Composition of Certain Financial Statement Items

6 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Items

Inventories

Inventories consisted of the following:


	July 31, 2024		January 31, 2024
	(in thousands)
Raw materials	$	9,676	$	5,322

Finished goods and components	218,843		193,258
Total Inventories	$	228,519	$	198,580

Prepaid expense and other current assets

Prepaid expense and other current assets consisted of the following:


	July 31, 2024		January 31, 2024
	(in thousands)
Prepaid expense	$	46,941	$	43,389
Other current assets	22,308		18,855
Total Prepaid Expense and Other Current Assets	$	69,249	$	62,244

Property and Equipment, net

Property and equipment, net consisted of the following:


	July 31, 2024		January 31, 2024
	(in thousands)
Furniture and fixtures	$	1,720	$	1,718
Computers and software	9,310		8,520
Machinery and equipment	38,482		35,954
Tooling	16,219		15,852
Leasehold improvements	9,970		9,828
Owned and operated systems	29,615		27,723
Construction in progress	1,702		2,310
	107,018		101,905
Less: Accumulated depreciation	(67,712)		(59,459)
Total Property and Equipment, Net	$	39,306	$	42,446

The following table presents the depreciation expense:


	Three Months Ended July 31,		Six Months Ended July 31,
	2024	2023	2024	2023
	(in thousands)
Depreciation expense	4,423	3,925	8,844	7,941

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	July 31, 2024		January 31, 2024
	(in thousands)
Accrued expenses	$	36,175	$	51,399
Accrued losses on purchase commitments	27,547		30,054
Refundable customer deposits	16,875		16,588
Payroll and related expenses	13,981		16,018
Taxes payable	17,615		14,294
Other current liabilities	34,486		30,751
Total Accrued and Other Current Liabilities	$	146,679	$	159,104

Revenue

Revenue consisted of the following:


	Three Months Ended July 31,				Six Months Ended July 31,
	2024		2023		2024		2023
	(in thousands)
United States	$	76,818	$	112,960	$	155,633	$	210,091
Rest of World	31,721		37,534		59,949		70,432
Total revenue	$	108,539	$	150,494	$	215,582	$	280,523

Deferred Revenue

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


	July 31, 2024	January 31, 2024
	(in thousands)
Deferred revenue	238,553	231,439

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


	Three Months Ended July 31,				Six Months Ended July 31,
	2024		2023		2024		2023
	(in thousands)
Deferred revenue recognized	$	27,975	$	24,418	$	59,777	$	50,432

Remaining Performance Obligations

Remaining performance obligations represent 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 $260.6 million as of July 31, 2024, of which 43% is expected to be recognized over the next twelve months.