Company: IOT
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001642896-25-000022
Chunk: 12

Company: Samsara Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7
Chunk 12
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 investment base of our managed portfolio of marketable debt securities and the net accretion of discounts on these securities.

Provision for Income Taxes

Provision for income taxes is summarized as follows (in thousands, except percentages):

Fiscal Year EndedChangeFebruary 1,2025February 3,2024Amount%Provision for income taxes$4,493$3,343$1,150 34 %Effective tax rate(3.0 %)(1.2 %)

The provision for income taxes increased by $1.2 million, or 34%, for the fiscal year ended February 1, 2025 compared to the fiscal year ended February 3, 2024, primarily due to higher taxes related to our foreign jurisdictions.

Non-GAAP Financial Measures

To supplement our consolidated financial statements prepared in accordance with GAAP, we review the following non-GAAP financial measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions (in thousands, except percentages):

Fiscal Year EndedFebruary 1, 2025February 3, 2024January 28, 2023Non-GAAP gross profit$966,227 $703,078 $479,355 Non-GAAP gross margin77 %75 %73 %Non-GAAP income (loss) from operations$113,552 $1,270 $(76,975)Non-GAAP operating margin9 %0 %(12 %)Non-GAAP net income (loss)$148,618 $37,891 $(64,942)Net cash provided by (used in) operating activities$131,659 $(11,815)$(103,021)Free cash flow$111,482 $(22,768)$(136,261)Free cash flow margin9 %(2 %)(21 %)

Limitations and Reconciliations of Non-GAAP Financial Measures

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow does not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. These and