Planet Labs Pbc · NYSE:PL
Planet Labs Pbc — Planet Labs — SPAC Merger (July 2021)
51 slides from Planet Labs Pbc's SPAC merger presentation, July 2021
Slide 1: Investor Presentation
Investor Presentation July 2021 Image: South Passage, Australia – October 1, 2015 1
Slide 2: Disclaimers
Disclaimers About this Presentation This investor presentation (this “Presentation”) relates to a proposed business combination (the “Business Combination”) between dMY Technology Group, Inc. IV (“dMY”) and Planet Labs, Inc. (the “Company”). The information contained herein does not purport to be al
Slide 3: Highly Differentiated dMY Technology Franchise
Highly Differentiated dMY Technology Franchise 7 transactions in 13 months, deploying $2B in total capital1 Former EVP, Office of Chairman of EMC Mobile pioneer – Software & Hardware Former President, CFO and Co-Founder Former CEO of Glu Mobile, Monstermob of GTY and Hands-On Mobile Former
Slide 4: World Class Team
World Class Team William Marshall Chief Executive Officer, Co- Founder Robbie Schingler Kevin Weil Ashley Fieglein Johnson Chief Strategy Officer, Co-Founder President, Chief Financial and Product and Business Operating Officer James Mason Rosanne Saccone Kristi Erickson Senior Vice President of Chi
Slide 5: Planet indexes the Earth and makes it searchable
Planet indexes the Earth and makes it searchable, the way Google indexes the internet. What will you discover? | 5
Slide 6: Key Investment Highlights
Key Investment Highlights The leading provider of daily, global Earth data — 1 mission critical to the worldwide ESG transition Proven innovator in space, data and ML analytics; first 2 mover advantage – significant barriers to entry Established subscription business with multiple levers 3 to captur
Slide 7: Planet is a One-to-Many Data Platform
Planet is a One-to-Many Data Platform Daily, Global Scanning Most Frequent Cadence Largest Fleet One-to-Many Model → Revolutionary → Up to 10 revisits/day1 → 10x competition → Uniquely Scalable Global Scale Business Metrics 200+ ~2x 25TB $110M+ 90%+ 62% FY2021A Revenue Recurring3 FY2021A PlanetScope
Slide 8: Proven Innovator with Multiple Compounding Moats
✔Cloud APIs & integrations ✔AI & ML-ready MOAT 3 Proven Innovator with ✔Data archive for ML training Multiple Compounding Moats Platform and Analytics MOAT 2 Proprietary Big Data ✔Feedback from ✔Faster iteration Customer use ✔More satellites ✔Data-enabled ✔Easily add sensors Agile Space apps Mission
Slide 9: Planet is Years Ahead of the Competition
Planet is Years Ahead of the Competition A Scaled Next Generation Commercial Geospatial Company Application Ecosystem Business & Beyond ML-Ready, Harmonized Data Planet Today Other New Space EO Providers Today Operational Constellation 2019-2020 Operational Satellite 2016-2018 Satellite Image ← Iter
Slide 10: Planet is 'the Bloomberg Terminal' for Earth Data
Planet is ‘the Bloomberg Terminal’ for Earth Data 10
Slide 11: Planet's Data is Mission Critical
Planet’s Data is Mission Critical A field of crops A plane departs from a A paper company can monitor shows early signs of infestation… location of interest… their supply chain... and track deforestation, a cause of up to and a farmer and a government maintains situational 20% of annual Greenhouse s
Slide 12: Established Subscription Business Across Many Large Verticals
Established Subscription Business Across Many Large Verticals Representing Annual Revenue of $110M+, Across 600+ Customers1 Defense & Agriculture Intelligence Civil Mapping / Internet Forestry Energy Finance Insurance • Variable Rate Seeding • Security & Safety • Permitting & Code • Topography • Dep
Slide 13: Planet is at the Center of Two Multi-Trillion Dollar Global Economic Shifts
Planet is at the Center of Two Multi-Trillion Dollar Global Economic Shifts $100 T $53 T Cumulative value Global ESG assets created by 20251 by 20252 DIGITAL SUSTAINABILITY TRANSFORMATION TRANSFORMATION Big Data & AI are unleashing a significant opportunity Planet can help countries measure their re
Slide 14: Planet Has a Massive Market Opportunity
Planet Has a Massive Market Opportunity Civil Government / Defense & Intelligence Public Authorities $16B $29B +$75bn Agriculture Digital $11B Industrial/ Supply Chain Smart Cities & Urban Planning Transformation3 Security & Safety $24B (2027E) Precision Agriculture Forestry Supply Chain Sustainabil
Slide 15: Simplifying Earth Data with ML to Deliver High Value in One Platform
Simplifying Earth Data with ML to Deliver High Value in One Platform... Crop Infestation Permitting Building Damage Wildfire Risk Illegal Logging Construction Vessel Detection Detection Enforcement Detection Mitigation Road Detection Monitoring Land Cover Analytics Object Summary Change Applications
Slide 16: Multiple Levers for Growth
Multiple Levers for Growth Scaling in Expansion into Establish New Sensors Existing Verticals New Platform & Data Sets Through investment in Verticals Ecosystem sales, marketing and Through software Create a robust apps Meet market demand software solutions solutions that move ecosystem with new pro
Slide 17: Compelling Subscription KPIs
Compelling Subscription KPIs 90%+ Recurring1 Predictable Subscription and Usage-Based Model 70%+ Multi-Year Deals2 Long Term Multi-Year Contracts 110%+ Track Record of Upsell Expansion Net Dollar Retention Rate Diverse Customer Base Across Multiple Verticals 600+ Customers Across Multiple Markets No
Slide 18: Strong Growth Over the Last 5 Years
Strong Growth Over the Last 5 Years… Consolidated Revenue ACV Breakdown1 ($ in millions) Fiscal Year Ended January 31st By Revenue Type $ 113 Recurring $ 96 Other 92% $ 73 $ 66 By Deal Length $ 43 > 1 Year 73% ≤ 1 Year CY2016A CY2017A CY2018A FY2020A FY2021A Note: Fiscal year changed from December 3
Slide 19: Highly Diversified and Differentiated Revenue Base
Highly Diversified and Differentiated Revenue Base Revenue by Vertical Today Tomorrow (FY2021A) (FY2026E) Revenue $113mm Revenue $693mm 1 <$5mm Education & Research Commercial Forestry Revenue Other 3% 3% 14% Agriculture 4% 23% Mapping 6% Agriculture 25% ISV, BI & Analytics 7% Mapping 17% Finance &
Slide 20: Strong Pipeline for Near-Term Growth
Strong Pipeline for Near-Term Growth Potential Upside1 Further upside potential driven by strategics and higher close rates $ 250 on sales pipeline $ 206 A Based on 112% net $ 200 $ 191 retention rate, which excludes significant upside Revenue ($ in millions) C opportunity for expansion $ 150 within
Slide 21: Multiple Levers to Accelerate Revenue
Multiple Levers to Accelerate Revenue $ 300 $ 289 $ 250 B A Grow Customer Success $ 200 headcount by ~2x to drive Revenue ($ in millions) 65% of FY2022E customer retention and revenue from upsell committed contracts $ 150 $ 130 B Grow Software Engineering Increase Sales Account Executives A by ~2.5x
Slide 22: A Path to Significant Scale with Compelling Unit Economics
…And a Path to Significant Scale with Compelling Unit Economics Consolidated Revenue ($ in millions) $693 $449 A $289 $191 A $113 $130 65% of FY2022E revenue from committed contracts FY2021A FY2022E FY2023E FY2024E FY2025E FY2026E B PlanetScope (~73% of Gross Profit1 FY2021A Revenue) had gross margi
Slide 23: Clear Path to Profitability and Robust Cash Flow Generation
Clear Path to Profitability and Robust Cash Flow Generation Adjusted EBITDA1 Unaudited, ($ in millions) A 27% $ 187 15% $ 67 (9%) (28%) (20%) (3%) A Transaction proceeds fund growth investments $(11) $(10) $(36) $(39) through Adjusted EBITDA FY2021A FY2022E FY2023E FY2024E FY2025E FY2026E breakeven
Slide 24: A Business Model with Strong Operating Leverage
A Business Model with Strong Operating Leverage Description Commentary Long-Term Target1 ▪ Cloud Hosting Costs ▪ Low incremental cost to serve a data 15-20% ▪ Mission Operations Teams subscription model COGS ▪ Technical Support ▪ Self-serve model drives high gross ▪ Professional Services margins ▪ S
Slide 25: Valuation Overview
Valuation Overview Image: Shallow Seas, Bahamas – February 4, 2016 25
Slide 26: Proposed Transaction Summary
Proposed Transaction Summary Pro Forma Valuation ($ in millions, except per share amounts) Share Price $ 10.00 Key Transaction Terms Pro Forma Shares Outstanding 276 ▪ Pro forma enterprise value of $2,250mm Equity Value $ 2,758 ▪ Existing Planet shareholders will retain 77% ownership in the pro form
Slide 27: Identifying the Competitive Universe
Identifying the Competitive Universe Planet is Unique and Category-Creating Data Analytics & Infrastructure Peers ▪ Similar long-term growth and margin profile ▪ Predictable, recurring business models ▪ Operating in large, underserved markets ▪ Competitive moats associated with platform and technolo
Slide 28: Operational Benchmarking
Operational Benchmarking CY2021E – CY2024E Revenue CAGR Median: 32% 51% 39% 37% 34% 32% 29% 24% 24% CY2023E Gross Margin Median: 77% 88% 80% 78% 77% 75% 73% 1 62% 57% Data Analytics & Infrastructure Source: Company filings, Wall Street Research, Management Estimates, IBES estimates; market data as o
Slide 29: Valuation Benchmarking
Valuation Benchmarking EV / CY2022E Revenue Median: 27x 42x 31x 29x 27x 26x 25x 20x 12x Growth Adjusted EV / CY2022E Revenue1 Median: 0.95x 1.35x 1.10x 0.96x 0.95x 0.88x 0.82x 0.64x 0.24x Data Analytics & Infrastructure Source: Company filings, Wall Street Research, Management Estimates, IBES estima
Slide 30: Valuation Benchmarking
Valuation Benchmarking EV / CY2023E Revenue Median: 22x 33x 24x 22x 22x 21x 19x 15x 8x Growth Adjusted EV / CY2023E Revenue1 Median: 0.65x 1.09x 0.94x 0.82x 0.65x 0.65x 0.55x 0.43x 0.15x Data Analytics & Infrastructure Source: Company filings, Wall Street Research, Management Estimates, IBES estimat
Slide 31: Appendix
Appendix Image: Lake Tuborg, Canada – May 30, 2015 31
Slide 32: Driving Results for Customers: Agriculture
Driving Results for Customers Case Study – Agriculture Goal: Help farmers optimize input and build a stronger business CHALLENGE ACTION RESULTS Obtain granular visibility Detect problems, prescribe Farmers spent less time in of the field to make the actions and track progress the field scouting, saw
Slide 33: Driving Results for Customers: New Mexico State Land Office
Driving Results for Customers New Mexico State Case Study – State Government Land Office Goal: Help with Permit Enforcement, Compliance & Land Reclamation CHALLENGE ACTION RESULTS Enforce regulations cross 9 Track leased and to-be- Discovered 53 trespasses million acres of surface leased land with P
Slide 34: Driving Results for Customers: Government
Driving Results for Customers Case Study – Government Goal: Protect global forest ecosystems CHALLENGE ACTION RESULTS Identify and track Provide Monthly Basemaps 4k+ users in 120 deforestation across the imaging of tropics spanning countries leveraging world’s tropical forests across insights to red
Slide 35: Ever Given, Suez Canal, Egypt
EVER GIVEN • Suez Canal, Egypt • March 28, 2021 • SkySat 0.5m 35
Slide 36: SpaceX Starship SN9 & SN10, Boca Chica
SPACEX STARSHIP SN9 & SN10 • Boca Chica, Texas • February 2, 2021 • SkySat 0.5m 36
Slide 37: Lactear Dairy, Córdoba, Argentina
LACTEAR DAIRY • Córdoba, Argentina • March 10, 2021 • SkySat 0.5m 37
Slide 38: Tank Farm, Freeport, Bahamas
TANK FARM • Freeport, Bahamas • February 3, 2021 • SkySat 0.5m 38
Slide 39: Fagradalsfjall Volcano RGB, Iceland
FAGRADALSFJALL VOLCANO • RGB • Iceland • March 26, 2021 • SkySat 0.5m 39
Slide 40: Fagradalsfjall Volcano NRG, Iceland
FAGRADALSFJALL VOLCANO • NRG • Iceland • March 26, 2021 • SkySat 0.5m 40
Slide 41: NEOM, Tabuk, Saudi Arabia, 2019
NEOM • Tabuk Saudi Arabia • October 25, 2019 • PlanetScope 3M 41
Slide 42: NEOM, Tabuk, Saudi Arabia, 2021
NEOM • Tabuk, Saudi Arabia • March 8, 2021 • PlanetScope 3M 42
Slide 43: Chiribiquete National Park, Colombia
CHIRIBIQUETE NATIONAL PARK • Colombia • January 16, 2021 • PlanetScope 3M 43
Slide 44: Snow, Austin, Texas
SNOW • Austin, Texas • February 7, 2021 • PlanetScope 3M 44
Slide 45: Moffett Field, Mountain View, CA
MOFFETT FIELD • Mountain View, CA • March 27, 2021 • PlanetScope 3M 45
Slide 46: Buildings & Flood Risk, Bangui
BUILDINGS & FLOOD RISK• Bangui, Central African Republic • 2019 46
Slide 47: Buildings & Flood Risk, Bangui
BUILDINGS & FLOOD RISK• Bangui, Central African Republic • 2019 47
Slide 48: Road & Building Detections, Cairo
ROAD & BUILDING DETECTIONS• Cairo, Egypt • February 2021 48
Slide 49: Civic
Civic
Slide 50: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials ($ in millions) Non-GAAP Gross Profit Adjusted EBITDA and Adjusted Free Cash Flow FY2021A FY2021A Gross Profit $ 26 Net Income (Loss) $ (127) (+) Stock-Based Compensation1 1 (+) Taxes 1 Non-GAAP Gross Profit $ 27 (+) Net Interest and Other Income 39 (+) Deprecia
Slide 51: Risk Factors Summary
Risk Factors Summary All references below to “we,” “us” or “our” refer to the business of Planet Labs Inc. (the “Company”). The risks described below summarize certain of the risks related to the Company’s business but are not intended to reflect all risks the Company faces or relating to an investm