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Debt, Convertible Notes, and Warrants (Tables) - Planet Labs Inc. | 9 Months Ended | 12 Months Ended
--- | --- | ---
Oct. 31, 2021 | Jan. 31, 2021
Summary of the company's debt balance and outstanding | A summary of the Company’s debt balance and outstanding convertible notes as of October 31, 2021 is as follows:
|  | Net Carrying Value |  |  |  |  |  |  |
|  | Current |  |  | Long-term |  |  | Principal Balance |  |  | Contractual Interest Rate |  |  | Maturity Date |
(in thousands, except percentages) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Venture Tranche B |  | $ | 7,841 |  |  | $ | — |  |  | $ | 6,035 |  |  |  | — | % |  |  | n/a |
2020 Convertible Notes |  |  | 102,112 |  |  |  | — |  |  |  | 71,125 |  |  |  | 6.0 | % |  |  | June 22, 2022 |
SVB & Hercules Loan |  |  | 64,972 |  |  |  | — |  |  |  | 66,950 |  |  |  | 11.0 | % |  |  | June 21, 2022 |
| A summary of the Company’s debt balance and outstanding convertible notes as of January 31, 2021 is as follows:
|  | Net Carrying Value |  |  |  |  |  |  |
|  | Current |  |  | Long-term |  |  | Principal Balance |  |  | Contractual Interest Rate |  |  | Maturity Date |
(in thousands, except percentages) |  |  |  |  |  |  |  |  |
Venture Tranche B |  | $ | 8,244 |  |  |  | — |  |  | $ | 6,035 |  |  |  | — |  |  |  | n/a |
2020 Convertible Notes |  |  | — |  |  | $ | 92,968 |  |  | $ | 71,125 |  |  |  | 6 | % |  |  | 6/22/2022 |
SVB & Hercules Loan |  |  | — |  |  | $ | 62,644 |  |  | $ | 66,950 |  |  |  | 11 | % |  |  | 6/21/2022 |
Summary of interest expense | The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs and the amortization of debt discounts:
|  | Nine Months Ended October 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Contractual interest coupon |  | $ | 5,422 |  |  | $ | 4,869 |
Amortization of debt issuance costs |  |  | 679 |  |  |  | 583 |
Amortization of debt discounts |  |  | 1,649 |  |  |  | 1,383 |
Debt extinguishment gain |  |  | — |  |  |  | (673 | )
Total interest expense and extinguishment loss |  | $ | 7,750 |  |  | $ | 6,162 |
| The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs, the amortization of debt discounts and loss (gain) on extinguishment of debt:
|  | Year Ended January 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Contractual interest coupon |  | $ | 6,697 |  |  | $ | 5,554 |
Amortization of debt issuance costs |  |  | 811 |  |  |  | 402 |
Amortization of debt discounts |  |  | 1,939 |  |  |  | 990 |
Debt extinguishment (gain) loss |  |  | (673 | ) |  |  | 11,529 |
Total interest expense and extinguishment (gain) loss |  | $ | 8,774 |  |  | $ | 18,475 |
Summary of future payments related to loan principal amounts | As of October 31, 2021, future payments related to loan principal amounts due per fiscal year are as follows:
(in thousands) |  |  |
Remainder of 2022: |  |  |  |
2022 |  | $ | — |
2023 |  |  | 138,075 |
2024 |  |  | — |
2025 |  |  | — |
2026 |  |  | — |
Total loan principal due |  |  | 138,075 |
Add: Venture Tranche B, principal balance |  |  | 6,035 |
Add : Change in fair value of liabilities |  |  | 35,390 |
Less: Amount representing discount accretion and warrant issued |  |  | (4,575 | )
Net carrying value of debt |  | $ | 174,925 |
| Future payments related to loan principal amounts due per fiscal year are as follows:
(in thousands) |  |  |
2022 |  | $ | — |
2023 |  |  | 138,075 |
2024 |  |  | — |
2025 |  |  | — |
2026 |  |  | — |
Total loan principal due |  |  | 138,075 |
Add: Venture Tranche B, principal balance |  |  | 6,035 |
Add : Change in fair value of liabilities |  |  | 26,648 |
Less: Amount representing discount accretion and warrant issued |  |  | (6,902 | )
Net carrying value of debt |  | $ | 163,856 |
Summary of company's debt and convertible note agreements and outstanding | A summary of warrants issued in connection with the Company’s debt and convertible note agreements and outstanding as of October 31, 2021 is as follows:
|  | Number of Warrants Outstanding |  |  | Number of Warrants Exercisable |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Term (in Years) |
Warrants to purchase Class A Common Stock |  |  | 936,100 |  |  |  | 936,100 |  |  | $ | 0.004 |  |  |  | 7.90 |
Warrants to purchase Series B Convertible Preferred Stock |  |  | 497,010 |  |  |  | 497,010 |  |  |  | 5.030 |  |  |  | 3.33 |
Warrants to purchase Series D Convertible Preferred Stock |  |  | 1,476,468 |  |  |  | 1,476,468 |  |  |  | 14.375 |  |  |  | 7.77 |
| A summary of warrants issued in connection with the above transactions and outstanding as of January 31, 2021 is as follows:
|  | Number of Warrants Outstanding |  |  | Number of Warrants Exercisable |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Term (in Years) |
Warrants to purchase Class A Common Stock |  |  | 936,100 |  |  |  | 936,100 |  |  | $ | 0.004 |  |  |  | 8.65 |
Warrants to purchase Series B Convertible Preferred Stock |  |  | 497,010 |  |  |  | 497,010 |  |  | $ | 5.030 |  |  |  | 4.08 |
Warrants to purchase Series D Convertible Preferred Stock |  |  | 1,476,468 |  |  |  | 1,476,468 |  |  | $ | 14.375 |  |  |  | 8.52 |

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- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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