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Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | 9 Months Ended
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Nov. 01, 2025
Revenue from Contract with Customer [Abstract] |
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations | Costs to Obtain and Fulfill a Contract Deferred Commissions—Total deferred commissions as of November 1, 2025 and February 1, 2025 were $239.0 million and $209.3 million, respectively. The following table provides the amounts capitalized and amortized for commission costs for the periods presented (in thousands):
| Three Months Ended |  | Nine Months Ended
| November 1, 2025 |  | November 2, 2024 |  | November 1, 2025 |  | November 2, 2024 |  |
Capitalized commission costs | $ | 32,284 |  |  | $ | 22,326 |  |  | $ | 84,795 |  |  | $ | 60,015 |  |  |
Amortization expense | $ | 19,500 |  |  | $ | 14,757 |  |  | $ | 55,137 |  |  | $ | 41,564 |  |  |
Connected Devices—Total connected device costs, current and non-current, as of November 1, 2025 and February 1, 2025 were $393.6 million and $362.3 million, respectively. The following table provides the amounts capitalized and amortized for connected device costs for the periods presented (in thousands):
| Three Months Ended |  | Nine Months Ended
| November 1, 2025 |  | November 2, 2024 |  | November 1, 2025 |  | November 2, 2024 |  |
Capitalized connected device costs | $ | 54,269 |  |  | $ | 34,072 |  |  | $ | 133,324 |  |  | $ | 101,441 |  |  |
Amortization expense | $ | 35,267 |  |  | $ | 29,831 |  |  | $ | 101,990 |  |  | $ | 86,313 |  |  |
Revenue, Accounts Receivable, Deferred Revenue, and Remaining Performance Obligations Revenue Recognition—Subscription revenue is generated from subscriptions to access the Company’s Connected Operations Platform. 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 “Internet of Things (“IoT”) devices”), support services delivered over the term of the arrangement, and warranty coverage. The Company’s Connected Operations Platform 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 IoT devices, shipping and handling fees, and professional services. Revenue consists of the following (in thousands):
| Three Months Ended |  | Nine Months Ended
| November 1, 2025 |  | November 2, 2024 |  | November 1, 2025 |  | November 2, 2024 |  |
Subscription revenue | $ | 408,121 |  |  | $ | 316,157 |  |  | $ | 1,151,615 |  |  | $ | 887,675 |  |  |
Other revenue | 7,854 |  |  | 5,824 |  |  | 22,724 |  |  | 15,234 |  |  |
Total revenue | $ | 415,975 |  |  | $ | 321,981 |  |  | $ | 1,174,339 |  |  | $ | 902,909 |  |  |
Accounts Receivable—An allowance for credit losses balance of $11.9 million and $9.1 million was recorded as of November 1, 2025 and February 1, 2025, respectively. During the three and nine months ended November 1, 2025, the Company recorded a charge of $4.0 million and $7.0 million, respectively, to operations and wrote off $2.1 million and $4.2 million, respectively, against the allowance. During the three and nine months ended November 2, 2024, the Company recorded a charge of $3.1 million and $6.3 million, respectively, to operations and wrote off $2.1 million and $5.5 million, respectively, against the allowance. Deferred Revenue—The following table provides the deferred revenue balances and revenue recognized from beginning deferred revenue balances for the periods presented (in thousands):
| Three Months Ended |  | Nine Months Ended
| November 1, 2025 |  | November 2, 2024 |  | November 1, 2025 |  | November 2, 2024 |  |
Deferred revenue, beginning of period | $ | 740,512 |  |  | $ | 622,722 |  |  | $ | 685,770 |  |  | $ | 565,486 |  |  |
Deferred revenue, end of period | $ | 754,708 |  |  | $ | 639,722 |  |  | $ | 754,708 |  |  | $ | 639,722 |  |  |
Revenue recognized in the period from beginning deferred revenue balance | $ | 363,477 |  |  | $ | 291,778 |  |  | $ | 515,309 |  |  | $ | 387,654 |  |  |
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 November 1, 2025, the Company’s RPO was $3,378.2 million, of which the Company expects to recognize revenue of approximately $1,499.4 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 November 1, 2025 and November 2, 2024. There were no customers that individually represented greater than 10% of the Company’s accounts receivable as of November 1, 2025 and February 1, 2025.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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