Delivers Record Second Quarter Revenue of $48.5
Million, up 59% Year-over-Year
Expands YoY Second Quarter GAAP Gross Margin
Expansion to 48% from 35%
Increases Full Year Revenue Guidance for FY’23
to 42% YoY Growth at the Midpoint
Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a
leading provider of daily data and insights about Earth, today
announced financial results for its fiscal second quarter for the
period ended July 31, 2022, demonstrating accelerated growth and
momentum of its unique data subscription business.
“Planet’s results for the second quarter exceeded expectations
across the board and demonstrate the continued acceleration of our
growth rate and robust demand for our unique Earth data solutions,”
said Will Marshall, Planet’s Co-Founder, Chief Executive Officer
and Chairperson. “In addition to the strength of our revenue and
gross margin expansion during Q2, we’re also pleased with the
meaningful increase in net dollar retention rate, which we believe
demonstrates that our investments in product and customer success
are yielding results.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “For the second quarter of fiscal year 2023, we delivered
$48.5 million in revenue, a growth rate of 59% year-over-year,
expanded Non-GAAP Gross Margin to 52%, and ended the quarter with
$458 million of cash, cash equivalents and short-term investments.
Q2 was an excellent quarter for Planet, and we’re pleased with the
continued momentum that we’re seeing in the business.”
Fiscal Second Quarter 2022 Financial and Key Metric
Highlights:
- Second quarter revenue increased 59% year-over-year to $48.5
million.
- Percent of Recurring Annual Contract Value (ACV) for the second
quarter was 93%.
- End of Period (EoP) Customer Count increased 17% year-over-year
to 855 customers.
- Net dollar retention rate for the quarter was 125%, while net
dollar retention rate with winbacks was 127%.
- Second quarter gross margin expanded to 48%, compared to 35% in
the second quarter of fiscal year 2022. Second quarter Non-GAAP
Gross Margin(1) expanded to 52%, compared to 36% in the second
quarter of fiscal year 2022.
- Ended the quarter with $458 million in cash, cash equivalents
and short-term investments.
(1) Please see “Planet’s Use of Non-GAAP Financial Measures”
below for a discussion on how Planet calculates the non-GAAP
financial measures presented herein. In addition, please find below
a reconciliation to the most directly comparable U.S. GAAP
financial measure
Recent Business Highlights:
Growing Customer and Partner Relationships:
- German Federal Government: Planet announced that it is
providing the German Federal Agency for Cartography and Geodesy
(BKG) with daily, high-resolution satellite data for a huge variety
of use cases, including crisis response, environmental management
and nature conservation, as well as forest and agricultural
monitoring. This is a pioneering contract – a country-wide
partnership through which employees of more than 400 German federal
institutions can gain access to Planet’s data to help promote
public and civil safety throughout the entire Federal Republic of
Germany. This engagement follows an assessment by the central
government that determined that Planet’s data can help address the
needs of the entire German Federal government.
- Organic Valley: Planet announced that it has completed a
successful pilot program with Organic Valley, the organic food
brand and independent cooperative of organic farmers. The program
utilized satellite technology to efficiently measure pasture health
on dairy farms. By using Planet’s satellite data, participating
Organic Valley farmers accessed reports created by the cooperative
regarding their pastures which helped them assess pasture quality,
thereby supporting herd nutrition, and contributing to sustainable
agricultural practices like regenerative rotational grazing.
- NMSLO: The New Mexico State Land Office further expanded their
relationship with Planet. Using Planet’s road change detection
analytics, the NMSLO has been able to detect roads that were
created on protected land and has identified trespass violations
resulting in up to $1 million in fines thus far. After the
devastating beginning of the 2022 wildfire season, the New Mexico
State Land Office has now begun using SkySat to monitor burn scars
and severity, allowing the state to plan for potential flooding and
debris flows along with mitigation efforts to restore the
land.
Supporting Ukraine Response:
- Planet is supporting critical efforts in multiple areas by
providing imagery to governments, aid and relief organizations,
think tanks and the media. Planet continued that important work in
Q2.
- NASA Harvest: The team at NASA Harvest, NASA’s food security
and agriculture program, used Planet data to complete a
country-wide assessment of the health of grain in Ukraine and its
effect on global grain supplies. As of August 2022, the Harvest
team found that more cropland than was initially expected has been
harvested and planted along both the Russian-occupied and
Ukrainian-held territories. The team is also currently estimating a
higher production out of the region than other publicly-sourced
estimates.
- Windward: Maritime AI company Windward, when combining their
AI-powered behavioral analytics models with Planet’s daily imagery,
found vessels engaging in dark activities and ship-to-ship (STS)
operations in the Kerch Strait in June 2022 as part of what
appeared to be a coordinated effort to launder grain allegedly
stolen from Ukraine. The report found a 160% increase in dark
activity in the Black Sea YoY, with 73% of those cases occurring
after the war started.
Building New Technologies and Missions:
- NASA CSP: Planet announced that it is supporting NASA’s
Communication Services Project, or "CSP", alongside two partners,
SES Government Solutions and Telesat Government Solutions, to
demonstrate real-time space-to-space connectivity solutions from
Planet’s LEO satellites to other in-space communication satellites
operated by SES and Telesat. Planet will work to demonstrate its
state-of-the art communication technology stack involving real-time
satellite connectivity for NASA’s CSP, with the goal of further
building its relationship with the agency and accelerating the
deployment of low latency solutions for Planet customers.
Impact and Education:
- Planet’s robust Education and Research (E&R) program
continues to enable new use cases of Planet’s data and better
forecasts of resultant environmental, economic and geopolitical
effects. For example, researchers at Duke University and the
California Air Resource Board recently used Planetscope data
combined with novel AI analytical techniques to identify dangerous
levels of fine particulate air pollution in Delhi and Beijing so
that in the future such methods could be used to more efficiently
mitigate the effects of poor air quality in cities around the
world.
Financial Outlook
For the third quarter of fiscal year 2023, Planet expects
revenue to be in the range of approximately $45 million to $48
million, representing approximately 47% year-over-year growth at
the midpoint. Non-GAAP Gross Margin is expected to be between
approximately 47% to 49%. Adjusted EBITDA is expected to be between
approximately ($22) million and ($20) million. Capital Expenditure
as a Percentage of Revenue is expected to be between approximately
16% and 19% of revenue for the third quarter.
For fiscal year 2023, Planet has increased its revenue outlook
and expects it to be in the range of approximately $182 million to
$190 million, representing approximately 42% growth at the
midpoint. Non-GAAP Gross Margin is expected to be between
approximately 49% to 51%. Adjusted EBITDA is expected to be between
approximately ($68) million and ($60) million. Capital Expenditure
as a Percentage of Revenue is expected to be between approximately
13% to 15% for the full fiscal year 2023.
Planet has not reconciled its Non-GAAP Gross Margin outlook,
which is derived from Non-GAAP Gross Profit, or Adjusted EBITDA
outlook to their most directly comparable GAAP measures (gross
profit and net loss, respectively) because certain items that
impact gross profit and net loss, such as stock-based compensation
expenses and (in the case of Adjusted EBITDA) depreciation and
amortization, are uncertain or out of Planet’s control and cannot
be reasonably predicted. The actual amount of these expenses during
the third quarter of fiscal year 2023 and fiscal year 2023 will
have a significant impact on Planet’s future GAAP financial
results. Accordingly, a reconciliation of Non-GAAP Gross Margin
outlook and Adjusted EBITDA outlook to gross profit margin and net
loss, respectively, is not available without unreasonable
efforts.
The foregoing forward-looking statements reflect Planet’s
expectations as of today's date. Given the number of risk factors,
uncertainties and assumptions discussed below, actual results may
differ materially.
Webcast and Conference Call Information
Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m.
PT today, September 12, 2022. The webcast can be accessed at
www.planet.com/investors/. A replay will be available approximately
2 hours following the event. If you would prefer to register for
the conference call, please go to the following link:
https://www.netroadshow.com/events/login?show=18e20112&confId=40434.
You will then receive your access details via email.
Additionally, a supplemental presentation has been made
available on Planet’s investor relations page.
Investor Day 2022
Planet plans to host an Investor Day in San Francisco on
Wednesday, October 12, 2022. The program is set to begin at 12:00
p.m. Eastern Time / 9:00 a.m. Pacific Time. The Investor Day
program will feature sessions led by management, including Will
Marshall, Co-Founder and CEO; Kevin Weil, President of Product and
Business; and Ashley Johnson, Chief Financial Officer and Chief
Operating Officer. The event will be accessible virtually. To
attend virtually, please check planet.com/investors the week of
October 10th. A recording will be available on Planet’s Investor
Relations website shortly after the event.
About Planet Labs PBC
Planet is a leading provider of global, daily satellite imagery
and geospatial solutions. Planet is driven by a mission to image
the world every day, and make change visible, accessible and
actionable. Founded in 2010 by three NASA scientists, Planet
designs, builds, and operates the largest Earth observation fleet
of imaging satellites, capturing over 30 TB of data per day. Planet
provides mission-critical data, advanced insights, and software
solutions to over 800 customers, comprising the world’s leading
agriculture, forestry, intelligence, education and finance
companies and government agencies, enabling users to simply and
effectively derive unique value from satellite imagery. Planet is a
public benefit corporation trading on the New York Stock Exchange
as PL. To learn more visit www.planet.com and follow us on
Twitter.
Planet’s Use of Non-GAAP Financial Measures
This press release includes Non-GAAP Gross Profit, Non-GAAP
Gross Margin, which is derived from Non-GAAP Gross Profit, Adjusted
EBITDA, certain non-GAAP expenses described further below, Non-GAAP
Loss from Operations, Non-GAAP Net Loss and Non-GAAP Net Loss per
Diluted Share, which are non-GAAP performance measures that the
Company uses to supplement its results presented in accordance with
U.S. GAAP. The Company believes these non-GAAP financial measures
are useful in evaluating its operating performance, as they are
similar to measures reported by the Company’s public competitors
and are regularly used by analysts, institutional investors, and
other interested parties in analyzing operating performance and
prospects. Further, the Company believes such non-GAAP measures are
helpful in highlighting trends in the Company’s operating results
because they exclude items that are not indicative of the Company’s
core operating performance. In addition, the Company includes these
non-GAAP financial measures because they are used by management to
evaluate the Company’s core operating performance and trends and to
make strategic decisions regarding the allocation of capital and
new investments.
Non-GAAP financial measures have limitations as analytical tools
and should not be considered in isolation from, as a substitute
for, or superior to, measures of financial performance prepared in
accordance with U.S. GAAP. Specifically, these measures should not
be considered as an alternative to cost of revenue, gross profit,
operating expenses, operating income, net income, earnings per
share, or any other performance measures derived in accordance with
U.S. GAAP or as an alternative to cash flows from operating
activities as a measure of liquidity. The non-GAAP financial
measures presented are not based on any standardized methodology
prescribed by U.S. GAAP and are not necessarily comparable to
similarly-titled measures presented by other companies. Further,
the non-GAAP financial measures presented exclude stock-based
compensation expenses, which has recently been, and will continue
to be for the foreseeable future, a significant recurring expense
for the Company’s business and an important part of its
compensation strategy.
Planet calculates these non-GAAP financial measures as
follows:
Non-GAAP Gross Profit and Non-GAAP Gross
Margin: The Company defines and calculates Non-GAAP Gross
Profit as gross profit adjusted for stock-based compensation
expenses and amortization of acquired intangible assets classified
as cost of revenue, and Non-GAAP Gross Margin as the percentage of
Non-GAAP Gross Profit to revenue.
Non-GAAP Expenses: The Company
defines and calculates Non-GAAP cost of revenue, Non-GAAP research
and development expenses, Non-GAAP sales and marketing expenses,
and Non-GAAP general and administrative expenses as, in each case,
the corresponding U.S. GAAP financial measure (cost of revenue,
research and development expenses, sales and marketing expenses,
and general and administrative expenses) adjusted for stock-based
compensation expenses and amortization of acquired intangible
assets that are classified within each of the corresponding U.S.
GAAP financial measures.
Non-GAAP Loss from Operations: The
Company defines and calculates Non-GAAP Loss from Operations as
loss from operations adjusted for stock-based compensation expenses
and amortization of acquired intangible assets.
Non-GAAP Net Loss and Non-GAAP Net Loss
per Diluted Share: The Company defines and calculates
Non-GAAP Net Loss as net loss adjusted for stock-based compensation
expenses, amortization of acquired intangible assets and the tax
effects of the adjustments. The Company defines and calculates
Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss divided by
diluted weighted-average common shares outstanding.
Adjusted EBITDA: The Company
defines and calculates Adjusted EBITDA as net loss before the
impact of interest income and expense, income tax expense and
depreciation and amortization, and further adjusted for the
following items: stock-based compensation; change in fair value of
convertible notes and warrant liabilities; gain or loss on the
extinguishment of debt; and non-operating income and expenses such
as foreign currency exchange gain or loss.
Other Key Metrics
Percent of Recurring ACV: The
Company defines Annual Contract Value (“ACV”) for contracts of one
year or greater as the total amount of value that a customer has
contracted to pay for the most recent 12 month period for the
contract. For short-term contracts (contracts less than 12 months),
ACV is equal to total contract value. The Company defines Percent
of Recurring ACV as the dollar value of all data subscription
contracts and the committed portion of usage-based contracts
divided by the total dollar value of all contracts in its ACV Book
of Business at a specific point in time. The Company defines ACV
Book of Business as the sum of the ACV of all contracts that are
active on the last day of the period pursuant to the effective
dates and end dates of such contracts. The Company believes Percent
of Recurring ACV is a useful metric for investors and management to
track as it helps to illustrate how much of its revenue comes from
customers that have the potential to renew their contracts over
multiple years rather than being one-time in nature. In calculating
Percent of Recurring ACV, management applies judgment as to which
customers have an active contract at a period end for the purpose
of determining ACV Book of Business, which is used as part of the
calculation of Percent of Recurring ACV.
EoP Customer Count: The Company
defines EoP Customer Count as the total count of all existing
customers at the end of the period. It defines existing customers
as customers with an active contract with the Company at the end of
the reported period. For the purpose of this metric, the Company
defines a customer as a distinct entity that uses its data or
services. The Company sells directly to customers, as well as
indirectly through its partner network. If a partner does not
provide the end customer’s name, then the partner is reported as
the customer. Each customer, regardless of the number of active
opportunities with the Company, is counted only once. For example,
if a customer utilizes multiple products of the Company, the
Company only counts that customer once for purposes of EoP Customer
Count. A customer with multiple divisions, segments, or
subsidiaries are also counted as a single unique customer based on
the parent organization or parent account. The Company believes EoP
Customer Count is a useful metric for investors and management to
track as it is an important indicator of the broader adoption of
its platform and is a measure of its success in growing its market
presence and penetration. In calculating EoP Customer Count,
management applies judgment as to which customers are deemed to
have an active contract in a period, as well as whether a customer
is a distinct entity that uses the Company’s data or services.
Net Dollar Retention Rate including
Winbacks: The Company defines Net Dollar Retention Rate
including winbacks as the percentage of ACV generated by existing
customers and winbacks in a given period as compared to the ACV of
all contracts at the beginning of the fiscal year from the same set
of existing customers. A winback is a previously existing customer
who was inactive at the start of the fiscal year, but has
reactivated during the same fiscal year period. The reactivation
period must be within 24 months from the last active contract with
the customer; otherwise, the customer is assumed as a new customer.
We believe this metric is useful to investors as it captures the
value of customer contracts that resume business with the Company
after being inactive and thereby provides a quantification of the
Company’s ability to recapture lost business. Management applies
judgment in determining the value of active contracts in a given
period, as set forth in the definition of ACV above. Management
uses this metric to understand the adoption of our products and
long-term customer retention, as well as the success of marketing
campaigns and sales initiatives in re-engaging inactive
customers.
Capital Expenditures as a Percentage of
Revenue: The Company defines capital expenditures as
purchases of property and equipment plus capitalized internally
developed software development costs, which are included in our
statements of cash flows from investing activities. The Company
defines Capital Expenditures as a Percentage of Revenue as the
total amount of capital expenditures divided by total revenue in
the reported period. Capital Expenditures as a Percentage of
Revenue is a performance measure that we use to evaluate the
appropriate level of capital expenditures needed to support demand
for the Company’s data services and related revenue, and to provide
a comparable view of the Company’s performance relative to other
earth observation companies, which may invest significantly greater
amounts in their satellites to deliver their data to customers. The
Company uses an agile space systems strategy, which means we invest
in a larger number of significantly lower cost satellites and
software infrastructure to automate the management of the
satellites and to deliver the Company’s data to clients. As a
result of the Company’s strategy and business model, the Company’s
capital expenditures may be more similar to software companies with
large data center infrastructure costs. Therefore, the Company
believes it is important to look at the level of capital
expenditure investments relative to revenue when evaluating the
Company’s performance relative to other earth observation companies
or to other software and data companies with significant data
center infrastructure investment requirements. The Company believes
Capital Expenditures as a Percentage of Revenue is a useful metric
for investors because it provides visibility to the level of
capital expenditures required to operate the Company and the
Company’s relative capital efficiency.
Forward-looking Statements
Except for the historical information contained herein, the
matters set forth in this press release are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, the Company’s ability to capture market
opportunity; whether and when the Company will be able to execute
on its growth initiatives; whether the Company will realize any of
the potential benefits from strategic acquisitions; whether the
Company will be able to successfully build or deploy its
satellites, including new satellites that are in development;
whether the Company will be able to continue to invest in scaling
its sales organization and expanding its software engineering
capabilities; how the Company will execute on its partnerships and
contracts and how the Company’s partners and customers will utilize
the Company’s data; and the Company’s financial outlook. Words such
as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “seek,” “may,” “will,” “could,”
“can,” “should,” “would,” “believes,” “predicts,” “potential,”
“strategy,” “opportunity,” “aim,” “continue” and similar
expressions or the negative thereof, or discussions of strategy,
plans, objectives, intentions, estimates, forecasts, outlook,
assumptions, or goals, are intended to identify such
forward-looking statements. Forward-looking statements are based on
the Company’s management’s beliefs, as well as assumptions made by,
and information currently available to them. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. Factors which may cause
actual results to differ materially from current expectations
include, but are not limited to: the Company’s limited operating
history making it difficult to predict its future operating
results; the Company’s expectations that its operating expenses
will increase substantially for the foreseeable future; whether the
market for the Company’s products and services that is built upon
its data set, which has not existed before, will grow as expected;
the Company’s ability to manage its growth effectively; whether
current customers or prospective customers adopt the Company’s
platform; whether the Company will be able to compete effectively
with the increasing competition in its market from commercial
entities and governments; the Company’s ability to continue to
capture certain high-value government procurement contracts; the
Company’s ability to obtain or maintain regulatory approvals and/or
adhere to regulatory requirements, including those related to the
Company’s ability to operate as a government contractor with the
required security clearances; changes in government policies
regarding the use of commercial data or satellite operators,
material delay or cancellation of certain government programs,
government spending authorizations and budgetary priorities;
changes in general global economic conditions, the Company’s
operations (including the development, launch and operation of
satellites) or other unforeseen circumstances that may alter or
delay the Company’s ability to perform under future contracts and
may impact the renewal and final profitability of such contracts;
the cancellation of contracts by the government and any potential
contract options which may or may not be exercised by the
government in the future; whether the Company is subject to any
risks as a result of its global operations, including, but not
limited to, being subject to any hostile actions by a government or
other state actor; the Company’s international operations creating
business and economic risks that could impact its operations and
financial results; the interruption or failure of the Company’s
satellite operations, information technology infrastructure or loss
of its data storage, whether by cyber-attacks or other adverse
events that limit its ability to perform its daily operations
effectively and provide its products and services; whether the
Company experiences any adverse events, such as delayed launches,
launch failures, its satellites failing to reach their planned
orbital locations, its satellites failing to operate as intended,
being destroyed or otherwise becoming inoperable, the cost of
satellite launches significantly increasing and/or satellite launch
providers not having sufficient capacity; the Company’s satellites
not being able to capture Earth images due to weather, natural
disasters or other external factors, or as a result of its
constellation of satellites having restrained capacity; if the
Company is unable to develop and release product and service
enhancements to respond to rapid technological change, or to
develop new designs and technologies for its satellites, in a
timely and cost-effective manner; downturns or volatility in
general economic conditions, including as a result of the current
COVID-19 pandemic, including any variants thereof, or any other
outbreak of an infectious disease; the effects of acts of
terrorism, war or political instability, both domestically and
internationally, including the current events involving Russia and
Ukraine, changes in laws and regulations, or the imposition of
economic or trade sanctions affecting international commercial
transactions; the loss of one or more of the Company’s key
personnel, or its failure to attract, hire, retain and train other
highly qualified personnel in the future; the Company’s ability to
raise adequate capital, including on acceptable terms, to finance
its business strategies; how rules and regulations in the Company’s
highly regulated industry may impact its business; if the Company
fails to maintain effective internal controls over financial
reporting at a reasonable assurance level; and the other factors
described under the heading “Risk Factors” in the Annual Report on
Form 10-K filed by the Company with the Securities and Exchange
Commission (SEC) and any subsequent filings with the SEC the
Company may make. Copies of each filing may be obtained from the
Company or the SEC (including the Quarterly Report on Form 10-Q
filed September 12, 2022). All forward-looking statements reflect
the Company’s beliefs and assumptions only as of the date of this
press release. The Company undertakes no obligation to update
forward-looking statements to reflect future events or
circumstances. The Company’s results for the quarter ended July 31,
2022 are not necessarily indicative of its operating results for
any future periods.
PLANET
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and par value
amounts)
July 31, 2022
January 31, 2022
Assets
Current assets
Cash and cash equivalents
$
262,061
$
490,762
Short-term investments
195,630
—
Accounts receivable, net
26,116
44,373
Prepaid expenses and other current
assets
20,298
16,385
Total current assets
504,105
551,520
Property and equipment, net
120,921
133,280
Capitalized internal-use software, net
11,218
10,768
Goodwill
103,219
103,219
Intangible assets, net
13,077
14,197
Restricted cash, non-current
5,648
5,743
Operating lease right-of-use assets
5,646
—
Other non-current assets
4,060
2,714
Total assets
$
767,894
$
821,441
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,189
$
2,850
Accrued and other current liabilities
47,821
48,823
Deferred revenue
52,083
64,233
Liability from early exercise of stock
options
14,342
16,135
Operating lease liabilities, current
5,845
—
Total current liabilities
122,280
132,041
Deferred revenue
—
3,579
Deferred hosting costs
11,026
12,149
Public and private placement warrant
liabilities
17,836
23,224
Deferred rent
—
798
Operating lease liabilities,
non-current
1,670
—
Other non-current liabilities
1,439
1,405
Total liabilities
154,251
173,196
Commitments and contingencies
Stockholders’ equity
Common stock
27
27
Additional paid-in capital
1,472,119
1,423,151
Accumulated other comprehensive income
2,716
2,096
Accumulated deficit
(861,219
)
(777,029
)
Total stockholders’ equity
613,643
648,245
Total liabilities and stockholders’
equity
$
767,894
$
821,441
PLANET
CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands, except share and per share
amounts)
2022
2021
2022
2021
Revenue
$
48,450
$
30,406
$
88,577
$
62,363
Cost of revenue
24,977
19,820
48,605
38,946
Gross profit
23,473
10,586
39,972
23,417
Operating expenses
Research and development
26,737
12,432
51,487
24,562
Sales and marketing
19,483
10,597
38,338
21,250
General and administrative
19,893
11,824
40,501
20,139
Total operating expenses
66,113
34,853
130,326
65,951
Loss from operations
(42,640
)
(24,267
)
(90,354
)
(42,534
)
Interest expense
—
(2,611
)
—
(5,138
)
Change in fair value of convertible notes
and warrant liabilities
2,112
6,769
5,388
(1,257
)
Other income (expense), net
1,153
(84
)
1,545
(261
)
Total other income (expense), net
3,265
4,074
6,933
(6,656
)
Loss before provision for income taxes
(39,375
)
(20,193
)
(83,421
)
(49,190
)
Provision for income taxes
154
170
468
428
Net loss
$
(39,529
)
$
(20,363
)
$
(83,889
)
$
(49,618
)
Basic net loss per share attributable to
common stockholders
$
(0.15
)
$
(0.44
)
$
(0.32
)
$
(1.08
)
Diluted net loss per share attributable to
common stockholders
$
(0.15
)
$
(0.46
)
$
(0.32
)
$
(1.08
)
Basic weighted-average common shares
outstanding used in computing net loss per share attributable to
common stockholders
266,212,489
46,200,078
265,168,341
45,965,201
Diluted weighted-average common shares
outstanding used in computing net loss per share attributable to
common stockholders
266,212,489
46,693,805
265,168,341
45,965,201
PLANET
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands)
2022
2021
2022
2021
Net loss
$
(39,529
)
$
(20,363
)
$
(83,889
)
$
(49,618
)
Other comprehensive income (loss), net of
tax:
Foreign currency translation
adjustment
142
(78
)
317
196
Change in fair value of available-for-sale
securities
303
—
303
—
Other comprehensive income (loss), net of
tax
445
(78
)
620
196
Comprehensive loss
$
(39,084
)
$
(20,441
)
$
(83,269
)
$
(49,422
)
PLANET
CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
Six Months Ended July
31,
(In thousands)
2022
2021
Operating activities
Net loss
$
(83,889
)
$
(49,618
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
23,213
22,516
Stock-based compensation, net of
capitalized cost
40,403
7,976
Change in fair value of convertible notes
and warrant liabilities
(5,388
)
1,257
Deferred income taxes
(58
)
218
Amortization of debt discount and issuance
costs
—
1,544
Other
543
(65
)
Changes in operating assets and
liabilities
Accounts receivable
18,595
30,769
Prepaid expenses and other assets
(4,432
)
(5,378
)
Accounts payable, accrued and other
liabilities
(1,866
)
(6,515
)
Deferred revenue
(15,165
)
(17,499
)
Deferred hosting costs
(760
)
7,507
Deferred rent
—
(1,015
)
Net cash used in operating activities
(28,804
)
(8,303
)
Investing activities
Purchases of property and equipment
(6,509
)
(4,000
)
Capitalized internal-use software
(1,271
)
(1,922
)
Purchases of available-for-sale
securities
(195,113
)
—
Other
(293
)
(300
)
Net cash used in investing activities
(203,186
)
(6,222
)
Financing activities
Proceeds from the exercise of common stock
options
6,418
3,880
Class A common stock withheld to satisfy
employee tax withholding obligations
(2,164
)
—
Proceeds from the early exercise of common
stock options
—
17,928
Payment of transaction costs related to
the Business Combination
(326
)
(2,237
)
Other
122
—
Net cash provided by financing
activities
4,050
19,571
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(1,118
)
(425
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(229,058
)
4,621
Cash, cash equivalents and restricted cash
at the beginning of the period
496,814
76,540
Cash, cash equivalents and restricted
cash at the end of the period
$
267,756
$
81,161
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(in thousands)
2022
2021
2022
2021
Net loss
$
(39,529
)
$
(20,363
)
$
(83,889
)
$
(49,618
)
Interest expense
—
2,611
—
5,138
Interest income
(1,311
)
—
(1,423
)
(4
)
Income tax provision
154
170
468
428
Depreciation and amortization
11,588
11,041
23,213
22,516
Change in fair value of convertible notes
and warrant liabilities
(2,112
)
(6,769
)
(5,388
)
1,257
Stock-based compensation
20,581
4,874
40,403
7,976
Other (income) expense
158
84
(122
)
265
Adjusted EBITDA
$
(10,471
)
$
(8,352
)
$
(26,738
)
$
(12,042
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands)
2022
2021
2022
2021
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
24,977
$
19,820
$
48,605
$
38,946
Less: Stock-based compensation
1,357
228
2,676
462
Less: Amortization of acquired intangible
assets
366
—
797
—
Non-GAAP cost of revenue
$
23,254
$
19,592
$
45,132
$
38,484
Reconciliation of gross profit:
GAAP gross profit
$
23,473
$
10,586
$
39,972
$
23,417
Add: Stock-based compensation
1,357
228
2,676
462
Add: Amortization of acquired intangible
assets
366
—
797
—
Non-GAAP gross profit
$
25,196
$
10,814
$
43,445
$
23,879
GAAP gross margin
48
%
35
%
45
%
38
%
Non-GAAP gross margin
52
%
36
%
49
%
38
%
Reconciliation of operating
expenses:
GAAP research and development
$
26,737
$
12,432
$
51,487
$
24,562
Less: Stock-based compensation
8,503
1,292
16,732
2,348
Less: Amortization of acquired intangible
assets
—
—
—
—
Non-GAAP research and development
$
18,234
$
11,140
$
34,755
$
22,214
GAAP sales and marketing
$
19,483
$
10,597
$
38,338
$
21,250
Less: Stock-based compensation
3,757
646
7,394
1,282
Less: Amortization of acquired intangible
assets
153
—
305
—
Non-GAAP sales and marketing
$
15,573
$
9,951
$
30,639
$
19,968
GAAP general and administrative
$
19,893
$
11,824
$
40,501
$
20,139
Less: Stock-based compensation
6,964
2,708
13,601
3,884
Less: Amortization of acquired intangible
assets
80
363
160
726
Non-GAAP general and administrative
$
12,849
$
8,753
$
26,740
$
15,529
Reconciliation of loss from
operations
GAAP loss from operations
$
(42,640
)
$
(24,267
)
$
(90,354
)
$
(42,534
)
Add: Stock-based compensation
20,581
4,874
40,403
7,976
Add: Amortization of acquired intangible
assets
599
363
1,262
726
Non-GAAP loss from operations
$
(21,460
)
$
(19,030
)
$
(48,689
)
$
(33,832
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands, except share and per share
amounts)
2022
2021
2022
2021
Reconciliation of net loss
GAAP net loss
$
(39,529
)
$
(20,363
)
$
(83,889
)
$
(49,618
)
Add: Stock-based compensation
20,581
4,874
40,403
7,976
Add: Amortization of acquired intangible
assets
599
363
1,262
726
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss
$
(18,349
)
$
(15,126
)
$
(42,224
)
$
(40,916
)
Reconciliation of net loss per share,
diluted
GAAP net loss, basic
$
(39,529
)
$
(20,363
)
$
(83,889
)
$
(49,618
)
Less: Change in fair value of dilutive
warrant liabilities (1)
—
(1,242
)
—
—
GAAP net loss, diluted (1)
$
(39,529
)
$
(21,605
)
$
(83,889
)
$
(49,618
)
Non-GAAP net loss, basic
$
(18,349
)
$
(15,126
)
$
(42,224
)
$
(40,916
)
Less: Change in fair value of dilutive
warrant liabilities (1)
—
(1,242
)
—
—
Non-GAAP net loss, diluted (1)
$
(18,349
)
$
(16,368
)
$
(42,224
)
$
(40,916
)
GAAP net loss per share, diluted
$
(0.15
)
$
(0.46
)
$
(0.32
)
$
(1.08
)
Add: Stock-based compensation
0.08
0.10
0.15
0.17
Add: Amortization of acquired intangible
assets
—
0.01
—
0.02
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss per share, diluted
(2)
$
(0.07
)
$
(0.35
)
$
(0.16
)
$
(0.89
)
Weighted-average shares used in computing
GAAP net loss per share, diluted (1)
266,212,489
46,693,805
265,168,341
45,965,201
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted (1)
266,212,489
46,693,805
265,168,341
45,965,201
(1) Diluted net loss per share adjusts
basic net loss per share for the potentially dilutive impact of
stock options and warrants. For warrants that are
liability-classified, during periods when the impact is dilutive,
the Company assumes share settlement of the instruments as of the
beginning of the reporting period and adjusts the numerator to
remove the change in fair value of the warrant liability and
adjusts the denominator to include the dilutive shares calculated
using the treasury stock method.
(2) Totals may not sum due to rounding.
Figures are calculated based upon the respective underlying
non-rounded data.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220912005911/en/
Investor Contacts Chris Genualdi Planet Labs PBC
ir@planet.com
Press Contacts Megan Zaroda Planet Labs PBC
comms@planet.com
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