Planet Labs Pbc · NYSE:PL
Planet Labs Pbc — Q4 2024 Earnings Presentation
30 slides from Planet Labs Pbc's earnings presentation, Mar 28, 2024
Slide 1: Fiscal 4Q'24 Update
FISCAL 4Q’24 UPDATE March 28, 2024 WEST MADAGASCAR January 29, 2024 • PlanetScope
Slide 2: Disclaimers
Disclaimers All references to “Planet” or the “Company” in this presentation are references to Planet Labs PBC (NYSE: PL). 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
Slide 3: Disclaimers
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 measures Planet uses to supplement its results presented in accordance with U.S. GAAP. Planet includes these non-GAAP financial measures beca
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 2024 Planet Labs PBC All Rights Reserved 4
Slide 5: Planet is 'the Bloomberg Terminal' for Earth Data
EARNINGS UPDATE Planet is ‘the Bloomberg Terminal’ for Earth Data 5 © Copyright 2024 Planet Labs PBC All Rights Reserved 5
Slide 6: 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 7: Q4 at a Glance
EARNINGS UPDATE Q4 at a Glance Recent Highlights ● Revenue Growth Driven by Civil Government and Defense & $58.9M 58% $(9.8)M Intelligence Markets ● NIWC Pacific 7-figure ACV Competitive Win with Partner SynMax Record Revenue Non-GAAP Adjusted ● Carbon Mapper 8-figure Data-license in 4Q’24 Gross Margin
Slide 8: Recent Business Highlights
EARNINGS UPDATE Recent Business Highlights DEFENSE & INTELLIGENCE INSURANCE CIVIL GOVERNMENT New 7-figure ACV Customer Customer Expansion Customer Expansion Naval Information Swiss Re Bolivia Institute of Warfare Center Pacific National Agrarian Reform CIVIL GOVERNMENT HYPERSPECTRAL DATA PARTNER MARKE
Slide 9: Recent Product Highlights
EARNINGS UPDATE Recent Product Highlights AGILE AEROSPACE NEW PRODUCT RELEASE Pelican On-Orbit Performance Field Boundary Next Generation Analytics Released Satellite Tech Demo New Planetary Variable PRODUCT IMPROVEMENTS PRODUCT IMPROVEMENTS Improved Road & Upgraded Crop Biomass Building Detection P
Slide 10: 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... Planet, Microsoft, and Researchers NASA leverages Planet data to evaluate Build New AI-focused Resource for potential impacts of sea level rise on Environment
Slide 11: Aircraft Carrier: Intelligence for Defense Analysts
INTELLIGENCE FOR DEFENSE ANALYSTS These images show the power of Planet’s tip and cue capabilities. The image on the left was captured by the PlanetScope constellation, and shows China’s 3rd aircraft carrier, Fujian, undergoing testing and preparation for sea trials. PlanetScope data brings a broad
Slide 12: Field Boundaries: Global Analytics at Scale for Agriculture
GLOBAL ANALYTICS AT SCALE FOR THE AGRICULTURE INDUSTRY Planet Field Boundaries automatically trace the boundaries of agricultural parcels for a specified area and time of interest. To do this, Planet’s proprietary algorithm estimates a parcel’s extent and perimeter from a time series of satellite ima
Slide 13: Powerful Time Series Data
POWERFUL TIME SERIES DATA Planet recently announced improvements to its Crop Biomass Planetary Variable. Crop Biomass is a cloud-free, analysis-ready data product for monitoring agricultural fields that combines radar and optical signals to help agronomists and farmers better understand the status of
Slide 14: Wildfire: Disaster Response
DISASTER RESPONSE The deadliest wildfire in Chilean history swept through the Valparaíso region in the first week of February, following an intense heat wave. Extreme climate conditions, high winds, and a lack of available water were all contributing factors. This Planet image displays fire sites, smok
Slide 15: Rubymar: Maritime Awareness
MARITIME AWARENESS On February 18, the Rubymar cargo ship was struck by a ballistic missile launched from a Houthi-controlled area in Yemen. Planet’s high resolution SkySat snapped this image shortly after it happened. The attack resulted in an 18-mile long oil slick in the Gulf of Aden. The ship wa
Slide 16: Planet in the Media
EARNINGS UPDATE Planet in the Media MAR 14 | Building the World’s Most Powerful Satellites with Will JAN 21 | See the Rapid Expansion of Tent Camps in Southern Gaza Marshall MAR 26 | Satellite imagery shows MAR 20 | The Red Sea Has Become MAR 6 | Planet Labs gets U.S. Navy FEB 29 | Inside the brazen
Slide 17: Diversified Business Mix
EARNINGS UPDATE Diversified Business Mix FY24 Revenue FY24 Revenue by Geography by Vertical Market 4% 52% 29% 43% 27% 17% 28% Note: Planet has a Fiscal Year (FY) ending January 31. Note: Estimations include rounding assumptions. © Copyright 2024 Planet Labs PBC All Rights Reserved 17 Note: North Amer
Slide 18: Strong Revenue Growth
EARNINGS UPDATE Strong Revenue Growth Q4 Revenue YoY ($ in millions) Annual Revenue ($ in millions) +15% YoY Growth +11% YoY 221 191 131 113 96 © Copyright 2024 Planet Labs PBC All Rights Reserved 18 Note: Planet has a Fiscal Year (FY) ending January 31.
Slide 19: Driving Customer Expansions
EARNINGS UPDATE We define Net Dollar Retention Rate (NDRR)2 as the Driving Customer Expansions 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 existing customers.3 134% 131% A winback i
Slide 20: Growing Customer Base
EARNINGS UPDATE Growing Customer Base 1,018 EoP Customer Count1 EoP 4Q’24 93% EoP Customer Count Recurring ACV EoP 4Q’24 >90% Annual or Multi-Year Contracts2 EoP 4Q’24 Note: Planet has a Fiscal Year (FY) ending January 31. 1 Excludes customers that are exclusively Sentinel Hub self service paying us
Slide 21: Driving Operational Efficiency
EARNINGS UPDATE Driving Operational Efficiency Non-GAAP Gross Margin1 Adjusted EBITDA1 ($ in millions) + Gross Margin Expansion Driven By + Adjusted EBITDA Losses Narrow QoQ Growing Data Subscription Business Throughout FY’24 + Expanding Gross Margin Partially Offset + Targeting Adjusted EBITDA Profit
Slide 22: Focus and Prioritization
EARNINGS UPDATE Focus and Prioritization Product + R&D Go-To-Market Financial + Bring Next Generation + Direct Sales Focus on + Drive durable and High Res Data to Large Customers in Core efficient annual Market Growth Verticals revenue growth + Scale the Earth + Leverage Partners + Achieve Adjusted D
Slide 23: Fiscal 1Q'25 Outlook and FY'25 Drivers
EARNINGS UPDATE Fiscal 1Q’25 Outlook and FY’25 Drivers FY’25 Drivers 1Q’25 ● Large government opportunities Seven-figure pilot programs converting Revenue $58M - $61M ● to large operational contracts ● Partner solutions contribution to YoY Revenue Growth % +10% - 16% revenue mix ● Cost management & s
Slide 24: Appendix
APPENDIX Great Barrier Reef, Australia – July 8, 2016
Slide 25: Reconciliation of Non-GAAP Financial Measures
EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in millions) Non-GAAP Gross Margin1 % Three Months Ended April 30, July 31, October January 2023 2023 31, 2023 31, 2024 GAAP Gross Profit $ 28.2 $ 26.3 $ 26.0 $ 32.5 (+) Stock-Based Compensation 0.9 1.1 0.9 0.8 (+) Amortization of Acqui
Slide 26: 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 January 31, 2024 Net Loss $ (34,444) $ (37,975) $ (38,004) $ (30,086) (+) Interest Income (4,506) (3,802) (3,445) (3,661) (+) Income tax pr
Slide 27: 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 28: 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 29: Definitions
EARNINGS UPDATE Definitions Net Dollar Retention Rate: The Company defines Net Dollar Retention Rate 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 existing customers. The Compan
Slide 30: Media Credits
EARNINGS UPDATE Media Credits Slide 16: ● The New York Times, March 26, Satellite imagery shows the Francis Scott Key Bridge before and after it was struck by the Dali, a 948-foot-long cargo vessel. ● Bloomberg, March 20, The Red Sea Has Become a War Zone Full of Vulnerable Ships ● Moonshots, March