Delivers Record Third Quarter Revenue of $49.7
Million, up 57% Year-over-Year Expands YoY Third Quarter GAAP Gross
Margin Expansion to 50% from 34% Increases Full Year Revenue
Guidance for FY’23 to $188-192 million, or 45% YoY Growth at the
Midpoint
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 third quarter for the
period ended October 31, 2022, demonstrating continued growth and
momentum of its unique data subscription business.
“We delivered another quarter of great results, which we believe
is a testament to the strong execution across the company and the
mission-critical nature of our data,” said Will Marshall, Planet’s
Co-Founder, Chief Executive Officer and Chairperson. “We saw great
momentum in the government segment and announced multiple exciting
new strategic partnerships in the commercial sector. Planet’s
growth continues to be underpinned by global, secular tailwinds
that are driving demand for our solutions. Our data helps enable
customers and partners to address today’s most complex issues,
ranging from climate risk and adaptation to geopolitical
security.”
Ashley Johnson, Planet’s Chief Financial and Operating Officer,
added, “For the third quarter of fiscal year 2023, we delivered
$49.7 million in revenue, a growth rate of 57% year-over-year,
expanded Non-GAAP Gross Margin to 54%, and ended the quarter with
$425 million of cash, cash equivalents and short-term investments.
Q3 marked another great quarter for Planet and we expect to close
out the year strong with the quarter ahead.”
Fiscal Third Quarter 2022 Financial and Key Metric
Highlights:
- Third quarter revenue increased 57% year-over-year to $49.7
million.
- Percent of Recurring Annual Contract Value (ACV) for the third
quarter was 94%.
- End of Period (EoP) Customer Count increased 16% year-over-year
to 864 customers.
- Net dollar retention rate for the quarter was 123%, while net
dollar retention rate with winbacks was 125%.
- Third quarter gross margin expanded to 50%, compared to 34% in
the third quarter of fiscal year 2022.
- Third quarter Non-GAAP Gross Margin(1) expanded to 54%,
compared to 35% in the third quarter of fiscal year 2022.
- Ended the quarter with $425 million in cash, cash equivalents
and short-term investments.
(1) Please see “Planet’s Use of Non-GAAP Financial Measures”
below for a discussion on how Planet calculates the non-GAAP
financial measures presented herein. In addition, please find below
a reconciliation to the most directly comparable U.S. GAAP
financial measure
Recent Business Highlights:
Growing Customer and Partner Relationships:
- Accenture: Planet announced a collaboration agreement with
Accenture, through its Accenture Ventures Project Spotlight
initiative, to combine Planet’s high frequency satellite data with
Accenture’s industry and technology expertise. Planet and Accenture
plan to collaborate on an array of sustainability and impact
initiatives, including traceable supply chain strategy and
data-based climate risk assessments to mitigate disruption across
global value chains.
- Amazon Web Services (AWS): Planet data can now be directly
embedded into AWS SageMaker, enabling data scientists and machine
learning (ML) engineers to acquire global, daily satellite data to
build, train, and deploy ML models using geospatial data with
greater efficiency. This new collaboration with AWS enables a
go-to-market strategy to accelerate data access within geospatial
tools and cloud platforms.
- Microsoft: Planet expanded its work with Microsoft's AI for
Good Lab. Planet will be supplying satellite data to support
African climate adaptation projects developed out of the first
global expansion of AI for Good Labs into Nairobi, Kenya and Cairo,
Egypt. This work builds on prior projects including a collaboration
with Microsoft and The Nature Conservancy on the Global Renewables
Watch, which is mapping the world's utility-scale solar and wind
installations, and the creation of a building damage assessment
tool of Ukraine used by the United Nations.
- International Ministry of Defense Customer: During the quarter,
Planet closed a renewal and expansion contract with an
international ministry of defense customer worth greater than $10
million over the next 12 months. Planet has partnered with this
customer for over 3 years and is proud to continue supporting their
geospatial needs.
- ZEP-RE: Planet signed a new deal with ZEP-RE, a reinsurance
provider based in Nairobi, Kenya. ZEP-RE is leveraging Planet’s
Basemaps products to enhance drought risk protection in the Horn of
Africa. Working with Planet, they aim to expand their insurance
program from supporting 150,000 to over 250,000 pastoralists. In
the process, ZEP-RE is seeking to generate a drought index that can
be customized to locations to determine payout amounts, generate
premium rates, and enable faster claims.
- Ukraine: Planet continued to support the critical response
efforts in Ukraine by providing imagery to governments, aid and
relief organizations, think tanks and the media.
Bringing New Technologies to Market:
- Salo Sciences: Planet signed an agreement to acquire Salo
Sciences, Inc., an innovative, San Francisco-based climate
technology company specializing in measuring Earth’s constantly
changing ecosystems. Salo Sciences’ current products include a
Planet-powered forest carbon measurement tool that can help enable
climate, sustainable land use solutions, and much more. With this
acquisition, and using PlanetScope data as a foundational layer,
Planet plans to further develop its offerings to help customers
monitor forest change, quantify carbon stocks, track carbon offsets
and mitigate climate risks. The acquisition is expected to close
early next year and is subject to customary closing
conditions.
- Enhanced Analytics: Planet is now offering an improved vessel
detection algorithm that increases the company’s ability to support
Maritime Domain Awareness activities and missions. The new
algorithm brings enhanced performance enabling Planet to better
monitor millions of km2 of open ocean including the South China
Sea, Gulf of Mexico and other high traffic areas. This renewed
investment in its ship detection capabilities will allow Planet’s
customers to track the movement of vessels across the globe, from
ports to strategic waterways, empowering them to make more
strategic decisions.
Impact and Education:
- Nonprofit and NGO Program: Planet launched an offering that
provides access to Planet imagery and support services specifically
for nonprofits and non-governmental organizations (NGOs) to help
users better extract information, create applications that power
decisions and enable action, and potentially incubate powerful new
use cases relevant to commercial market segments.
- COP27 and COP15: Planet presented at both the United Nations
climate change conference (COP27) and its convention on biological
diversity (COP15), announcing a string of partnerships at each.
This ranged from using satellites to monitor key biodiversity areas
to the intent to create a location dataset for global supply chains
that aims to increase resilience. These types of collaborations can
bring critical data to support measurement to accelerate humanity’s
critical environmental ambitions.
Financial Outlook
For the fourth quarter of fiscal year 2023, Planet expects
revenue to be in the range of approximately $50 million to $54
million, representing approximately 40% year-over-year growth at
the midpoint. Non-GAAP Gross Margin is expected to be between
approximately 56% to 59%. Adjusted EBITDA is expected to be between
approximately ($21) million and ($16) million. Capital Expenditure
as a Percentage of Revenue is expected to be between approximately
8% and 11% of revenue for the fourth quarter.
For fiscal year 2023, Planet has increased its revenue outlook
and expects it to be in the range of approximately $188 million to
$192 million, representing approximately 45% growth at the
midpoint. Non-GAAP Gross Margin is expected to be between
approximately 52% to 53%. Adjusted EBITDA is expected to be between
approximately ($60) million and ($56) million. Capital Expenditure
as a Percentage of Revenue is expected to be between approximately
8% to 9% for the full fiscal year 2023.
Planet has not reconciled its Non-GAAP Gross Margin outlook,
which is derived from Non-GAAP Gross Profit, or Adjusted EBITDA
outlook to their most directly comparable GAAP measures (gross
profit and net loss, respectively) because certain items that
impact gross profit and net loss, such as stock-based compensation
expenses and (in the case of Adjusted EBITDA) depreciation and
amortization, are uncertain or out of Planet’s control and cannot
be reasonably predicted. The actual amount of these expenses during
the fourth 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, December 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://www.netroadshow.com/events/login?show=c6456d36&confId=44766.
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, 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, certain
Non-GAAP Expenses described further below, Non-GAAP Loss from
Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share
and Adjusted EBITDA which are non-GAAP performance measures that
the Company uses to supplement its results presented in accordance
with U.S. GAAP. The Company believes these non-GAAP financial
measures are useful in evaluating its operating performance, as
they are similar to measures reported by the Company’s public
competitors and are regularly used by analysts, institutional
investors, and other interested parties in analyzing operating
performance and prospects. Further, the Company believes such
non-GAAP measures are helpful in highlighting trends in the
Company’s operating results because they exclude items that are not
indicative of the Company’s core operating performance. In
addition, the Company includes these non-GAAP financial measures
because they are used by management to evaluate the Company’s core
operating performance and trends and to make strategic decisions
regarding the allocation of capital and new investments.
Non-GAAP financial measures have limitations as analytical tools
and should not be considered in isolation from, as a substitute
for, or superior to, measures of financial performance prepared in
accordance with U.S. GAAP. Specifically, these measures should not
be considered as an alternative to cost of revenue, gross profit,
operating expenses, operating income, net income, earnings per
share, or any other performance measures derived in accordance with
U.S. GAAP or as an alternative to cash flows from operating
activities as a measure of liquidity. The non-GAAP financial
measures presented are not based on any standardized methodology
prescribed by U.S. GAAP and are not necessarily comparable to
similarly-titled measures presented by other companies. Further,
the non-GAAP financial measures presented exclude stock-based
compensation expenses, which has recently been, and will continue
to be for the foreseeable future, a significant recurring expense
for the Company’s business and an important part of its
compensation strategy.
Planet calculates these non-GAAP financial measures as
follows:
Non-GAAP Gross Profit and Non-GAAP Gross
Margin: The Company defines and calculates Non-GAAP Gross
Profit as gross profit adjusted for stock-based compensation
expenses and amortization of acquired intangible assets classified
as cost of revenue, and Non-GAAP Gross Margin as the percentage of
Non-GAAP Gross Profit to revenue.
Non-GAAP Expenses: The Company
defines and calculates Non-GAAP cost of revenue, Non-GAAP research
and development expenses, Non-GAAP sales and marketing expenses,
and Non-GAAP general and administrative expenses as, in each case,
the corresponding U.S. GAAP financial measure (cost of revenue,
research and development expenses, sales and marketing expenses,
and general and administrative expenses) adjusted for stock-based
compensation expenses and amortization of acquired intangible
assets that are classified within each of the corresponding U.S.
GAAP financial measures.
Non-GAAP Loss from Operations: The
Company defines and calculates Non-GAAP Loss from Operations as
loss from operations adjusted for stock-based compensation expenses
and amortization of acquired intangible assets.
Non-GAAP Net Loss and Non-GAAP Net Loss
per Diluted Share: The Company defines and calculates
Non-GAAP Net Loss as net loss adjusted for stock-based compensation
expenses, amortization of acquired intangible assets and the tax
effects of the adjustments. The Company defines and calculates
Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss divided by
diluted weighted-average common shares outstanding.
Adjusted EBITDA: The Company
defines and calculates Adjusted EBITDA as net loss before the
impact of interest income and expense, income tax expense and
depreciation and amortization, and further adjusted for the
following items: stock-based compensation; change in fair value of
convertible notes and warrant liabilities; gain or loss on the
extinguishment of debt; and non-operating income and expenses such
as foreign currency exchange gain or loss.
Other Key Metrics
Percent of Recurring ACV: The
Company defines Annual Contract Value (“ACV”) for contracts of one
year or greater as the total amount of value that a customer has
contracted to pay for the most recent 12 month period for the
contract. For short-term contracts (contracts less than 12 months),
ACV is equal to total contract value. The Company defines Percent
of Recurring ACV as the dollar value of all data subscription
contracts and the committed portion of usage-based contracts
divided by the total dollar value of all contracts in its ACV Book
of Business at a specific point in time. The Company defines ACV
Book of Business as the sum of the ACV of all contracts that are
active on the last day of the period pursuant to the effective
dates and end dates of such contracts. The Company believes Percent
of Recurring ACV is a useful metric for investors and management to
track as it helps to illustrate how much of its revenue comes from
customers that have the potential to renew their contracts over
multiple years rather than being one-time in nature. In calculating
Percent of Recurring ACV, management applies judgment as to which
customers have an active contract at a period end for the purpose
of determining ACV Book of Business, which is used as part of the
calculation of Percent of Recurring ACV.
EoP Customer Count: The Company
defines EoP Customer Count as the total count of all existing
customers at the end of the period. It defines existing customers
as customers with an active contract with the Company at the end of
the reported period. For the purpose of this metric, the Company
defines a customer as a distinct entity that uses its data or
services. The Company sells directly to customers, as well as
indirectly through its partner network. If a partner does not
provide the end customer’s name, then the partner is reported as
the customer. Each customer, regardless of the number of active
opportunities with the Company, is counted only once. For example,
if a customer utilizes multiple products of the Company, the
Company only counts that customer once for purposes of EoP Customer
Count. A customer with multiple divisions, segments, or
subsidiaries are also counted as a single unique customer based on
the parent organization or parent account. The Company believes EoP
Customer Count is a useful metric for investors and management to
track as it is an important indicator of the broader adoption of
its platform and is a measure of its success in growing its market
presence and penetration. In calculating EoP Customer Count,
management applies judgment as to which customers are deemed to
have an active contract in a period, as well as whether a customer
is a distinct entity that uses the Company’s data or services.
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 be able to
successfully close the agreement to acquire Salo Sciences, Inc. in
a timely manner, or at all; whether the Company will realize any of
the potential benefits from strategic acquisitions, such as the
Salo Sciences, Inc. acquisition; 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 scale its organization and operating results;
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 (including the Quarterly Report on Form 10-Q
filed December 14, 2022). 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 October
31, 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)
October 31, 2022
January 31, 2022
Assets
Current assets
Cash and cash equivalents
$
199,124
$
490,762
Short-term investments
226,163
—
Accounts receivable, net
29,009
44,373
Prepaid expenses and other current
assets
26,347
16,385
Total current assets
480,643
551,520
Property and equipment, net
115,385
133,280
Capitalized internal-use software, net
11,181
10,768
Goodwill
103,219
103,219
Intangible assets, net
12,419
14,197
Restricted cash, non-current
5,163
5,743
Operating lease right-of-use assets
15,806
—
Other non-current assets
3,412
2,714
Total assets
$
747,228
$
821,441
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,557
$
2,850
Accrued and other current liabilities
42,629
48,823
Deferred revenue
47,698
64,233
Liability from early exercise of stock
options
13,446
16,135
Operating lease liabilities, current
3,538
—
Total current liabilities
109,868
132,041
Deferred revenue
—
3,579
Deferred hosting costs
9,853
12,149
Public and private placement warrant
liabilities
17,855
23,224
Deferred rent
—
798
Operating lease liabilities,
non-current
14,024
—
Other non-current liabilities
1,461
1,405
Total liabilities
153,061
173,196
Commitments and contingencies
Stockholders’ equity
Common stock
27
27
Additional paid-in capital
1,494,652
1,423,151
Accumulated other comprehensive income
943
2,096
Accumulated deficit
(901,455
)
(777,029
)
Total stockholders’ equity
594,167
648,245
Total liabilities and stockholders’
equity
$
747,228
$
821,441
PLANET
CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands, except share and per share
amounts)
2022
2021
2022
2021
Revenue
$
49,704
$
31,700
$
138,281
$
94,063
Cost of revenue
24,728
20,811
73,333
59,757
Gross profit
24,976
10,889
64,948
34,306
Operating expenses
Research and development
27,598
14,959
79,085
39,521
Sales and marketing
19,383
12,441
57,721
33,691
General and administrative
20,627
11,800
61,128
31,939
Total operating expenses
67,608
39,200
197,934
105,151
Loss from operations
(42,632
)
(28,311
)
(132,986
)
(70,845
)
Interest income
2,853
8
4,276
12
Interest expense
—
(2,612
)
—
(7,750
)
Change in fair value of convertible notes
and warrant liabilities
(19
)
(10,172
)
5,369
(11,429
)
Other income (expense), net
1
(60
)
123
(325
)
Total other income (expense), net
2,835
(12,836
)
9,768
(19,492
)
Loss before provision for income taxes
(39,797
)
(41,147
)
(123,218
)
(90,337
)
Provision for income taxes
439
394
907
822
Net loss
$
(40,236
)
$
(41,541
)
$
(124,125
)
$
(91,159
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.15
)
$
(0.88
)
$
(0.47
)
$
(1.97
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
267,947,661
47,137,377
266,104,962
46,360,220
PLANET
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands)
2022
2021
2022
2021
Net loss
$
(40,236
)
$
(41,541
)
$
(124,125
)
$
(91,159
)
Other comprehensive income (loss), net of
tax:
Foreign currency translation
adjustment
(235
)
139
82
335
Change in fair value of available-for-sale
securities
(1,538
)
—
(1,235
)
—
Other comprehensive income (loss), net of
tax
(1,773
)
139
(1,153
)
335
Comprehensive loss
$
(42,009
)
$
(41,402
)
$
(125,278
)
$
(90,824
)
PLANET
CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
Nine Months Ended October
31,
(In thousands)
2022
2021
Operating activities
Net loss
$
(124,125
)
$
(91,159
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
33,997
33,865
Stock-based compensation, net of
capitalized cost
59,841
12,619
Change in fair value of convertible notes
and warrant liabilities
(5,369
)
11,429
Deferred income taxes
39
406
Amortization of debt discount and issuance
costs
—
2,328
Other
516
140
Changes in operating assets and
liabilities
Accounts receivable
15,237
32,336
Prepaid expenses and other assets
(9,472
)
(12,860
)
Accounts payable, accrued and other
liabilities
(8,649
)
2,061
Deferred revenue
(19,382
)
(17,401
)
Deferred hosting costs
(1,751
)
6,759
Deferred rent
—
(1,539
)
Net cash used in operating activities
(59,118
)
(21,016
)
Investing activities
Purchases of property and equipment
(9,008
)
(6,051
)
Capitalized internal-use software
(1,737
)
(2,678
)
Maturities of available-for-sale
securities
13,000
—
Purchases of available-for-sale
securities
(239,321
)
—
Other
(412
)
(454
)
Net cash used in investing activities
(237,478
)
(9,183
)
Financing activities
Proceeds from the exercise of common stock
options
10,909
6,866
Class A common stock withheld to satisfy
employee tax withholding obligations
(4,328
)
—
Proceeds from the early exercise of common
stock options
—
17,928
Payment of transaction costs related to
the Business Combination
(326
)
(5,281
)
Other
122
—
Net cash provided by financing
activities
6,377
19,513
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(1,781
)
(807
)
Net decrease in cash, cash equivalents and
restricted cash
(292,000
)
(11,493
)
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
$
204,814
$
65,047
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(in thousands)
2022
2021
2022
2021
Net loss
$
(40,236
)
$
(41,541
)
$
(124,125
)
$
(91,159
)
Interest expense
—
2,612
—
7,750
Interest income
(2,853
)
(8
)
(4,276
)
(12
)
Income tax provision
439
394
907
822
Depreciation and amortization
10,785
11,349
33,997
33,865
Change in fair value of convertible notes
and warrant liabilities
19
10,172
(5,369
)
11,429
Stock-based compensation
19,438
4,643
59,841
12,619
Other (income) expense
(1
)
60
(123
)
325
Adjusted EBITDA
$
(12,409
)
$
(12,319
)
$
(39,148
)
$
(24,361
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands)
2022
2021
2022
2021
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
24,728
$
20,811
$
73,333
$
59,757
Less: Stock-based compensation
1,317
226
3,992
688
Less: Amortization of acquired intangible
assets
366
—
1,163
—
Non-GAAP cost of revenue
$
23,045
$
20,585
$
68,178
$
59,069
Reconciliation of gross profit:
GAAP gross profit
$
24,976
$
10,889
$
64,948
$
34,306
Add: Stock-based compensation
1,317
226
3,992
688
Add: Amortization of acquired intangible
assets
366
—
1,163
—
Non-GAAP gross profit
$
26,659
$
11,115
$
70,103
$
34,994
GAAP gross margin
50
%
34
%
47
%
36
%
Non-GAAP gross margin
54
%
35
%
51
%
37
%
Reconciliation of operating
expenses:
GAAP research and development
$
27,598
$
14,959
$
79,085
$
39,521
Less: Stock-based compensation
7,910
1,720
24,642
4,068
Less: Amortization of acquired intangible
assets
—
—
—
—
Non-GAAP research and development
$
19,688
$
13,239
$
54,443
$
35,453
GAAP sales and marketing
$
19,383
$
12,441
$
57,721
$
33,691
Less: Stock-based compensation
3,221
677
10,615
1,959
Less: Amortization of acquired intangible
assets
153
—
458
—
Non-GAAP sales and marketing
$
16,009
$
11,764
$
46,648
$
31,732
GAAP general and administrative
$
20,627
$
11,800
$
61,128
$
31,939
Less: Stock-based compensation
6,990
2,020
20,592
5,904
Less: Amortization of acquired intangible
assets
80
362
240
1,088
Non-GAAP general and administrative
$
13,557
$
9,418
$
40,296
$
24,947
Reconciliation of loss from
operations
GAAP loss from operations
$
(42,632
)
$
(28,311
)
$
(132,986
)
$
(70,845
)
Add: Stock-based compensation
19,438
4,643
59,841
12,619
Add: Amortization of acquired intangible
assets
599
362
1,861
1,088
Non-GAAP loss from operations
$
(22,595
)
$
(23,306
)
$
(71,284
)
$
(57,138
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
(In thousands, except share and per share
amounts)
2022
2021
2022
2021
Reconciliation of net loss
GAAP net loss
$
(40,236
)
$
(41,541
)
$
(124,125
)
$
(91,159
)
Add: Stock-based compensation
19,438
4,643
59,841
12,619
Add: Amortization of acquired intangible
assets
599
362
1,861
1,088
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss
$
(20,199
)
$
(36,536
)
$
(62,423
)
$
(77,452
)
Reconciliation of net loss per share,
diluted
GAAP net loss
$
(40,236
)
$
(41,541
)
$
(124,125
)
$
(91,159
)
Non-GAAP net loss
$
(20,199
)
$
(36,536
)
$
(62,423
)
$
(77,452
)
GAAP net loss per share, basic and diluted
(1)
$
(0.15
)
$
(0.88
)
$
(0.47
)
$
(1.97
)
Add: Stock-based compensation
0.07
0.10
0.22
0.27
Add: Amortization of acquired intangible
assets
—
0.01
0.01
0.02
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss per share, diluted (2)
(3)
$
(0.08
)
$
(0.78
)
$
(0.23
)
$
(1.67
)
Weighted-average shares used in computing
GAAP net loss per share, basic and diluted (1)
267,947,661
47,137,377
266,104,962
46,360,220
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted (2)
267,947,661
47,137,377
266,104,962
46,360,220
(1) Basic and diluted GAAP net loss per
share was the same for each period presented as the inclusion of
all potential Class A common stock and Class B common stock
outstanding would have been anti-dilutive.
(2) Non-GAAP net loss per share, diluted
is calculated using weighted-average shares, adjusted for dilutive
potential shares assumed outstanding during the period. No
adjustment was made to weighted-average shares for each period
presented as the inclusion of all potential Class A common stock
and Class B common stock outstanding would have been
anti-dilutive.
(3) Totals may not sum due to rounding.
Figures are calculated based upon the respective underlying
non-rounded data.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221214005940/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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