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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Loss before provision for income taxes consisted of the following for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 (in thousands):
| Fiscal Year Ended
| February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
United States | $ | (168,662) |  |  | $ | (298,189) |  |  | $ | (256,905) |
Foreign | 18,248 |  |  | 14,806 |  |  | 13,070 |
Loss before provision for income taxes | $ | (150,414) |  |  | $ | (283,383) |  |  | $ | (243,835) |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes consisted of the following for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 (in thousands):
| Fiscal Year Ended
| February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Current: |  |  |  |  |
U.S. Federal | $ | — |  |  | $ | — |  |  | $ | — |
State and local | 201 |  |  | 494 |  |  | 585 |
Foreign | 2,219 |  |  | 1,918 |  |  | 1,007 |
Total current tax expense | $ | 2,420 |  |  | $ | 2,412 |  |  | $ | 1,592 |
Deferred: |  |  |  |  |
U.S. federal | $ | — |  |  | $ | — |  |  | $ | — |
State and local | — |  |  | — |  |  | — |
Foreign | 2,073 |  |  | 931 |  |  | 1,995 |
Total deferred tax expense | 2,073 |  |  | 931 |  |  | 1,995 |
Total provision for income taxes | $ | 4,493 |  |  | $ | 3,343 |  |  | $ | 3,587 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the income tax provision at the U.S. federal statutory tax rate to the Company’s effective tax rate are as follows:
| Fiscal Year Ended
| February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Changes in income taxes resulting from: |  |  |  |  |
State taxes, net of federal benefit | 9.5 |  |  | 5.6 |  |  | 3.2 |
Foreign income taxed at different rates | 0.7 |  |  | 0.1 |  |  | (0.1) |
Federal research and development credits | 10.8 |  |  | 4.3 |  |  | 0.9 |
Stock-based compensation | 37.7 |  |  | 14.0 |  |  | (1.0) |
Tax on foreign earnings | — |  |  | — |  |  | (0.2) |
Permanent differences | (0.6) |  |  | (0.3) |  |  | (0.4) |
Change in valuation allowance | (81.9) |  |  | (45.5) |  |  | (22.9) |
Other | (0.2) |  |  | (0.4) |  |  | (2.0) |
Total tax provision | (3.0 | %) |  | (1.2 | %) |  | (1.5 | %)
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are shown below (in thousands):
| As of
| February 1, 2025 |  | February 3, 2024
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 545,306 |  |  | $ | 454,073 |
Tax credit carryforwards | 42,803 |  |  | 27,231 |
Operating lease liability | 19,096 |  |  | 24,784 |
Capitalized research and development | 63,946 |  |  | 47,840 |
Accruals and reserves | 39,032 |  |  | 47,056 |
Property and equipment | 1,363 |  |  | — |
Total deferred tax assets | 711,546 |  |  | 600,984 |
Valuation allowance | (560,745) |  |  | (455,280) |
Deferred tax assets, net of valuation allowance | 150,801 |  |  | 145,704 |
Deferred tax liabilities: |  |  |
Property and equipment | — |  |  | (992) |
Deferred commissions | (43,060) |  |  | (38,944) |
Deferred connected device costs | (81,896) |  |  | (78,265) |
Operating lease right-of-use assets | (15,313) |  |  | (19,817) |
Accruals | (15,704) |  |  | (11,366) |
Total deferred tax liabilities | (155,973) |  |  | (149,384) |
Net deferred tax liabilities | $ | (5,172) |  |  | $ | (3,680) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits, excluding accrued net interest and penalties, is as follows (in thousands):
| Fiscal Year Ended
| February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Unrecognized tax benefits, beginning balance | $ | 16,602 |  |  | $ | 9,810 |  |  | $ | 8,816 |
Gross increases for tax positions taken in prior years | 527 |  |  | 1,934 |  |  | — |
Gross decreases for tax positions taken in prior years | (2,682) |  |  | (685) |  |  | (15) |
Gross increases for tax positions taken in current year | 6,843 |  |  | 5,543 |  |  | 1,009 |
Unrecognized tax benefits, ending balance | $ | 21,290 |  |  | $ | 16,602 |  |  | $ | 9,810 |

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