Delivers Record Quarterly Revenue of $53.8
Million
Announced Completion of Acquisition of
Sinergise
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, 2023 that demonstrated continued growth and
momentum of its unique data subscription business.
“This quarter was one of increasing focus and operational
efficiency. Revenue for the second quarter of fiscal 2024 was in
line with our expectations, while gross margin and Adjusted EBITDA
outperformed for the quarter,” said Will Marshall, Planet’s
Co-Founder, Chief Executive Officer and Chairperson. “We completed
the acquisition of Sinergise, aligned our teams and resources
behind our top priorities, and made significant progress on the
development of our next generation satellite fleets. We continue to
feel the market tailwinds and the pull from customers for the
insights that our solutions enable.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “We recently announced a restructuring of our teams to align
resources behind our high priority growth opportunities and
reinforce our path to profitability. We are sharpening our focus
and getting more efficient as a Company, which we believe will
support growth in our core markets and healthy bottom line
performance going forward. Our balance sheet is strong with $367.8
million of cash, cash equivalents, and short-term investments as of
the end of the quarter and no debt.”
Fiscal Second Quarter 2024 Financial and Key Metric
Highlights:
- Second quarter revenue increased 11% year-over-year to $53.8
million.
- Percent of Recurring Annual Contract Value (ACV) for the second
quarter was 92%.
- End of Period (EoP) Customer Count increased 10% year-over-year
to 944 customers.
- Second quarter gross margin was 49%, compared to 48% in the
second quarter of fiscal year 2023. Second quarter Non-GAAP Gross
Margin(1) was 52%, compared to 52% in the second quarter of fiscal
year 2023.
- Ended the quarter with $367.8 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, reconciliations
to the most directly comparable U.S. GAAP financial measures are
provided in the tables at the end of this release.
Recent Business Highlights:
Growing Customer and Partner
Relationships
- United States Space Force (USSF): Planet closed an
expansion opportunity with the United States Space Force's AFRL to
support their MicroSatellite Military Utility Program (MSMU). This
12-month extension will enable support of Coalition partner
military training exercises around the globe utilizing responsive
commercial space capabilities. AFRL has been leveraging SkySat,
SkySat Video, and AI-based Vessel Detection to supplement the U.S.
Department of Defense’s commercial satellite capabilities.
- US Government Agency: Planet recently received a new
seven-figure annual contract value (“ACV”) award from a US
Government agency for high-resolution SkySat tasking capabilities.
The award was won through one of Planet's partners.
- Ministry of Foreign Affairs in Asia: Planet recently won
a new contract with a Ministry of Foreign Affairs in Asia. The
contract has a seven-figure ACV. The Ministry of Foreign Affairs is
a new customer for Planet and the contract was won through one of
Planet’s partners in the region.
- UK Rural Payments Agency: Planet and Earth-i announced
that they have been awarded a seven-figure ACV, multi-year contract
to deliver environmental monitoring for the UK’s Rural Payments
Agency. The UK Government will use Planet’s data to support its
Environmental Land Management Scheme. The data allows for
country-wide detection of a wider range of biophysical parameters
than ever before in support of increasing the UK’s natural
capital.
- Multiple Canadian Provincial Governments: Planet
expanded contracts with existing customers across multiple Canadian
provincial governments. Planet’s data and solutions will be used to
support critical disaster response efforts during the Canadian fire
season, to monitor impacts of climate change on ecosystems, and to
support land rights across the region.
New Technologies and
Products
- Sinergise Acquisition: In August, Planet completed its
previously announced acquisition of the business of Holding
Sinergise d.o.o. (“Sinergise”), a leading developer platform for
Earth observation (EO) data. The purchase of the Sinergise
business, based in Ljubljana, Slovenia, accelerates the advancement
of Planet’s Earth Data Platform and ability to efficiently deliver
EO data to customers, which Planet expects will support accelerated
time to value for customers.
- Global Forest Carbon Dataset: Planet announced plans to
release its global Forest Carbon Planetary Variable. This
groundbreaking dataset aims to provide insights into forest change
and carbon capture at nearly the individual tree level. By
leveraging advanced deep learning models, Planet’s Forest Carbon
product is designed to provide exceptional resolution, accuracy,
and frequency to a variety of stakeholders in forested ecosystems -
from voluntary carbon market participants and service providers to
entities dependent on forests in their supply chains to
jurisdictions and regulators needing quality global insights into
changes in forest area and carbon stocks.
Global Sustainability and
Impact
- Maui Fire Response: Planet contributed its data to a
publicly available damage assessment solution as part of its
collaboration with Microsoft’s AI for Good Lab and the Red Cross.
Additionally, Planet’s data was leveraged by the United States Air
Force Civil Air Patrol Geospatial Team as part of their damage
assessment conducted at the request of the Federal Emergency
Management Agency (“FEMA”).
- NICFI Program: Planet’s NICFI Satellite Data Program
continues to make available data of all the world’s equatorial
tropical forests to governments, UN agencies, NGOs, scientists, and
others. For instance, The Nature Conservancy and Wageningen
University have recently been leveraging Planet’s high spatial and
temporal resolution Basemaps to map roads, selective logging, and
woody vines for improved carbon sequestration strategies. More
examples from the quarterly update can be found at
planet.com/pulse.
Financial Outlook
For the third quarter of fiscal year 2024, ending October 31,
2023, Planet expects revenue to be in the range of approximately
$54 million to $56 million, representing approximately 11%
year-over-year growth at the midpoint. Non-GAAP Gross Margin is
expected to be in the range of approximately 50% to 52%. Adjusted
EBITDA loss is expected to be in the range of approximately ($15)
million and ($13) million. Capital Expenditures as a Percentage of
Revenue is expected to be in the range of approximately 22% to 25%
for the quarter.
For fiscal year 2024, ending January 31, 2024, Planet expects
revenue to be in the range of approximately $216 million to $223
million, representing approximately 15% year-over-year growth at
the midpoint. Non-GAAP Gross Margin is expected to be in the range
of approximately 52% to 54%. Adjusted EBITDA loss is expected to be
in the range of approximately ($63) million and ($55) million.
Capital Expenditures as a Percentage of Revenue is expected to be
in the range of approximately 22% to 23% for the full fiscal year
2024.
Planet intends to exclude the charges associated with its recent
headcount reduction from its non-GAAP financial metrics, including
Adjusted EBITDA, and the outlook above reflects such exclusion.
Planet has not reconciled its Non-GAAP financial outlook to the
most directly comparable GAAP measures because certain reconciling
items, such as stock-based compensation expenses and 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 2024 and fiscal year 2024
will have a significant impact on Planet’s future GAAP financial
results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook
to the most comparable GAAP measures 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 7, 2023. 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=8c514e2f&confId=53475.
You will then receive your access details via email.
Additionally, a supplemental presentation has been made
available on Planet’s investor relations page.
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. Planet provides mission-critical data,
advanced insights, and software solutions to over 900 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 listed 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, certain Non-GAAP Expenses described further below,
Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss
per Diluted Share and Adjusted EBITDA 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 certain
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. 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, which may have different
definitions from the Company. 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,
amortization of acquired intangible assets classified as cost of
revenue, and other expenses that are considered unrelated to our
underlying business performance and Non-GAAP Gross Margin as
Non-GAAP Gross Profit divided by 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, amortization of acquired intangible assets
and other expenses that are considered unrelated to our underlying
business performance, 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, amortization of acquired intangible assets and other
expenses that are considered unrelated to our underlying business
performance.
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 other
expenses that are considered unrelated to our underlying business
performance 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 income (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
warrant liabilities, gain or loss on the extinguishment of debt and
non-operating income, expenses such as foreign currency exchange
gain or loss, and other expenses that are considered unrelated to
our underlying business performance.
Other Key Metrics
ACV and EoP ACV Book of Business:
In connection with the calculation of several of the key
operational and business metrics we utilize, the Company calculates
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 also calculates EoP ACV Book of Business in
connection with the calculation of several of the key operational
and business metrics we utilize. The Company defines EoP 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. Active contracts exclude any contract
that has been canceled, expired prior to the last day of the period
without renewing, or for any other reason is not expected to
generate revenue in the subsequent period. For contracts ending on
the last day of the period, the ACV is either updated to reflect
the ACV of the renewed contract or, if the contract has not yet
renewed or extended, the ACV is excluded from the EoP ACV Book of
Business. The Company does not annualize short-term contracts in
calculating EoP ACV Book of Business. The Company calculates the
ACV of usage-based contracts based on the committed contracted
revenue or the revenue achieved on the usage-based contract in the
prior 12-month period.
Percent of Recurring ACV: 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.
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
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements generally relate to future
events or Planet's future financial or operating performance. In
some cases, you can identify forward looking statements because
they contain words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,”
“evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,”
“would,” “believes,” “predicts,” “potential,” “strategy,”
“opportunity,” “aim,” “conviction,” “continue,” “positioned” or the
negative of these words or other similar terms or expressions that
concern Planet's expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this release include, but
are not limited to, statements regarding Planet’s financial
guidance and outlook, Planet’s path to profitability, Planet’s
expectations regarding the acquisition of Sinergise, Planet’s
expectations regarding future product performance, and Planet’s
expectations regarding market and customer trends. Planet’s
expectations and beliefs regarding these matters may not
materialize, and actual results in future periods are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected, including risks related to the
macroeconomic environment and risks regarding our ability to
forecast our performance due to our limited operating history. The
forward-looking statements contained in this release are also
subject to other risks and uncertainties, including those more
fully described in Planet's filings with the Securities and
Exchange Commission (“SEC”), including our Annual Report on Form
10-K and any subsequent filings with the SEC the Company may make.
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, except as may be required
by law. The Company’s results for the quarter ended July 31, 2023
are not necessarily indicative of its operating results for any
future periods.
PLANET
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands)
July 31, 2023
January 31, 2023
Assets
Current assets
Cash and cash equivalents
$
118,808
$
181,892
Short-term investments
248,979
226,868
Accounts receivable, net
40,349
38,952
Prepaid expenses and other current
assets
19,725
27,943
Total current assets
427,861
475,655
Property and equipment, net
120,193
108,091
Capitalized internal-use software, net
12,992
11,417
Goodwill
112,750
112,748
Intangible assets, net
14,867
14,831
Restricted cash and cash equivalents,
non-current
5,707
5,657
Operating lease right-of-use assets
23,485
20,403
Other non-current assets
2,562
3,921
Total assets
$
720,417
$
752,723
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
3,825
$
6,900
Accrued and other current liabilities
37,841
46,022
Deferred revenue
56,575
51,900
Liability from early exercise of stock
options
10,757
12,550
Operating lease liabilities, current
7,261
4,885
Total current liabilities
116,259
122,257
Deferred revenue
18,186
2,882
Deferred hosting costs
9,605
8,679
Public and private placement warrant
liabilities
9,499
16,670
Operating lease liabilities,
non-current
19,139
17,145
Contingent consideration
5,926
7,499
Other non-current liabilities
2,235
1,487
Total liabilities
180,849
176,619
Commitments and contingencies
Stockholders’ equity
Common stock
27
27
Additional paid-in capital
1,549,920
1,513,102
Accumulated other comprehensive income
1,336
2,271
Accumulated deficit
(1,011,715
)
(939,296
)
Total stockholders’ equity
539,568
576,104
Total liabilities and stockholders’
equity
$
720,417
$
752,723
PLANET
CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands, except share and per share
amounts)
2023
2022
2023
2022
Revenue
$
53,761
$
48,450
$
106,464
$
88,577
Cost of revenue
27,469
24,977
52,025
48,605
Gross profit
26,292
23,473
54,439
39,972
Operating expenses
Research and development
26,741
26,737
54,927
51,487
Sales and marketing
22,310
19,483
45,435
38,338
General and administrative
20,521
19,893
42,049
40,501
Total operating expenses
69,572
66,113
142,411
130,326
Loss from operations
(43,280
)
(42,640
)
(87,972
)
(90,354
)
Interest income
3,802
1,311
8,308
1,423
Change in fair value of warrant
liabilities
1,226
2,112
7,171
5,388
Other income (expense), net
859
(158
)
963
122
Total other income (expense), net
5,887
3,265
16,442
6,933
Loss before provision for income taxes
(37,393
)
(39,375
)
(71,530
)
(83,421
)
Provision for income taxes
582
154
889
468
Net loss
$
(37,975
)
$
(39,529
)
$
(72,419
)
$
(83,889
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.14
)
$
(0.15
)
$
(0.26
)
$
(0.32
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
275,053,198
266,212,489
273,723,006
265,168,341
PLANET
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands)
2023
2022
2023
2022
Net loss
$
(37,975
)
$
(39,529
)
$
(72,419
)
$
(83,889
)
Other comprehensive income (loss), net of
tax:
Foreign currency translation
adjustment
169
142
124
317
Change in fair value of available-for-sale
securities
(515
)
303
(1,059
)
303
Other comprehensive income (loss), net of
tax
(346
)
445
(935
)
620
Comprehensive loss
$
(38,321
)
$
(39,084
)
$
(73,354
)
$
(83,269
)
PLANET
CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
Six Months Ended July
31,
(In thousands)
2023
2022
Operating activities
Net loss
$
(72,419
)
$
(83,889
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
22,408
23,213
Stock-based compensation, net of
capitalized cost
32,013
40,403
Change in fair value of warrant
liabilities
(7,171
)
(5,388
)
Change in fair value of contingent
consideration
(527
)
—
Other
(2,747
)
485
Changes in operating assets and
liabilities
Accounts receivable
(1,588
)
18,595
Prepaid expenses and other assets
5,152
(4,432
)
Accounts payable, accrued and other
liabilities
(17,164
)
(1,866
)
Deferred revenue
19,957
(15,165
)
Deferred hosting costs
1,082
(760
)
Net cash used in operating activities
(21,004
)
(28,804
)
Investing activities
Purchases of property and equipment
(21,709
)
(6,509
)
Capitalized internal-use software
(1,998
)
(1,271
)
Maturities of available-for-sale
securities
106,762
—
Sales of available-for-sale securities
990
—
Purchases of available-for-sale
securities
(127,703
)
(195,113
)
Other
(644
)
(293
)
Net cash used in investing activities
(44,302
)
(203,186
)
Financing activities
Proceeds from the exercise of common stock
options
6,358
6,418
Class A common stock withheld to satisfy
employee tax withholding obligations
(4,753
)
(2,164
)
Payment of transaction costs related to
the Business Combination
—
(326
)
Other
(15
)
122
Net cash provided by financing
activities
1,590
4,050
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
155
(1,118
)
Net decrease in cash and cash equivalents,
and restricted cash and cash equivalents
(63,561
)
(229,058
)
Cash and cash equivalents, and restricted
cash and cash equivalents at the beginning of the period
188,076
496,814
Cash and cash equivalents, and
restricted cash and cash equivalents at the end of the
period
$
124,515
$
267,756
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(in thousands)
2023
2022
2023
2022
Net loss
$
(37,975
)
$
(39,529
)
$
(72,419
)
$
(83,889
)
Interest income
(3,802
)
(1,311
)
(8,308
)
(1,423
)
Income tax provision
582
154
889
468
Depreciation and amortization
12,160
11,588
22,408
23,213
Change in fair value of warrant
liabilities
(1,226
)
(2,112
)
(7,171
)
(5,388
)
Stock-based compensation
16,657
20,581
32,013
40,403
Other (income) expense, net
(859
)
158
(963
)
(122
)
Adjusted EBITDA
$
(14,463
)
$
(10,471
)
$
(33,551
)
$
(26,738
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands)
2023
2022
2023
2022
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
27,469
$
24,977
$
52,025
$
48,605
Less: Stock-based compensation
1,063
1,357
1,968
2,676
Less: Amortization of acquired intangible
assets
439
366
878
797
Non-GAAP cost of revenue
$
25,967
$
23,254
$
49,179
$
45,132
Reconciliation of gross profit:
GAAP gross profit
$
26,292
$
23,473
$
54,439
$
39,972
Add: Stock-based compensation
1,063
1,357
1,968
2,676
Add: Amortization of acquired intangible
assets
439
366
878
797
Non-GAAP gross profit
$
27,794
$
25,196
$
57,285
$
43,445
GAAP gross margin
49
%
48
%
51
%
45
%
Non-GAAP gross margin
52
%
52
%
54
%
49
%
Reconciliation of operating
expenses:
GAAP research and development
$
26,741
$
26,737
$
54,927
$
51,487
Less: Stock-based compensation
6,929
8,503
12,899
16,732
Less: Amortization of acquired intangible
assets
—
—
—
—
Non-GAAP research and development
$
19,812
$
18,234
$
42,028
$
34,755
GAAP sales and marketing
$
22,310
$
19,483
$
45,435
$
38,338
Less: Stock-based compensation
3,121
3,757
6,201
7,394
Less: Amortization of acquired intangible
assets
202
153
403
305
Non-GAAP sales and marketing
$
18,987
$
15,573
$
38,831
$
30,639
GAAP general and administrative
$
20,521
$
19,893
$
42,049
$
40,501
Less: Stock-based compensation
5,544
6,964
10,945
13,601
Less: Amortization of acquired intangible
assets
80
80
161
160
Non-GAAP general and administrative
$
14,897
$
12,849
$
30,943
$
26,740
Reconciliation of loss from
operations
GAAP loss from operations
$
(43,280
)
$
(42,640
)
$
(87,972
)
$
(90,354
)
Add: Stock-based compensation
16,657
20,581
32,013
40,403
Add: Amortization of acquired intangible
assets
721
599
1,442
1,262
Non-GAAP loss from operations
$
(25,902
)
$
(21,460
)
$
(54,517
)
$
(48,689
)
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)
2023
2022
2023
2022
Reconciliation of net loss
GAAP net loss
$
(37,975
)
$
(39,529
)
$
(72,419
)
$
(83,889
)
Add: Stock-based compensation
16,657
20,581
32,013
40,403
Add: Amortization of acquired intangible
assets
721
599
1,442
1,262
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss
$
(20,597
)
$
(18,349
)
$
(38,964
)
$
(42,224
)
Reconciliation of net loss per share,
diluted
GAAP net loss
$
(37,975
)
$
(39,529
)
$
(72,419
)
$
(83,889
)
Non-GAAP net loss
$
(20,597
)
$
(18,349
)
$
(38,964
)
$
(42,224
)
GAAP net loss per share, basic and diluted
(1)
$
(0.14
)
$
(0.15
)
$
(0.26
)
$
(0.32
)
Add: Stock-based compensation
0.06
0.08
0.12
0.15
Add: Amortization of acquired intangible
assets
—
—
0.01
—
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss per share, diluted (2)
(3)
$
(0.07
)
$
(0.07
)
$
(0.14
)
$
(0.16
)
Weighted-average shares used in computing
GAAP net loss per share, basic and diluted (1)
275,053,198
266,212,489
273,723,006
265,168,341
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted (2)
275,053,198
266,212,489
273,723,006
265,168,341
(1) Basic and diluted GAAP net loss per
share was the same for each period presented as the inclusion of
all potential Class A common stock and Class B common stock
outstanding would have been anti-dilutive.
(2) Non-GAAP net loss per share, diluted
is calculated using weighted-average shares, adjusted for dilutive
potential shares assumed outstanding during the period. No
adjustment was made to weighted-average shares for each period
presented as the inclusion of all potential Class A common stock
and Class B common stock outstanding would have been
anti-dilutive.
(3) 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/20230907397711/en/
Investor Contact
Chris Genualdi / Cleo Palmer-Poroner Planet Labs PBC
ir@planet.com
Press Contact
Trevor Hammond Planet Labs PBC comms@planet.com
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