Planet Labs Pbc · NYSE:PL
Planet Labs Pbc — Q1 2023 Earnings Presentation
27 slides from Planet Labs Pbc's earnings presentation, Jun 14, 2022
Slide 1: Fiscal 1Q'23 Update
FISCAL 1Q’23 UPDATE JUNE 14, 2022 COLUMBIA GLACIER • Alaska, USA • August 13, 2021
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, Adjusted EBITDA and certain non-GAAP expenses, which are non-GAAP performance measures that the Company uses to supplement its results
Slide 4: Using Space to Help Life on Earth
Planet’s Mission: Using Space to Help Life on Earth 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: Planet is 'the Bloomberg Terminal' for Earth Data
EARNINGS UPDATE Planet is ‘the Bloomberg Terminal’ for Earth Data 5 © Copyright 2022 Planet Labs PBC All Rights Reserved 5
Slide 6: Planet is a One-to-Many Data Platform
EARNINGS UPDATE Planet is a One-to-Many Data Platform Daily, Global Most Frequent Largest One-to-Many Scanning Cadence EO2 Fleet Model → Revolutionary → Up to 10 revisits/day1 → In History → Uniquely Scalable Global Scale & Metrics ~200 ~2x 100% >30TB >800 3 Customers In Multiple Satellites in Orbit
Slide 7: Q1 Highlights
EARNINGS UPDATE Q1 Highlights YoY +26% Revenue Growth vs +23% YoY 4Q’22 ● Continued Revenue Growth Acceleration % Recurring ACV ● Awarded EOCL Contract by the NRO 92% EoP 1Q’23 ● Large and Diversified Global Customer Base ● Significant Gross Margin Expansion Non-GAAP GM(1) 45% +450 basis points ● Stro
Slide 8: Recent Business Highlights
EARNINGS UPDATE Recent Business Highlights Landmark Contract Customer Expansion Partnership Announcement The NRO’s Bayer AG for Moody’s for EOCL Award Sustainable Agriculture ESG Product Announcement Partnership Announcement Next Generation ESA 3rd Party Missions Pelican Fleet Programme © Copyright
Slide 9: Mission Critical Data for A Rapidly Changing Planet
EARNINGS UPDATE Mission Critical Data for A Rapidly Changing Planet Enabling Global Transparency in Forecasting Crop Yield Using Soil Supporting Safe and Sustainable Conflict Zones Like Ukraine Moisture, Land Temp. and Veg. Mining Management Water Content Indices Mapping and Monitoring the Tracking O
Slide 10: Ever Forward • Chesapeake Bay, Maryland
In March 2022, the Ever Forward cargo ship ran aground in Chesapeake Bay and was mired. In this high resolution Planet SkySat image, the U.S. Coast Guard assists the crew to remove containers from the ship to lighten the load. EVER FORWARD • Chesapeake Bay, Maryland • April 14, 2022
Slide 11: Crooks Fire • Prescott National Forest, Arizona
The Crooks Fire began on April 18, 2022, and spanned more than 9,400 acres. As of May 27, 2022, it was 96% contained. Planet imagery products allows researchers and land managers to monitor events in near-real time. CROOKS FIRE • Prescott National Forest, Arizona • April 25, 2022
Slide 12: Red River Flooding • Manitoba, Canada
In May 2022, the town of Morris, Manitoba, was struck by record flooding. This false-color image, captured and processed from a Planet Dove satellite, uses a standardized index to highlight pixels that contain water in blue, allowing viewers to quickly assess which areas have been affected by flooding
Slide 13: Azovstal Steel Plant • Ukraine
SkySat data shows significant damage to the Azovstal steel works throughout the course of the Ukraine war. Active shelling can be seen in the water near the plant. AZOVSTAL STEEL PLANT • Ukraine • March 24, 2022
Slide 14: Snake Island • Odeska Oblast, Ukraine
Planet satellite data shows smoke rising over Snake Island, a rocky outcrop in the Black Sea that has become a battleground of strategic value, in May 2022. SNAKE ISLAND • Odeska Oblast, Ukraine • May 6, 2022
Slide 15: Shining a Light on Ukraine
EARNINGS UPDATE Shining a Light on Ukraine May 30 May 6 June 5 Private companies track the war in Mass Graves in Ukraine Reveal Mounting Russia Seeks Buyers for Plundered Ukraine in real time Death Toll Ukraine Grain, U.S. Warns Planet continues to provide imagery to May 5 April 21 governments, aid
Slide 16: Diversified Business Mix
EARNINGS UPDATE Diversified Business Mix Q1’23 Revenue Q1’23 Revenue by Geography by Customer Type © Copyright 2022 Planet Labs, PBC All Rights Reserved 16 Note: Planet has a Fiscal Year (FY) ending January 31.
Slide 17: Growth Acceleration
EARNINGS UPDATE Growth Acceleration LTM Quarterly Annual Revenue Key Growth Drivers - Scaling Commercial Organization to Tap into Growing Demand - Subscription Data and Analytic Solutions to Address Commercial Market Opportunity - Relentless Focus on Customer Success, Retention & Expansion - Expandi
Slide 18: Relentless Customer Focus
EARNINGS UPDATE Relentless Customer Focus Consistent Customer Growth 826 Customers (EoP 1Q’23) 92% EoP Customer Count Recurring ACV (EoP 1Q’23) 105% Net Dollar Retention Rate (EoP 1Q’23) Note: Planet has a Fiscal Year (FY) ending January 31.
Slide 19: How We Measure Net Dollar Retention Rate
EARNINGS UPDATE How We Measure Net Dollar Retention Rate NDRR + Winbacks NDRR 1 1 We define Net Dollar Retention Rate (NDRR)2 as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of exis
Slide 20: Non-GAAP Gross Margin Expansion with Scale
EARNINGS UPDATE Non-GAAP Gross Margin Expansion with Scale1 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 Januar
Slide 21: Investing for Growth
Investing for Growth Sales & Software Next Gen M&A Marketing Engineering Data Sets To Accelerate Our Land & Expand Platform & Analytics To Meet Growing Roadmap Market Demand → >40% increase in → >40% increase in → Next Generation → Acquisition of Global Commercial Software Teams Pelican High Resolut
Slide 22: Fiscal 2Q'23 and FY'23 Outlook
EARNINGS UPDATE Fiscal 2Q’23 and FY’23 Outlook 2Q’23 FY’23 Revenue $41M - $43M $177M - $187M YoY Revenue Growth % +35% - 41% +35% - 43% Non-GAAP Gross Margin %(1)(3) 44% - 46% 47% - 49% Adjusted EBITDA(2)(3) ($18M) - ($16M) ($70M) - ($60M) Capex as a % of Revenue 12% - 14% 11% - 13% ● Continued topl
Slide 23: Appendix
APPENDIX Great Barrier Reef, Australia – July 8, 2016
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ($ in millions) Non-GAAP Gross Margin1 % Three Months Ended Year Ended July 31, October 31, January 31, April 30, October 31, January 31, April 30, January 31, January 31, July 31, 2021 2020 2020 2021 2021 2021 2022 2022 2021 2022 GAAP Gross Profit $ 3.3
Slide 25: 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 26: Definitions: EoP Customer Count
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 27: Media Credits
EARNINGS UPDATE Media Credits Slide 15: ● The New York Times, June 5, Russia Seeks Buyers for Plundered Ukraine Grain, U.S. Warns ● PBS Newshour, May 30, Private companies track the war in Ukraine in real time ● The Wall Street Journal, May 6, Mass Graves in Ukraine Reveal Mounting Death Toll ● The