Delivers Record Fourth Quarter Revenue of $37.1
Million and Full Year Revenue of $131.2 Million
Expands YoY Fourth Quarter GAAP Gross Margin
from 25% to 37%
Significant Topline Acceleration Expected for
Fiscal 2023
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 fourth quarter and full
year ended January 31, 2022, demonstrating accelerating growth and
the momentum of its unique data subscription business.
“We scaled the business to over $131 million for the fiscal year
ended January 31, 2022, accelerating topline growth and
significantly expanding gross margin as use of our proprietary data
and services expands within existing and new verticals,” said Will
Marshall, Planet’s Co-Founder, Chief Executive Officer and
Chairperson. “Recent events in security and sustainability have
underscored that now is a global moment for satellite imagery. The
criticality of our data and daily scans have never been more
apparent.”
Dr. Marshall continued, “We are bullish on our opportunities for
growth, given both the general increasing market pull and the
specific engagements we are pursuing. We have high confidence in
our revenue growth and are continuing to invest in response to what
we’re seeing in the market.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “Over fiscal year 2022, we extended our market lead, scaled
the business to over $131 million in revenue, increased our
customer count to 770 customers, and ended the year with $491
million of cash on the balance sheet. We are well positioned to
capture the massive opportunity for Planet’s data with our rapidly
scalable business model and differentiated data solution.”
Fiscal Fourth Quarter and Full Year 2022 Financial and Key
Metric Highlights:
- Fourth quarter revenue increased 23% year-over-year to $37.1
million.
- Full year revenue increased 16% year-over-year to $131.2
million.
- Percent of Recurring Annual Contract Value (ACV) for the fourth
quarter of fiscal year 2022 was 92%, consistent with the fourth
quarter of fiscal year 2021.
- End of Period (EoP) Customer Count increased 25% year-over-year
to 770 customers.
- Net dollar retention rate for the full year was 116% including
winbacks.
- Fourth quarter gross margin expanded to 37%, compared to 25% in
the fourth quarter of fiscal year 2021. Fourth quarter Non-GAAP
Gross Margin(1) expanded to 42%, compared to 25% in the fourth
quarter of fiscal year 2021.
- Full year gross margin expanded to 37%, compared to 23% in
fiscal year 2021. Full year Non-GAAP Gross Margin(1) expanded to
38%, compared to 24% in fiscal year 2021.
- Raised over $590 million in gross proceeds through successful
business combination transaction with dMY Technology Group, Inc. IV
and concurrent private placement, and completed public listing on
the New York Stock Exchange.
- Ended the year with $490.8 million in cash and cash equivalents
and no debt.
(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:
- Planet recently signed a deal with Rabobank, a leading Dutch
multinational banking and financial services organization, who is
using Planet’s data to support credit risk assessment for
smallholder farmers in developing countries.
- Planet signed a contract expansion with Bayer Environmental
Science, who created RangeView, a digital platform for the range
and pasture industry using satellite imagery and planning tools to
help ranchers assess pastures with the most infestation of annual
invasive grasses and evaluate the return on investment for treating
them.
- Planet is partnered with Swiss Re, which, jointly with its
local insurance partners, is using Planet's data to insure farmers
against drought in parts of Europe and Central Asia.
- Taranis and Woolpert were recognized as 2022 Partners of the
Year in their respective markets at Planet’s annual Sales Kickoff
in San Diego, CA.
Successfully Launching New Products and
Technologies:
- PlanetScope: Planet announced the general availability of the
next generation of its PlanetScope Monitoring product, offering
high quality, analysis-ready data to all existing PlanetScope
customers. PlanetScope will now include eight spectral bands in
addition to a series of enhancements, providing customers with
richer, cleaner, and more consistent data to empower deeper
analysis of Earth’s changing conditions.
- SuperDoves: On January 13, 2022, Flock 4x, consisting of 44
SuperDove satellites, was successfully launched into orbit on a
SpaceX Falcon 9 rocket. These 44 satellites join Planet’s existing
fleet of roughly 200 satellites in orbit.
Supporting Ukraine Response:
- Planet has provided imagery to governments, aid and relief
organizations, data analysts and media. Planet remains committed to
transparency and accountability and will continue to help others to
leverage its services in timely and responsible ways.
- Planet has responded with a number of product developments,
including providing weekly basemaps of the region to customers,
adding analytical capabilities in collaboration with third parties,
and enabling improvements to its satellite tasking algorithm.
Impact and Education:
- Planet was officially certified as a carbon neutral company for
the 2020 calendar year as part of its commitment to sustainability.
Planet worked with SCS Global Services (SCS) to certify its
operations as carbon neutral in accordance with the internationally
recognized PAS 2060: 2014 Carbon Neutrality Standard. This
certification covers the entire supply chain – from manufacturing
and launching satellites to corporate operations.
- Planet’s robust Education and Research program has now led to
its satellite data being used in over 1,800 publications. Recent
highlights include a study from the University of Aberdeen in the
UK, which used PlanetScope imagery to look at arctic lakes formed
from melting permafrost and how to measure the resulting carbon
sources and sinks in those regions. Contracts like these often lead
to new use cases of Planet’s data and better forecasts of the
resultant economic and geopolitical effects.
Financial Outlook
For the first quarter of fiscal year 2023, Planet expects
revenue to be in the range of approximately $38 million to $41
million. Non-GAAP Gross Margin is expected to be between
approximately 38% to 45%. Adjusted EBITDA is expected to be between
approximately ($17) million and ($14) million. Capital Expenditure
as a Percentage of Revenue is expected to be between approximately
8% and 9% of revenue for the first quarter.
For fiscal year 2023, Planet expects revenue to be in the range
of approximately $170 million to $190 million. Non-GAAP Gross
Margin is expected to be between approximately 43% to 50%. Adjusted
EBITDA is expected to be between approximately ($75) million and
($50) million. Capital Expenditure as a Percentage of Revenue is
expected to be between approximately 12% to 13% for the full fiscal
year 2023.
Planet has not reconciled its Non-GAAP Gross Margin outlook,
which is derived from Non-GAAP Gross Profit (Loss), and Adjusted
EBITDA outlook to their most directly comparable GAAP measures
(gross profit (loss) and net loss, respectively) because certain
items that impact gross profit (loss) and net loss, such as
stock-based compensation expense 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
2023 and fiscal year 2023 will have a significant impact on
Planet’s future GAAP financial results. Accordingly, a
reconciliation of Non-GAAP Gross Margin outlook and Adjusted EBITDA
outlook to gross profit (loss) 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, March 31, 2022. The webcast can be accessed at
www.planet.com/investors/. A replay will be available approximately
2 hours following the event. If you would prefer to register for
the conference call, please go to the following link:
https://www.incommglobalevents.com/registration/q4inc/10219/planet-labs-pbc-fiscal-year-2022-earnings-call/.
You will then receive your access details via email.
Additionally, a supplemental Fiscal Fourth Quarter and Full Year
2022 Update presentation has been made available on Planet’s
investor relations page.
About Planet
Planet is a leading provider of global, daily satellite imagery
and geospatial solutions. Planet is driven by a mission to image
the world every day, and make change visible, accessible and
actionable. Founded in 2010 by three NASA scientists, Planet
designs, builds, and operates the largest Earth observation fleet
of imaging satellites, capturing and compiling data from over 3
million images per day. Planet provides mission-critical data,
advanced insights, and software solutions to over 700 customers,
comprising the world’s leading agriculture, forestry, intelligence,
education and finance companies and government agencies, enabling
users to simply and effectively derive unique value from satellite
imagery. Planet is a public benefit corporation trading on the New
York Stock Exchange as PL. To learn more visit www.planet.com and
follow us on Twitter.
Planet’s Use of Non-GAAP Financial Measures
This press release includes Non-GAAP Gross Profit (Loss),
Non-GAAP Gross Margin, which is derived from Non-GAAP Gross Profit
(Loss), Adjusted EBITDA and certain non-GAAP operating expenses
described further below, 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 gross profit (loss), net loss,
loss from operations, operating expenses, cost of revenue 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 (Loss) and Non-GAAP
Gross Margin: The Company defines and calculates Non-GAAP
Gross Profit (Loss) as gross profit (loss) adjusted for stock-based
compensation expenses classified as cost of revenue, and Non-GAAP
Gross Margin as the percentage of Non-GAAP Gross Profit (Loss) to
revenue.
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.
Non-GAAP Operating 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 that are classified within each
of the corresponding U.S. GAAP financial measures.
Other Key Metrics
Percent of Recurring ACV
The Company defines Annual Contract Value (“ACV”) for contracts
of one year or greater as the total amount of value that a customer
has contracted to pay for the most recent 12 month period for the
contract. For short-term contracts (contracts less than 12 months),
ACV is equal to total contract value. The Company defines Percent
of Recurring ACV as the dollar value of all data subscription
contracts and the committed portion of usage-based contracts
divided by the total dollar value of all contracts in its ACV Book
of Business at a specific point in time. The Company defines ACV
Book of Business as the sum of the ACV of all contracts that are
active on the last day of the period pursuant to the effective
dates and end dates of such contracts. The Company believes Percent
of Recurring ACV is a useful metric for investors and management to
track as it helps to illustrate how much of its revenue comes from
customers that have the potential to renew their contracts over
multiple years rather than being one-time in nature. In calculating
Percent of Recurring ACV, management applies judgment as to which
customers have an active contract at a period end for the purpose
of determining ACV Book of Business, which is used as part of the
calculation of Percent of Recurring ACV.
EoP Customer Count
The Company defines EoP Customer Count as the total count of all
existing customers at the end of the period. It defines existing
customers as customers with an active contract with the Company at
the end of the reported period. For the purpose of this metric, the
Company defines a customer as a distinct entity that uses its data
or services. The Company sells directly to customers, as well as
indirectly through its partner network. If a partner does not
provide the end customer’s name, then the partner is reported as
the customer. Each customer, regardless of the number of active
opportunities with the Company, is counted only once. For example,
if a customer utilizes multiple products of the Company, the
Company only counts that customer once for purposes of EoP Customer
Count. A customer with multiple divisions, segments, or
subsidiaries are also counted as a single unique customer based on
the parent organization or parent account. The Company believes EoP
Customer Count is a useful metric for investors and management to
track as it is an important indicator of the broader adoption of
its platform and is a measure of its success in growing its market
presence and penetration. In calculating EoP Customer Count,
management applies judgment as to which customers are deemed to
have an active contract in a period, as well as whether a customer
is a distinct entity that uses the Company’s data or services.
Net Dollar Retention Rate including
Winbacks
The Company defines Net Dollar Retention Rate including winbacks
as the percentage of ACV generated by existing customers and
winbacks in a given period as compared to the ACV of all contracts
at the beginning of the fiscal year from the same set of existing
customers. A winback is a previously existing customer who was
inactive at the start of the fiscal year, but has reactivated
during the same fiscal year period. The reactivation period must be
within 24 months from the last active contract with the customer;
otherwise, the customer is assumed as a new customer. We believe
this metric is useful to investors as it captures the value of
customer contracts that resume business with the Company after
being inactive and thereby provides a quantification of the
Company’s ability to recapture lost business. Management applies
judgment in determining the value of active contracts in a given
period, as set forth in the definition of ACV above. Management
uses this metric to understand the adoption of our products and
long-term customer retention, as well as the success of marketing
campaigns and sales initiatives in re-engaging inactive
customers.
Capital Expenditures as a Percentage of
Revenue
The Company defines capital expenditures as purchases of
property and equipment plus capitalized internally developed
software development costs, which are included in our statements of
cash flows from investing activities. The Company defines Capital
Expenditures as a Percentage of Revenue as the total amount of
capital expenditures divided by total revenue in the reported
period. Capital Expenditures as a Percentage of Revenue is a
performance measure that we use to evaluate the appropriate level
of capital expenditures needed to support demand for the Company’s
data services and related revenue, and to provide a comparable view
of the Company’s performance relative to other earth observation
companies, which may invest significantly greater amounts in their
satellites to deliver their data to customers. The Company uses an
agile space systems strategy, which means we invest in a larger
number of significantly lower cost satellites and software
infrastructure to automate the management of the satellites and to
deliver the Company’s data to clients. As a result of the Company’s
strategy and business model, the Company’s capital expenditures may
be more similar to software companies with large data center
infrastructure costs. Therefore, the Company believes it is
important to look at the level of capital expenditure investments
relative to revenue when evaluating the Company’s performance
relative to other earth observation companies or to other software
and data companies with significant data center infrastructure
investment requirements. The Company believes Capital Expenditures
as a Percentage of Revenue is a useful metric for investors because
it provides visibility to the level of capital expenditures
required to operate the Company and the Company’s relative capital
efficiency.
Forward-looking Statements
Except for the historical information contained herein, the
matters set forth in this press release are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, the Company’s ability to capture market
opportunity; whether and when the Company will be able to execute
on its growth initiatives; whether the Company will realize any of
the potential benefits from strategic acquisitions; whether the
Company will be able to successfully build or deploy its
satellites, including new satellites that are in development;
whether the Company will be able to continue to invest in scaling
its sales organization and expanding its software engineering
capabilities; and the Company’s financial outlook. Words such as
“expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “seek,” “may,” “will,” “could,”
“can,” “should,” “would,” “believes,” “predicts,” “potential,”
“strategy,” “opportunity,” “aim,” “continue” and similar
expressions or the negative thereof, or discussions of strategy,
plans, objectives, intentions, estimates, forecasts, outlook,
assumptions, or goals, are intended to identify such
forward-looking statements. Forward-looking statements are based on
the Company’s management’s beliefs, as well as assumptions made by,
and information currently available to them. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. Factors which may cause
actual results to differ materially from current expectations
include, but are not limited to: the Company’s limited operating
history making it difficult to predict its future operating
results; the Company’s expectations that its operating expenses
will increase substantially for the foreseeable future; whether the
market for the Company’s products and services that is built upon
its data set, which has not existed before, will grow as expected;
the Company’s ability to manage its growth effectively; whether
current customers or prospective customers adopt the Company’s
platform; whether the Company will be able to compete effectively
with the increasing competition in its market from commercial
entities and governments; the Company’s ability to continue to
capture certain high-value government procurement contracts;
whether the Company is subject to any risks as a result of its
global operations, including, but not limited to, being subject to
any hostile actions by a government or other state actor; the
Company’s international operations creating business and economic
risks that could impact its operations and financial results; the
interruption or failure of the Company’s satellite operations,
information technology infrastructure or loss of its data storage,
whether by cyber-attacks or other adverse events that limit its
ability to perform its daily operations effectively and provide its
products and services; whether the Company experiences any adverse
events, such as delayed launches, launch failures, its satellites
failing to reach their planned orbital locations, its satellites
failing to operate as intended, being destroyed or otherwise
becoming inoperable, the cost of satellite launches significantly
increasing and/or satellite launch providers not having sufficient
capacity; the Company’s satellites not being able to capture Earth
images due to weather, natural disasters or other external factors,
or as a result of its constellation of satellites having restrained
capacity; if the Company is unable to develop and release product
and service enhancements to respond to rapid technological change,
or to develop new designs and technologies for its satellites, in a
timely and cost-effective manner; downturns or volatility in
general economic conditions, including as a result of the current
COVID-19 pandemic, including any variants thereof, or any other
outbreak of an infectious disease; the effects of acts of
terrorism, war or political instability, both domestically and
internationally, including the current events involving Russia and
Ukraine, changes in laws and regulations, or the imposition of
economic or trade sanctions affecting international commercial
transactions; the loss of one or more of the Company’s key
personnel, or its failure to attract, hire, retain and train other
highly qualified personnel in the future; the Company’s ability to
raise adequate capital, including on acceptable terms, to finance
its business strategies; how rules and regulations in the Company’s
highly regulated industry may impact its business; if the Company
fails to maintain effective internal controls over financial
reporting at a reasonable assurance level; and the other factors
described under the heading “Risk Factors” in the Registration
Statement on Form S-1 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 and year ended
January 31, 2022 are not necessarily indicative of its operating
results for any future periods.
PLANET
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
Three Months Ended January
31,
Year Ended January 31,
(in thousands, except share and per share
amounts)
2022
2021
2022
2021
Revenue
$
37,146
$
30,281
$
131,209
$
113,168
Cost of revenue
23,230
22,825
82,987
87,383
Gross profit
13,916
7,456
48,222
25,785
Operating expenses
Research and development
27,163
11,384
66,684
43,825
Sales and marketing
19,226
10,047
52,917
37,268
General and administrative
24,733
6,586
56,672
32,134
Total operating expenses
71,122
28,017
176,273
113,227
Loss from operations
(57,206
)
(20,561
)
(128,051
)
(87,442
)
Debt extinguishment gain (loss)
(1,690
)
—
(1,690
)
673
Interest expense
(1,022
)
(2,612
)
(8,772
)
(9,447
)
Change in fair value of convertible notes
and warrant liabilities
17,155
(13,540
)
5,726
(30,053
)
Other income (expense), net
(1,914
)
(281
)
(2,227
)
239
Total other expense, net
12,529
(16,433
)
(6,963
)
(38,588
)
Loss before provision for income taxes
(44,677
)
(36,994
)
(135,014
)
(126,030
)
Provision for income taxes
1,288
504
2,110
1,073
Net loss
$
(45,965
)
$
(37,498
)
$
(137,124
)
$
(127,103
)
Other comprehensive loss
Foreign currency translation adjustment,
net of tax
(8
)
239
327
276
Comprehensive loss
$
(45,973
)
$
(37,259
)
$
(136,797
)
$
(126,827
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.26
)
$
(0.83
)
$
(1.72
)
$
(2.87
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
178,278,954
45,230,840
79,610,970
44,214,426
PLANET
CONSOLIDATED BALANCE SHEETS
(unaudited)
January 31,
(in thousands, except share and par value
amounts)
2022
2021
Assets
Current assets
Cash and cash equivalents
$
490,762
$
71,183
Accounts receivable, net
44,373
47,110
Prepaid expenses and other current
assets
16,385
7,134
Total current assets
551,520
125,427
Property and equipment, net
133,280
159,855
Capitalized internal-use software, net
10,768
11,994
Goodwill
103,219
88,393
Intangible assets, net
14,197
5,673
Restricted cash, non-current
5,743
4,982
Other non-current assets
2,714
2,984
Total assets
$
821,441
$
399,308
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,850
$
1,446
Accrued and other current liabilities
48,823
30,195
Deferred revenue
64,233
57,570
Liability from early exercise of stock
options
16,135
—
Convertible notes, at fair value
—
8,244
Preferred stock warrant liability
—
11,359
Total current liabilities
132,041
108,814
Debt, net of discount
—
62,644
Convertible notes, at fair value
—
92,968
Deferred revenue
3,579
15,122
Deferred hosting costs
12,149
7,971
Public and private placement warrant
liabilities
23,224
—
Deferred rent
798
2,991
Other non-current liabilities
1,405
1,287
Total liabilities
173,196
291,797
Commitments and contingencies
Stockholders’ equity
Convertible preferred stock
—
13
Common stock
27
4
Additional paid-in capital
1,423,151
745,630
Accumulated other comprehensive income
2,096
1,769
Accumulated deficit
(777,029
)
(639,905
)
Total stockholders’ equity
648,245
107,511
Total liabilities and stockholders’
equity
$
821,441
$
399,308
PLANET
CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
Year Ended January 31,
(in thousands)
2022
2021
Operating activities
Net loss
$
(137,124
)
$
(127,103
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
45,043
62,212
Stock-based compensation, net of
capitalized costs
41,956
14,012
Provision for doubtful accounts
45
823
Change in fair value of convertible notes
and warrant liabilities
(5,726
)
30,053
Debt extinguishment (gain) loss
1,671
(673
)
Deferred income taxes
(1,393
)
—
Amortization of debt discount and issuance
costs
2,635
2,750
Impairment of capitalized internal-use
software
1,143
—
Changes in operating assets and
liabilities
Accounts receivable
3,263
(19,932
)
Prepaid expenses and other assets
(8,680
)
2,617
Accounts payable, accrued and other
liabilities
16,072
11,033
Deferred revenue
(4,898
)
14,433
Deferred hosting costs
5,844
7,971
Deferred rent
(2,062
)
(2,223
)
Net cash used in operating activities
(42,211
)
(4,027
)
Investing activities
Purchases of property and equipment
(10,313
)
(26,096
)
Capitalized internal-use software
(4,618
)
(4,030
)
Business acquisition, net of cash
acquired
(9,620
)
—
Other
(598
)
(674
)
Net cash used in investing activities
(25,149
)
(30,800
)
Financing activities
Proceeds from the exercise of common stock
options
10,640
539
Proceeds from the early exercise of common
stock options
17,928
—
Class A common stock withheld to satisfy
employee tax withholding obligations
(5,598
)
—
Proceeds from Business Combination and
PIPE Investment, net of transaction costs
533,164
—
Principal payment of debt
(66,950
)
—
Proceeds from issuance of debt and common
stock warrants, net of issuance costs
—
14,862
Principal payment of convertible notes
—
(2,586
)
Proceeds from issuance of convertible
notes and preferred stock warrant
—
71,125
Net cash provided by financing
activities
489,184
83,940
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(1,550
)
(312
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
420,274
48,801
Cash, cash equivalents and restricted cash
at the beginning of the period
76,540
27,739
Cash, cash equivalents and restricted
cash at the end of the period
$
496,814
$
76,540
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended
Year Ended
January 31, 2022
January 31, 2021
January 31, 2022
January 31, 2021
(in thousands)
Net loss
$
(45,965
)
$
(37,498
)
$
(137,124
)
$
(127,103
)
Interest expense
1,022
2,612
8,772
9,447
Interest income
(9
)
(4
)
(21
)
(53
)
Income tax provision
1,288
504
2,110
1,073
Depreciation and amortization
11,178
15,912
45,043
62,212
Debt extinguishment (gain) loss
1,690
—
1,690
(673
)
Change in fair value of convertible notes
and warrant liabilities
(17,155
)
13,540
(5,726
)
30,053
Stock-based compensation
29,337
2,923
41,956
14,012
Other (income) expense
1,923
285
2,248
(186
)
Adjusted EBITDA
$
(16,691
)
$
(1,726
)
$
(41,052
)
$
(11,218
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended
Year Ended
January 31, 2022
January 31, 2021
January 31, 2022
January 31, 2021
(in thousands)
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
23,230
$
22,825
$
82,987
$
87,383
Less: Stock-based compensation
1,569
258
2,257
843
Non-GAAP cost of revenue
$
21,661
$
22,567
$
80,730
$
86,540
Reconciliation of gross profit:
GAAP gross profit
$
13,916
$
7,456
$
48,222
$
25,785
Add: Stock-based compensation
1,569
258
2,257
843
Non-GAAP gross profit
$
15,485
$
7,714
$
50,479
$
26,628
GAAP gross margin
37
%
25
%
37
%
23
%
Non-GAAP gross margin
42
%
25
%
38
%
24
%
Reconciliation of operating
expenses:
GAAP research and development
$
27,163
$
11,384
$
66,684
$
43,825
Less: Stock-based compensation
11,332
1,077
15,400
3,583
Non-GAAP research and development
$
15,831
$
10,307
$
51,284
$
40,242
GAAP sales and marketing
$
19,226
$
10,047
$
52,917
$
37,268
Less: Stock-based compensation
5,918
494
7,877
1,687
Non-GAAP sales and marketing
$
13,308
$
9,553
$
45,040
$
35,581
GAAP general and administrative
$
24,733
$
6,586
$
56,672
$
32,134
Less: Stock-based compensation
10,518
1,094
16,422
7,899
Non-GAAP general and administrative
$
14,215
$
5,492
$
40,250
$
24,235
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220331005828/en/
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