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Equity Incentive Plans (Tables)
9 Months Ended
Nov. 03, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity Under Equity Incentive Plans and Related Information
A summary of the stock option activity under our equity incentive plans and related information is as follows:
 
 Options Outstanding
 Number of
Shares
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual Life (in years)
Aggregate
Intrinsic
Value (in thousands)
Balance at the end of fiscal 20244,493,934 $13.63 2.3$129,065 
Options exercised(1,655,884)12.80   
Options forfeited(593)1.95   
Balance at the end of the third quarter of fiscal 2025
2,837,457 $13.96 2.0$104,962 
Vested and exercisable at the end of the third quarter of fiscal 2025
2,837,457 $13.96 2.0$104,962 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the RSU activity under our equity incentive plans and related information is as follows:
 
Number of
RSUs Outstanding
Weighted-
Average
Grant Date
Fair Value
Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 202424,343,074 $26.77 $1,028,495 
Granted
7,915,402 51.60 
Vested(8,526,064)27.01 
Forfeited(2,097,043)29.96 
Unvested balance at the end of the third quarter of fiscal 2025
21,635,369 $35.45 $1,102,322 
Schedule of Share-Based Payment Arrangement, Performance Restricted Stock Unit, Activity
A summary of the PRSU activity under our equity incentive plans and related information is as follows:
Number of
PRSUs Outstanding
Weighted-
Average
Grant Date
Fair Value
Aggregate
Intrinsic
Value (in thousands)
Unvested balance at the end of fiscal 2024
2,270,597 $25.64 $95,933 
Granted (1)
1,221,033 49.58 
Vested and earned (2)
(1,116,603)25.86 
Unearned (3)
(297,864)23.86 
Unvested balance at the end of the third quarter of fiscal 2025
2,077,163 $39.85 $105,831 
____________________________________
(1) Represents the number of shares that may be earned at the target percentage of 100% depending on the achievement of fiscal 2025 or certain other performance conditions.
(2) Represents the number of shares earned in which the service condition has also been satisfied.
(3) Represents the number of shares canceled as a result of not fully achieving the fiscal 2024 performance conditions.
Schedule of Components of Stock-Based Compensation
The following table summarizes the components of stock-based compensation expense recognized in the condensed consolidated statements of operations (in thousands):
 
 
Third Quarter of Fiscal
First Three Quarters of Fiscal
 2024202520242025
Cost of revenue—product$1,443 $3,216 $7,056 $9,443 
Cost of revenue—subscription services6,849 7,800 19,347 24,632 
Research and development
43,908 49,227 126,225 150,390 
Sales and marketing19,209 24,393 55,883 72,330 
General and administrative16,557 16,436 46,732 62,161 
Total stock-based compensation expense, net of amounts capitalized (1)
$87,966 $101,072 $255,243 $318,956 
_________________________________
(1) Stock-based compensation expense capitalized was $1.5 million and $2.2 million during the third quarter of fiscal 2024 and 2025, and $3.9 million and $5.8 million for the first three quarters of fiscal 2024 and 2025 .