Stockholders' Equity

12 Months Ended

Feb. 02, 2025

Equity [Abstract]

Stockholders’ Equity

Stockholders’ Equity

Preferred Stock

We have 20.0 million authorized shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board of Directors. At the end of fiscal 2025, there were no shares of preferred stock issued or outstanding.

Class A and Class B Common Stock

We have two classes of authorized common stock, Class A common stock, which we refer to as our “common stock”, and Class B common stock. At the end of fiscal 2025, we had 2.0 billion authorized shares of Class A common stock and 250.0 million authorized shares of Class B common stock, with each class having a par value of $0.0001 per share. At the end of fiscal 2025, 326.1 million shares of Class A common stock were issued and outstanding.

Common Stock Reserved for Issuance

At the end of fiscal 2025, we had reserved shares of common stock for future issuance as follows:

Shares underlying outstanding stock options	2,426,214
Shares underlying unvested restricted stock units (1)	25,093,925
Shares reserved for future equity awards	31,162,254
Shares reserved for future employee stock purchase plan awards	7,144,441
Total	65,826,834

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(1) Includes performance-based and market-based awards.

Share Repurchase Program

In August 2019, our Board of Directors approved a share repurchase program to repurchase shares of our common stock. As of the end of fiscal 2025, our Board of Directors has authorized to repurchase up to $1.1 billion under our share repurchase program, of which $21.5 million remained available. Shares repurchases are funded from available working capital.

In February 2025, our Board of Directors authorized a $250.0 million increase to the share repurchase program, bringing the total remaining authorization for future share repurchases to $271.5 million. Repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The share repurchase program does not obligate us to acquire any of our common stock, has no end date, and may be suspended or discontinued by us at any time without prior notice.

We record the difference between cash paid for stock repurchases and underlying par value as a reduction to additional paid-in capital, to the extent the repurchases do not cause this balance to be reduced below zero, at which point the difference would be recorded as a reduction to accumulated deficit.

The following table summarizes the stock repurchase activity for fiscal 2023, 2024 and 2025 (in thousands except for per share amounts):

	Fiscal Year Ended
	2023		2024		2025
Number of shares repurchased and retired	7,832		4,686		6,728
Average price per share (1)	$	27.95	$	28.96	$	55.57
Aggregate purchase price (1)	$	218,912	$	135,708	$	373,842

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(1) Excludes transaction costs that are included in the repurchases of common stock on the consolidated statements of cash flows.