Planet Reports Financial Results for Third Quarter of Fiscal 2022

CONSOLIDATED BALANCE SHEETS (unaudited)

 

 

October 31,

 

January 31,

(in thousands, except share and par value amounts)

 

2021

 

2021

 

 

 

 

 

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

58,989

 

 

$

71,183

 

Accounts receivable, net

 

 

15,177

 

 

 

47,110

 

Prepaid expenses and other current assets

 

 

19,068

 

 

 

7,134

 

Total current assets

 

 

93,234

 

 

 

125,427

 

Property and equipment, net

 

 

138,011

 

 

 

159,855

 

Capitalized internal-use software, net

 

 

10,473

 

 

 

11,994

 

Goodwill

 

 

88,393

 

 

 

88,393

 

Intangible assets, net

 

 

4,832

 

 

 

5,673

 

Restricted cash, non-current

 

 

5,749

 

 

 

4,982

 

Other non-current assets

 

 

8,977

 

 

 

2,984

 

Total assets

 

$

349,669

 

 

$

399,308

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

7,059

 

 

$

1,446

 

Accrued and other current liabilities

 

 

28,642

 

 

 

30,195

 

Deferred revenue

 

 

47,013

 

 

 

57,570

 

Liability from early exercise of stock options

 

 

17,032

 

 

 

 

Convertible notes, at fair value

 

 

109,953

 

 

 

8,244

 

Preferred stock warrant liability

 

 

14,047

 

 

 

11,359

 

Debt, net of discount

 

 

64,972

 

 

 

 

Total current liabilities

 

 

288,718

 

 

 

108,814

 

Debt, net of discount

 

 

 

 

 

62,644

 

Convertible notes, at fair value

 

 

 

 

 

92,968

 

Deferred revenue

 

 

7,976

 

 

 

15,122

 

Deferred hosting costs

 

 

13,141

 

 

 

7,971

 

Deferred rent

 

 

1,354

 

 

 

2,991

 

Other non-current liabilities

 

 

1,287

 

 

 

1,287

 

Total liabilities

 

 

312,476

 

 

 

291,797

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

Convertible preferred stock, $0.00002 par value,

 

 

 

 

105,000,000 shares authorized, 85,682,990 shares issued and outstanding, $696,415 aggregate liquidation preference at October 31, 2021 and January 31, 2021

 

 

2

 

 

 

2

 

Common stock, $0.00002 par value, 155,000,000 and 15,000,000 Class A and Class B shares authorized, respectively;

 

 

1

 

 

 

1

 

17,625,967 and 14,876,627 Class A shares issued and outstanding at October 31, 2021 and January 31, 2021, respectively; 13,811,878 Class B shares issued and outstanding at October 31, 2021 and January 31, 2021

 

 

 

 

Additional paid-in capital

 

 

766,150

 

 

 

745,644

 

Accumulated other comprehensive income

 

 

2,104

 

 

 

1,769

 

Accumulated deficit

 

 

(731,064

)

 

 

(639,905

)

Total stockholders’ equity

 

 

37,193

 

 

 

107,511

 

Total liabilities and stockholders' equity

 

$

349,669

 

 

$

399,308

 

PLANET

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