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 $18.4 million and $18.3 million as of April 30, 2024 and January 31, 2024, respectively. The restricted cash and cash equivalents balances as of April 30, 2024 and January 31, 2024 primarily consisted of $12.5 million of consideration placed in escrow in connection with the Sinergise acquisition and $4.0 million of collateral money market investments for the Company’s headquarters and other domestic office operating leases. A reconciliation of the Company’s cash and cash equivalents and restricted cash and cash equivalents in the condensed consolidated balance sheets to total cash and cash equivalents, and restricted cash and cash equivalents in the condensed consolidated statements of cash flows as of April 30, 2024 and January 31, 2024 is as follows: (in thousands) April 30, 2024 January 31, 2024 Cash and cash equivalents $ 107,367 $ 83,866 Restricted cash and cash equivalents, current 8,802 8,360 Restricted cash and cash equivalents, non-current 9,564 9,972 Total cash, cash equivalents, and restricted cash and cash equivalents $ 125,733 $ 102,198 Short-term Investments Short-term investments consisted of the following as of April 30, 2024 and January 31, 2024: April 30, 2024 Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 40,239 $ — $ (164) $ 40,075 Commercial paper 9,777 — — 9,777 Corporate bonds 109,082 78 (154) 109,006 U.S. government agency securities 4,868 — (21) 4,847 Certificates of deposit 4,513 — — 4,513 Total short-term investments $ 168,479 $ 78 $ (339) $ 168,218 January 31, 2024 Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 46,185 $ 118 $ (92) $ 46,211 Commercial paper 11,126 — — 11,126 Corporate bonds 144,119 376 (155) 144,340 U.S. government agency securities 9,928 17 (13) 9,932 Certificates of deposit 3,432 — — 3,432 Total short-term investments $ 214,790 $ 511 $ (260) $ 215,041 The following table summarizes the contracted maturities of the Company’s short-term investments as of April 30, 2024 and January 31, 2024: April 30, 2024 January 31, 2024 (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 118,836 $ 118,697 $ 148,396 $ 148,296 Due in 1-2 years 49,643 49,521 66,394 66,745 $ 168,479 $ 168,218 $ 214,790 $ 215,041 Property and Equipment, Net Property and equipment, net consists of the following: (in thousands) April 30, 2024 January 31, 2024 Satellites $ 277,963 $ 300,203 Satellites in process and not placed into service 38,873 32,468 Leasehold improvements 17,086 17,089 Ground stations and ground station equipment 19,889 19,098 Office furniture, equipment and fixtures 9,025 8,044 Computer equipment and purchased software 9,494 9,446 Total property and equipment, gross 372,330 386,348 Less: Accumulated depreciation (260,992) (272,919) Total property and equipment, net $ 111,338 $ 113,429 The Company’s long-lived assets by geographic region are as follows: (in thousands) April 30, 2024 January 31, 2024 United States $ 104,941 $ 107,070 Rest of world 6,397 6,359 Total property and equipment, net $ 111,338 $ 113,429 The Company concluded that satellites in service continue to be owned by the U.S. entity and accordingly are classified as U.S. assets in the table above. No single country other than the U.S. accounted for more than 10% of total property and equipment, net, as of April 30, 2024 and January 31, 2024. Total depreciation expense for the three months ended April 30, 2024 and 2023 was $11.0 million and $8.7 million, respectively, of which $10.3 million and $8.2 million, respectively, was depreciation expense specific to satellites. Capitalized Internal-Use Software Development Costs Capitalized internal-use software costs, net of accumulated amortization consists of the following: (in thousands) April 30, 2024 January 31, 2024 Capitalized internal-use software $ 46,704 $ 45,010 Less: Accumulated amortization (30,638) (30,037) Capitalized internal-use software, net $ 16,066 $ 14,973 Amortization expense for capitalized internal-use software for the three months ended April 30, 2024 and 2023 was $0.6 million and $0.5 million, respectively. Goodwill and Intangible Assets Goodwill and Intangible assets consist of the following: April 30, 2024 January 31, 2024 (in thousands) Gross Accumulated Foreign Net Gross Accumulated Foreign Net Developed technology $ 30,430 $ (11,785) $ (331) $ 18,314 $ 30,429 $ (11,085) $ (220) $ 19,124 Image library 19,500 (12,237) 282 7,545 19,324 (11,852) 218 7,690 Customer relationships 7,143 (3,912) (80) 3,151 7,143 (3,715) (42) 3,386 Trade names and other 6,389 (4,026) 30 2,393 6,089 (3,877) 36 2,248 Total intangible assets $ 63,462 $ (31,960) $ (99) $ 31,403 $ 62,985 $ (30,529) $ (8) $ 32,448 Goodwill $ 135,981 $ — $ 1,129 $ 137,110 $ 134,914 $ — $ 1,342 $ 136,256 Amortization expense for intangible assets for the three months ended April 30, 2024 and 2023 was $1.5 million and $1.1 million, respectively. The change in the carrying amount of goodwill during the three months ended April 30, 2024 and 2023 is as follows: Three Months Ended April 30, (in thousands) 2024 2023 Beginning of period $ 136,256 $ 112,748 Addition 1,068 — Currency translation adjustment (214) — End of period $ 137,110 $ 112,748 During the three months ended April 30, 2024, the Company paid $1.1 million of additional consideration in connection with the finalization of the net working capital adjustment relating to the Company’s acquisition of Sinergise. The acquisition of Sinergise was completed on August 4, 2023. The additional amount was accounted for as a measurement period adjustment and resulted in a $1.1 million addition of goodwill during the three months ended April 30, 2024. Accrued and Other Current Liabilities Accrued liabilities and other current liabilities consist of the following: (in thousands) April 30, 2024 January 31, 2024 Deferred R&D service liability (see Note 7) $ 8,034 $ 9,923 Payroll and related expenses 5,208 6,882 Deferred hosting costs 5,053 5,007 Withholding taxes and other taxes payable 1,898 3,152 Contingent consideration 9,695 7,006 Other accruals 13,473 12,809 Total accrued and other current liabilities $ 43,361 $ 44,779 |