Delivers Record Full Year Revenue of $220.7
Million, up 15% Year-over-Year Surpasses One Thousand Customers in
Fourth Quarter FY’24
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 January 31,
2024.
“Planet delivered a solid fourth quarter to cap off the year. We
saw strong demand in the government sector and an evolution toward
selling solutions alongside our data, enabled by the revolution
happening in AI. We are prioritizing investment behind these trends
to capture the opportunity,” said Will Marshall, Planet’s
Co-Founder, Chief Executive Officer and Chairperson. “Additionally,
our next generation satellite systems are taking flight. The
Pelican tech demo satellite is performing well in orbit and the
first Tanager satellite is planned to launch later this year.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “We continue to progress on our journey to building a high
margin, sustainable, cash flow generating business. We expect
growth for fiscal year ‘25 will be driven by large opportunities in
the government sector and delivering solutions for customers. We
remain committed to achieving Adjusted EBITDA profitability by Q4
of this fiscal year. Our balance sheet remains strong with $299
million of cash, cash equivalents, and short-term investments as of
the end of the quarter, and we continue to have no debt.”
Fiscal Fourth Quarter and Full Year 2024 Financial and Key
Metric Highlights:
- Fourth quarter revenue increased 11% year-over-year to a record
$58.9 million.
- Full year revenue increased 15% year-over-year to $220.7
million.
- Percent of Recurring Annual Contract Value (ACV) for the fourth
quarter was 93%.
- End of Period (EoP) Customer Count increased 15% year-over-year
to 1,018 customers.
- Fourth quarter gross margin was 55%, compared to 55% in the
fourth quarter of fiscal year 2023. Fourth quarter Non-GAAP Gross
Margin(1) was 58%, compared to 58% in the fourth quarter of fiscal
year 2023.
- Full year gross margin was 51%, compared to 49% in fiscal year
2023. Full year Non-GAAP Gross Margin(1) was 54%, compared to 53%
in fiscal year 2023.
- Ended the quarter with $298.9 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
- Naval Information Warfare Center (NIWC) Pacific: Planet
was awarded a seven-figure annual contract value (ACV) contract by
the Naval Information Warfare Center (NIWC) Pacific for vessel
detection and monitoring over key areas of interest throughout the
Pacific Ocean. NIWC Pacific will integrate Planet data and AI
capabilities from SynMax, a Houston-based satellite analytics and
intelligence company, into their SeaVision platform to help improve
maritime domain awareness throughout the region. Planet recently
expanded its strategic partnership with SynMax, enabling Planet to
sell an advanced analytics tool leveraging SynMax’s proprietary
artificial intelligence, for vessel monitoring and
classification.
- Carbon Mapper: Planet signed an eight-figure, multi-year
data-license agreement with Carbon Mapper, Inc. to provide
hyperspectral core imagery to the non-profit and its partners until
2030. The contract marks an extension to an existing data-license
agreement between Planet and Carbon Mapper. The extension covers
the 2026 to 2030 period. Carbon Mapper, Inc. has been a key partner
to Planet in developing the Tanager hyperspectral constellation,
and this contract extension marks an important step in the
continuation of the coalition’s shared mission to help improve
understanding of and accelerate reductions in global methane and
carbon dioxide (CO2) emissions.
- Swiss Re Expansion: Planet recently closed a three-year
partnership expansion with Swiss Re, one of the world’s leading
reinsurance companies. The contract adds Planet’s Land Surface
Temperature data to Soil Water Content data, which allows Swiss Re
to build innovative parametric insurance products by feeding
pricing models, validating claims and credit, forecasting potential
risk, and identifying opportunities within new markets.
- Canadian Insurance Company: Planet closed a multi-year
deal with an agriculture-focused insurance company, who is
leveraging Planet’s broad area monitoring solutions and Planetary
Variables to modernize their drought insurance program and for crop
insurance claim validation.
- Bolivia (INRA) Expansion: Bolivia’s Institute of
National Agrarian Reform (INRA) and Planet are expanding their
multi-year partnership. The expansion includes new products and
support, such as Planetary Variables, Sentinel Hub, and Planet's
Professional Services. INRA continues to leverage Planet’s
solutions to manage public land and enforce property titling
regulations.
- Google: Planet announced that through our partnership
with Google, PlanetScope satellite data is available on Google
Cloud Marketplace, enabling Google Cloud customers to analyze,
process, and derive meaningful insights from Planet data at
scale.
New Technologies and
Products
- Pelican On-Orbit Performance: The first Pelican tech
demo, which Planet launched in November 2023, continues to perform
well. The team is gaining valuable on orbit learnings and making
solid progress towards operationalizing the Pelican platform.
Planet expects to launch additional Pelicans, including the first
production satellites, during the next 12 months.
- Field Boundaries Analytics: Planet announced the release
of Field Boundaries, the latest add in our suite of advanced data
feeds known as Planetary Variables. This dataset allows for
high-level analytics at scale for multiple use cases, including
food security, sustainable agricultural monitoring, commodities
trading, and supply chain monitoring. Field Boundaries can provide
the spatial context necessary to understand planted acres for
different crop types and growth throughout the season, enabling
accurate yield estimation on a regional and global level. This can
help support benchmarking, the tracking of farming activities, and
compliance with regulations, leading to improved agricultural
products, services, practices, and policies.
First Quarter Financial Outlook
For the first quarter of fiscal year 2025, ending April 30,
2024, Planet expects revenue to be in the range of approximately
$58 million to $61 million, representing approximately 13%
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 ($11)
million and ($9) 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 first 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, March 28, 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=ffe26585&confId=61353.
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 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 ACV Book of Business at a specific point in time.
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 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), Planet’s expectations regarding future
product development and performance, Planet’s expectations
regarding its strategies with respect to its markets and customers,
Planet’s expectations regarding its ability to close deals in its
pipeline, and the expected benefits of such deals to its results of
operations. 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 and full year
ended January 31, 2024, are not necessarily indicative of its
operating results for any future periods.
PLANET
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
January 31,
(in thousands)
2024
2023
Assets
Current assets
Cash and cash equivalents
$
83,866
$
181,892
Restricted cash and cash equivalents,
current
8,360
527
Short-term investments
215,041
226,868
Accounts receivable, net
43,320
38,952
Prepaid expenses and other current
assets
19,564
27,416
Total current assets
370,151
475,655
Property and equipment, net
113,429
108,091
Capitalized internal-use software, net
14,973
11,417
Goodwill
136,256
112,748
Intangible assets, net
32,448
14,831
Restricted cash and cash equivalents,
non-current
9,972
5,657
Operating lease right-of-use assets
22,339
20,403
Other non-current assets
2,429
3,921
Total assets
$
701,997
$
752,723
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,601
$
6,900
Accrued and other current liabilities
44,779
46,022
Deferred revenue
72,327
51,900
Liability from early exercise of stock
options
8,964
12,550
Operating lease liabilities, current
7,978
4,885
Total current liabilities
136,649
122,257
Deferred revenue
5,293
2,882
Deferred hosting costs
7,101
8,679
Public and private placement warrant
liabilities
2,961
16,670
Operating lease liabilities,
non-current
16,952
17,145
Contingent consideration
5,885
7,499
Other non-current liabilities
9,138
1,487
Total liabilities
183,979
176,619
Stockholders’ equity
Common stock
28
27
Additional paid-in capital
1,596,201
1,513,102
Accumulated other comprehensive income
1,594
2,271
Accumulated deficit
(1,079,805
)
(939,296
)
Total stockholders’ equity
518,018
576,104
Total liabilities and stockholders’
equity
$
701,997
$
752,723
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended January
31,
Year Ended January 31,
(in thousands, except share and per share
amounts)
2024
2023
2024
2023
Revenue
$
58,852
$
52,975
$
220,696
$
191,256
Cost of revenue
26,371
23,915
107,746
97,248
Gross profit
32,481
29,060
112,950
94,008
Operating expenses
Research and development
28,410
31,831
116,339
110,916
Sales and marketing
20,095
20,299
86,304
78,020
General and administrative
17,894
19,619
80,055
80,747
Total operating expenses
66,399
71,749
282,698
269,683
Loss from operations
(33,918
)
(42,689
)
(169,748
)
(175,675
)
Interest income
3,661
3,396
15,414
7,672
Change in fair value of warrant
liabilities
(295
)
1,185
13,709
6,554
Other income, net
37
207
931
330
Total other income, net
3,403
4,788
30,054
14,556
Loss before provision for income taxes
(30,515
)
(37,901
)
(139,694
)
(161,119
)
Provision for income taxes
(429
)
(60
)
815
847
Net loss
$
(30,086
)
$
(37,841
)
$
(140,509
)
$
(161,966
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.11
)
$
(0.14
)
$
(0.50
)
$
(0.61
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
286,507,870
270,159,456
279,585,698
267,126,918
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (unaudited)
Three Months Ended January
31,
Year Ended January 31,
(In thousands)
2024
2023
2024
2023
Net loss
$
(30,086
)
$
(37,841
)
$
(140,509
)
$
(161,966
)
Other comprehensive income (loss), net of
tax:
Foreign currency translation
adjustment
777
(69
)
(766
)
13
Change in fair value of available-for-sale
securities
1,059
1,397
89
162
Other comprehensive income (loss), net of
tax
1,836
1,328
(677
)
175
Comprehensive loss
$
(28,250
)
$
(36,513
)
$
(141,186
)
$
(161,791
)
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
Year Ended January 31,
(in thousands)
2024
2023
Operating activities
Net loss
$
(140,509
)
$
(161,966
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
47,639
43,330
Stock-based compensation, net of
capitalized cost
57,132
75,544
Change in fair value of warrant
liabilities
(13,709
)
(6,554
)
Change in fair value of contingent
consideration
(741
)
—
Other
(4,321
)
(404
)
Changes in operating assets and
liabilities
Accounts receivable
(2,658
)
6,313
Prepaid expenses and other assets
10,498
(10,080
)
Accounts payable, accrued and other
liabilities
(25,014
)
(2,986
)
Deferred revenue
22,237
(14,387
)
Deferred hosting costs
(1,265
)
(2,743
)
Net cash used in operating activities
(50,711
)
(73,933
)
Investing activities
Purchases of property and equipment
(37,991
)
(10,440
)
Capitalized internal-use software
(4,419
)
(2,320
)
Maturities of available-for-sale
securities
161,317
55,172
Sales of available-for-sale securities
45,580
—
Purchases of available-for-sale
securities
(189,142
)
(280,297
)
Business acquisition, net of cash
acquired
(7,542
)
(3,821
)
Other
(1,389
)
(557
)
Net cash used in investing activities
(33,586
)
(242,263
)
Financing activities
Proceeds from the exercise of common stock
options
7,388
14,701
Class A common stock withheld to satisfy
employee tax withholding obligations
(8,971
)
(6,337
)
Other
(15
)
(504
)
Net cash provided by (used in) financing
activities
(1,598
)
7,860
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
17
(402
)
Net decrease in cash and cash equivalents,
and restricted cash and cash equivalents
(85,878
)
(308,738
)
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
$
102,198
$
188,076
PLANET
RECONCILIATION OF ADJUSTED
EBITDA TO NET LOSS (unaudited)
Three Months Ended January
31,
Year Ended January 31,
(in thousands)
2024
2023
2024
2023
Net loss
$
(30,086
)
$
(37,841
)
$
(140,509
)
$
(161,966
)
Interest income
(3,661
)
(3,396
)
(15,414
)
(7,672
)
Income tax provision
(429
)
(60
)
815
847
Depreciation and amortization
11,606
9,333
47,639
43,330
Change in fair value of warrant
liabilities
295
(1,185
)
(13,709
)
(6,554
)
Stock-based compensation
12,521
15,703
57,132
75,544
Restructuring costs(1)
35
—
7,376
—
Employee transaction bonuses in connection
with the Sinergise business combination(2)
—
—
2,317
—
Other (income) expense, net
(37
)
(207
)
(931
)
(330
)
Adjusted EBITDA
$
(9,756
)
$
(17,653
)
$
(55,284
)
$
(56,801
)
(1) As part of the headcount reduction
plan announced in August 2023, we recognized $7.4 million of
severance and other employee-related costs for the fiscal year
ended January 31, 2024. For the fiscal year ended January 31, 2024,
the restructuring related stock-based compensation benefit of $1.5
million is included on its respective line item.
(2) Certain employees of Sinergise, which
became employees of Planet, were paid cash transaction bonuses in
connection with the closing of the Sinergise acquisition. The cost
of the transaction bonuses was allocated from the purchase
consideration we paid for the acquisition.
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended January
31,
Year Ended January 31,
(In thousands)
2024
2023
2024
2023
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
26,371
$
23,915
$
107,746
$
97,248
Less: Stock-based compensation
781
1,127
3,636
5,119
Less: Amortization of acquired intangible
assets
786
390
2,460
1,553
Less: Restructuring costs
1
—
564
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
267
—
Non-GAAP cost of revenue
$
24,803
$
22,398
$
100,819
$
90,576
Reconciliation of gross profit:
GAAP gross profit
$
32,481
$
29,060
$
112,950
$
94,008
Add: Stock-based compensation
781
1,127
3,636
5,119
Add: Amortization of acquired intangible
assets
786
390
2,460
1,553
Add: Restructuring costs
1
—
564
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
267
—
Non-GAAP gross profit
$
34,049
$
30,577
$
119,877
$
100,680
GAAP gross margin
55
%
55
%
51
%
49
%
Non-GAAP gross margin
58
%
58
%
54
%
53
%
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended January
31,
Year Ended January 31,
(In thousands)
2024
2023
2024
2023
Reconciliation of operating
expenses:
GAAP research and development
$
28,410
$
31,831
$
116,339
$
110,916
Less: Stock-based compensation
5,263
7,383
23,818
32,025
Less: Amortization of acquired intangible
assets
—
—
—
—
Less: Restructuring costs
9
—
3,306
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
1,891
—
Non-GAAP research and development
$
23,138
$
24,448
$
87,324
$
78,891
GAAP sales and marketing
$
20,095
$
20,299
$
86,304
$
78,020
Less: Stock-based compensation
2,393
3,114
10,220
13,729
Less: Amortization of acquired intangible
assets
268
169
933
627
Less: Restructuring costs
—
—
1,943
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
41
—
Non-GAAP sales and marketing
$
17,434
$
17,016
$
73,167
$
63,664
GAAP general and administrative
$
17,894
$
19,619
$
80,055
$
80,747
Less: Stock-based compensation
4,084
4,079
19,458
24,671
Less: Amortization of acquired intangible
assets
95
79
349
319
Less: Restructuring costs
25
—
1,563
—
Less: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
118
—
Non-GAAP general and administrative
$
13,690
$
15,461
$
58,567
$
55,757
Reconciliation of loss from
operations
GAAP loss from operations
$
(33,918
)
$
(42,689
)
$
(169,748
)
$
(175,675
)
Add: Stock-based compensation
12,521
15,703
57,132
75,544
Add: Amortization of acquired intangible
assets
1,149
638
3,742
2,499
Add: Restructuring costs
35
—
7,376
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
2,317
—
Non-GAAP loss from operations
$
(20,213
)
$
(26,348
)
$
(99,181
)
$
(97,632
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended January
31,
Year Ended January 31,
(In thousands, except share and per share
amounts)
2024
2023
2024
2023
Reconciliation of net loss
GAAP net loss
$
(30,086
)
$
(37,841
)
$
(140,509
)
$
(161,966
)
Add: Stock-based compensation
12,521
15,703
57,132
75,544
Add: Amortization of acquired intangible
assets
1,149
638
3,742
2,499
Add: Restructuring costs
35
—
7,376
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
2,317
—
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss
$
(16,381
)
$
(21,500
)
$
(69,942
)
$
(83,923
)
Reconciliation of net loss per share,
diluted
GAAP net loss
$
(30,086
)
$
(37,841
)
$
(140,509
)
$
(161,966
)
Non-GAAP net loss
$
(16,381
)
$
(21,500
)
$
(69,942
)
$
(83,923
)
GAAP net loss per share, basic and
diluted(1)
$
(0.11
)
$
(0.14
)
$
(0.50
)
$
(0.61
)
Add: Stock-based compensation
0.04
0.06
0.20
0.28
Add: Amortization of acquired intangible
assets
—
—
0.01
0.01
Add: Restructuring costs
—
—
0.03
—
Add: Employee transaction bonuses in
connection with the Sinergise business combination
—
—
0.01
—
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss per share, diluted(2)
(3)
$
(0.06
)
$
(0.08
)
$
(0.25
)
$
(0.31
)
Weighted-average shares used in computing
GAAP net loss per share, basic and diluted(1)
286,507,870
270,159,456
279,585,698
267,126,918
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted(2)
286,507,870
270,159,456
279,585,698
267,126,918
(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:
Year Ended January 31,
(in thousands)
2024
2023
Remaining performance obligations
$
132,571
$
151,976
Cancellable amount of contract value
109,821
127,667
Backlog
$
242,392
$
279,643
For remaining performance obligations as of January 31, 2024,
the Company expects to recognize approximately 86% over the next 12
months, approximately 98% over the next 24 months, and the
remainder thereafter. For Backlog as of January 31, 2024, the
Company expects to recognize approximately 67% 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/20240328059495/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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