Balance Sheet Components | Balance Sheet Components Cash and Cash Equivalents, and Restricted Cash and Cash Equivalents Cash and cash equivalents include interest-bearing bank deposits, money market funds and other highly liquid investments with maturities of 90 days or less at the date of purchase. The Company had restricted cash and cash equivalents balances of $5.7 million and $6.2 million as of April 30, 2023 and January 31, 2023, respectively. The restricted cash and cash equivalents balances as of April 30, 2023 primarily consisted of $4.1 million of collateral money market investments for the Company’s headquarters and other domestic office operating leases and $1.3 million of performance guarantees required for the Company’s foreign sales activities. The restricted cash and cash equivalents balances as of January 31, 2023 primarily consisted of $4.1 million of collateral money market investments for the Company’s headquarters and other domestic office operating leases and $1.8 million of performance guarantees required for the Company’s foreign sales activities. A reconciliation of the Company’s cash and cash equivalents and restricted cash and cash equivalents in the condensed consolidated balance sheets to total cash and cash equivalents, and restricted cash and cash equivalents in the condensed consolidated statements of cash flows as of April 30, 2023 and January 31, 2023 is as follows: (in thousands) April 30, 2023 January 31, 2023 Cash and cash equivalents $ 140,763 $ 181,892 Restricted cash and cash equivalents, current 47 527 Restricted cash and cash equivalents, non-current 5,660 5,657 Total cash, cash equivalents, and restricted cash and cash equivalents $ 146,470 $ 188,076 The current restricted cash and cash equivalent balances as of April 30, 2023 and January 31, 2023 are included in prepaid expenses and other current assets. Short-term Investments Short-term investments consisted of the following as of April 30, 2023 and January 31, 2023: April 30, 2023 Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 73,417 $ 72 $ (134) $ 73,355 Commercial paper 9,426 9 — 9,435 Corporate bonds 140,878 166 (447) 140,597 U.S. government agency securities 12,077 6 (55) 12,028 Total short-term investments $ 235,798 $ 253 $ (636) $ 235,415 January 31, 2023 Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 59,255 $ 296 $ (118) $ 59,433 Commercial paper 19,744 105 — 19,849 Corporate bonds 139,644 34 (89) 139,589 U.S. government agency securities 8,063 — (66) 7,997 Total short-term investments $ 226,706 $ 435 $ (273) $ 226,868 The following table summarizes the contracted maturities of the Company’s short-term investments as of April 30, 2023 and January 31, 2023: April 30, 2023 January 31, 2023 (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 157,755 $ 157,515 $ 124,068 $ 124,234 Due in 1-2 years 78,043 77,900 102,638 102,634 $ 235,798 $ 235,415 $ 226,706 $ 226,868 Property and Equipment, Net Property and equipment, net consists of the following: (in thousands) April 30, 2023 January 31, 2023 Satellites* $ 320,284 $ 307,720 Leasehold improvements 15,462 15,389 Ground stations and ground station equipment 17,209 15,113 Office furniture, equipment and fixtures 6,272 5,787 Computer equipment and purchased software 8,849 8,638 Total property and equipment, gross 368,076 352,647 Less: Accumulated depreciation (249,883) (244,556) Total property and equipment, net $ 118,193 $ 108,091 * Satellites include $22.9 million and $13.8 million of satellites in process and not placed into service as of April 30, 2023 and January 31, 2023, respectively. The Company’s long-lived assets by geographic region are as follows: (in thousands) April 30, 2023 January 31, 2023 United States $ 113,004 $ 103,366 Rest of World 5,189 4,725 Total property and equipment, net $ 118,193 $ 108,091 The Company concluded that satellites in service continue to be owned by the U.S. entity and accordingly are classified as U.S. assets in the table above. No single country other than the U.S. accounted for more than 10% of total property and equipment, net, as of April 30, 2023 and January 31, 2023. Total depreciation expense for the three months ended April 30, 2023 and 2022 was $8.7 million and $10.4 million, respectively, of which $8.2 million and $8.9 million, respectively, was depreciation expense specific to satellites. In April 2023, additional information specific to two high resolution satellites became available which indicated the useful lives of the two satellites will be less than originally estimated. The change in estimated useful lives for these satellites was accounted for prospectively beginning in April 2023 which resulted in a $0.4 million increase in depreciation expense for the three months ended April 30, 2023. The change in estimate is expected to result in a $5.0 million increase in depreciation expense for the fiscal year ended January 31, 2024. Capitalized Internal-Use Software Development Costs Capitalized internal-use software costs, net of accumulated amortization consists of the following: (in thousands) April 30, 2023 January 31, 2023 Capitalized internal-use software $ 40,480 $ 39,535 Less: Accumulated amortization (28,602) (28,118) Capitalized internal-use software, net $ 11,878 $ 11,417 Amortization expense for capitalized internal-use software for the three months ended April 30, 2023 and 2022 was $0.5 million and $0.5 million, respectively. Goodwill and Intangible Assets Goodwill and Intangible assets consist of the following: April 30, 2023 January 31, 2023 (in thousands) Gross Accumulated Foreign Net Gross Accumulated Foreign Net Developed technology $ 18,618 $ (9,244) $ (8) $ 9,366 $ 18,619 $ (8,871) $ (8) $ 9,740 Image library 12,637 (11,382) 246 1,501 12,384 (11,004) 231 1,611 Customer relationships 4,935 (2,990) 7 1,952 4,935 (2,788) 7 2,154 Trade names and other 4,551 (3,410) 39 1,180 4,551 (3,264) 39 1,326 Total intangible assets $ 40,741 $ (27,026) $ 284 $ 13,999 $ 40,489 $ (25,927) $ 269 $ 14,831 Goodwill $ 110,942 $ — $ 1,806 $ 112,748 $ 110,942 $ — $ 1,806 $ 112,748 Amortization expense for the three months ended April 30, 2023 and 2022 was $1.1 million and $0.7 million, respectively. Accrued and Other Current Liabilities Accrued liabilities and other current liabilities consist of the following: (in thousands) April 30, 2023 January 31, 2023 Deferred R&D service liability (see Note 7) $ 13,370 $ 19,959 Payroll and related expenses 4,609 8,518 Deferred hosting costs 4,772 4,694 Withholding taxes and other taxes payable 2,642 2,272 Other accruals 9,039 10,579 Total accrued and other current liabilities $ 34,432 $ 46,022 |