Planet Reports Financial Results for Fourth Quarter and Full Year of Fiscal 2022

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

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the Company’s ability to capture market opportunity; whether and when the Company will be able to execute on its growth initiatives; whether the Company will realize any of the potential benefits from strategic acquisitions; whether the Company will be able to successfully build or deploy its satellites, including new satellites that are in development; whether the Company will be able to continue to invest in scaling its sales organization and expanding its software engineering capabilities; and the Company’s financial outlook. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “continue” and similar expressions or the negative thereof, or discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals, are intended to identify such forward-looking statements. Forward-looking statements are based on the Company’s management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s limited operating history making it difficult to predict its future operating results; the Company’s expectations that its operating expenses will increase substantially for the foreseeable future; whether the market for the Company’s products and services that is built upon its data set, which has not existed before, will grow as expected; the Company’s ability to manage its growth effectively; whether current customers or prospective customers adopt the Company’s platform; whether the Company will be able to compete effectively with the increasing competition in its market from commercial entities and governments; the Company’s ability to continue to capture certain high-value government procurement contracts; whether the Company is subject to any risks as a result of its global operations, including, but not limited to, being subject to any hostile actions by a government or other state actor; the Company’s international operations creating business and economic risks that could impact its operations and financial results; the interruption or failure of the Company’s satellite operations, information technology infrastructure or loss of its data storage, whether by cyber-attacks or other adverse events that limit its ability to perform its daily operations effectively and provide its products and services; whether the Company experiences any adverse events, such as delayed launches, launch failures, its satellites failing to reach their planned orbital locations, its satellites failing to operate as intended, being destroyed or otherwise becoming inoperable, the cost of satellite launches significantly increasing and/or satellite launch providers not having sufficient capacity; the Company’s satellites not being able to capture Earth images due to weather, natural disasters or other external factors, or as a result of its constellation of satellites having restrained capacity; if the Company is unable to develop and release product and service enhancements to respond to rapid technological change, or to develop new designs and technologies for its satellites, in a timely and cost-effective manner; downturns or volatility in general economic conditions, including as a result of the current COVID-19 pandemic, including any variants thereof, or any other outbreak of an infectious disease; the effects of acts of terrorism, war or political instability, both domestically and internationally, including the current events involving Russia and Ukraine, changes in laws and regulations, or the imposition of economic or trade sanctions affecting international commercial transactions; the loss of one or more of the Company’s key personnel, or its failure to attract, hire, retain and train other highly qualified personnel in the future; the Company’s ability to raise adequate capital, including on acceptable terms, to finance its business strategies; how rules and regulations in the Company’s highly regulated industry may impact its business; if the Company fails to maintain effective internal controls over financial reporting at a reasonable assurance level; and the other factors described under the heading “Risk Factors” in the Registration Statement on Form S-1 filed by the Company with the Securities and Exchange Commission (SEC) and any subsequent filings with the SEC the Company may make. Copies of each filing may be obtained from the Company or the SEC. 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. The Company’s results for the quarter and year ended January 31, 2022 are not necessarily indicative of its operating results for any future periods.

PLANET

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)

 

 

Three Months Ended January 31,

 

Year Ended January 31,

(in thousands, except share and per share amounts)

2022

 

2021

 

2022

 

2021

Revenue

$

37,146

 

 

$

30,281

 

 

$

131,209

 

 

$

113,168

 

Cost of revenue

 

23,230

 

 

 

22,825

 

 

 

82,987

 

 

 

87,383

 

Gross profit

 

13,916

 

 

 

7,456

 

 

 

48,222

 

 

 

25,785

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

27,163

 

 

 

11,384

 

 

 

66,684

 

 

 

43,825

 

Sales and marketing

 

19,226

 

 

 

10,047

 

 

 

52,917

 

 

 

37,268

 

General and administrative

 

24,733

 

 

 

6,586

 

 

 

56,672

 

 

 

32,134

 

Total operating expenses

 

71,122

 

 

 

28,017

 

 

 

176,273

 

 

 

113,227

 

Loss from operations

 

(57,206

)

 

 

(20,561

)

 

 

(128,051

)

 

 

(87,442

)

Debt extinguishment gain (loss)

 

(1,690

)

 

 

 

 

 

(1,690

)

 

 

673

 

Interest expense

 

(1,022

)

 

 

(2,612

)

 

 

(8,772

)

 

 

(9,447

)

Change in fair value of convertible notes and warrant liabilities

 

17,155

 

 

 

(13,540

)

 

 

5,726

 

 

 

(30,053

)

Other income (expense), net

 

(1,914

)

 

 

(281

)

 

 

(2,227

)

 

 

239

 

Total other expense, net

 

12,529

 

 

 

(16,433

)

 

 

(6,963

)

 

 

(38,588

)

Loss before provision for income taxes

 

(44,677

)

 

 

(36,994

)

 

 

(135,014

)

 

 

(126,030

)

Provision for income taxes

 

1,288

 

 

 

504

 

 

 

2,110

 

 

 

1,073

 

Net loss

$

(45,965

)

 

$

(37,498

)

 

$

(137,124

)

 

$

(127,103

)

Other comprehensive loss

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of tax

 

(8

)

 

 

239

 

 

 

327

 

 

 

276

 

Comprehensive loss

$

(45,973

)

 

$

(37,259

)

 

$

(136,797

)

 

$

(126,827

)

Basic and diluted net loss per share attributable to common stockholders

$

(0.26

)

 

$

(0.83

)

 

$

(1.72

)

 

$

(2.87

)

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

 

178,278,954

 

 

 

45,230,840

 

 

 

79,610,970

 

 

 

44,214,426

 

PLANET

CONSOLIDATED BALANCE SHEETS (unaudited)

 

 

January 31,

(in thousands, except share and par value amounts)

2022

 

2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

490,762

 

 

$

71,183

 

Accounts receivable, net

 

44,373

 

 

 

47,110

 

Prepaid expenses and other current assets

 

16,385

 

 

 

7,134

 

Total current assets

 

551,520

 

 

 

125,427

 

Property and equipment, net

 

133,280

 

 

 

159,855

 

Capitalized internal-use software, net

 

10,768

 

 

 

11,994

 

Goodwill

 

103,219

 

 

 

88,393

 

Intangible assets, net

 

14,197

 

 

 

5,673

 

Restricted cash, non-current

 

5,743

 

 

 

4,982

 

Other non-current assets

 

2,714

 

 

 

2,984

 

Total assets

$

821,441

 

 

$

399,308

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

2,850

 

 

$

1,446

 

Accrued and other current liabilities

 

48,823

 

 

 

30,195

 

Deferred revenue

 

64,233

 

 

 

57,570

 

Liability from early exercise of stock options

 

16,135

 

 

 

 

Convertible notes, at fair value

 

 

 

 

8,244

 

Preferred stock warrant liability

 

 

 

 

11,359

 

Total current liabilities

 

132,041

 

 

 

108,814

 

Debt, net of discount

 

 

 

 

62,644

 

Convertible notes, at fair value

 

 

 

 

92,968

 

Deferred revenue

 

3,579

 

 

 

15,122

 

Deferred hosting costs

 

12,149

 

 

 

7,971

 

Public and private placement warrant liabilities

 

23,224

 

 

 

 

Deferred rent

 

798

 

 

 

2,991

 

Other non-current liabilities

 

1,405

 

 

 

1,287

 

Total liabilities

 

173,196

 

 

 

291,797

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Convertible preferred stock

 

 

 

 

13

 

Common stock

 

27

 

 

 

4

 

Additional paid-in capital

 

1,423,151

 

 

 

745,630

 

Accumulated other comprehensive income

 

2,096

 

 

 

1,769

 

Accumulated deficit

 

(777,029

)

 

 

(639,905

)

Total stockholders’ equity

 

648,245

 

 

 

107,511

 

Total liabilities and stockholders’ equity

$

821,441

 

 

$

399,308

 

PLANET

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

 

 

Year Ended January 31,

(in thousands)

2022

 

2021

Operating activities

 

 

 

Net loss

$

(137,124

)

 

$

(127,103

)

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

 

 

 

Depreciation and amortization

 

45,043

 

 

 

62,212

 

Stock-based compensation, net of capitalized costs

 

41,956

 

 

 

14,012

 

Provision for doubtful accounts

 

45

 

 

 

823

 

Change in fair value of convertible notes and warrant liabilities

 

(5,726

)

 

 

30,053

 

Debt extinguishment (gain) loss

 

1,671

 

 

 

(673

)

Deferred income taxes

 

(1,393

)

 

 

 

Amortization of debt discount and issuance costs

 

2,635

 

 

 

2,750

 

Impairment of capitalized internal-use software

 

1,143

 

 

 

 

Changes in operating assets and liabilities

 

 

 

Accounts receivable

 

3,263

 

 

 

(19,932

)

Prepaid expenses and other assets

 

(8,680

)

 

 

2,617

 

Accounts payable, accrued and other liabilities

 

16,072

 

 

 

11,033

 

Deferred revenue

 

(4,898

)

 

 

14,433

 

Deferred hosting costs

 

5,844

 

 

 

7,971

 

Deferred rent

 

(2,062

)

 

 

(2,223

)

Net cash used in operating activities

 

(42,211

)

 

 

(4,027

)

Investing activities

 

 

 

Purchases of property and equipment

 

(10,313

)

 

 

(26,096

)

Capitalized internal-use software

 

(4,618

)

 

 

(4,030

)

Business acquisition, net of cash acquired

 

(9,620

)

 

 

 

Other

 

(598

)

 

 

(674

)

Net cash used in investing activities

 

(25,149

)

 

 

(30,800

)

Financing activities

 

 

 

Proceeds from the exercise of common stock options

 

10,640

 

 

 

539

 

Proceeds from the early exercise of common stock options

 

17,928

 

 

 

 

Class A common stock withheld to satisfy employee tax withholding obligations

 

(5,598

)

 

 

 

Proceeds from Business Combination and PIPE Investment, net of transaction costs

 

533,164

 

 

 

 

Principal payment of debt

 

(66,950

)

 

 

 

Proceeds from issuance of debt and common stock warrants, net of issuance costs

 

 

 

 

14,862

 

Principal payment of convertible notes

 

 

 

 

(2,586

)

Proceeds from issuance of convertible notes and preferred stock warrant

 

 

 

 

71,125

 

Net cash provided by financing activities

 

489,184

 

 

 

83,940

 

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

 

(1,550

)

 

 

(312

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

420,274

 

 

 

48,801

 

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

 

76,540

 

 

 

27,739

 

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

$

496,814

 

 

$

76,540

 

PLANET

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited)

 

 

Three Months Ended

 

Year Ended

 

January 31,
2022

 

January 31,
2021

 

January 31,
2022

 

January 31,
2021

(in thousands)

 

 

 

 

 

 

 

Net loss

$

(45,965

)

 

$

(37,498

)

 

$

(137,124

)

 

$

(127,103

)

Interest expense

 

1,022

 

 

 

2,612

 

 

 

8,772

 

 

 

9,447

 

Interest income

 

(9

)

 

 

(4

)

 

 

(21

)

 

 

(53

)

Income tax provision

 

1,288

 

 

 

504

 

 

 

2,110

 

 

 

1,073

 

Depreciation and amortization

 

11,178

 

 

 

15,912

 

 

 

45,043

 

 

 

62,212

 

Debt extinguishment (gain) loss

 

1,690

 

 

 

 

 

 

1,690

 

 

 

(673

)

Change in fair value of convertible notes and warrant liabilities

 

(17,155

)

 

 

13,540

 

 

 

(5,726

)

 

 

30,053

 

Stock-based compensation

 

29,337

 

 

 

2,923

 

 

 

41,956

 

 

 

14,012

 

Other (income) expense

 

1,923

 

 

 

285

 

 

 

2,248

 

 

 

(186

)

Adjusted EBITDA

$

(16,691

)

 

$

(1,726

)

 

$

(41,052

)

 

$

(11,218

)

PLANET

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

 

 

Three Months Ended

 

Year Ended

 

January 31,
2022

 

January 31,
2021

 

January 31,
2022

 

January 31,
2021

(in thousands)

 

 

 

 

 

 

 

Reconciliation of cost of revenue:

 

 

 

 

 

 

 

GAAP cost of revenue

$

23,230

 

 

$

22,825

 

 

$

82,987

 

 

$

87,383

 

Less: Stock-based compensation

 

1,569

 

 

 

258

 

 

 

2,257

 

 

 

843

 

Non-GAAP cost of revenue

$

21,661

 

 

$

22,567

 

 

$

80,730

 

 

$

86,540

 

Reconciliation of gross profit:

 

 

 

 

 

 

 

GAAP gross profit

$

13,916

 

 

$

7,456

 

 

$

48,222

 

 

$

25,785

 

Add: Stock-based compensation

 

1,569

 

 

 

258

 

 

 

2,257

 

 

 

843

 

Non-GAAP gross profit

$

15,485

 

 

$

7,714

 

 

$

50,479

 

 

$

26,628

 

GAAP gross margin

 

37

%

 

 

25

%

 

 

37

%

 

 

23

%

Non-GAAP gross margin

 

42

%

 

 

25

%

 

 

38

%

 

 

24

%

Reconciliation of operating expenses:

 

 

 

 

 

 

 

GAAP research and development

$

27,163

 

 

$

11,384

 

 

$

66,684

 

 

$

43,825

 

Less: Stock-based compensation

 

11,332

 

 

 

1,077

 

 

 

15,400

 

 

 

3,583

 

Non-GAAP research and development

$

15,831

 

 

$

10,307

 

 

$

51,284

 

 

$

40,242

 

GAAP sales and marketing

$

19,226

 

 

$

10,047

 

 

$

52,917

 

 

$

37,268

 

Less: Stock-based compensation

 

5,918

 

 

 

494

 

 

 

7,877

 

 

 

1,687

 

Non-GAAP sales and marketing

$

13,308

 

 

$

9,553

 

 

$

45,040

 

 

$

35,581

 

GAAP general and administrative

$

24,733

 

 

$

6,586

 

 

$

56,672

 

 

$

32,134

 

Less: Stock-based compensation

 

10,518

 

 

 

1,094

 

 

 

16,422

 

 

 

7,899

 

Non-GAAP general and administrative

$

14,215

 

 

$

5,492

 

 

$

40,250

 

 

$

24,235

 


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