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Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

12 Months Ended

Oct. 31, 2021

Sep. 30, 2021

Jan. 31, 2021

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of quantitative information associated with fair value measurements

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:

		As of September 30, 2021
Exercise price		$	11.50
Stock price		$	9.91
Volatility			26.6% - 45.2	%
Term			5.17
Risk-free rate			1.0	%
Dividend yield			0.0	%

Planet Labs Inc [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of assets and liabilities measured on recurring basis at fair value

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 October 31, 2021 and January 31, 2021 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.

		October 31, 2021
(in thousands)		Level 1				Level 2				Level 3
Assets
Cash equivalents: money market funds		$	37,535			$	—			$	—
Restricted cash: money market funds			5,875				—				—
Total assets			43,410				—				—
Liabilities
Convertible notes			—				—				109,953
Preferred stock warrant liability			—				—				14,047
Total liabilities		$	—			$	—			$	124,000
		January 31, 2021
(in thousands)		Level 1				Level 2				Level 3
Assets
Cash equivalents: money market funds		$	50,449			$	—			$	—
Restricted cash: money market funds			5,165				—				—
Total assets			55,614				—				—
Liabilities
Convertible notes			—				—				101,212
Preferred stock warrant liability			—				—				11,359
Total liabilities		$	—			$	—			$	112,571

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 January 31, 2021 and 2020 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.

		January 31, 2021
(in thousands)		Level 1				Level 2				Level 3
Assets
Cash equivalents: money market funds		$	50,449			$	—			$	—
Restricted cash: money market funds			5,165				—				—
Total assets		$	55,614			$	—			$	—
Liabilities
Convertible notes		$	—			$	—			$	101,212
Preferred stock warrant liability			—				—				11,359
Total liabilities		$	—			$	—			$	112,571

		January 31, 2020
(in thousands)		Level 1				Level 2				Level 3
Assets
Cash equivalents: money market funds		$	13,991			$	—			$	—
Restricted cash: money market funds			5,886				—				—
Total assets		$	19,877			$	—			$	—
Liabilities
Convertible notes		$	—			$	—			$	10,804
Preferred stock warrant liability			—				—				3,849
Total liabilities		$	—			$	—			$	14,653

Schedule of quantitative information associated with fair value measurements

The following table provides quantitative information associated with the fair value measurements of the Company’s Level 3 inputs:

		Fair Value as of October 31, 2021				Valuation Technique		Unobservable Input Description		Input
		(in thousands)
Convertible Notes			$109,953			Market approach		Probability of Conversion upon Business Combination		100%
								Discount for lack of marketability		5%
Preferred Stock Warrant Liability			14,047			Black-Scholes		Expected Term		8.4 years
								Volatility		60%
								Risk-free interest rate		1.49%
								Dividend yield		0%
						Market approach		Probability of Conversion upon Business Combination		100%
								Discount for lack of marketability		5%
		Fair value as of January 31, 2021				Valuation Technique		Unobservable Input Description		Input
		(in thousands)
Convertible Notes		$	101,212			Probability-weighted		Estimated time to liquidation		0.2-.5 years
								Volatility		35.00%
								Discount Yield		16.00%
								Risk-free interest rate		0.06%
Preferred Stock Warrant Liability			11,359			Option Pricing Method		Term		0.5-1.75 years
								Volatility		60.00%
								Discount for lack of marketability		10%- 17%

The following table provides quantitative information associated with the fair value measurements of the Company’s Level 3 inputs:

Fair Value as of January 31, 2021

Valuation Technique

Unobservable Input Description

Input

(in thousands)

Convertible Notes

$

101,212

Probability-weighted

Estimated time to liquidation

0.2-.5 years

Volatility

35.0%

Discount Yield

16.0%

Risk-free interest rate

0.1%

Preferred Stock Warrant Liability

11,359

Option Pricing Method

Term

0.5-1.75 years

Volatility

60%

Discount for lack of marketability

10%- 17%

Fair Value as of January 31, 2020

Valuation Technique

Unobservable Input Description

Input

(in thousands)

Convertible Notes

$

10,804

Probability-weighted

Estimated time to liquidation

2.0 years

Discount Yield

27.6%

Risk-free interest rate

1.6%

Preferred Stock Warrant Liability

3,849

Option Pricing Method

Term

2.0 years

Volatility

60.0%

Discount for lack of marketability

25.0%

Risk-free interest rate

1.6%

Schedule fair value liabilities measured on recurring basis reconciliation

The following table presents changes in Level 3 liabilities measured at fair value for the nine months ended October 31, 2021 and 2020:

(in thousands)		Convertible Notes				Preferred Stock Warrant Liability
Fair value, January 31, 2020		$	10,804			$	3,849
Issuance			68,528				2,596
Extinguishment			(3,260	)			—
Change in fair value			15,346				1,167
Fair value at end of period, October 31, 2020		$	91,418			$	7,612
Fair value, January 31, 2021		$	101,212			$	11,359
Change in fair value			8,741				2,688
Fair value at end of period, October 31, 2021		$	109,953			$	14,047

The following table presents changes in Level 3 liabilities measured at fair value for the years ended January 31, 2021 and 2020:

(in thousands)		Convertible Notes				Preferred Stock Warrant Liability
Fair value, February 1, 2019		$	—			$	3,897
Issuance			10,963				—
Change in fair value			(159	)			(48	)
Fair value at end of year, January 31, 2020			10,804				3,849
Issuance			68,529				2,596
Extinguishment			(3,260	)			—
Change in fair value			25,139				4,914
Fair value at end of year, January 31, 2021		$	101,212			$	11,359

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Publisher FASB
-Name Accounting Standards Codification
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