Segment Information (Tables)

3 Months Ended

May 03, 2025

The table below presents selected financial information for the Company’s single operating segment for the three months ended May 3, 2025 and May 4, 2024 (in thousands):


	Three Months Ended
		May 3, 2025		May 4, 2024

Revenue		$	366,884	$	280,726

Cost of revenue (1) (2)		24,443		22,955
Research and development (1)		56,222		49,574
Sales and marketing (1) (3)		123,447		114,271
General and administrative (1)		45,064		37,853

Stock-based compensation expense		77,079		64,656
Amortization of IoT device costs		33,380		28,550
Cloud and cellular infrastructure costs		22,099		14,190
Sales commissions		18,405		14,674





Segment operating loss		$	(33,255)	$	(65,997)

Interest income and other income, net (4)		12,723		10,084
Provision for income taxes		1,589		376
Segment net loss		$	(22,121)	$	(56,289)

__________

(1)These segment expenses exclude stock-based compensation expense, which is presented separately as an additional significant segment expense.

(2)Cost of revenue also excludes amortization of IoT device costs and cloud and cellular infrastructure costs, which are presented separately as additional significant segment expenses.

(3)Sales and marketing also excludes sales commissions, which is presented separately as an additional significant segment expense.

(4)This includes interest income of $11.2 million and $10.4 million for the three months ended May 3, 2025 and May 4, 2024, respectively.

Schedule of Disaggregation of Revenue

The following table presents the Company’s revenue disaggregated by geography, based on the location of the Company’s customers (in thousands):


	Three Months Ended
		May 3, 2025		May 4, 2024
United States		$	316,992	$	243,020
Other (1)		49,892		37,706
Total revenue		$	366,884	$	280,726

__________

(1)No individual country other than the United States exceeded 10% of the Company’s total revenue for any period presented.

Schedule of Long-lived Assets by Geographic Areas

The following table presents the Company’s long-lived assets, net, disaggregated by geography, which consist of property and equipment, net, and operating lease ROU assets (in thousands):


	As of
	May 3, 2025		February 1, 2025
United States	$	119,335	$	118,808
Other (1)	10,554		4,207
Total long-lived assets, net	$	129,889	$	123,015

__________

(1)No individual country other than the United States exceeded 10% of the Company’s total long-lived assets, net, for any period presented.