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Composition of Certain Financial Statement Items | 9 Months Ended
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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.

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