Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2023 | Mar. 24, 2023 | Jul. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AMBA | ||
Entity Registrant Name | AMBARELLA, INC. | ||
Entity Central Index Key | 0001280263 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 39,581,559 | ||
Entity Public Float | $ 2.5 | ||
Entity File Number | 001-35667 | ||
Entity Tax Identification Number | 98-0459628 | ||
Entity Address, Address Line One | 3101 Jay Street | ||
Entity Address, City or Town | Santa Clara | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95054 | ||
City Area Code | 408 | ||
Local Phone Number | 734-8888 | ||
Entity Incorporation, State or Country Code | E9 | ||
Title of 12(b) Security | Ordinary Shares, $0.00045 Par Value Per Share | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | San Jose, California | ||
Auditor Firm ID | 238 | ||
Documents Incorporated by Reference | Certain information is incorporated into Part III of this report by reference to the Proxy Statement for the Registrant’s annual meeting of shareholders to be held on or about June 8, 2023 to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 113,541 | $ 171,043 |
Marketable debt securities | 93,322 | 0 |
Accounts receivable, net | 51,987 | 44,307 |
Inventories | 40,486 | 45,219 |
Restricted cash | 8 | 10 |
Prepaid expenses and other current assets | 5,288 | 6,169 |
Total current assets | 304,632 | 266,748 |
Property and equipment, net | 11,814 | 10,134 |
Deferred tax assets, non-current | 19,276 | 15,340 |
Intangible assets, net | 58,497 | 46,302 |
Operating lease right-of-use assets, net | 8,339 | 11,127 |
Goodwill | 303,625 | 303,625 |
Other non-current assets | 4,012 | 4,269 |
Total assets | 710,195 | 657,545 |
Current liabilities: | ||
Accounts payable | 17,845 | 31,170 |
Accrued and other current liabilities | 56,655 | 52,064 |
Operating lease liabilities, current | 3,539 | 3,391 |
Income taxes payable | 4,112 | 1,245 |
Deferred revenue, current | 1,311 | 1,414 |
Total current liabilities | 83,462 | 89,284 |
Operating lease liabilities, non-current | 5,097 | 8,322 |
Other long-term liabilities | 15,548 | 12,763 |
Total liabilities | 104,107 | 110,369 |
Commitments and contingencies (Note 15) | 0 | 0 |
Shareholders' equity: | ||
Preference shares, $0.00045 par value per share, 20,000,000 shares authorized and no shares issued and outstanding at January 31, 2023 and January 31, 2022, respectively | 0 | 0 |
Ordinary shares, $0.00045 par value per share, 200,000,000 shares authorized; 39,043,000 and 37,302,818 shares issued and outstanding at January 31, 2023 and January 31, 2022, respectively | 18 | 17 |
Additional paid-in capital | 572,076 | 447,287 |
Accumulated other comprehensive loss | (492) | 0 |
Retained earnings | 34,486 | 99,872 |
Total shareholders’ equity | 606,088 | 547,176 |
Total liabilities and shareholders' equity | $ 710,195 | $ 657,545 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2023 | Jan. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preference shares, par value | $ 0.00045 | $ 0.00045 |
Preference shares, shares authorized | 20,000,000 | 20,000,000 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
Ordinary shares, par value | $ 0.00045 | $ 0.00045 |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued | 39,043,000 | 37,302,818 |
Ordinary shares, shares outstanding | 39,043,000 | 37,302,818 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | |||
Revenue | $ 337,606 | $ 331,856 | $ 222,990 |
Cost of revenue | 128,672 | 123,724 | 87,417 |
Gross profit | 208,934 | 208,132 | 135,573 |
Operating expenses: | |||
Research and development | 204,946 | 167,337 | 140,759 |
Selling, general and administrative | 78,244 | 70,438 | 55,980 |
Total operating expenses | 283,190 | 237,775 | 196,739 |
Loss from operations | (74,256) | (29,643) | (61,166) |
Other income, net | 3,318 | 1,002 | 3,863 |
Loss before income taxes | (70,938) | (28,641) | (57,303) |
Provision (benefit) for income taxes | (5,552) | (2,230) | 2,483 |
Net loss | $ (65,386) | $ (26,411) | $ (59,786) |
Net loss per share attributable to ordinary shareholders: | |||
Basic | $ (1.70) | $ (0.72) | $ (1.72) |
Diluted | $ (1.70) | $ (0.72) | $ (1.72) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders: | |||
Basic | 38,363,638 | 36,577,120 | 34,679,717 |
Diluted | 38,363,638 | 36,577,120 | 34,679,717 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (65,386) | $ (26,411) | $ (59,786) |
Other comprehensive income (loss), net of tax: | |||
Net unrealized gains (losses) on investments | (492) | 451 | |
Reclassification of unrealized gains (losses) on investments | (1,219) | ||
Other comprehensive income (loss), net of tax | (492) | (1,219) | 451 |
Comprehensive loss | $ (65,878) | $ (27,630) | $ (59,335) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Outstanding Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Beginning Balance, Amount at Jan. 31, 2020 | $ 448,072 | $ 15 | $ 261,220 | $ 768 | $ 186,069 |
Beginning Balance, Shares at Jan. 31, 2020 | 33,805,609 | ||||
Issuance of shares through employee equity plans, Shares | 1,584,619 | ||||
Issuance of shares through employee equity plans, Amount | 15,684 | $ 1 | 15,683 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Amount | 5,825 | 5,825 | |||
Issuance of shares through employee stock purchase plan, Shares | 182,931 | ||||
Stock repurchase, Amount | (1,000) | $ 0 | (1,000) | 0 | 0 |
Stock repurchase, Shares | (25,719) | ||||
Stock-based compensation expense | 65,730 | $ 0 | 65,730 | 0 | 0 |
Other comprehensive income (loss) - net of tax | 451 | 0 | 0 | 451 | 0 |
Net loss | (59,786) | 0 | 0 | 0 | (59,786) |
Ending Balance, Amount at Jan. 31, 2021 | 474,976 | $ 16 | 347,458 | 1,219 | 126,283 |
Ending Balance, Shares at Jan. 31, 2021 | 35,547,440 | ||||
Issuance of shares through employee equity plans, Shares | 1,636,596 | ||||
Issuance of shares through employee equity plans, Amount | 12,195 | $ 1 | 12,194 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Amount | $ 7,208 | 7,208 | |||
Issuance of shares through employee stock purchase plan, Shares | 118,782 | ||||
Stock repurchase, Shares | 0 | ||||
Fair value of partially vested equity awards assumed in connection with acquisition | $ 407 | $ 0 | 407 | 0 | 0 |
Stock-based compensation expense | 80,020 | 0 | 80,020 | 0 | 0 |
Other comprehensive income (loss) - net of tax | (1,219) | 0 | 0 | (1,219) | 0 |
Net loss | (26,411) | 0 | 0 | 0 | (26,411) |
Ending Balance, Amount at Jan. 31, 2022 | $ 547,176 | $ 17 | 447,287 | 0 | 99,872 |
Ending Balance, Shares at Jan. 31, 2022 | 37,302,818 | 37,302,818 | |||
Issuance of shares through employee equity plans, Shares | 1,635,596 | ||||
Issuance of shares through employee equity plans, Amount | $ 11,409 | $ 1 | 11,408 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Amount | $ 6,636 | 6,636 | |||
Issuance of shares through employee stock purchase plan, Shares | 104,586 | ||||
Stock repurchase, Shares | 0 | ||||
Stock-based compensation expense | $ 106,745 | $ 0 | 106,745 | 0 | 0 |
Other comprehensive income (loss) - net of tax | (492) | 0 | 0 | (492) | 0 |
Net loss | (65,386) | 0 | 0 | 0 | (65,386) |
Ending Balance, Amount at Jan. 31, 2023 | $ 606,088 | $ 18 | $ 572,076 | $ (492) | $ 34,486 |
Ending Balance, Shares at Jan. 31, 2023 | 39,043,000 | 39,043,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (65,386) | $ (26,411) | $ (59,786) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 19,934 | 14,007 | 11,967 |
Amortization (accretion) of premium (discount) on marketable debt securities, net | (683) | 1,034 | 721 |
Stock-based compensation | 111,158 | 87,801 | 70,134 |
Deferred income taxes | (3,936) | (4,426) | (514) |
Other non-cash items, net | (751) | (509) | 65 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (7,680) | (18,600) | (6,487) |
Inventories | 4,733 | (18,944) | (3,110) |
Prepaid expenses and other current assets | 153 | 228 | (537) |
Other non-current assets | 978 | 832 | 1,141 |
Accounts payable | (13,325) | 9,822 | 6,214 |
Accrued and other current liabilities | 5,225 | (1,954) | 12,055 |
Income taxes payable | 2,867 | 83 | 272 |
Deferred revenue | 1,012 | (131) | 144 |
Operating lease liabilities | (4,011) | (3,608) | (2,416) |
Other long-term liabilities | (6,195) | (429) | 937 |
Net cash provided by operating activities | 44,093 | 38,795 | 30,800 |
Cash flows from investing activities: | |||
Acquisition, net of cash acquired | 0 | (307,038) | 0 |
Purchases of investments | (97,437) | (118,726) | (219,677) |
Sales of investments | 2,444 | 208,132 | 70,087 |
Maturities of investments | 2,000 | 107,760 | 123,208 |
Purchase of tangible and intangible assets | (15,051) | (9,679) | (4,942) |
Escrow claim associated with business acquisition | 749 | 0 | 0 |
Net cash used in investing activities | (107,295) | (119,551) | (31,324) |
Cash flows from financing activities: | |||
Stock repurchase | 0 | 0 | (1,000) |
Proceeds from exercise of stock options and employee stock purchase plan | 10,585 | 15,292 | 16,417 |
Long-term financing payment for intangible assets | (4,887) | (4,767) | (5,021) |
Net cash provided by financing activities | 5,698 | 10,525 | 10,396 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (57,504) | (70,231) | 9,872 |
Cash, cash equivalents and restricted cash at beginning of period | 171,053 | 241,284 | 231,412 |
Cash, cash equivalents and restricted cash at end of period | 113,549 | 171,053 | 241,284 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 1,444 | 1,869 | 1,531 |
Supplemental disclosure of noncash investing activities: | |||
Unpaid liabilities related to tangible and intangible assets purchases | $ 16,410 | $ 1,569 | $ 4,302 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Ambarella, Inc. (the Company) was incorporated in the Cayman Islands on January 15, 2004. The Company is a leading developer of low-power semiconductor solutions offering high-definition (HD) and Ultra HD compression, image processing, and powerful deep neural network processing. The Company combines its processor design capabilities with its expertise in video and image processing, algorithms and software to provide a technology platform that is designed to be easily scalable across multiple applications and enable rapid and efficient product development. The Company’s system-on-a-chip, or SoC, designs fully integrate high-definition video processing, image processing, artificial intelligence (AI) computer vision algorithms, audio processing and system functions onto a single chip. These low power SoCs deliver exceptional video and image quality and can extract valuable data from high-resolution video and radar streams. The Company is currently addressing a broad range of human and computer vision applications, including video security, advanced driver assistance systems (ADAS), electronic mirrors, drive recorders, driver/cabin monitoring systems, autonomous driving, and industrial and robotic applications. The Company sells its solutions to leading original equipment manufacturers, or OEMs, who include the Company’s SoCs in their products, and original design manufacturers, or ODMs, who include the Company’s SoCs in the products that they supply to OEMs, globally. Basis of Consolidation The Company’s fiscal year ends on January 31. The consolidated financial statements of the Company and its subsidiaries have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates and assumptions, including those related to (i) business combinations; (ii) write downs of excess and obsolete inventories; (iii) the estimated useful lives of long-lived assets; (iv) the valuation of stock-based compensation awards; (v) the realization of tax assets and estimates of tax liabilities, including reserves for uncertain tax positions. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. Concentration of Risk The Company’s products are manufactured, assembled and tested by third-party contractors located primarily in Asia. The Company does not have long-term agreements with these contractors. A significant disruption in the operations of one or more of these contractors would impact the production of the Company’s products which could have a material adverse effect on its business, financial condition and results of operations. A substantial portion of the Company’s revenue is derived from sales through one of its distributors, WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, which serves as its non-exclusive sales representative in Asia other than Japan, and directly to one ODM customer, Chicony Electronics Co., Ltd., or Chicony. Termination of the relationships with these customers could result in a temporary or permanent loss of revenue. Furthermore, any credit issues from these customers could impair their abilities to make timely payment to the Company. See Note 16 for additional information regarding revenue and credit concentration with these customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable debt securities and accounts receivable. The Company maintains its cash primarily in checking accounts with reputable financial institutions. Cash deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on deposits of its cash. In order to limit the exposure of each investment, the cash equivalents and marketable debt securities consist primarily of money market funds, commercial paper, debt securities of corporations or corporate bonds, asset-backed securities and U.S. government securities which management assesses to be highly liquid. The Company does not hold or issue financial instruments for trading purposes. The Company performs ongoing credit evaluation of its customers and adjusts credit limits based upon payment history and customers’ credit worthiness. The Company regularly monitors collections and payments from its customers. Foreign Currency Transactions The U.S. dollar is the functional currency for the Company and its subsidiaries. Monetary assets and liabilities denominated in non-U.S. currencies are re-measured to U.S. dollars using current exchange rates in effect at the balance sheet date. Nonmonetary assets and liabilities are re-measured to U.S. dollars using historical exchange rates. Monetary and other accounts are re-measured to U.S. dollars using average exchange rates in effect during each period. Gains or losses from foreign currency re-measurement are included in other income, net in the consolidated statements of operations, and, to date, have not been material. Fair Value of Financial Instruments Fair value accounting is applied to all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed in the financial statements on a recurring basis. The carrying amounts reflected in the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable, accrued liabilities and other current liabilities, approximate fair value due to the short-term nature. Cash Equivalents and Marketable Debt Securities The Company considers all highly liquid debt security investments with original maturities of less than three months at the time of purchase to be cash equivalents. Debt security investments that are highly liquid with original maturities at the time of purchase greater than three months are considered marketable debt securities. The Company classifies these investments as “available-for-sale” (AFS) securities. In accordance with Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company estimates the expected losses whenever a security’s fair value is below its amortized cost basis. The expected loss is computed at an individual security level using the discounted cash flow method with the effective interest rate on the purchase date. In the determination of credit-related losses, the Company excludes securities with zero loss expectation such as assets backed by government agencies. There are various factors considered in its assessment of credit-related losses, including the extent to which the fair value is less than the amortized cost basis, adverse conditions related to an industry or an underlying loan obligator, the payment structure of the security, changes to the rating of the security and other factors that may affect the security credit. The credit-related portion of the loss is recognized in other income, net in the consolidated statements of operations but is limited to the difference between the fair value and the amortized cost basis of the security, adjusted for accrued interest. The non-credit-related portion of the loss is recognized in accumulated other comprehensive loss in the consolidated balance sheets. The Company measures the fair value of money market funds using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar asserts in active markets, or model driven valuations using significant inputs derived from or corroborated by observable market data and are classified within Level 2. The Company does not have debt securities under unobservable inputs and classified within Level 3. Restricted Cash Amounts included in restricted cash represent those required to be set aside to secure certain transactions in a foreign entity. As of January 31, 2023 and 2022, the restricted cash was immaterial, respectively. The following table presents cash, cash equivalents and restricted cash reported on the consolidated balance sheets, and the sums are presented on the consolidated statements of cash flows: As of January 31, 2023 2022 2021 (in thousands) Cash and cash equivalents $ 113,541 $ 171,043 $ 241,274 Restricted cash 8 10 10 Total as presented in the consolidated statements of cash flows $ 113,549 $ 171,053 $ 241,284 Trade Accounts Receivable and Allowance for Credit Losses The Company’s accounts receivables are recorded at invoiced amounts less allowance for any credit losses. In arrangements where revenue recognition occurs in advance of invoicing, an unbilled receivable is recorded, less allowance for any credit losses, within accounts receivable, when collection of these unbilled amounts are conditional only on the passage of time. According to ASU 2016-13, the Company recognizes credit losses based on a forward-looking current expected credit losses (CECL). The Company makes estimates of expected credit losses based upon its assessment of various factors, including historical collection experience, the age of accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The changes in allowance for credit losses are recognized in the consolidated statement of operations. The uncollectible accounts receivables are written off in the period in which a determination is made that all commercially reasonable means of recovering them have been exhausted. There were no material credit losses and write -offs of accounts receivable for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. There was no material allowance recorded as of January 31, 2023 and 2022, respectively. Inventories The Company records inventories at the lower of cost or net realizable value. The cost includes materials and other production costs and is computed using standard cost on a first-in, first-out basis. Inventory reserves are recorded for estimated obsolescence or unmarketable inventories based on forecast of future demand and market conditions. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. Once inventory is written down, a new accounting cost basis is established and, accordingly, any associated reserve is not released until the inventory is sold or scrapped. Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful life for computer equipment, computer software, machinery, equipment and furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives. Repairs and maintenance are charged to expense as incurred. Intangible Assets The Company’s intangible assets primarily consist of acquired intangible assets, including developed technology, customer relationships and trade name, as well as software licenses. The acquired intangible assets are amortized over their estimated useful lives. The Company's in-process research and development, or IPR&D, is initially capitalized at fair value with an indefinite life and amortization commences upon completion of the underlying projects. When a project underlying reported IPR&D is completed, the corresponding amount of IPR&D is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. The Company accounts for a noncancelable on-premise internal-use software license as the acquisition of an intangible asset and the incurrence of a liability to the extent that all or a portion of the software licensing fees are not paid on or before the license acquisition date. The intangible asset and related liability are recorded at net present value and interest expense is recorded over the payment term. The software license is amortized over its license term. The Company expenses the cost of purchased software that is to be sold, leased or otherwise marketed as part of a product until the technological feasibility of the product has been established. Once the technological feasibility of the product, to be externally marketed, has been established or where the software has an alternative future use, the Company capitalizes the cost of purchased software until the associated product is available for general release to customers, at which point the capitalized cost is amortized on a product-by-product basis over the remaining estimated economic life of the product. Leases In accordance with the Accounting Standards Codification (ASC) Topic 842, Leases, the Company recognizes leases as operating lease right-of-use (“ROU”) assets and corresponding lease liabilities at the lease commencement date based on the present value of future lease payments, while recognizing lease expenses under straight-line method through the lease term. The Company also elected the practical expedient that does not recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases. The Company does not combine lease components with non-lease components, and as a result, the non-lease components are accounted for separately. In determining the present value of lease payments, the Company uses the implicit interest rate if readily determinable. When the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company's leases mainly include its worldwide office facilities which are all classified as operating leases. Certain leases include renewal options that are under the Company's discretion. The renewal options are included in the ROU asset and liability calculation if it is reasonably certain that the Company will exercise the option. The Company's finance leases were immaterial as of January 31, 2023 and 2022, respectively. Business Combination In the application of purchase accounting in a business combination, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of the identifiable assets and liabilities is recorded as goodwill. The Company identifies an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or when it can be separately sold, transferred, licensed, rented or exchanged. Intangible assets consist primarily of developed technology, customer relationships and trade name. When determining the fair values of assets acquired and liabilities assumed, especially with respect to the intangible assets, the Company is required to make significant estimates and assumptions. Critical estimates and assumptions used in valuation techniques include, but are not limited to, revenue growth, technology migration curve, customer attrition rate, royalty rates and risk-adjusted discount rates. The estimates are based on historical data, various internal estimates, and external sources that the Company believes to be reasonable upon the acquisition date. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. Goodwill The Company does not amortize goodwill. The Company tests goodwill for impairment at least annually in the fourth fiscal quarter, or sooner whenever events or changes in circumstances indicate that the asset may be impaired. There is only one single reporting unit for goodwill impairment test purposes based on the Company’s business and reporting structure. The Company is permitted to first assess qualitative factors to determine whether the two step goodwill impairment test is necessary. Further testing is only required if the Company determines, based on the qualitative assessment, that it is more likely than not that the reporting unit’s fair value is less than its carrying amount. Otherwise, no further impairment testing is required. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit . No goodwill impairment has been identified to date based on the Company’s qualitative factors assessment. Impairment of Long-Lived Assets Excluding Goodwill The Company reviews property and equipment and intangible assets, excluding goodwill, for impairment at least annually in the fourth fiscal quarter or whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Determination of recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Fair value is determined based on the estimated discounted future cash flows expected to be generated by the asset or asset group. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model or strategy and competitive forces. There has been no occurrence of events or indications to date that would trigger an impairment. As such, no impairment charge has been recognized as of January 31, 2023. Equity Investment The Company accounts for its investments in privately held companies as equity investments and reports the investments in other non-current assets in the consolidated balance sheets. The Company chooses to measure these equity investments that do not have readily determinable fair value at cost minus any recorded impairments, adjusted for subsequent observable price changes in transactions for an identical or similar investment of the same issuers. Upon determining that an impairment or observable price change exists, the Company records any adjustment to the fair value of the investment through other income, net in the consolidated statements of operations. To date, there have been no significant changes on the fair value of the investments and the Company did no t recognize any impairment losses related to these investments in the fiscal years ended January 31, 2023, 2022 and 2021, respectively. Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when control of its goods and services is transferred to its customers. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. The sale of semiconductor products accounts for the substantial majority of the Company’s consolidated revenue. Sales agreements with customers are renewable periodically and contain terms and conditions with respect to payment, delivery, warranty, supply and other rights. The Company considers an accepted customer purchase order, governed by sales agreement, to be the contract with the customer. For each contract, the Company considers the promise to transfer tangible products to be the identified performance obligation. Product sales contracts may include volume-based tiered pricing or rebates that are fulfilled in cash or product. In determining the transaction price, the Company accounts for the right of returns, cash rebates, commissions and other pricing adjustments as variable consideration, estimates these amounts based on the expected amount to be provided to customers and reduces the revenue recognized. The Company estimates sales returns and rebates based on the Company’s historical patterns of return and pricing credits. As the Company’s standard payment terms are 30 days to 60 days, the contracts have no financing component. Under ASC 606, the Company estimates the total consideration to be received by using the expected value method for each contract, computes weighted average selling price for each unit shipped in cases where there is a material right due to the presence of volume-based tiered pricing, allocates the total consideration between the identified performance obligations, and recognizes revenue when control of its goods and services is transferred to its customers. The Company considers product control to be transferred at a point in time upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. The Company also enters into various project service agreements with certain customers. These agreements may include multiple performance obligations, such as software development services, licensing of intellectual property and post-contract customer support, or PCS. These multiple performance obligations are highly interdependent, highly interrelated, are typically not sold separately and do not have standalone selling prices. They are all inputs to generate one combined output which is incorporating its SoC into the customer’s product. Accordingly, the Company determines that they are not separately identifiable and shall be treated as a single performance obligation. For fixed-price project service contracts, the Company recognizes revenue either over time as services are provided using an input method based on contract costs incurred to date compared to total estimated contract cost, or at a point in time upon completion and acceptance by the customer, depending on the terms of the arrangement. For project service contracts that are billed at a fixed rate for each hour of service provided, the Company recognizes revenue in the amount for which the Company has the right to invoice as the Company believes the amount invoiced directly corresponds with the value to the customer of its performance completed to date. Timing of revenue recognition may differ from the timing of invoicing to the Company’s customers. The Company records contract assets when revenue is recognized prior to invoicing. The Company’s contract assets are primarily related to the satisfied but unbilled performance obligations associated with project service agreements at the reporting date. As of January 31, 2023 and 2022, the contract assets for these unbilled receivables were not material, respectively. The Company’s contract liabilities consist of deferred revenue. The deferred revenue is primarily related to the nonrecurring engineering charges that are either invoiced or paid but performance obligations are not satisfied associated with project service agreements. The deferred revenue is expected to be recognized over the period when performance obligations are satisfied. Additionally, the value of unsatisfied, or partially unsatisfied, performance obligations for contracts that are greater than a year was not material as of January 31, 2023 and 2022, respectively. The Company also elects not to disclose the value of unsatisfied or partially unsatisfied performance obligations for contracts with original expected contract duration of one year or less, and elects to exclude amounts collected from customers for all sales taxes from the transaction price. Cost of Revenue Cost of revenue includes the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, testing and manufacturing support operations, such as logistics, planning and quality assurance, as well as personnel costs (including stock-based compensation) related to project service agreements. Cost of revenue also includes indirect costs, such as inventory valuation reserves, adverse purchase commitments, allocation of facility costs, amortization of developed technology, warranty and other general overhead costs. Research and Development Research and development costs are expensed as incurred and consist primarily of personnel costs, product development costs, outside services, costs of development for software and hardware tools, costs and amortization of licensing intellectual property from third parties for product development, costs of fabrication of masks for prototype products, equipment expenses, depreciation of equipment and tools and allocation of facility costs. Selling, General and Administrative Selling, general and administrative expenses consist of personnel costs, travel and trade show costs, legal expenses, amortization of trade name and customer relationships, professional services and occupancy costs. Advertising expenses were not material for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. Stock-Based Compensation The Company measures stock-based compensation for equity awards granted to employees and directors based on the estimated fair value on the grant date, and recognizes that compensation as expense using the straight-line attribution method for service condition awards or using the graded-vesting attribution method for awards with performance conditions over the requisite service period, which is typically the vesting period of each award. The Company determines the fair value of restricted stock and restricted stock units with service or performance conditions based on the fair market value of its ordinary shares on the grant date. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. Determining the fair value of stock options on the grant date requires the input of various assumptions, including stock price of the underlying ordinary share, the exercise price of the stock option, expected volatility, expected term, risk-free interest rate and dividend rate. The Company calculates expected volatility based on its own historical stock price for a period commensurate with the expected term, which is computed based on its own historical exercise behavior. The risk-free interest rate is derived from an average of the U.S. Treasury constant maturity rates for the respective periods most closely commensurate with the expected term. The expected dividend yield is zero because the Company has not historically paid dividends and has no present intention to pay dividends. The Company uses the Lattice pricing model and Monte Carlo Simulations to evaluate the fair value of awards with market conditions, including assumptions of historical volatility and risk-free interest rate commensurate with the vesting term. The Company elects to account for forfeitures as they occur. Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company applies authoritative guidance for the accounting for uncertainty in income taxes. The guidance requires that tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. Upon estimating its tax positions and tax benefits, the Company considers and evaluates numerous factors, which may require periodic adjustments and which may not reflect the final tax liabilities. The Company adjusts its financial statements to reflect only those tax positions that are more likely than not to be sustained under examination. As part of the process of preparing consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets, which are included in the consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the consolidated statements of operations become deductible expenses under applicable income tax laws, or loss or credit carryforwards are utilized. In assessing whether deferred tax assets may be realized, the Company considers whether it is more likely than not that some portion or all of deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company makes estimates and judgments about its future taxable income based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from estimates, the amount of valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the consolidated statements of operations for the periods in which the adjustment is determined to be required. Net Income (Loss) Per Ordinary Share Basic earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period increased to include the number of additional ordinary shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan and unvested restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings (losses) per share by application of the treasury stock method. Comprehensive Loss Comprehensive loss includes unrealized gains or losses from available-for-sale securities that are excluded from net loss. Recent Accounting Pronouncements Although there are several new accounting pronouncements issued by the FASB in fiscal year 2023, the Company does not believe any of these accounting pronouncements had or will hav |
Business Combination
Business Combination | 12 Months Ended |
Jan. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combination | 2. Business Combination The Company did not enter into any business combination agreements during the fiscal years ended January 31, 2023 and 2021. The Company acquired the following business during the fiscal year ended January 31, 2022 which was accounted for as a business combination: On November 5, 2021 , pursuant to a merger agreement, the Company completed the 100 % voting rights acquisition of Oculii Corp., or Oculii, a privately-held Ohio-based company that develops adaptive radar perception algorithms for automotive, including advanced driver assistance systems, autonomous vehicle driving systems and other commercial applications, for a total purchase consideration of $ 355.7 million. As a result, there was $ 277.0 million attributed to goodwill, $ 32.8 million attributed to intangible assets and $ 45.9 million attributed to net assets acquired. The Company also assumed all of the unvested options to purchase Oculii capital stock that were held by continuing Oculii service providers, subject to customary adjustments with respect to the exercise price and number of shares underlying such options. The acquisition-related costs included in selling, general and administrative expense in the consolidated statements of operations were approximately $ 3.8 million in fiscal year 2022. The aggregate purchase consideration has been allocated as follows: Amount (in thousands) Cash consideration transferred $ 355,071 Net working capital adjustment 247 Fair value of stock-based compensation awards attributable to pre-combination services 407 Total purchase consideration $ 355,725 The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the acquisition: Acquisition Date Fair Value (in thousands) Cash and cash equivalents $ 48,032 Accounts receivable 733 Inventories 194 Prepaid expenses and other current assets 134 Property and equipment 155 Intangible assets 32,800 Goodwill 277,024 Other non-current assets 34 Total assets acquired 359,106 Accounts payable 223 Accrued and other current liabilities 2,193 Deferred income tax liability, non-current 965 Total liabilities assumed 3,381 Total purchase consideration $ 355,725 Goodwill is primarily attributable to expected synergies for the combined operations and the assembled workforce acquired and is assigned to the Company’s sole reportable segment. Below is a summary of intangible assets acquired in the acquisition: Acquisition Date Estimated Fair Value Useful Lives (in thousands) Trade name (1) $ 2,500 7 years Customer relationships (2) 13,200 9 years Developed technology (1) 17,100 7 years Total intangible assets acquired $ 32,800 _____________ (1) The fair values of trade name and developed technology were determined by applying the Relief-from-Royalty Method under the income approach. (2) Customer relationships represent the fair value of the existing relationships using the Multi-Period Excess Earnings Method. The finite-lived intangible assets will be amortized over the estimated useful lives based on the pattern in which the economic benefits are expected to be received to the cost of revenue and operating expenses and have a weighted average useful life of 7.8 years. Pro Forma Information (Unaudited) The following table presents unaudited pro forma information as if the acquisition of Oculii had occurred on February 1, 2020. The unaudited pro forma information for the periods indicated includes adjustments for non-recurring transaction costs, amortization of intangibles arising from the acquisition, stock-based compensation expense and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the acquisition been effected on February 1, 2020. In addition, these results are not intended to be a projection of future results and do not reflect events that may occur after the acquisition, including but not limited to revenue enhancements, cost savings or operating synergies that the combined entity may achieve as a result of the acquisition. Pro Forma Year Ended January 31, 2022 January 31, 2021 (unaudited, in thousands) Revenue $ 333,323 $ 223,497 Net loss $ ( 35,330 ) $ ( 78,644 ) Approximately $ 0.5 million of revenue and $ 6.1 million of net loss attributable to Oculii since the acquisition date of November 5, 2021 was included in the consolidated statements of operations for the fiscal year ended January 31, 2022. |
Financial Instruments and Fair
Financial Instruments and Fair Value | 12 Months Ended |
Jan. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments and Fair Value | 3. Financial Instruments and Fair Value In the second quarter of fiscal year 2023, the Company resumed its investments in money market funds and debt securities after a full liquidation of its investments in fiscal year 2022 to finance the acquisition of Oculii. The debt security investment portfolio consists of commercial paper, debt securities of corporations or corporate bonds, asset-backed securities and U.S. government securities. All of the investments are denominated in United States dollars and reported at fair value as available-for-sale securities in the consolidated balance sheets as follows: As of January 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 7,872 $ — $ — $ 7,872 Commercial paper 18,333 — — 18,333 Corporate bonds 23,472 50 ( 224 ) 23,298 Asset-backed securities 18,753 44 ( 149 ) 18,648 U.S. government securities 33,256 22 ( 235 ) 33,043 Total cash equivalents and marketable debt securities $ 101,686 $ 116 $ ( 608 ) $ 101,194 As of January 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 20 $ — $ — $ 20 Total cash equivalents and marketable debt securities $ 20 $ — $ — $ 20 As of January 31, 2023, there were no money market funds or debt securities with unrealized losses for more than twelve months. As of January 31, 2023 January 31, 2022 (in thousands) Included in cash equivalents $ 7,872 $ 20 Included in marketable debt securities 93,322 — Total cash equivalents and marketable debt securities $ 101,194 $ 20 The contractual maturities of the investments at January 31, 2023 and 2022 were as follows: As of January 31, 2023 January 31, 2022 (in thousands) Due within one year $ 48,016 $ 20 Due in 1-5 years 52,414 — Due in 5-7 years 764 — Total cash equivalents and marketable debt securities $ 101,194 $ 20 The unrealized gains and losses on the available-for-sale securities were primarily caused by fluctuations in market value and interest rates as a result of the economic environment. In accordance with ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company estimates the expected losses at an individual security level whenever a security’s fair value is below its amortized cost basis using the discounted cash flow method. The credit-related portion of the loss is recognized in other income, net in the consolidated statements of operations but is limited to the difference between the fair value and the amortized cost basis of the security, adjusted for accrued interest. The non-credit-related portion of the loss is recognized in accumulated other comprehensive loss in the consolidated balance sheets. The credit-related losses were not material for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. Interest income, including amortization of premiums and accretion of discounts related to the investments, as well as realized gains and losses from sales of the investments are recorded in other income, net, in the consolidated statements of operations. For the fiscal years ended January 31, 2023, 2022, and 2021, interest income and realized gains and losses, net, were approximately $ 1.7 million, $ 1.7 million and $ 3.6 million, respectively. The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. Level 3—Unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. The Company measures the fair value of money market funds using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar assets in active markets and are classified within Level 2. The following tables present the fair value of the financial instruments measured on a recurring basis as of January 31, 2023 and 2022, respectively: As of January 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 7,872 $ 7,872 $ — $ — Commercial paper 18,333 — 18,333 — Corporate bonds 23,298 — 23,298 — Asset-backed securities 18,648 — 18,648 — U.S. government securities 33,043 — 33,043 — Total cash equivalents and marketable debt securities $ 101,194 $ 7,872 $ 93,322 $ — As of January 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 20 $ 20 $ — $ — Total cash equivalents and marketable debt securities $ 20 $ 20 $ — $ — |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Work-in-progress $ 26,023 $ 25,844 Finished goods 14,463 19,375 Total $ 40,486 $ 45,219 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, net Depreciation expense was approximately $ 3.9 million, $ 2.8 million and $ 2.6 million for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. Property and equipment at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Computer hardware and software $ 20,733 $ 16,488 Tools and equipment 8,325 7,532 Furniture and fixtures 1,311 1,243 Leasehold improvements 3,295 2,942 Construction in progress 513 1,060 34,177 29,265 Less: accumulated depreciation and amortization ( 22,363 ) ( 19,131 ) Total property and equipment, net $ 11,814 $ 10,134 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Jan. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 6. Intangible Assets, net Intangible assets primarily consist of software licenses as well as developed technology, customer relationships and trade name that were acquired from business combinations. In fiscal year 2022, the Company determined that the underlying project incorporating IPR&D from the prior acquisition of VisLab S.r.l., or VisLab, was completed. As a result, the $ 4.1 million of IPR&D was reclassified as definite-lived developed technology and started amortization over its estimated economic life of 7 years. The Company enters into certain software license agreements with third parties from time-to-time. The software licenses consist of noncancelable on-premise internal-use software and software with alternative use that is to be sold, leased or otherwise marketed as part of a product. The licenses have been capitalized as intangible assets, and the corresponding future payments have been recorded as liabilities at net present value. As of January 31, 2023, $ 7.1 million was recorded in accrued and other current liabilities and $ 9.6 million was recorded in other long-term liabilities in the consolidated balance sheets. The components of intangible assets as of January 31, 2023 and 2022 were as follows: As of January 31, 2023 As of January 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Software licenses $ 34,128 $ ( 6,319 ) $ 27,809 $ 22,093 $ ( 11,331 ) $ 10,762 Developed technology 21,200 ( 3,932 ) 17,268 21,200 ( 904 ) 20,296 Customer relationships 13,200 ( 1,833 ) 11,367 13,200 ( 367 ) 12,833 Trade name 2,500 ( 447 ) 2,053 2,500 ( 89 ) 2,411 Total intangible assets, net $ 71,028 $ ( 12,531 ) $ 58,497 $ 58,993 $ ( 12,691 ) $ 46,302 During the twelve months ended January 31, 2023, there were approximately $ 24.5 million of software licenses purchased and approximately $ 12.5 million of software licenses retired. The amortization expense associated with software licenses was approximately $ 7.5 million, $ 6.4 million and $ 6.5 million for the fiscal years ended January 31, 2023, 2022 and 2021 respectively. The amortization expense associated with acquisition-related intangible assets, including developed technology, customer relationship and trade name, was approximately $ 4.9 million and $ 1.4 million for the fiscal years ended January 31, 2023 and 2022, respectively. There was no amortization expense associated with acquisition-related intangible assets for the fiscal year ended January 31, 2021. The expected future amortization expense related to these intangible assets as of January 31, 2023 is as follows: As of January 31, 2023 Fiscal Year (in thousands) 2024 $ 13,754 2025 11,996 2026 9,944 2027 5,711 2028 5,711 Thereafter 11,381 Total future amortization expenses: $ 58,497 Intangible assets are tested for impairment at least annually, in the fourth fiscal quarter, or more frequently if events or changes in circumstances indicate that the assets may be impaired. The Company is also required to test the impairment prior to changing the IPR&D from an indefinite-lived asset to a finite-lived asset. There were no intangible asset impairments for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Jan. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 7. Goodwill The Company has one reporting segment and accordingly, there is no goodwill assignment based on reporting units (refer to Note 16). As of January 31, 2023 and 2022, the total carrying amount of goodwill was $ 303.6 million, respectively. The Company does not amortize goodwill. In the fourth quarter of fiscal year 2023, 2022 and 2021, the Company performed annual goodwill tests and there were no goodwill impairments for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | 8. Accrued and Other Current Liabilities Accrued and other current liabilities at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Accrued employee compensation $ 22,152 $ 30,044 Accrued product development costs 19,433 10,523 Software license liabilities, current 7,059 6,001 Other accrued liabilities 8,011 5,496 Total accrued and other current liabilities $ 56,655 $ 52,064 The timing of SoC development progress and payments to outside foundries resulted in fluctuation in the accrued product development costs. Approximately $ 10.9 million of annual bonus was paid in fiscal year 2023, of which $ 3.2 million was paid in cash and $ 7.7 million was settled with restricted stock units. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2023 | |
Leases [Abstract] | |
Leases | 9. Leases The Company enters into various operating leases for its worldwide facilities. During the twelve months ended January 31, 2023, the Company extended leases for its Shenzhen office and one of its facilities in Santa Clara, California for an additional two years beginning October 1, 2022 to September 30, 2024 . For the lease extensions, the Company recorded an increase to the operating lease ROU assets and corresponding operating lease liabilities of approximately $ 0.8 million in the consolidated balance sheets. During the twelve months ended January 31, 2022, the Company extended its existing Shanghai office lease for an additional three years beginning December 1, 2021 to November 30, 2024 and extended its existing Hong Kong office lease for an additional five years beginning December 1, 2021 to November 30, 2026 . The Company also leased an additional space for its Shanghai office for a period of 40 months starting from August 1, 2021 through November 30, 2024 . The Company recorded an aggregate increase of approximately $ 4.4 million to the operating lease ROU assets and corresponding operating lease liabilities in the consolidated balance sheets as a result of these lease extensions and additional leased space. For the fiscal years ended January 31, 2023, 2022 and 2021, the operating lease expense was approximately $ 3.7 million, $ 3.5 million and $ 3.0 million, respectively. The Company's short-term leases and finance leases were immaterial as of January 31, 2023 and 2022, respectively. Supplemental cash flow information related to the operating leases is as follows: Year Ended January 31, 2023 January 31, 2022 (in thousands) Cash paid for operating leases included in operating cash flows $ 4,011 $ 3,608 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 319 $ 365 Leased assets changes arising from lease modifications $ 575 $ 2,798 As of January 31, 2023, the weighted average remaining lease term is 2.61 years, and the weighted average discount rate is 3.58 %. Future minimum lease payments for the lease liabilities are as follows: As of January 31, 2023 Fiscal Year (in thousands) 2024 $ 3,766 2025 3,420 2026 1,370 2027 299 2028 125 Thereafter — Total future annual minimum lease payments 8,980 Less: interest ( 344 ) Total lease liabilities $ 8,636 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Jan. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 10. Other Long-Term Liabilities Other long-term liabilities at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Unrecognized tax benefits, including interest $ 3,770 $ 9,313 Deferred tax liabilities, non-current 1,120 1,769 Software license liabilities, non-current 9,614 1,674 Other long-term liabilities 1,044 7 Total other long-term liabilities $ 15,548 $ 12,763 |
Capital Stock
Capital Stock | 12 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | 11. Capital Stock Preference shares Since the Company’s initial public offering, or IPO, a total of 20,000,000 preference shares, with a $ 0.00045 par value per share, were authorized. There were no preference shares issued and outstanding as of January 31, 2023 and 2022, respectively. Ordinary shares As of January 31, 2023 and 2022, the following ordinary shares were reserved for future issuance under the Company’s equity plans and employee stock purchase plan: As of January 31, 2023 2022 Shares reserved for options, restricted stock and restricted stock units under equity plans 5,822,819 7,461,541 Shares reserved for employee stock purchase plan 2,986,403 2,624,704 Shares repurchased There were no shares repurchased in fiscal years 2023 and 2022. On March 16, 2020, the Company repurchased a total of 25,719 of its ordinary shares for approximately $ 1.0 million in cash under an authorized repurchase program up to $ 50.0 million. The Company's Board of Directors has approved extensions of the repurchase program through June 30, 2023 . As of January 31, 2023, there was approximately $ 49.0 million available for repurchases through June 30, 2023. Repurchases under the program may be made from time-to-time through open market purchases, 10b5-1 plans or privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the company's discretion. Repurchases are funded using working capital and any repurchased shares are recorded as authorized but unissued shares. |
Employee Benefits and Stock-bas
Employee Benefits and Stock-based Compensation | 12 Months Ended |
Jan. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Employee Benefits and Stock-based Compensation | 12. Employee Benefits and Stock-based Compensation 401(k) Plan The Company maintains a defined contribution 401(k) plan (the 401(k) Plan) for all of its eligible U.S. employees. Under the 401(k) Plan, eligible employees may contribute up to the Internal Revenue Service annual contribution limitation. The Company is responsible for administrative costs of the Plan. The Company’s contribution expense for the fiscal years ended January 31, 2023 and 2022 was approximately $ 0.8 million and $ 0.6 million, respectively. The Company did not make any matching contributions prior to fiscal year 2022. Stock OptioPlans 2012 Equity Incentive Plan. The 2012 Equity Incentive Plan, or 2012 EIP, permits the grant of ISOs, within the meaning of Section 422 of the Code, to employees of the Company and any of the Company’s subsidiary corporations, and the grant of NSOs, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, deferred stock units and dividend equivalents to employees, directors and consultants of the Company and any of the Company’s subsidiary corporations’ employees and consultants. 2021 Equity Incentive Plan. In June 2021, the Company’s shareholders approved the 2021 Equity Incentive Plan, or 2021 EIP. The 2021 EIP permits the grant of ISOs, within the meaning of Section 422 of the Code, to employees of the Company and any of the Company’s subsidiary or parent corporations, and the grant of NSOs, stock appreciation rights, restricted stock, restricted stock units, and performance awards to employees, directors and consultants of the Company and any of the Company’s subsidiary or parent corporations’ employees and consultants. Upon adoption of the 2021 EIP, the total number of ordinary shares of the Company reserved for issuance under the 2021 Plan was equal to, subject to adjustments upon changes in capitalization as provided under the 2021 EIP, 1,350,000 ordinary shares, plus (i) any ordinary shares subject to outstanding awards granted under the 2012 EIP, that, after the date the 2012 EIP is terminated, are cancelled, expire or otherwise terminate without having been exercised in full or are forfeited to or repurchased by the Company due to failure to vest, and (ii) any ordinary shares that, as of immediately prior to the termination of the 2012 EIP, were available for grant under the 2012 EIP, up to a maximum of 6,834,208 ordinary shares pursuant to clauses (i) and (ii). In the first quarter of fiscal year 2022, the Company added 1,599,634 shares to the ordinary shares reserved for issuance, pursuant to an “evergreen” provision contained in the 2012 EIP. Upon the approval of the 2021 EIP, the 2012 EIP was terminated. No additional awards will be granted under the 2012 EIP and any shares that were reserved but not issued under the 2012 EIP became available for future grant or sale under the 2021 EIP. However, all outstanding stock options and other awards previously granted under the 2012 EIP will remain subject to the terms of the 2012 EIP. Oculii Corp. 2017 Stock Option Plan. In November 2021, the Company assumed the Oculii Corp. 2017 Stock Option Plan, or 2017 Plan, as part of the acquisition of Oculii. No additional awards will be granted under the 2017 Plan. However, all outstanding stock options previously granted under the 2017 Plan will remain subject to the terms of the 2017 Plan and any outstanding stock options that are cancelled or forfeited due to failure to vest will immediately expire from the 2017 Plan. The exercise price of ISOs granted to a holder of more than 10 % of the voting power of all classes of the Company’s shares shall be no less than 110 % of fair market value on the grant date. The exercise price of ISOs granted to other employees and NSOs shall be no less than 100 % of fair market value on the grant date. Options granted under the Plan have a term of up to 10 years from grant date. Options granted to new employees generally vest 25% on the first anniversary service date of the grant and the remainder vest ratably over the following 36 months. Restricted stock and restricted stock units granted to new employees generally vest as to 1/4th of the shares on the first anniversary service date of the grant and 1/16th of the shares vest every 3 months thereafter, so as to be 100% vested on the fourth anniversary of the vesting commencement date. Vesting schedules for other service condition, market condition or performance condition awards vary and are subject to approval by the Board of Directors; provided that the performance condition associated awards shall not vest at all until the performance conditions are achieved and are subject to the award’s holders continuing to provide services to the Company through such vesting dates. The performance condition awards are automatically forfeited in their entirety, without any cost to or action by the Company, if there has been no achievement of the performance. The holders of restricted stock have voting power and other rights with respect to such shares, provided, however, that such shares are held in escrow and subject to forfeiture until the shares vested. Amended and Restated 2012 Employee Stock Purchase Plan. The Amended and Restated 2012 Employee Stock Purchase Plan, or ESPP, permits eligible participants to purchase ordinary shares at a discount through contributions up to 15 % of their eligible compensation, subject to any IRS limitations. The ESPP provides each offering and purchasing period of six months in duration. The purchase price is 85 % of the lower of the closing price of the Company’s ordinary shares on the first trading day of each offering period or on the purchase date. In the first quarter of fiscal year 2023 and 2022, the Company added 466,285 and 444,343 shares, respectively, to the ordinary shares reserved for issuance, pursuant to an “evergreen” provision contained in the ESPP. Pursuant to such provision, on February 1st of each fiscal year, the number of ordinary shares reserved for issuance under the ESPP is automatically increased by a number equal to the lesser of (i) 1,500,000 ordinary shares, (ii) one and one quarter percent ( 1.25 %) of the aggregate number of ordinary shares outstanding on such date, or (iii) an amount determined by the Company’s Board of Directors or a duly authorized committee of the Board of Directors. Stock-based Compensation The following table presents the classification of stock-based compensation for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands) Stock-based compensation: Cost of revenue $ 3,597 $ 1,489 $ 1,328 Research and development 71,236 54,787 42,903 Selling, general and administrative 36,325 31,525 25,903 Total stock-based compensation $ 111,158 $ 87,801 $ 70,134 As of January 31, 2023 and 2022, approximately $ 4.6 million and $ 7.8 million of stock-based compensation expense, respectively, was accrued in accrued and other current liabilities in the consolidated balance sheets. Total unrecognized compensation cost related to unvested stock options at January 31, 2023 was $ 15.9 million and is expected to be recognized over a weighted-average period of 1.85 years. Total unrecognized compensation cost related to unvested restricted stock units was $ 189.7 million and is expected to be recognized over a weighted-average period of 2.41 years. In April 2022, the Company’s Compensation Committee of the Board of Directors approved the acceleration of vesting of 35,703 shares of unvested equity awards associated with the departure of Mr. Casey Eichler, who was the Company’s Chief Financial Officer until March 2022. As a result, there was approximately $ 1.7 million of additional stock-based compensation expense, net recognized in fiscal year 2023. The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated: Year Ended January 31, 2023 2022 2021 Stock Options: Volatility — 51 % 52 % Risk-free interest rate — 1.04 % 0.52 % Expected term (years) — 5.06 5.78 Dividend yield — 0 % 0 % Employee stock purchase plan awards: Volatility 81 % 57 % 59 % Risk-free interest rate 2.32 % 0.06 % 0.21 % Expected term (years) 0.5 0.5 0.5 Dividend yield 0 % 0 % 0 % The following table summarizes stock option activities for the periods indicated: Option Outstanding Weighted- Total Intrinsic Average Weighted- Weighted- Value of Remaining Aggregate Weighted- Average Average options Contractual Intrinsic Average Grant-date Acquisition-date Exercised Term Value Shares Exercise Price Fair Value Fair Value (in thousands) (in years) (in thousands) Outstanding at January 31, 2020 1,124,646 $ 32.93 Granted 51,200 59.54 $ 28.37 Exercised ( 421,736 ) 24.52 $ 19,401 Forfeited ( 11,618 ) 46.69 Expired ( 23,349 ) 70.11 Outstanding at January 31, 2021 719,143 38.33 Granted 14,700 110.19 $ 50.28 Assumed 163,581 23.10 $ 173.04 Exercised ( 269,287 ) 28.23 $ 25,622 Forfeited ( 7,669 ) 68.95 Expired ( 1,146 ) 9.86 Outstanding at January 31, 2022 619,322 40.08 Exercised ( 121,624 ) 30.34 $ 6,712 Forfeited ( 10,618 ) 55.97 Expired ( 2,289 ) 39.19 Outstanding at January 31, 2023 484,791 42.18 4.38 $ 23,346 Exercisable at January 31, 2023 370,158 $ 44.47 3.59 $ 16,927 The intrinsic value of options outstanding and exercisable is calculated based on the difference between the fair market value of the Company’s ordinary shares on the reporting date and the exercise price. The closing price of the Company’s stock was $ 89.84 on January 31, 2023, as reported by The NASDAQ Global Market. The intrinsic value of exercised options is calculated based on the difference between the fair market value of the Company’s stock on the exercise date and the exercise price. The following table summarizes restricted stock unit activities for the periods indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2020 2,617,266 $ 50.30 Granted 1,499,203 53.45 Vested ( 1,162,883 ) 50.53 Forfeited ( 81,785 ) 54.48 Unvested at January 31, 2021 2,871,801 51.73 Granted 1,213,257 128.80 Vested ( 1,367,309 ) 53.85 Forfeited ( 66,614 ) 71.59 Unvested at January 31, 2022 2,651,135 85.41 Granted 1,549,174 74.45 Vested ( 1,513,972 ) 71.32 Forfeited ( 112,978 ) 99.46 Unvested at January 31, 2023 2,573,359 $ 86.81 Total fair value as of the respective vesting dates of restricted stock units vested for the fiscal years ended January 31, 2023, 2022 and 2021 was approximately $ 122.0 million, $ 192.5 million, and $ 69.0 million, respectively. As of January 31, 2023, the aggregate intrinsic value of unvested restricted stock units was $ 231.2 million. |
Net Loss Per Ordinary Share
Net Loss Per Ordinary Share | 12 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Ordinary Share | 13. Net Loss Per Ordinary Share The following table sets forth the computation of basic and diluted net loss per ordinary share for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands, except share and per share data) Numerator: Net loss $ ( 65,386 ) $ ( 26,411 ) $ ( 59,786 ) Denominator: Weighted-average ordinary shares - basic 38,363,638 36,577,120 34,679,717 Weighted-average ordinary shares - diluted 38,363,638 36,577,120 34,679,717 Net loss per ordinary share: Basic $ ( 1.70 ) $ ( 0.72 ) $ ( 1.72 ) Diluted $ ( 1.70 ) $ ( 0.72 ) $ ( 1.72 ) The following weighted-average potentially dilutive securities were excluded from the computation of diluted net loss per ordinary share as their effect would have been antidilutive: Year Ended January 31, 2023 2022 2021 Options to purchase ordinary shares 336,828 327,747 660,025 Restricted stock units 1,550,679 1,388,091 1,440,176 Employee stock purchase plan 10,883 8,904 27,789 1,898,390 1,724,742 2,127,990 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Loss before income taxes consisted of the following for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands) U.S. operations $ ( 18,968 ) $ ( 5,842 ) $ 8 Non-U.S. operations ( 51,970 ) ( 22,799 ) ( 57,311 ) Loss before income taxes $ ( 70,938 ) $ ( 28,641 ) $ ( 57,303 ) Income tax provision (benefit) consisted of the following for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands) Current: U.S. federal tax $ ( 3,525 ) $ 907 $ 1,705 U.S. state taxes 175 — 256 Non-U.S. foreign taxes 2,395 1,778 1,019 ( 955 ) 2,685 2,980 Deferred: U.S. federal tax ( 4,231 ) ( 4,819 ) ( 432 ) U.S. state taxes — ( 14 ) — Non-U.S. foreign taxes ( 366 ) ( 82 ) ( 65 ) ( 4,597 ) ( 4,915 ) ( 497 ) Provision (benefit) for income taxes $ ( 5,552 ) $ ( 2,230 ) $ 2,483 The Company consists of a Cayman Islands parent company with various foreign and U.S. subsidiaries. Effective December 31, 2019, the Company has structured its activities to comply with the International Tax Co-Operation (Economic Substance) Law, 2018 in the Cayman Islands. As part of the new structure, the Company is the general partner of a Canadian limited partnership, the ultimate beneficial owner, and is allocated all of the earnings of the partnership. The primary jurisdiction where our foreign earnings are derived is the Cayman Islands, where the Company is domiciled. Under the current laws of the Cayman Islands, the Company is not subject to tax on its income. For purposes of the reconciliation between the provision (benefit) for income taxes at the statutory rate and the effective tax rate, a notional U.S. 21 % rate is applied to pretax income (loss) as a result of the following for the periods indicated, respectively : Year Ended January 31, 2023 2022 2021 (in thousands) Provision at U.S. notional statutory rate $ ( 14,897 ) $ ( 6,015 ) $ ( 12,034 ) U.S. state taxes 114 ( 11 ) 212 Non-U.S. foreign tax differential 12,943 6,483 12,989 Stock-based compensation 10,004 1,900 4,943 U.S. R&D credit ( 5,045 ) ( 5,886 ) ( 3,928 ) Valuation allowance 2,124 765 — FIN48 interest ( 739 ) 311 — Uncertain tax position release ( 10,188 ) — — Other 132 223 301 Provision (benefit) for income taxes $ ( 5,552 ) $ ( 2,230 ) $ 2,483 Temporary differences that gave rise to significant portions of the Company’s deferred tax assets and liabilities at January 31, 2023 and 2022 were as follows : As of January 31, 2023 2022 (in thousands) Deferred tax assets: Federal and state credits $ 40,134 $ 33,485 Net operating losses 6,659 7,466 Expenses not currently deductible 3,164 1,294 Operating lease liabilities 1,582 2,096 Stock-based compensation 3,678 3,632 Foreign deferred 262 191 Gross deferred tax assets 55,479 48,164 Valuation allowance ( 28,596 ) ( 24,083 ) Total deferred tax assets $ 26,883 $ 24,081 Deferred tax liabilities Intangible assets ( 6,782 ) ( 8,150 ) Property and equipment ( 617 ) ( 386 ) Operating lease assets ( 1,452 ) ( 1,971 ) Net deferred tax assets $ 18,032 $ 13,574 Tax valuation allowance for the periods indicated below were as follows : Deductions Additions Charged to Balance at Additional Charged to Expenses Balance at Beginning of Charged to Other or Other End of Period Expenses Account Accounts Period (in thousands) Tax Valuation Allowance Year ended January 31, 2023 $ 24,083 4,513 — — $ 28,596 Year ended January 31, 2022 $ 17,962 4,874 1,247 — $ 24,083 Year ended January 31, 2021 $ 14,670 3,292 — — $ 17,962 The Company conducts its business in several countries and regions and is subject to taxation in those jurisdictions. The Company is incorporated in the Cayman Islands with foreign subsidiaries in the U.S., China, Taiwan, Italy and other foreign countries and regions. As such, the Company’s worldwide operating income is subject to varying tax rates and its effective tax rate is highly dependent upon the geographic distribution of its earnings or losses and the tax laws and regulations in each geographical region. Consequently, the Company has experienced lower effective tax rates as a substantial amount of its operations are conducted in lower-tax jurisdictions. If the Company’s operational structure was to change in such a manner that would increase the amount of operating income subject to taxation in higher-tax jurisdictions, or if the Company was to commence operations in jurisdictions assessing relatively higher tax rates, its effective tax rate could fluctuate significantly on a quarterly basis and/or be adversely affected. Dividend distributions received from the Company’s U.S. subsidiary and certain other foreign subsidiaries may be subject to local country withholding taxes when, and if, distributed. Deferred tax liabilities have not been recorded on unremitted earnings of certain subsidiaries because management’s intent is to indefinitely reinvest any undistributed earnings in those subsidiaries. If dividend distributions from those subsidiaries were to occur, the liability as of January 31, 2023 would be $ 15.6 million. Cumulative undistributed earnings of foreign subsidiaries for which no deferred taxes have been provided approximated $ 107.9 million at January 31, 2023. As of January 31, 2023 and 2022, the Company had deferred tax assets (net of deferred tax liabilities) before valuation allowance, of $ 46.6 million and $ 37.7 million, respectively. The Company assesses whether a valuation allowance should be established against its deferred tax assets based on the consideration of all available evidence, using a “more likely than not” standard. The Company has Federal and California net operating losses of $ 31.4 million and $ 1.0 million, respectively, as of January 31, 2023. The Federal net operating loss carryforwards begin to expire in fiscal year 2037 . The California net operating loss carryforwards begin to expire in fiscal year 2040 , if not utilized. For financial statement purposes these carry forwards are offset by uncertain tax positions. The Company also has Federal and California state research and development credit carryforwards of approximately $ 27.5 million and $ 37.5 million, respectively, at January 31, 2023. The Federal credits begin to expire in fiscal year 2037 . The California credits can be carried forward indefinitely. The Company reports its U.S. state deferred tax assets and related valuation allowance, net of the U.S federal tax rate of 21 %. As of January 31, 2023, the Company has recorded a valuation allowance of $ 24.5 million against all of its U.S. state deferred tax assets due to uncertainty regarding the future utilization of these deferred tax assets. In addition, the Company has recorded a valuation allowance of $ 4.1 million against the federal deferred tax assets of Oculii Corp. Utilization of the net operating loss and research credit carryforwards may be subject to an annual limitation due to the ownership percentage change limitations as defined by the U.S. Internal Revenue Code Section 382, as amended, and similar state provisions. The annual limitation may result in the expiration of the U.S. Federal and state research credit carryforwards before utilization. The Company does not expect any net operating loss or tax credit carryforwards to expire as a result of a Section 382 limitation. The Company applies the provisions of FASB’s guidance on accounting for uncertainty in income taxes. As of January 31, 2023, the Company had approximately $ 21.7 million in unrecognized tax benefits, $ 14.8 million of which would affect the Company’s effective tax rate if recognized. The remainder of the unrecognized tax benefits would not affect the effective tax rate due to the full valuation recorded for state deferred tax assets. Certain fiscal year 2021 amounts have been revised to reflect unrecognized tax benefits on a gross basis. The following table sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits : Year Ended January 31, 2023 2022 2021 (in thousands) Beginning balance: $ 30,884 $ 29,527 $ 42,695 Additions based on tax positions related to the 1,033 1,412 3,360 Additions for tax positions of prior years 195 55 16 Reductions for tax positions in prior years ( 45 ) — ( 10,212 ) Settlements for prior periods — — ( 6,087 ) Lapse of applicable statute of limitations ( 10,411 ) ( 110 ) ( 245 ) Ending balance: $ 21,656 $ 30,884 $ 29,527 The Company classified $ 3.2 million and $ 8.0 million of income tax liabilities as other long-term liabilities as of January 31, 2023 and 2022, respectively, because payment of cash or settlement is not anticipated within one year from the balance sheet date. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. The Company recorded a benefit of $ 0.7 million, expense of $ 0.3 million and expense of $ 0.3 million for interest and penalties related to uncertain tax positions for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. The benefit in fiscal year 2023 was due to the release of a prior year reserve upon lapse of statute of limitations. The Company recorded noncurrent liabilities of $ 0.6 million and $ 1.3 million related to interest and penalties for uncertain tax positions at January 31, 2023 and 2022, respectively. The primary jurisdiction where our foreign earnings are derived is the Cayman Islands, where the Company is domiciled. The Company files income tax returns in the U.S. federal jurisdiction as well as many U.S. state and foreign jurisdictions. The Internal Revenue Service has closed the examination of the Company’s U.S. federal income tax return for the fiscal year ended January 31, 2017. At January 31, 2023, the Company’s fiscal year 2020 through 2023 tax years are generally open and subject to potential examination by U.S. federal tax authorities. The Company’s fiscal year 2019 through 2023 tax years are generally open and subject to potential examination by state tax authorities. The Company’s fiscal years 2016 to 2023 remain open to examination by foreign tax authorities. Fiscal years outside of the normal statute of limitations remain open to audit by tax authorities due to tax attributes generated in those earlier years, which have been carried forward and may be audited in subsequent years when utilized. The Company regularly assesses the likelihood of adverse outcomes resulting from potential tax examinations to determine the adequacy of its provision for income taxes. These assessments can require considerable estimates and judgments. During the fiscal year ended January 31, 2023, the gross amount of unrecognized tax benefits decreased by $ 9.2 million to $ 21.7 million. The decrease was primarily due to the release of prior year reserves upon the lapse of the statute of limitations. If the estimates of income tax liabilities prove to be less than the ultimate assessment, then a further charge to expense could be required. If events occur, and the payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities could result in tax benefits being recognized in the period in which the Company determines the liabilities are no longer necessary. The Company does not anticipate significant changes to its uncertain tax positions during the next twelve months. As of January 31, 2023, the Company’s long-term income taxes payable, including estimated interest and penalties, was approximately $ 3.8 million. The Company was unable to make a reasonably reliable estimate of the timing of payments in individual years due to uncertainties in the timing of tax audits, if any, or their outcomes. On July 27, 2015, the United States Tax Court issued a decision (“Tax Court Decision”) in Altera Corp. v. Commissioner , which concluded that related parties in a cost sharing arrangement are not required to share expenses related to share-based compensation. The Tax Court Decision was appealed by the Commissioner to the Ninth Circuit Court of Appeals (“Ninth Circuit”). On June 7, 2019, the Ninth Circuit issued an opinion that reversed the Tax Court Decision. On July 22, 2019, the taxpayer requested a rehearing before the full Ninth Circuit and the request was denied on November 12, 2019. On February 10, 2020, the taxpayer filed a petition to appeal the decision with the Supreme Court of the United States which was denied on June 22, 2020. The denial of the request by the Supreme Court did not have a material impact to the Company’s provision for income taxes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Contract Manufacturer Commitments The Company’s components and products are procured and built by independent contract manufacturers based on sales forecasts. These forecasts include estimates of future demand, historical trends, analysis of sales and marketing activities, and adjustment of overall market conditions. The Company regularly issues purchase orders to independent contract manufacturers which are cancelable upon agreement between the Company and the third-party manufacturers. These manufacturing purchase commitments typically provide the Company with flexibility to cancel, reschedule or adjust requirements based upon business needs but the Company may incur certain costs depending on the production stage of the products. As of January 31, 2023 and 2022, total manufacturing purchase commitments were approximately $ 43.6 million and $ 71.5 million, respectively. The Company also reviews and assesses the need for any expected loss liabilities on quarterly basis for all products that it does not expect to sell for which it has committed purchases from suppliers. As of January 31, 2023, an approximately $ 2.9 million loss was recognized in the consolidated balance sheets from adverse purchase commitments. There were no material loss liabilities recorded in the consolidated balance sheets from adverse purchase commitments as of January 31, 2022. Indemnification The Company, from time to time, in the normal course of business, indemnifies certain vendors with whom it enters into contractual relationships. The Company has agreed to hold the other party harmless against third-party claims in connection with the Company’s future products. The Company also indemnifies certain customers against third-party claims related to certain intellectual property and product liability matters. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. The Company has no t made payments under these obligations as of January 31, 2023, and no liabilities have been recorded for these obligations in the consolidated balance sheets as of January 31, 2023 and 2022, respectively. Other Matters From time to time, the Company is subject to commercial disputes, employment issues, intellectual property claims and litigation, in the ordinary course of its business. Although the ultimate disposition of asserted claims cannot be predicted with certainty, it is the Company’s belief that the outcome of any such claims, either individually or on a combined basis, will not have a material adverse effect on its consolidated financial position. The results of any litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. As of January 31, 2023 and 2022, there were no t any accruals for contingent liabilities related to such matters recorded in the consolidated balance sheets. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. Segment Reporting The Company operates in one operating and reporting segment related to the development and sales of low-power, HD, Ultra HD video compression, image processing and computer vision solutions. The Chief Executive Officer of the Company has been identified as the Chief Operating Decision Maker (the CODM) and manages the Company’s operations as a whole. For the purpose of evaluating financial performance and allocating resources, the CODM reviews financial information presented on a consolidated basis accompanied by information by customer and geographic region. Geographic Revenue The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated. Year Ended January 31, 2023 2022 2021 (in thousands) Taiwan $ 203,828 $ 209,044 $ 139,327 Asia Pacific 73,371 81,480 57,270 Europe 25,065 17,823 9,415 North America other than United States 23,164 18,191 10,304 United States 12,178 5,318 6,674 Total revenue $ 337,606 $ 331,856 $ 222,990 Substantially all of the Company’s property and equipment were located in the Asia Pacific region, United States and Europe. As of January 31, 2023, the net amount of these fixed assets located in these regions was approximately $ 6.3 million, $ 4.0 million and $ 1.5 million, respectively. As of January 31, 2022, the net amount of these fixed assets located in these regions was approximate $ 5.6 million, $ 3.1 million and $ 1.5 million, respectively. Major Customers The customers representing 10% or more of revenue and accounts receivable for the fiscal years ended January 31, 2023, 2022 ad 2021 were Wintech and Chicony. For the fiscal years ended January 31, 2023, 2022 and 2021, Wintech accounted for approximately 57 %, 62 % and 63 % of total revenue, respectively. For the fiscal years ended January 31, 2023, 2022 and 2021, Chicony accounted for approximately 12 %, 13 % and 16 % of total revenue, respectively. Accounts receivable with Wintech and Chicony were approximately $ 21.0 million and $ 9.4 million as of January 31, 2023, respectively. Accounts receivable with Wintech and Chicony were approximately $ 23.3 million and $ 7.4 million as of January 31, 2022, respectively. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | 17. Subsequent Event On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. At the time of closing, the Company had cash deposits with SVB of approximately $ 17.0 million. On March 13, 2023, the Company withdrew all of its cash on deposit with SVB. The Company also has cash equivalents and marketable debt security investments residing in custodial accounts held by U.S. Bank for which SVB Asset Management was the investment advisor until March 15, 2023. The Company’s investment portfolio currently does not contain any securities of SVB. The Company holds sufficient liquid assets with other banks to manage its operational needs. Accordingly, the Company does not believe the closure of SVB and appointment of FDIC as receiver have an impact on its business or financial position, but will continue to monitor the situation as it evolves. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization Ambarella, Inc. (the Company) was incorporated in the Cayman Islands on January 15, 2004. The Company is a leading developer of low-power semiconductor solutions offering high-definition (HD) and Ultra HD compression, image processing, and powerful deep neural network processing. The Company combines its processor design capabilities with its expertise in video and image processing, algorithms and software to provide a technology platform that is designed to be easily scalable across multiple applications and enable rapid and efficient product development. The Company’s system-on-a-chip, or SoC, designs fully integrate high-definition video processing, image processing, artificial intelligence (AI) computer vision algorithms, audio processing and system functions onto a single chip. These low power SoCs deliver exceptional video and image quality and can extract valuable data from high-resolution video and radar streams. The Company is currently addressing a broad range of human and computer vision applications, including video security, advanced driver assistance systems (ADAS), electronic mirrors, drive recorders, driver/cabin monitoring systems, autonomous driving, and industrial and robotic applications. The Company sells its solutions to leading original equipment manufacturers, or OEMs, who include the Company’s SoCs in their products, and original design manufacturers, or ODMs, who include the Company’s SoCs in the products that they supply to OEMs, globally. |
Basis of Consolidation | Basis of Consolidation The Company’s fiscal year ends on January 31. The consolidated financial statements of the Company and its subsidiaries have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates and assumptions, including those related to (i) business combinations; (ii) write downs of excess and obsolete inventories; (iii) the estimated useful lives of long-lived assets; (iv) the valuation of stock-based compensation awards; (v) the realization of tax assets and estimates of tax liabilities, including reserves for uncertain tax positions. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. |
Concentration of Risk | Concentration of Risk The Company’s products are manufactured, assembled and tested by third-party contractors located primarily in Asia. The Company does not have long-term agreements with these contractors. A significant disruption in the operations of one or more of these contractors would impact the production of the Company’s products which could have a material adverse effect on its business, financial condition and results of operations. A substantial portion of the Company’s revenue is derived from sales through one of its distributors, WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, which serves as its non-exclusive sales representative in Asia other than Japan, and directly to one ODM customer, Chicony Electronics Co., Ltd., or Chicony. Termination of the relationships with these customers could result in a temporary or permanent loss of revenue. Furthermore, any credit issues from these customers could impair their abilities to make timely payment to the Company. See Note 16 for additional information regarding revenue and credit concentration with these customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable debt securities and accounts receivable. The Company maintains its cash primarily in checking accounts with reputable financial institutions. Cash deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on deposits of its cash. In order to limit the exposure of each investment, the cash equivalents and marketable debt securities consist primarily of money market funds, commercial paper, debt securities of corporations or corporate bonds, asset-backed securities and U.S. government securities which management assesses to be highly liquid. The Company does not hold or issue financial instruments for trading purposes. The Company performs ongoing credit evaluation of its customers and adjusts credit limits based upon payment history and customers’ credit worthiness. The Company regularly monitors collections and payments from its customers. |
Foreign Currency Transactions | Foreign Currency Transactions The U.S. dollar is the functional currency for the Company and its subsidiaries. Monetary assets and liabilities denominated in non-U.S. currencies are re-measured to U.S. dollars using current exchange rates in effect at the balance sheet date. Nonmonetary assets and liabilities are re-measured to U.S. dollars using historical exchange rates. Monetary and other accounts are re-measured to U.S. dollars using average exchange rates in effect during each period. Gains or losses from foreign currency re-measurement are included in other income, net in the consolidated statements of operations, and, to date, have not been material. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value accounting is applied to all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed in the financial statements on a recurring basis. The carrying amounts reflected in the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable, accrued liabilities and other current liabilities, approximate fair value due to the short-term nature. |
Cash Equivalents and Marketable Debt Securities | Cash Equivalents and Marketable Debt Securities The Company considers all highly liquid debt security investments with original maturities of less than three months at the time of purchase to be cash equivalents. Debt security investments that are highly liquid with original maturities at the time of purchase greater than three months are considered marketable debt securities. The Company classifies these investments as “available-for-sale” (AFS) securities. In accordance with Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company estimates the expected losses whenever a security’s fair value is below its amortized cost basis. The expected loss is computed at an individual security level using the discounted cash flow method with the effective interest rate on the purchase date. In the determination of credit-related losses, the Company excludes securities with zero loss expectation such as assets backed by government agencies. There are various factors considered in its assessment of credit-related losses, including the extent to which the fair value is less than the amortized cost basis, adverse conditions related to an industry or an underlying loan obligator, the payment structure of the security, changes to the rating of the security and other factors that may affect the security credit. The credit-related portion of the loss is recognized in other income, net in the consolidated statements of operations but is limited to the difference between the fair value and the amortized cost basis of the security, adjusted for accrued interest. The non-credit-related portion of the loss is recognized in accumulated other comprehensive loss in the consolidated balance sheets. The Company measures the fair value of money market funds using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar asserts in active markets, or model driven valuations using significant inputs derived from or corroborated by observable market data and are classified within Level 2. The Company does not have debt securities under unobservable inputs and classified within Level 3. |
Restricted Cash | Restricted Cash Amounts included in restricted cash represent those required to be set aside to secure certain transactions in a foreign entity. As of January 31, 2023 and 2022, the restricted cash was immaterial, respectively. The following table presents cash, cash equivalents and restricted cash reported on the consolidated balance sheets, and the sums are presented on the consolidated statements of cash flows: As of January 31, 2023 2022 2021 (in thousands) Cash and cash equivalents $ 113,541 $ 171,043 $ 241,274 Restricted cash 8 10 10 Total as presented in the consolidated statements of cash flows $ 113,549 $ 171,053 $ 241,284 |
Trade Accounts Receivable and Allowance for Credit Losses | Trade Accounts Receivable and Allowance for Credit Losses The Company’s accounts receivables are recorded at invoiced amounts less allowance for any credit losses. In arrangements where revenue recognition occurs in advance of invoicing, an unbilled receivable is recorded, less allowance for any credit losses, within accounts receivable, when collection of these unbilled amounts are conditional only on the passage of time. According to ASU 2016-13, the Company recognizes credit losses based on a forward-looking current expected credit losses (CECL). The Company makes estimates of expected credit losses based upon its assessment of various factors, including historical collection experience, the age of accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The changes in allowance for credit losses are recognized in the consolidated statement of operations. The uncollectible accounts receivables are written off in the period in which a determination is made that all commercially reasonable means of recovering them have been exhausted. There were no material credit losses and write -offs of accounts receivable for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. There was no material allowance recorded as of January 31, 2023 and 2022, respectively. |
Inventories | Inventories The Company records inventories at the lower of cost or net realizable value. The cost includes materials and other production costs and is computed using standard cost on a first-in, first-out basis. Inventory reserves are recorded for estimated obsolescence or unmarketable inventories based on forecast of future demand and market conditions. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. Once inventory is written down, a new accounting cost basis is established and, accordingly, any associated reserve is not released until the inventory is sold or scrapped. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful life for computer equipment, computer software, machinery, equipment and furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives. Repairs and maintenance are charged to expense as incurred. |
Intangible Assets | Intangible Assets The Company’s intangible assets primarily consist of acquired intangible assets, including developed technology, customer relationships and trade name, as well as software licenses. The acquired intangible assets are amortized over their estimated useful lives. The Company's in-process research and development, or IPR&D, is initially capitalized at fair value with an indefinite life and amortization commences upon completion of the underlying projects. When a project underlying reported IPR&D is completed, the corresponding amount of IPR&D is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. The Company accounts for a noncancelable on-premise internal-use software license as the acquisition of an intangible asset and the incurrence of a liability to the extent that all or a portion of the software licensing fees are not paid on or before the license acquisition date. The intangible asset and related liability are recorded at net present value and interest expense is recorded over the payment term. The software license is amortized over its license term. The Company expenses the cost of purchased software that is to be sold, leased or otherwise marketed as part of a product until the technological feasibility of the product has been established. Once the technological feasibility of the product, to be externally marketed, has been established or where the software has an alternative future use, the Company capitalizes the cost of purchased software until the associated product is available for general release to customers, at which point the capitalized cost is amortized on a product-by-product basis over the remaining estimated economic life of the product. |
Leases | Leases In accordance with the Accounting Standards Codification (ASC) Topic 842, Leases, the Company recognizes leases as operating lease right-of-use (“ROU”) assets and corresponding lease liabilities at the lease commencement date based on the present value of future lease payments, while recognizing lease expenses under straight-line method through the lease term. The Company also elected the practical expedient that does not recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases. The Company does not combine lease components with non-lease components, and as a result, the non-lease components are accounted for separately. In determining the present value of lease payments, the Company uses the implicit interest rate if readily determinable. When the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company's leases mainly include its worldwide office facilities which are all classified as operating leases. Certain leases include renewal options that are under the Company's discretion. The renewal options are included in the ROU asset and liability calculation if it is reasonably certain that the Company will exercise the option. The Company's finance leases were immaterial as of January 31, 2023 and 2022, respectively. |
Business Combination | Business Combination In the application of purchase accounting in a business combination, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of the identifiable assets and liabilities is recorded as goodwill. The Company identifies an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or when it can be separately sold, transferred, licensed, rented or exchanged. Intangible assets consist primarily of developed technology, customer relationships and trade name. When determining the fair values of assets acquired and liabilities assumed, especially with respect to the intangible assets, the Company is required to make significant estimates and assumptions. Critical estimates and assumptions used in valuation techniques include, but are not limited to, revenue growth, technology migration curve, customer attrition rate, royalty rates and risk-adjusted discount rates. The estimates are based on historical data, various internal estimates, and external sources that the Company believes to be reasonable upon the acquisition date. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. |
Goodwill | Goodwill The Company does not amortize goodwill. The Company tests goodwill for impairment at least annually in the fourth fiscal quarter, or sooner whenever events or changes in circumstances indicate that the asset may be impaired. There is only one single reporting unit for goodwill impairment test purposes based on the Company’s business and reporting structure. The Company is permitted to first assess qualitative factors to determine whether the two step goodwill impairment test is necessary. Further testing is only required if the Company determines, based on the qualitative assessment, that it is more likely than not that the reporting unit’s fair value is less than its carrying amount. Otherwise, no further impairment testing is required. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit . No goodwill impairment has been identified to date based on the Company’s qualitative factors assessment. |
Impairment of Long-Lived Assets Excluding Goodwill | Impairment of Long-Lived Assets Excluding Goodwill The Company reviews property and equipment and intangible assets, excluding goodwill, for impairment at least annually in the fourth fiscal quarter or whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Determination of recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the estimated fair value of the asset or asset group. Fair value is determined based on the estimated discounted future cash flows expected to be generated by the asset or asset group. Events or changes in circumstances that may indicate that an asset is impaired include significant decreases in the market value of an asset, significant underperformance relative to expected historical or projected future results of operations, a change in the extent or manner in which an asset is utilized, significant declines in the estimated fair value of the overall Company for a sustained period, shifts in technology, loss of key management or personnel, changes in the Company’s operating model or strategy and competitive forces. There has been no occurrence of events or indications to date that would trigger an impairment. As such, no impairment charge has been recognized as of January 31, 2023. |
Equity Investment | Equity Investment The Company accounts for its investments in privately held companies as equity investments and reports the investments in other non-current assets in the consolidated balance sheets. The Company chooses to measure these equity investments that do not have readily determinable fair value at cost minus any recorded impairments, adjusted for subsequent observable price changes in transactions for an identical or similar investment of the same issuers. Upon determining that an impairment or observable price change exists, the Company records any adjustment to the fair value of the investment through other income, net in the consolidated statements of operations. To date, there have been no significant changes on the fair value of the investments and the Company did no t recognize any impairment losses related to these investments in the fiscal years ended January 31, 2023, 2022 and 2021, respectively. |
Revenue Recognition | Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when control of its goods and services is transferred to its customers. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. The sale of semiconductor products accounts for the substantial majority of the Company’s consolidated revenue. Sales agreements with customers are renewable periodically and contain terms and conditions with respect to payment, delivery, warranty, supply and other rights. The Company considers an accepted customer purchase order, governed by sales agreement, to be the contract with the customer. For each contract, the Company considers the promise to transfer tangible products to be the identified performance obligation. Product sales contracts may include volume-based tiered pricing or rebates that are fulfilled in cash or product. In determining the transaction price, the Company accounts for the right of returns, cash rebates, commissions and other pricing adjustments as variable consideration, estimates these amounts based on the expected amount to be provided to customers and reduces the revenue recognized. The Company estimates sales returns and rebates based on the Company’s historical patterns of return and pricing credits. As the Company’s standard payment terms are 30 days to 60 days, the contracts have no financing component. Under ASC 606, the Company estimates the total consideration to be received by using the expected value method for each contract, computes weighted average selling price for each unit shipped in cases where there is a material right due to the presence of volume-based tiered pricing, allocates the total consideration between the identified performance obligations, and recognizes revenue when control of its goods and services is transferred to its customers. The Company considers product control to be transferred at a point in time upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. The Company also enters into various project service agreements with certain customers. These agreements may include multiple performance obligations, such as software development services, licensing of intellectual property and post-contract customer support, or PCS. These multiple performance obligations are highly interdependent, highly interrelated, are typically not sold separately and do not have standalone selling prices. They are all inputs to generate one combined output which is incorporating its SoC into the customer’s product. Accordingly, the Company determines that they are not separately identifiable and shall be treated as a single performance obligation. For fixed-price project service contracts, the Company recognizes revenue either over time as services are provided using an input method based on contract costs incurred to date compared to total estimated contract cost, or at a point in time upon completion and acceptance by the customer, depending on the terms of the arrangement. For project service contracts that are billed at a fixed rate for each hour of service provided, the Company recognizes revenue in the amount for which the Company has the right to invoice as the Company believes the amount invoiced directly corresponds with the value to the customer of its performance completed to date. Timing of revenue recognition may differ from the timing of invoicing to the Company’s customers. The Company records contract assets when revenue is recognized prior to invoicing. The Company’s contract assets are primarily related to the satisfied but unbilled performance obligations associated with project service agreements at the reporting date. As of January 31, 2023 and 2022, the contract assets for these unbilled receivables were not material, respectively. The Company’s contract liabilities consist of deferred revenue. The deferred revenue is primarily related to the nonrecurring engineering charges that are either invoiced or paid but performance obligations are not satisfied associated with project service agreements. The deferred revenue is expected to be recognized over the period when performance obligations are satisfied. Additionally, the value of unsatisfied, or partially unsatisfied, performance obligations for contracts that are greater than a year was not material as of January 31, 2023 and 2022, respectively. The Company also elects not to disclose the value of unsatisfied or partially unsatisfied performance obligations for contracts with original expected contract duration of one year or less, and elects to exclude amounts collected from customers for all sales taxes from the transaction price. |
Cost of Revenue | Cost of Revenue Cost of revenue includes the cost of materials, such as wafers processed by third-party foundries, costs associated with packaging, assembly, testing and manufacturing support operations, such as logistics, planning and quality assurance, as well as personnel costs (including stock-based compensation) related to project service agreements. Cost of revenue also includes indirect costs, such as inventory valuation reserves, adverse purchase commitments, allocation of facility costs, amortization of developed technology, warranty and other general overhead costs. |
Research and Development | Research and Development Research and development costs are expensed as incurred and consist primarily of personnel costs, product development costs, outside services, costs of development for software and hardware tools, costs and amortization of licensing intellectual property from third parties for product development, costs of fabrication of masks for prototype products, equipment expenses, depreciation of equipment and tools and allocation of facility costs. |
Selling, General and Administrative | Selling, General and Administrative Selling, general and administrative expenses consist of personnel costs, travel and trade show costs, legal expenses, amortization of trade name and customer relationships, professional services and occupancy costs. Advertising expenses were not material for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company measures stock-based compensation for equity awards granted to employees and directors based on the estimated fair value on the grant date, and recognizes that compensation as expense using the straight-line attribution method for service condition awards or using the graded-vesting attribution method for awards with performance conditions over the requisite service period, which is typically the vesting period of each award. The Company determines the fair value of restricted stock and restricted stock units with service or performance conditions based on the fair market value of its ordinary shares on the grant date. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. Determining the fair value of stock options on the grant date requires the input of various assumptions, including stock price of the underlying ordinary share, the exercise price of the stock option, expected volatility, expected term, risk-free interest rate and dividend rate. The Company calculates expected volatility based on its own historical stock price for a period commensurate with the expected term, which is computed based on its own historical exercise behavior. The risk-free interest rate is derived from an average of the U.S. Treasury constant maturity rates for the respective periods most closely commensurate with the expected term. The expected dividend yield is zero because the Company has not historically paid dividends and has no present intention to pay dividends. The Company uses the Lattice pricing model and Monte Carlo Simulations to evaluate the fair value of awards with market conditions, including assumptions of historical volatility and risk-free interest rate commensurate with the vesting term. The Company elects to account for forfeitures as they occur. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company applies authoritative guidance for the accounting for uncertainty in income taxes. The guidance requires that tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. Upon estimating its tax positions and tax benefits, the Company considers and evaluates numerous factors, which may require periodic adjustments and which may not reflect the final tax liabilities. The Company adjusts its financial statements to reflect only those tax positions that are more likely than not to be sustained under examination. As part of the process of preparing consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets, which are included in the consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the consolidated statements of operations become deductible expenses under applicable income tax laws, or loss or credit carryforwards are utilized. In assessing whether deferred tax assets may be realized, the Company considers whether it is more likely than not that some portion or all of deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company makes estimates and judgments about its future taxable income based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from estimates, the amount of valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the consolidated statements of operations for the periods in which the adjustment is determined to be required. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share Basic earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period increased to include the number of additional ordinary shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan and unvested restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings (losses) per share by application of the treasury stock method. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes unrealized gains or losses from available-for-sale securities that are excluded from net loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Although there are several new accounting pronouncements issued by the FASB in fiscal year 2023, the Company does not believe any of these accounting pronouncements had or will have a material impact on its consolidated financial statements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents cash, cash equivalents and restricted cash reported on the consolidated balance sheets, and the sums are presented on the consolidated statements of cash flows: As of January 31, 2023 2022 2021 (in thousands) Cash and cash equivalents $ 113,541 $ 171,043 $ 241,274 Restricted cash 8 10 10 Total as presented in the consolidated statements of cash flows $ 113,549 $ 171,053 $ 241,284 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Business Combinations [Abstract] | |
Summary of Aggregate Purchase Consideration | The aggregate purchase consideration has been allocated as follows: Amount (in thousands) Cash consideration transferred $ 355,071 Net working capital adjustment 247 Fair value of stock-based compensation awards attributable to pre-combination services 407 Total purchase consideration $ 355,725 |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the acquisition: Acquisition Date Fair Value (in thousands) Cash and cash equivalents $ 48,032 Accounts receivable 733 Inventories 194 Prepaid expenses and other current assets 134 Property and equipment 155 Intangible assets 32,800 Goodwill 277,024 Other non-current assets 34 Total assets acquired 359,106 Accounts payable 223 Accrued and other current liabilities 2,193 Deferred income tax liability, non-current 965 Total liabilities assumed 3,381 Total purchase consideration $ 355,725 |
Summary of Intangible Assets Acquired in Acquisition | Below is a summary of intangible assets acquired in the acquisition: Acquisition Date Estimated Fair Value Useful Lives (in thousands) Trade name (1) $ 2,500 7 years Customer relationships (2) 13,200 9 years Developed technology (1) 17,100 7 years Total intangible assets acquired $ 32,800 _____________ (1) The fair values of trade name and developed technology were determined by applying the Relief-from-Royalty Method under the income approach. (2) Customer relationships represent the fair value of the existing relationships using the Multi-Period Excess Earnings Method. |
Summary of Unaudited Information | The following table presents unaudited pro forma information as if the acquisition of Oculii had occurred on February 1, 2020. The unaudited pro forma information for the periods indicated includes adjustments for non-recurring transaction costs, amortization of intangibles arising from the acquisition, stock-based compensation expense and the related income tax effects. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the acquisition been effected on February 1, 2020. In addition, these results are not intended to be a projection of future results and do not reflect events that may occur after the acquisition, including but not limited to revenue enhancements, cost savings or operating synergies that the combined entity may achieve as a result of the acquisition. Pro Forma Year Ended January 31, 2022 January 31, 2021 (unaudited, in thousands) Revenue $ 333,323 $ 223,497 Net loss $ ( 35,330 ) $ ( 78,644 ) |
Financial Instruments and Fai_2
Financial Instruments and Fair Value (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Available-for-Sale Securities at Fair Value | All of the investments are denominated in United States dollars and reported at fair value as available-for-sale securities in the consolidated balance sheets as follows: As of January 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 7,872 $ — $ — $ 7,872 Commercial paper 18,333 — — 18,333 Corporate bonds 23,472 50 ( 224 ) 23,298 Asset-backed securities 18,753 44 ( 149 ) 18,648 U.S. government securities 33,256 22 ( 235 ) 33,043 Total cash equivalents and marketable debt securities $ 101,686 $ 116 $ ( 608 ) $ 101,194 As of January 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 20 $ — $ — $ 20 Total cash equivalents and marketable debt securities $ 20 $ — $ — $ 20 |
Schedule of Cash Equivalents and Marketable Debt Securities | As of January 31, 2023 January 31, 2022 (in thousands) Included in cash equivalents $ 7,872 $ 20 Included in marketable debt securities 93,322 — Total cash equivalents and marketable debt securities $ 101,194 $ 20 |
Summary of Contractual Maturities of Investments | The contractual maturities of the investments at January 31, 2023 and 2022 were as follows: As of January 31, 2023 January 31, 2022 (in thousands) Due within one year $ 48,016 $ 20 Due in 1-5 years 52,414 — Due in 5-7 years 764 — Total cash equivalents and marketable debt securities $ 101,194 $ 20 |
Schedule of Fair Value of Financial Instruments Measured on Recurring Basis | The following tables present the fair value of the financial instruments measured on a recurring basis as of January 31, 2023 and 2022, respectively: As of January 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 7,872 $ 7,872 $ — $ — Commercial paper 18,333 — 18,333 — Corporate bonds 23,298 — 23,298 — Asset-backed securities 18,648 — 18,648 — U.S. government securities 33,043 — 33,043 — Total cash equivalents and marketable debt securities $ 101,194 $ 7,872 $ 93,322 $ — As of January 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 20 $ 20 $ — $ — Total cash equivalents and marketable debt securities $ 20 $ 20 $ — $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Work-in-progress $ 26,023 $ 25,844 Finished goods 14,463 19,375 Total $ 40,486 $ 45,219 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Computer hardware and software $ 20,733 $ 16,488 Tools and equipment 8,325 7,532 Furniture and fixtures 1,311 1,243 Leasehold improvements 3,295 2,942 Construction in progress 513 1,060 34,177 29,265 Less: accumulated depreciation and amortization ( 22,363 ) ( 19,131 ) Total property and equipment, net $ 11,814 $ 10,134 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Components of Intangible Assets | The components of intangible assets as of January 31, 2023 and 2022 were as follows: As of January 31, 2023 As of January 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Software licenses $ 34,128 $ ( 6,319 ) $ 27,809 $ 22,093 $ ( 11,331 ) $ 10,762 Developed technology 21,200 ( 3,932 ) 17,268 21,200 ( 904 ) 20,296 Customer relationships 13,200 ( 1,833 ) 11,367 13,200 ( 367 ) 12,833 Trade name 2,500 ( 447 ) 2,053 2,500 ( 89 ) 2,411 Total intangible assets, net $ 71,028 $ ( 12,531 ) $ 58,497 $ 58,993 $ ( 12,691 ) $ 46,302 |
Summary of Expected Future Amortization Expense Related to Intangible Assets | The expected future amortization expense related to these intangible assets as of January 31, 2023 is as follows: As of January 31, 2023 Fiscal Year (in thousands) 2024 $ 13,754 2025 11,996 2026 9,944 2027 5,711 2028 5,711 Thereafter 11,381 Total future amortization expenses: $ 58,497 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Accrued employee compensation $ 22,152 $ 30,044 Accrued product development costs 19,433 10,523 Software license liabilities, current 7,059 6,001 Other accrued liabilities 8,011 5,496 Total accrued and other current liabilities $ 56,655 $ 52,064 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to the operating leases is as follows: Year Ended January 31, 2023 January 31, 2022 (in thousands) Cash paid for operating leases included in operating cash flows $ 4,011 $ 3,608 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets $ 319 $ 365 Leased assets changes arising from lease modifications $ 575 $ 2,798 |
Schedule of Future Minimum Lease Payments for Lease Liabilities | As of January 31, 2023, the weighted average remaining lease term is 2.61 years, and the weighted average discount rate is 3.58 %. Future minimum lease payments for the lease liabilities are as follows: As of January 31, 2023 Fiscal Year (in thousands) 2024 $ 3,766 2025 3,420 2026 1,370 2027 299 2028 125 Thereafter — Total future annual minimum lease payments 8,980 Less: interest ( 344 ) Total lease liabilities $ 8,636 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities at January 31, 2023 and 2022 consisted of the following: As of January 31, 2023 2022 (in thousands) Unrecognized tax benefits, including interest $ 3,770 $ 9,313 Deferred tax liabilities, non-current 1,120 1,769 Software license liabilities, non-current 9,614 1,674 Other long-term liabilities 1,044 7 Total other long-term liabilities $ 15,548 $ 12,763 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
Schedule of Ordinary Shares Reserved for Future Issuance under Company's Equity Plans and Employee Stock Purchase Plan | As of January 31, 2023 and 2022, the following ordinary shares were reserved for future issuance under the Company’s equity plans and employee stock purchase plan: As of January 31, 2023 2022 Shares reserved for options, restricted stock and restricted stock units under equity plans 5,822,819 7,461,541 Shares reserved for employee stock purchase plan 2,986,403 2,624,704 |
Employee Benefits and Stock-b_2
Employee Benefits and Stock-based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Classification of Stock-based Compensation | The following table presents the classification of stock-based compensation for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands) Stock-based compensation: Cost of revenue $ 3,597 $ 1,489 $ 1,328 Research and development 71,236 54,787 42,903 Selling, general and administrative 36,325 31,525 25,903 Total stock-based compensation $ 111,158 $ 87,801 $ 70,134 |
Weighted-Average Assumptions Used to Estimate Fair Value | The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated: Year Ended January 31, 2023 2022 2021 Stock Options: Volatility — 51 % 52 % Risk-free interest rate — 1.04 % 0.52 % Expected term (years) — 5.06 5.78 Dividend yield — 0 % 0 % Employee stock purchase plan awards: Volatility 81 % 57 % 59 % Risk-free interest rate 2.32 % 0.06 % 0.21 % Expected term (years) 0.5 0.5 0.5 Dividend yield 0 % 0 % 0 % |
Stock Option Activities | The following table summarizes stock option activities for the periods indicated: Option Outstanding Weighted- Total Intrinsic Average Weighted- Weighted- Value of Remaining Aggregate Weighted- Average Average options Contractual Intrinsic Average Grant-date Acquisition-date Exercised Term Value Shares Exercise Price Fair Value Fair Value (in thousands) (in years) (in thousands) Outstanding at January 31, 2020 1,124,646 $ 32.93 Granted 51,200 59.54 $ 28.37 Exercised ( 421,736 ) 24.52 $ 19,401 Forfeited ( 11,618 ) 46.69 Expired ( 23,349 ) 70.11 Outstanding at January 31, 2021 719,143 38.33 Granted 14,700 110.19 $ 50.28 Assumed 163,581 23.10 $ 173.04 Exercised ( 269,287 ) 28.23 $ 25,622 Forfeited ( 7,669 ) 68.95 Expired ( 1,146 ) 9.86 Outstanding at January 31, 2022 619,322 40.08 Exercised ( 121,624 ) 30.34 $ 6,712 Forfeited ( 10,618 ) 55.97 Expired ( 2,289 ) 39.19 Outstanding at January 31, 2023 484,791 42.18 4.38 $ 23,346 Exercisable at January 31, 2023 370,158 $ 44.47 3.59 $ 16,927 |
Restricted Stock Unit Activities | The following table summarizes restricted stock unit activities for the periods indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2020 2,617,266 $ 50.30 Granted 1,499,203 53.45 Vested ( 1,162,883 ) 50.53 Forfeited ( 81,785 ) 54.48 Unvested at January 31, 2021 2,871,801 51.73 Granted 1,213,257 128.80 Vested ( 1,367,309 ) 53.85 Forfeited ( 66,614 ) 71.59 Unvested at January 31, 2022 2,651,135 85.41 Granted 1,549,174 74.45 Vested ( 1,513,972 ) 71.32 Forfeited ( 112,978 ) 99.46 Unvested at January 31, 2023 2,573,359 $ 86.81 |
Net Loss Per Ordinary Share (Ta
Net Loss Per Ordinary Share (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Ordinary Share | The following table sets forth the computation of basic and diluted net loss per ordinary share for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands, except share and per share data) Numerator: Net loss $ ( 65,386 ) $ ( 26,411 ) $ ( 59,786 ) Denominator: Weighted-average ordinary shares - basic 38,363,638 36,577,120 34,679,717 Weighted-average ordinary shares - diluted 38,363,638 36,577,120 34,679,717 Net loss per ordinary share: Basic $ ( 1.70 ) $ ( 0.72 ) $ ( 1.72 ) Diluted $ ( 1.70 ) $ ( 0.72 ) $ ( 1.72 ) |
Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Ordinary Share | The following weighted-average potentially dilutive securities were excluded from the computation of diluted net loss per ordinary share as their effect would have been antidilutive: Year Ended January 31, 2023 2022 2021 Options to purchase ordinary shares 336,828 327,747 660,025 Restricted stock units 1,550,679 1,388,091 1,440,176 Employee stock purchase plan 10,883 8,904 27,789 1,898,390 1,724,742 2,127,990 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Loss before Income Taxes | Loss before income taxes consisted of the following for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands) U.S. operations $ ( 18,968 ) $ ( 5,842 ) $ 8 Non-U.S. operations ( 51,970 ) ( 22,799 ) ( 57,311 ) Loss before income taxes $ ( 70,938 ) $ ( 28,641 ) $ ( 57,303 ) |
Schedule of Income Tax Provision (Benefit) | Income tax provision (benefit) consisted of the following for the periods indicated: Year Ended January 31, 2023 2022 2021 (in thousands) Current: U.S. federal tax $ ( 3,525 ) $ 907 $ 1,705 U.S. state taxes 175 — 256 Non-U.S. foreign taxes 2,395 1,778 1,019 ( 955 ) 2,685 2,980 Deferred: U.S. federal tax ( 4,231 ) ( 4,819 ) ( 432 ) U.S. state taxes — ( 14 ) — Non-U.S. foreign taxes ( 366 ) ( 82 ) ( 65 ) ( 4,597 ) ( 4,915 ) ( 497 ) Provision (benefit) for income taxes $ ( 5,552 ) $ ( 2,230 ) $ 2,483 |
Schedule of Reconciliation Between the Provision (Benefit) for Income Taxes at the Statutory Rate and the Effective Tax Rate | : Year Ended January 31, 2023 2022 2021 (in thousands) Provision at U.S. notional statutory rate $ ( 14,897 ) $ ( 6,015 ) $ ( 12,034 ) U.S. state taxes 114 ( 11 ) 212 Non-U.S. foreign tax differential 12,943 6,483 12,989 Stock-based compensation 10,004 1,900 4,943 U.S. R&D credit ( 5,045 ) ( 5,886 ) ( 3,928 ) Valuation allowance 2,124 765 — FIN48 interest ( 739 ) 311 — Uncertain tax position release ( 10,188 ) — — Other 132 223 301 Provision (benefit) for income taxes $ ( 5,552 ) $ ( 2,230 ) $ 2,483 |
Schedule of Deferred Tax Assets and Liabilities | : As of January 31, 2023 2022 (in thousands) Deferred tax assets: Federal and state credits $ 40,134 $ 33,485 Net operating losses 6,659 7,466 Expenses not currently deductible 3,164 1,294 Operating lease liabilities 1,582 2,096 Stock-based compensation 3,678 3,632 Foreign deferred 262 191 Gross deferred tax assets 55,479 48,164 Valuation allowance ( 28,596 ) ( 24,083 ) Total deferred tax assets $ 26,883 $ 24,081 Deferred tax liabilities Intangible assets ( 6,782 ) ( 8,150 ) Property and equipment ( 617 ) ( 386 ) Operating lease assets ( 1,452 ) ( 1,971 ) Net deferred tax assets $ 18,032 $ 13,574 |
Summary of Tax Valuation Allowance | : Deductions Additions Charged to Balance at Additional Charged to Expenses Balance at Beginning of Charged to Other or Other End of Period Expenses Account Accounts Period (in thousands) Tax Valuation Allowance Year ended January 31, 2023 $ 24,083 4,513 — — $ 28,596 Year ended January 31, 2022 $ 17,962 4,874 1,247 — $ 24,083 Year ended January 31, 2021 $ 14,670 3,292 — — $ 17,962 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | : Year Ended January 31, 2023 2022 2021 (in thousands) Beginning balance: $ 30,884 $ 29,527 $ 42,695 Additions based on tax positions related to the 1,033 1,412 3,360 Additions for tax positions of prior years 195 55 16 Reductions for tax positions in prior years ( 45 ) — ( 10,212 ) Settlements for prior periods — — ( 6,087 ) Lapse of applicable statute of limitations ( 10,411 ) ( 110 ) ( 245 ) Ending balance: $ 21,656 $ 30,884 $ 29,527 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Company's Revenue by Geographic Region Based on Bill-to Location | The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated. Year Ended January 31, 2023 2022 2021 (in thousands) Taiwan $ 203,828 $ 209,044 $ 139,327 Asia Pacific 73,371 81,480 57,270 Europe 25,065 17,823 9,415 North America other than United States 23,164 18,191 10,304 United States 12,178 5,318 6,674 Total revenue $ 337,606 $ 331,856 $ 222,990 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 113,541 | $ 171,043 | $ 241,274 | |
Restricted cash | 8 | 10 | 10 | |
Total as presented in the consolidated statements of cash flows | $ 113,549 | $ 171,053 | $ 241,284 | $ 231,412 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2023 USD ($) Reportingunit | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of reporting unit for goodwill impairment | Reportingunit | 1 | ||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Impairment of long-lived assets | 0 | ||
Impairment losses on investment | $ 0 | $ 0 | $ 0 |
Expected dividend yield | 0% | 0% | 0% |
Allowance for credit losses | $ 0 | $ 0 | $ 0 |
Write-offs of accounts receivable | $ 0 | $ 0 | $ 0 |
Business Combination - Addition
Business Combination - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Nov. 05, 2021 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 303,625 | $ 303,625 | $ 303,625 | ||
Revenue | 337,606 | 331,856 | $ 222,990 | ||
Net loss | $ (65,386) | $ (26,411) | $ (59,786) | ||
Oculii Corp [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Nov. 05, 2021 | ||||
Percentage of voting rights | 100% | ||||
Total purchase consideration | $ 355,725 | ||||
Goodwill | 277,024 | ||||
Intangible assets | 32,800 | ||||
Net assets acquired | $ 45,900 | ||||
Estimated useful lives | 7 years 9 months 18 days | ||||
Oculii Corp [Member] | Post Combination [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenue | 500 | ||||
Net loss | $ (6,100) | ||||
Selling General and Administrative Expenses [Member] | Oculii Corp [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 3,800 |
Business Combination - Summary
Business Combination - Summary of Aggregate Purchase Consideration (Details) - Oculii Corp [Member] $ in Thousands | Nov. 05, 2021 USD ($) |
Business Acquisition [Line Items] | |
Cash consideration transferred | $ 355,071 |
Net working capital adjustment | 247 |
Fair value of stock-based compensation awards attributable to pre-combination services | 407 |
Total purchase consideration | $ 355,725 |
Business Combination - Summar_2
Business Combination - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Nov. 05, 2021 | Jan. 31, 2023 | Jan. 31, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 303,625 | $ 303,625 | |
Deferred income tax liability, non-current | $ 1,120 | $ 1,769 | |
Oculii Corp [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 48,032 | ||
Accounts receivable | 733 | ||
Inventories | 194 | ||
Prepaid expenses and other current assets | 134 | ||
Property and equipment | 155 | ||
Intangible assets | 32,800 | ||
Goodwill | 277,024 | ||
Other non-current assets | 34 | ||
Total assets acquired | 359,106 | ||
Accounts payable | 223 | ||
Accrued and other current liabilities | 2,193 | ||
Deferred income tax liability, non-current | 965 | ||
Total liabilities assumed | 3,381 | ||
Total purchase consideration | $ 355,725 |
Business Combination - Summar_3
Business Combination - Summary of Intangible Assets Acquired in Acquisition (Details) - Oculii Corp [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 05, 2021 | Jan. 31, 2023 | |
Business Acquisition [Line Items] | ||
Total intangible assets acquired | $ 32,800 | |
Estimated useful lives | 7 years 9 months 18 days | |
Trade Name [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets acquired | $ 2,500 | |
Estimated useful lives | 7 years | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets acquired | $ 13,200 | |
Estimated useful lives | 9 years | |
Developed Technology [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets acquired | $ 17,100 | |
Estimated useful lives | 7 years |
Business Combination - Summar_4
Business Combination - Summary of Unaudited Information (Details) - Oculii Corp [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Business Acquisition [Line Items] | ||
Revenue | $ 333,323 | $ 223,497 |
Net loss | $ (35,330) | $ (78,644) |
Financial Instruments and Fai_3
Financial Instruments and Fair Value - Schedule of Available-for-Sale Securities at Fair Value (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 101,686 | $ 20 |
Unrealized Gains | 116 | 0 |
Unrealized Losses | (608) | 0 |
Fair Value | 101,194 | 20 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,872 | 20 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 7,872 | $ 20 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,333 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 18,333 | |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,472 | |
Unrealized Gains | 50 | |
Unrealized Losses | (224) | |
Fair Value | 23,298 | |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,753 | |
Unrealized Gains | 44 | |
Unrealized Losses | (149) | |
Fair Value | 18,648 | |
U.S. government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,256 | |
Unrealized Gains | 22 | |
Unrealized Losses | (235) | |
Fair Value | $ 33,043 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Jan. 31, 2023 USD ($) Security | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
Debt Securities, Available-for-Sale [Line Items] | |||
Interest income and realized gains and losses from available-for-sale debt securities | $ | $ 1.7 | $ 1.7 | $ 3.6 |
Number of debt securities with unrealized losses for more than twelve months | 0 | ||
Money Market Funds [Member] | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Number of money market funds with unrealized losses for more than twelve months | 0 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value - Schedule of Cash Equivalents and Marketable Debt Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 101,194 | $ 20 |
Included in cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | 7,872 | 20 |
Included in marketable debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 93,322 | $ 0 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value - Summary of Contractual Maturities of Investments (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due within one year | $ 48,016 | $ 20 |
Due in 1 - 5 years | 52,414 | 0 |
Due in 5 - 7 years | 764 | 0 |
Total cash equivalents and marketable debt securities | $ 101,194 | $ 20 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value - Schedule of Fair Value of Financial Instruments Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 101,194 | $ 20 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 7,872 | 20 |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 18,333 | |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 23,298 | |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 18,648 | |
U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 33,043 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 7,872 | 20 |
Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 7,872 | 20 |
Level 1 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | |
Level 1 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | |
Level 1 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | |
Level 1 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 93,322 | 0 |
Level 2 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 2 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 18,333 | |
Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 23,298 | |
Level 2 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 18,648 | |
Level 2 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 33,043 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | 0 |
Level 3 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | $ 0 |
Level 3 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | |
Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | |
Level 3 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 0 | |
Level 3 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Work-in-progress | $ 26,023 | $ 25,844 |
Finished goods | 14,463 | 19,375 |
Total | $ 40,486 | $ 45,219 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation of property and equipment | $ 3.9 | $ 2.8 | $ 2.6 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 34,177 | $ 29,265 |
Less: accumulated depreciation and amortization | (22,363) | (19,131) |
Total property and equipment, net | 11,814 | 10,134 |
Computer hardware and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 20,733 | 16,488 |
Tools and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,325 | 7,532 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,311 | 1,243 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,295 | 2,942 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 513 | $ 1,060 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||
Liabilities associated with software license at net present value current | $ 7,059,000 | $ 6,001,000 | |
Liabilities associated with software license at net present value noncurrent | 9,614,000 | 1,674,000 | |
Impairment of intangible assets | 0 | 0 | $ 0 |
Amortization expense associate with acquisition-related intangible assets | $ 4,900,000 | 1,400,000 | 0 |
IPR&D [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | 4,100,000 | ||
Estimated economic life | 7 years | ||
Software licenses [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Software license purchased | $ 24,500,000 | ||
Fully amortized software license retired | 12,500,000 | ||
Amortization expense | $ 7,500,000 | $ 6,400,000 | $ 6,500,000 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 71,028 | $ 58,993 |
Accumulated Amortization | (12,531) | (12,691) |
Net Carrying Amount | 58,497 | 46,302 |
Software licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 34,128 | 22,093 |
Accumulated Amortization | (6,319) | (11,331) |
Net Carrying Amount | 27,809 | 10,762 |
Developed technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,200 | 21,200 |
Accumulated Amortization | (3,932) | (904) |
Net Carrying Amount | 17,268 | 20,296 |
Customer relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,200 | 13,200 |
Accumulated Amortization | (1,833) | (367) |
Net Carrying Amount | 11,367 | 12,833 |
Trade Name [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,500 | 2,500 |
Accumulated Amortization | (447) | (89) |
Net Carrying Amount | $ 2,053 | $ 2,411 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Expected Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 13,754 | |
2025 | 11,996 | |
2026 | 9,944 | |
2027 | 5,711 | |
2028 | 5,711 | |
Thereafter | 11,381 | |
Net Carrying Amount | $ 58,497 | $ 46,302 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2023 USD ($) Segment | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
Finite Lived Intangible Assets [Line Items] | |||
Number of reportable segments | Segment | 1 | ||
Goodwill | $ 303,625,000 | $ 303,625,000 | |
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation | $ 22,152 | $ 30,044 |
Accrued product development costs | 19,433 | 10,523 |
Software license liabilities, current | 7,059 | 6,001 |
Other accrued liabilities | 8,011 | 5,496 |
Total accrued and other current liabilities | $ 56,655 | $ 52,064 |
Accrued and Other Current Lia_4
Accrued and Other Current Liabilities - Additional Information (Detail) $ in Millions | 12 Months Ended |
Jan. 31, 2023 USD ($) | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | $ 10.9 |
Cash [Member] | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | 3.2 |
Restricted stock units [Member] | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | $ 7.7 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Lessee Lease Description [Line Items] | |||
Increase to operating lease liabilities | $ 0.8 | $ 4.4 | |
Increase to operating lease ROU assets | 0.8 | 4.4 | |
Operating lease expense | $ 3.7 | $ 3.5 | $ 3 |
Weighted-average remaining lease term - operating leases | 2 years 7 months 9 days | ||
Weighted-average discount rate - operating leases | 3.58% | ||
Shanghai [Member] | Extended Office Lease [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease commencement date | Dec. 01, 2021 | ||
Expiration date | Nov. 30, 2024 | ||
Lease term | 3 years | ||
Shanghai [Member] | Additional Office Space [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease commencement date | Aug. 01, 2021 | ||
Expiration date | Nov. 30, 2024 | ||
Lease term | 40 months | ||
Shenzhen and Santa Clara [Member] | Extended Office Lease [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease commencement date | Oct. 01, 2022 | ||
Expiration date | Sep. 30, 2024 | ||
Lease term | 2 years | ||
Hong Kong [Member] | Extended Office Lease [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease commencement date | Dec. 01, 2021 | ||
Expiration date | Nov. 30, 2026 | ||
Lease term | 5 years |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 4,011 | $ 3,608 |
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets | 319 | 365 |
Leased assets changes arising from lease modifications | $ 575 | $ 2,798 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Lease Liabilities (Detail) $ in Thousands | Jan. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 3,766 |
2025 | 3,420 |
2026 | 1,370 |
2027 | 299 |
2028 | 125 |
Thereafter | 0 |
Total future annual minimum lease payments | 8,980 |
Less: interest | (344) |
Total lease liabilities | $ 8,636 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Unrecognized tax benefits, including interest | $ 3,770 | $ 9,313 |
Deferred income tax liability, non-current | 1,120 | 1,769 |
Software license liabilities, non-current | 9,614 | 1,674 |
Other long-term liabilities | 1,044 | 7 |
Total other long-term liabilities | $ 15,548 | $ 12,763 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 16, 2020 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Class Of Stock [Line Items] | ||||
Preference shares, shares authorized | 20,000,000 | 20,000,000 | ||
Preference shares, par value | $ 0.00045 | $ 0.00045 | ||
Preference shares, shares issued | 0 | 0 | ||
Preference shares, shares outstanding | 0 | 0 | ||
Stock repurchased, shares | 0 | 0 | ||
Stock repurchased during period, cash | $ 0 | $ 0 | $ 1,000,000 | |
Stock Repurchase Program $50.0 Million Authorization [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock repurchase program, expiration date | Jun. 30, 2023 | |||
Stock repurchased, shares | 25,719 | |||
Stock repurchased during period, cash | $ 1,000,000 | |||
Amount available under stock repurchase program | $ 49,000,000 | |||
Stock Repurchase Program $50.0 Million Authorization [Member] | Maximum [Member] | ||||
Class Of Stock [Line Items] | ||||
Amount authorized under stock repurchase program | $ 50,000,000 |
Capital Stock - Schedule of Ord
Capital Stock - Schedule of Ordinary Shares Reserved for Future Issuance under Company's Equity Plans and Employee Stock Purchase Plan (Detail) - shares | Jan. 31, 2023 | Jan. 31, 2022 |
Equity Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 5,822,819 | 7,461,541 |
ESPP [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 2,986,403 | 2,624,704 |
Employee Benefits and Stock-b_3
Employee Benefits and Stock-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2022 | Nov. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Contribution expense | $ 0.8 | $ 0.6 | |||||||
Voting power of all classes of company's shares | 10% | ||||||||
Accrued stock-based compensation expense liabilities | $ 4.6 | $ 7.8 | |||||||
Closing price of stock | $ 89.84 | ||||||||
Mr. Casey Eichler [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Acceleration of vesting of shares of unvested equity awards | 35,703 | ||||||||
Additional stock-based compensation expense, net related to departure recognized | $ 1.7 | ||||||||
Stock options [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Option's term of up to 10 years from grant date | 10 years | 10 years | 10 years | ||||||
Vesting schedule | vest 25% on the first anniversary service date of the grant and the remainder vest ratably over the following 36 months. | ||||||||
Total unrecognized compensation cost, stock options | $ 15.9 | ||||||||
Weighted average recognition period | 1 year 10 months 6 days | ||||||||
Restricted Stock and Restricted Stock Units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting schedule | 1/4th of the shares on the first anniversary service date of the grant and 1/16th of the shares vest every 3 months thereafter, so as to be 100% vested on the fourth anniversary of the vesting commencement date. | ||||||||
Restricted stock units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Weighted average recognition period | 2 years 4 months 28 days | ||||||||
Total unrecognized compensation cost, restricted stock units | $ 189.7 | ||||||||
Aggregate intrinsic value of unvested restricted stock units | 231.2 | ||||||||
Total fair value of vesting dates of restricted stock units vested | $ 122 | $ 192.5 | $ 69 | ||||||
2021 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Ordinary shares reserved for issuance | 1,350,000 | ||||||||
Maximum number of ordinary shares reserved for issuance | 6,834,208 | 6,834,208 | |||||||
2012 Equity Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Additional ordinary shares reserved for issuance | 0 | 1,599,634 | |||||||
2017 Stock Option Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Additional ordinary shares reserved for issuance | 0 | ||||||||
Incentive stock options granted to 10% ownership [Member] | Stock options [Member] | Minimum [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Purchase price of ordinary shares, percentage | 110% | ||||||||
Non statutory stock options and incentive stock options granted to less than 10% ownership [Member] | Stock options [Member] | Minimum [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Purchase price of ordinary shares, percentage | 100% | ||||||||
ESPP [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Purchase price of ordinary shares, percentage | 85% | 85% | 85% | ||||||
Percentage of salary contribution by employees | 15% | ||||||||
Additional ordinary shares reserved for issuance | 466,285 | 444,343 | |||||||
ESPP [Member] | Scenario, plan automatically increased by the lessor of [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Annual increase in ordinary shares for available for future issuance | 1,500,000 | 1,500,000 | |||||||
Annual shares increase for future issuance by percentage under 2012 employee stock purchase plan | 1.25% | 1.25% |
Employee Benefits and Stock-b_4
Employee Benefits and Stock-based Compensation - Classification of Stock-based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Stock-based compensation: | |||
Total stock-based compensation | $ 111,158 | $ 87,801 | $ 70,134 |
Cost of revenue [Member] | |||
Stock-based compensation: | |||
Total stock-based compensation | 3,597 | 1,489 | 1,328 |
Research and development [Member] | |||
Stock-based compensation: | |||
Total stock-based compensation | 71,236 | 54,787 | 42,903 |
Selling, general and administrative [Member] | |||
Stock-based compensation: | |||
Total stock-based compensation | $ 36,325 | $ 31,525 | $ 25,903 |
Employee Benefits and Stock-b_5
Employee Benefits and Stock-based Compensation - Weighted-Average Assumptions Used to Estimate Fair Value (Detail) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0% | 0% | 0% |
Stock options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 0% | 51% | 52% |
Risk-free interest rate | 0% | 1.04% | 0.52% |
Expected term (years) | 5 years 21 days | 5 years 9 months 10 days | |
Dividend yield | 0% | 0% | 0% |
Employee stock purchase plan awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 81% | 57% | 59% |
Risk-free interest rate | 2.32% | 0.06% | 0.21% |
Expected term (years) | 6 months | 6 months | 6 months |
Dividend yield | 0% | 0% | 0% |
Employee Benefits and Stock-b_6
Employee Benefits and Stock-based Compensation - Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Shares, Outstanding | 619,322 | 719,143 | 1,124,646 |
Shares, Granted | 14,700 | 51,200 | |
Shares, Assumed | 163,581 | ||
Shares, Exercised | (121,624) | (269,287) | (421,736) |
Shares, Forfeited | (10,618) | (7,669) | (11,618) |
Shares, Expired | (2,289) | (1,146) | (23,349) |
Shares, Outstanding | 484,791 | 619,322 | 719,143 |
Shares, Exercisable | 370,158 | ||
Weighted-Average Exercise Price, Outstanding | $ 40.08 | $ 38.33 | $ 32.93 |
Weighted-Average Exercise Price, Granted | 110.19 | 59.54 | |
Weighted-Average Exercise Price, Assumed | 23.10 | ||
Weighted-Average Exercise Price, Exercised | 30.34 | 28.23 | 24.52 |
Weighted-Average Exercise Price, Forfeited | 55.97 | 68.95 | 46.69 |
Weighted-Average Exercise Price, Expired | 39.19 | 9.86 | 70.11 |
Weighted-Average Exercise Price, Outstanding | 42.18 | 40.08 | 38.33 |
Weighted-Average Exercise Price, Exercisable | $ 44.47 | ||
Weighted-Average Grant-date Fair Value, Granted | 50.28 | $ 28.37 | |
Weighted-Average Acquisition-date Fair Value, Assumed | $ 173.04 | ||
Total Intrinsic Value of options Exercised | $ 6,712 | $ 25,622 | $ 19,401 |
Weighted-Average Remaining Contractual Term, Outstanding | 4 years 4 months 17 days | ||
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 7 months 2 days | ||
Aggregate Intrinsic Value, Outstanding | $ 23,346 | ||
Aggregate Intrinsic Value, Exercisable | $ 16,927 |
Employee Benefits and Stock-b_7
Employee Benefits and Stock-based Compensation - Restricted Stock Unit Activities (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Unvested, beginning balance | 2,651,135 | 2,871,801 | 2,617,266 |
Shares, Granted | 1,549,174 | 1,213,257 | 1,499,203 |
Shares, Vested | (1,513,972) | (1,367,309) | (1,162,883) |
Shares, Forfeited | (112,978) | (66,614) | (81,785) |
Shares, Unvested, ending balance | 2,573,359 | 2,651,135 | 2,871,801 |
Weighted-Average Grant-Date Fair Value, Unvested, beginning balance | $ 85.41 | $ 51.73 | $ 50.30 |
Weighted-Average Grant-Date Fair Value, Granted | 74.45 | 128.80 | 53.45 |
Weighted-Average Grant-Date Fair Value, Vested | 71.32 | 53.85 | 50.53 |
Weighted-Average Grant-Date Fair Value, Forfeited | 99.46 | 71.59 | 54.48 |
Weighted-Average Grant-Date Fair Value, Unvested, ending balance | $ 86.81 | $ 85.41 | $ 51.73 |
Net Loss Per Ordinary Share - C
Net Loss Per Ordinary Share - Computation of Basic and Diluted Net Loss Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Numerator: | |||
Net loss | $ (65,386) | $ (26,411) | $ (59,786) |
Denominator: | |||
Weighted-average ordinary shares - basic | 38,363,638 | 36,577,120 | 34,679,717 |
Weighted-average ordinary shares - diluted | 38,363,638 | 36,577,120 | 34,679,717 |
Net loss per ordinary share: | |||
Basic | $ (1.70) | $ (0.72) | $ (1.72) |
Diluted | $ (1.70) | $ (0.72) | $ (1.72) |
Net Loss Per Ordinary Share - W
Net Loss Per Ordinary Share - Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Ordinary Share (Detail) - shares | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of earnings per share | 1,898,390 | 1,724,742 | 2,127,990 |
Options to purchase ordinary shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of earnings per share | 336,828 | 327,747 | 660,025 |
Restricted stock units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of earnings per share | 1,550,679 | 1,388,091 | 1,440,176 |
Employee stock purchase plan awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from computation of earnings per share | 10,883 | 8,904 | 27,789 |
Income Taxes - Summary of Loss
Income Taxes - Summary of Loss before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Results of Operations, Income before Income Taxes [Abstract] | |||
U.S. operations | $ (18,968) | $ (5,842) | $ 8 |
Non-U.S. operations | (51,970) | (22,799) | (57,311) |
Loss before income taxes | $ (70,938) | $ (28,641) | $ (57,303) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Current: | |||
U.S. federal tax | $ (3,525) | $ 907 | $ 1,705 |
U.S. state taxes | 175 | 0 | 256 |
Non-U.S. foreign taxes | 2,395 | 1,778 | 1,019 |
Current income tax provision | (955) | 2,685 | 2,980 |
Deferred: | |||
U.S. federal tax | (4,231) | (4,819) | (432) |
U.S. state taxes | 0 | (14) | 0 |
Non-U.S. foreign taxes | (366) | (82) | (65) |
Deferred income tax provision | (4,597) | (4,915) | (497) |
Provision (benefit) for income taxes | $ (5,552) | $ (2,230) | $ 2,483 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Taxes [Line Items] | ||||
Statutory tax rate | 21% | 21% | 21% | |
Deferred tax liabilities, not recognized | $ 15,600 | |||
Cumulative undistributed earnings of foreign subsidiaries | 107,900 | |||
Gross deferred tax assets, net of deferred tax liabilities before valuation allowance | 46,600 | $ 37,700 | ||
Valuation allowance | 28,596 | 24,083 | ||
Unrecognized tax benefits | 21,656 | 30,884 | $ 29,527 | $ 42,695 |
Unrecognized tax benefits that would impact effective tax rate | 14,800 | |||
Interest expense and penalties related to uncertain tax positions | (700) | 300 | $ 300 | |
Noncurrent liabilities related to interest and penalties for uncertain tax positions | 600 | 1,300 | ||
Decreased unrecognized tax benefits | 9,200 | |||
Unrecognized tax benefits gross | 21,700 | |||
Long term income taxes payable, including estimated interest and penalties | 3,800 | |||
Other Long-Term Liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax liabilities considered as other long term liabilities | 3,200 | $ 8,000 | ||
U.S. state tax authorities [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | $ 24,500 | |||
U.S. state tax authorities [Member] | Earliest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2019 | |||
U.S. state tax authorities [Member] | Latest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2023 | |||
U.S. federal tax authorities [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | $ 4,100 | |||
U.S. federal tax authorities [Member] | Earliest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2020 | |||
U.S. federal tax authorities [Member] | Latest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2023 | |||
Foreign tax authorities [Member] | Earliest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2016 | |||
Foreign tax authorities [Member] | Latest tax year [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax examination, year | 2023 | |||
California state [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 1,000 | |||
Net operating loss carryforwards begin to expire in fiscal year | 2040 | |||
Research and development credit carryforwards | $ 37,500 | |||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 31,400 | |||
Net operating loss carryforwards begin to expire in fiscal year | 2037 | |||
Research and development credit carryforwards | $ 27,500 | |||
Federal credits begin to expire in fiscal year | 2037 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between the Provision (Benefit) for Income Taxes at the Statutory Rate and the Effective Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Provision at U.S. notional statutory rate | $ (14,897) | $ (6,015) | $ (12,034) |
U.S. state taxes | 114 | (11) | 212 |
Non-U.S. foreign tax differential | 12,943 | 6,483 | 12,989 |
Stock-based compensation | 10,004 | 1,900 | 4,943 |
U.S. R&D credit | (5,045) | (5,886) | (3,928) |
Valuation allowance | 2,124 | 765 | 0 |
FIN48 interest | (739) | 311 | 0 |
Uncertain tax position release | (10,188) | 0 | 0 |
Other | 132 | 223 | 301 |
Provision (benefit) for income taxes | $ (5,552) | $ (2,230) | $ 2,483 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2023 | Jan. 31, 2022 |
Deferred tax assets: | ||
Federal and state credits | $ 40,134 | $ 33,485 |
Net operating losses | 6,659 | 7,466 |
Expenses not currently deductible | 3,164 | 1,294 |
Operating lease liabilities | 1,582 | 2,096 |
Stock-based compensation | 3,678 | 3,632 |
Foreign deferred | 262 | 191 |
Gross deferred tax assets | 55,479 | 48,164 |
Valuation allowance | (28,596) | (24,083) |
Total deferred tax assets | 26,883 | 24,081 |
Deferred tax liabilities | ||
Intangible assets | (6,782) | (8,150) |
Property and equipment | (617) | (386) |
Operating lease assets | (1,452) | (1,971) |
Net deferred tax assets | $ 18,032 | $ 13,574 |
Income Taxes - Summary of Tax V
Income Taxes - Summary of Tax Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 24,083 | ||
Balance at End of Period | 28,596 | $ 24,083 | |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 24,083 | 17,962 | $ 14,670 |
Additional Charged to Expenses | 4,513 | 4,874 | 3,292 |
Additions Charged to Other Account | 0 | 1,247 | 0 |
Deductions Charged to Expenses or Other Accounts | 0 | 0 | 0 |
Balance at End of Period | $ 28,596 | $ 24,083 | $ 17,962 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 30,884 | $ 29,527 | $ 42,695 |
Additions based on tax positions related to the current year | 1,033 | 1,412 | 3,360 |
Additions for tax positions of prior years | 195 | 55 | 16 |
Reductions for tax positions in prior years | (45) | 0 | (10,212) |
Settlements for prior periods | 0 | 0 | (6,087) |
Lapse of applicable statute of limitations | (10,411) | (110) | (245) |
Ending balance | $ 21,656 | $ 30,884 | $ 29,527 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Loss Contingencies [Line Items] | ||
Total manufacturing purchase commitments | $ 43,600,000 | $ 71,500,000 |
Loss recognized from adverse purchase commitments | 2,900,000 | 0 |
Indemnification agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Payments under indemnification obligations | 0 | |
Liabilities recorded under indemnification obligations | 0 | 0 |
Other Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Liabilities recorded under indemnification obligations | $ 0 | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 USD ($) Segment | Jan. 31, 2022 USD ($) | Jan. 31, 2021 | |
Concentration Risk [Line Items] | |||
Number of reportable segments | Segment | 1 | ||
Property and equipment, net | $ 11,814 | $ 10,134 | |
Accounts receivable | $ 51,987 | $ 44,307 | |
Sales revenue, net [Member] | Wintech [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 57% | 62% | 63% |
Sales revenue, net [Member] | Chicony [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 12% | 13% | 16% |
Accounts receivable [Member] | Wintech [Member] | Credit concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | $ 21,000 | $ 23,300 | |
Accounts receivable [Member] | Chicony [Member] | Credit concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | 9,400 | 7,400 | |
United States [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | 4,000 | 3,100 | |
Asia Pacific [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | 6,300 | 5,600 | |
Europe [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | $ 1,500 | $ 1,500 |
Segment Reporting - Company's R
Segment Reporting - Company's Revenue by Geographic Region Based on Bill-to Location (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Total revenue | $ 337,606 | $ 331,856 | $ 222,990 |
Taiwan [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenue | 203,828 | 209,044 | 139,327 |
Asia Pacific [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenue | 73,371 | 81,480 | 57,270 |
Europe [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenue | 25,065 | 17,823 | 9,415 |
North America other than United States [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenue | 23,164 | 18,191 | 10,304 |
United States [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenue | $ 12,178 | $ 5,318 | $ 6,674 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ in Millions | Mar. 10, 2023 USD ($) |
Subsequent Event [Member] | Silicon Valley Bank [Member] | |
Subsequent Event [Line Items] | |
Cash deposits | $ 17 |