Planet Labs Pbc · NYSE:PL
Planet Labs Pbc — Q2 2024 Earnings Presentation
32 slides from Planet Labs Pbc's earnings presentation, Sep 7, 2023
Slide 1: Fiscal 2Q'24 Update
FISCAL 2Q’24 UPDATE September 7, 2023 WOMEN’S WORLD CUP • SYDNEY, AUSTRALIA July 10, 2023 • 50cm SkySat
Slide 2: Disclaimers: Forward-looking Statements
Disclaimers Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events o
Slide 3: Disclaimers: Use of Non-GAAP Financial Measures
Disclaimers Use of Non-GAAP Financial Measures This presentation includes Non-GAAP Gross Profit, Non-GAAP Gross Margin, 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-
Slide 4: Planet's Mission
EARNINGS UPDATE PLANET’S MISSION To image the whole world every day and make global change visible, accessible, and actionable. Our Public Benefit Corporation (PBC) Purpose: To accelerate humanity toward a more sustainable, secure, and prosperous world by illuminating environmental and social change.
Slide 5: The Planet Opportunity
EARNINGS UPDATE The Planet Opportunity UNIQUE DATA Daily, Global Scanning + High Resolution Tasking LARGE AGRICULTURE DEFENSE & INTELLIGENCE CIVIL TECHNOLOGY & SERVICES ADDRESSABLE MARKET NATURAL RESOURCE ENERGY FINANCE INSURANCE MANAGEMENT HIGHLY SCALABLE One-to-Many Model BUSINESS MODEL © Copyrigh
Slide 6: Planet is 'the Bloomberg Terminal' for Earth Data
EARNINGS UPDATE Planet is ‘the Bloomberg Terminal’ for Earth Data 6 © Copyright 2023 Planet Labs PBC All Rights Reserved 6
Slide 7: Q2 at a Glance
EARNINGS UPDATE Q2 at a Glance Recent Highlights ● US Space Force Expansion $53.8M 52% $(14.5)M ● Multiple Canadian Province Expansions Revenue Non-GAAP Adjusted ● UK Rural Payments in 2Q’24 Gross Margin(1) EBITDA(1) Agency Win in 2Q’24 in 2Q’24 ● Sinergise Acquisition Complete ● Announced Global Fo
Slide 8: Recent Business Highlights
EARNINGS UPDATE Recent Business Highlights DEFENSE & INTELLIGENCE CIVIL GOVERNMENT DEFENSE & INTELLIGENCE Contract Expansion & Extension New 7-figure ACV Customer New 7-figure ACV Customer U.S. Space Force UK Rural Payments Agency Ministry of Foreign Affairs in Asia CIVIL GOVERNMENT PRODUCT ANNOUNCEME
Slide 9: Sinergise Acquisition Complete
EARNINGS UPDATE Sinergise Acquisition Complete + = PLANET SINERGISE COMBINED VALUE A leading provider of daily data A powerful platform for finding, processing, The integration will allow us to provide customers a and insights about Earth managing, and visualizing EO data from faster way of getting s
Slide 10: Sinergise at a Glance
EARNINGS UPDATE Sinergise at a Glance ● Enhances data usability and simplicity ● Removes barriers to access for a wider audience to gain insights and value from Earth data Cloud API ● Expands our addressable market and customer base Data Sources ● Self-serve platform already serves thousands of user
Slide 11: Global Forest Carbon Planetary Variable
Global Forest Carbon Planetary Variable Planet plans to launch a global 30 meter resolution forest carbon dataset in 2023, followed by a global 3 meter resolution dataset in 2024. Applications include: · Measuring Carbon Offsets / Insets · Deforestation Monitoring for Supply Chains · Financial & Ins
Slide 12: Mission-Critical Data for a Rapidly Changing Planet
EARNINGS UPDATE Mission-Critical Data for a Rapidly Changing Planet Damage Assessment for First Tracking Cargo Ship Bottlenecks Imaging Probable Wagner Group Responders in Maui Fires at the Panama Canal Encampments in Belarus Measuring and Tracking Flash Capturing Renewable Energy Understanding the
Slide 13: Disaster Response
DISASTER RESPONSE Planet’s SkySat imagery captured the damage to Lahaina, Hawaii following the devastating wildfire in early August. This slide shows the damage assessment that was built by combining an AI-model with Planet’s satellite imagery, which was used by first responders. Planet’s partnership
Slide 14: Defense & Intelligence
DEFENSE & INTELLIGENCE Satellite data is being used to support transparency, accountability and security in conflict zones. The applications are critical to government and NGOs worldwide. Satellite imagery continues to play a key role in giving a clear view of the situation in Ukraine — both of the d
Slide 15: Environmental Monitoring & Disaster Response
ENVIRONMENTAL MONITORING & DISASTER RESPONSE Record rainfall caused heavy flooding in drought-stricken central Spain, shutting down roads, subway lines, and high-speed train connections. A high-resolution Planet SkySat captured this set of before and after images of the village, Villamanta, which was
Slide 16: After Flooding, Villamanta, Spain
© Copyright 2023 Planet Labs PBC All Rights Reserved AFTER FLOODING • Villamanta, Spain • September 5, 2023 • 50cm SkySat
Slide 17: Environmental Monitoring
ENVIRONMENTAL MONITORING Through Planet’s contract with NASA under the Commercial SmallSat Data Acquisition Program, researchers are granted access to Planet's daily data. Some are using the high-frequency data to monitor environmental change such as the recent increase in sargassum macroalgae in th
Slide 18: Flash Drought Risk
FLASH DROUGHT RISK Planet’s Soil Water Content (SWC) Planetary Variable captures the conditions that signal drought using granular, real-time measurements. Tracking these risk “hotspots” with SWC can help signal potential flash droughts and enable proactive measures to mitigate water scarcity, wildfir
Slide 19: Planet Media Highlights
EARNINGS UPDATE Planet Media Highlights JUNE 29 | Satellite Images Show Suspected Wagner Tents AUG 19 | An AI Model Tested In The Ukraine War Is Helping Assess at Belarus Military Base Damage From The Hawaii Wildfires AUG 18 | How Satellites Are JUNE 30 | From space taxis to JUNE 29 | U.S. Companies
Slide 20: Diversified Business Mix
EARNINGS UPDATE Diversified Business Mix 2Q’24 Revenue 2Q’24 Revenue by Geography by Customer Type 4% 33% 26% 41% 56% 14% 26% Note: Planet has a Fiscal Year (FY) ending January 31. Note: Estimations include rounding assumptions. Note: North America (“NAM”); Asia Pacific & Japan (“APJ”); Europe, Middle
Slide 21: Strong Revenue Growth
EARNINGS UPDATE Strong Revenue Growth Q2 Revenue YoY ($ in millions) Annual Revenue ($ in millions) +15% YoY Growth at the midpoint +11% YoY 53.8 48.5 30.4 1 Note: Planet has a Fiscal Year (FY) ending January 31. © Copyright 2023 Planet Labs PBC All Rights Reserved 21 1 Revenue guidance range provid
Slide 22: Growing Customer Base
EARNINGS UPDATE Growing Customer Base 944 EoP Customer Count EoP 2Q’24 EoP Customer Count 92% Recurring ACV EoP 2Q’24 >90% Annual or Multi-Year Contracts EoP 2Q’24 © Copyright 2023 Planet Labs PBC All Rights Reserved 22 Note: Planet has a Fiscal Year (FY) ending January 31.
Slide 23: Driving Customer Expansions
EARNINGS UPDATE We define Net Dollar Retention Rate (NDRR)2 as the percentage of ACV generated by existing customers in a given Driving Customer Expansions period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers.3 134% A winback is a p
Slide 24: Non-GAAP Gross Margin
EARNINGS UPDATE Non-GAAP Gross Margin1 2Q’24 Non-GAAP Gross Margin impacted by ~4 pps due to the accelerated depreciation of two SkySats Key Drivers ● Strong Top-line Growth ● Efficiency of Vertically-Integrated Agile Space Missions Model ● Scalable Data Subscription Model ● Enterprise and Government
Slide 25: Focus and Prioritization
EARNINGS UPDATE Focus and Prioritization Align Teams and Resources Behind Core Opportunities Defense & Intelligence, Civil Government, and Agricultural Solutions Increase Sales Efficiency and Shorten Customer Time to Value Support Small Opportunities via Sinergise Platform; Steamline & Simplify Sales
Slide 26: Fiscal 3Q'24 and FY'24 Outlook
EARNINGS UPDATE Fiscal 3Q’24 and FY’24 Outlook 3Q’24 FY’24 Revenue $54M - $56M $216M - $223M YoY Revenue Growth % +9% - 13% +13% - 17% Non-GAAP Gross Margin %(1)(2) 50% - 52% 52% - 54% Adjusted EBITDA(1)(2) ($15M) - ($13M) ($63M) - ($55M) Capex as a % of Revenue 22% - 25% 22% - 23% Note: Planet has
Slide 27: Appendix
APPENDIX Great Barrier Reef, Australia – July 8, 2016
Slide 28: Reconciliation of Non-GAAP Financial Measures
EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in millions) Non-GAAP Gross Margin1 % Three Months Ended Year Ended July 31, July 31, July 31, January January January 2021 2022 2023 31, 2021 31, 2022 31, 2023 GAAP Gross Profit $ 10.6 $ 23.5 $ 26.3 $ 25.8 $ 48.2 $94.0 (+) Stock-Based
Slide 29: Reconciliation of Non-GAAP Financial Measures
EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in thousands) Adjusted EBITDA1 Three Months Ended July 31, 2023 Net Loss $ (37,975) (+) Interest Income (3,802) (+) Income tax provision 582 (+) Depreciation and amortization 12,160 (+) Change in fair value of warrant liabilities (1,22
Slide 30: Definitions
EARNINGS UPDATE Definitions Non-GAAP Financial Measures Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets classified as cost of revenue, and other expen
Slide 31: Definitions
EARNINGS UPDATE Definitions 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 me
Slide 32: Media Credits
EARNINGS UPDATE Media Credits Slide 19: ● Washington Post, July 7, Satellite imagery shows evidence of new graves after Tigray massacres ● Fortune, June 30, From space taxis to Mars missions, five space industry insiders discuss the biggest extra-terrestrial opportunities ● Wall Street Journal, June