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Equity (Tables) | 9 Months Ended
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Nov. 02, 2024
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 November 2, 2024 and February 3, 2024, as follows:
| As of
| November 2, 2024 |  | February 3, 2024
2015 Equity Incentive Plan: |  |  |
Options outstanding | 5,635,770 |  |  | 6,165,885 |
RSUs outstanding | 1,727,814 |  |  | 6,654,559 |
2021 Equity Incentive Plan: |  |  |
RSUs outstanding | 25,121,928 |  |  | 28,716,715 |
Shares available for future grants | 90,063,448 |  |  | 68,321,018 |
2021 Employee Stock Purchase Plan: |  |  |
Shares available for future issuance | 21,719,508 |  |  | 16,875,966 |
Total shares of common stock reserved for future issuance | 144,268,468 |  |  | 126,734,143 |
Schedule of Stock Options Activity | Options—A summary of the stock options activity under the 2015 Plan during the nine months ended November 2, 2024 is presented below (the number of options represents shares of common stock exercisable in respect thereof):
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (In Years) |  | Aggregate Intrinsic Value (1) (In Thousands)
Balance as of February 3, 2024 | 6,165,885 |  |  | $ | 5.07 |  |  | 5.7 |  | $ | 169,153 |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (530,115) |  |  | $ | 1.62 |  |  |  |  |
Forfeited, canceled, or expired | — |  |  | $ | — |  |  |  |  |
Balance as of November 2, 2024 | 5,635,770 |  |  | $ | 5.40 |  |  | 5.1 |  | $ | 230,043 |
Exercisable as of November 2, 2024 | 5,635,770 |  |  | $ | 5.40 |  |  | 5.1 |  | $ | 230,043 |
__________ (1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented.
Schedule of RSU Activity | A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the nine months ended November 2, 2024 is presented below:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Balance as of February 3, 2024 | 35,371,274 |  |  | $ | 15.17 |
Granted | 10,217,066 |  |  | $ | 34.81 |
Vested | (14,077,918) |  |  | $ | 16.36 |
Forfeited | (4,660,680) |  |  | $ | 16.93 |
Balance as of November 2, 2024 | 26,849,742 |  |  | $ | 21.72 |
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:
| Nine Months Ended
| November 2, 2024 |  | October 28, 2023 |  |
Expected volatility | 53.2% – 57.4% |  | 66.9% – 72.5% |  |
Expected term (years) | 0.5 – 1.0 |  | 0.5 – 1.0 |  |
Risk-free interest rate | 5.2% – 5.4% |  | 5.2% – 5.4% |  |
Expected dividend yield | —% |  | —% |  |
Schedule of Stock-Based Compensation Expense | Stock-Based Compensation Expense—Stock-based compensation expense, by grant type, was as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| November 2, 2024 |  | October 28, 2023 |  | November 2, 2024 |  | October 28, 2023 |  |
Stock options | $ | 612 |  |  | $ | 771 |  |  | $ | 2,169 |  |  | $ | 2,357 |  |  |
RSUs | 68,895 |  |  | 55,165 |  |  | 197,393 |  |  | 160,255 |  |  |
Employee stock purchase plan | 3,085 |  |  | 3,855 |  |  | 9,290 |  |  | 9,783 |  |  |
Total stock-based compensation expense | $ | 72,592 |  |  | $ | 59,791 |  |  | $ | 208,852 |  |  | $ | 172,395 |  |  |
Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| November 2, 2024 |  | October 28, 2023 |  | November 2, 2024 |  | October 28, 2023 |  |
Cost of revenue | $ | 3,041 |  |  | $ | 2,936 |  |  | $ | 9,189 |  |  | $ | 8,698 |  |  |
Research and development | 26,899 |  |  | 21,523 |  |  | 76,275 |  |  | 64,378 |  |  |
Sales and marketing | 22,008 |  |  | 19,253 |  |  | 61,886 |  |  | 51,832 |  |  |
General and administrative | 20,644 |  |  | 16,079 |  |  | 61,502 |  |  | 47,487 |  |  |
Total stock-based compensation expense | $ | 72,592 |  |  | $ | 59,791 |  |  | $ | 208,852 |  |  | $ | 172,395 |  |  |

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