Planet Reports Financial Results for Third Quarter of Fiscal 2022

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

 

 

Nine Months Ended October 31,

(in thousands)

 

2021

 

2020

 

 

 

 

 

Operating activities

 

 

 

 

Net loss

 

$

(91,159

)

 

$

(89,605

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

Depreciation and amortization

 

 

33,865

 

 

 

46,300

 

Stock-based compensation, net of capitalized cost of $514 and $392, respectively

 

 

12,619

 

 

 

11,089

 

Provision for doubtful accounts

 

 

140

 

 

 

1,001

 

Change in fair value of convertible notes and warrant liabilities

 

 

11,429

 

 

 

16,513

 

Debt extinguishment gain

 

 

 

 

 

(673

)

Deferred income taxes

 

 

406

 

 

 

121

 

Amortization of debt discount and issuance costs

 

 

2,328

 

 

 

1,966

 

Changes in operating assets and liabilities

 

 

 

 

Accounts receivable

 

 

32,336

 

 

 

(17,512

)

Prepaid expenses and other assets

 

 

(12,860

)

 

 

(1,321

)

Accounts payable, accrued and other liabilities

 

 

2,061

 

 

 

(565

)

Deferred revenue

 

 

(17,401

)

 

 

(768

)

Deferred hosting cost

 

 

6,759

 

 

 

6,802

 

Deferred rent

 

 

(1,539

)

 

 

(1,444

)

Net cash used in operating activities

 

 

(21,016

)

 

 

(28,096

)

Investing activities

 

 

 

 

Purchases of property and equipment

 

 

(6,051

)

 

 

(20,845

)

Capitalized internal-use software

 

 

(2,678

)

 

 

(3,009

)

Other

 

 

(454

)

 

 

(422

)

Net cash used in investing activities

 

 

(9,183

)

 

 

(24,276

)

Financing activities

 

 

 

 

Proceeds from the exercise of common stock options

 

 

6,866

 

 

 

438

 

Proceeds from the early exercise of common stock options

 

 

17,928

 

 

 

 

Payments of deferred offering costs

 

 

(5,281

)

 

 

 

Proceeds from issuance of debt and common stock warrants, net of issuance costs

 

 

 

 

 

14,862

 

Principal payment of convertible notes

 

 

 

 

 

(2,586

)

Proceeds from issuance of convertible notes and preferred stock warrant

 

 

 

 

 

71,125

 

Net cash provided by financing activities

 

 

19,513

 

 

 

83,839

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(807

)

 

 

250

 

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

(11,493

)

 

 

31,717

 

Cash, cash equivalents and restricted cash at the beginning of the period

 

 

76,540

 

 

 

27,739

 

Cash, cash equivalents and restricted cash at the end of the period

 

$

65,047

 

 

$

59,456

 

PLANET

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