Cover
Cover - shares | 6 Months Ended | |
Jul. 31, 2023 | Sep. 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40166 | |
Entity Registrant Name | Planet Labs PBC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-4299396 | |
Entity Address, Address Line One | 645 Harrison Street | |
Entity Address, Address Line Two | Floor 4 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94107 | |
City Area Code | 415 | |
Local Phone Number | 829-3313 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001836833 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --01-31 | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | PL | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 264,502,208 | |
Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Class A common stock, at an exercise price of $11.50 per share | |
Trading Symbol | PL WS | |
Security Exchange Name | NYSE | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 21,157,586 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Current assets | |||
Cash and cash equivalents | $ 118,808 | $ 181,892 | |
Short-term investments | 248,979 | 226,868 | |
Accounts receivable, net of allowance of $786 and $1,289, respectively | 40,349 | 38,952 | |
Prepaid expenses and other current assets | 19,725 | 27,943 | |
Total current assets | 427,861 | 475,655 | |
Property and equipment, net | 120,193 | 108,091 | |
Capitalized internal-use software, net | 12,992 | 11,417 | |
Goodwill | 112,750 | 112,748 | |
Intangible assets, net | 14,867 | 14,831 | |
Restricted cash and cash equivalents, non-current | 5,707 | 5,657 | |
Operating lease right-of-use assets | 23,485 | 20,403 | |
Other non-current assets | 2,562 | 3,921 | |
Total assets | 720,417 | 752,723 | |
Current liabilities | |||
Accounts payable | 3,825 | 6,900 | |
Accrued and other current liabilities | [1] | 37,841 | 46,022 |
Deferred revenue | [1] | 56,575 | 51,900 |
Liability from early exercise of stock options | 10,757 | 12,550 | |
Operating lease liabilities, current | 7,261 | 4,885 | |
Total current liabilities | 116,259 | 122,257 | |
Deferred revenue | [1] | 18,186 | 2,882 |
Deferred hosting costs | [1] | 9,605 | 8,679 |
Public and private placement warrant liabilities | 9,499 | 16,670 | |
Operating lease liabilities, non-current | 19,139 | 17,145 | |
Contingent consideration | 5,926 | 7,499 | |
Other non-current liabilities | 2,235 | 1,487 | |
Total liabilities | 180,849 | 176,619 | |
Commitments and contingencies (Note 8) | |||
Stockholders’ equity | |||
Common stock, $0.0001 par value, 570,000,000, 30,000,000 and 30,000,000 Class A, Class B and Class C shares authorized at July 31, 2023 and January 31, 2023, 255,787,619 and 250,625,975 Class A shares issued and outstanding at July 31, 2023 and January 31, 2023, respectively, 21,157,586 Class B shares issued and outstanding at July 31, 2023 and January 31, 2023, 0 Class C shares issued and outstanding at July 31, 2023 and January 31, 2023 (1) | [1] | 27 | 27 |
Additional paid-in capital | 1,549,920 | 1,513,102 | |
Accumulated other comprehensive income | 1,336 | 2,271 | |
Accumulated deficit | (1,011,715) | (939,296) | |
Total stockholders’ equity | 539,568 | 576,104 | |
Total liabilities and stockholders’ equity | $ 720,417 | $ 752,723 | |
[1]Balance includes related-party transactions entered into with Google, LLC (“Google”). See Note 10. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Accounts receivable, allowance | $ 786 | $ 1,289 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Class A | ||
Common stock, shares authorized (in shares) | 570,000,000 | 570,000,000 |
Common stock, shares issued (in shares) | 255,787,619 | 250,625,975 |
Common stock, shares outstanding (in shares) | 255,787,619 | 250,625,975 |
Common Class B | ||
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 21,157,586 | 21,157,586 |
Common stock, shares outstanding (in shares) | 21,157,586 | 21,157,586 |
Common Class C | ||
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | ||
Income Statement [Abstract] | |||||
Revenue | [1] | $ 53,761 | $ 48,450 | $ 106,464 | $ 88,577 |
Cost of revenue | [1] | 27,469 | 24,977 | 52,025 | 48,605 |
Gross profit | 26,292 | 23,473 | 54,439 | 39,972 | |
Operating expenses | |||||
Research and development | [1] | 26,741 | 26,737 | 54,927 | 51,487 |
Sales and marketing | 22,310 | 19,483 | 45,435 | 38,338 | |
General and administrative | 20,521 | 19,893 | 42,049 | 40,501 | |
Total operating expenses | 69,572 | 66,113 | 142,411 | 130,326 | |
Loss from operations | (43,280) | (42,640) | (87,972) | (90,354) | |
Interest income | 3,802 | 1,311 | 8,308 | 1,423 | |
Change in fair value of warrant liabilities | 1,226 | 2,112 | 7,171 | 5,388 | |
Other income (expense), net | 859 | (158) | 963 | 122 | |
Total other income (expense), net | 5,887 | 3,265 | 16,442 | 6,933 | |
Loss before provision for income taxes | (37,393) | (39,375) | (71,530) | (83,421) | |
Provision for income taxes | 582 | 154 | 889 | 468 | |
Net loss | $ (37,975) | $ (39,529) | $ (72,419) | $ (83,889) | |
Basic net loss per share attributable to common stockholders (in dollars per share) | $ (0.14) | $ (0.15) | $ (0.26) | $ (0.32) | |
Diluted net loss per share attributable to common stockholders (in dollars per share) | $ (0.14) | $ (0.15) | $ (0.26) | $ (0.32) | |
Basic weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 275,053,198 | 266,212,489 | 273,723,006 | 265,168,341 | |
Diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 275,053,198 | 266,212,489 | 273,723,006 | 265,168,341 | |
[1]Balance includes related-party transactions entered into with Google. See Note 10. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (37,975) | $ (39,529) | $ (72,419) | $ (83,889) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 169 | 142 | 124 | 317 |
Change in fair value of available-for-sale securities | (515) | 303 | (1,059) | 303 |
Other comprehensive income (loss), net of tax | (346) | 445 | (935) | 620 |
Comprehensive loss | $ (38,321) | $ (39,084) | $ (73,354) | $ (83,269) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Jan. 31, 2022 | 262,175,273 | ||||||
Beginning balance at Jan. 31, 2022 | $ 648,245 | $ (301) | $ 27 | $ 1,423,151 | $ 2,096 | $ (777,029) | $ (301) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 3,524,182 | ||||||
Issuance of Class A common stock from the exercise of common stock options | 6,203 | 6,203 | |||||
Issuance of Class A common stock upon vesting of restricted stock units (in shares) | 215,178 | ||||||
Vesting of early exercised stock options (in shares) | 91,911 | ||||||
Vesting of early exercised stock options | 896 | 896 | |||||
Class A common stock withheld to satisfy employee tax withholding obligations (in shares) | (75,442) | ||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (411) | (411) | |||||
Stock-based compensation | 20,259 | 20,259 | |||||
Change in translation | 175 | 175 | |||||
Net loss | (44,360) | (44,360) | |||||
Ending balance (in shares) at Apr. 30, 2022 | 265,931,102 | ||||||
Ending balance at Apr. 30, 2022 | 630,706 | $ 27 | 1,450,098 | 2,271 | (821,690) | ||
Beginning balance (in shares) at Jan. 31, 2022 | 262,175,273 | ||||||
Beginning balance at Jan. 31, 2022 | 648,245 | $ (301) | $ 27 | 1,423,151 | 2,096 | (777,029) | $ (301) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net unrealized gain on available-for-sale securities, net of taxes | 303 | ||||||
Net loss | (83,889) | ||||||
Ending balance (in shares) at Jul. 31, 2022 | 267,309,469 | ||||||
Ending balance at Jul. 31, 2022 | 613,643 | $ 27 | 1,472,119 | 2,716 | (861,219) | ||
Beginning balance (in shares) at Apr. 30, 2022 | 265,931,102 | ||||||
Beginning balance at Apr. 30, 2022 | 630,706 | $ 27 | 1,450,098 | 2,271 | (821,690) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 605,690 | ||||||
Issuance of Class A common stock from the exercise of common stock options | 1,455 | 1,455 | |||||
Issuance of Class A common stock upon vesting of restricted stock units (in shares) | 1,061,915 | ||||||
Vesting of early exercised stock options (in shares) | 91,911 | ||||||
Vesting of early exercised stock options | 896 | 896 | |||||
Class A common stock withheld to satisfy employee tax withholding obligations (in shares) | (381,149) | ||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (1,753) | (1,753) | |||||
Stock-based compensation | 21,033 | 21,033 | |||||
Net unrealized gain on available-for-sale securities, net of taxes | 303 | 303 | |||||
Other | 390 | 390 | |||||
Change in translation | 142 | 142 | |||||
Net loss | (39,529) | (39,529) | |||||
Ending balance (in shares) at Jul. 31, 2022 | 267,309,469 | ||||||
Ending balance at Jul. 31, 2022 | 613,643 | $ 27 | 1,472,119 | 2,716 | (861,219) | ||
Beginning balance (in shares) at Jan. 31, 2023 | 271,783,561 | ||||||
Beginning balance at Jan. 31, 2023 | 576,104 | $ 27 | 1,513,102 | 2,271 | (939,296) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 1,018,385 | ||||||
Issuance of Class A common stock from the exercise of common stock options | 3,295 | 3,295 | |||||
Issuance of Class A common stock upon vesting of restricted stock units (in shares) | 1,278,161 | ||||||
Vesting of early exercised stock options (in shares) | 91,911 | ||||||
Vesting of early exercised stock options | 896 | 896 | |||||
Class A common stock withheld to satisfy employee tax withholding obligations (in shares) | (472,136) | ||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (1,896) | (1,896) | |||||
Stock-based compensation | 15,983 | 15,983 | |||||
Net unrealized gain on available-for-sale securities, net of taxes | (544) | (544) | |||||
Change in translation | (45) | (45) | |||||
Net loss | (34,444) | (34,444) | |||||
Ending balance (in shares) at Apr. 30, 2023 | 273,699,882 | ||||||
Ending balance at Apr. 30, 2023 | 559,349 | $ 27 | 1,531,380 | 1,682 | (973,740) | ||
Beginning balance (in shares) at Jan. 31, 2023 | 271,783,561 | ||||||
Beginning balance at Jan. 31, 2023 | $ 576,104 | $ 27 | 1,513,102 | 2,271 | (939,296) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 2,401,798 | ||||||
Net unrealized gain on available-for-sale securities, net of taxes | $ (1,059) | ||||||
Net loss | (72,419) | ||||||
Ending balance (in shares) at Jul. 31, 2023 | 276,945,205 | ||||||
Ending balance at Jul. 31, 2023 | 539,568 | $ 27 | 1,549,920 | 1,336 | (1,011,715) | ||
Beginning balance (in shares) at Apr. 30, 2023 | 273,699,882 | ||||||
Beginning balance at Apr. 30, 2023 | 559,349 | $ 27 | 1,531,380 | 1,682 | (973,740) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 1,383,413 | ||||||
Issuance of Class A common stock from the exercise of common stock options | 3,063 | 3,063 | |||||
Issuance of Class A common stock upon vesting of restricted stock units (in shares) | 2,597,964 | ||||||
Vesting of early exercised stock options (in shares) | 91,910 | ||||||
Vesting of early exercised stock options | 896 | 896 | |||||
Class A common stock withheld to satisfy employee tax withholding obligations (in shares) | (827,964) | ||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (2,857) | (2,857) | |||||
Stock-based compensation | 17,438 | 17,438 | |||||
Net unrealized gain on available-for-sale securities, net of taxes | (515) | (515) | |||||
Change in translation | 169 | 169 | |||||
Net loss | (37,975) | (37,975) | |||||
Ending balance (in shares) at Jul. 31, 2023 | 276,945,205 | ||||||
Ending balance at Jul. 31, 2023 | $ 539,568 | $ 27 | $ 1,549,920 | $ 1,336 | $ (1,011,715) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Operating activities | ||
Net loss | $ (72,419) | $ (83,889) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 22,408 | 23,213 |
Stock-based compensation, net of capitalized cost of $1,408 and $889, respectively | 32,013 | 40,403 |
Change in fair value of warrant liabilities | (7,171) | (5,388) |
Change in fair value of contingent consideration | (527) | 0 |
Other | (2,747) | 485 |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,588) | 18,595 |
Prepaid expenses and other assets | 5,152 | (4,432) |
Accounts payable, accrued and other liabilities | (17,164) | (1,866) |
Deferred revenue | 19,957 | (15,165) |
Deferred hosting costs | 1,082 | (760) |
Net cash used in operating activities | (21,004) | (28,804) |
Investing activities | ||
Purchases of property and equipment | (21,709) | (6,509) |
Capitalized internal-use software | (1,998) | (1,271) |
Maturities of available-for-sale securities | 106,762 | 0 |
Sales of available-for-sale securities | 990 | 0 |
Purchases of available-for-sale securities | (127,703) | (195,113) |
Other | (644) | (293) |
Net cash used in investing activities | (44,302) | (203,186) |
Financing activities | ||
Proceeds from the exercise of common stock options | 6,358 | 6,418 |
Class A common stock withheld to satisfy employee tax withholding obligations | (4,753) | (2,164) |
Payment of transaction costs related to the Business Combination | 0 | (326) |
Other | (15) | 122 |
Net cash provided by financing activities | 1,590 | 4,050 |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 155 | (1,118) |
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents | (63,561) | (229,058) |
Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period | 188,076 | 496,814 |
Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period | $ 124,515 | $ 267,756 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||||
Share-based payment arrangement, capitalized costs | $ 781 | $ 452 | $ 1,408 | $ 889 |
Organization
Organization | 6 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Planet Labs PBC (“Planet,” or the “Company”) was founded to design, construct, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers via an online platform. The Company’s mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. The Company is headquartered in San Francisco, California, with operations throughout the United States ( “ U.S.”), Canada, Asia and Europe. On July 7, 2021, Planet Labs Inc. (“Former Planet”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with dMY Technology Group, Inc. IV (“dMY IV”), a special purpose acquisition company (“SPAC”) incorporated in Delaware on December 15, 2020, Photon Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of dMY IV (“First Merger Sub”), and Photon Merger Sub Two, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of dMY IV (“Second Merger Sub”). Pursuant to the Merger Agreement, upon the favorable vote of dMY IV’s stockholders on December 3, 2021, on December 7, 2021, First Merger Sub merged with and into Former Planet (the “Surviving Corporation”), with Former Planet surviving the merger as a wholly owned subsidiary of dMY IV (the “First Merger”), and pursuant to Former Planet’s election immediately following the First Merger and as part of the same overall transaction as the First Merger, the Surviving Corporation merged with and into dMY IV, with dMY IV surviving the merger (the “Business Combination”). Following the completion of the Business Combination, dMY IV was renamed Planet Labs PBC. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited; however, in the opinion of management they include all normal and recurring adjustments necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements for the periods presented. Operating results for the three and six months ended July 31, 2023 are not necessarily indicative of the results expected for the fiscal year ending January 31, 2024 or any other future period. The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of Planet Labs PBC and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year end is January 31. Certain notes or other information that are normally required by U.S. GAAP have been condensed or omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. Accordingly, the unaudited condensed consolidated financial statements should be read in connection with the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “2023 Form 10-K”). Liquidity Since its inception, the Company has incurred net losses and negative cash flows from operations. The Company expects to incur additional operating losses and negative cash flows from operations as it seeks to expand its business. As of July 31, 2023 and January 31, 2023, the Company had $118.8 million and $181.9 million of cash and cash equivalents, respectively. Additionally, as of July 31, 2023 and January 31, 2023, the Company had short-term investments of $249.0 million and $226.9 million, respectively, which are highly liquid in nature and available for current operations. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The significant estimates and assumptions that affect the Company’s unaudited condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment, capitalized internal-use software and intangible assets, allowances for credit losses for available for sale debt securities and accounts receivable, estimates related to revenue recognition, including the assessment of performance obligations within a contract and the determination of standalone selling price (“SSP”) for each performance obligation, assumptions used to measure stock-based compensation, the fair value of warrants, the fair value of assets acquired, and liabilities assumed from business combinations, the impairment of long-lived assets and goodwill, the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, due to the inherent uncertainties in making estimates, actual results could differ from those estimates and such differences may be material to the unaudited condensed consolidated financial statements. Due to the COVID-19 Coronavirus pandemic (“COVID-19” or “COVID-19 pandemic”), and current events involving Russia and Ukraine, there is ongoing uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities. These estimates and assumptions may change in the future, as new events occur and additional information is obtained. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. See Note 3, Revenue , for revenue by geographic region. See Note 5, Balance Sheet Components , for long-lived assets by geographic region. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties. The Company’s cash, cash equivalents and short-term investments are deposited with or held by financial institutions in the U.S., Canada, Germany, the Netherlands and Singapore. The Company generally does not require collateral to support the obligations of the counterparties and deposits at financial institutions may, at times, be in excess of federal or national insured limits or deposit-guarantee limits in each of the respective countries. The Company has not experienced material losses on its deposits. The maximum amount of loss at July 31, 2023 that the Company would incur if parties to cash, cash equivalents and short-term investments failed completely to perform according to the terms of the contracts is $365.9 million. Accounts receivable are typically unsecured and are derived from revenue earned from customers across various countries. One customer accounted for 11% and 15% of accounts receivable as of July 31, 2023 and January 31, 2023, respectively. For the three and six months ended July 31, 2023, one customer accounted for 23% and 22% of revenue, respectively. For the three months ended July 31, 2022, one customer accounted for 19% of revenue. For the six months ended July 31, 2022, two customers accounted for 15% and 10% of revenue, respectively. The Company’s offerings depend on continued and new approvals from the Federal Communications Commission (“FCC”), National Oceanic and Atmospheric Administration (“NOAA”), and other U.S. and international regulatory agencies for the Company to continue its operations. There can be no assurance that the Company’s operations will continue to receive the necessary approvals or that such operations will be supported by the U.S. government or other governments. If the Company was denied such approvals, if such approvals were delayed, or if the U.S. government’s or other governments’ policies change, these events may have a material adverse impact on the Company’s financial position and results of operations. The Company contracts with certain third-party service providers to launch satellites. Service providers who provide these services are limited. The inability of launch service providers to contract with the Company could materially impact future operating results. Significant Accounting Policies |
Revenue
Revenue | 6 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Deferred Revenue During the six months ended July 31, 2023 and 2022, the Company recognized revenue of $38.5 million and $37.9 million, respectively, that had been included in deferred revenue as of January 31, 2023 and 2022, respectively. Remaining Performance Obligations The Company often enters into multi-year imagery licensing arrangements with its customers, whereby the Company generally invoices the amount for the first year of the contract at signing followed by subsequent annual invoices each year. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. The Company’s remaining performance obligations were $153.9 million as of July 31, 2023, which consists of both deferred revenue of $74.8 million and non-cancelable contracted revenue that will be invoiced in future periods of $79.1 million. The Company expects to recognize approximately 74% of the remaining performance obligation over the next 12 months, approximately 96% of the remaining obligation over the next 24 months, and the remainder thereafter. Remaining performance obligations do not include unexercised contract options, firm orders where funding has not been appropriated and contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty. Disaggregation of Revenue The following table disaggregates revenue by major geographic region: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2023 2022 2023 2022 United States $ 27,038 $ 25,729 $ 50,165 $ 44,481 Rest of World 26,723 22,721 56,299 44,096 Total revenue $ 53,761 $ 48,450 $ 106,464 $ 88,577 No single country in the Rest of World accounted for more than 10% of revenue for the three and six months ended July 31, 2023 and July 31, 2022. Costs to Obtain and Fulfill a Contract Commissions paid to the Company’s direct sales force are considered incremental costs of obtaining a contract with a customer. Accordingly, commissions are capitalized when incurred and amortized to sales and marketing expense over the period of benefit from the underlying contracts. The period of benefit from the underlying contract is consistent with the timing of transfer to the performance obligations to which the capitalized costs relate, and is generally consistent with the contract term. During the three and six months ended July 31, 2023, the Company deferred $0.4 million and $0.6 million of commission expenditures to be amortized in future periods, respectively. The Company’s amortization of commission expenditures was $0.7 million and $1.3 million for the three and six month periods ended July 31, 2023, respectively. During the three and six months ended July 31, 2022, the Company deferred $0.6 million and $1.1 million of commission expenditures to be amortized in future periods, respectively. The Company’s amortization of commission expenditures was $1.5 million and $1.8 million for the three and six month periods ended July 31, 2022, respectively. As of July 31, 2023 and January 31, 2023, deferred commissions consisted of the following: (in thousands) July 31, 2023 January 31, 2023 Deferred commission, current $ 2,122 $ 2,405 Deferred commission, non-current 1,747 2,206 Total deferred commission $ 3,869 $ 4,611 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities Assets and liabilities recognized or disclosed at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their respective fair values. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis for recognition or disclosure purposes as of July 31, 2023 and January 31, 2023 by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. July 31, 2023 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 40,348 $ — $ — Commercial paper — 995 — Restricted cash: money market funds 5,533 — — Short-term investments: U.S. Treasury securities 64,008 $ — $ — Commercial paper $ — 12,868 $ — Corporate bonds $ — 159,094 $ — U.S. government agency securities $ — 13,009 $ — Total assets $ 109,889 $ 185,966 $ — Liabilities Public Warrants $ 4,485 $ — $ — Private Placement Warrants $ — $ — 5,014 Contingent consideration for acquisition of business $ — $ — 7,503 Total liabilities $ 4,485 $ — $ 12,517 January 31, 2023 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds 72,382 — — Commercial paper — 999 — Restricted cash equivalents: money market funds 5,486 — — Short-term investments: U.S. Treasury securities 59,433 — — Commercial paper — 19,849 — Corporate bonds — 139,589 — U.S. government agency securities — 7,997 — Total assets $ 137,301 $ 168,434 $ — Liabilities Public Warrants 6,969 — — Private Placement Warrants — — 9,701 Contingent consideration for acquisition of business — — 8,030 Total liabilities $ 6,969 $ — $ 17,731 The fair value of cash held in banks and accrued liabilities approximate the stated carrying value due to the short time to maturity and are excluded from the tables above. Money Market Funds The fair value of the Company’s money market funds is based on quoted active market prices for the funds and is determined using the market approach. There were no realized or unrealized gains or losses on money market funds for the three and six months ended July 31, 2023 and 2022. Short-term Investments The fair value of the Company’s short-term investments classified within Level 2 are valued using third-party pricing services. The pricing services utilize industry standard valuation models. Inputs utilized include market pricing based on real-time trade data for the same or similar securities and other significant inputs derived from or corroborated by observable market data. Public and Private Placement Warrants The Public Warrants (as defined in Note 9 below) are classified within Level 1 as they are publicly traded and had an observable market price in an active market. The Private Placement Warrants (excluding the Private Placement Vesting Warrants) (as defined in Note 9 below) were valued based on a Black-Scholes option pricing model. Due to the market condition vesting requirements, the fair value of the Private Placement Vesting Warrants were valued using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the market condition targets may not be satisfied. The Private Placement Warrants were collectively classified as a Level 3 measurement within the fair value hierarchy because these valuation models involve the use of unobservable inputs relating to the Company’s estimate of its expected stock volatility which was developed based on the historical volatility of a publicly traded set of peer companies. The expected volatility inputs utilized for the fair value measurements of the Private Placement Warrants as of July 31, 2023 and January 31, 2023 were 70.0% and 70.0%, respectively. Contingent Consideration for Acquisition of Business The Company recorded contingent consideration liabilities in connection with its acquisition of Salo Sciences, Inc. on January 3, 2023 (see Note 6 of the Company’s Consolidated Financial Statements included in the 2023 Form 10-K). The Company measures the fair value of the contingent consideration liabilities based on significant inputs not observable in the market, which caused them to be classified as a Level 3 measurement within the fair value hierarchy. The fair value of the contingent consideration liability for the technical milestone payments is determined based on the present value of the probability-weighted payments for each of the milestones. The significant unobservable inputs used in the fair value measurement are management’s estimate of the probability to achieve the technical milestone criteria and the discount rate. The fair value of the contingent consideration liability for customer contract earnout payments is determined using a Monte Carlo simulation. The fair value estimate involves a simulation of future customer contract cash collections during the four-year performance period, the probability of entering into contracts with the named customers and discounting the probability-weighed earnout payments to present value. The significant unobservable inputs used in the fair value measurement are management’s estimate of obtaining the customer contracts, including probabilities, timing and contract values, and management’s estimate of the discount rate. Level 3 Disclosures The following is a rollforward of Level 3 liabilities measured at fair value for the three and six months ended July 31, 2023 and 2022: (in thousands) Private Placement Warrants Technical Milestone Contingent Consideration* Customer Contract Earnout Contingent Consideration* Fair value at end of year, January 31, 2022 $ 12,460 $ — $ — Change in fair value (1,068) — — Fair value at April 30, 2022 $ 11,392 $ — $ — Change in fair value (801) — — Fair value at July 31, 2022 $ 10,591 $ — $ — Fair value at end of year, January 31, 2023 $ 9,701 $ 4,433 $ 3,597 Change in fair value (3,323) 5 (428) Fair value at April 30, 2023 $ 6,378 $ 4,438 $ 3,169 Change in fair value (1,364) 211 (315) Fair value at July 31, 2023 $ 5,014 $ 4,649 $ 2,854 * The current portion of the contingent consideration liabilities balances of $1.6 million and $0.5 million as of July 31, 2023 and January 31, 2023, respectively, are included within accrued and other current liabilities. Changes in fair value of the contingent consideration liability for technical milestone payments are included within research and development expenses. Changes in fair value of the contingent consideration liability for customer contract earnout payments are included within sales and marketing expenses. Other |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 July 31, 2023 and January 31, 2023, respectively. The restricted cash and cash equivalents balances as of July 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 $1.6 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 July 31, 2023 and January 31, 2023 is as follows: (in thousands) July 31, 2023 January 31, 2023 Cash and cash equivalents $ 118,808 $ 181,892 Restricted cash and cash equivalents, current — 527 Restricted cash and cash equivalents, non-current 5,707 5,657 Total cash, cash equivalents, and restricted cash and cash equivalents $ 124,515 $ 188,076 The current restricted cash and cash equivalents balances as of January 31, 2023 are included in prepaid expenses and other current assets. Short-term Investments Short-term investments consisted of the following as of July 31, 2023 and January 31, 2023: July 31, 2023 Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 64,339 $ 5 $ (336) $ 64,008 Commercial paper 12,868 — — 12,868 Corporate bonds 159,599 80 (585) 159,094 U.S. government agency securities 13,070 — (61) 13,009 Total short-term investments $ 249,876 $ 85 $ (982) $ 248,979 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 July 31, 2023 and January 31, 2023: July 31, 2023 January 31, 2023 (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 147,878 $ 147,343 $ 124,068 $ 124,234 Due in 1-2 years 101,998 101,636 102,638 102,634 $ 249,876 $ 248,979 $ 226,706 $ 226,868 Property and Equipment, Net Property and equipment, net consists of the following: (in thousands) July 31, 2023 January 31, 2023 Satellites* $ 328,955 $ 307,720 Leasehold improvements 16,780 15,389 Ground stations and ground station equipment 17,491 15,113 Office furniture, equipment and fixtures 7,542 5,787 Computer equipment and purchased software 9,100 8,638 Total property and equipment, gross 379,868 352,647 Less: Accumulated depreciation (259,675) (244,556) Total property and equipment, net $ 120,193 $ 108,091 * Satellites include $32.1 million and $13.8 million of satellites in process and not placed into service as of July 31, 2023 and January 31, 2023, respectively. The Company’s long-lived assets by geographic region are as follows: (in thousands) July 31, 2023 January 31, 2023 United States $ 114,969 $ 103,366 Rest of World 5,224 4,725 Total property and equipment, net $ 120,193 $ 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 July 31, 2023 and January 31, 2023. Total depreciation expense for the three and six months ended July 31, 2023 was $10.8 million and $19.5 million, respectively, of which $10.2 million and $18.4 million, respectively, was depreciation expense specific to satellites. Total depreciation expense for the three and six months ended July 31, 2022 was $10.2 million and $20.5 million, respectively, of which $9.1 million and $18.2 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 an increase of depreciation expense of $2.1 million and $2.5 million, respectively, for the three and six months ended July 31, 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) July 31, 2023 January 31, 2023 Capitalized internal-use software $ 42,071 $ 39,535 Less: Accumulated amortization (29,079) (28,118) Capitalized internal-use software, net $ 12,992 $ 11,417 Amortization expense for capitalized internal-use software for the three and six months ended July 31, 2023 was $0.5 million and $0.9 million, respectively. Amortization expense for capitalized internal-use software for the three and six months ended July 31, 2022 was $0.7 million and $1.3 million, respectively. Goodwill and Intangible Assets Goodwill and Intangible assets consist of the following: July 31, 2023 January 31, 2023 (in thousands) Gross Accumulated Foreign Net Gross Accumulated Foreign Net Developed technology $ 18,618 $ (9,617) $ (8) $ 8,993 $ 18,619 $ (8,871) $ (8) $ 9,740 Image library 13,025 (11,538) 175 1,662 12,384 (11,004) 231 1,611 Customer relationships 4,935 (3,192) 8 1,751 4,935 (2,788) 7 2,154 Trade names and other 5,979 (3,557) 39 2,461 4,551 (3,264) 39 1,326 Total intangible assets $ 42,557 $ (27,904) $ 214 $ 14,867 $ 40,489 $ (25,927) $ 269 $ 14,831 Goodwill $ 110,944 $ — $ 1,806 $ 112,750 $ 110,942 $ — $ 1,806 $ 112,748 Amortization expense for intangible assets for the three and six months ended July 31, 2023 was $0.9 million and $2.0 million, respectively. Amortization expense for intangible assets for the three and six months ended July 31, 2022 was $0.7 million and $1.4 million, respectively. Estimated future amortization expense of intangible assets at July 31, 2023, is as follows: (in thousands) Remainder of Fiscal Year 2024 $ 1,753 2025 2,884 2026 2,515 2027 2,023 2028 1,908 Thereafter 3,784 Total estimated future amortization expense of intangible assets $ 14,867 Accrued and Other Current Liabilities Accrued liabilities and other current liabilities consist of the following: (in thousands) July 31, 2023 January 31, 2023 Deferred R&D service liability (see Note 7) $ 9,855 $ 19,959 Payroll and related expenses 6,064 8,518 Deferred hosting costs 4,850 4,694 Withholding taxes and other taxes payable 2,298 2,272 Other accruals 14,774 10,579 Total accrued and other current liabilities $ 37,841 $ 46,022 |
Leases
Leases | 6 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company’s leasing activities primarily consist of real estate leases for its operations, including office space, and certain ground station service agreements that convey the right to control the use of specified equipment and facilities. The Company assesses whether each lease is an operating or finance lease at the lease commencement date. As of July 31, 2023, the Company had no finance leases. Operating lease costs were $2.1 million and $4.0 million for the three and six months ended July 31, 2023, respectively. Operating lease costs were $1.4 million and $2.9 million for the three and six months ended July 31, 2022, respectively. Variable lease expenses, short-term lease expenses and sublease income were immaterial for the three and six months ended July 31, 2023 and 2022. Operating cash flows from operating leases were $1.7 million and $2.7 million for the three and six months ended July 31, 2023, respectively. Operating cash flows from operating leases were $2.0 million and $4.0 million for the three and six months ended July 31, 2022, respectively. Right of use assets obtained in exchange for operating lease liabilities were $1.3 million and $6.2 million for the three and six months ended July 31, 2023, respectively. There were no right of use assets obtained in exchange for operating lease liabilities for the three and six months ended July 31, 2022. Maturities of operating lease liabilities as of July 31, 2023 were as follows: (in thousands) Remainder of Fiscal Year 2024 $ 4,531 2025 8,986 2026 8,746 2027 5,606 2028 1,421 Thereafter 857 Total lease payments $ 30,147 Less: Imputed interest (3,747) Total lease liabilities $ 26,400 Weighted average remaining lease term (years) 3.6 Weighted average discount rate 8.0 % |
Research and Development Arrang
Research and Development Arrangements | 6 Months Ended |
Jul. 31, 2023 | |
Research and Development [Abstract] | |
Research and Development Arrangements | Research and Development Arrangements Research and Development Services Agreement In December 2020, the Company entered into a development services agreement, whereby the Company agreed to provide the technical knowledge and services to design and develop certain prototype satellites and deliver and test early data collected (the “ R&D Services Agreement ”). The R&D Services Agreement, including subsequent amendments to such agreement, provides for funding of $45.8 million, to be paid to the Company as specified milestones are achieved over a three year period. The R&D Services Agreement is unrelated to the Company’s ordinary business activities. The Company has discretion in managing the activities under the R&D Services Agreement and retains all developed intellectual property. The Company has no obligation to repay any of the funds received regardless of the outcome of the development work; therefore, the arrangement is accounted for as funded research and development pursuant to ASC 730-20, Research and Development . As ASC 730-20 does not indicate the accounting model for research and development services, the Company determined the total transaction price is recognized over the agreement term as a reduction of research and development expenses based on a cost incurred method. During the three and six months ended July 31, 2023, the Company recognized $3.9 million and $8.0 million of funding and incurred $3.9 million and $8.0 million of research and development expenses, respectively, in connection with the R&D Services Agreement. During the three and six months ended July 31, 2022, the Company recognized $3.9 million and $6.6 million of funding and incurred $3.9 million and $6.6 million of research and development expenses, respectively. As of July 31, 2023 and January 31, 2023, the Company had received total funding of $36.9 million and $36.3 million, respectively, under the R&D Services Agreement. NASA Communication Services Project In connection with its Communication Services Project (“CSP”), the National Aeronautics and Space Administration (“NASA”) selected certain satellite communications providers that NASA will fund to develop and demonstrate near-Earth space communication services that may support future NASA missions using commercial technology. In June 2022 and August 2022, the Company entered into separate agreements with two of the satellite communications providers selected by NASA whereby the Company agreed to participate in the NASA CSP as a subcontractor. The agreements provide for the Company to receive aggregate funding of $40.5 million to be paid as milestones are completed. The Company determined that the agreements are in the scope of ASC 912-730, Contractors – Federal Government – Research and Development (“ASC 912-730”). In accordance with ASC 912-730, funding is recognized over the term of each agreement as a reduction of research and development expenses based on a cost incurred method. During the three and six months ended July 31, 2023, the Company recognized $4.9 million and $8.0 million of funding, respectively, and incurred $3.3 million and $7.2 million of research and development expenses, respectively, in connection with the NASA CSP. The funding recognized and research and development expenses incurred were immaterial for the three and six months ended July 31, 2022. As of July 31, 2023 and January 31, 2023, the Company had received total funding of $12.5 million and $6.5 million, respectively, in connection with the NASA CSP. In July 2023, projected costs related to certain of our research and development arrangements were revised down as a result of operational decisions. This change in estimate resulted in a $2.2 million cumulative increase of funding recognized for certain of our research and development arrangements for the three months ended July 31, 2023. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Launch Services The Company has purchase commitments for future satellite launch services to be performed by third- parties subsequent to July 31, 2023. Future purchase commitments under noncancelable launch service contracts as of July 31, 2023 are as follows: (in thousands) Remainder of Fiscal Year 2024 $ 245 2025 — 2026 50 Total purchase commitments $ 295 Other The Company has minimum purchase commitments for hosting services from Google through January 31, 2028 (see Note 10). Future minimum purchase commitments under the noncancelable hosting service agreement with Google as of July 31, 2023 are as follows: (in thousands) Remainder of Fiscal Year 2024 $ 11,644 2025 30,120 2026 31,190 2027 32,725 2028 33,427 Total purchase commitments $ 139,106 Contingencies The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims, individually or in the aggregate, that are expected to have a material adverse impact on its condensed consolidated financial statements as of each reporting period. From time to time however, the Company may have certain contingent liabilities that arise in the ordinary course of business activities including those arising from disputes and claims and events arising from revenue contracts entered into by the Company. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third-party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. To date, we have not incurred any material costs, and have not accrued any liabilities in the consolidated financial statements as a result of these provisions. |
Warrants
Warrants | 6 Months Ended |
Jul. 31, 2023 | |
Warrants [Abstract] | |
Warrants | Warrants Public and Private Placement Warrants In connection with dMY IV’s initial public offering, which occurred on March 9, 2021, dMY IV issued 34,500,000 units, each unit consisting of one share of Class A common stock of dMY IV and one-fifth of one redeemable warrant, at a price of $10.00 per unit. Each whole warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment (the “Public Warrants”). Simultaneously with the closing of its initial public offering, dMY IV completed the private sale of 5,933,333 warrants to dMY Sponsor IV, LLC (the “dMY Sponsor”) at a purchase price of $1.50 per warrant (the “Private Placement Warrants”). Each Private Placement Warrant is exercisable for one share of Class A common stock at $11.50 per share. Additionally, pursuant to a lock-up agreement entered into with the dMY Sponsor in connection with the Business Combination, 2,966,667 of the Private Placement Warrants are subject to vesting conditions (the “Private Placement Vesting Warrants”). The Private Placement Vesting Warrants vest in four equal tranches (i) when the closing price of Class A common stock equals or exceeds $15.00, $17.00, $19.00 and $21.00, over any 20 trading days within any 30 days trading period prior to December 7, 2026 or (ii) when the Company consummates a change of control transaction prior to December 7, 2026 that entitles its stockholders to receive a per share consideration of at least $15.00, $17.00, $19.00 and $21.00. Any right to Private Placement Vesting Warrants that remains unvested on the first business day after five years from the closing of the Business Combination will be forfeited without any further consideration. As of July 31, 2023 and January 31, 2023, there were 6,899,982 Public Warrants and 5,933,333 Private Placement Warrants, including 2,966,667 Private Placement Vesting Warrants, outstanding. Warrants to Purchase Class A Common Stock In addition to the Public and Private Placement Warrants, there were 1,065,594 warrants to purchase shares of Class A common stock with a weighted average exercise price of $9.384 which were outstanding and exercisable as of July 31, 2023 and January 31, 2023. As of July 31, 2023, the outstanding warrants have a weighted average remaining term of 6.7 years. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of July 31, 2023 and January 31, 2023, Google held 31,942,641 shares of the Company’s Class A common stock, and, as such, owned greater than 10% of outstanding shares of the Company’s Class A common stock. In April 2017, the Company and Google entered into a five year content license agreement pursuant to which the Company licensed content to Google. In April 2022, the agreement automatically renewed for a period of one year and in April 2023, the agreement expired. As of January 31, 2023, the deferred revenue balance associated with the content license agreement was $0.3 million. For the three months ended July 31, 2023, the Company did not recognize any revenue related to the content license agreement, and recognized revenue of $0.3 million for the six months ended July 31, 2023. For the three and six months ended July 31, 2022, the Company recognized revenue of $3.4 million and $6.4 million, respectively, related to the content license agreement. In July 2023, the Company and Google entered into a one year content license agreement pursuant to which the Company agreed to license content to Google and provide certain of its products and services in exchange for a $1.0 million fee. The agreement also provides for the Company to receive up to $2.0 million in value of Google cloud credits that the Company can apply against the cost of Google cloud services it utilizes to fulfill its obligations under the agreement. The Company determined that the Google cloud credits represent non-cash variable consideration which is included in the transaction price for the agreement, subject to the guidance on estimating variable consideration within ASC 606, Revenue from Contracts with Customers . The agreement does not include extension or renewal terms. For the three and six months ended July 31, 2023, the Company recognized revenue of $1.0 million related to the content license agreement. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Prior to the Business Combination, the Company issued equity awards under the Planet Labs Inc. Amended and Restated 2011 Stock Incentive Plan (the “ Legacy Incentive Plan ”). In connection with the Business Combination, the Company adopted the Planet Labs PBC 2021 Incentive Award Plan (the “ Incentive Plan ”). No further awards will be granted under the Legacy Incentive Plan. Directors, employees and consultants are eligible to receive awards under the Incentive Plan; however, ISOs may only be granted to employees. The Company's equity incentive plans are described in Note 15, Stock-based Compensation , in the Notes to the Consolidated Financial Statements in the 2023 Form 10-K. Stock-Based Compensation The following table summarizes stock-based compensation expense recognized related to awards granted to employees and nonemployees, as follows: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2023 2022 2023 2022 Cost of revenue $ 1,147 $ 1,357 $ 2,064 $ 2,676 Research and development 7,626 8,955 14,211 17,621 Sales and marketing 3,121 3,757 6,201 7,394 General and administrative 5,544 6,964 10,945 13,601 Total expense 17,438 21,033 33,421 41,292 Capitalized to internal-use software development costs and property and equipment (781) (452) (1,408) (889) Total stock-based compensation expense $ 16,657 $ 20,581 $ 32,013 $ 40,403 Stock Options A summary of stock option activity is as follows: Options Outstanding Number of Options Weighted Average Exercise Price Weighted Average Remaining Term (Years) Aggregate Intrinsic Value (in thousands) Balances at January 31, 2023 33,721,774 $ 5.08 6.3 Exercised (2,401,798) $ 2.65 Granted — $ — Forfeited (1,340,876) $ 7.21 Balances at July 31, 2023 29,979,100 $ 5.18 6.0 $ 6,904 Vested and exercisable at July 31, 2023 24,378,637 $ 4.51 5.6 $ 6,904 As of July 31, 2023, total unrecognized compensation cost related to stock options was $21.7 million, which is expected to be recognized over a period of 1.8 years . Restricted Stock Units A summary of restricted stock unit (“RSU”) activity is as follows: Number of RSUs Weighted Average Grant Date Fair Value Balances at January 31, 2023 16,972,601 $ 5.90 Vested (3,876,125) $ 5.48 Granted 18,357,985 $ 4.00 Forfeited (1,400,245) $ 5.02 Balances at July 31, 2023 30,054,216 $ 4.83 During the six months ended July 31, 2023, the Company granted 18,357,985 RSUs, which generally vest over four years, subject to the recipient’s continued service through each applicable vesting date. Stock-based compensation expense recognized for RSUs during the three and six months ended July 31, 2023 was $11.3 million and $20.6 million, respectively. Stock-based compensation expense recognized for RSUs during the three and six months ended July 31, 2022 was $9.2 million and $17.7 million, respectively. As of July 31, 2023, total unrecognized compensation cost related to RSUs was $121.2 million, which is expected to be recognized over a period of approximately 3.1 years. Performance Vesting Restricted Stock Units On April 24, 2023, the Company granted 265,825 performance vesting restricted stock units (“PSUs”) to certain members of the Company’s senior management. A portion of the PSUs are subject to vesting requirements related to the achievement of certain revenue and adjusted EBITDA targets for the first half of the fiscal year ended January 31, 2024 and the remaining portion is subject to vesting requirements related to the achievement of certain revenue and adjusted EBITDA targets for the entire fiscal year ended January 31, 2024. Vesting is also subject to continued service through the applicable vesting dates, and the actual number of PSUs that may vest ranges from 0% to 125% of the PSUs granted based on achievement of the targets. Stock-based compensation expense recognized for PSUs during the three and six months ended July 31, 2023 was $0.4 million. As of July 31, 2023, total unrecognized compensation cost related to PSUs was $0.6 million, which is expected to be recognized over a period of approximately 0.7 years. Early Exercises of Stock Options The Legacy Incentive Plan provided for the early exercise of stock options for certain individuals as determined by the Company’s board of directors. Shares of common stock issued upon early exercises of unvested options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules and accordingly, the consideration received for early exercises is initially recorded as a liability and reclassified to common stock and additional paid-in capital as the underlying awards vest. As of July 31, 2023, the Company had a $10.8 million liability recorded for the early exercise of unvested stock options, and the related number of unvested shares subject to repurchase was 1,102,920. Earn-out Shares Pursuant to the Merger Agreement, Former Planet equity award holders have the right to receive Earn-out Shares that are contingently issuable in shares of Class A common stock. The Earn-out Shares may be earned in four equal tranches (i) when the closing price of Class A common stock equals or exceeds $15.00, $17.00, $19.00 and $21.00, over any 20 trading days within any 30 day trading period prior to December 7, 2026 or (ii) when the Company consummates a change of control transaction prior to December 7, 2026 that entitles its stockholders to receive a per share consideration of at least $15.00, $17.00, $19.00 and $21.00. No Earn-out Shares vested during the three and six months ended July 31, 2023. As of July 31, 2023, there were 3,927,270 Earn-out Shares outstanding relating to Former Planet equity award holders. During the three and six months ended July 31, 2023, the Company recognized $1.6 million and $3.9 million of stock-based compensation expense related to the Earn-out Shares, respectively. During the three and six months ended July 31, 2022, the Company recognized $7.1 million and $14.3 million of stock-based compensation expense related to the Earn-out Shares, respectively. As of July 31, 2023, total unrecognized compensation cost related to the Earn-out Shares was $0.8 million . These costs are expected to be recognized over a period of approximately 0.3 years. Other Stock-based Compensation In connection with the acquisition of VanderSat B.V. (“VanderSat”) on December 13, 2021, the Company issued 543,391 shares of Class A common stock to an employee and former owner of VanderSat which are accounted for as stock-based compensation because the shares are subject to forfeiture based on post-acquisition time-based service vesting. The shares vest in quarterly increments over two years commencing on December 13, 2021. During the three and six months ended July 31, 2023, the Company recognized $0.6 million and $1.3 million of stock-based compensation expense related to these shares, respectively. During the three and six months ended July 31, 2022, the Company recognized $0.6 million and $1.3 million of stock-based compensation expense related to these shares, respectively. As of July 31, 2023, unrecognized compensation cost related to these shares was $1.0 million. These costs are expected to be recognized over a period of approximately 0.4 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded income tax expense of $0.6 million and $0.9 million for the three and six months ended July 31, 2023. The Company recorded income tax expense of $0.2 million and $0.5 million for the three and six months ended July 31, 2022. For the three and six months ended July 31, 2023 and 2022, the income tax expense was primarily driven by the current tax on foreign earnings. The effective tax rates for the three and six months ended July 31, 2023 and 2022 differed from the federal statutory tax rate primarily due to the valuation allowance on the majority of the Company’s U.S. and foreign deferred tax assets and foreign rate differences. The Company evaluates its tax positions on a quarterly basis and revises its estimates accordingly. Gross unrecognized tax benefits were $7.5 million and $6.9 million as of July 31, 2023 and January 31, 2023, respectively. The gross unrecognized tax benefits, if recognized, would not affect the effective tax rate due to the valuation allowance against the deferred tax assets. The Company determined that no accrual for interest and penalties was required as of July 31, 2023 and January 31, 2023 and no such expenses were incurred in the periods presented. The Company does not anticipate the total amounts of unrecognized tax benefits to significantly increase or decrease in the next twelve months. The Company files U.S. federal, various state and foreign income tax returns. The Company is not currently under audit by any taxing authorities. All tax years remain open to examination by taxing jurisdictions to which the Company is subject. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The Company computes net loss per share of the Class A common stock and Class B common stock using the two-class method required for participating securities. Basic and diluted net loss per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted loss per Class A common stock and Class B common stock (amounts in thousands, except share and per share amounts): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (37,975) $ (39,529) $ (72,419) $ (83,889) Denominator: Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 275,053,198 266,212,489 273,723,006 265,168,341 Basic and diluted net loss per share attributable to common stockholders $ (0.14) $ (0.15) $ (0.26) $ (0.32) Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive: As of July 31, 2023 2022 Warrants to purchase Class A common stock 1,065,594 1,065,594 Common stock options 29,979,100 38,134,476 Restricted Stock Units 30,054,216 15,650,675 Earn-out Shares 25,386,280 26,106,585 dMY Sponsor Earn-out Shares 862,500 862,500 Public Warrants 6,899,982 6,899,982 Private Placement Warrants 5,933,333 5,933,333 Early exercised common stock options, subject to future vesting 1,102,920 1,470,565 Shares issued in connection with acquisition, subject to future vesting 135,847 407,543 Total 101,419,772 96,531,253 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Sinergise Asset Purchase Agreement On March 26, 2023, the Company entered into an asset purchase agreement with Holding Sinergise d.o.o., a company existing under the laws of Slovenia (“Sinergise”), and its subsidiaries and certain shareholders of Sinergise, to acquire from Sinergise its cloud-based geo-spatial analysis products, platforms and solutions business. On August 4, 2023, the Company completed the acquisition. The acquisition is expected to expand the Company’s data analysis platform and allow customers to extract insights from earth observation data more easily. The purchase price consisted of approximately $22.4 million of cash and the issuance of 6,745,438 shares of the Company’s Class A common stock. The Company expects to account for the acquisition as a business combination in accordance with ASC 805, Business Combinations (“ASC 805”) . Due to the proximity of the acquisition date to the Company’s filing of its quarterly report on Form 10-Q for the period ended July 31, 2023, the initial accounting for the Sinergise business combination is incomplete, and therefore the Company is unable to disclose certain information required by ASC 805, including the provisional amounts recognized as of the acquisition date for fair value of consideration transferred, each major class of assets acquired and liabilities assumed and goodwill. Headcount Reduction On August 1, 2023, the Company announced a plan to reduce its global headcount by approximately 117 employees, which represents approximately 10% of the Company’s total number of employees prior to the reduction (the “headcount reduction”). |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (37,975) | $ (34,444) | $ (39,529) | $ (44,360) | $ (72,419) | $ (83,889) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jul. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited; however, in the opinion of management they include all normal and recurring adjustments necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements for the periods presented. Operating results for the three and six months ended July 31, 2023 are not necessarily indicative of the results expected for the fiscal year ending January 31, 2024 or any other future period. The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of Planet Labs PBC and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year end is January 31. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The significant estimates and assumptions that affect the Company’s unaudited condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment, capitalized internal-use software and intangible assets, allowances for credit losses for available for sale debt securities and accounts receivable, estimates related to revenue recognition, including the assessment of performance obligations within a contract and the determination of standalone selling price (“SSP”) for each performance obligation, assumptions used to measure stock-based compensation, the fair value of warrants, the fair value of assets acquired, and liabilities assumed from business combinations, the impairment of long-lived assets and goodwill, the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, due to the inherent uncertainties in making estimates, actual results could differ from those estimates and such differences may be material to the unaudited condensed consolidated financial statements. Due to the COVID-19 Coronavirus pandemic (“COVID-19” or “COVID-19 pandemic”), and current events involving Russia and Ukraine, there is ongoing uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities. These estimates and assumptions may change in the future, as new events occur and additional information is obtained. |
Segments | Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties. The Company’s cash, cash equivalents and short-term investments are deposited with or held by financial institutions in the U.S., Canada, Germany, the Netherlands and Singapore. The Company generally does not require collateral to support the obligations of the counterparties and deposits at financial institutions may, at times, be in excess of federal or national insured limits or deposit-guarantee limits in each of the respective countries. The Company has not experienced material losses on its deposits. The maximum amount of loss at July 31, 2023 that the Company would incur if parties to cash, cash equivalents and short-term investments failed completely to perform according to the terms of the contracts is $365.9 million. Accounts receivable are typically unsecured and are derived from revenue earned from customers across various countries. One customer accounted for 11% and 15% of accounts receivable as of July 31, 2023 and January 31, 2023, respectively. For the three and six months ended July 31, 2023, one customer accounted for 23% and 22% of revenue, respectively. For the three months ended July 31, 2022, one customer accounted for 19% of revenue. For the six months ended July 31, 2022, two customers accounted for 15% and 10% of revenue, respectively. The Company’s offerings depend on continued and new approvals from the Federal Communications Commission (“FCC”), National Oceanic and Atmospheric Administration (“NOAA”), and other U.S. and international regulatory agencies for the Company to continue its operations. There can be no assurance that the Company’s operations will continue to receive the necessary approvals or that such operations will be supported by the U.S. government or other governments. If the Company was denied such approvals, if such approvals were delayed, or if the U.S. government’s or other governments’ policies change, these events may have a material adverse impact on the Company’s financial position and results of operations. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule Of Disaggregation of Revenue | The following table disaggregates revenue by major geographic region: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2023 2022 2023 2022 United States $ 27,038 $ 25,729 $ 50,165 $ 44,481 Rest of World 26,723 22,721 56,299 44,096 Total revenue $ 53,761 $ 48,450 $ 106,464 $ 88,577 |
Schedule of Deferred Commissions | As of July 31, 2023 and January 31, 2023, deferred commissions consisted of the following: (in thousands) July 31, 2023 January 31, 2023 Deferred commission, current $ 2,122 $ 2,405 Deferred commission, non-current 1,747 2,206 Total deferred commission $ 3,869 $ 4,611 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability. July 31, 2023 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 40,348 $ — $ — Commercial paper — 995 — Restricted cash: money market funds 5,533 — — Short-term investments: U.S. Treasury securities 64,008 $ — $ — Commercial paper $ — 12,868 $ — Corporate bonds $ — 159,094 $ — U.S. government agency securities $ — 13,009 $ — Total assets $ 109,889 $ 185,966 $ — Liabilities Public Warrants $ 4,485 $ — $ — Private Placement Warrants $ — $ — 5,014 Contingent consideration for acquisition of business $ — $ — 7,503 Total liabilities $ 4,485 $ — $ 12,517 January 31, 2023 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds 72,382 — — Commercial paper — 999 — Restricted cash equivalents: money market funds 5,486 — — Short-term investments: U.S. Treasury securities 59,433 — — Commercial paper — 19,849 — Corporate bonds — 139,589 — U.S. government agency securities — 7,997 — Total assets $ 137,301 $ 168,434 $ — Liabilities Public Warrants 6,969 — — Private Placement Warrants — — 9,701 Contingent consideration for acquisition of business — — 8,030 Total liabilities $ 6,969 $ — $ 17,731 |
Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a rollforward of Level 3 liabilities measured at fair value for the three and six months ended July 31, 2023 and 2022: (in thousands) Private Placement Warrants Technical Milestone Contingent Consideration* Customer Contract Earnout Contingent Consideration* Fair value at end of year, January 31, 2022 $ 12,460 $ — $ — Change in fair value (1,068) — — Fair value at April 30, 2022 $ 11,392 $ — $ — Change in fair value (801) — — Fair value at July 31, 2022 $ 10,591 $ — $ — Fair value at end of year, January 31, 2023 $ 9,701 $ 4,433 $ 3,597 Change in fair value (3,323) 5 (428) Fair value at April 30, 2023 $ 6,378 $ 4,438 $ 3,169 Change in fair value (1,364) 211 (315) Fair value at July 31, 2023 $ 5,014 $ 4,649 $ 2,854 * The current portion of the contingent consideration liabilities balances of $1.6 million and $0.5 million as of July 31, 2023 and January 31, 2023, respectively, are included within accrued and other current liabilities. Changes in fair value of the contingent consideration liability for technical milestone payments are included within research and development expenses. Changes in fair value of the contingent consideration liability for customer contract earnout payments are included within sales and marketing expenses. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | 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 July 31, 2023 and January 31, 2023 is as follows: (in thousands) July 31, 2023 January 31, 2023 Cash and cash equivalents $ 118,808 $ 181,892 Restricted cash and cash equivalents, current — 527 Restricted cash and cash equivalents, non-current 5,707 5,657 Total cash, cash equivalents, and restricted cash and cash equivalents $ 124,515 $ 188,076 |
Schedule of Short-term Investments | Short-term investments consisted of the following as of July 31, 2023 and January 31, 2023: July 31, 2023 Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 64,339 $ 5 $ (336) $ 64,008 Commercial paper 12,868 — — 12,868 Corporate bonds 159,599 80 (585) 159,094 U.S. government agency securities 13,070 — (61) 13,009 Total short-term investments $ 249,876 $ 85 $ (982) $ 248,979 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 |
Schedule of Short-term Investments, Contractual Maturity | The following table summarizes the contracted maturities of the Company’s short-term investments as of July 31, 2023 and January 31, 2023: July 31, 2023 January 31, 2023 (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 147,878 $ 147,343 $ 124,068 $ 124,234 Due in 1-2 years 101,998 101,636 102,638 102,634 $ 249,876 $ 248,979 $ 226,706 $ 226,868 |
Schedule of Property and Equipment | Property and equipment, net consists of the following: (in thousands) July 31, 2023 January 31, 2023 Satellites* $ 328,955 $ 307,720 Leasehold improvements 16,780 15,389 Ground stations and ground station equipment 17,491 15,113 Office furniture, equipment and fixtures 7,542 5,787 Computer equipment and purchased software 9,100 8,638 Total property and equipment, gross 379,868 352,647 Less: Accumulated depreciation (259,675) (244,556) Total property and equipment, net $ 120,193 $ 108,091 * Satellites include $32.1 million and $13.8 million of satellites in process and not placed into service as of July 31, 2023 and January 31, 2023, respectively. |
Schedule of Long-lived Assets by Geographic Areas | The Company’s long-lived assets by geographic region are as follows: (in thousands) July 31, 2023 January 31, 2023 United States $ 114,969 $ 103,366 Rest of World 5,224 4,725 Total property and equipment, net $ 120,193 $ 108,091 |
Schedule of Capitalized Computer Software | Capitalized internal-use software costs, net of accumulated amortization consists of the following: (in thousands) July 31, 2023 January 31, 2023 Capitalized internal-use software $ 42,071 $ 39,535 Less: Accumulated amortization (29,079) (28,118) Capitalized internal-use software, net $ 12,992 $ 11,417 |
Schedule of Intangible Assets And Goodwill | Goodwill and Intangible assets consist of the following: July 31, 2023 January 31, 2023 (in thousands) Gross Accumulated Foreign Net Gross Accumulated Foreign Net Developed technology $ 18,618 $ (9,617) $ (8) $ 8,993 $ 18,619 $ (8,871) $ (8) $ 9,740 Image library 13,025 (11,538) 175 1,662 12,384 (11,004) 231 1,611 Customer relationships 4,935 (3,192) 8 1,751 4,935 (2,788) 7 2,154 Trade names and other 5,979 (3,557) 39 2,461 4,551 (3,264) 39 1,326 Total intangible assets $ 42,557 $ (27,904) $ 214 $ 14,867 $ 40,489 $ (25,927) $ 269 $ 14,831 Goodwill $ 110,944 $ — $ 1,806 $ 112,750 $ 110,942 $ — $ 1,806 $ 112,748 |
Schedule of Intangible Assets, Future Amortization Expense | Estimated future amortization expense of intangible assets at July 31, 2023, is as follows: (in thousands) Remainder of Fiscal Year 2024 $ 1,753 2025 2,884 2026 2,515 2027 2,023 2028 1,908 Thereafter 3,784 Total estimated future amortization expense of intangible assets $ 14,867 |
Schedule of Accrued Liabilities and Other Current Liabilities | Accrued liabilities and other current liabilities consist of the following: (in thousands) July 31, 2023 January 31, 2023 Deferred R&D service liability (see Note 7) $ 9,855 $ 19,959 Payroll and related expenses 6,064 8,518 Deferred hosting costs 4,850 4,694 Withholding taxes and other taxes payable 2,298 2,272 Other accruals 14,774 10,579 Total accrued and other current liabilities $ 37,841 $ 46,022 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of July 31, 2023 were as follows: (in thousands) Remainder of Fiscal Year 2024 $ 4,531 2025 8,986 2026 8,746 2027 5,606 2028 1,421 Thereafter 857 Total lease payments $ 30,147 Less: Imputed interest (3,747) Total lease liabilities $ 26,400 Weighted average remaining lease term (years) 3.6 Weighted average discount rate 8.0 % |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Purchase Commitments | Future purchase commitments under noncancelable launch service contracts as of July 31, 2023 are as follows: (in thousands) Remainder of Fiscal Year 2024 $ 245 2025 — 2026 50 Total purchase commitments $ 295 |
Schedule of Other Commitments | Future minimum purchase commitments under the noncancelable hosting service agreement with Google as of July 31, 2023 are as follows: (in thousands) Remainder of Fiscal Year 2024 $ 11,644 2025 30,120 2026 31,190 2027 32,725 2028 33,427 Total purchase commitments $ 139,106 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense recognized related to awards granted to employees and nonemployees, as follows: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2023 2022 2023 2022 Cost of revenue $ 1,147 $ 1,357 $ 2,064 $ 2,676 Research and development 7,626 8,955 14,211 17,621 Sales and marketing 3,121 3,757 6,201 7,394 General and administrative 5,544 6,964 10,945 13,601 Total expense 17,438 21,033 33,421 41,292 Capitalized to internal-use software development costs and property and equipment (781) (452) (1,408) (889) Total stock-based compensation expense $ 16,657 $ 20,581 $ 32,013 $ 40,403 |
Summary of Stock Option Activity | A summary of stock option activity is as follows: Options Outstanding Number of Options Weighted Average Exercise Price Weighted Average Remaining Term (Years) Aggregate Intrinsic Value (in thousands) Balances at January 31, 2023 33,721,774 $ 5.08 6.3 Exercised (2,401,798) $ 2.65 Granted — $ — Forfeited (1,340,876) $ 7.21 Balances at July 31, 2023 29,979,100 $ 5.18 6.0 $ 6,904 Vested and exercisable at July 31, 2023 24,378,637 $ 4.51 5.6 $ 6,904 |
Summary of Restricted Stock Unit ("RSU") Activity | A summary of restricted stock unit (“RSU”) activity is as follows: Number of RSUs Weighted Average Grant Date Fair Value Balances at January 31, 2023 16,972,601 $ 5.90 Vested (3,876,125) $ 5.48 Granted 18,357,985 $ 4.00 Forfeited (1,400,245) $ 5.02 Balances at July 31, 2023 30,054,216 $ 4.83 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of basic and diluted loss per Class A common stock and Class B common stock (amounts in thousands, except share and per share amounts): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (37,975) $ (39,529) $ (72,419) $ (83,889) Denominator: Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 275,053,198 266,212,489 273,723,006 265,168,341 Basic and diluted net loss per share attributable to common stockholders $ (0.14) $ (0.15) $ (0.26) $ (0.32) |
Schedule of Antidilutive Securities | The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive: As of July 31, 2023 2022 Warrants to purchase Class A common stock 1,065,594 1,065,594 Common stock options 29,979,100 38,134,476 Restricted Stock Units 30,054,216 15,650,675 Earn-out Shares 25,386,280 26,106,585 dMY Sponsor Earn-out Shares 862,500 862,500 Public Warrants 6,899,982 6,899,982 Private Placement Warrants 5,933,333 5,933,333 Early exercised common stock options, subject to future vesting 1,102,920 1,470,565 Shares issued in connection with acquisition, subject to future vesting 135,847 407,543 Total 101,419,772 96,531,253 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Basis of Presentation and Liquidity (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 118,808 | $ 181,892 |
Short-term investments | $ 248,979 | $ 226,868 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Segments (Details) | 6 Months Ended |
Jul. 31, 2023 segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Credit Risk and Other Risks and Uncertainties (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Concentration Risk [Line Items] | |||||
Concentration risk, credit risk, maximum exposure | $ 365.9 | ||||
Customer Concentration Risk | Accounts Receivable | Customer 1 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk | 11% | 15% | |||
Customer Concentration Risk | Revenue Benchmark | Customer 1 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk | 23% | 19% | 22% | 15% | |
Customer Concentration Risk | Revenue Benchmark | Customer 2 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk | 10% |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue, revenue recognized | $ 38.5 | $ 37.9 | ||
Remaining performance obligation, amount | $ 153.9 | 153.9 | ||
Deferred revenue | 74.8 | 74.8 | ||
Non-cancelable contract revenue | 79.1 | |||
Deferred commission expense | 0.4 | $ 0.6 | 0.6 | 1.1 |
Amortization of deferred commission | $ 0.7 | $ 1.5 | $ 1.3 | $ 1.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Remaining performance obligation, percentage | 74% | 74% | ||
Remaining performance obligation, expected timing of satisfaction | 12 months | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Remaining performance obligation, percentage | 96% | 96% | ||
Remaining performance obligation, expected timing of satisfaction | 24 months | 24 months |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | [1] | $ 53,761 | $ 48,450 | $ 106,464 | $ 88,577 |
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | 27,038 | 25,729 | 50,165 | 44,481 | |
Rest of World | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 26,723 | $ 22,721 | $ 56,299 | $ 44,096 | |
[1]Balance includes related-party transactions entered into with Google. See Note 10. |
Revenue - Schedule of Deferred
Revenue - Schedule of Deferred Commissions (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Deferred commission, current | $ 2,122 | $ 2,405 |
Deferred commission, non-current | 1,747 | 2,206 |
Total deferred commission | $ 3,869 | $ 4,611 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Schedule of Fair Value by Balance Sheet Location (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Assets | ||
Short-term investments | $ 248,979 | $ 226,868 |
Liabilities | ||
Warrants | 9,499 | 16,670 |
Contingent consideration for acquisition of business | 5,926 | 7,499 |
U.S. Treasury securities | ||
Assets | ||
Short-term investments | 64,008 | 59,433 |
Commercial paper | ||
Assets | ||
Short-term investments | 12,868 | 19,849 |
Corporate bonds | ||
Assets | ||
Short-term investments | 159,094 | 139,589 |
U.S. government agency securities | ||
Assets | ||
Short-term investments | 13,009 | 7,997 |
Fair Value, Recurring | Level 1 | ||
Assets | ||
Total assets | 109,889 | 137,301 |
Liabilities | ||
Contingent consideration for acquisition of business | 0 | 0 |
Total liabilities | 4,485 | 6,969 |
Fair Value, Recurring | Level 1 | Public Warrants | ||
Liabilities | ||
Warrants | 4,485 | 6,969 |
Fair Value, Recurring | Level 1 | Private Placement Warrants | ||
Liabilities | ||
Warrants | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. Treasury securities | ||
Assets | ||
Short-term investments | 64,008 | 59,433 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Corporate bonds | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. government agency securities | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 1 | Money market funds | ||
Assets | ||
Cash equivalents | 40,348 | 72,382 |
Restricted cash equivalents: money market funds | 5,533 | 5,486 |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Assets | ||
Total assets | 185,966 | 168,434 |
Liabilities | ||
Contingent consideration for acquisition of business | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring | Level 2 | Public Warrants | ||
Liabilities | ||
Warrants | 0 | 0 |
Fair Value, Recurring | Level 2 | Private Placement Warrants | ||
Liabilities | ||
Warrants | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. Treasury securities | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Assets | ||
Short-term investments | 12,868 | 19,849 |
Fair Value, Recurring | Level 2 | Corporate bonds | ||
Assets | ||
Short-term investments | 159,094 | 139,589 |
Fair Value, Recurring | Level 2 | U.S. government agency securities | ||
Assets | ||
Short-term investments | 13,009 | 7,997 |
Fair Value, Recurring | Level 2 | Money market funds | ||
Assets | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents: money market funds | 0 | 0 |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Assets | ||
Cash equivalents | 995 | 999 |
Fair Value, Recurring | Level 3 | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Contingent consideration for acquisition of business | 7,503 | 8,030 |
Total liabilities | 12,517 | 17,731 |
Fair Value, Recurring | Level 3 | Public Warrants | ||
Liabilities | ||
Warrants | 0 | 0 |
Fair Value, Recurring | Level 3 | Private Placement Warrants | ||
Liabilities | ||
Warrants | 5,014 | 9,701 |
Fair Value, Recurring | Level 3 | U.S. Treasury securities | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | Corporate bonds | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | U.S. government agency securities | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring | Level 3 | Money market funds | ||
Assets | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents: money market funds | 0 | 0 |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Assets | ||
Cash equivalents | $ 0 | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Schedule of Liabilities with Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | |
Technical Milestone Contingent Consideration* | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 4,438 | $ 4,433 | $ 0 | $ 0 |
Change in fair value | 211 | 5 | 0 | 0 |
Ending balance | 4,649 | 4,438 | 0 | 0 |
Customer Contract Earnout Contingent Consideration* | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 3,169 | 3,597 | 0 | 0 |
Change in fair value | (315) | (428) | 0 | 0 |
Ending balance | 2,854 | 3,169 | 0 | 0 |
Private Placement Warrants | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 6,378 | 9,701 | 11,392 | 12,460 |
Change in fair value | (1,364) | (3,323) | (801) | (1,068) |
Ending balance | $ 5,014 | $ 6,378 | $ 10,591 | $ 11,392 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities - Additional Information (Details) $ in Millions | 6 Months Ended | |
Jul. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | |
Salo Sciences | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Performance period | 4 years | |
Salo Sciences | Accrued and Other Current Liabilities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Current portion of contingent consideration | $ 1.6 | $ 0.5 |
Private Placement Warrants | Measurement Input, Price Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.00700 | 0.00700 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2023 satellite | Aug. 31, 2022 satellite | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jan. 31, 2024 USD ($) | Jan. 31, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Restricted cash | $ 5.7 | $ 5.7 | $ 6.2 | |||||
Depreciation | 10.8 | $ 10.2 | 19.5 | $ 20.5 | ||||
Capitalized computer software, amortization | 0.5 | 0.7 | 0.9 | 1.3 | ||||
Amortization of intangible assets | 0.9 | 0.7 | 2 | 1.4 | ||||
Satellites | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation | 10.2 | $ 9.1 | 18.4 | $ 18.2 | ||||
Number of satellites | satellite | 2 | 2 | ||||||
Satellites | Service Life | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation | 2.1 | 2.5 | ||||||
Satellites | Service Life | Forecast | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Depreciation | $ 5 | |||||||
Money market funds | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Restricted cash | 4.1 | 4.1 | 4.1 | |||||
Performance Guarantees | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Restricted cash | $ 1.6 | $ 1.6 | $ 1.8 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 118,808 | $ 181,892 | ||
Restricted cash and cash equivalents, current | 0 | 527 | ||
Restricted cash and cash equivalents, non-current | 5,707 | 5,657 | ||
Total cash, cash equivalents, and restricted cash and cash equivalents | $ 124,515 | $ 188,076 | $ 267,756 | $ 496,814 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Short-term Investments (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 249,876 | $ 226,706 |
Gross Unrealized Gains | 85 | 435 |
Gross Unrealized Losses | (982) | (273) |
Fair Value | 248,979 | 226,868 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 64,339 | 59,255 |
Gross Unrealized Gains | 5 | 296 |
Gross Unrealized Losses | (336) | (118) |
Fair Value | 64,008 | 59,433 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,868 | 19,744 |
Gross Unrealized Gains | 0 | 105 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 12,868 | 19,849 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 159,599 | 139,644 |
Gross Unrealized Gains | 80 | 34 |
Gross Unrealized Losses | (585) | (89) |
Fair Value | 159,094 | 139,589 |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,070 | 8,063 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (61) | (66) |
Fair Value | $ 13,009 | $ 7,997 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Contracted Maturities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Amortized Cost | ||
Due in 1 year or less | $ 147,878 | $ 124,068 |
Due in 1-2 years | 101,998 | 102,638 |
Amortized Cost | 249,876 | 226,706 |
Fair Value | ||
Due in 1 year or less | 147,343 | 124,234 |
Due in 1-2 years | 101,636 | 102,634 |
Fair Value | $ 248,979 | $ 226,868 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 379,868 | $ 352,647 |
Less: Accumulated depreciation | (259,675) | (244,556) |
Property and equipment, net | 120,193 | 108,091 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | 114,969 | 103,366 |
Rest of World | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | 5,224 | 4,725 |
Satellites | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 328,955 | 307,720 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 16,780 | 15,389 |
Ground stations and ground station equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 17,491 | 15,113 |
Office furniture, equipment and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 7,542 | 5,787 |
Computer equipment and purchased software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 9,100 | 8,638 |
Satellites, in process and not placed into service | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 32,100 | $ 13,800 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Capitalized Software Development (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capitalized internal-use software | $ 42,071 | $ 39,535 |
Less: Accumulated amortization | (29,079) | (28,118) |
Capitalized internal-use software, net | $ 12,992 | $ 11,417 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Goodwill and Intangibles (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Jan. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 42,557 | $ 40,489 |
Intangible assets, accumulated amortization | (27,904) | (25,927) |
Intangible assets, foreign currency translation | 214 | 269 |
Intangible assets, net carrying amount | 14,867 | 14,831 |
Goodwill, gross carrying amount | 110,944 | 110,942 |
Goodwill, foreign currency translation | 1,806 | 1,806 |
Goodwill, net carrying amount | 112,750 | 112,748 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 18,618 | 18,619 |
Intangible assets, accumulated amortization | (9,617) | (8,871) |
Intangible assets, foreign currency translation | (8) | (8) |
Intangible assets, net carrying amount | 8,993 | 9,740 |
Image library | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 13,025 | 12,384 |
Intangible assets, accumulated amortization | (11,538) | (11,004) |
Intangible assets, foreign currency translation | 175 | 231 |
Intangible assets, net carrying amount | 1,662 | 1,611 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 4,935 | 4,935 |
Intangible assets, accumulated amortization | (3,192) | (2,788) |
Intangible assets, foreign currency translation | 8 | 7 |
Intangible assets, net carrying amount | 1,751 | 2,154 |
Trade names and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 5,979 | 4,551 |
Intangible assets, accumulated amortization | (3,557) | (3,264) |
Intangible assets, foreign currency translation | 39 | 39 |
Intangible assets, net carrying amount | $ 2,461 | $ 1,326 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Remainder of Fiscal Year 2024 | $ 1,753 | |
2025 | 2,884 | |
2026 | 2,515 | |
2027 | 2,023 | |
2028 | 1,908 | |
Thereafter | 3,784 | |
Total estimated future amortization expense of intangible assets | $ 14,867 | $ 14,831 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Deferred R&D service liability | $ 9,855 | $ 19,959 | |
Payroll and related expenses | 6,064 | 8,518 | |
Deferred hosting costs | 4,850 | 4,694 | |
Withholding taxes and other taxes payable | 2,298 | 2,272 | |
Other accruals | 14,774 | 10,579 | |
Total accrued and other current liabilities | [1] | $ 37,841 | $ 46,022 |
[1]Balance includes related-party transactions entered into with Google, LLC (“Google”). See Note 10. |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Leases [Abstract] | ||||
Operating lease, cost | $ 2.1 | $ 1.4 | $ 4 | $ 2.9 |
Operating lease, payments | 1.7 | 2 | 2.7 | 4 |
Right-of-use assets obtained | $ 1.3 | $ 0 | $ 6.2 | $ 0 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Leases [Abstract] | |
Remainder of Fiscal Year 2024 | $ 4,531 |
2025 | 8,986 |
2026 | 8,746 |
2027 | 5,606 |
2028 | 1,421 |
Thereafter | 857 |
Total lease payments | 30,147 |
Less: Imputed interest | (3,747) |
Total lease liabilities | $ 26,400 |
Weighted average remaining lease term (years) | 3 years 7 months 6 days |
Weighted average discount rate | 8% |
Research and Development Arra_2
Research and Development Arrangements (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) yr | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Research and development expense incurred | [1] | $ 26,741 | $ 26,737 | $ 54,927 | $ 51,487 | |||
R&D Services Agreement | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Research and development arrangement, fee provided | $ 45,800 | |||||||
Research and development arrangement, milestone period | yr | 3 | |||||||
Research and development fee recognized | 3,900 | 3,900 | 8,000 | 6,600 | ||||
Research and development expense incurred | 3,900 | 3,900 | 8,000 | 6,600 | ||||
Proceeds from feeds received | 36,900 | $ 36,300 | ||||||
NASA Communication Services Project | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Research and development fee recognized | 4,900 | 0 | 8,000 | 0 | ||||
Research and development expense incurred | 3,300 | $ 0 | 7,200 | $ 0 | ||||
Research and development arrangement, funding receivable | $ 40,500 | |||||||
Funding for research and development | $ 12,500 | $ 6,500 | ||||||
Increase in funding recognized | $ 2,200 | |||||||
[1]Balance includes related-party transactions entered into with Google. See Note 10. |
Commitment and Contingencies -
Commitment and Contingencies - Purchase Commitments (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of Fiscal Year 2024 | $ 245 |
2025 | 0 |
2026 | 50 |
Total purchase commitments | $ 295 |
Commitment and Contingencies _2
Commitment and Contingencies - Other Commitments (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of Fiscal Year 2024 | $ 11,644 |
2025 | 30,120 |
2026 | 31,190 |
2027 | 32,725 |
2028 | 33,427 |
Total purchase commitments | $ 139,106 |
Warrants (Details)
Warrants (Details) | Dec. 07, 2021 tradingDay $ / shares shares | Mar. 09, 2021 $ / shares shares | Jul. 31, 2023 $ / shares shares | Jan. 31, 2023 $ / shares shares |
Class of Warrant or Right [Line Items] | ||||
Threshold trading days | tradingDay | 20 | |||
Trading period days | tradingDay | 30 | |||
2020 Convertible Notes | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted average remaining term in years | 6 years 8 months 12 days | |||
Period 1 | ||||
Class of Warrant or Right [Line Items] | ||||
Share price triggering share issuance (in dollars per share) | $ 15 | |||
Period 2 | ||||
Class of Warrant or Right [Line Items] | ||||
Share price triggering share issuance (in dollars per share) | 17 | |||
Period 3 | ||||
Class of Warrant or Right [Line Items] | ||||
Share price triggering share issuance (in dollars per share) | 19 | |||
Period 4 | ||||
Class of Warrant or Right [Line Items] | ||||
Share price triggering share issuance (in dollars per share) | $ 21 | |||
Public Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant outstanding (in shares) | shares | 6,899,982 | 6,899,982 | ||
Private Placement Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant outstanding (in shares) | shares | 2,966,667 | 5,933,333 | 5,933,333 | |
Weighted average remaining term in years | 5 years | |||
Private Placement Warrants, Vesting | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant outstanding (in shares) | shares | 2,966,667 | 2,966,667 | ||
Common Class A | Public Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant exercise price (in dollars per share) | $ 11.50 | |||
Series D Convertible Preferred Stock | 2020 Convertible Notes | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant outstanding (in shares) | shares | 1,065,594 | 1,065,594 | ||
Series D Convertible Preferred Stock | 2020 Convertible Notes | Convertible Debt | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant exercise price (in dollars per share) | $ 9.384 | $ 9.384 | ||
dMY IV, LLC | ||||
Class of Warrant or Right [Line Items] | ||||
Equity units issued (in shares) | shares | 34,500,000 | |||
dMY IV, LLC | Redeemable Warrant | ||||
Class of Warrant or Right [Line Items] | ||||
Equity units issued, shares called per unit (in shares) | shares | 0.2 | |||
Warrant exercise price (in dollars per share) | $ 10 | |||
dMY IV, LLC | Private Placement Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant exercise price (in dollars per share) | $ 11.50 | |||
Warrant outstanding (in shares) | shares | 5,933,333 | |||
Sale of stock, price per share (in dollars per share) | $ 1.50 | |||
dMY IV, LLC | Common Class A | ||||
Class of Warrant or Right [Line Items] | ||||
Equity units issued, shares called per unit (in shares) | shares | 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2023 | Apr. 30, 2017 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | Jun. 28, 2021 | |
Related Party Transaction [Line Items] | ||||||||
Deferred revenue | $ 74,800 | $ 74,800 | $ 74,800 | |||||
Deferred revenue, revenue recognized | 38,500 | $ 37,900 | ||||||
Deferred hosting costs | 4,850 | 4,850 | 4,850 | $ 4,694 | ||||
Accounts payable and accrued liabilities | $ 5,500 | 5,500 | 5,500 | 2,300 | ||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, agreement term | 1 year | 5 years | ||||||
Related party transaction, renewal term | 1 year | |||||||
Deferred revenue | $ 1,000 | 1,000 | 1,000 | |||||
Deferred revenue, revenue recognized | 1,000 | 1,000 | ||||||
Purchase commitment | $ 193,000 | |||||||
Google | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of consideration expected to be received (up to) | $ 2,000 | 2,000 | 2,000 | |||||
Google | Content Licensing | ||||||||
Related Party Transaction [Line Items] | ||||||||
Deferred revenue | $ 300 | |||||||
Deferred revenue, revenue recognized | $ 3,400 | 300 | 6,400 | |||||
Google | Hosting and Other Services | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party costs and expenses | $ 7,700 | $ 6,200 | $ 14,100 | $ 11,600 | ||||
Common Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | 255,787,619 | 255,787,619 | 255,787,619 | 250,625,975 | ||||
Related Party Transaction [Line Items] | ||||||||
Deferred hosting costs | $ 14,500 | $ 14,500 | $ 14,500 | $ 13,400 | ||||
Google | PlanetLabs | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage (greater than) | 10% | 10% | 10% | 10% | ||||
Google | PlanetLabs | Common Class A | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | 31,942,641 | 31,942,641 | 31,942,641 | 31,942,641 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | $ 17,438 | $ 21,033 | $ 33,421 | $ 41,292 |
Capitalized to internal-use software development costs and property and equipment | (781) | (452) | (1,408) | (889) |
Total stock-based compensation expense | 16,657 | 20,581 | 32,013 | 40,403 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | 1,147 | 1,357 | 2,064 | 2,676 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | 7,626 | 8,955 | 14,211 | 17,621 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | 3,121 | 3,757 | 6,201 | 7,394 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | $ 5,544 | $ 6,964 | $ 10,945 | $ 13,601 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 USD ($) $ / shares shares | Jan. 31, 2023 $ / shares shares | |
Number of Options | ||
Outstanding, beginning balance (in shares) | shares | 33,721,774 | |
Exercised (in shares) | shares | (2,401,798) | |
Granted (in shares) | shares | 0 | |
Forfeited (in shares) | shares | (1,340,876) | |
Outstanding, ending balance (in shares) | shares | 29,979,100 | 33,721,774 |
Vested and exercisable (in shares) | shares | 24,378,637 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 5.08 | |
Exercised (in dollars per share) | $ / shares | 2.65 | |
Granted (in dollars per share) | $ / shares | 0 | |
Forfeited (in dollars per share) | $ / shares | 7.21 | |
Outstanding, beginning balance (in dollars per share) | $ / shares | 5.18 | $ 5.08 |
Vested and exercisable (in dollars per share) | $ / shares | $ 4.51 | |
Outstanding, weighted average remaining term | 6 years | 6 years 3 months 18 days |
Vested and exercisable, weighted average remaining term | 5 years 7 months 6 days | |
Outstanding, aggregate intrinsic value | $ | $ 6,904 | |
Vested and exercisable, aggregate intrinsic value | $ | $ 6,904 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Apr. 24, 2023 shares | Dec. 13, 2021 shares | Dec. 07, 2021 tradingDay $ / shares | Jul. 31, 2023 USD ($) shares | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) shares | Jul. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Costs not yet recognized, options | $ 21,700 | $ 21,700 | ||||||
Share-based compensation expense | 16,657 | $ 20,581 | 32,013 | $ 40,403 | ||||
Liability from early exercise of stock options | 10,757 | $ 10,757 | $ 12,550 | |||||
Unvested shares subject to repurchase (in shares) | shares | 1,102,920 | |||||||
Threshold trading days | tradingDay | 20 | |||||||
Threshold trading days range | tradingDay | 30 | |||||||
VanderSat | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Costs not yet recognized, period for recognition | 4 months 24 days | |||||||
Award vesting period | 2 years | |||||||
Share-based compensation expense | 600 | 600 | $ 1,300 | 1,300 | ||||
Costs not yet recognized, award other than options | 1,000 | $ 1,000 | ||||||
Period 1 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share price triggering share issuance (in dollars per share) | $ / shares | $ 15 | |||||||
Period 2 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share price triggering share issuance (in dollars per share) | $ / shares | 17 | |||||||
Period 3 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share price triggering share issuance (in dollars per share) | $ / shares | 19 | |||||||
Period 4 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share price triggering share issuance (in dollars per share) | $ / shares | $ 21 | |||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Costs not yet recognized, period for recognition | 1 year 9 months 18 days | |||||||
Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Costs not yet recognized, period for recognition | 3 years 1 month 6 days | |||||||
Granted (in shares) | shares | 18,357,985 | |||||||
Award vesting period | 4 years | |||||||
Share-based compensation expense | 11,300 | 9,200 | $ 20,600 | 17,700 | ||||
Costs not yet recognized, award other than options | 121,200 | $ 121,200 | ||||||
Awards vested (in shares) | shares | 3,876,125 | |||||||
Performance Vesting Restricted Stock Units (PSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Costs not yet recognized, period for recognition | 8 months 12 days | |||||||
Granted (in shares) | shares | 265,825 | |||||||
Share-based compensation expense | 400 | $ 400 | ||||||
Costs not yet recognized, award other than options | 600 | $ 600 | ||||||
Performance Vesting Restricted Stock Units (PSUs) | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting range, percentage | 0% | |||||||
Performance Vesting Restricted Stock Units (PSUs) | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting range, percentage | 125% | |||||||
Earn-out Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Costs not yet recognized, period for recognition | 3 months 18 days | |||||||
Share-based compensation expense | 1,600 | $ 7,100 | $ 3,900 | $ 14,300 | ||||
Costs not yet recognized, award other than options | $ 800 | $ 800 | ||||||
Awards vested (in shares) | shares | 0 | 0 | ||||||
Awards outstanding (in shares) | shares | 3,927,270 | 3,927,270 | ||||||
Share-based Payment Arrangement | VanderSat | Common Class A | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Business combination, equity interests issued and issuable (in shares) | shares | 543,391 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units | 6 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Number of RSUs | |
Outstanding, beginning balance (in shares) | shares | 16,972,601 |
Vested (in shares) | shares | (3,876,125) |
Granted (in shares) | shares | 18,357,985 |
Forfeited (in shares) | shares | (1,400,245) |
Outstanding, ending balance (in shares) | shares | 30,054,216 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 5.90 |
Vested (in dollars per share) | $ / shares | 5.48 |
Granted (in dollars per share) | $ / shares | 4 |
Forfeited (in dollars per share) | $ / shares | 5.02 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 4.83 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 582,000 | $ 154,000 | $ 889,000 | $ 468,000 | |
Unrecognized tax benefits | 7,500,000 | 7,500,000 | $ 6,900,000 | ||
Income tax examination, penalties and interest accrued | $ 0 | 0 | 0 | ||
Income tax examination, penalties and interest expense | $ 0 | $ 0 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (37,975) | $ (39,529) | $ (72,419) | $ (83,889) |
Denominator: | ||||
Basic weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 275,053,198 | 266,212,489 | 273,723,006 | 265,168,341 |
Diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 275,053,198 | 266,212,489 | 273,723,006 | 265,168,341 |
Basic net loss per share attributable to common stockholders (in dollars per share) | $ (0.14) | $ (0.15) | $ (0.26) | $ (0.32) |
Diluted net loss per share attributable to common stockholders (in dollars per share) | $ (0.14) | $ (0.15) | $ (0.26) | $ (0.32) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 101,419,772 | 96,531,253 |
Warrants to purchase Class A common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,065,594 | 1,065,594 |
Common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 29,979,100 | 38,134,476 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 30,054,216 | 15,650,675 |
Earn-out Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 25,386,280 | 26,106,585 |
dMY Sponsor Earn-out Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 862,500 | 862,500 |
Public Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 6,899,982 | 6,899,982 |
Private Placement Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 5,933,333 | 5,933,333 |
Early exercised common stock options, subject to future vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,102,920 | 1,470,565 |
Shares issued in connection with acquisition, subject to future vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 135,847 | 407,543 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | Aug. 04, 2023 USD ($) shares | Aug. 01, 2023 USD ($) employee |
Subsequent Event [Line Items] | ||
Reduction to global headcount, employees | employee | 117 | |
Percentage of positions eliminated | 10% | |
Minimum | ||
Subsequent Event [Line Items] | ||
Expected non-recurring charges | $ 7 | |
Maximum | ||
Subsequent Event [Line Items] | ||
Expected non-recurring charges | $ 8 | |
Sinergise | ||
Subsequent Event [Line Items] | ||
Purchase price, cash | $ 22.4 | |
Issuance of shares for acquisition (in shares) | shares | 6,745,438 |
Uncategorized Items - pl-202307
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |