Planet Labs Pbc · NYSE:PL
Planet Labs Pbc — Q1 2024 Earnings Presentation
30 slides from Planet Labs Pbc's earnings presentation, Jun 8, 2023
Slide 1: Fiscal 1Q'24 Update
FISCAL 1Q’24 UPDATE June 8, 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: Q1 Highlights
EARNINGS UPDATE Q1 Highlights HIGH GROWTH STRONG VISIBILITY HIGH PREDICTABILITY +31% >90% 93% YoY Revenue Annual or % Recurring Growth Multi-Year Contracts ACV in 1Q’24 EoP 1Q’24 EoP 1Q’24 HIGHLY SCALABLE STRONG BALANCE SHEET 56% $376M Non-GAAP Cash, Cash Equivalents, Gross Margin(1) Short-term Inve
Slide 8: Recent Business Highlights
EARNINGS UPDATE Recent Business Highlights Large Deal Wins New Partnership Customer Expansion Multiple >$1M Contract Wins New Partnership Customer Expansion Across Government UAE Space Agency for Climate Syngenta and Commercial Customers Change Resilience AI Partnership ESG Milestone New Partnership
Slide 9: Inaugural ESG Report
EARNINGS UPDATE Inaugural ESG Report ● Highlights our company vision ● Includes ESG Disclosures under SASB Standards ● Lays the groundwork for Planet’s ESG program ● Showcases how Planet is working towards a more sustainable and equitable world Learn more at planet.com/esg © Copyright 2023 Planet La
Slide 10: Mission-Critical Data for a Rapidly Changing Planet
EARNINGS UPDATE Mission-Critical Data for a Rapidly Changing Planet Tracking Illegal Oil Shipments Visualizing Historic Drought In Mapping Blue Carbon with The out of Russia the Horn of Africa Nature Conservancy Driving Innovation with New Partnering to Measure Biodiversity Monitoring International
Slide 11: Seven-figure multi-year contract with Bolivia's INRA
Planet recently signed a seven-figure, multi-year contract with Bolivia’s Institute of National Agrarian Reform, or INRA, who is using PlanetScope and SkySat to map the country and monitor for good stewardship of public lands and titling enforcement. © Copyright 2022 Planet Labs PBC All Rights Reserv
Slide 12: Bakhmut, Ukraine shelling imagery
Bakhmut, an industrial town in the eastern Donetsk region, remains a central scene of conflict in Ukraine. This image of fields entirely pock-marked with shell holes reveals the impact on agriculture and food production in the region. © Copyright 2023 Planet Labs PBC All Rights Reserved SHELLING • Bak
Slide 13: Kobar Bridge fighting in Khartoum
Heavy fighting seen on the Kobar Bridge, connecting Khartoum and North Khartoum, on April 16, 2023. © Copyright 2023 Planet Labs PBC All Rights Reserved KOBAR BRIDGE • Khartoum Sudan • 50cm SkySat • April 16, 2023
Slide 14: Sohae Satellite Launching Station activity
Imagery captured on May 30, 2023 shows activity at the main pad of North Korea’s Sohae Satellite Launching Station — suggesting an imminent launch. North Korea subsequently launched its first military reconnaissance satellite the next day, though the launch ended in failure. © Copyright 2023 Planet L
Slide 15: UNESCO new geoparks, Ijen Geopark
UNESCO recently announced their list of 18 new geoparks worldwide. UNESCO designates certain locations that combine geological significance with sustainable tourism and science. This SkySat image from May 2023 shows Ijen UNESCO Global Geopark, located in East Java, Indonesia—renowned for its volcanic
Slide 16: Nova Kakhovka dam breach
Published in many media outlets, including on the homepage of NYTimes.com, this SkySat image captures water spilling over the Nova Kakhovka dam in southern Ukraine. The dam cuts through Ukraine’s Dnipro River, holding back a huge reservoir of water. The dam’s failure poses a humanitarian and ecologi
Slide 17: Planet in the Media
EARNINGS UPDATE Planet in the Media June 7 June 2 June 2 Russia set off ‘environmental bomb’ by Satellite Images Reveal Russian Defenses North Korea spy satellite launch fails as breaching dam, Zelenskyy claims for Ukraine Counteroffensive rocket falls into the sea May 30 May 24 May 16 Fake Signals
Slide 18: Diversified Business Mix
EARNINGS UPDATE Diversified Business Mix 1Q’24 Revenue 1Q’24 Revenue by Geography by Customer Type 3.5% 41% 28.9% 23.6% 53.6% 44.1% 36% 19.2% 24% 27.0% 28% Note: Planet has a Fiscal Year (FY) ending January 31. Note: Estimations include rounding assumptions. © Copyright 2023 Planet Labs PBC All Right
Slide 19: Strong Revenue Growth
EARNINGS UPDATE Strong Revenue Growth Q1 Revenue YoY ($ in millions) Annual Revenue ($ in millions) +46% YoY Growth +31% YoY 52.7 +26% YoY 40.1 32.0 1Q’22 1Q’23 1Q’24 CY18 FY20 FY21 FY22 FY23 © Copyright 2023 Planet Labs PBC All Rights Reserved 19
Slide 20: Growing Customer Base
EARNINGS UPDATE Growing Customer Base 903 Customers EoP 1Q’24 EoP Customer Count 93% Recurring ACV EoP 1Q’24 >90% Annual or Multi-Year Contracts EoP 1Q’24 © Copyright 2023 Planet Labs PBC All Rights Reserved 20 Note: Planet has a Fiscal Year (FY) ending January 31.
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 Driving Customer Expansions 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% A winback is a p
Slide 22: Non-GAAP Gross Margin Expands with Scale
EARNINGS UPDATE Non-GAAP Gross Margin1 Expands with Scale 1Q’22 1Q’23 1Q’24 FY21 FY22 FY23 Key Expansion Drivers Strong Top-line Growth Scalable Data Subscription Model Efficiency of Vertically-Integrated Enterprise and Government Agile Space Missions Model Customer Success Note: Planet has a Fiscal
Slide 23: 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 24: Next-Generation Fleet: Pelican
EARNINGS UPDATE Next-Generation Fleet High Revisit, Planet’s next-generation satellite constellation for delivering high-resolution, rapid revisit High Res Data information – anywhere on the globe. Meet Pelican RESPONSIVE • RAPID REVISIT • HIGHLY PRECISE • INTEROPERABLE EXPANSIVE GREATER MORE HIGHER
Slide 25: Fiscal 2Q'24 and FY'24 Outlook
EARNINGS UPDATE Fiscal 2Q’24 and FY’24 Outlook 2Q’24 FY’24 Revenue $53M - $55M $225M - $235M YoY Revenue Growth % +9% - 14% +18% - 23% Non-GAAP Gross Margin %(1)(3) 48% - 49% 52% - 54% Adjusted EBITDA(2)(3) ($20M) - ($17M) ($67M) - ($58M) Capex as a % of Revenue 19% - 25% 20% - 23% Note: Planet has
Slide 26: Appendix
APPENDIX Great Barrier Reef, Australia – July 8, 2016
Slide 27: Reconciliation of Non-GAAP Financial Measures
EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in millions) Non-GAAP Gross Margin1 % Three Months Ended Year Ended April 30, April 30, April 30, January January January 2021 2022 2023 31, 2021 31, 2022 31, 2023 GAAP Gross Profit $ 12.8 $ 16.5 $ 28.2 $ 25.8 $ 48.2 $94.0 (+) Stock-Bas
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, June 6, Satellite images show the progression of the destruction at the destroyed dam Slide 17: ● Financial Times, June 7, Russia set off ‘environmental bomb’ by breaching dam, Zelenskyy claims (print, front page) ● The Wall Street Journa