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Income Taxes (Tables) - Planet Labs Inc [Member]

12 Months Ended

Jan. 31, 2021

Summary of loss before income taxes

The components of the loss before income taxes are as follows:

		Year Ended January 31,
(in thousands)		2021				2020
Domestic		$	(127,599	)		$	(123,760	)
Foreign			1,569				176
Total loss before income taxes		$	(126,030	)		$	(123,584	)

Summary of provision for (benefit from) income taxes

The provision for (benefit from) income taxes consists of the following (in thousands):

		Year Ended January 31,
(in thousands)		2021				2020
Current
Federal		$	—			$	—
State			23				29
Foreign			1,095				500
Total current tax provision			1,118				529
Deferred
Federal			60				—
State			30				—
Foreign			(135	)			(399	)
Total deferred tax benefit			(45	)			(399	)
Income tax provision		$	1,073			$	130

Summary of company's effective tax rates as a percentage of loss before income taxes

A reconciliation between the U.S. federal statutory income tax and the Company’s effective tax rates as a percentage of loss before income taxes is as follows:

		Year Ended January 31,
		2021				2020
Provision computed at federal statutory rate			21.0	%			21.0	%
States taxes, net of federal benefit			2.4				2.4
Foreign rate differential			(0.8	)			(1.0	)
Revaluation gain/loss			(5.0	)			0.1
Tax credits			2.3				2.0
Change in valuation allowance			(21.3	)			(23.9	)
Other			0.5				(0.7	)
Effective tax rate			(0.9	)%			(0.1	)%

Summary of company's deferred tax assets and liabilities

The components of the Company’s deferred tax assets and liabilities are as follows:

		Year Ended January 31,
(in thousands)		2021				2020
Deferred tax assets
Net operating loss carryforwards		$	92,570			$	78,452
Tax Credit carryforwards			17,679				14,772
Stock-based compensation			4,013				3,033
Deferred revenue			5,239				10,356
Excess interest expense			6,799				4,253
Other			4,826				4,040
Total deferred tax assets			131,126				114,906
Valuation allowance			(126,270	)			(102,758	)
Total deferred tax assets			4,856				12,148
Deferred tax liabilities
Property and equipment			—				(6,816	)
Intangible assets			(4,432	)			(4,953	)
Total deferred tax liabilities			(4,432	)			(11,769	)
Net deferred tax assets		$	424			$	379

Summary of net change in the total valuation allowance

The net change in the total valuation allowance is as follows:

		Year Ended January 31,
(in thousands)		2021				2020
Valuation allowance, beginning of year		$	102,758			$	73,155
Change in valuation allowance			23,512				29,603
Valuation allowance, end of year		$	126,270			$	102,758

Summary of company's unrecognized tax benefits

The Company’s unrecognized tax benefits are as follows:

		Year Ended January 31,
(in thousands)		2021				2020
Beginning of year		$	3,918			$	3,234
Additions based on tax positions related to the current year			796				684
End of year		$	4,714			$	3,918

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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