2022 Q3 Form 10-Q Financial Statement

#000183683322000066 Filed on September 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q1 2021 Q3
Revenue $48.45M $37.15M $30.41M
YoY Change 59.34% 22.67%
Cost Of Revenue $24.98M $23.23M $19.82M
YoY Change 26.02% 1.77%
Gross Profit $23.47M $13.92M $10.59M
YoY Change 121.74% 86.64%
Gross Profit Margin 48.45% 37.46% 34.82%
Selling, General & Admin $39.38M $43.96M $3.960M
YoY Change 894.34% 164.29%
% of Gross Profit 167.75% 315.89% 37.41%
Research & Development $26.74M $26.06M $12.43M
YoY Change 115.07% 128.94%
% of Gross Profit 113.91% 187.29% 117.44%
Depreciation & Amortization $10.20M $11.18M $9.000M
YoY Change 13.33% -29.75%
% of Gross Profit 43.45% 80.32% 85.02%
Operating Expenses $66.11M $70.02M $3.960M
YoY Change 1569.52% 149.93%
Operating Profit -$42.64M -$56.11M -$24.27M
YoY Change 75.71% 17274.69%
Interest Expense $0.00 $16.13M -$2.680M
YoY Change -100.0% -199.88%
% of Operating Profit
Other Income/Expense, Net $3.265M -$1.914M $4.074M
YoY Change -19.86% -86.55%
Pretax Income -$39.38M -$44.68M -$6.640M
YoY Change 493.0% 20.77%
Income Tax $200.0K $1.288M $200.0K
% Of Pretax Income
Net Earnings -$39.53M -$45.97M -$6.640M
YoY Change 495.32% 215.93%
Net Earnings / Revenue -81.59% -123.74% -21.84%
Basic Earnings Per Share -$0.15 -$0.44
Diluted Earnings Per Share -$0.15 -$186.3K -$154.0K
COMMON SHARES
Basic Shares Outstanding 266.2M shares 46.20M shares
Diluted Shares Outstanding 266.2M shares 46.69M shares

Balance Sheet

Concept 2022 Q3 2022 Q1 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $457.7M $490.8M $80.00K
YoY Change 572013.75% 57047.08%
Cash & Equivalents $262.1M $490.8M $81.16M
Short-Term Investments $195.6M $0.00
Other Short-Term Assets $20.30M $16.39M $480.0K
YoY Change 4128.75% 2590.08%
Inventory
Prepaid Expenses
Receivables $26.12M $44.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $504.1M $551.5M $550.0K
YoY Change 91555.45% 339.71%
LONG-TERM ASSETS
Property, Plant & Equipment $120.9M $133.3M
YoY Change -16.62%
Goodwill $103.2M $103.2M
YoY Change 16.77%
Intangibles $13.08M $14.20M
YoY Change 150.26%
Long-Term Investments $345.1M
YoY Change
Other Assets $4.060M $2.714M
YoY Change -9.05%
Total Long-Term Assets $263.8M $269.9M $345.1M
YoY Change -23.56% -1.45%
TOTAL ASSETS
Total Short-Term Assets $504.1M $551.5M $550.0K
Total Long-Term Assets $263.8M $269.9M $345.1M
Total Assets $767.9M $821.4M $345.7M
YoY Change 122.16% 105.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.189M $2.850M $120.0K
YoY Change 1724.17% 97.1%
Accrued Expenses $49.64M $48.82M $4.050M
YoY Change 1125.68% 17317.5%
Deferred Revenue $52.08M $64.23M
YoY Change 11.57%
Short-Term Debt $0.00 $0.00 $110.0K
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $122.3M $132.0M $4.290M
YoY Change 2750.35% 21.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.439M $1.405M $48.91M
YoY Change -97.06% 9.17%
Total Long-Term Liabilities $1.439M $1.405M $48.91M
YoY Change -97.06% 9.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $122.3M $132.0M $4.290M
Total Long-Term Liabilities $1.439M $1.405M $48.91M
Total Liabilities $154.3M $173.2M $53.19M
YoY Change 190.0% -40.65%
SHAREHOLDERS EQUITY
Retained Earnings -$861.2M -$777.0M
YoY Change 21.43%
Common Stock $27.00K $27.00K
YoY Change 575.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $613.6M $648.2M $70.28M
YoY Change
Total Liabilities & Shareholders Equity $767.9M $821.4M $345.7M
YoY Change 122.16% 105.72%

Cashflow Statement

Concept 2022 Q3 2022 Q1 2021 Q3
OPERATING ACTIVITIES
Net Income -$39.53M -$45.97M -$6.640M
YoY Change 495.32% 215.93%
Depreciation, Depletion And Amortization $10.20M $11.18M $9.000M
YoY Change 13.33% -29.75%
Cash From Operating Activities -$22.27M -$21.20M -$240.0K
YoY Change 9179.17% 8010.34%
INVESTING ACTIVITIES
Capital Expenditures -$4.274M -$6.202M
YoY Change -1.12%
Acquisitions
YoY Change
Other Investing Activities -$195.3M -$9.764M $0.00
YoY Change 3774.6%
Cash From Investing Activities -$199.5M -$15.97M $0.00
YoY Change -95.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -502.0K 469.7M 90.00K
YoY Change -657.78% 35.7%
NET CHANGE
Cash From Operating Activities -22.27M -21.20M -240.0K
Cash From Investing Activities -199.5M -15.97M 0.000
Cash From Financing Activities -502.0K 469.7M 90.00K
Net Change In Cash -222.3M 432.5M -150.0K
YoY Change 148104.0% 50264.07%
FREE CASH FLOW
Cash From Operating Activities -$22.27M -$21.20M -$240.0K
Capital Expenditures -$4.274M -$6.202M
Free Cash Flow -$18.00M -$14.99M
YoY Change -349.44%

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CY2022Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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StockIssuedDuringPeriodValueStockOptionsExercised
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3243000 usd
CY2021Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
274000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
83929000 usd
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StockIssuedDuringPeriodValueStockOptionsExercised
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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5066000 usd
CY2021Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-78000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
70278000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6203000 usd
CY2022Q2 pl Stock Issued During Period Value Vesting Of Early Exercised Stock Options
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOptions
896000 usd
CY2022Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
20259000 usd
CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
175000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-44360000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1455000 usd
CY2022Q3 pl Stock Issued During Period Value Vesting Of Early Exercised Stock Options
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOptions
896000 usd
CY2022Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1753000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
21033000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
303000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
390000 usd
CY2022Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
142000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-39529000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
613643000 usd
us-gaap Net Income Loss
NetIncomeLoss
-83889000 usd
us-gaap Net Income Loss
NetIncomeLoss
-49618000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
23213000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22516000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
889000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
333000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
40403000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
7976000 usd
pl Fair Value Adjustment Of Convertible Notes And Warrants
FairValueAdjustmentOfConvertibleNotesAndWarrants
-5388000 usd
pl Fair Value Adjustment Of Convertible Notes And Warrants
FairValueAdjustmentOfConvertibleNotesAndWarrants
1257000 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
218000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
0 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1544000 usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
543000 usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-65000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-18595000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-30769000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4432000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5378000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1866000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6515000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-15165000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-17499000 usd
pl Increase Decrease In Deferred Hosting Costs
IncreaseDecreaseInDeferredHostingCosts
-760000 usd
pl Increase Decrease In Deferred Hosting Costs
IncreaseDecreaseInDeferredHostingCosts
7507000 usd
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
0 usd
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
1015000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-28804000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8303000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6509000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4000000 usd
us-gaap Payments For Software
PaymentsForSoftware
1271000 usd
us-gaap Payments For Software
PaymentsForSoftware
1922000 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
195113000 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
0 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
293000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
300000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-203186000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6222000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6418000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3880000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2164000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 usd
pl Proceeds From Stock Options Exercised Early
ProceedsFromStockOptionsExercisedEarly
0 usd
pl Proceeds From Stock Options Exercised Early
ProceedsFromStockOptionsExercisedEarly
17928000 usd
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
326000 usd
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
2237000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
122000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4050000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19571000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1118000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-425000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-229058000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4621000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
496814000 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76540000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
267756000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81161000 usd
CY2021Q4 pl Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1.53184
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262100000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
490800000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
195600000 usd
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0 usd
CY2021Q4 pl Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1.53184
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The significant estimates and assumptions that affect the Company’s unaudited condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment, capitalized internal-use software and intangible assets, allowances for credit losses, estimates related to revenue recognition, including the assessment of performance obligations within a contract and the determination of standalone selling price (“SSP”) for each performance obligation, the fair value of common stock and other assumptions used to measure stock-based compensation, the fair value of convertible notes and warrants, the fair value of assets acquired, and liabilities assumed from business combinations, the impairment of long-lived assets and goodwill, the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions, and contingencies.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, due to the inherent uncertainties in making estimates, actual results could differ from those estimates and such differences may be material to the unaudited condensed consolidated financial statements.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Due to the COVID-19 Coronavirus pandemic (“COVID-19” or “COVID-19 pandemic”), and current events involving Russia and Ukraine, there is ongoing uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities. These estimates and assumptions may change in the future, as new events occur and additional information is obtained.</span></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Concentration of Credit Risk and Other Risks and Uncertainties </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties. The Company’s cash, cash equivalents and short-term investments are deposited with financial institutions in the U.S. and checking accounts with financial institutions in Canada, Germany, the Netherlands and Singapore that management believes are of high credit quality. The Company generally does not require collateral to support the obligations of the counterparties and deposits at financial institutions may, at times, be in excess of federal or national insured limits or deposit-guarantee limits in each of the respective countries. The Company has not experienced material losses on its deposits of cash, cash equivalents or short-term investments. The maximum amount of loss at July 31, 2022 that the Company would incur if parties to cash, cash equivalents and short-term investments failed completely to perform according to the terms of the contracts is $456.8 million. </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Accounts receivable are typically unsecured and are derived from revenue earned from customers across various countries. As of July 31, 2022, two customers accounted for 24% and 12% of accounts receivable, respectively. As of January 31, 2022, four customers accounted for 23%, 14%, 12% and 10% of accounts receivable, respectively. </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">For the three months ended July 31, 2022, one customer accounted for 19% of revenue. For the six months ended July 31, 2022, two customers accounted for 15% and 10% of revenue, respectively.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s offerings depend on continued and new approvals from the Federal Communications Commission (“FCC”), National Oceanic and Atmospheric Administration (“NOAA”), and other U.S. and international regulatory agencies for the Company to continue its operations. There can be no assurance that the Company’s operations will continue to receive the necessary approvals or that such operations will be supported by the U.S. government or other governments. If the Company was denied such approvals, if such approvals were delayed, or if the U.S. government’s or other governments’ policies change, these events may have a material adverse impact on the Company’s financial position and results of operations. </span></div>The Company contracts with certain third-party service providers to launch satellites. Service providers who provide these services are limited. The inability of launch service providers to contract with the Company could materially impact future operating results.
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
456800000 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8400000 usd
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11400000 usd
CY2021Q4 pl Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1.53184
CY2021Q4 pl Derivative Instrument Contingent Consideration Liability Shares
DerivativeInstrumentContingentConsiderationLiabilityShares
27000000 shares
CY2021Q4 pl Derivative Instrument Contingent Consideration Liability Earnout Period Threshold Trading Days
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays
20 tradingday
CY2021Q4 pl Derivative Instrument Contingent Consideration Liability Earnout Period Threshold Trading Day Period
DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod
30 tradingday
CY2021Q4 pl Contingent Consideration Issuable In Shares
ContingentConsiderationIssuableInShares
5540990 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
260091568 shares
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
37900000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
37400000 usd
CY2022Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
130500000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
52100000 usd
pl Contract With Customer Non Cancelable Contract Revenue
ContractWithCustomerNonCancelableContractRevenue
78400000 usd
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.72
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.94
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
us-gaap Operating Lease Payments
OperatingLeasePayments
4000000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
5700000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
48450000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30406000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
88577000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
62363000 usd
CY2022Q3 pl Contract Costs Capitalized During The Period
ContractCostsCapitalizedDuringThePeriod
600000 usd
pl Contract Costs Capitalized During The Period
ContractCostsCapitalizedDuringThePeriod
1100000 usd
CY2022Q3 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1500000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1800000 usd
CY2021Q3 pl Contract Costs Capitalized During The Period
ContractCostsCapitalizedDuringThePeriod
800000 usd
pl Contract Costs Capitalized During The Period
ContractCostsCapitalizedDuringThePeriod
1100000 usd
CY2021Q3 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1000000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1300000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
2900000 usd
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2000000 usd
CY2022Q3 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
1752000 usd
CY2022Q1 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
1375000 usd
CY2022Q3 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
2336000 usd
CY2022Q1 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
1083000 usd
CY2022Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
4088000 usd
CY2022Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
2458000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1400000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3888000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2549000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
733000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
513000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
12000 usd
CY2022Q3 pl Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
30000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7725000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
210000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
7515000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M29D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.037
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
700000 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1500000 usd
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
6100000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262061000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
490762000 usd
CY2022Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
47000 usd
CY2022Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
309000 usd
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
5648000 usd
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
5743000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
267756000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
496814000 usd
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0 usd
CY2021Q3 us-gaap Depreciation
Depreciation
9000000 usd
us-gaap Depreciation
Depreciation
18500000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13077000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
195328000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
308000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
8000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
195630000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
111905000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
111971000 usd
CY2022Q3 pl Debt Securities Available For Sale Amortized Cost Maturity Allocated And Single Maturity Date After Year One Through Two
DebtSecuritiesAvailableForSaleAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughTwo
83423000 usd
CY2022Q3 pl Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Two
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughTwo
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CY2022Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
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