Delivers Record Quarterly Revenue of $60.4
Million, up 15% Year-over-Year Launches Planet Insights Platform to
Unlock the Power of Earth Observation Data Tanager-1 Satellite
Arrives at Vandenberg Space Force Base for Upcoming Launch
Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a
leading provider of daily data and insights about Earth, today
announced financial results for the period ended April 30,
2024.
“Planet delivered a solid quarter to start the year. Growth was
driven by the government sector where we are seeing increased
demand for our data, particularly when enhanced by AI-based partner
solutions. We also launched the Planet Insights Platform to empower
an ecosystem of customers and partners to easily access and build
new solutions with our data,” said Will Marshall, Planet’s
Co-Founder, Chief Executive Officer and Chairperson. “Additionally,
we’re pleased to announce that the National Reconnaissance Office
has renewed their contract with Planet under the EOCL award. We’re
proud to continue to serve the U.S. government with this
renewal.”
Ashley Johnson, Planet’s President and Chief Financial Officer,
added, “We continue to make progress towards our target of
achieving Adjusted EBITDA profitability in Q4 of this fiscal year –
an important milestone on our journey to building a high margin,
sustainable, cash flow generating business. Our balance sheet
remains strong with approximately $276 million of cash, cash
equivalents, and short-term investments as of the end of the
quarter, and we continue to have no debt.”
First Quarter of Fiscal 2025 Financial and Key Metric
Highlights:
- First quarter revenue increased 15% year-over-year to a record
$60.4 million.
- Percent of Recurring Annual Contract Value (ACV) for the first
quarter was 95%.
- End of Period (EoP) Customer Count increased 14% year-over-year
to 1,031 customers.
- First quarter gross margin was 52%, compared to 53% in the
first quarter of fiscal year 2024. First quarter Non-GAAP Gross
Margin was 55%, compared to 56% in the first quarter of fiscal year
2024.
- First quarter net loss was ($29.3) million, compared to ($34.4)
million in the first quarter of fiscal year 2024. First quarter
Adjusted EBITDA loss was ($8.4) million, compared to a ($19.1)
million loss in the first quarter of fiscal year 2024.
- Ended the quarter with $276 million in cash, cash equivalents,
and short-term investments.
Recent Business Highlights:
Growing Customer and Partner
Relationships
- NRO: The National Reconnaissance Office (“NRO”) has
renewed their contract for PlanetScope monitoring, SkySat high
resolution tasking, and Planet’s data archive under the
Electro-Optical Commercial Layer (“EOCL”) program. Planet is
pleased to have secured this important renewal and are proud to
continue serving the US government’s needs.
- US Department of Defense: Planet successfully completed
two seven-figure pilot programs for the United States Department of
Defense in which it provided PlanetScope data enhanced with
AI-based partner solutions. These pilots require broad area
monitoring, detecting, and reporting, and reflect a growing trend
toward acquiring focused insights from Planet’s global data.
Additionally, last month Planet received an award from the Defense
Innovation Unit (“DIU”) to accelerate next generation commercial
satellite technology by studying and completing various reports as
it relates to DIU’s Hybrid Space Architecture mission.
- UK EO Data Hub: Planet signed a contract for the UK EO
Data Hub through their partner Earth-i. Working with Earth-i, who
offers Earth observation consultancy and program management
services, the UK EO Data Hub project will have access to Planet's
data platform and training services to support the development and
operation of a new centralized EO platform infrastructure for the
UK’s public institutions and commercial organizations looking to
leverage Earth observation data.
- Kenya Space Agency: Planet won a new contract with the
Kenya Space Agency to provide national PlanetScope data to be used
for diverse applications across government institutions. Planet’s
data will be used in policy and decision support on agriculture,
urban management, spatial planning, and disaster response, amongst
other applications. Under the contract, the Agency will also have
access to daily data that can help in situational awareness in the
event of disasters like the recent flooding in the country.
- Eletrobras: Planet, through their partner SCCON, signed
a three-year contract with Brazilian utilities company Eletrobras.
Eletrobras is a new customer for Planet, and they will leverage
Planet data and SCCON alert systems to monitor reservoirs and
transmission lines impacted by environmental change and irregular
occupations.
New Technologies and
Products
- Planet Insights Platform: Planet recently launched the
Planet Insights Platform to fuel an ecosystem of partners and
customers to easily build solutions and deliver Earth insights.
Combining Planet’s analysis-ready Earth data products with
cloud-based analytics and tools allows users to efficiently
analyze, stream, and distribute data at scale, as well as build
applications that allow users to make decisions with confidence.
With this launch, Planet can enable an ecosystem of customers and
partners to leverage their domain expertise and unlock the power of
Earth observation data for governments and businesses around the
world.
- Tanager Hyperspectral Satellite: Planet announced that
its first hyperspectral satellite, Tanager-1, is ready for launch.
The spacecraft arrived at Vandenberg Space Force Base on June 3rd
in preparation for liftoff as early as July. Tanager-1 will be the
first of Planet’s next generation hyperspectral fleet, which will
expand Planet’s imaging capabilities in the spectral domain to
complement existing imaging capabilities in the temporal and
spatial domains.
Impact and ESG
- Second Annual ESG Report: Planet released its second
annual ESG Report, which can be found at planet.com/esg. It
includes information on Planet’s ESG programs, and furthermore,
highlights the use of Planet’s data by customers and business
partners. In the report, Planet estimates that approximately 50% of
Planet customers as of January 31st, 2024, have impact use cases,
including environmental, social, and humanitarian applications.
Planet is proud to support the impact of customers and partners
around the world with its powerful global data set.
Second Quarter Financial Outlook
For the second quarter of fiscal year 2025, ending July 31,
2024, Planet expects revenue to be in the range of approximately
$59 million to $63 million. Non-GAAP Gross Margin is expected to be
in the range of approximately 51% to 53%. Adjusted EBITDA loss is
expected to be in the range of approximately ($10) million and ($7)
million for the quarter. Capital Expenditures are expected to be in
the range of approximately $14 million and $17 million for the
quarter.
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 second quarter of fiscal year 2025 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, June 6, 2024. 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=4b3cae49&confId=65435.
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 1,000 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, Adjusted EBITDA and Backlog, which are non-GAAP
measures the Company uses to supplement its results presented in
accordance with U.S. GAAP. 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 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, restructuring costs, and employee transaction bonuses in
connection with the Sinergise business combination. The Company
defines 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, amortization of acquired intangible assets,
restructuring costs, and employee transaction bonuses in connection
with the Sinergise business combination, 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,
amortization of acquired intangible assets, restructuring costs,
and employee transaction bonuses in connection with the Sinergise
business combination.
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, amortization of acquired intangible assets,
restructuring costs, and employee transaction bonuses in connection
with the Sinergise business combination, and the income tax effects
of the non-GAAP 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, non-operating income and expenses such as
foreign currency exchange gain or loss, restructuring costs, and
employee transaction bonuses in connection with the Sinergise
business combination.
The Company presents Non-GAAP Gross Profit, Non-GAAP Gross
Margin, certain Non-GAAP Expenses described above, Non-GAAP Loss
from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted
Share and Adjusted EBITDA because the Company believes these
measures are frequently used by analysts, investors and other
interested parties to evaluate companies in Planet’s industry and
facilitates comparisons on a consistent basis across reporting
periods. Further, the Company believes these measures are helpful
in highlighting trends in its operating results because they
exclude items that are not indicative of the Company’s core
operating performance.
Backlog: The Company defines and
calculates Backlog as remaining performance obligations plus the
cancellable portion of the contract value for contracts that
provide the customer with a right to terminate for convenience
without incurring a substantive termination penalty and written
orders where funding has not been appropriated. Backlog does not
include unexercised contract options. Remaining performance
obligations represent the amount of contracted future revenue that
has not yet been recognized, which includes both deferred revenue
and non-cancelable contracted revenue that will be invoiced and
recognized in revenue in future periods. Remaining performance
obligations do not include contracts which provide the customer
with a right to terminate for convenience without incurring a
substantive termination penalty, written orders where funding has
not been appropriated and unexercised contract options.
An increasing and meaningful portion of the Company’s revenue is
generated from contracts with the U.S. government and other
government customers. Cancellation provisions, such as termination
for convenience clauses, are common in contracts with the U.S.
government and certain other government customers. The Company
presents Backlog because the portion of its customer contracts with
such cancellation provisions represents a meaningful amount of the
Company’s expected future revenues. Management uses backlog to more
effectively forecast the Company’s future business and results,
which supports decisions around capital allocation. It also helps
the Company identify future growth or operating trends that may not
otherwise be apparent. The Company also believes Backlog is useful
for investors in forecasting the Company’s future results and
understanding the growth of its business. Customer cancellation
provisions relating to termination for convenience clauses and
funding appropriation requirements are outside of the Company’s
control, and as a result, the Company may fail to realize the full
value of such contracts.
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’s. Further, certain of 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
and an important part of its compensation strategy.
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, excluding
customers that are exclusively Sentinel Hub self-service paying
users. 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, excluding customers that are
exclusively Sentinel Hub self-service paying users. 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 its 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: Percent
of Recurring ACV is the portion of the total EoP ACV Book of
Business that is recurring in nature. 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, excluding customers that are
exclusively Sentinel Hub self-service paying users. The Company
defines Percent of Recurring ACV as the dollar value of all data
subscription contracts and the committed portion of usage-based
contracts (excluding customers that are exclusively Sentinel Hub
self-service paying users) divided by the total dollar value of all
contracts in our EoP ACV Book of Business. The Company believes
Percent of Recurring ACV is useful to investors to better
understand how much of the Company’s revenue is from customers that
have the potential to renew their contracts over multiple years
rather than being one-time in nature. The Company tracks Percent of
Recurring ACV to inform estimates for the future revenue growth
potential of our business and improve the predictability of our
financial results. There are no significant estimates underlying
management’s calculation of Percent of Recurring ACV, but
management applies judgment as to which customers have an active
contract at a period end for the purpose of determining EoP 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 excluding customers that are
exclusively Sentinel Hub self-service paying users. For EoP
Customer Count, the Company 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 the Company’s 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 Planet, 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. For EoP Customer Count, the Company
does not include users that only utilize the Company’s self-service
Sentinel Hub web based ordering system, which the Company acquired
in August 2023, and which offers standard starter packages on a
monthly or annual basis. The Company believes excluding these users
from EoP Customer Count creates a more useful metric, as the
Company views the Sentinel Hub starter packages as entry points for
smaller accounts, leading to broader awareness of the Company’s
solutions throughout their networks and organizations. 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 the Company’s platform and is a measure of the
Company’s success in growing its market presence and penetration.
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 (including on
an Adjusted EBITDA basis) and target for achieving Adjusted EBITDA
profitability, Planet’s expectations regarding future product
development and performance, and Planet’s expectations regarding
its strategies with respect to its markets and customers, including
trends in customer demand. 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 Planet’s ability to forecast Planet’s performance due to
Planet’s 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 Planet’s Annual Report on Form 10-K and any subsequent
filings with the SEC Planet may make. All forward-looking
statements reflect Planet’s beliefs and assumptions only as of the
date of this press release. Planet undertakes no obligation to
update forward-looking statements to reflect future events or
circumstances, except as may be required by law. Planet’s results
for the quarter ended April 30, 2024, are not necessarily
indicative of its operating results for any future periods.
PLANET
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(In thousands)
April 30, 2024
January 31, 2024
Assets
Current assets
Cash and cash equivalents
$
107,367
$
83,866
Restricted cash and cash equivalents,
current
8,802
8,360
Short-term investments
168,218
215,041
Accounts receivable, net
38,527
43,320
Prepaid expenses and other current
assets
23,044
19,564
Total current assets
345,958
370,151
Property and equipment, net
111,338
113,429
Capitalized internal-use software, net
16,066
14,973
Goodwill
137,110
136,256
Intangible assets, net
31,403
32,448
Restricted cash and cash equivalents,
non-current
9,564
9,972
Operating lease right-of-use assets
20,966
22,339
Other non-current assets
2,199
2,429
Total assets
$
674,604
$
701,997
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
3,131
$
2,601
Accrued and other current liabilities
43,361
44,779
Deferred revenue
63,646
72,327
Liability from early exercise of stock
options
8,068
8,964
Operating lease liabilities, current
8,175
7,978
Total current liabilities
126,381
136,649
Deferred revenue
13,247
5,293
Deferred hosting costs
9,261
7,101
Public and private placement warrant
liabilities
1,431
2,961
Operating lease liabilities,
non-current
15,207
16,952
Contingent consideration
2,915
5,885
Other non-current liabilities
5,837
9,138
Total liabilities
174,279
183,979
Stockholders’ equity
Common stock
28
28
Additional paid-in capital
1,608,847
1,596,201
Accumulated other comprehensive income
548
1,594
Accumulated deficit
(1,109,098
)
(1,079,805
)
Total stockholders’ equity
500,325
518,018
Total liabilities and stockholders’
equity
$
674,604
$
701,997
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended April
30,
(In thousands, except share and per share
amounts)
2024
2023
Revenue
$
60,440
$
52,703
Cost of revenue
28,757
24,556
Gross profit
31,683
28,147
Operating expenses
Research and development
25,589
28,186
Sales and marketing
21,485
23,125
General and administrative
19,180
21,528
Total operating expenses
66,254
72,839
Loss from operations
(34,571
)
(44,692
)
Interest income
3,107
4,506
Change in fair value of warrant
liabilities
1,530
5,945
Other income, net
1,083
104
Total other income, net
5,720
10,555
Loss before provision for income taxes
(28,851
)
(34,137
)
Provision for income taxes
442
307
Net loss
(29,293
)
(34,444
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.10
)
$
(0.13
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
288,268,718
272,347,977
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (unaudited)
Three Months Ended April
30,
(in thousands)
2024
2023
Net loss
$
(29,293
)
$
(34,444
)
Other comprehensive loss, net of tax:
Foreign currency translation
adjustment
(534
)
(45
)
Change in fair value of available-for-sale
securities
(512
)
(544
)
Other comprehensive loss, net of tax
(1,046
)
(589
)
Comprehensive loss
$
(30,339
)
$
(35,033
)
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended April
30,
(In thousands)
2024
2023
Operating activities
Net loss
$
(29,293
)
$
(34,444
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
13,103
10,248
Stock-based compensation, net of
capitalized cost
13,072
15,356
Change in fair value of warrant
liabilities
(1,530
)
(5,945
)
Change in fair value of contingent
consideration
(101
)
(423
)
Other
(547
)
(1,634
)
Changes in operating assets and
liabilities
Accounts receivable
5,482
(121
)
Prepaid expenses and other assets
(731
)
2,770
Accounts payable, accrued and other
liabilities
(5,237
)
(10,713
)
Deferred revenue
(721
)
(7,765
)
Deferred hosting costs
2,206
2,070
Net cash used in operating activities
(4,297
)
(30,601
)
Investing activities
Purchases of property and equipment
(9,938
)
(6,336
)
Capitalized internal-use software
(1,418
)
(739
)
Maturities of available-for-sale
securities
32,158
30,000
Sales of available-for-sale securities
43,116
—
Purchases of available-for-sale
securities
(28,043
)
(35,229
)
Business acquisition, net of cash
acquired
(1,068
)
—
Purchases of licensed imagery
(4,024
)
—
Other
(300
)
(277
)
Net cash provided by (used in) investing
activities
30,483
(12,581
)
Financing activities
Proceeds from the exercise of common stock
options
20
3,295
Class A common stock withheld to satisfy
employee tax withholding obligations
(2,015
)
(1,896
)
Other
(380
)
—
Net cash provided by (used in) financing
activities
(2,375
)
1,399
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(276
)
177
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
23,535
(41,606
)
Cash and cash equivalents, and restricted
cash and cash equivalents at the beginning of the period
102,198
188,076
Cash and cash equivalents, and
restricted cash and cash equivalents at the end of the
period
$
125,733
$
146,470
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended April
30,
(in thousands)
2024
2023
Net loss
$
(29,293
)
$
(34,444
)
Interest income
(3,107
)
(4,506
)
Income tax provision
442
307
Depreciation and amortization
13,103
10,248
Change in fair value of warrant
liabilities
(1,530
)
(5,945
)
Stock-based compensation
13,072
15,356
Other income, net
(1,083
)
(104
)
Adjusted EBITDA
$
(8,396
)
$
(19,088
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended April
30,
(in thousands)
2024
2023
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
28,757
$
24,556
Less: Stock-based compensation
876
917
Less: Amortization of acquired intangible
assets
789
439
Non-GAAP cost of revenue
$
27,092
$
23,200
Reconciliation of gross profit:
GAAP gross profit
$
31,683
$
28,147
Add: Stock-based compensation
876
917
Add: Amortization of acquired intangible
assets
789
439
Non-GAAP gross profit
$
33,348
$
29,503
GAAP gross margin
52
%
53
%
Non-GAAP gross margin
55
%
56
%
Reconciliation of operating
expenses:
GAAP research and development
$
25,589
$
28,186
Less: Stock-based compensation
5,163
5,958
Less: Amortization of acquired intangible
assets
—
—
Non-GAAP research and development
$
20,426
$
22,228
GAAP sales and marketing
$
21,485
$
23,125
Less: Stock-based compensation
2,403
3,080
Less: Amortization of acquired intangible
assets
217
202
Non-GAAP sales and marketing
$
18,865
$
19,843
GAAP general and administrative
$
19,180
$
21,528
Less: Stock-based compensation
4,630
5,401
Less: Amortization of acquired intangible
assets
79
80
Non-GAAP general and administrative
$
14,471
$
16,047
Reconciliation of loss from
operations
GAAP loss from operations
$
(34,571
)
$
(44,692
)
Add: Stock-based compensation
13,072
15,356
Add: Amortization of acquired intangible
assets
1,085
721
Non-GAAP loss from operations
$
(20,414
)
$
(28,615
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended April
30,
(In thousands, except share and per share
amounts)
2024
2023
Reconciliation of net loss
GAAP net loss
$
(29,293
)
$
(34,444
)
Add: Stock-based compensation
13,072
15,356
Add: Amortization of acquired intangible
assets
1,085
721
Income tax effect of non-GAAP
adjustments
—
—
Non-GAAP net loss
$
(15,136
)
$
(18,367
)
Reconciliation of net loss per share,
diluted
GAAP net loss
$
(29,293
)
$
(34,444
)
Non-GAAP net loss
$
(15,136
)
$
(18,367
)
GAAP net loss per share, basic and diluted
(1)
$
(0.10
)
$
(0.13
)
Add: Stock-based compensation
0.05
0.06
Add: Amortization of acquired intangible
assets
—
—
Income tax effect of non-GAAP
adjustments
—
—
Non-GAAP net loss per share, diluted (2)
(3)
$
(0.05
)
$
(0.07
)
Weighted-average shares used in computing
GAAP net loss per share, basic and diluted (1)
288,268,718
272,347,977
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted (2)
288,268,718
272,347,977
(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.
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
The table below reconciles Backlog to
remaining performance obligations for the periods indicated:
(in thousands)
April 30, 2024
January 31, 2024
Remaining performance obligations
$
124,942
$
132,571
Cancellable amount of contract value
94,831
109,821
Backlog
$
219,773
$
242,392
For remaining performance obligations as of April 30, 2024, the
Company expects to recognize approximately 81% over the next 12
months, approximately 98% over the next 24 months, and the
remainder thereafter. For Backlog as of April 30, 2024, the Company
expects to recognize approximately 64% over the next 12 months,
approximately 85% over the next 24 months, and the remainder
thereafter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240606898504/en/
Investor Contact Chris Genualdi / Cleo Palmer-Poroner
Planet Labs PBC ir@planet.com
Press Contact Claire Bentley Dale Planet Labs PBC
comms@planet.com
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