Composition of Certain Financial Statement Items

9 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Items

Composition of Certain Financial Statement Items

Inventories

Inventories consisted of the following:

	October 31, 2023		January 31, 2023
	(in thousands)
Raw materials	$	4,129	$	11,509
Finished goods and components	194,991		57,221
Total Inventories	$	199,120	$	68,730

Inventory levels are analyzed periodically and written down to their net realizable value if they have become obsolete, have a cost basis in excess of expected net realizable value or are in excess of expected demand. During the nine months ended October 31, 2023, the Company recorded an impairment charge of $70.0 million, consisting of a $44.1 million charge to write down the carrying value of certain inventory on hand, as well as $25.9 million charge for losses on non-cancelable purchase commitments for inventory to be received after October 31, 2023, to reduce the carrying value of certain DC fast charging products to their estimated net realizable value, address supply overruns related to product transitions, and to better align inventory with current demand. The inventory impairment charge is included in the cost of revenue - networked charging systems in the condensed consolidated statements of operations.

Prepaid expense and other current assets

Prepaid expense and other current assets consisted of the following:

	October 31, 2023		January 31, 2023
	(in thousands)
Prepaid expense	$	50,589	$	48,464
Other current assets	25,522		22,556
Total Prepaid Expense and Other Current Assets	$	76,111	$	71,020

Property and Equipment, net

Property and equipment, net consisted of the following:

	October 31, 2023		January 31, 2023
	(in thousands)
Furniture and fixtures	$	1,701	$	1,244
Computers and software	8,284		7,164
Machinery and equipment	33,210		25,144
Tooling	14,993		13,782
Leasehold improvements	10,413		9,357
Owned and operated systems	26,548		24,119
Construction in progress	2,181		2,790
	97,330		83,600
Less: Accumulated depreciation	(55,132)		(43,554)
Total Property and Equipment, Net	$	42,198	$	40,046

The following table presents the depreciation expense:

	Three Months Ended October 31,		Nine Months Ended October 31,
	2023	2022	2023	2022
	(in thousands)
Depreciation expense	4,135	3,249	12,076	9,909

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:

	October 31, 2023		January 31, 2023
	(in thousands)
Accrued expenses	$	53,305	$	46,105
Accrued losses on purchase commitments	24,577		7,287
Refundable customer deposits	16,405		14,551
Payroll and related expenses	17,166		21,495
Other current liabilities	41,013		44,045
Total Accrued and Other Current Liabilities	$	152,466	$	133,483

Revenue

Revenue consisted of the following:

	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
	(in thousands)
United States	$	82,777	$	101,559	$	292,869	$	248,485
Rest of World	27,506		23,782		97,938		66,782
Total revenue	$	110,283	$	125,341	$	390,807	$	315,267

Deferred Revenue

The following table shows the total deferred revenue for each period presented.

	October 31, 2023	January 31, 2023
	(in thousands)
Deferred revenue	227,295	198,610

The following table shows the revenue recognized that was included in the deferred revenue balance at the beginning of the period.

	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
	(in thousands)
Deferred revenue recognized	$	18,952	$	13,275	$	69,384	$	50,993

Remaining Performance Obligation

Remaining performance obligations represents the amount of contracted future revenue not yet recognized as the amounts relate to undelivered performance obligations, including both deferred revenue and non-cancellable contracted amounts that will be invoiced and recognized as revenue in future periods. Revenue expected to be recognized from remaining performance obligations was $251.8 million as of October 31, 2023, of which 42% is expected to be recognized over the next twelve months.