Planet Labs Pbc · NYSE:PL
Planet Labs Pbc — Q4 2023 Earnings Presentation
30 slides from Planet Labs Pbc's earnings presentation, Mar 29, 2023
Slide 1: Fiscal 4Q'23 Update
FISCAL 4Q’23 UPDATE March 29, 2023 RANKEN, AUSTRALIA • March 12, 2023
Slide 2: Disclaimers: Forward-looking Statements
Disclaimers Forward-looking Statements Except for the historical information contained herein, the matters set forth in this presentation are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limi
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, which is derived from Non-GAAP Gross Profit, and Adjusted EBITDA, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance wi
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: Q4 Highlights
EARNINGS UPDATE Q4 Highlights HIGH GROWTH STRONG VISIBILITY HIGH PREDICTABILITY +43% >95% 94% YoY Revenue Annual or % Recurring Growth Multi-Year Contracts ACV vs +23% YoY 4Q’22 EoP 4Q’23 EoP 4Q’23 HIGHLY SCALABLE STRONG BALANCE SHEET 58% $409M Non-GAAP Cash, Cash Equivalents, Gross Margin(1) Short-
Slide 8: Recent Business Highlights
EARNINGS UPDATE Recent Business Highlights Customer Win Program Extension Customer Win >$10m ACV Win Program Extension New Customer Win Norway’s International Climate Pacific Gas & Electric International and Forestry Initiative (NICFI) Company (PG&E) D&I Customer Customer Win Acquisition Announcement
Slide 9: Signed Acquisition Agreement with Sinergise
EARNINGS UPDATE Signed Acquisition Agreement with Sinergise + = PLANET TODAY 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 fast
Slide 10: Signed Acquisition Agreement with Sinergise
EARNINGS UPDATE Signed Acquisition Agreement with Sinergise ● Enhances data usability and simplicity ● Removes barriers to access for a wider audience to Cloud API gain insights and value from Earth data Data Sources ● Expands our addressable market and customer base ● Users include software develop
Slide 11: Mission-Critical Data for a Rapidly Changing Planet
EARNINGS UPDATE Mission-Critical Data for a Rapidly Changing Planet Near-Persistent Monitoring for Disaster Response for Flooding Protecting Global Forest Assets Defense & Intelligence Analysts Wildfire Risk Monitoring for Measuring the Food Security Monitoring Sewage and Spillage Utility Companies C
Slide 12: Post Earthquake, Kahramanmaraş, Turkey
Earthquake damage & rescue efforts are clearly visible in central Kahramanmaraş, one of the cities hardest hit by the magnitude 7.8 and 7.5 earthquakes. POST EARTHQUAKE • Kahramanmaraş, Turkey • February 9, 2023 • SkySat
Slide 13: Post Earthquake, Hatay, Turkey
POST EARTHQUAKE • Hatay, Turkey • February 12, 2023 • SkySat
Slide 14: Turkana County, Kenya: ZEP-RE drought risk
ZEP-RE, a reinsurance company based in Nairobi, Kenya, is leveraging Planet’s analysis-ready, Surface Reflectance Basemaps to enhance drought risk protection in the Horn of Africa (HOA). Working with Planet, ZEP-RE aims to expand their insurance program to support over 250,000 pastoralists in the HOA
Slide 15: Tracking the Chinese Balloon
EARNINGS UPDATE Tracking the Chinese Balloon AI startup Synthetaic used Planet’s satellite data archive, model wind data (colored lines), and machine learning to trace the Chinese balloon from North America to its origin on Hainan Island. The balloon was successfully identified by Synthetaic’s efficie
Slide 16: Planet in the Media
EARNINGS UPDATE Planet in the Media Mar 9 Mar 1 Mar 21 Tracking the Chinese Balloon From How Russia Lost Dozens of Tanks in a Planet Labs Satellites Track a Changing Space Costly Battle in Eastern Ukraine Globe Feb 28 Feb 22 Jan 26 From ‘Paradise’ to Hell: how a luxury The Environmental Scars of Rus
Slide 17: Diversified Business Mix
EARNINGS UPDATE Diversified Business Mix FY23 Revenue FY23 Revenue by Geography by Customer Type 41% 36% 24% 28% © Copyright 2023 Planet Labs PBC All Rights Reserved 17 Note: Planet has a Fiscal Year (FY) ending January 31.
Slide 18: Strong Revenue Growth
EARNINGS UPDATE Strong Revenue Growth Growth Levers Annual Revenue ($ in millions) EXPAND WITH EXISTING CUSTOMERS +46% YoY Growth + Strong Net Dollar Retention + High Customer Satisfaction LAND NEW CUSTOMERS IN CORE MARKETS + Increasing Ramped AEs + Driving Pipeline Generation NEW PRODUCTS + NEW MAR
Slide 19: Growing Customer Base
EARNINGS UPDATE Growing Customer Base Consistent Customer Growth 882 >95% Customers Annual or Multi-Year EoP 4Q’23 Contracts EoP 4Q’23 EoP Customer Count 94% 134% Recurring ACV Net Dollar EoP 4Q’23 Retention Rate Including Winbacks EoP 4Q’23 © Copyright 2023 Planet Labs PBC All Rights Reserved 19 No
Slide 20: Driving Customer Expansions
EARNINGS UPDATE Driving Customer Expansions +18pps YoY Improvement 134% 131% 125% 127% 123% 125% NDRR + Winbacks 116% 108% NDRR 105% 105% 105% 100% 100% 96% 98% 93% 94% 90% 1 1 We define Net Dollar Retention Rate (NDRR)2 as the percentage of ACV generated by existing customers in a given period as co
Slide 21: Non-GAAP Gross Margin Expands with Scale
EARNINGS UPDATE Non-GAAP Gross Margin1 Expands with Scale Key Expansion Drivers - Strong Top-line Growth - Scalable Data Subscription Model - Efficiency of Vertically-Integrated Agile Space Missions Model - Enterprise and Government Customer Success Note: Planet has a Fiscal Year (FY) ending January
Slide 22: Investing for Market Opportunity
EARNINGS UPDATE Investing for Market Opportunity Sales & Software Next Gen Mergers & Marketing Engineering Data Sets Acquisitions Land & Expand Platform & Analytics To Meet Growing To Accelerate Market Demand Our Roadmap © 2022 PLANET LABS PBC ALL RIGHTS RESERVED © Copyright 2023 Planet Labs PBC All
Slide 23: Next-Generation Fleet: Pelican
EARNINGS UPDATE Next-Generation Fleet High Revisit, Planet’s next-generation satellite constellation High Res Data for delivering high-resolution, rapid revisit Meet Pelican information – anywhere on the globe. RESPONSIVE • RAPID REVISIT • HIGHLY PRECISE • INTEROPERABLE EXPANSIVE GREATER MORE HIGHER
Slide 24: Fiscal 1Q'24 and FY'24 Outlook
EARNINGS UPDATE Fiscal 1Q’24 and FY’24 Outlook 1Q’24 FY’24 Revenue $51M - $54M $248M - $268M YoY Revenue Growth % +27% - 35% +30% - 40% Non-GAAP Gross Margin %(1)(3) 53% - 55% 57% - 61% Adjusted EBITDA(2)(3) ($21M) - ($18M) ($47M) - ($37M) Capex as a % of Revenue 20% - 24% 18% - 21% ● Strong Top-lin
Slide 25: Appendix
APPENDIX Great Barrier Reef, Australia – July 8, 2016
Slide 26: Reconciliation of Non-GAAP Financial Measures
EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in millions) Non-GAAP Gross Margin1 % Three Months Ended Year Ended January 31, January 31, January 31, January 31, January 31, 2022 2023 2021 2022 2023 GAAP Gross Profit $ 13.9 $ 29.1 $ 25.8 $ 48.2 $94.0 (+) Stock-Based Compensation 1.
Slide 27: Update to Customer Industry Assignments
EARNINGS UPDATE Update to Customer Industry Assignments As part of the Planet sales organization’s FY’23 initiative to prioritize industries and use cases, the assignments of customer accounts were reviewed and updated by management. This review process included the re-evaluation of use cases assign
Slide 28: 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 expenses and amortization of acquired intangible assets classified as cost of revenue, and
Slide 29: 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 met
Slide 30: Media Credits
EARNINGS UPDATE Media Credits Slide 16: ● The New York Times, March 20, Tracking the Chinese Balloon From Space ● The Wall Street Journal, March 9, How Russia Lost Dozens of Tanks in a Costly Battle in Eastern Ukraine ● CNN, March 1, Planet Labs Satellites Track a Changing Globe ● Financial Times, F