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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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