Planet Reports Financial Results for Second Quarter of Fiscal 2024

Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company’s data services and related revenue, and to provide a comparable view of the Company’s performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company’s data to clients. As a result of the Company’s strategy and business model, the Company’s capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company’s performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company’s relative capital efficiency.

Forward-looking Statements

This press release 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 or Planet's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,” “evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “conviction,” “continue,” “positioned” or the negative of these words or other similar terms or expressions that concern Planet's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Planet’s financial guidance and outlook, Planet’s path to profitability, Planet’s expectations regarding the acquisition of Sinergise, Planet’s expectations regarding future product performance, and Planet’s expectations regarding market and customer trends. Planet’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding our ability to forecast our performance due to our limited operating history. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Planet's filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K and any subsequent filings with the SEC the Company may make. All forward-looking statements reflect the Company’s beliefs and assumptions only as of the date of this press release. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. The Company’s results for the quarter ended July 31, 2023 are not necessarily indicative of its operating results for any future periods.

PLANET

CONSOLIDATED BALANCE SHEETS (unaudited)

 

(In thousands)

July 31, 2023

 

January 31, 2023

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

118,808

 

 

$

181,892

 

Short-term investments

 

248,979

 

 

 

226,868

 

Accounts receivable, net

 

40,349

 

 

 

38,952

 

Prepaid expenses and other current assets

 

19,725

 

 

 

27,943

 

Total current assets

 

427,861

 

 

 

475,655

 

Property and equipment, net

 

120,193

 

 

 

108,091

 

Capitalized internal-use software, net

 

12,992

 

 

 

11,417

 

Goodwill

 

112,750

 

 

 

112,748

 

Intangible assets, net

 

14,867

 

 

 

14,831

 

Restricted cash and cash equivalents, non-current

 

5,707

 

 

 

5,657

 

Operating lease right-of-use assets

 

23,485

 

 

 

20,403

 

Other non-current assets

 

2,562

 

 

 

3,921

 

Total assets

$

720,417

 

 

$

752,723

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

3,825

 

 

$

6,900

 

Accrued and other current liabilities

 

37,841

 

 

 

46,022

 

Deferred revenue

 

56,575

 

 

 

51,900

 

Liability from early exercise of stock options

 

10,757

 

 

 

12,550

 

Operating lease liabilities, current

 

7,261

 

 

 

4,885

 

Total current liabilities

 

116,259

 

 

 

122,257

 

Deferred revenue

 

18,186

 

 

 

2,882

 

Deferred hosting costs

 

9,605

 

 

 

8,679

 

Public and private placement warrant liabilities

 

9,499

 

 

 

16,670

 

Operating lease liabilities, non-current

 

19,139

 

 

 

17,145

 

Contingent consideration

 

5,926

 

 

 

7,499

 

Other non-current liabilities

 

2,235

 

 

 

1,487

 

Total liabilities

 

180,849

 

 

 

176,619

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Common stock

 

27

 

 

 

27

 

Additional paid-in capital

 

1,549,920

 

 

 

1,513,102

 

Accumulated other comprehensive income

 

1,336

 

 

 

2,271

 

Accumulated deficit

 

(1,011,715

)

 

 

(939,296

)

Total stockholders’ equity

 

539,568

 

 

 

576,104

 

Total liabilities and stockholders’ equity

$

720,417

 

 

$

752,723

 

PLANET

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

(In thousands, except share and per share amounts)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

53,761

 

 

$

48,450

 

 

$

106,464

 

 

$

88,577

 

Cost of revenue

 

27,469

 

 

 

24,977

 

 

 

52,025

 

 

 

48,605

 

Gross profit

 

26,292

 

 

 

23,473

 

 

 

54,439

 

 

 

39,972

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

26,741

 

 

 

26,737

 

 

 

54,927

 

 

 

51,487

 

Sales and marketing

 

22,310

 

 

 

19,483

 

 

 

45,435

 

 

 

38,338

 

General and administrative

 

20,521

 

 

 

19,893

 

 

 

42,049

 

 

 

40,501

 

Total operating expenses

 

69,572

 

 

 

66,113

 

 

 

142,411

 

 

 

130,326

 

Loss from operations

 

(43,280

)

 

 

(42,640

)

 

 

(87,972

)

 

 

(90,354

)

Interest income

 

3,802

 

 

 

1,311

 

 

 

8,308

 

 

 

1,423

 

Change in fair value of warrant liabilities

 

1,226

 

 

 

2,112

 

 

 

7,171

 

 

 

5,388

 

Other income (expense), net

 

859

 

 

 

(158

)

 

 

963

 

 

 

122

 

Total other income (expense), net

 

5,887

 

 

 

3,265

 

 

 

16,442

 

 

 

6,933

 

Loss before provision for income taxes

 

(37,393

)

 

 

(39,375

)

 

 

(71,530

)

 

 

(83,421

)

Provision for income taxes

 

582

 

 

 

154

 

 

 

889

 

 

 

468

 

Net loss

$

(37,975

)

 

$

(39,529

)

 

$

(72,419

)

 

$

(83,889

)

Basic and diluted net loss per share attributable to common stockholders

$

(0.14

)

 

$

(0.15

)

 

$

(0.26

)

 

$

(0.32

)

Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders

 

275,053,198

 

 

 

266,212,489

 

 

 

273,723,006

 

 

 

265,168,341

 

PLANET

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

(In thousands)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net loss

$

(37,975

)

 

$

(39,529

)

 

$

(72,419

)

 

$

(83,889

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

169

 

 

 

142

 

 

 

124

 

 

 

317

 

Change in fair value of available-for-sale securities

 

(515

)

 

 

303

 

 

 

(1,059

)

 

 

303

 

Other comprehensive income (loss), net of tax

 

(346

)

 

 

445

 

 

 

(935

)

 

 

620

 

Comprehensive loss

$

(38,321

)

 

$

(39,084

)

 

$

(73,354

)

 

$

(83,269

)

PLANET

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

 

 

Six Months Ended July 31,

(In thousands)

 

2023

 

 

 

2022

 

Operating activities

 

 

 

Net loss

$

(72,419

)

 

$

(83,889

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

Depreciation and amortization

 

22,408

 

 

 

23,213

 

Stock-based compensation, net of capitalized cost

 

32,013

 

 

 

40,403

 

Change in fair value of warrant liabilities

 

(7,171

)

 

 

(5,388

)

Change in fair value of contingent consideration

 

(527

)

 

 

 

Other

 

(2,747

)

 

 

485

 

Changes in operating assets and liabilities

 

 

 

Accounts receivable

 

(1,588

)

 

 

18,595

 

Prepaid expenses and other assets

 

5,152

 

 

 

(4,432

)

Accounts payable, accrued and other liabilities

 

(17,164

)

 

 

(1,866

)

Deferred revenue

 

19,957

 

 

 

(15,165

)

Deferred hosting costs

 

1,082

 

 

 

(760

)

Net cash used in operating activities

 

(21,004

)

 

 

(28,804

)

Investing activities

 

 

 

Purchases of property and equipment

 

(21,709

)

 

 

(6,509

)

Capitalized internal-use software

 

(1,998

)

 

 

(1,271

)

Maturities of available-for-sale securities

 

106,762

 

 

 

 

Sales of available-for-sale securities

 

990

 

 

 

 

Purchases of available-for-sale securities

 

(127,703

)

 

 

(195,113

)

Other

 

(644

)

 

 

(293

)

Net cash used in investing activities

 

(44,302

)

 

 

(203,186

)

Financing activities

 

 

 

Proceeds from the exercise of common stock options

 

6,358

 

 

 

6,418

 

Class A common stock withheld to satisfy employee tax withholding obligations

 

(4,753

)

 

 

(2,164

)

Payment of transaction costs related to the Business Combination

 

 

 

 

(326

)

Other

 

(15

)

 

 

122

 

Net cash provided by financing activities

 

1,590

 

 

 

4,050

 

Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents

 

155

 

 

 

(1,118

)

Net decrease in cash and cash equivalents, and restricted cash and cash equivalents

 

(63,561

)

 

 

(229,058

)

Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period

 

188,076

 

 

 

496,814

 

Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period

$

124,515

 

 

$

267,756

 

PLANET

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

(in thousands)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net loss

$

(37,975

)

 

$

(39,529

)

 

$

(72,419

)

 

$

(83,889

)

Interest income

 

(3,802

)

 

 

(1,311

)

 

 

(8,308

)

 

 

(1,423

)

Income tax provision

 

582

 

 

 

154

 

 

 

889

 

 

 

468

 

Depreciation and amortization

 

12,160

 

 

 

11,588

 

 

 

22,408

 

 

 

23,213

 

Change in fair value of warrant liabilities

 

(1,226

)

 

 

(2,112

)

 

 

(7,171

)

 

 

(5,388

)

Stock-based compensation

 

16,657

 

 

 

20,581

 

 

 

32,013

 

 

 

40,403

 

Other (income) expense, net

 

(859

)

 

 

158

 

 

 

(963

)

 

 

(122

)

Adjusted EBITDA

$

(14,463

)

 

$

(10,471

)

 

$

(33,551

)

 

$

(26,738

)

PLANET

RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

(In thousands)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Reconciliation of cost of revenue:

 

 

 

 

 

 

 

GAAP cost of revenue

$

27,469

 

 

$

24,977

 

 

$

52,025

 

 

$

48,605

 

Less: Stock-based compensation

 

1,063

 

 

 

1,357

 

 

 

1,968

 

 

 

2,676

 

Less: Amortization of acquired intangible assets

 

439

 

 

 

366

 

 

 

878

 

 

 

797

 

Non-GAAP cost of revenue

$

25,967

 

 

$

23,254

 

 

$

49,179

 

 

$

45,132

 

 

 

 

 

 

 

 

 

Reconciliation of gross profit:

 

 

 

 

 

 

 

GAAP gross profit

$

26,292

 

 

$

23,473

 

 

$

54,439

 

 

$

39,972

 

Add: Stock-based compensation

 

1,063

 

 

 

1,357

 

 

 

1,968

 

 

 

2,676

 

Add: Amortization of acquired intangible assets

 

439

 

 

 

366

 

 

 

878

 

 

 

797

 

Non-GAAP gross profit

$

27,794

 

 

$

25,196

 

 

$

57,285

 

 

$

43,445

 

GAAP gross margin

 

49

%

 

 

48

%

 

 

51

%

 

 

45

%

Non-GAAP gross margin

 

52

%

 

 

52

%

 

 

54

%

 

 

49

%

 

 

 

 

 

 

 

 

Reconciliation of operating expenses:

 

 

 

 

 

 

 

GAAP research and development

$

26,741

 

 

$

26,737

 

 

$

54,927

 

 

$

51,487

 

Less: Stock-based compensation

 

6,929

 

 

 

8,503

 

 

 

12,899

 

 

 

16,732

 

Less: Amortization of acquired intangible assets

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP research and development

$

19,812

 

 

$

18,234

 

 

$

42,028

 

 

$

34,755

 

GAAP sales and marketing

$

22,310

 

 

$

19,483

 

 

$

45,435

 

 

$

38,338

 

Less: Stock-based compensation

 

3,121

 

 

 

3,757

 

 

 

6,201

 

 

 

7,394

 

Less: Amortization of acquired intangible assets

 

202

 

 

 

153

 

 

 

403

 

 

 

305

 

Non-GAAP sales and marketing

$

18,987

 

 

$

15,573

 

 

$

38,831

 

 

$

30,639

 

GAAP general and administrative

$

20,521

 

 

$

19,893

 

 

$

42,049

 

 

$

40,501

 

Less: Stock-based compensation

 

5,544

 

 

 

6,964

 

 

 

10,945

 

 

 

13,601

 

Less: Amortization of acquired intangible assets

 

80

 

 

 

80

 

 

 

161

 

 

 

160

 

Non-GAAP general and administrative

$

14,897

 

 

$

12,849

 

 

$

30,943

 

 

$

26,740

 

 

 

 

 

 

 

 

 

Reconciliation of loss from operations

 

 

 

 

 

 

 

GAAP loss from operations

$

(43,280

)

 

$

(42,640

)

 

$

(87,972

)

 

$

(90,354

)

Add: Stock-based compensation

 

16,657

 

 

 

20,581

 

 

 

32,013

 

 

 

40,403

 

Add: Amortization of acquired intangible assets

 

721

 

 

 

599

 

 

 

1,442

 

 

 

1,262

 

Non-GAAP loss from operations

$

(25,902

)

 

$

(21,460

)

 

$

(54,517

)

 

$

(48,689

)

PLANET

RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

(In thousands, except share and per share amounts)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Reconciliation of net loss

 

 

 

 

 

 

 

GAAP net loss

$

(37,975

)

 

$

(39,529

)

 

$

(72,419

)

 

$

(83,889

)

Add: Stock-based compensation

 

16,657

 

 

 

20,581

 

 

 

32,013

 

 

 

40,403

 

Add: Amortization of acquired intangible assets

 

721

 

 

 

599

 

 

 

1,442

 

 

 

1,262

 

Income tax effect of non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

$

(20,597

)

 

$

(18,349

)

 

$

(38,964

)

 

$

(42,224

)

 

 

 

 

 

 

 

 

Reconciliation of net loss per share, diluted

 

 

 

 

 

 

 

GAAP net loss

$

(37,975

)

 

$

(39,529

)

 

$

(72,419

)

 

$

(83,889

)

Non-GAAP net loss

$

(20,597

)

 

$

(18,349

)

 

$

(38,964

)

 

$

(42,224

)

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted (1)

$

(0.14

)

 

$

(0.15

)

 

$

(0.26

)

 

$

(0.32

)

Add: Stock-based compensation

 

0.06

 

 

 

0.08

 

 

 

0.12

 

 

 

0.15

 

Add: Amortization of acquired intangible assets

 

 

 

 

 

 

 

0.01

 

 

 

 

Income tax effect of non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss per share, diluted (2) (3)

$

(0.07

)

 

$

(0.07

)

 

$

(0.14

)

 

$

(0.16

)

 

 

 

 

 

 

 

 

Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1)

 

275,053,198

 

 

 

266,212,489

 

 

 

273,723,006

 

 

 

265,168,341

 

Weighted-average shares used in computing Non-GAAP net loss per share, diluted (2)

 

275,053,198

 

 

 

266,212,489

 

 

 

273,723,006

 

 

 

265,168,341

 

 

 

 

 

 

 

 

 

(1) Basic and diluted GAAP net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive.

(2) Non-GAAP net loss per share, diluted is calculated using weighted-average shares, adjusted for dilutive potential shares assumed outstanding during the period. No adjustment was made to weighted-average shares for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive.

(3) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data.


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