fixed assets of $4.8 million. This impairment charge was recorded in “Lease modification, impairment, and related charges” for the three and nine months ended October 28, 2023. 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 “ ” “ ,” and “ ” as the amounts were immaterial as of October 28, 2023 and January 28, 2023.
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Revenue, Deferred Revenue, and Remaining Performance Obligations |
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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 October 28, 2023 and January 28, 2023 were $161.5 million and $140.2 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s commission costs for the periods presented (in thousands):
Connected Devices—Total connected device costs, which the Company also refers to as IoT device costs, current and non-current, as of October 28, 2023 and January 28, 2023 were $313.9 million and $276.9 million, respectively. The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands):
Revenue Recognition—Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period. Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services. Revenue consists of the following (in thousands):
Deferred Revenue—The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands):
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 October 28, 2023, the Company’s RPO was $1,763.6 million, of which the Company expects to recognize revenue of approximately $846.6 million over the next 12 months, with the remaining balance to be recognized thereafter. Concentrations of Significant Customers and Credit Risk—No customer accounted for greater than 10% of the Company’s total revenue for the three and nine months ended October 28, 2023 and October 29, 2022. There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of October 28, 2023 and January 28, 2023.
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Commitments and Contingencies |
9 Months Ended |
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Oct. 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 October 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. There were no material contractual obligations that were entered into by the Company during the nine months ended October 28, 2023 that were outside of the ordinary course of business. Letters of Credit—As of October 28, 2023 and January 28, 2023, the Company had $20.4 million and $23.1 million, respectively, in letters of credit outstanding primarily 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 condensed consolidated financial statements indicates that it is probable that a liability has been incurred at the date of the condensed consolidated financial statements and (ii) the loss or range of loss can be reasonably estimated. If the Company determines that a loss is possible and a range of the loss can be reasonably estimated, the Company will disclose the range of the possible loss. The Company evaluates developments in legal matters that could affect the amount of liability that has been previously accrued, if any, and the matters and related ranges of possible losses disclosed and makes adjustments and changes to the disclosures, as appropriate. Significant judgment is required to determine both likelihood of there being, and the estimated amount of, a loss related to such matters. Until the final resolution of such matters, there may be an exposure to loss, and such amounts could be material. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined there is no material exposure on an aggregate basis. The amounts recorded for losses deemed probable as of October 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 continue to 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, 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.
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity As of October 28, 2023, there were 188,713,215, 351,455,602, and no shares of Class A, Class B, and Class C common stock issued and outstanding, respectively. 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. The Company had reserved shares of common stock for future issuance as of October 28, 2023 and January 28, 2023, as follows:
Employee Compensation Plans The Company currently has two equity incentive plans, the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2021 Equity Incentive Plan (the “2021 Plan”). The 2015 Plan was terminated in connection with the adoption of the 2021 Plan in December 2021 but continues to govern the terms of outstanding stock options and RSUs that were granted prior to the termination of the 2015 Plan. The Company no longer grants equity awards pursuant to the 2015 Plan. 2021 Equity Incentive Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Equity Incentive Plan, which became effective in December 2021 in connection with the Company’s initial public offering (“IPO”). The total number of shares of the Company’s Class A common stock reserved for future grants as of October 28, 2023 includes 26,208,010 shares added on the first day of fiscal year 2024 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 nine months ended October 28, 2023 is presented below (the number of options represents shares of Class B common stock exercisable in respect thereof):
__________ (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. The intrinsic value of stock options exercised was $11.7 million and $22.9 million during the nine months ended October 28, 2023 and October 29, 2022, respectively. As of October 28, 2023, unrecognized stock-based compensation expense related to outstanding unvested stock options for employees that are expected to vest was approximately $3.0 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 0.5 years. RSUs—RSUs granted prior to the IPO had both a service condition and a performance condition (defined under the 2015 Plan as the occurrence of a qualifying liquidity event, which was defined as the earlier of a successful initial public offering or acquisition). 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 for RSUs granted through fiscal year 2023 and three years for RSUs granted after fiscal year 2023. A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the nine months ended October 28, 2023 is presented below:
As of October 28, 2023, unrecognized stock-based compensation expense related to outstanding unvested RSUs for employees that are expected to vest was approximately $497.7 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.4 years. 2021 Employee Stock Purchase Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in December 2021 in connection with the IPO. The total number of shares of the Company’s Class A common stock reserved for future issuance as of October 28, 2023 includes 5,241,602 shares added on the first day of fiscal year 2024 pursuant to the annual automatic evergreen increase provision of the 2021 ESPP. 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 of each year. Purchase periods are generally six months long, commencing on the first trading day after one exercise date and ending with the next exercise date. For the nine months ended October 28, 2023 and October 29, 2022, 1,152,816 and 1,109,945 shares of Class A common stock were purchased under the 2021 ESPP, resulting in net cash proceeds of $13.0 million and $10.3 million, respectively. As of October 28, 2023, unrecognized stock-based compensation expense related to the 2021 ESPP was approximately $3.1 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 0.4 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 were as follows:
Expected volatility—The expected volatility for the nine months ended October 28, 2023 was based on the historical volatility of the Company. The expected volatility for the nine months ended October 29, 2022 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)—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 current 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):
Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
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Income Taxes |
9 Months Ended |
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Oct. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company had an effective tax rate of (0.3)% and (1.2)% for the three months ended October 28, 2023 and October 29, 2022, respectively, and (0.9)% and (0.8)% for the nine months ended October 28, 2023 and October 29, 2022, respectively. The Company’s provision for income taxes was $0.1 million and $0.7 million for the three months ended October 28, 2023 and October 29, 2022, respectively, and $1.5 million and $1.5 million for the nine months ended October 28, 2023 and October 29, 2022, respectively. The Company has incurred U.S. operating losses and has minimal profits in foreign jurisdictions. The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income from recurring operations and adjusting for discrete tax items arising in that quarter. As of October 28, 2023 and January 28, 2023, 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 state tax purposes. Accordingly, the Company established a full valuation allowance against its deferred tax assets for U.S. federal and state tax purposes. 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 state tax purposes. The unrecognized tax benefits as of October 28, 2023, if recognized, would not affect the effective income tax rate due to the valuation allowance that currently offsets the deferred tax assets. During the nine months ended October 28, 2023, there were no material changes to the total amount of unrecognized tax benefits and the Company does not expect any significant changes in 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.
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Net Loss Per Share, Basic and Diluted |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share, Basic and Diluted | Net Loss Per Share, Basic and Diluted For purposes of calculating net loss per share, the Company continues to use the two-class method. As Class A, Class B, and Class C common stock have identical liquidation and dividend rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share attributable to common stockholders are the same for all classes of the Company’s common stock, on both an individual and combined basis, and therefore are presented together. The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
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:
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Segment Information |
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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):
__________ (1)No individual country other than the United States 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):
__________ (1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
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Pay vs Performance Disclosure | ||||
Net loss | $ (45,531) | $ (58,555) | $ (173,355) | $ (193,824) |
Insider Trading Arrangements |
3 Months Ended | 9 Months Ended |
---|---|---|
Oct. 28, 2023
shares
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Oct. 28, 2023
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Sanjit Biswas [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Sanjit Biswas, our Chief Executive Officer and Director, entered into trading plans on behalf of affiliated family trusts that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plans provide for the sale of an aggregate of up to 5,000,000 shares of our Class A common stock. The plans were adopted on September 29, 2023 and will terminate on December 28, 2024, subject to early termination for certain specified events set forth in the plans.
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Name | Sanjit Biswas | |
Title | Chief Executive Officer and Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 29, 2023 | |
Arrangement Duration | 456 days | |
Aggregate Available | 5,000,000 | 5,000,000 |
John Bicket [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | John Bicket, our Executive Vice President, Chief Technology Officer and Director, entered into trading plans on behalf of affiliated family trusts that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plans provide for the sale of an aggregate of up to 5,000,000 shares of our Class A common stock. The plans were adopted on September 29, 2023 and will terminate on December 28, 2024, subject to early termination for certain specified events set forth in the plans.
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Name | John Bicket | |
Title | Executive Vice President, Chief Technology Officer and Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 29, 2023 | |
Arrangement Duration | 456 days | |
Aggregate Available | 5,000,000 | 5,000,000 |
Jonathan Chadwick [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Jonathan Chadwick, one of our Directors, entered into a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of up to 61,030 shares of our Class A common stock. The plan was adopted on June 27, 2023 and will terminate on September 29, 2024, subject to early termination for certain specified events set forth in the plan.
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Name | Jonathan Chadwick | |
Title | Directors | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 27, 2023 | |
Arrangement Duration | 460 days | |
Aggregate Available | 61,030 | 61,030 |
Adam Eltoukhy [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Adam Eltoukhy, our Executive Vice President, Chief Legal Officer and Corporate Secretary, entered into a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of up to 286,051 shares of our Class A common stock (less any shares that may be withheld by us or separately sold by a broker to generate funds to cover the withholding taxes associated with the vesting of his Samsara equity awards). The plan was adopted on September 11, 2023 and will terminate on December 13, 2024, subject to early termination for certain specified events set forth in the plan.
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Name | Adam Eltoukhy | |
Title | Executive Vice President, Chief Legal Officer and Corporate Secretary | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 11, 2023 | |
Arrangement Duration | 459 days | |
Aggregate Available | 286,051 | 286,051 |
James Andrew Munk [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | James Andrew Munk, our Chief Accounting Officer, entered into a trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of up to 30,910 shares of our Class A common stock (less any shares that may be withheld by us or separately sold by a broker to generate funds to cover the withholding taxes associated with the vesting of his Samsara equity awards). In addition, up to 25% of the net shares of Class A common stock received by Mr. Munk after taxes in connection with the vesting of any newly granted Samsara equity awards may be sold under the plan. The plan was adopted on September 27, 2023 and will terminate on December 27, 2024, subject to early termination for certain specified events set forth in the plan.
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Name | James Andrew Munk | |
Title | Chief Accounting Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 27, 2023 | |
Arrangement Duration | 457 days | |
Aggregate Available | 30,910 | 30,910 |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Oct. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Fiscal Year | Basis of Presentation and Fiscal Year—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023, which was filed with the SEC on March 21, 2023. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of October 28, 2023 and the results of operations for the three and nine months ended October 28, 2023 and October 29, 2022, and cash flows for the nine months ended October 28, 2023 and October 29, 2022. The condensed consolidated balance sheet as of January 28, 2023 was derived from the audited financial statements but does not include all disclosures required by GAAP. The results of operations for the three and nine months ended October 28, 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The Company’s fiscal year is a 52- or 53-week period ending on the Saturday closest to February 1. Every sixth fiscal year is a 53-week year. Fiscal year 2024 consists of 53 weeks, with the fourth quarter consisting of 14 weeks, and fiscal year 2023 consisted of 52 weeks.
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Principles of Consolidation | Principles of Consolidation—The condensed consolidated financial statements include the accounts of Samsara and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
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Use of Estimates | Use of Estimates—The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the fair value of stock-based awards, internal-use software development costs, sales return reserve, accrued liabilities and contingencies, depreciation and amortization periods, lease modification, impairment, and related charges, and accounting for income taxes. Actual results could materially differ from the estimates and assumptions made.
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Accounts Receivable | Accounts Receivable—Accounts receivable consist of current trade receivables from customers, net of allowance for credit losses. The allowance for credit losses is estimated based on the Company’s assessment of the collectibility of accounts receivable by considering various factors, including customer creditworthiness and the related aging of past-due balances, historical write-off experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable. Management evaluates customer accounts periodically, and accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. An allowance for credit losses balance of $6.7 million was recorded as of October 28, 2023. During the three and nine months ended October 28, 2023, the Company recorded a charge of $3.2 million and $3.8 million, respectively, to operations and wrote off $2.7 million and $4.7 million, respectively, against the allowance.
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Investments | Investments—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. Credit losses relating to available-for-sale marketable debt securities are recorded through an allowance for credit losses with a corresponding charge in “Interest income and other income (expense), net” on the condensed consolidated statements of operations and comprehensive loss. When identifying and measuring impairment, the Company excludes the applicable accrued interest from both the fair value and amortized cost basis.
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Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncement—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, with further clarifications made in subsequent amendments. This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. 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 adopted this guidance effective January 29, 2023 and the adoption did not result in a material impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted—In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires disclosure of incremental segment information on an annual and interim basis. This guidance is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025, and subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact of this ASU 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 condensed consolidated financial statements.
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Concentrations of Credit Risk | Concentrations of Credit Risk—The Company maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings.
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Revenue Recognition | Revenue Recognition—Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Cloud. Subscription agreements contain multiple service elements for one or more of the Company’s cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (collectively, “connected devices” or “IoT devices”), support services delivered over the term of the arrangement and warranty coverage. The Company’s Connected Operations Cloud and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period. Other revenue is generally recognized at a point in time and is earned through the sale of replacement gateways, sensors and cameras, as well as related shipping and handling fees, credit card processing fees, and professional services.
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Net Loss Per Share | For purposes of calculating net loss per share, the Company continues to use the two-class method. As Class A, Class B, and Class C common stock have identical liquidation and dividend rights, the undistributed earnings are allocated on a proportionate basis to each class of common stock. As a result, the basic and diluted net loss per share attributable to common stockholders are the same for all classes of the Company’s common stock, on both an individual and combined basis, and therefore are presented together.
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Fair Value Measurements | The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.
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Cash, Cash Equivalents, Restricted Cash, and Investments (Tables) |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | Total cash, cash equivalents, and restricted cash consist of the following (in thousands):
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Schedule of Restricted Cash | Total cash, cash equivalents, and restricted cash consist of the following (in thousands):
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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 condensed consolidated balance sheets (in thousands):
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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):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 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):
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Costs to Obtain and Fulfill a Contract (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 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):
The following table provides the amounts capitalized and amortized for the Company’s connected device costs for the periods presented (in thousands):
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Property and Equipment, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment, Net | Property and equipment, net, comprises the following (in thousands):
__________ (1)The Company’s internal-use software development costs included $0.8 million and $2.0 million of stock-based compensation costs for the three and nine months ended October 28, 2023, respectively, and $0.5 million and $1.1 million of stock-based compensation costs for the three and nine months ended October 29, 2022, 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):
Internal-use software development costs, net, as of the periods presented was as follows (in thousands):
(2)The following table presents the depreciation and amortization of property and equipment included on the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Costs | The components of operating lease expense were as follows (in thousands):
Supplemental information related to operating leases was as follows (in thousands, except for weighted-average data):
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Schedule of Future Minimum Lease Payments | Future minimum lease payments included in the measurement of operating lease liabilities as of October 28, 2023 were as follows (in thousands):
__________ (1)The contractual commitment amounts under operating leases in the table above are primarily related to facility leases for the Company’s corporate office facilities in San Francisco, California, as well as other offices for the Company’s local operations. The table above does not reflect obligations under contracts that the Company can cancel without a significant penalty, the Company’s option to exercise early termination rights, or the payment of related early termination fees.
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Revenue, Deferred Revenue, and Remaining Performance Obligations (Tables) |
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Oct. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue | Revenue consists of the following (in thousands):
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Schedule of Deferred Revenue | Deferred Revenue—The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands):
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Equity (Tables) |
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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 October 28, 2023 and January 28, 2023, as follows:
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Schedule of Stock Option Activity | Options—A summary of the stock options activity under the 2015 Plan during the nine months ended October 28, 2023 is presented below (the number of options represents shares of Class B common stock exercisable in respect thereof):
__________ (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.
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Schedule of RSU Activity | A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the nine months ended October 28, 2023 is presented below:
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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 were as follows:
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Schedule of Stock-Based Compensation Expense | Stock-Based Compensation Expense—Stock-based compensation expense, by grant type, was as follows (in thousands):
Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
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Net Loss Per Share, Basic and Diluted (Tables) |
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Oct. 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):
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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:
|
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 28, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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):
__________ (1)No individual country other than the United States exceeded 10% of the Company’s total revenue for any period presented.
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Schedule of 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):
__________ (1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.
|
Summary of Significant Accounting Policies (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Oct. 28, 2023
USD ($)
|
Oct. 28, 2023
USD ($)
|
|
Accounting Policies [Abstract] | ||
Allowance for credit losses | $ 6.7 | $ 6.7 |
Credit loss expense (benefit) | 3.2 | 3.8 |
Allowance for doubtful accounts, writeoff | $ 2.7 | $ 4.7 |
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands |
Oct. 28, 2023 |
Jan. 28, 2023 |
Oct. 29, 2022 |
Jan. 29, 2022 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 208,099 | $ 200,670 | ||
Restricted cash | 21,683 | 23,096 | ||
Total cash, cash equivalents, and restricted cash | $ 229,782 | $ 223,766 | $ 470,136 | $ 944,310 |
Cash, Cash Equivalents, Restricted Cash, and Investments - Narrative (Details) - USD ($) $ in Millions |
Oct. 28, 2023 |
Jan. 28, 2023 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Interest receivable | $ 4.3 | $ 2.0 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Contractual maturities of available-for-sale debt securities, maximum | 24 months |
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Fair Values of Available for Sale Marketable Securities (Details) - USD ($) $ in Thousands |
Oct. 28, 2023 |
Jan. 28, 2023 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Due within one year | $ 451,659 | |
Due in one year to two years | 189,414 | |
Total | $ 641,073 | $ 602,293 |
Costs to Obtain and Fulfill a Contract - Narrative (Details) - USD ($) $ in Thousands |
Oct. 28, 2023 |
Jan. 28, 2023 |
---|---|---|
Capitalized Contract Cost [Line Items] | ||
Deferred commissions | $ 161,463 | $ 140,166 |
Connected Device Costs | ||
Capitalized Contract Cost [Line Items] | ||
Capitalized contract cost | $ 313,900 | $ 276,900 |
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized Commission Costs (Details) - Commission Costs - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Capitalized Contract Cost [Line Items] | ||||
Capitalized commission costs | $ 20,075 | $ 16,599 | $ 59,564 | $ 47,442 |
Amortization expense | $ 11,856 | $ 12,477 | $ 38,267 | $ 36,987 |
Costs to Obtain and Fulfill a Contract - Schedule of Capitalized Connected Device Costs (Details) - Connected Device Costs - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Capitalized Contract Cost [Line Items] | ||||
Capitalized connected device costs | $ 34,276 | $ 39,244 | $ 105,506 | $ 105,014 |
Amortization expense | $ 24,942 | $ 17,048 | $ 68,509 | $ 46,020 |
Property and Equipment, Net - Capitalized and Amortized Amounts for Internal-Use Software Development Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Property, Plant and Equipment [Abstract] | ||||
Capitalized internal-use software development costs | $ 3,310 | $ 2,003 | $ 8,424 | $ 4,554 |
Amortization expense | $ 1,192 | $ 934 | $ 3,366 | $ 2,911 |
Property and Equipment, Net - Internal-Use Software Development Costs, Net (Details) - USD ($) $ in Thousands |
Oct. 28, 2023 |
Jan. 28, 2023 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Internal-use software development costs, net | $ 13,021 | $ 8,744 |
Property and Equipment, Net - Depreciation and Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 3,646 | $ 3,345 | $ 10,839 | $ 8,350 |
Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 5,788 | $ 6,333 | $ 18,078 | $ 19,096 |
Short-term lease cost | 371 | 172 | 1,119 | 486 |
Sublease income | (345) | (195) | (783) | (581) |
Total lease cost | $ 5,814 | $ 6,310 | $ 18,414 | $ 19,001 |
Leases - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Leases [Abstract] | ||||
Cash paid for amounts in the measurement of operating lease liabilities—operating cash flows | $ 6,788 | $ 6,725 | $ 20,215 | $ 20,017 |
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) |
Oct. 28, 2023 |
Jan. 28, 2023 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term—operating leases (in years) | 6 years | 6 years 6 months |
Weighted-average discount rate—operating leases | 4.68% | 4.53% |
Leases - Future Minimum Lease Payments (Details) $ in Thousands |
Oct. 28, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of 2024 | $ 6,806 |
2025 | 26,959 |
2026 | 20,019 |
2027 | 14,236 |
2028 | 12,596 |
2029 and thereafter | 43,652 |
Total future minimum lease payments | 124,268 |
Less: imputed interest | (17,871) |
Total operating lease liabilities | $ 106,397 |
Revenue, Deferred Revenue, and Remaining Performance Obligations - Schedule of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 237,534 | $ 169,800 | $ 661,111 | $ 465,968 |
Subscription revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 232,857 | 166,555 | 647,520 | 457,083 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 4,677 | $ 3,245 | $ 13,591 | $ 8,885 |
Revenue, Deferred Revenue, and Remaining Performance Obligations - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Contract with Customer, Liability [Roll Forward] | ||||
Deferred revenue, beginning of period | $ 477,037 | $ 354,570 | $ 426,565 | $ 313,686 |
Deferred revenue, end of period | 503,721 | 374,243 | 503,721 | 374,243 |
Revenue recognized in the period from beginning deferred revenue balance | $ 213,383 | $ 156,716 | $ 271,518 | $ 188,197 |
Revenue, Deferred Revenue, and Remaining Performance Obligations - Narrative (Details) $ in Millions |
Oct. 28, 2023
USD ($)
|
---|---|
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 1,763.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-29 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 846.6 |
Remaining performance obligation, period (in months) | 12 months |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Oct. 28, 2023 |
Jan. 28, 2023 |
Nov. 17, 2021 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Letters of credit outstanding, amount | $ 20.4 | $ 23.1 | |
Unlawful Draw Down On Letter Of Credit | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Loss contingency, receivable | $ 8.7 |
Equity - Schedule of RSU Activity (Details) - RSUs |
9 Months Ended |
---|---|
Oct. 28, 2023
$ / shares
shares
| |
Number of Shares | |
Balance at beginning of period (in shares) | shares | 40,796,104 |
Granted (in shares) | shares | 18,585,089 |
Vested (in shares) | shares | (14,308,592) |
Forfeited (in shares) | shares | (4,193,221) |
Balance at end of period (in shares) | shares | 40,879,380 |
Weighted-Average Grant-Date Fair Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 12.20 |
Granted (in dollars per share) | $ / shares | 17.83 |
Vested (in dollars per share) | $ / shares | 12.70 |
Forfeited (in dollars per share) | $ / shares | 13.80 |
Balance at end of period (in dollars per share) | $ / shares | $ 14.42 |
Equity - Schedule of Weighted Average Assumptions Used To Estimate The Fair Value (Details) - 2021 Employee Stock Purchase Plan - Employee stock purchase plan |
9 Months Ended | |
---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 66.90% | 81.00% |
Expected volatility, maximum | 72.50% | 97.70% |
Risk-free interest rate, minimum | 5.20% | 2.30% |
Risk-free interest rate, maximum | 5.40% | 2.90% |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 6 months | 6 months |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 1 year | 1 year |
Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | (0.30%) | (1.20%) | (0.90%) | (0.80%) |
Provision for income taxes | $ 142,000 | $ 692,000 | $ 1,503,000 | $ 1,455,000 |
Unrecognized tax benefits that would impact effective tax rate | 0 | 0 | ||
Amount of expected significant change in unrecognized tax benefit | $ 0 | $ 0 |
Net Loss Per Share, Basic and Diluted - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 48,170,555 | 47,786,984 | 48,170,555 | 47,751,913 |
Options outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 6,385,340 | 7,045,765 | 6,385,340 | 7,045,765 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 40,879,380 | 40,694,397 | 40,879,380 | 40,694,397 |
Employee stock purchase plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 905,835 | 46,822 | 905,835 | 11,751 |
Segment Information - Narrative (Details) |
9 Months Ended |
---|---|
Oct. 28, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 28, 2023 |
Oct. 29, 2022 |
Oct. 28, 2023 |
Oct. 29, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 237,534 | $ 169,800 | $ 661,111 | $ 465,968 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 207,949 | 151,747 | 581,164 | 415,871 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 29,585 | $ 18,053 | $ 79,947 | $ 50,097 |
Segment Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands |
Oct. 28, 2023 |
Jan. 28, 2023 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 142,126 | $ 171,902 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | 135,187 | 163,193 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 6,939 | $ 8,709 |
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