Accrued and Other Current Liabilities

9 Months Ended

Oct. 31, 2024

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

6. Accrued and Other Current Liabilities

Accrued and other current liabilities at October 31, 2024 and January 31, 2024 consisted of the following:

	As of
	October 31, 2024		January 31, 2024
	(in thousands)
Accrued employee compensation	$	21,384	$	16,610
Accrued product development costs		38,574		18,290
Software license liabilities, current		8,222		8,161
Other accrued liabilities		4,794		5,537
Total accrued and other current liabilities	$	72,974	$	48,598

The timing of SoC development and invoicing from outside foundries usually results in the fluctuation of accrued product development costs. The accrued employee compensation primarily consists of accrued payroll and accrued employee benefits, as well as employee stock purchase plan withholding. For the accrued employee compensation as of January 31, 2024, approximately $4.1 million of annual bonus was paid in the first quarter of fiscal year 2025, of which $1.1 million was paid in cash and $3.0 million was settled with fully vested restricted stock units.