Planet Labs Pbc · NYSE:PL
Planet Labs Pbc — Q3 2024 Earnings Presentation
31 slides from Planet Labs Pbc's earnings presentation, Dec 7, 2023
Slide 1: Fiscal 3Q'24 Update
FISCAL 3Q’24 UPDATE December 7, 2023 CORAL REEF • New Caledonia, French Territory November 26, 2022 • PlanetScope
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. © Copyright 2023 Planet Labs PBC All Rights Reserved 4
Slide 5: The Planet Opportunity
EARNINGS UPDATE The Planet Opportunity UNIQUE DATA Daily, Global Scanning + High Resolution Tasking LARGE Agriculture Defense & Intelligence Civil Government Technology and Services ADDRESSABLE MARKET Natural Resource Energy Finance Insurance Management HIGHLY SCALABLE One-to-Many Model BUSINESS MOD
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: Q3 at a Glance
EARNINGS UPDATE Q3 at a Glance Recent Highlights ● Revenue Growth Driven by Civil Government and Defense & $55.4M 51.5% $(12.0)M Intelligence Markets ● Strengthening GTM Strategy Revenue Non-GAAP Adjusted ● BASF Expansion in 3Q’24 Gross Margin(1) EBITDA(1) ● IGAC 7-figure ACV Win in 3Q’24 in 3Q’24 ●
Slide 8: Recent Business Highlights
EARNINGS UPDATE Recent Business Highlights AGRICULTURAL TECH CIVIL GOVERNMENT CIVIL GOVERNMENT Customer Expansion New 7-figure ACV Customer New Customer Win BASF Digital Farming GmbH Instituto Geográfico Agustín U.S.D.A. Foreign Agricultural Service Codazzi of Colombia CARBON MARKETS DEFENSE & INTELLI
Slide 9: Recent Product Highlights
EARNINGS UPDATE Recent Product Highlights PRODUCT MILESTONE NEW PRODUCT RELEASE LAUNCH SUCCESS Planet Data on Sentinel Hub Forest Carbon Product Released Successful Satellite Launch Low-Touch Access for Customers New Forest Carbon Diligence Pelican Tech Demo and 36 SuperDove Satellites © Copyright 2
Slide 10: Forest Carbon Diligence
New Product Released: Forest Carbon Diligence Applications Include: · Carbon Project Accounting · Measurement, Reporting, and Verification · Reforestation · Deforestation Monitoring Forest Carbon Diligence • Aboveground Carbon Density • Amazon Rainforest © Copyright 2023 Planet Labs PBC All Rights Re
Slide 11: Mission-Critical Data for a Rapidly Changing Planet
EARNINGS UPDATE Mission-Critical Data for a Rapidly Changing Planet Planet supports impact and sustainability initiatives around the world... Identifying illegal airstrips in the Leveraging AI for sustainability Brazilian Amazon solutions at the University of Oxford Tracking supply chains for EU Und
Slide 12: Launch Success
LAUNCH SUCCESS On November 11, 2023, Planet successfully launched its first Pelican technology demonstration, Pelican-1, and 36 SuperDoves to orbit on SpaceX’s Transporter-9 mission. The Planet Team quickly established contact with all 37 satellites and began commissioning the new satellites to join
Slide 13: Broad Area Management for Agriculture
BROAD AREA MANAGEMENT FOR AGRICULTURE Planet expanded its seven-figure contract with BASF Digital Farming GmbH, a subsidiary of BASF, the large European-based multinational company and large chemical producer. BASF’s crop optimization platform, Xarvio FIELD MANAGER, uses PlanetScope and Planetary Var
Slide 14: Disaster Response for Civil Governments
DISASTER RESPONSE FOR CIVIL GOVERNMENTS Australian-based NGIS provides critical geospatial services using Planet data to Australian civil governments, supporting resource management and natural disaster response for wildfires and floods.
Slide 15: Defense and Intelligence
DEFENSE AND INTELLIGENCE South Korea-based AI company, SI Analytics, is using PlanetScope data to run analytics on North Korea for defense and intelligence customers. SI Analytics provides satellite image analytics based on deep learning technology and GEO-information solutions. Leveraging satellite
Slide 16: Bringing Planet Data to Consumers
BRINGING PLANET DATA TO CONSUMERS onX is leveraging Planet’s satellite data for their suite of outdoor recreation apps. Their Recent Imagery product drapes Planet bi-weekly mosaic data over their 2D and 3D digital elevation models, helping users pan and zoom around outdoor recreation sites and recei
Slide 17: Planet in the Media
EARNINGS UPDATE Planet in the Media DEC 4 | Nearly 100,000 Gaza buildings may be damaged, satellite OCT 5 | AI Powered Predictions with Planet Labs CEO Will Marshall images show NOV 20 | Trees alone will not save NOV 22 | The Secret Locations of SEPT 12 | See why Libya’s floods OCT 31 | A Detailed Sa
Slide 18: Diversified Business Mix
EARNINGS UPDATE Diversified Business Mix 3Q’24 Revenue 3Q’24 Revenue by Geography by Customer Type 5% 48% 29% 42% 32% 15% 30% Note: Planet has a Fiscal Year (FY) ending January 31. Note: Estimations include rounding assumptions. © Copyright 2023 Planet Labs PBC All Rights Reserved 18 Note: North Amer
Slide 19: Strong Revenue Growth
EARNINGS UPDATE Strong Revenue Growth Q3 Revenue YoY ($ in millions) Annual Revenue ($ in millions) +15% YoY Growth at the midpoint $218 - 221 +11% YoY 191 131 113 96 © Copyright 2023 Planet Labs PBC All Rights Reserved 19 Note: Planet has a Fiscal Year (FY) ending January 31.
Slide 20: Growing Customer Base
EARNINGS UPDATE Growing Customer Base 976 EoP Customer Count1 EoP 3Q’24 94% EoP Customer Count Recurring ACV EoP 3Q’24 >90% Annual or Multi-Year Contracts2 EoP 3Q’24 Note: Planet has a Fiscal Year (FY) ending January 31. 1 Does not include customers that are exclusively Sentinel Hub self service pay
Slide 21: Driving Customer Expansions
EARNINGS UPDATE We define Net Dollar Retention Rate (NDRR)2 as the percentage of ACV generated by existing customers in a given Driving Customer Expansions period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers.3 A winback is a previo
Slide 22: Non-GAAP Gross Margin
EARNINGS UPDATE Non-GAAP Gross Margin1 Impacted by ~6 pps due to the accelerated depreciation of two SkySats Key Drivers ● Scaling Revenue ● Scalable Data Subscription Model ● Efficiency of Vertically-Integrated Agile Space Missions Model ● Enterprise and Government Customer Success Note: Planet has
Slide 23: Driving Operational Efficiency
EARNINGS UPDATE Driving Operational Efficiency Adjusted EBITDA1 ($ in millions) Adjusted EBITDA1 Losses Narrowing QoQ in FY’24 Key Drivers ● Scaling Revenue ● Disciplined Cost Management ● Commitment to Achieve Adjusted EBITDA1 Profitability by Q4 of FY’25 Note: Planet has a Fiscal Year (FY) ending Ja
Slide 24: Focus and Prioritization
EARNINGS UPDATE Focus and Prioritization Product + R&D Go-To-Market Financial + Next Gen High Res + Core Growth Vertical + Driving durable and Markets: Direct Sales efficient annual + Integrating Sinergise Large Customer Focus revenue growth and Scaling the Platform + Emerging Vertical + Achieving Ad
Slide 25: Fiscal 4Q'24 and FY'24 Outlook
EARNINGS UPDATE Fiscal 4Q’24 and FY’24 Outlook 4Q’24 FY’24 Revenue $56M - $59M $218M - $221M YoY Revenue Growth % +6% - 11% +14% - 16% Non-GAAP Gross Margin %(1)(2) 52% - 56% 53% - 54% Adjusted EBITDA(1)(2) ($12M) - ($9M) ($58M) - ($55M) Capex as a % of Revenue 25% - 27% 21% - 22% Note: Planet has a
Slide 26: Appendix
APPENDIX Great Barrier Reef, Australia – July 8, 2016
Slide 27: Reconciliation of Non-GAAP Financial Measures
EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in millions) Non-GAAP Gross Margin1 % Three Months Ended Year Ended October 31, October 31, October 31, January 31, January 31, January 31, 2021 2022 2023 2021 2022 2023 GAAP Gross Profit $ 10.9 $ 25.0 $ 26.0 $ 25.8 $ 48.2 $94.0 (+) Sto
Slide 28: Reconciliation of Non-GAAP Financial Measures
EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in thousands) Adjusted EBITDA1 Three Months Ended April 30, 2023 July 31, 2023 October 31, 2023 Net Loss $ (34,444) $ (37,975) $ (38,004) (+) Interest Income (4,506) (3,802) (3,445) (+) Income tax provision 307 582 355 (+) Depreciation
Slide 29: 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, restructuring c
Slide 30: 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 excluding customers that are exclusively Sentinel Hub self-service paying users. For EoP Customer Count, the Company defines existing customers as
Slide 31: Media Credits
EARNINGS UPDATE Media Credits Slide 17: ● BBC, December 1, Nearly 100,000 Gaza buildings may be damaged, satellite images show ● Forbes, November 22, The Secret Locations of Bhutan's Royal Bitcoin Mines ● The Economist, November 20, Trees alone will not save the world ● New York Times, October 31, A