Protective Life Corporation (NYSE: PL) today reported results
for the second quarter of 2010. Net income available to PL’s common
shareowners for the second quarter of 2010 was $41.4 million, or
$0.47 per average diluted share, as compared to net income
available to PL’s common shareowners of $90.8 million, or $1.16 per
average diluted share, in the second quarter of 2009. Operating
income, after tax, for the second quarter of 2010 was $54.3
million, or $0.62 per average diluted share, as compared to $80.9
million, or $1.03 per average diluted share, in the second quarter
of 2009.
John D. Johns, Protective’s Chairman, President and Chief
Executive Officer commented:
“We are pleased to report solid results in the second
quarter. Adjusted for fair value accounting items, earnings in
each of our core operating segments were in line with or ahead of
our plan. We enjoyed strong sales trends and favorable
mortality. We saw continued improvement in the market value of
our securities portfolio and in our reported book value per share.
We were, however, slightly behind plan with respect to investment
of excess liquidity in the quarter and this negatively impacted our
Corporate segment. Our focus for the balance of the year is on
continuing to achieve our business plan objectives, exploring
opportunities for block of business acquisitions and enhancing
margins and returns in our retail product lines.”
Business Segment Results
The table below sets forth business segment operating income
before income tax for the periods shown:
Operating Income Before Income Tax
($
in thousands)
2Q10 2Q09 $ Var % Var
Life Marketing $ 35,755 $ 37,179 $ (1,424 ) -3.8 % Acquisitions
30,190 35,041 (4,851 ) -13.8 % Annuities 605 21,495 (20,890 ) -97.2
% Stable Value Products 10,979 16,976 (5,997 ) -35.3 % Asset
Protection 6,616 4,656 1,960 42.1 % Corporate & Other
377 9,648 (9,271 ) -96.1 %
$ 84,522
$ 124,995 $ (40,473 )
The following table reconciles segment operating income to
consolidated net income available to PL’s common shareowners:
($ in thousands)
2Q10 2Q09 Operating income before income tax
$ 84,522 $ 124,995 Realized investment
gains (losses) (19,565 ) 15,444 Less: Periodic settlements on
derivatives 42 1,163
Related amortization of deferred
policy acquisition costs and value of businesses acquired
328 (942 ) Income tax expense 23,216 49,461
Net Income available to PL's common shareowners
$ 41,371 $ 90,757
Sales
The Company uses sales statistics to measure the relative
progress of its marketing efforts. The Company derives these
statistics from various sales tracking and administrative systems
and not from its financial reporting systems or financial
statements. These statistics measure only one of many factors that
may affect future profitability of the business segments and
therefore are not intended to be predictive of future
profitability.
The table below sets forth business segment sales for the
periods shown:
($ in millions)
2Q10 2Q09 $
Var % Var Life Marketing $ 42.9 $ 39.8 $ 3.1 7.8 %
Annuities 738.1 609.7 128.4 21.1 % Stable Value Products 256.5 -
256.5 n/m Asset Protection 88.4 76.2 12.2 16.0 %
Review of Business Segment Results for Second Quarter
Life Marketing
Life Marketing segment pre-tax operating income was $35.8
million in the second quarter of 2010 as compared to $37.2 million
in the second quarter of 2009. The decrease was primarily due to
lower allocated investment income on the traditional line of
business and slightly higher operating expenses. Favorable
mortality of $9.7 million is included in the results of the second
quarter of 2010 as compared to $9.9 million of favorable mortality
included in the results of the second quarter of 2009.
Sales were $42.9 million in the second quarter of 2010, an
increase of 7.8% as compared to $39.8 million in the second quarter
of 2009. Universal life insurance sales (including variable
universal life) exceeded term insurance sales in the current
quarter and were $25.3 million, as compared to $13.7 million in the
second quarter of 2009. Term insurance sales in the current quarter
were $17.6 million as compared to $26.1 million in the prior year’s
quarter.
Acquisitions
Acquisitions segment pre-tax operating income was $30.2 million
in the second quarter of 2010 as compared to $35.0 million in the
second quarter of 2009, primarily due to expected runoff of the
blocks of business.
Annuities
Annuities segment pre-tax operating income was $0.6 million in
the second quarter of 2010 as compared to $21.5 million in the
second quarter of 2009. The current quarter included $13.9 million
of negative fair value changes, representing an unfavorable $20.9
million change as compared to the prior year’s quarter. The segment
experienced continued growth in the account balance for the single
premium deferred annuity and variable annuity lines during the
second quarter of 2010.
Annuity account values reached a record $11.2 billion as of June
30, 2010, an increase of 20.6% over the past twelve months. Net
cash flows for the segment remained positive during the
quarter.
Sales in the second quarter of 2010 were $738.1 million as
compared to $609.7 million in the second quarter of 2009. The
increase was primarily due to record variable annuity sales,
partially offset by lower fixed annuity sales. Variable annuity
sales were $412.8 million in the second quarter of 2010, an
increase of approximately 132.8%, as compared to $177.3 million in
the second quarter of 2009. Fixed annuity sales were $325.3 million
in the second quarter of 2010 as compared to $432.4 million in the
prior year’s second quarter.
Stable Value
Products
Stable Value Products segment pre-tax operating income was $11.0
million in the second quarter of 2010 as compared to $17.0 million
in the second quarter of 2009. The decrease was a result of an
expected decline in average account values and lower operating
spreads. Included in operating income during the second quarter of
2009 was $0.3 million of other income resulting from the early
retirement of funding agreements. There were no early funding
agreement retirements in the second quarter of 2010. The spread was
126 basis points for the three months ended June 30, 2010.
Deposit balances as of June 30, 2010 were $3.5 billion. Total
sales were $256.5 million for the three months ended June 30,
2010.
Asset
Protection
Asset Protection segment pre-tax operating income was $6.6
million in the second quarter of 2010 as compared to $4.7 million
in the second quarter of 2009. The increase was primarily the
result of a $1.2 million increase in earnings due to favorable loss
experience in the Guaranteed Asset Protection (“GAP”) product line
and a $1.1 million increase in service contract earnings primarily
due to higher volume.
Sales in the second quarter of 2010 were $88.4 million, an
increase of $12.2 million, or 16.0%, as compared to the second
quarter of 2009. Service contract sales increased $9.0 million and
credit insurance sales increased $1.0 million as compared to the
prior year’s quarter. Sales from other products increased $2.2
million, or 20.2%.
Corporate &
Other
Corporate & Other segment pre-tax operating income was $0.4
million in the second quarter of 2010 as compared to $9.6 million
in operating income for the second quarter of 2009. The
mark-to-market on this trading portfolio negatively impacted income
by $5.2 million for the three months ended June 30, 2010, and
positively impacted income by $22.6 million in the prior year’s
quarter. Partially offsetting this was $9.5 million of gains on the
repurchase of non-recourse funding obligations in the current
quarter and $11.5 million of net improvement versus the prior
year’s quarter related to the segment’s net investment income and
interest expense.
Investments
- Total cash and investments were
$31.0 billion as of June 30, 2010. This includes $1.1 billion of
cash and short-term investments.
- The net unrealized gain position
on investments was a positive $241 million, after tax and DAC
offsets, an improvement of $1.2 billion or approximately 125.2%, as
compared to June 30, 2009.
- During the second quarter of
2010, the Company recorded a $16.8 million pre-tax loss on
other-than-temporary impairments.
- Delinquent mortgage loans and
foreclosed properties were $65.6 million as of June 30, 2010,
representing 1.3% of the commercial mortgage loan portfolio. This
amount includes $35.7 million of loans that were restructured
pursuant to the terms of a pooling and servicing agreement.
Net income available to PL’s common shareowners for the second
quarter of 2010 included:
- Net realized investment losses,
after tax, of $13.0 million, or $0.15 per average diluted share, as
compared to net realized investment gains, after tax, of $9.9
million, or $0.13 per average diluted share, in the second quarter
of 2009.
- Pre-tax other-than-temporary
impairments of $16.8 million, or $0.12 per average diluted share,
are included in the $0.15 per share of net realized investment
losses in the second quarter of 2010.
Net Realized Investment/Derivative Activity
($ per average diluted share)
2Q
2010 2Q 2009 Impairments $ (0.12 ) $ (0.34 )
Modco net realized gain 0.01 0.07 Net realized
gains/(losses)-excluding Modco 0.04 0.11 Derivative gains/(losses)
- interest rate related (0.05 ) 0.23 All other (0.03 )
0.06
Total $ (0.15 )
$ 0.13
Operating income differs from the GAAP measure, net income, in
that it excludes realized investment gains (losses) and related
amortization. The tables below reconciles operating income to net
income available to PL’s common shareowners:
Consolidated Results
2Q 2010 2Q
2009 ($ in thousands; net of income tax)
After-tax
Operating Income $ 54,327 $ 80,862
Realized investment gains (losses)
and related amortization
Investments 32,877 83,051 Derivatives (45,833 )
(73,156 )
Net Income available to PL's common shareowners
$ 41,371 $ 90,757
2Q 2010 2Q 2009 ($ per average diluted share;
net of income tax)
After-tax Operating Income $ 0.62 $ 1.03
Realized investment gains (losses)
and related amortization
Investments 0.37 1.06 Derivatives (0.52 ) (0.93 )
Net Income available to PL's common shareowners $
0.47 $ 1.16
For information relating to non-GAAP measures (operating income,
total Protective Life Corporation’s shareowners’ equity per share
excluding other comprehensive income (loss), operating return on
average equity, and net income available to PL’s common shareowners
return on average equity) in this press release, please refer to
the disclosure at the end of this press release and to the
Company’s Supplemental Financial Information located on the
Company’s website at www.protective.com. All per share results used
throughout this press release are presented on a diluted basis,
unless otherwise noted.
Rolling Twelve Months Ended June 30,
2010 2009 Operating Income Return on
Average Equity 10.9% 10.4% Net Income available to PL's
common shareowners' Return on Average Equity 9.7% (0.1)%
Operating income return on average equity and net
income available to PL’s common shareowners return on average
equity are measures used by management to evaluate the
Company’s performance. Operating income return on average equity
for the twelve months ended June 30, 2010 was calculated by
dividing operating income for this period by the average ending
balance of total Protective Life Corporation’s shareowners’ equity
(excluding accumulated other comprehensive income (loss)) for the
five most recent quarters. Net income available to PL’s common
shareowners return on average equity for the twelve months ended
June 30, 2010, was calculated by dividing net income available to
PL’s common shareowners for this period by the average ending
balance of total Protective Life Corporation’s shareowners’ equity
(excluding accumulated other comprehensive income (loss)) for the
five most recent quarters.
Reconciliation of Total Protective Life Corporation's
Shareowners' Equity, Excluding Accumulated Other Comprehensive
Income (Loss) ($ in thousands)
June 30,
December 31, 2010 2009 Total Protective
Life Corporation's shareowners' equity $
3,085,599
$ 2,478,821 Less: Accumuluated other comprehensive income (loss)
177,490 (321,169 )
Total Protective Life
Corporation's shareowners' equity excluding accumulated other
comprehensive income (loss) $
2,908,109
$ 2,799,990 Reconciliation of
Total Protective Life Corporation's Shareowners' Equity per share,
Excluding Accumulated Other Comprehensive Income (Loss) per
share ($ per common share oustanding)
June 30,
December 31, 2010 2009 Total Protective Life
Corporation's shareowners' equity $ 36.02 $ 28.96 Less:
Accumuluated other comprehensive income (loss) 2.07
(3.76 )
Total Protective Life Corporation's shareowners' equity
excluding accumulated other comprehensive income (loss)
$ 33.95 $ 32.72
2010 Guidance
Protective will not provide 2010 earnings guidance but will
discuss the outlook for the remainder of 2010 during its second
quarter 2010 earnings call as scheduled below.
Conference Call
There will be a conference call for management to discuss the
quarterly results with analysts and professional investors on
August 4, 2010 at 8:00 a.m. Eastern. Analysts and professional
investors may access this call by dialing 1-800-798-2884
(international callers 1-617-614-6207) and entering the conference
passcode: 48780161. A recording of the call will be available from
12:00 p.m. Eastern August 4, 2010 until midnight August
17, 2010. The recording may be accessed by calling 1-888-286-8010
(international callers 1-617-801-6888) and entering the passcode:
28984567.
The public may access a live webcast of the call, along with a
call presentation, on the Company's website at
www.protective.com.
Supplemental financial information and the conference call
presentation are available on the Company’s website at
www.protective.com in the Analyst/Investor section under Financial
Information/Quarterly & Other Reports.
Information Relating to Non-GAAP Measures
Throughout this press release, GAAP refers to accounting
principles generally accepted in the United States of America.
Consolidated and segment operating income (loss) are defined as
income (loss) before income tax excluding net realized investment
gains (losses) net of the related amortization of deferred policy
acquisition costs (“DAC”), and value of businesses acquired
(“VOBA”), and participating income from real estate ventures.
Periodic settlements of derivatives associated with corporate debt
and certain investments and annuity products are included in
realized gains (losses) but are considered part of consolidated and
segment operating income because the derivatives are used to
mitigate risk in items affecting consolidated and segment operating
income (loss). Management believes that consolidated and segment
operating income (loss) provides relevant and useful information to
investors, as it represents the basis on which the performance of
the Company’s business is internally assessed. Although the items
excluded from consolidated and segment operating income (loss) may
be significant components in understanding and assessing the
Company’s overall financial performance, management believes that
consolidated and segment operating income (loss) enhances an
investor’s understanding of the Company’s results of operations by
highlighting the income (loss) attributable to the normal,
recurring operations of the Company’s business. As prescribed by
GAAP, certain investments are recorded at their fair values with
the resulting unrealized gains (losses) affected by a related
adjustment to DAC and VOBA, net of income tax, reported as a
component of total Protective Life Corporation’s shareowners’
equity. The fair value of fixed maturities generally increase or
decrease as interest rates change. The Company believes that an
insurance company’s shareowners’ equity per share may be difficult
to analyze without disclosing the effects of recording accumulated
other comprehensive income (loss), including unrealized gains
(losses) on investments
Calculation of Operating Income
Return on Average Equity
Rolling Twelve Months Ended
June 30, 2010
(Dollars
In Thousands)
Three Months Twelve Months 9/30/2009
12/31/2009 3/31/2010 6/30/2010
6/30/2010 NUMERATOR: Net Income available to PLC's
common shareowners $ 27,585 $ 131,011 $ 69,779 $ 41,371 $
269,746 Less: Realized investment gains (losses), net of income tax
Investments 87,495 (6,251 ) 23,420 33,089 137,753 Derivatives
(108,339 ) 2,692 (21,204 ) (45,806 ) (172,657 ) Related
amortization of DAC and VOBA, net of income tax 507 2,313 (140 )
(212 ) 2,468 Add back:
Derivative gains related to Corp.
debt and investments, net of income tax
- - 27
27 54
Operating Income $
47,922 $ 132,257 $ 67,730
$ 54,327
$ 302,236 Total
Protective Life Corporation's Total
Shareowners' Protective Life Accumulated
Equity Excluding Corporation's Other
Accumulated Other Shareowners' Comprehensive
Comprehensive Equity Income (Loss)
Income (Loss) DENOMINATOR: June 30, 2009
$
1,628,375
$
(1,031,719 )
$
2,660,094 September 30, 2009 2,302,799 (375,472 ) 2,678,271
December 31, 2009 2,478,821 (321,169 ) 2,799,990 March 31, 2010
2,821,033 (55,716 ) 2,876,749 June 30, 2010 3,085,599 177,490
2,908,109 Total $ 13,923,213
Average
$
2,784,643
Operating Income Return on Average Equity
10.9 %
Calculation of Operating Income
Return on Average Equity
Rolling Twelve Months Ended
June 30, 2009
(Dollars In
Thousands)
Three Months Twelve Months 9/30/2008
12/31/2008 3/31/2009 6/30/2009
6/30/2009 NUMERATOR: Net Income (Loss) available
to PLC's common shareowners $ (100,008 ) $ (15,913 ) $ 22,135 $
90,757 $ (3,029 ) Less: Realized investment gains (losses), net of
income tax Investments (228,215 ) (60,407 ) (85,585 ) 82,439
(291,768 ) Derivatives 66,543 (10,574 ) 47,675 (72,400 ) 31,244
Related amortization of DAC and VOBA, net of income tax 457 (632 )
(51 ) 612 386 Add back:
Derivative gains related to Corp.
debt and investments, net of income tax
1,245 1,020 1,455
756 4,476
Operating
Income $ 62,452 $ 56,720 $ 61,551
$ 80,862
$ 261,585
Total Protective Life
Corporation's Total Shareowners' Protective
Life Accumulated Equity Excluding
Corporation's Other Accumulated Other
Shareowners' Comprehensive Comprehensive
Equity Income (Loss) Income (Loss)
DENOMINATOR: June 30, 2008
$
2,081,742
$
(486,222 )
$
2,567,964 September 30, 2008 1,524,655 (928,205 ) 2,452,860
December 31, 2008 761,095 (1,667,056 ) 2,428,151 March 31, 2009
783,178 (1,660,204 ) 2,443,382 June 30, 2009 1,628,375 (1,031,719 )
2,660,094 Total $ 12,552,451 Average
$ 2,510,490 Operating Income Return
on Average Equity 10.4 %
Calculation of Net Income
Available to PLC’s common shareowners Return on Average
Equity
Rolling Twelve Months Ended
June 30, 2010
(Dollars In
Thousands)
Three Months Twelve Months 9/30/2009
12/31/2009 3/31/2010 6/30/2010
6/30/2010 NUMERATOR:
Net Income available to PLC's
common shareowners
$ 27,585 $ 131,011 $ 69,779 $ 41,371 $
269,746
Total Protective Life
Corporation's Total Shareowners' Protective
Life Accumulated Equity Excluding
Corporation's Other Accumulated Other
Shareowners' Comprehensive Comprehensive
Equity Income (Loss) Income (Loss)
DENOMINATOR: June 30, 2009
$
1,628,375
$
(1,031,719 )
$
2,660,094 September 30, 2009 2,302,799 (375,472 ) 2,678,271
December 31, 2009 2,478,821 (321,169 ) 2,799,990 March 31, 2010
2,821,033 (55,716 ) 2,876,749 June 30, 2010 3,085,599 177,490
2,908,109 Total $ 13,923,213 Average
$ 2,784,643
Net Income available to PLC's
common shareowners Return on Average Equity
9.7 %
Calculation of Net Income
(Loss) available to PLC's common shareowners Return on
Average Equity
Rolling Twelve Months Ended
June 30, 2009
(Dollars
In Thousands)
Three Months Twelve Months 9/30/2008
12/31/2008 3/31/2009 6/30/2009
6/30/2009 NUMERATOR:
Net Income (Loss) available to
PLC's common shareowners
$ (100,008 ) $ (15,913 ) $ 22,135 $ 90,757
$ (3,029 ) Total
Protective Life Corporation's Total
Shareowners' Protective Life Accumulated
Equity Excluding Corporation's Other
Accumulated Other Shareowners' Comprehensive
Comprehensive Equity Income (Loss)
Income (Loss) DENOMINATOR: June 30, 2008
$
2,081,742
$
(486,222 )
$
2,567,964 September 30, 2008 1,524,655 (928,205 ) 2,452,860
December 31, 2008 761,095 (1,667,056 ) 2,428,151 March 31, 2009
783,178 (1,660,204 ) 2,443,382 June 30, 2009 1,628,375 (1,031,719 )
2,660,094 Total $ 12,552,451 Average
$ 2,510,490
Net Income (Loss) available to
PLC's common shareowners Return on Average Equity
-0.1 %
Forward-Looking Statements
This release includes “forward-looking statements” which express
expectations of future events and/or results. All statements based
on future expectations rather than on historical facts are
forward-looking statements that involve a number of risks and
uncertainties, and the Company cannot give assurance that such
statements will prove to be correct. The factors which could affect
the Company’s future results include, but are not limited to,
general economic conditions and the following known risks and
uncertainties: the Company is exposed to the risks of natural and
man-made catastrophes, pandemics, malicious and terrorist acts that
could adversely affect the Company’s operations; the Company
operates in a mature, highly competitive industry, which could
limit its ability to gain or maintain its position in the industry
and negatively affect profitability; a ratings downgrade or other
negative action by a ratings organization could adversely affect
the Company; the Company’s policy claims fluctuate from period to
period resulting in earnings volatility; the Company’s results may
be negatively affected should actual experience differ from
management’s assumptions and estimates which by their nature are
imprecise and subject to changes and revision over time; the
Company’s valuation of its investments could be adversely impacted
by results that differ from its expectations or assumptions; the
use of reinsurance, and any change in the magnitude of reinsurance,
introduces variability in the Company’s statements of income; the
Company could be forced to sell investments at a loss to cover
policyholder withdrawals; interest rate fluctuations could
negatively affect the Company’s spread income or otherwise impact
its business, including, but not limited to, the volume of sales,
the profitability of products, investment performance, and asset
liability management; equity market volatility could negatively
impact the Company’s business, particularly with respect to the
Company’s variable products, including an increase in the rate of
amortization of DAC and estimated cost of providing minimum death
benefit and minimum withdrawal benefit guarantees relating to the
variable products; insurance companies are highly regulated and
subject to numerous legal restrictions and regulations, including,
but not limited to, restrictions relating to premium rates, reserve
requirements, marketing practices, advertising, privacy, policy
forms, reinsurance reserve requirements, acquisitions, and capital
adequacy, and the Company cannot predict whether or when regulatory
actions may be taken that could adversely affect the Company or its
operations; changes to tax law or interpretations of existing tax
law could adversely affect the Company, including, but not limited
to, the demand for and profitability of its insurance products and
the Company’s ability to compete with non-insurance products; the
Company may be required to establish a valuation allowance against
its deferred tax assets, which could materially adversely affect
the Company’s results of operations, financial condition and
capital position; financial services companies are frequently the
targets of litigation, including, but not limited to, class action
litigation, which could result in substantial judgments, and the
Company, like other financial services companies, in the ordinary
course of business is involved in litigation and arbitration;
publicly held companies in general and the financial services
industry in particular are sometimes the target of law enforcement
investigations and the focus of increased regulatory scrutiny; the
Company’s ability to maintain competitive unit costs is dependent
upon the level of new sales and persistency of existing business,
and a change in persistency may result in higher claims and/or
higher or more rapid amortization of deferred policy acquisition
costs and thus higher unit costs and lower reported earnings; the
Company’s investments, including, but not limited to, the Company’s
invested assets, derivative financial instruments and commercial
mortgage loan portfolio, are subject to market, credit, and
regulatory risks, and these risks could be heightened during
periods of extreme volatility or disruption in financial and credit
markets; the Company may not realize its anticipated financial
results from its acquisitions strategy, which is dependent on
factors such as the availability of suitable acquisitions, the
availability of capital to fund acquisitions and the realization of
assumptions relating to the acquisition; the Company is dependent
on the performance of others, including, but not limited to,
distributors, third-party administrators, fund managers, reinsurers
and other service providers, and, as with all financial services
companies, its ability to conduct business is dependent upon
consumer confidence in the industry and its products; the Company’s
reinsurers could fail to meet assumed obligations, increase rates,
or be subject to adverse developments that could affect the
Company, and the Company’s ability to compete is dependent on the
availability of reinsurance, which has become more costly and less
available in recent years, or other substitute capital market
solutions; the success of the Company’s captive reinsurance program
and related marketing efforts is dependent on a number of factors
outside the control of the Company, including, but not limited to,
continued access to capital markets, a favorable regulatory
environment, and the overall tax position of the Company; computer
viruses or network security breaches could affect the data
processing systems of the Company or its business partners, and
could damage the Company’s business and adversely affect its
financial condition and results of operations; the Company’s
ability to grow depends in large part upon the continued
availability of capital; new GAAP and statutory accounting rules or
changes to existing GAAP and statutory accounting rules could
negatively impact the Company; the Company’s risk management
policies and procedures may leave it exposed to unidentified or
unanticipated risk, which could negatively affect its business or
result in losses; capital and credit market volatility or
disruption could adversely impact the Company’s financial condition
or results from operations in several ways, including but not
limited to the following: causing market price and cash flow
variability in the Company’s fixed income portfolio, defaults on
principal or interest payments by issuers of the Company’s fixed
income investments, other than temporary impairments of the
Company’s fixed income investments; adversely impacting the
Company’s ability to efficiently access the capital markets to
finance its reserve, capital and liquidity needs; deterioration of
general economic conditions could result in a severe and extended
economic recession, which could materially adversely affect the
Company’s business and results of operations; there can be no
assurance that the actions of the U.S. Government or other
governmental and regulatory bodies for the purpose of stabilizing
the financial markets will achieve their intended effect; the
Company may not be able to protect its intellectual property and
may be subject to infringement claims; the Company could be
adversely affected by an inability to access its credit facility;
the amount of statutory capital the Company has and must hold to
maintain its financial strength and credit ratings and meet other
requirements can vary significantly and is sensitive to a number of
factors; the Company operates as a holding company and depends on
the ability of its subsidiaries to transfer funds to it to meet its
obligations and to pay dividends; and the Company’s strategies for
mitigating risks arising from its day-to-day operations may prove
ineffective. Please refer to Part I, Item 1A, Risk Factors and
Cautionary Factors that may Affect Future Results of the Company’s
most recent Form 10-K and Part II, Item 1A, Risk Factors, of the
Company’s subsequent quarterly reports on Form
10-Q for more information about these factors.
Planet Labs PBC (NYSE:PL)
Historical Stock Chart
From May 2024 to Jun 2024
Planet Labs PBC (NYSE:PL)
Historical Stock Chart
From Jun 2023 to Jun 2024