Delivers First Quarter Revenue of $52.7
Million, up 31% Year-over-Year
Expands First Quarter GAAP Gross Margin to 53%
from 41% Year-over-Year
Surpasses 900 Global Customers Spanning
Government and Commercial Industries
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 first quarter for the
period ended April 30, 2023, that demonstrated continued growth and
momentum of its unique data subscription business.
“We continue to see strong demand for our proprietary data
solutions, driven by global events and the growing awareness of our
capabilities,” said Will Marshall, Planet’s Co-Founder, Chief
Executive Officer and Chairperson. “It’s our conviction that
satellite data is one of the most valuable assets in the world.
Recent advances in AI are unlocking this value faster, especially
for Planet’s unique data archive. We are opening up huge markets
driven by digital transformation and the sustainability transition,
where our data is not just useful, but foundational.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “We posted solid Q1 results in a challenging macro
environment and remain focused on the path to profitability that we
shared last quarter. We are prioritizing our investments behind the
customers and opportunities where we see the highest returns. Our
balance sheet is strong with $376 million of cash, cash equivalents
and short-term investments as of the end of the quarter and no
debt.”
Fiscal First Quarter 2024 Financial and Key Metric
Highlights:
- First quarter revenue increased 31% year-over-year to $52.7
million.
- Percent of Recurring Annual Contract Value (ACV) for the first
quarter was 93%.
- End of Period (EoP) Customer Count increased 9% year-over-year
to 903 customers.
- First quarter gross margin expanded to 53%, compared to 41% in
the first quarter of fiscal year 2023. First quarter Non-GAAP Gross
Margin(1) expanded to 56%, compared to 45% in the first quarter of
fiscal year 2023.
- Ended the quarter with $376.2 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(1)
- Multiple Large International Customers: Planet recently
closed two large multi-year deals with international customers
primarily focused on Defense and Intelligence applications, one in
the eight figures through a partner and one in the seven figures.
Planet’s data is used to support transparency and fact-based
decision-making in a world of heightened geopolitical tension.
- AXA Climate: Planet announced an extension of its
partnership with France-based consultancy AXA Climate, a leading
provider of consulting services, helping clients adapt to climate
change and biodiversity loss. The partnership aims to offer
continued satellite data-driven insights for the development of
parametric insurance products.
- Syngenta: Planet closed an expansion with Syngenta,
which will enable their use of PlanetScope for new applications and
R&D in precision agriculture. Syngenta's existing work with
Planet over the last several years has included using SkySat for
monitoring corn and soy, as well as plot verification.
- UAE Space Agency: Planet announced a partnership with
the United Arab Emirates (UAE) Space Agency, to build a regional
satellite data-driven loss and damage atlas for climate change
resilience. The initiative aims to provide our data to countries
facing high degrees of climate risk so that they can better
respond, make informed policy decisions, and enable financial
programs for climate adaptation and mitigation.
- Dutch Paying Agency (RVO): We have closed a new deal
together with our partner NEO, a Netherlands-based Geomatics &
Earth Observation company, to provide the Dutch Paying Agency (RVO)
with Planet Fusion as part of NEO’s Area Monitoring System. Using
Planet Fusion, RVO will be able to increase the automation of their
monitoring process, significantly reducing the manual processing
currently required, and helping them to more easily comply with
Europe’s Common Agricultural Policy (CAP).
- Welsh Government: Planet was awarded a multi-year,
seven-figure contract with the Welsh Government through an Open
Tender process. This contract will support their EO programme
testing remote sensing techniques, in the design and implementation
of the Rural Investment Schemes (RIS) and the Sustainable Farming
Scheme (SFS). Through our work together, the Welsh Government has
been leveraging PlanetScope, SkySat, Planet Fusion, and Sentinel-2,
for sustainable agricultural policies.
- Bolivia’s Institute of National Agrarian Reform (INRA):
In its largest deal in a Spanish-speaking country, with a
seven-figure multi-year contract, Planet announced INRA, the
Bolivian ministry for land management, is using PlanetScope and
SkySat data to map the country in order to monitor for good
stewardship of public lands and titling enforcement.
- Environmental Resources Management: Global
sustainability consultancy ERM became a Planet partner to expand
imagery use cases, applications, and reporting capabilities for the
more than 20,000 sustainability related projects they consult on
per year. The partnership is designed to expand their imagery use
cases, applications, and reporting capabilities - helping enable
decision-makers to address their operational and sustainability
goals.
Combining Planet
Data and Artificial Intelligence (AI)
- Synthetaic: Planet announced a partnership with AI
startup Synthetaic to use their rapid AI models for object
detection and classification services on top of Planet satellite
data. A demonstration of their capabilities can be seen on our
investor relations website at planet.com/investors under “Videos”.
Planet previously worked with Synthetaic to backtrack the
trajectory of a high-altitude Chinese balloon's travel across North
American airspace to its origin location.
- SI Analytics: Planet announced a partnership with South
Korea-based AI company SI Analytics, which uses their AI-powered
technology to enhance the resolution of satellite imagery in order
to more accurately analyze changes and abnormalities. SI Analytics
announced plans to use satellite data to develop a North Korea
Dynamic BMOA (Ballistic Missile Operation Area) Search Project with
a goal to enhance global risk management and mitigate tensions in
Asia and beyond.
- Queryable California with Microsoft (MSFT): Planet
showcased the potential of its AI-powered “Queryable California”
proof-of-concept at its Explore User Conference in April. The
Queryable California demonstration is a part of Planet’s ongoing
collaboration with Microsoft’s AI for Good Lab. It demonstrates how
next-generation AI can make satellite data more accessible by
making it searchable, conversational and context-aware.
Impact and
ESG
- Inaugural ESG Report: Planet released its first ESG
Report, which can be found at planet.com/esg. It outlines Planet’s
vision, and lays the groundwork for Planet’s sustainability
program, while highlighting some of the ways we are making progress
towards a more sustainable and equitable world. We also highlight
some of the ways in which Planet’s core business helps
sustainability.
(1) Revenue recognition and timing of revenue recognition for
customer and partner deals may vary depending on contractual
terms.
Financial Outlook
For the second quarter of fiscal year 2024, ending July 31,
2023, Planet expects revenue to be in the range of approximately
$53 million to $55 million, representing approximately 11%
year-over-year growth at the midpoint. Non-GAAP Gross Margin is
expected to be in the range of approximately 48% to 49%. Adjusted
EBITDA loss is expected to be in the range of approximately ($20)
million and ($17) million. Capital Expenditure as a Percentage of
Revenue is expected to be in the range of approximately 19% to 25%
for the quarter.
For fiscal year 2024, ending January 31, 2024, Planet expects
revenue to be in the range of approximately $225 million to $235
million, representing approximately 20% 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 ($67) million and ($58) million.
Capital Expenditure as a Percentage of Revenue is expected to be in
the range of approximately 20% to 23% for the full fiscal year
2024.
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 first 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 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, June 8, 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=7377aa72&confId=50722.
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, which is derived from Non-GAAP Gross Profit, 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 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.
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, implied and express statements regarding:
general economic conditions, the Company’s financial condition,
including our anticipated revenues, earnings, cash flows or other
aspects of the Company’s operations or operating results, and the
Company’s expectations or beliefs concerning future events; 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’s new offerings or initiatives will be
successful or achieve their goals; the successful integration of
and ability to achieve potential benefits from strategic
acquisitions; the success and benefits of other customer agreements
or partnerships; whether the Company will be able to successfully
build or deploy its satellites, including new satellites that are
in development as well as the adoption and integration of new and
existing AI technology; 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,” “target,” “anticipate,” “intend,” “develop,”
“evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,”
“would,” “believes,” “predicts,” “potential,” “strategy,”
“opportunity,” “aim,” “conviction,” “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 financial outlook, the Company’s ability to
execute contracts with potential customers, the Company’s ability
to perform under future contracts and may impact the renewal and
final profitability of such contracts as well as prospective or
existing customer behaviors; the Company’s ability to realize the
total revenue expected for prospective or existing contracts; the
timing of revenue recognition for customer and partner deals that
can vary depending on contractual terms and may be subject to
termination by Planet or the customer prior to the contract’s
maturity; 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 COVID-19
pandemic, including any variants thereof, or any other outbreak of
an infectious disease; the timing and rate at which the Company
signs agreements with customers, including the impact of cost
reduction measures, delayed purchasing decisions or prolonged sales
cycles at prospective or existing customers; 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; the seasonality of Planet’s business; 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. 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 April 30, 2023 are not necessarily indicative of
its operating results for any future periods.
PLANET
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands)
April 30, 2023
January 31, 2023
Assets
Current assets
Cash and cash equivalents
$
140,763
$
181,892
Short-term investments
235,415
226,868
Accounts receivable, net
39,072
38,952
Prepaid expenses and other current
assets
19,275
27,943
Total current assets
434,525
475,655
Property and equipment, net
118,193
108,091
Capitalized internal-use software, net
11,878
11,417
Goodwill
112,748
112,748
Intangible assets, net
13,999
14,831
Restricted cash and cash equivalents,
non-current
5,660
5,657
Operating lease right-of-use assets
23,697
20,403
Other non-current assets
2,757
3,921
Total assets
$
723,457
$
752,723
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
14,657
$
6,900
Accrued and other current liabilities
34,432
46,022
Deferred revenue
44,620
51,900
Liability from early exercise of stock
options
11,653
12,550
Operating lease liabilities, current
6,320
4,885
Total current liabilities
111,682
122,257
Deferred revenue
2,474
2,882
Deferred hosting costs
10,671
8,679
Public and private placement warrant
liabilities
10,725
16,670
Operating lease liabilities,
non-current
19,912
17,145
Contingent consideration
7,142
7,499
Other non-current liabilities
1,502
1,487
Total liabilities
164,108
176,619
Stockholders’ equity
Common stock
27
27
Additional paid-in capital
1,531,380
1,513,102
Accumulated other comprehensive income
1,682
2,271
Accumulated deficit
(973,740
)
(939,296
)
Total stockholders’ equity
559,349
576,104
Total liabilities and stockholders’
equity
$
723,457
$
752,723
PLANET
CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
Three Months Ended April
30,
(In thousands, except share and per share
amounts)
2023
2022
Revenue
$
52,703
$
40,127
Cost of revenue
24,556
23,628
Gross profit
28,147
16,499
Operating expenses
Research and development
28,186
24,750
Sales and marketing
23,125
18,855
General and administrative
21,528
20,608
Total operating expenses
72,839
64,213
Loss from operations
(44,692
)
(47,714
)
Interest income
4,506
112
Change in fair value of warrant
liabilities
5,945
3,276
Other income (expense), net
104
280
Total other income (expense), net
10,555
3,668
Loss before provision for income taxes
(34,137
)
(44,046
)
Provision for income taxes
307
314
Net loss
(34,444
)
(44,360
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.13
)
$
(0.17
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
272,347,977
264,088,997
PLANET
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (unaudited)
Three Months Ended April
30,
(in thousands)
2023
2022
Net loss
$
(34,444
)
$
(44,360
)
Other comprehensive income (loss), net of
tax:
Foreign currency translation
adjustment
(45
)
175
Change in fair value of available-for-sale
securities
(544
)
—
Other comprehensive income (loss), net of
tax
(589
)
175
Comprehensive loss
$
(35,033
)
$
(44,185
)
PLANET
CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
Three Months Ended April
30,
(In thousands)
2023
2022
Operating activities
Net loss
$
(34,444
)
$
(44,360
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
10,248
11,625
Stock-based compensation, net of
capitalized cost
15,356
19,822
Change in fair value of warrant
liabilities
(5,945
)
(3,276
)
Change in fair value of contingent
consideration
(423
)
—
Other
(1,634
)
504
Changes in operating assets and
liabilities
Accounts receivable
(121
)
19,982
Prepaid expenses and other assets
2,770
(403
)
Accounts payable, accrued and other
liabilities
(10,713
)
(3,712
)
Deferred revenue
(7,765
)
(6,947
)
Deferred hosting costs
2,070
231
Net cash used in operating activities
(30,601
)
(6,534
)
Investing activities
Purchases of property and equipment
(6,336
)
(2,861
)
Capitalized internal-use software
(739
)
(645
)
Maturities of available-for-sale
securities
30,000
—
Purchases of available-for-sale
securities
(35,229
)
—
Other
(277
)
(146
)
Net cash used in investing activities
(12,581
)
(3,652
)
Financing activities
Proceeds from the exercise of common stock
options
3,295
4,963
Class A common stock withheld to satisfy
employee tax withholding obligations
(1,896
)
(411
)
Net cash provided by financing
activities
1,399
4,552
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
177
(649
)
Net decrease in cash and cash equivalents,
and restricted cash and cash equivalents
(41,606
)
(6,283
)
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
$
146,470
$
490,531
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended April
30,
(in thousands)
2023
2022
Net loss
$
(34,444
)
$
(44,360
)
Interest income
(4,506
)
(112
)
Income tax provision
307
314
Depreciation and amortization
10,248
11,625
Change in fair value of warrant
liabilities
(5,945
)
(3,276
)
Stock-based compensation
15,356
19,822
Other (income) expense
(104
)
(280
)
Adjusted EBITDA
$
(19,088
)
$
(16,267
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended April
30,
(in thousands)
2023
2022
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
24,556
$
23,628
Less: Stock-based compensation
917
1,319
Less: Amortization of acquired intangible
assets
439
431
Non-GAAP cost of revenue
$
23,200
$
21,878
Reconciliation of gross profit:
GAAP gross profit
$
28,147
$
16,499
Add: Stock-based compensation
917
1,319
Add: Amortization of acquired intangible
assets
439
431
Non-GAAP gross profit
$
29,503
$
18,249
GAAP gross margin
53
%
41
%
Non-GAAP gross margin
56
%
45
%
Reconciliation of operating
expenses:
GAAP research and development
$
28,186
$
24,750
Less: Stock-based compensation
5,958
8,229
Less: Amortization of acquired intangible
assets
—
—
Non-GAAP research and development
$
22,228
$
16,521
GAAP sales and marketing
$
23,125
$
18,855
Less: Stock-based compensation
3,080
3,637
Less: Amortization of acquired intangible
assets
202
153
Non-GAAP sales and marketing
$
19,843
$
15,065
GAAP general and administrative
$
21,528
$
20,608
Less: Stock-based compensation
5,401
6,637
Less: Amortization of acquired intangible
assets
80
80
Non-GAAP general and administrative
$
16,047
$
13,891
Reconciliation of loss from
operations
GAAP loss from operations
$
(44,692
)
$
(47,714
)
Add: Stock-based compensation
15,356
19,822
Add: Amortization of acquired intangible
assets
721
664
Non-GAAP loss from operations
$
(28,615
)
$
(27,228
)
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)
2023
2022
Reconciliation of net loss
GAAP net loss
$
(34,444
)
$
(44,360
)
Add: Stock-based compensation
15,356
19,822
Add: Amortization of acquired intangible
assets
721
664
Income tax effect of non-GAAP
adjustments
—
—
Non-GAAP net loss
$
(18,367
)
$
(23,874
)
Reconciliation of net loss per share,
diluted
GAAP net loss
$
(34,444
)
$
(44,360
)
Non-GAAP net loss
$
(18,367
)
$
(23,874
)
GAAP net loss per share, basic and diluted
(1)
$
(0.13
)
$
(0.17
)
Add: Stock-based compensation
0.06
0.08
Add: Amortization of acquired intangible
assets
—
—
Income tax effect of non-GAAP
adjustments
—
—
Non-GAAP net loss per share, diluted (2)
(3)
$
(0.07
)
$
(0.09
)
Weighted-average shares used in computing
GAAP net loss per share, basic and diluted (1)
272,347,977
264,088,997
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted (2)
272,347,977
264,088,997
(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/20230608005665/en/
Investor Contact
Chris Genualdi / Cleo Palmer-Poroner Planet Labs PBC
ir@planet.com
Press Contact
Megan Zaroda Planet Labs PBC comms@planet.com
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