Continued Acceleration with Record First
Quarter Revenue of $40.1 Million
Received Landmark EOCL Award by the U.S.
National Reconnaissance Office (NRO)
Expects Revenue Growth Rate to More than Double
YoY for FY’23
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, 2022, demonstrating accelerated growth and
the momentum of its unique data subscription business.
“Our results for the first quarter are strong across the board
and show continued acceleration of growth. Our products are unique
to the industry and we see increasing demand across a diverse set
of vertical markets,” said Will Marshall, Planet’s Co-Founder,
Chief Executive Officer and Chairperson. “Last month, we were proud
to receive a landmark award from the NRO for the EOCL contract -
Planet’s largest contract to date. This award demonstrates the
significant value that Planet’s commercial-first approach and
unique data sets can deliver to the government and the sector more
broadly. We have long held the conviction that commercial,
shareable satellite imagery not only equips the government with
differentiated information, but also increases transparency,
promoting peace and enhancing security.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “For the first quarter of fiscal year 2023, we increased our
topline growth rate to 26% year-over-year, surpassed the 800
customer count milestone, and ended the quarter with $484 million
of cash on the balance sheet. Our visibility for the business has
increased and we are therefore tightening our guidance range for
the current fiscal year. We expect revenue growth to continue to
accelerate, as shown in our guidance for Q2 reflecting 38%
year-over-year growth at the midpoint. Planet continues to
demonstrate its ability to move quickly to meet growing market
demand as it arises, and we’re incredibly pleased with how we’re
executing against our plan.”
Fiscal First Quarter 2022 Financial and Key Metric
Highlights:
- First quarter revenue increased 26% year-over-year to $40.1
million.
- Percent of Recurring Annual Contract Value (ACV) for the first
quarter was 92%.
- End of Period (EoP) Customer Count increased 23% year-over-year
to 826 customers.
- Net dollar retention rate for the quarter was 105% with and
without winbacks.
- First quarter gross margin expanded to 41%, compared to 40% in
the first quarter of fiscal year 2022. First quarter Non-GAAP Gross
Margin(1) expanded to 45%, compared to 41% in the first quarter of
fiscal year 2022.
- Ended the quarter with $484 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:
- EOCL: Planet Labs Federal, Inc., Planet’s wholly owned
subsidiary, was selected by the NRO for an award to the
Electro-Optical Commercial Layer (EOCL) contract. Planet Federal’s
EOCL award will enable the NRO and its partners to access Planet’s
high and medium resolution, daily satellite imagery for an initial
period of up to five years, with options to extend the contract up
to a total contract performance period of 10 years. Through the
award, users will also have access to Planet’s unequaled archive
dating back to 2009.
- Bayer: Planet signed an expansion with Bayer AG, a global
company with core competencies in the life science fields of
healthcare and nutrition, to develop digital solutions to support
sustainable agriculture and drive supply chain efficiency. Using
Planet’s Fusion data, along with high resolution SkySat data can
help to better understand historical and in-season performance, and
empower their data scientists to generate valuable insights that
have the potential to support production globally.
- Moody’s: Planet entered into an agreement with Moody’s, a
leading global integrated risk assessment firm serving financial
markets, to explore and address the growing demand for assessing
and monitoring solutions on Environmental, Social and Governance
(ESG) risks. Planet and Moody’s plan to address how Planet’s
high-cadence geospatial data and Moody’s market-leading entity
data, methodologies, and products can be leveraged to further
refine Moody’s existing offerings spanning ESG, Know-Your-Customer,
supply chain and commercial real estate through real-time, on-the
ground insights.
Building New Technologies and Missions:
- Pelican Next Generation High Resolution Satellites: Planet
announced specifications for its next generation of high-resolution
satellites. Pelican is expected to meet the evolving needs of
customers who want real-time information about global events as
they unfold – from floods and wildfires to conflicts and threats to
human rights. Pelican is designed to image at up to 30 cm
resolution and to task images of the same location 12 times per
day, and up to 30 opportunities in mid-latitudes.
Supporting Ukraine Response:
- Planet remains committed to transparency and accountability and
will continue to help others to leverage its services in timely and
responsible ways, including across governments, NGOs, and
media.
- Planet is working with and supplying data to nearly 30 NGOs and
intergovernmental bodies who are leveraging Planet’s data to
support a number of humanitarian operations in the Ukraine, such
as: civilian evacuation and planned de-mining operations;
conducting building damage assessments; tracking alleged human
rights abuses; and trying to mitigate and measure impacts to global
food security.
Impact and Education:
- Planet’s robust Education and Research (E&R) program has
led to its satellite data being used in over 2,000 publications.
Planet’s E&R program often leads to new use cases of Planet’s
data and better forecasts of resultant economic and geopolitical
effects.
- Planet announced that Planet’s PlanetScope and SkySat data have
officially joined the European Space Agency (ESA) Third Party
Mission Programme. Through the ESA Earthnet Programme, researchers,
scientists and companies from around the world can apply to access
Planet’s high-frequency, high-resolution satellite data for
non-commercial use.
Financial Outlook
For the second quarter of fiscal year 2023, Planet expects
revenue to be in the range of approximately $41 million to $43
million, representing 38% year-over-year growth at the midpoint.
Non-GAAP Gross Margin is expected to be between approximately 44%
to 46%. Adjusted EBITDA is expected to be between approximately
($18) million and ($16) million. Capital Expenditure as a
Percentage of Revenue is expected to be between approximately 12%
and 14% of revenue for the second quarter.
For fiscal year 2023, Planet has updated its revenue outlook and
expects it to be in the range of approximately $177 million to $187
million. Non-GAAP Gross Margin is expected to be between
approximately 47% to 49%. Adjusted EBITDA is expected to be between
approximately ($70) million and ($60) million. Capital Expenditure
as a Percentage of Revenue is expected to be between approximately
11% 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, and 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 second 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 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 14, 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://ige.netroadshow.com/registration/q4inc/10942/planet-labs-pbc-fiscal-first-quarter-2023-earnings-call/.
You will then receive your access details via email.
Additionally, a supplemental Fiscal 1Q’23 Update 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, capturing over 30 TB of data per day. Planet
provides mission-critical data, advanced insights, and software
solutions to over 800 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, Non-GAAP
Gross Margin, which is derived from Non-GAAP Gross Profit, Adjusted
EBITDA and certain non-GAAP 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 cost of revenue, gross profit,
operating expenses, operating income, net income, 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.
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 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.
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; 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,”
“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; 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 ability to perform under future contracts and
may impact the renewal and final profitability of such contracts;
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 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 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, 2022 are not necessarily indicative of its operating results
for any future periods.
PLANET
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and par value
amounts)
April 30, 2022
January 31, 2022
Assets
Current assets
Cash and cash equivalents
$
484,489
$
490,762
Accounts receivable, net
24,581
44,373
Prepaid expenses and other current
assets
18,192
16,385
Total current assets
527,262
551,520
Property and equipment, net
125,329
133,280
Capitalized internal-use software, net
11,105
10,768
Goodwill
103,219
103,219
Intangible assets, net
13,604
14,197
Restricted cash, non-current
5,653
5,743
Operating lease right-of-use assets
7,035
—
Other non-current assets
2,787
2,714
Total assets
$
795,994
$
821,441
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
3,168
$
2,850
Accrued and other current liabilities
43,184
48,823
Deferred revenue
60,672
64,233
Liability from early exercise of stock
options
15,239
16,135
Operating lease liabilities, current
7,188
—
Total current liabilities
129,451
132,041
Deferred revenue
—
3,579
Deferred hosting costs
12,199
12,149
Public and private placement warrant
liabilities
19,948
23,224
Deferred rent
—
798
Operating lease liabilities,
non-current
2,271
—
Other non-current liabilities
1,419
1,405
Total liabilities
165,288
173,196
Commitments and contingencies
Stockholders’ equity
Common stock
27
27
Additional paid-in capital
1,450,098
1,423,151
Accumulated other comprehensive income
2,271
2,096
Accumulated deficit
(821,690
)
(777,029
)
Total stockholders’ equity
630,706
648,245
Total liabilities and stockholders’
equity
$
795,994
$
821,441
PLANET
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
Three Months Ended April
30,
(In thousands, except share and per share
amounts)
2022
2021
Revenue
$
40,127
$
31,957
Cost of revenue
23,628
19,126
Gross profit
16,499
12,831
Operating expenses
Research and development
24,750
12,130
Sales and marketing
18,855
10,653
General and administrative
20,608
8,315
Total operating expenses
64,213
31,098
Loss from operations
(47,714
)
(18,267
)
Interest expense
—
(2,527
)
Change in fair value of convertible notes
and warrant liabilities
3,276
(8,026
)
Other income (expense), net
392
(177
)
Total other income (expense), net
3,668
(10,730
)
Loss before provision for income taxes
(44,046
)
(28,997
)
Provision for income taxes
314
258
Net loss
(44,360
)
(29,255
)
Other comprehensive loss
Foreign currency translation adjustment,
net of tax
175
274
Comprehensive loss
$
(44,185
)
$
(28,981
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.17
)
$
(0.64
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
264,088,997
45,722,408
PLANET
CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
Three Months Ended April
30,
(In thousands)
2022
2021
Operating activities
Net loss
$
(44,360
)
$
(29,255
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities
Depreciation and amortization
11,625
11,475
Stock-based compensation, net of
capitalized cost
19,822
3,102
Change in fair value of convertible notes
and warrant liabilities
(3,276
)
8,026
Deferred income taxes
28
126
Amortization of debt discount and issuance
costs
—
759
Other
476
(31
)
Changes in operating assets and
liabilities
Accounts receivable
19,982
16,877
Prepaid expenses and other assets
(403
)
771
Accounts payable, accrued and other
liabilities
(3,712
)
742
Deferred revenue
(6,947
)
(12,050
)
Deferred hosting costs
231
3,864
Deferred rent
—
(524
)
Net cash provided by (used in) operating
activities
(6,534
)
3,882
Investing activities
Purchases of property and equipment
(2,861
)
(1,847
)
Capitalized internal-use software
(645
)
(767
)
Other
(146
)
(152
)
Net cash used in investing activities
(3,652
)
(2,766
)
Financing activities
Proceeds from the exercise of common stock
options
4,963
2,156
Class A common stock withheld to satisfy
employee tax withholding obligations
(411
)
—
Net cash provided by financing
activities
4,552
2,156
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(649
)
(40
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(6,283
)
3,232
Cash, cash equivalents and restricted cash
at the beginning of the period
496,814
76,540
Cash, cash equivalents and restricted
cash at the end of the period
$
490,531
$
79,772
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended April
30,
(in thousands)
2022
2021
Net loss
$
(44,360
)
$
(29,255
)
Interest expense
—
2,527
Interest income
(112
)
(4
)
Income tax provision
314
258
Depreciation and amortization
11,625
11,475
Change in fair value of convertible notes
and warrant liabilities
(3,276
)
8,026
Stock-based compensation
19,822
3,102
Other (income) expense
(280
)
181
Adjusted EBITDA
$
(16,267
)
$
(3,690
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended April
30,
(in thousands)
2022
2021
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
23,628
$
19,126
Less: Stock-based compensation
1,319
234
Less: Amortization of acquired intangible
assets
431
—
Non-GAAP cost of revenue
$
21,878
$
18,892
Reconciliation of gross profit:
GAAP gross profit
$
16,499
$
12,831
Add: Stock-based compensation
1,319
234
Add: Amortization of acquired intangible
assets
431
—
Non-GAAP gross profit
$
18,249
$
13,065
GAAP gross margin
41
%
40
%
Non-GAAP gross margin
45
%
41
%
Reconciliation of operating
expenses:
GAAP research and development
$
24,750
$
12,130
Less: Stock-based compensation
8,229
1,056
Less: Amortization of acquired intangible
assets
—
—
Non-GAAP research and development
$
16,521
$
11,074
GAAP sales and marketing
$
18,855
$
10,653
Less: Stock-based compensation
3,637
636
Less: Amortization of acquired intangible
assets
153
—
Non-GAAP sales and marketing
$
15,065
$
10,017
GAAP general and administrative
$
20,608
$
8,315
Less: Stock-based compensation
6,637
1,176
Less: Amortization of acquired intangible
assets
80
363
Non-GAAP general and administrative
$
13,891
$
6,776
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220614005976/en/
Investor Contacts Chris Genualdi Planet Labs PBC
ir@planet.com
Press Contacts Megan Zaroda Planet Labs PBC
comms@planet.com
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