Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2023 | Nov. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AMBA | |
Entity Registrant Name | AMBARELLA, INC. | |
Entity Central Index Key | 0001280263 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 40,248,073 | |
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 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Ordinary Shares, $0.00045 Par Value Per Share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 143,787 | $ 113,541 |
Marketable debt securities | 78,549 | 93,322 |
Accounts receivable, net | 22,968 | 51,987 |
Inventories | 30,783 | 40,486 |
Restricted cash | 7 | 8 |
Prepaid expenses and other current assets | 3,728 | 5,288 |
Total current assets | 279,822 | 304,632 |
Property and equipment, net | 10,917 | 11,814 |
Deferred tax assets, non-current | 22,952 | 19,276 |
Intangible assets, net | 58,805 | 58,497 |
Operating lease right-of-use assets, net | 5,760 | 8,339 |
Goodwill | 303,625 | 303,625 |
Other non-current assets | 2,748 | 4,012 |
Total assets | 684,629 | 710,195 |
Current liabilities: | ||
Accounts payable | 9,298 | 17,845 |
Accrued and other current liabilities | 57,991 | 56,655 |
Operating lease liabilities, current | 3,553 | 3,539 |
Income taxes payable | 2,391 | 4,112 |
Deferred revenue, current | 2,596 | 1,311 |
Total current liabilities | 75,829 | 83,462 |
Operating lease liabilities, non-current | 2,316 | 5,097 |
Other long-term liabilities | 14,696 | 15,548 |
Total liabilities | 92,841 | 104,107 |
Commitments and contingencies (Note 13) | 0 | 0 |
Shareholders' equity: | ||
Preference shares, $0.00045 par value per share, 20,000,000 shares authorized and no shares issued and outstanding at October 31, 2023 and January 31, 2023, respectively | 0 | 0 |
Ordinary shares, $0.00045 par value per share, 200,000,000 shares authorized; 40,229,267 and 39,043,000 shares issued and outstanding at October 31, 2023 and January 31, 2023, respectively | 18 | 18 |
Additional paid-in capital | 667,313 | 572,076 |
Accumulated other comprehensive loss | (1,219) | (492) |
Retained earnings (accumulated deficit) | (74,324) | 34,486 |
Total shareholders’ equity | 591,788 | 606,088 |
Total liabilities and shareholders' equity | $ 684,629 | $ 710,195 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Oct. 31, 2023 | Jan. 31, 2023 |
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 | 40,229,267 | 39,043,000 |
Ordinary shares, shares outstanding | 40,229,267 | 39,043,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 50,595 | $ 83,096 | $ 174,858 | $ 254,285 |
Cost of revenue | 20,612 | 31,418 | 68,894 | 94,996 |
Gross profit | 29,983 | 51,678 | 105,964 | 159,289 |
Operating expenses: | ||||
Research and development | 53,702 | 52,864 | 163,060 | 151,892 |
Selling, general and administrative | 18,246 | 18,944 | 55,750 | 58,213 |
Total operating expenses | 71,948 | 71,808 | 218,810 | 210,105 |
Loss from operations | (41,965) | (20,130) | (112,846) | (50,816) |
Other income, net | 1,900 | (1,433) | 3,923 | 1,493 |
Loss before income taxes | (40,065) | (18,697) | (108,923) | (49,323) |
Provision (benefit) for income taxes | 1,645 | 1,112 | (113) | 4,958 |
Net loss | $ (41,710) | $ (19,809) | $ (108,810) | $ (54,281) |
Net income loss per share attributable to ordinary shareholders: | ||||
Basic | $ (1.04) | $ (0.51) | $ (2.74) | $ (1.42) |
Diluted | $ (1.04) | $ (0.51) | $ (2.74) | $ (1.42) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders: | ||||
Basic | 40,053,251 | 38,582,584 | 39,710,248 | 38,185,421 |
Diluted | 40,053,251 | 38,582,584 | 39,710,248 | 38,185,421 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (41,710) | $ (19,809) | $ (108,810) | $ (54,281) |
Other comprehensive loss, net of tax: | ||||
Net unrealized losses on investments | (289) | (1,041) | (727) | (1,043) |
Other comprehensive loss, net of tax | (289) | (1,041) | (727) | (1,043) |
Comprehensive loss | $ (41,999) | $ (20,850) | $ (109,537) | $ (55,324) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Outstanding Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance, Amount at Jan. 31, 2022 | $ 547,176 | $ 17 | $ 447,287 | $ 0 | $ 99,872 |
Beginning Balance, Shares at Jan. 31, 2022 | 37,302,818 | ||||
Issuance of shares through employee equity plans, Amount | 8,589 | $ 0 | 8,589 | 0 | 0 |
Issuance of shares through employee equity plans, Shares | 736,516 | ||||
Issuance of shares through employee stock purchase plan, Amount | 3,250 | $ 0 | 3,250 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 43,545 | ||||
Stock-based compensation expense | 26,155 | $ 0 | 26,155 | 0 | 0 |
Net loss | (10,822) | 0 | 0 | 0 | (10,822) |
Ending Balance, Amount at Apr. 30, 2022 | 574,348 | $ 17 | 485,281 | 0 | 89,050 |
Ending Balance, Shares at Apr. 30, 2022 | 38,082,879 | ||||
Beginning Balance, Amount at Jan. 31, 2022 | 547,176 | $ 17 | 447,287 | 0 | 99,872 |
Beginning Balance, Shares at Jan. 31, 2022 | 37,302,818 | ||||
Other comprehensive gain (loss) - net of tax | (1,043) | ||||
Net loss | (54,281) | ||||
Ending Balance, Amount at Oct. 31, 2022 | 588,398 | $ 17 | 543,833 | (1,043) | 45,591 |
Ending Balance, Shares at Oct. 31, 2022 | 38,746,179 | ||||
Beginning Balance, Amount at Apr. 30, 2022 | 574,348 | $ 17 | 485,281 | 0 | 89,050 |
Beginning Balance, Shares at Apr. 30, 2022 | 38,082,879 | ||||
Issuance of shares through employee equity plans, Amount | 1,204 | $ 0 | 1,204 | 0 | 0 |
Issuance of shares through employee equity plans, Shares | 323,572 | ||||
Stock-based compensation expense | 26,211 | $ 0 | 26,211 | 0 | 0 |
Other comprehensive gain (loss) - net of tax | (2) | 0 | 0 | (2) | 0 |
Net loss | (23,650) | 0 | 0 | 0 | (23,650) |
Ending Balance, Amount at Jul. 31, 2022 | 578,111 | $ 17 | 512,696 | (2) | 65,400 |
Ending Balance, Shares at Jul. 31, 2022 | 38,406,451 | ||||
Issuance of shares through employee equity plans, Amount | 386 | $ 0 | 386 | 0 | 0 |
Issuance of shares through employee equity plans, Shares | 278,687 | ||||
Issuance of shares through employee stock purchase plan, Amount | 3,386 | $ 0 | 3,386 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 61,041 | ||||
Stock-based compensation expense | 27,365 | $ 0 | 27,365 | 0 | 0 |
Other comprehensive gain (loss) - net of tax | (1,041) | 0 | 0 | (1,041) | 0 |
Net loss | (19,809) | 0 | 0 | (19,809) | |
Ending Balance, Amount at Oct. 31, 2022 | 588,398 | $ 17 | 543,833 | (1,043) | 45,591 |
Ending Balance, Shares at Oct. 31, 2022 | 38,746,179 | ||||
Beginning Balance, Amount at Jan. 31, 2023 | $ 606,088 | $ 18 | 572,076 | (492) | 34,486 |
Beginning Balance, Shares at Jan. 31, 2023 | 39,043,000 | 39,043,000 | |||
Issuance of shares through employee equity plans, Amount | $ 5,198 | $ 0 | 5,198 | 0 | 0 |
Issuance of shares through employee equity plans, Shares | 467,996 | ||||
Issuance of shares through employee stock purchase plan, Amount | 4,448 | $ 0 | 4,448 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 80,207 | ||||
Stock-based compensation expense | 26,249 | $ 0 | 26,249 | 0 | 0 |
Other comprehensive gain (loss) - net of tax | 110 | 0 | 0 | 110 | 0 |
Net loss | (35,902) | 0 | 0 | 0 | (35,902) |
Ending Balance, Amount at Apr. 30, 2023 | 606,191 | $ 18 | 607,971 | (382) | (1,416) |
Ending Balance, Shares at Apr. 30, 2023 | 39,591,203 | ||||
Beginning Balance, Amount at Jan. 31, 2023 | $ 606,088 | $ 18 | 572,076 | (492) | 34,486 |
Beginning Balance, Shares at Jan. 31, 2023 | 39,043,000 | 39,043,000 | |||
Other comprehensive gain (loss) - net of tax | $ (727) | ||||
Net loss | (108,810) | ||||
Ending Balance, Amount at Oct. 31, 2023 | $ 591,788 | $ 18 | 667,313 | (1,219) | (74,324) |
Ending Balance, Shares at Oct. 31, 2023 | 40,229,267 | 40,229,267 | |||
Beginning Balance, Amount at Apr. 30, 2023 | $ 606,191 | $ 18 | 607,971 | (382) | (1,416) |
Beginning Balance, Shares at Apr. 30, 2023 | 39,591,203 | ||||
Issuance of shares through employee equity plans, Amount | 553 | $ 0 | 553 | 0 | 0 |
Issuance of shares through employee equity plans, Shares | 279,568 | ||||
Stock-based compensation expense | 27,320 | $ 0 | 27,320 | 0 | 0 |
Other comprehensive gain (loss) - net of tax | (548) | 0 | 0 | (548) | 0 |
Net loss | (31,198) | 0 | 0 | 0 | (31,198) |
Ending Balance, Amount at Jul. 31, 2023 | 602,318 | $ 18 | 635,844 | (930) | (32,614) |
Ending Balance, Shares at Jul. 31, 2023 | 39,870,771 | ||||
Issuance of shares through employee equity plans, Amount | 334 | $ 0 | 334 | 0 | 0 |
Issuance of shares through employee equity plans, Shares | 286,684 | ||||
Issuance of shares through employee stock purchase plan, Amount | 3,486 | $ 0 | 3,486 | 0 | 0 |
Issuance of shares through employee stock purchase plan, Shares | 71,812 | ||||
Stock-based compensation expense | 27,649 | $ 0 | 27,649 | 0 | 0 |
Other comprehensive gain (loss) - net of tax | (289) | 0 | 0 | (289) | 0 |
Net loss | (41,710) | 0 | 0 | 0 | (41,710) |
Ending Balance, Amount at Oct. 31, 2023 | $ 591,788 | $ 18 | $ 667,313 | $ (1,219) | $ (74,324) |
Ending Balance, Shares at Oct. 31, 2023 | 40,229,267 | 40,229,267 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (108,810) | $ (54,281) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 18,402 | 14,426 |
Amortization (accretion) of premium (discount) on marketable debt securities, net | (957) | (281) |
Stock-based compensation | 82,796 | 82,051 |
Deferred income taxes | (3,676) | 755 |
Other non-cash items, net | 1,066 | 28 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 29,019 | (4,249) |
Inventories | 9,703 | (176) |
Prepaid expenses and other current assets | 1,539 | 80 |
Other non-current assets | 105 | 841 |
Accounts payable | (8,553) | (2,044) |
Accrued and other current liabilities | 6,938 | 2,813 |
Income taxes payable | (1,721) | 2,537 |
Deferred revenue | 171 | (378) |
Operating lease liabilities | (2,940) | (3,254) |
Other long-term liabilities | (26) | 135 |
Net cash provided by operating activities | 23,056 | 39,003 |
Cash flows from investing activities: | ||
Purchase of investments | (34,433) | (87,641) |
Sales of investments | 5,222 | 756 |
Maturities of investments | 44,310 | 0 |
Purchase of tangible and intangible assets | (10,047) | (13,023) |
Escrow claim associated with business acquisition | 0 | 749 |
Net cash provided by (used in) investing activities | 5,052 | (99,159) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and employee stock purchase plan | 6,912 | 6,834 |
Payment for intangible assets | (4,775) | (4,887) |
Net cash provided by financing activities | 2,137 | 1,947 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 30,245 | (58,209) |
Cash, cash equivalents and restricted cash at beginning of period | 113,549 | 171,053 |
Cash, cash equivalents and restricted cash at end of period | 143,794 | 112,844 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 5,499 | 1,340 |
Supplemental disclosure of noncash investing activities: | ||
Unpaid liabilities related to tangible and intangible assets purchases | $ 6,868 | $ 1,239 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ (41,710) | $ (31,198) | $ (35,902) | $ (19,809) | $ (23,650) | $ (10,822) | $ (108,810) | $ (54,281) |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Oct. 31, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Securities Trading Plans of Directors and Executive Officers During our last fiscal quarter ending October 31, 2023, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 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 Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and, therefore, do not include all information and notes normally provided in audited financial statements. The accounting policies are described in the “Notes to Consolidated Financial Statements” in the Annual Report on Form 10-K for the 2023 fiscal year filed with the SEC on March 31, 2023 (the Form 10-K) and updated, as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States (U.S. GAAP). In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair statement have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Form 10-K. Basis of Consolidation The Company’s fiscal year ends on January 31. The condensed 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. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies described in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023. 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 its two major distributors, WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, which serves as its non-exclusive sales representative and fulfillment partner in Asia other than Japan, and Hakuto Co., Ltd., or Hakuto, a Japan distributor, and to one ODM, Chicony Electronics Co., Ltd., or Chicony, which manufactures devices incorporating the Company’s solutions on behalf of multiple end-customers. 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 14 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, 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. Restricted Cash Amounts included in restricted cash represent those required to be set aside to secure certain transactions in a foreign entity. As of October 31, 2023 and January 31, 2023, restricted cash was immaterial, respectively. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets, and the totals are presented on the condensed consolidated statements of cash flows: As of October 31, January 31, October 31, January 31, (in thousands) Cash and cash equivalents $ 143,787 $ 113,541 $ 112,837 $ 171,043 Restricted cash 7 8 7 10 Total as presented in the condensed consolidated statements of cash flows $ 143,794 $ 113,549 $ 112,844 $ 171,053 Recent Accounting Pronouncements None. |
Financial Instruments and Fair
Financial Instruments and Fair Value | 9 Months Ended |
Oct. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments and Fair Value | 2. Financial Instruments and Fair Value The Company invests a portion of its cash in money market funds and debt securities that are denominated in United States dollars. The debt security investment portfolio consists of commercial paper, corporate bonds, asset-backed securities and U.S. government securities. All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows: As of October 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 1,649 $ — $ — $ 1,649 Commercial paper 22,963 — — 22,963 Corporate bonds 40,667 7 ( 642 ) 40,032 Asset-backed securities 17,269 — ( 256 ) 17,013 U.S. government securities 22,491 — ( 328 ) 22,163 Total cash equivalents and marketable debt securities $ 105,039 $ 7 $ ( 1,226 ) $ 103,820 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 The following table provides the breakdown of unrealized losses as of October 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position: As of October 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate bonds $ 29,661 $ ( 406 ) $ 9,098 $ ( 236 ) $ 38,759 $ ( 642 ) Asset-backed securities 9,550 ( 87 ) 7,463 ( 169 ) 17,013 ( 256 ) U.S. government securities 14,761 ( 185 ) 7,402 ( 143 ) 22,163 ( 328 ) Total marketable debt securities at loss position $ 53,972 $ ( 678 ) $ 23,963 $ ( 548 ) $ 77,935 $ ( 1,226 ) As of January 31, 2023, there were no debt securities with unrealized losses for more than twelve months. As of October 31, 2023 January 31, 2023 (in thousands) Included in cash equivalents $ 25,271 $ 7,872 Included in marketable debt securities 78,549 93,322 Total cash equivalents and marketable debt securities $ 103,820 $ 101,194 The contractual maturities of the investments at October 31, 2023 and January 31, 2023 were as follows: As of October 31, 2023 January 31, 2023 (in thousands) Due within one year $ 39,736 $ 48,016 Due in 1 - 5 years 64,084 52,414 Due in 5 - 7 years — 764 Total cash equivalents and marketable debt securities $ 103,820 $ 101,194 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 condensed 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 condensed consolidated balance sheets. The credit-related losses were not material for the three and nine months ended October 31, 2023 and 2022, 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 condensed consolidated statements of operations. For the three months ended October 31, 2023 and 2022, interest income and realized gains and losses, net, were approximately $ 1.3 million and $ 0.7 million, respectively. For the nine months ended October 31, 2023 and 2022, interest income and realized gains and losses, net, were approximately $ 3.5 million and $ 0.8 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 October 31, 2023 and January 31, 2023, respectively: As of October 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 1,649 $ 1,649 $ — $ — Commercial paper 22,963 — 22,963 — Corporate bonds 40,032 — 40,032 — Asset-backed securities 17,013 — 17,013 — U.S. government securities 22,163 — 22,163 — Total cash equivalents and marketable debt securities $ 103,820 $ 1,649 $ 102,171 $ — 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 $ — |
Inventories
Inventories | 9 Months Ended |
Oct. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Work-in-progress $ 19,016 $ 26,023 Finished goods 11,767 14,463 Total $ 30,783 $ 40,486 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Depreciation expense was approximately $ 1.2 million and $ 1.0 million for the three months ended October 31, 2023 and 2022, respectively, and was approximately $ 3.5 million and $ 2.8 million for the nine months ended October 31, 2023 and 2022, respectively. Property and equipment at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Computer hardware and software $ 22,869 $ 20,733 Tools and equipment 8,174 8,325 Furniture and fixtures 1,347 1,311 Leasehold improvements 3,414 3,295 Construction in progress 422 513 36,226 34,177 Less: accumulated depreciation and amortization ( 25,309 ) ( 22,363 ) Total property and equipment, net $ 10,917 $ 11,814 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Oct. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | 5. Goodwill and Intangible Assets, Net Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired in a business combination. Intangible assets primarily consist of software licenses as well as developed technology, customer relationships and trade name that were acquired from business combinations. 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 October 31, 2023, approximately $ 8.5 million was recorded in accrued and other current liabilities and $ 9.8 million was recorded in other long-term liabilities in the condensed consolidated balance sheets. The components of intangible assets as of October 31, 2023 and January 31, 2023 were as follows: As of October 31, 2023 As of January 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Software licenses $ 44,340 $ ( 12,584 ) $ 31,756 $ 34,128 $ ( 6,319 ) $ 27,809 Developed technology 21,200 ( 6,204 ) 14,996 21,200 ( 3,932 ) 17,268 Customer relationships 13,200 ( 2,933 ) 10,267 13,200 ( 1,833 ) 11,367 Trade name 2,500 ( 714 ) 1,786 2,500 ( 447 ) 2,053 Total intangible assets, net $ 81,240 $ ( 22,435 ) $ 58,805 $ 71,028 $ ( 12,531 ) $ 58,497 During the nine months ended October 31, 2023, there were approximately $ 12.5 million of software licenses purchased and approximately $ 2.2 million of software licenses retired. The amortization expense associated with software licenses was approximately $ 3.1 million and $ 2.0 million for the three months ended October 31, 2023 and 2022, respectively, and was approximately $ 8.5 million and $ 5.2 million for the nine months ended October 31, 2023 and 2022, respectively. The amortization expense associated with acquisition-related intangible assets, including developed technology, customer relationships and trade name, was approximately $ 1.2 million and $ 1.2 million for the three months ended October 31, 2023 and 2022, respectively, and was approximately $ 3.6 million and $ 3.6 million for the nine months ended October 31, 2023 and 2022 respectively. As of October 31, 2023, the Company has not commenced amortization with respect to approximately $ 9.4 million of software licenses with alternative uses that are to be sold, leased or otherwise marketed as part of products. Once the associated products are available for general release to customers, the Company will commence amortization on a product-by-product basis over the remaining estimated economic life of the products. The expected future amortization expense related to these intangible assets as of October 31, 2023 is as follows: As of October 31, 2023 Fiscal Year (in thousands) 2024 (3 months remaining) $ 4,188 2025 14,841 2026 12,479 2027 7,609 2028 6,081 Thereafter 13,607 Total future amortization expenses: $ 58,805 Goodwill and indefinite-lived 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 they may be impaired. There were no goodwill and intangible asset impairments for the three and nine months ended October 31, 2023 and 2022, respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Oct. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | 6. Accrued and Other Current Liabilities Accrued and other current liabilities at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Accrued employee compensation $ 14,851 $ 22,152 Accrued product development costs 27,819 19,433 Software license liabilities, current 8,466 7,059 Other accrued liabilities 6,855 8,011 Total accrued and other current liabilities $ 57,991 $ 56,655 The timing of SoC development and invoicing from outside foundries usually results in the fluctuation of accrued product development costs. For the accrued employee compensation, approximately $ 5.6 million of annual bonus was paid in the first quarter of fiscal year 2024, of which $ 1.1 million was paid in cash and $ 4.5 million was settled with restricted stock units. |
Leases
Leases | 9 Months Ended |
Oct. 31, 2023 | |
Leases [Abstract] | |
Leases | 7. Leases The Company enters into various operating leases for its worldwide facilities. The operating lease expense was approximately $ 1.0 million and $ 1.0 million for the three months ended October 31, 2023 and 2022, respectively, and was approximately $ 2.8 million and $ 2.8 million for the nine months ended October 31, 2023 and 2022, respectively. The Company's short-term leases and finance leases were not material as of October 31, 2023 and January 31, 2023, respectively. Supplemental cash flow information related to the operating leases is as follows: Three Months Ended Nine Months Ended October 31, 2023 October 31, 2023 (in thousands) Cash paid for operating leases included in operating cash flows $ 947 $ 2,940 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets 51 171 As of October 31, 2023, the weighted average remaining lease term is 1.95 years, and the weighted average discount rate is 3.62 percent. Future minimum lease payments for the lease liabilities are as follows: As of October 31, 2023 Fiscal Year (in thousands) 2024 (3 months remaining) $ 936 2025 3,353 2026 1,364 2027 289 2028 100 Thereafter — Total future annual minimum lease payments 6,042 Less: interest ( 173 ) Total lease liabilities $ 5,869 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Oct. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 8. Other Long-Term Liabilities Other long-term liabilities at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Unrecognized tax benefits, including interest $ 3,848 $ 3,770 Deferred tax liabilities, non-current 1,018 1,120 Software license liabilities, non-current 9,827 9,614 Other long-term liabilities 3 1,044 Total other long-term liabilities $ 14,696 $ 15,548 |
Capital Stock
Capital Stock | 9 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | 9. 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 October 31, 2023 and January 31, 2023, respectively. Ordinary shares As of October 31, 2023 and January 31, 2023, the following ordinary shares were reserved for future issuance under the Company’s equity plans and employee stock purchase plan: As of October 31, 2023 January 31, 2023 Shares reserved for options, restricted stock and 4,783,996 5,822,819 Shares reserved for employee stock purchase plan 2,834,384 2,986,403 Stock repurchase program On May 26, 2023, the Company ’ s Board of Directors approved an extension of the Company's existing share repurchase program for an additional twelve months through June 30, 2024. There were no ordinary shares repurchased in the nine months ended October 31, 2023. As of October 31, 2023, there was approximately $ 49.0 million available for repurchases under the current repurchase program through June 30, 2024. Repurchases 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. The repurchase program is funded using the Company’s working capital and any repurchased shares are recorded as authorized but unissued shares. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 10. Stock-based Compensation The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands) Stock-based compensation: Cost of revenue $ 868 $ 360 $ 2,694 $ 1,071 Research and development 17,898 18,741 54,809 53,775 Selling, general and administrative 8,643 9,000 25,293 27,205 Total stock-based compensation $ 27,409 $ 28,101 $ 82,796 $ 82,051 As of October 31, 2023, approximately $ 1.4 million of stock-based compensation expense was accrued in accrued and other current liabilities in the condensed consolidated balance sheets. Total unrecognized compensation cost related to unvested stock options at October 31, 2023 was $ 8.3 million and is expected to be recognized over a weighted-average period of 1.45 years. Total unrecognized compensation cost related to unvested restricted stock units at October 31, 2023 was approximately $ 188.0 million and is expected to be recognized over a weighted-average period of 2.56 years. On October 17, 2023, the Company entered into a separation agreement and release with Mr. Brian White, the Company’s Chief Financial Officer, associated with his retirement for his continued service through January 31, 2024 ("the separation date"). The agreement provides for acceleration of vesting of 24,559 shares of equity awards and compensation of $ 693,000 which is expected to be settled through the issuance of restricted stock units. As a result, the Company expects to recognize approximately $ 1.9 million of additional stock-based compensation expense through the separation date, of which $ 0.2 million has been recognized in the three months ended October 31, 2023. The following table sets forth the weighted-average assumptions used to estimate the fair value of employee stock purchase plan awards for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Employee stock purchase plan awards: Volatility 54 % 72 % 56 % 81 % Risk-free interest rate 5.49 % 3.78 % 5.11 % 2.32 % Expected term (years) 0.5 0.5 0.5 0.5 Dividend yield 0 % 0 % 0 % 0 % The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Intrinsic Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Price Fair Value (in thousands) (in years) (in thousands) Outstanding at January 31, 2023 484,791 $ 42.18 Exercised ( 65,188 ) 23.62 $ 3,418 Forfeited ( 926 ) 42.59 Expired ( 1,064 ) 74.33 Outstanding at October 31, 2023 417,613 45.00 3.68 $ 2,584 Exercisable at October 31, 2023 358,750 $ 46.30 3.15 $ 1,790 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 ordinary shares on October 31, 2023 was $ 44.99 , as reported by The Nasdaq Global Select Market. The intrinsic value of exercised options is calculated based on the difference between the fair market value of the Company’s ordinary shares on the exercise date and the exercise price. The following table summarizes restricted stock unit activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2023 2,573,359 $ 86.81 Granted 1,190,375 71.77 Vested ( 969,060 ) 78.11 Forfeited ( 128,201 ) 76.31 Unvested at October 31, 2023 2,666,473 $ 83.76 As of October 31, 2023, the aggregate intrinsic value of unvested restricted stock units was $ 120.0 million. |
Net Loss Per Ordinary Share
Net Loss Per Ordinary Share | 9 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Ordinary Share | 11. Net Loss Per Ordinary Share The following table sets forth the computation of basic and diluted loss per ordinary share for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands, except share and per share data) Numerator: Net loss $ ( 41,710 ) $ ( 19,809 ) $ ( 108,810 ) $ ( 54,281 ) Denominator: Weighted-average ordinary shares - basic 40,053,251 38,582,584 39,710,248 38,185,421 Weighted-average ordinary shares - diluted 40,053,251 38,582,584 39,710,248 38,185,421 Net loss per ordinary share: Basic $ ( 1.04 ) $ ( 0.51 ) $ ( 2.74 ) $ ( 1.42 ) Diluted $ ( 1.04 ) $ ( 0.51 ) $ ( 2.74 ) $ ( 1.42 ) 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: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Options to purchase ordinary shares 214,595 314,645 242,277 351,595 Restricted stock units 1,560,921 1,408,315 1,374,705 1,549,473 Employee stock purchase plan 17,373 10,231 11,649 10,899 1,792,889 1,733,191 1,628,631 1,911,967 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The following table provides details of income taxes for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands) Loss before income taxes $ ( 40,065 ) $ ( 18,697 ) $ ( 108,923 ) $ ( 49,323 ) Provision (benefit) for income taxes 1,645 1,112 ( 113 ) 4,958 Effective tax rate ( 4.1 )% ( 6.0 )% 0.1 % ( 10.1 )% The Company recorded an expense for income taxes of $ 1.6 million for the three months ended October 31, 2023 and a benefit for income taxes of $ 0.1 million for the nine months ended October 31, 2023, respectively. For the three and nine months ended October 31, 2022, the Company recorded an expense for income taxes of $ 1.1 million and $ 5.0 million, respectively. The increase in income tax expense for the three months ended October 31, 2023, as compared to the same period in the prior fiscal year, was primarily due to an increase in non-deductible stock-based compensation. The decrease in income tax expense for the nine months ended October 31, 2023 was primarily due to the tax benefit from the release of a $ 4.0 million valuation allowance on the deferred tax assets of Oculii Corp, or Oculii, partially offset by an increase in the proportion of profits generated in higher tax jurisdictions. The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, using a “more likely than not” standard. The realizability of the Company’s net deferred tax assets is dependent on its ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets. During the second quarter of fiscal year 2024, based on all available positive and negative evidence, the Company determined it was appropriate to release the valuation allowance on Oculii’s US federal deferred tax assets. The Company recognized a $ 3.6 million tax benefit in the first half of fiscal year 2024 as a result of the valuation allowance release. The Company recognized an additional $ 0.4 million tax benefit during the three months ended October 31, 2023. The Company files federal and state income tax returns in the United States and in various foreign jurisdictions. The Company’s fiscal years 2020 through 2023 are generally open and subject to potential examination by U.S. federal tax authorities. The Company’s fiscal years 2019 through 2023 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. As of October 31, 2023, the gross amount of unrecognized tax benefits was approximately $ 22.6 million. 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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. 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 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 October 31, 2023 and January 31, 2023, total manufacturing purchase commitments were approximately $ 26.2 million and $ 43.6 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 and records the liabilities in accrued and other current liabilities in the condensed consolidated balance sheets. The liabilities for these purchase commitments were immaterial as of October 31, 2023 and were approximately $ 2.9 million as of January 31, 2023. 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 October 31, 2023, and no liabilities have been recorded for these obligations in the condensed consolidated balance sheets as of October 31, 2023 and January 31, 2023, 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 October 31, 2023 and January 31, 2023, there were no accruals for contingent liabilities related to such matters recorded in the condensed consolidated balance sheets. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. 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. Certain prior quarter amounts of revenue by geographic region have been adjusted to reflect the appropriate bill-to location for the related revenue. These adjustments did not impact the total revenues in any of the periods presented. Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands) Taiwan $ 27,179 $ 51,306 $ 91,295 $ 150,595 Asia Pacific 14,300 15,309 45,378 54,724 Europe 2,869 5,310 9,058 18,472 North America other than United States 5,032 8,870 24,407 21,930 United States 1,215 2,301 4,720 8,564 Total revenue $ 50,595 $ 83,096 $ 174,858 $ 254,285 Substantially all of the Company’s property and equipment were located in the Asia Pacific region, United States and Europe. As of October 31, 2023, the net amount of these fixed assets located in these regions was approximately $ 5.7 million, $ 3.9 million and $ 1.3 million, respectively. 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. Major Customers For the three months ended October 31, 2023, the customers representing 10% or more of revenue were WT, Hakuto and Chicony, which accounted for approximately 53.7 %, 12.0 % and 11.7 % of total revenue, respectively. For the nine months ended October 31, 2023, the customers representing 10% or more of revenue were WT and Chicony, which accounted for approximately 52.2 % and 13.9 % of total revenue, respectively. For the three and nine months ended October 31, 2022, the customers representing 10% or more of revenue were WT and Chicony, which accounted for approximately 61.6 % and 10.7 % of total revenue for the three months ended October 31, 2022, respectively, and accounted for approximately 59.1 % and 11.6 % of total revenue for the nine months ended October 31, 2022, respectively. Accounts receivable with WT, Chicony and Hakuto were approximately $ 8.1 million, $ 6.0 million and $ 1.1 million as of October 31, 2023, respectively. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 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 Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and, therefore, do not include all information and notes normally provided in audited financial statements. The accounting policies are described in the “Notes to Consolidated Financial Statements” in the Annual Report on Form 10-K for the 2023 fiscal year filed with the SEC on March 31, 2023 (the Form 10-K) and updated, as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States (U.S. GAAP). In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair statement have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Form 10-K. |
Basis of Consolidation | Basis of Consolidation The Company’s fiscal year ends on January 31. The condensed 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. |
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 its two major distributors, WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, which serves as its non-exclusive sales representative and fulfillment partner in Asia other than Japan, and Hakuto Co., Ltd., or Hakuto, a Japan distributor, and to one ODM, Chicony Electronics Co., Ltd., or Chicony, which manufactures devices incorporating the Company’s solutions on behalf of multiple end-customers. 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 14 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, 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. |
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 October 31, 2023 and January 31, 2023, restricted cash was immaterial, respectively. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets, and the totals are presented on the condensed consolidated statements of cash flows: As of October 31, January 31, October 31, January 31, (in thousands) Cash and cash equivalents $ 143,787 $ 113,541 $ 112,837 $ 171,043 Restricted cash 7 8 7 10 Total as presented in the condensed consolidated statements of cash flows $ 143,794 $ 113,549 $ 112,844 $ 171,053 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements None. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Oct. 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 condensed consolidated balance sheets, and the totals are presented on the condensed consolidated statements of cash flows: As of October 31, January 31, October 31, January 31, (in thousands) Cash and cash equivalents $ 143,787 $ 113,541 $ 112,837 $ 171,043 Restricted cash 7 8 7 10 Total as presented in the condensed consolidated statements of cash flows $ 143,794 $ 113,549 $ 112,844 $ 171,053 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Available-for-Sale Securities at Fair Value | All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows: As of October 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 1,649 $ — $ — $ 1,649 Commercial paper 22,963 — — 22,963 Corporate bonds 40,667 7 ( 642 ) 40,032 Asset-backed securities 17,269 — ( 256 ) 17,013 U.S. government securities 22,491 — ( 328 ) 22,163 Total cash equivalents and marketable debt securities $ 105,039 $ 7 $ ( 1,226 ) $ 103,820 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 |
Schedule of Available-for-Sale Securities Unrealized Loss Position at Fair Value | The following table provides the breakdown of unrealized losses as of October 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position: As of October 31, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) Corporate bonds $ 29,661 $ ( 406 ) $ 9,098 $ ( 236 ) $ 38,759 $ ( 642 ) Asset-backed securities 9,550 ( 87 ) 7,463 ( 169 ) 17,013 ( 256 ) U.S. government securities 14,761 ( 185 ) 7,402 ( 143 ) 22,163 ( 328 ) Total marketable debt securities at loss position $ 53,972 $ ( 678 ) $ 23,963 $ ( 548 ) $ 77,935 $ ( 1,226 ) |
Schedule of Cash Equivalents and Marketable Debt Securities | As of October 31, 2023 January 31, 2023 (in thousands) Included in cash equivalents $ 25,271 $ 7,872 Included in marketable debt securities 78,549 93,322 Total cash equivalents and marketable debt securities $ 103,820 $ 101,194 |
Summary of Contractual Maturities of Investments | The contractual maturities of the investments at October 31, 2023 and January 31, 2023 were as follows: As of October 31, 2023 January 31, 2023 (in thousands) Due within one year $ 39,736 $ 48,016 Due in 1 - 5 years 64,084 52,414 Due in 5 - 7 years — 764 Total cash equivalents and marketable debt securities $ 103,820 $ 101,194 |
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 October 31, 2023 and January 31, 2023, respectively: As of October 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 1,649 $ 1,649 $ — $ — Commercial paper 22,963 — 22,963 — Corporate bonds 40,032 — 40,032 — Asset-backed securities 17,013 — 17,013 — U.S. government securities 22,163 — 22,163 — Total cash equivalents and marketable debt securities $ 103,820 $ 1,649 $ 102,171 $ — 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 $ — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Work-in-progress $ 19,016 $ 26,023 Finished goods 11,767 14,463 Total $ 30,783 $ 40,486 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Computer hardware and software $ 22,869 $ 20,733 Tools and equipment 8,174 8,325 Furniture and fixtures 1,347 1,311 Leasehold improvements 3,414 3,295 Construction in progress 422 513 36,226 34,177 Less: accumulated depreciation and amortization ( 25,309 ) ( 22,363 ) Total property and equipment, net $ 10,917 $ 11,814 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Components of Intangible Assets | The components of intangible assets as of October 31, 2023 and January 31, 2023 were as follows: As of October 31, 2023 As of January 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Software licenses $ 44,340 $ ( 12,584 ) $ 31,756 $ 34,128 $ ( 6,319 ) $ 27,809 Developed technology 21,200 ( 6,204 ) 14,996 21,200 ( 3,932 ) 17,268 Customer relationships 13,200 ( 2,933 ) 10,267 13,200 ( 1,833 ) 11,367 Trade name 2,500 ( 714 ) 1,786 2,500 ( 447 ) 2,053 Total intangible assets, net $ 81,240 $ ( 22,435 ) $ 58,805 $ 71,028 $ ( 12,531 ) $ 58,497 |
Summary of Expected Future Amortization Expense Related to Intangible Assets | The expected future amortization expense related to these intangible assets as of October 31, 2023 is as follows: As of October 31, 2023 Fiscal Year (in thousands) 2024 (3 months remaining) $ 4,188 2025 14,841 2026 12,479 2027 7,609 2028 6,081 Thereafter 13,607 Total future amortization expenses: $ 58,805 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Accrued employee compensation $ 14,851 $ 22,152 Accrued product development costs 27,819 19,433 Software license liabilities, current 8,466 7,059 Other accrued liabilities 6,855 8,011 Total accrued and other current liabilities $ 57,991 $ 56,655 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 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: Three Months Ended Nine Months Ended October 31, 2023 October 31, 2023 (in thousands) Cash paid for operating leases included in operating cash flows $ 947 $ 2,940 Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets 51 171 |
Schedule of Future Minimum Lease Payments for Lease Liabilities | As of October 31, 2023, the weighted average remaining lease term is 1.95 years, and the weighted average discount rate is 3.62 percent. Future minimum lease payments for the lease liabilities are as follows: As of October 31, 2023 Fiscal Year (in thousands) 2024 (3 months remaining) $ 936 2025 3,353 2026 1,364 2027 289 2028 100 Thereafter — Total future annual minimum lease payments 6,042 Less: interest ( 173 ) Total lease liabilities $ 5,869 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities at October 31, 2023 and January 31, 2023 consisted of the following: As of October 31, 2023 January 31, 2023 (in thousands) Unrecognized tax benefits, including interest $ 3,848 $ 3,770 Deferred tax liabilities, non-current 1,018 1,120 Software license liabilities, non-current 9,827 9,614 Other long-term liabilities 3 1,044 Total other long-term liabilities $ 14,696 $ 15,548 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
Schedule of Ordinary Shares Reserved for Future Issuance under Company's Equity Plans and Employee Stock Purchase Plan | As of October 31, 2023 and January 31, 2023, the following ordinary shares were reserved for future issuance under the Company’s equity plans and employee stock purchase plan: As of October 31, 2023 January 31, 2023 Shares reserved for options, restricted stock and 4,783,996 5,822,819 Shares reserved for employee stock purchase plan 2,834,384 2,986,403 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Classification of Stock-based Compensation | The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands) Stock-based compensation: Cost of revenue $ 868 $ 360 $ 2,694 $ 1,071 Research and development 17,898 18,741 54,809 53,775 Selling, general and administrative 8,643 9,000 25,293 27,205 Total stock-based compensation $ 27,409 $ 28,101 $ 82,796 $ 82,051 |
Weighted-Average Assumptions Used to Estimate Fair Value | The following table sets forth the weighted-average assumptions used to estimate the fair value of employee stock purchase plan awards for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Employee stock purchase plan awards: Volatility 54 % 72 % 56 % 81 % Risk-free interest rate 5.49 % 3.78 % 5.11 % 2.32 % Expected term (years) 0.5 0.5 0.5 0.5 Dividend yield 0 % 0 % 0 % 0 % |
Stock Option Activities | The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Intrinsic Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Price Fair Value (in thousands) (in years) (in thousands) Outstanding at January 31, 2023 484,791 $ 42.18 Exercised ( 65,188 ) 23.62 $ 3,418 Forfeited ( 926 ) 42.59 Expired ( 1,064 ) 74.33 Outstanding at October 31, 2023 417,613 45.00 3.68 $ 2,584 Exercisable at October 31, 2023 358,750 $ 46.30 3.15 $ 1,790 |
Restricted Stock Unit Activities | The following table summarizes restricted stock unit activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2023 2,573,359 $ 86.81 Granted 1,190,375 71.77 Vested ( 969,060 ) 78.11 Forfeited ( 128,201 ) 76.31 Unvested at October 31, 2023 2,666,473 $ 83.76 |
Net Loss Per Ordinary Share (Ta
Net Loss Per Ordinary Share (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Ordinary Share | The following table sets forth the computation of basic and diluted loss per ordinary share for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands, except share and per share data) Numerator: Net loss $ ( 41,710 ) $ ( 19,809 ) $ ( 108,810 ) $ ( 54,281 ) Denominator: Weighted-average ordinary shares - basic 40,053,251 38,582,584 39,710,248 38,185,421 Weighted-average ordinary shares - diluted 40,053,251 38,582,584 39,710,248 38,185,421 Net loss per ordinary share: Basic $ ( 1.04 ) $ ( 0.51 ) $ ( 2.74 ) $ ( 1.42 ) Diluted $ ( 1.04 ) $ ( 0.51 ) $ ( 2.74 ) $ ( 1.42 ) |
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: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 Options to purchase ordinary shares 214,595 314,645 242,277 351,595 Restricted stock units 1,560,921 1,408,315 1,374,705 1,549,473 Employee stock purchase plan 17,373 10,231 11,649 10,899 1,792,889 1,733,191 1,628,631 1,911,967 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Taxes | The following table provides details of income taxes for the periods indicated: Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands) Loss before income taxes $ ( 40,065 ) $ ( 18,697 ) $ ( 108,923 ) $ ( 49,323 ) Provision (benefit) for income taxes 1,645 1,112 ( 113 ) 4,958 Effective tax rate ( 4.1 )% ( 6.0 )% 0.1 % ( 10.1 )% |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 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. Certain prior quarter amounts of revenue by geographic region have been adjusted to reflect the appropriate bill-to location for the related revenue. These adjustments did not impact the total revenues in any of the periods presented. Three Months Ended October 31, Nine Months Ended October 31, 2023 2022 2023 2022 (in thousands) Taiwan $ 27,179 $ 51,306 $ 91,295 $ 150,595 Asia Pacific 14,300 15,309 45,378 54,724 Europe 2,869 5,310 9,058 18,472 North America other than United States 5,032 8,870 24,407 21,930 United States 1,215 2,301 4,720 8,564 Total revenue $ 50,595 $ 83,096 $ 174,858 $ 254,285 |
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 | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 143,787 | $ 113,541 | $ 112,837 | $ 171,043 |
Restricted cash | 7 | 8 | 7 | 10 |
Total as presented in the condensed consolidated statements of cash flows | $ 143,794 | $ 113,549 | $ 112,844 | $ 171,053 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value - Schedule of Available-for-Sale Securities at Fair Value (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 105,039 | $ 101,686 |
Unrealized Gains | 7 | 116 |
Unrealized Losses | (1,226) | (608) |
Fair Value | 103,820 | 101,194 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,649 | 7,872 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 1,649 | 7,872 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 22,963 | 18,333 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 22,963 | 18,333 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 40,667 | 23,472 |
Unrealized Gains | 7 | 50 |
Unrealized Losses | (642) | (224) |
Fair Value | 40,032 | 23,298 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,269 | 18,753 |
Unrealized Gains | 0 | 44 |
Unrealized Losses | (256) | (149) |
Fair Value | 17,013 | 18,648 |
U.S. government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 22,491 | 33,256 |
Unrealized Gains | 0 | 22 |
Unrealized Losses | (328) | (235) |
Fair Value | $ 22,163 | $ 33,043 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value - Schedule of Available-for-Sale Securities Unrealized Loss Position at Fair Value (Detail) $ in Thousands | Oct. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | $ 53,972 |
12 Months or Greater, Fair Value | 23,963 |
Total, Fair Value | 77,935 |
Less than 12 Months, Unrealized Losses | (678) |
12 Months or Greater, Unrealized Losses | (548) |
Total, Unrealized Losses | (1,226) |
Corporate bonds [Member] | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | 29,661 |
12 Months or Greater, Fair Value | 9,098 |
Total, Fair Value | 38,759 |
Less than 12 Months, Unrealized Losses | (406) |
12 Months or Greater, Unrealized Losses | (236) |
Total, Unrealized Losses | (642) |
Asset-backed securities [Member] | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | 9,550 |
12 Months or Greater, Fair Value | 7,463 |
Total, Fair Value | 17,013 |
Less than 12 Months, Unrealized Losses | (87) |
12 Months or Greater, Unrealized Losses | (169) |
Total, Unrealized Losses | (256) |
U.S. government securities [Member] | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |
Less than 12 Months, Fair Value | 14,761 |
12 Months or Greater, Fair Value | 7,402 |
Total, Fair Value | 22,163 |
Less than 12 Months, Unrealized Losses | (185) |
12 Months or Greater, Unrealized Losses | (143) |
Total, Unrealized Losses | $ (328) |
Financial Instruments and Fai_5
Financial Instruments and Fair Value - Schedule of Cash Equivalents and Marketable Debt Securities (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 103,820 | $ 101,194 |
Included in cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | 25,271 | 7,872 |
Included in marketable debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 78,549 | $ 93,322 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value - Summary of Contractual Maturities of Investments (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due within one year | $ 39,736 | $ 48,016 |
Due in 1 - 5 years | 64,084 | 52,414 |
Due in 5 - 7 years | 0 | 764 |
Total cash equivalents and marketable debt securities | $ 103,820 | $ 101,194 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Jan. 31, 2023 Security | |
Investments, Debt and Equity Securities [Abstract] | |||||
Number of debt securities with unrealized losses for more than twelve months | Security | 0 | ||||
Interest income and realized gains and losses from available-for-sale debt securities | $ | $ 1.3 | $ 0.7 | $ 3.5 | $ 0.8 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value - Schedule of Fair Value of Financial Instruments Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | $ 103,820 | $ 101,194 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 1,649 | 7,872 |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 22,963 | 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 | 40,032 | 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 | 17,013 | 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 | 22,163 | 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 | 1,649 | 7,872 |
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 | 1,649 | 7,872 |
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 | 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 | 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 | 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 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable debt securities | 102,171 | 93,322 |
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 | 22,963 | 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 | 40,032 | 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 | 17,013 | 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 | 22,163 | 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 | 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 | 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 | 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 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Work-in-progress | $ 19,016 | $ 26,023 |
Finished goods | 11,767 | 14,463 |
Total | $ 30,783 | $ 40,486 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation of property and equipment | $ 1.2 | $ 1 | $ 3.5 | $ 2.8 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 36,226 | $ 34,177 |
Less: accumulated depreciation and amortization | (25,309) | (22,363) |
Total property and equipment, net | 10,917 | 11,814 |
Computer hardware and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 22,869 | 20,733 |
Tools and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,174 | 8,325 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,347 | 1,311 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,414 | 3,295 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 422 | $ 513 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2023 | |
Finite Lived Intangible Assets [Line Items] | |||||
Liabilities associated with software license at net present value, current | $ 8,466,000 | $ 8,466,000 | $ 7,059,000 | ||
Liabilities associated with software license at net present value, non-current | 9,827,000 | 9,827,000 | $ 9,614,000 | ||
Unamortized software licenses with alternative uses to be sold, leased or marketed | 9,400,000 | 9,400,000 | |||
Impairment of goodwill and intangible assets | 0 | $ 0 | 0 | $ 0 | |
Software licenses [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Amortization expense | 3,100,000 | 2,000,000 | 8,500,000 | 5,200,000 | |
Acquired Intangible Assets [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 1,200,000 | $ 1,200,000 | 3,600,000 | $ 3,600,000 | |
Internal-use software licenses [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Software licenses purchased | 12,500,000 | ||||
Fully amortized software license retired | $ 2,200,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Summary of Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 81,240 | $ 71,028 |
Accumulated Amortization | (22,435) | (12,531) |
Net Carrying Amount | 58,805 | 58,497 |
Software licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 44,340 | 34,128 |
Accumulated Amortization | (12,584) | (6,319) |
Net Carrying Amount | 31,756 | 27,809 |
Developed technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,200 | 21,200 |
Accumulated Amortization | (6,204) | (3,932) |
Net Carrying Amount | 14,996 | 17,268 |
Customer relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,200 | 13,200 |
Accumulated Amortization | (2,933) | (1,833) |
Net Carrying Amount | 10,267 | 11,367 |
Trade Name [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,500 | 2,500 |
Accumulated Amortization | (714) | (447) |
Net Carrying Amount | $ 1,786 | $ 2,053 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Expected Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 (3 months remaining) | $ 4,188 | |
2025 | 14,841 | |
2026 | 12,479 | |
2027 | 7,609 | |
2028 | 6,081 | |
Thereafter | 13,607 | |
Net Carrying Amount | $ 58,805 | $ 58,497 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation | $ 14,851 | $ 22,152 |
Accrued product development costs | 27,819 | 19,433 |
Software license liabilities, current | 8,466 | 7,059 |
Other accrued liabilities | 6,855 | 8,011 |
Total accrued and other current liabilities | $ 57,991 | $ 56,655 |
Accrued and Other Current Lia_4
Accrued and Other Current Liabilities - Additional Information (Detail) $ in Millions | 9 Months Ended |
Oct. 31, 2023 USD ($) | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | $ 5.6 |
Cash [Member] | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | 1.1 |
Restricted stock units [Member] | |
Schedule of Accrued Liabilities [Line Items] | |
Annual bonus paid | $ 4.5 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Lessee Lease Description [Line Items] | ||||
Operating lease expense | $ 1 | $ 1 | $ 2.8 | $ 2.8 |
Weighted-average remaining lease term - operating leases | 1 year 11 months 12 days | 1 year 11 months 12 days | ||
Weighted-average discount rate - operating leases | 3.62% | 3.62% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2023 | Oct. 31, 2023 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 947 | $ 2,940 |
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets | $ 51 | $ 171 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Lease Liabilities (Detail) $ in Thousands | Oct. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 (3 months remaining) | $ 936 |
2025 | 3,353 |
2026 | 1,364 |
2027 | 289 |
2028 | 100 |
Thereafter | 0 |
Total future annual minimum lease payments | 6,042 |
Less: interest | (173) |
Total lease liabilities | $ 5,869 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Unrecognized tax benefits, including interest | $ 3,848 | $ 3,770 |
Deferred tax liabilities, non-current | 1,018 | 1,120 |
Software license liabilities, non-current | 9,827 | 9,614 |
Other long-term liabilities | 3 | 1,044 |
Total other long-term liabilities | $ 14,696 | $ 15,548 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Oct. 31, 2023 | Jan. 31, 2023 | |
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 Repurchase Program [Member] | ||
Class Of Stock [Line Items] | ||
Stock repurchased, shares | 0 | |
Amount available under stock repurchase program | $ 49 |
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 | Oct. 31, 2023 | Jan. 31, 2023 |
Equity Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 4,783,996 | 5,822,819 |
ESPP [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 2,834,384 | 2,986,403 |
Stock-based Compensation - Clas
Stock-based Compensation - Classification of Stock-based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Stock-based compensation: | ||||
Total stock-based compensation | $ 27,409 | $ 28,101 | $ 82,796 | $ 82,051 |
Cost of revenue [Member] | ||||
Stock-based compensation: | ||||
Total stock-based compensation | 868 | 360 | 2,694 | 1,071 |
Research and development [Member] | ||||
Stock-based compensation: | ||||
Total stock-based compensation | 17,898 | 18,741 | 54,809 | 53,775 |
Selling, general and administrative [Member] | ||||
Stock-based compensation: | ||||
Total stock-based compensation | $ 8,643 | $ 9,000 | $ 25,293 | $ 27,205 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2024 | Oct. 31, 2023 | Oct. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Accrued stock-based compensation expense liabilities | $ 1,400,000 | $ 1,400,000 | |
Closing price of ordinary shares | $ 44.99 | $ 44.99 | |
Mr. Brian White [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Additional stock-based compensation expense, net related to departure recognized | $ 1,900,000 | $ 200,000 | |
Mr. Brian White [Member] | Forecast [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Acceleration of vesting of shares of unvested equity awards | 24,559 | ||
Additional stock-based compensation expense, net related to departure recognized | $ 693,000 | ||
Stock options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized compensation cost, stock options | 8,300,000 | $ 8,300,000 | |
Weighted average recognition period | 1 year 5 months 12 days | ||
Restricted stock units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized compensation cost, restricted stock units | 188,000,000 | $ 188,000,000 | |
Weighted average recognition period | 2 years 6 months 21 days | ||
Aggregate intrinsic value of unvested restricted stock units | $ 120,000,000 | $ 120,000,000 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted-Average Assumptions Used to Estimate Fair Value (Detail) - Employee stock purchase plan awards [Member] | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Volatility | 54% | 72% | 56% | 81% |
Risk-free interest rate | 5.49% | 3.78% | 5.11% | 2.32% |
Expected term (years) | 6 months | 6 months | 6 months | 6 months |
Dividend yield | 0% | 0% | 0% | 0% |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activities (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Oct. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares, Outstanding | shares | 484,791 |
Shares, Exercised | shares | (65,188) |
Shares, Forfeited | shares | (926) |
Shares, Expired | shares | (1,064) |
Shares, Outstanding | shares | 417,613 |
Shares, Exercisable | shares | 358,750 |
Weighted-Average Exercise Price, Outstanding | $ / shares | $ 42.18 |
Weighted-Average Exercise Price, Exercised | $ / shares | 23.62 |
Weighted-Average Exercise Price, Forfeited | $ / shares | 42.59 |
Weighted-Average Exercise Price, Expired | $ / shares | 74.33 |
Weighted-Average Exercise Price, Outstanding | $ / shares | 45 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 46.3 |
Total Intrinsic Value Of Options Exercised | $ | $ 3,418 |
Weighted-Average Remaining Contractual Term, Outstanding | 3 years 8 months 4 days |
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 1 month 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 2,584 |
Aggregate Intrinsic Value, Exercisable | $ | $ 1,790 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Unit Activities (Detail) - Restricted Stock Unit [Member] | 9 Months Ended |
Oct. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested, beginning balance | shares | 2,573,359 |
Shares, Granted | shares | 1,190,375 |
Shares, Vested | shares | (969,060) |
Shares, Forfeited | shares | (128,201) |
Shares, Unvested, ending balance | shares | 2,666,473 |
Weighted-Average Grant-Date Fair Value, Unvested, beginning balance | $ / shares | $ 86.81 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 71.77 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 78.11 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 76.31 |
Weighted-Average Grant-Date Fair Value, Unvested, ending balance | $ / shares | $ 83.76 |
Net Loss Per Ordinary Share - C
Net Loss Per Ordinary Share - Computation of Basic and Diluted Loss Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Numerator: | ||||||||
Net loss | $ (41,710) | $ (31,198) | $ (35,902) | $ (19,809) | $ (23,650) | $ (10,822) | $ (108,810) | $ (54,281) |
Denominator: | ||||||||
Weighted-average ordinary shares - basic | 40,053,251 | 38,582,584 | 39,710,248 | 38,185,421 | ||||
Weighted-average ordinary shares - diluted | 40,053,251 | 38,582,584 | 39,710,248 | 38,185,421 | ||||
Net loss per ordinary share: | ||||||||
Basic | $ (1.04) | $ (0.51) | $ (2.74) | $ (1.42) | ||||
Diluted | $ (1.04) | $ (0.51) | $ (2.74) | $ (1.42) |
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 | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of earnings per share | 1,792,889 | 1,733,191 | 1,628,631 | 1,911,967 |
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 | 214,595 | 314,645 | 242,277 | 351,595 |
Restricted stock units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of earnings per share | 1,560,921 | 1,408,315 | 1,374,705 | 1,549,473 |
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 | 17,373 | 10,231 | 11,649 | 10,899 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Loss before income taxes | $ (40,065) | $ (18,697) | $ (108,923) | $ (49,323) |
Provision (benefit) for income taxes | $ 1,645 | $ 1,112 | $ (113) | $ 4,958 |
Effective tax rate | (4.10%) | (6.00%) | 0.10% | (10.10%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Taxes [Line Items] | |||||
Income tax (benefit) expense | $ 1,645 | $ 1,112 | $ (113) | $ 4,958 | |
Unrecognized tax benefits | 22,600 | $ 22,600 | |||
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 | ||||
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 | ||||
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 | ||||
Oculii Corp [Member] | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | $ 3,600 | $ 400 | $ 4,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Oct. 31, 2023 | Jan. 31, 2023 |
Loss Contingencies [Line Items] | ||
Total manufacturing purchase commitments | $ 26,200,000 | $ 43,600,000 |
Liabilities of purchase commitments | 2,900,000 | |
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 | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2023 USD ($) | Oct. 31, 2022 | Oct. 31, 2023 USD ($) Segment | Oct. 31, 2022 | Jan. 31, 2023 USD ($) | |
Concentration Risk [Line Items] | |||||
Number of reportable segment | Segment | 1 | ||||
Property and equipment, net | $ 10,917 | $ 10,917 | $ 11,814 | ||
Accounts receivable | $ 22,968 | $ 22,968 | 51,987 | ||
Sales revenue, net [Member] | WT [Member] | Customer concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenue | 53.70% | 61.60% | 52.20% | 59.10% | |
Sales revenue, net [Member] | Hakuto [Member] | Customer concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenue | 12% | ||||
Sales revenue, net [Member] | Chicony [Member] | Customer concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenue | 11.70% | 10.70% | 13.90% | 11.60% | |
Accounts receivable [Member] | WT [Member] | Credit concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | $ 8,100 | $ 8,100 | |||
Accounts receivable [Member] | Hakuto [Member] | Credit concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | 1,100 | 1,100 | |||
Accounts receivable [Member] | Chicony [Member] | Credit concentration risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | 6,000 | 6,000 | |||
Asia Pacific [Member] | |||||
Concentration Risk [Line Items] | |||||
Property and equipment, net | 5,700 | 5,700 | 6,300 | ||
United States [Member] | |||||
Concentration Risk [Line Items] | |||||
Property and equipment, net | 3,900 | 3,900 | 4,000 | ||
Europe [Member] | |||||
Concentration Risk [Line Items] | |||||
Property and equipment, net | $ 1,300 | $ 1,300 | $ 1,500 |
Segment Reporting - Company's R
Segment Reporting - Company's Revenue by Geographic Region Based on Bill-to Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 50,595 | $ 83,096 | $ 174,858 | $ 254,285 |
Taiwan [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 27,179 | 51,306 | 91,295 | 150,595 |
Asia Pacific [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 14,300 | 15,309 | 45,378 | 54,724 |
Europe [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 2,869 | 5,310 | 9,058 | 18,472 |
North America other than United States [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 5,032 | 8,870 | 24,407 | 21,930 |
United States [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 1,215 | $ 2,301 | $ 4,720 | $ 8,564 |