Debt |
12 Months Ended |
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Jan. 31, 2023 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Senior Subordinated Secured Convertible Notes
In May 2020, the Company issued senior subordinated convertible notes for an aggregate principal amount of $75.0 million. Upon completion of the IPO in June 2021, the convertible notes were automatically converted (pursuant to their terms) into 9,694,004 shares of Class B common stock. The Company recognized interest expense of $3.2 million and $5.5 million for the years ended January 31, 2022 and 2021, respectively, related to the notes.
Credit Agreement
The Company maintains a credit agreement with Silicon Valley Bank (the “SVB Credit Facility”). Under the most recent amended terms of the SVB Credit Facility, the Company can borrow up to $50.0 million on its revolving credit loan facility at the higher of prime interest rate or federal funds effective rate plus 0.50%, provided that in no event shall the total interest rate be less than 5.50%. The SVB Credit Facility, which expires on January 31, 2026, requires the Company to maintain a monthly adjusted quick ratio of no less than 1.25:1.00.
In addition, the SVB Credit Facility also provides for issuance of letters of credit that reduce the available borrowing capacity. As of January 31, 2023, the Company had a sub-limit of $15.0 million letters of credit available, of which $4.6 million was issued. As of January 31, 2022, the Company had a sub-limit of $5.0 million letters of credit of available, of which $0.7 million was issued.
On March 23, 2023, the Company provided notice to Silicon Valley Bank of our intent to terminate the SVB Credit Facility.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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