Earnings call transcript Q4 2023

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Operator

Good afternoon. Thank you for attending today’s Planet Labs PBC Fiscal Year 2023 Earnings Call. My name is Hanna, and I will be your moderator for today’s call. [Operator Instructions] I would now like to pass the conference over to our host, Chris Genualdi, Vice President of Investor Relations. Please go ahead.

Chris Genualdi

Planet's and to XXXX fiscal welcome call. earnings and fourth full quarter year Hello

subject today's like and future call, that begin outlook, statements we Before we'd management's on estimates Such as filings, not inclusion make representation at by financial in Any are plans, be forward-looking current statements future achieved. of are our be forward-looking regarded based we estimates, detailed a to forward-looking related various The www.sec.gov. uncertainties or or should which to and will expectations information that expectations events plans, as outlook. forward-looking projections. found may risks everyone and to remind such statements Planet can assumptions, be SEC our

materially statements such such or the indicated on events. differ the Our events statement from to those and occurrence date made of undertake update to actual circumstances forward-looking results forward-looking responsibility statements or which is no reflect by performance the we reflect or after to unanticipated may

During enhance and key for results, understanding and operating about operational use making. management and decision-making and decision these used financial measures greater believe useful the measures these financial performance measures. in overall to operational financial and information also by We will past future that transparency of metrics with the to allow for financial prospects respect its a financial period-to-period call, comparisons. non-GAAP means provide evaluate We non-GAAP as discuss we

the our afternoon. on information measures, see in this press more For earlier provided financial reconciliation issued please the non-GAAP release tables

and press and in in management number in this indicators performance call, used key our other often release. by our are performance by throughout detail provide discussed used a competitors more key of Further, we industry. These indicators

I'd Relations which to in, to prepared jump Investor intended have we the reference posted we remarks. are to website, on our our everyone accompany slides encourage Before like

to Co-Founder. turn over to you, now I'd to and Chairperson the Will. Over Marshall, Planet's At CEO, this call time, like Will

Will Marshall

an for I’m fourth everyone. our 'XX year incredible you results excited to share of hi, for Chris, the FY Planet. of capped quarter Thanks, and with which

wins, are FY progress of including we also will provide towards for outlook our share an some recent data We building discuss platform, an announced 'XX. acquisition Sinergise earth the and making

in. dive let's So

During $XX year-over-year XX% growth. revenue, QX, million in we generated representing

For was million, XX% the year-over-year. up full year, revenue $XXX.X

Our XX% non-GAAP we expanded gross the an positive points to that demonstrating improvement the for XX margins have quarter, business. fourth in year-over-year, of our leverage percentage

an and customers ended quarter For year-over-year. year, XX%, commercial improvement the government points margins fourth full non-GAAP spanning XX the across markets. our unique XXX over We gross percentage were of with

cover me call. key Before commercial recent let I our wins, first today's the takeaways summarize for

proud the acceleration For incredibly from range our we of teams fiscal this company. out I'm at revenue by 'XX, nearly rate, XX as the margins the and as exceeded percentage the across tripling points. well year, it reflects as beginning laid our gross expanding entire we the growth execution growth of dedication

we've across witnessed as year, in ago, and effects financial we plan well And years a investments the accelerate going outlined those we positive go-to-market growth public, X Nearly our as the in M&A. through investments systematic in were as KPIs. product, to of last results

are us tell results fiscal We forward that things. XXXX. momentum carrying three into These

the robust. data believe for we market Planet First, remains

fortunate uncertain, sectors. commercial to is customer and climate the While macroeconomic remains are diversified that government we across serve base a

the continuing customers reach generate shared And the capabilities our are We've in government they As sector environment. in the some also go-to-market seen we've seen our expanded current and opportunities for to strong at navigate new commercial previously, as Planet sector. product demand pace. caution from

Investor long-term Relations Day, model. our can long-term website. targets our business trajectory Second, steady a We Investor at find on our our is you our which towards outlined on

models. SaaS technology You more space industry aligned is business, the business see that a with our traditional will not

finish strong us environment. FY our despite for positions challenging the 'XX well macroeconomic Third,

you factoring forecast business revenue committed renewals, for hear year the or of new is from before already our XX% Sinergise in acquisition. As will revenue over Ashley, through the

We on well are gov to demand our positioned will we security while transitions hear today, to you are and in peach becoming tailwinds as Therefore, uniquely as sustainability serve. 'XX. balances monumental more FY chart as the digital Planet continue strong environment also profitability. to the path we to transformation growth transformation, [ph] secular expect These that forecasting drive macro as judicious spending of is that

a highlights Okay. the cover, some specific to so of We've let's dive the lot got from into quarter.

for an customer more During with international than Ministry closed per QX, of deal million another $XX Defense year. we multiyear

expand gain We and market our and data how see customers continue as fact-based to real-time decision-making. intelligence share the and defense support

Reconnaissance the these National for existing capabilities awarded Mapper with NRO our directly Tanager, the This architecture. Planet's partnership aligns hyperspectral Coalition. commercial contract part The us capabilities explore a constellation capabilities. to NRO, security Office, how Carbon space for hyperspectral week, Last planned national and Planet the designed our with with our align allow of agency's with the to contract will as work

save them the their a impact their They're government monitoring on and leveraging example and environmental great the including This contract we of constituents. assessment, of On side, money to using data Philippines use our by is serving enabling own disaster Agency. constellation, civil a cases, building concentrate data Space Planet's how instead countries with time won for observation scientific multiple can research.

are deforestation has extended success International delighted We year now to Climate to others, The on available, have calendar data Initiative, also over XXXX. share monitoring This all governments, for the tropical expectations. of reverse programs powerful program registered tropical NICFI, been the the & We Norway's XX,XXX of agencies, and to and countries. XXX world's exceeded the has Forestry and that enabling representing users of platform, policies NGOs, UN makes the equatorial, forest scientists covering it. all program

trend point with larger four seeing governments we the These wins are worldwide. to a

building commercial increasingly required their Live [ph] infrastructure are in and than their defense markets, providers, with all to Firstly, they're Planet And of and partnering strength themselves. seeing second, support we those civil both needs rather intelligence. also

new seven Pacific Vegetation commercial the contract right as figure to there's Company, this utility the last electric where Encroachment. or Turning a particularly proud a of that to This of direct our result recently PG&E, & for Salo of a Electric it's one them determine we win helps I'm Variable market. product, fall Planetary of the likelihood acquisition risk. high multiyear along signed ways locations Sciences U.S's announced tree in our largest in companies, utility of call. of recent Gas

use PG&E modeling power and Vegetation shutoff also analysis This safety XXX,XXX monitor grid Encroachment their to transmission XXX,XXX line miles assets and and drive distribution public to grid risk performance line kilometers. and product or plans entire over grid totaling better to our safety. includes

the financial world's natural contract expanded using industry, services the capital and operations. data Timberland global our In Planet's Management timber manager. within Investment They're their forestry Manulife largest we their division monitor with investment to Agriculture,

quarter new Our We had creating that use power Planet hasn't diversity customers of bringing market, In of we wins and doing a showcase the geospatial provide an so, that capability from never it cases before. have the data customers is the entirely serve. existed previously. to

And The models foundation clearly artificial value become about with louder recent data as built, excited AI essential months. intelligence trained is customers. upon the our the unlock particularly ingredient, around has critical an buzz operate. which can are that AI are in We and

that this. recent examples Let me highlight two share

satellite and our with It of devastating to in Syria, regions was This imagery. you assess the developed damage large response damage develop building United earthquake Nations. an and took AI building Ukraine in Microsoft our of work a for to we on couple model the solution Turkey months may in Firstly, by deploy. assessment, recall deployed partnership joint which over to developing training and a

country Microsoft to globe, to took the same This flood, region, the quickly of kinds earthquakes the days save government's response producing models going In wake from used Turkey assessment building Turkish many every to for and and partners situations around solution to deploy can other in assist months in cetera, in critical this deploy the time, it disasters: only couple be emergency progress we to efforts. natural for a this of and worked days helping significant a damage et of this. the hurricanes, This fires, solution Syria, and with like lives. new and

high matter as AI Secondly, We Chinese quickly to model and of the American balloon track start-up, Once origin a the from able locate last to minutes that train it the the received search Synthetaic, to was public our balloon an altitude airspace. intense model defense traveled a of and find imagery. across AI citings. North interest balloon took month, balloon. was intelligence ability only trained, watched our to community the for on

launch to the balloon Next, to track Synthetaic able point. its was original back

treasure key now deep be depth combined petabytes contains, years The images X proprietary that Our some archive uniquely spot Earth XX now of value back over every of on AI. with archive maritime applications. data as it unlocked X,XXX of average, is AI areas. set suitable a well [indiscernible] makes data with The and going can this immense for on when consistency as with approximately trove

turn advance can forensics, didn't type which themselves The value objects partners to altitude we solutions. We Planet data enable and in our searching that of totally balloon. searching back the are the has find AI like our into this and it globe our customers revolution for that at in increase planetary even speed potential needed through new a know objects of for around they can the to high time, experiencing the and

I'd Weil, business Today, how platform our observation to to data. President, our Kevin intent accelerate we the to leading our now this plans. really with to of acquisition moving Now acquire something to talk expect like invite for about announced developer we Earth their exciting. Sinergise

platforms, of don't at at multibillion ago a to joined lead X He many years having $X over years product record Planet they X scale from the know, Instagram Kevin, over has dollar $XX billion our software track and advancement to of software in revenue as billion. building those who proven successful to for led platform. he Twitter For

acquisition. you Kevin, tell us to this about over exciting to

Kevin Weil

Thanks, Will, and hello, everyone.

Investor of agile with the never seen company. entire our world That's to generate until foundation allow And resolution at data has spectral, and temporal and the recently, of was focus. combination aerospace Planet's data capabilities Day, before. our optical us the distribution discussed we generation As a

partners recent more ways. our X reason the simple impact We're strategy making the make and for and doing with, we enlarging world. to TAM has to in us the work allows serve data customers this expanded our in easier that years that can But in our

refined First, including variable the imagery pyramid as we data, have already and from offerings, as our up like more our planetary from Salo of range products building data is and VanderSat a road products which well are We AI-driven detection. towards moving change strategy.

delivering are also with insights to ups as the Across just complementary Synthetaic sets deliver of to data partners, efforts, start like example. solutions, in easier-to-use Will balloon and including tuned we customers all relevant our broad needs. Our focused, these highlighted customer

second fits where is in. Sinergise The

analyze We their be and substantial work support we and are our enabling a applications their to platform. joining making user our Planet excited team, by will on data base. to to with create directly and data Sinergise partner, has easier long been that forces customers their I'm platform

cloud process, from Sentinel build systems. XX capabilities, has Over leveraging analyze years, including to extract more data, Earth Hub other Their insights Planet's a data data, public the the optical analysis Sinergise needing and world-class access powers sets customers own that streaming like sets, and Landsat. without and to Sentinel platform last from allows all developed sources SAR data their technology data called and commercial and

me Let mentioned doing one having customers innovative significant this to was who from Planet using work of ingest powerful money. analyze lens. to is can they much multiple platform, with speaking saving Sinergise, a data. large With devote fly They resources illustrate to pipeline our APIs that were agricultural time done engineering customer I and products. directly building and of into and be analysis them through own streamed Planet the their their their on recently

used is along monitor determine European AI is can or their and analysis Sinergise's payouts. powerful Planet multiple their area with in data, solution don't do governments make practices. for example commitments to use monitor to compliance sustainable farmers Sinergise's allow and front own need to subsidies, sources government Another to solution, EU and by which application multiple processing the APIs. line. Sinergise's data combines governments own agricultural monitoring product, Sinergise's and monitoring EU algorithms, exchange area build They end leveraging

journey. leaving to platform We Investor Day, a at on a to has journey last years As company we the a years. synergize ago company the the our we are company that data. being in behind and shared we today that believe from to satellite accelerate data It's not that are the potential next X a meaningfully X becoming satellites

impact. make augmenting are data towards Planet markets of other We bigger much Sinergise it sources data greater than and and is them, our simpler today. integration will Together, and moving

customers enable build than stickier services to a We for and ecosystem outside sell Planet's our Planet's which our platform rather be to partners to analyze believe applications developer will data. can within We environment that compute-based build data will customers. it. on access, large more we and make powers Sinergise alongside subscriptions, able of plan

to we acquisition how Most customers. team I'm make data our speeds Sinergise Planet found They're to it well value go-to-market you Back to our importantly, Planet's map. teams partners our the will excited have and as easier capabilities so signed the with which time accelerates ecosystem are their joint as total welcome this are we you, about And an road customers. use, today. addressable partner Sinergise to expands to Will. Hopefully, resonating this and thrilled and idea of why that market. software a customer already, acquisition gives Planet with our

Will Marshall

Kevin. Thanks,

hand I the details to priorities our the Before especially that guidance outlook ahead, sustained FY levers 'XX, the growth touch investing core more results go drive over on our to top line for Ashley and want behind. on to I for financial year are we and through

industries teams every focused in drive our This First, year-over-year year. the we that in which with customers outcomes. quarter our improved on for ratio, has use can last core highest really in cases proven is deliver approach economic our can sales force sales proven enhanced win where ROI solutions

We to top also sales continue notch talent. hire

that also global market Second, strategy we us to help reach. accelerating are partners our extend with go-to-market our

Our to exemplified aim tools is as to they get the by power our customers data with need from value Sinergise. the

in are customers investing Third, develop that to the we R&D need. solutions

You've value customers heard our continue to to from to reduce enabling software time expand build platform, TAM. Kevin how and we

$XX investing will anchored We our ACV high-resolution our with next-generation pull. feeling SkySat last market's power our by are behind the for help million which signed next year fleets, With are over deals also decade. satellite platform three we data, in the

our high is resolution and launching for we this demos. to Satellites excited tech Development be are our year, Pelican first ramping up

first which Mapper hyperspectral our supports JPL. We Carbon Tanager, of tech partnership will also launch the NASA's demos fleet our our and of with

Finally, doing we are efficiency this and on while staying profitability. driving of focused all

better As you know, since aerospace. to our a cheaper, founding, approach we've always practiced faster,

our in And so efficiency is DNA.

efficiencies monitoring we As global and with storage an earth became resulting in data in downlink streamlined in mission, our operations, recently fleet example, data even to more without SuperDove our degradation customers. in greater any coverage for

profitability for Overall, and to the to want focus backdrop. particularly year, disciplined allocation critical I emphasize economic as and efficiency remain capital thoughtful areas with this driving always. We that against are current

to that more underscore Ashley to speak to but want in profitability. we shortly, this fully are to detail will our path I committed

as for our well us against solutions year growth environment. our 'XX the briefly the for and 'XX, To the team's our executed the successfully our we plan revenue to for year excited up well summarize, tripling confident macroeconomic demand ahead. to despite demand And FY ability sets as driving broader in the year-over-year. strong remains for nearly I'm Market FY robust execute. finish and secular tailwinds rate

Over to you, Ashley.

Ashley Fieglein Johnson

everyone, Will, joining most results. I recap you, and start Thank us with a will of thanks, for our today. quick recent

year-over-year mentioned, January As growth. of million, revenue XX% which in ending represents quarter came at fiscal our 'XX for $XX XX fourth Will the

For million, the at full year-over-year $XXX.X fiscal year, representing revenue came XX% in growth.

XXX our to representing in customer customers, over year, last Customers grew $XXX,XXX XX% count year-over-year. customer segment end-of-period Our growing growth. ACV year-over-year fastest-growing XX% representing was

grow our during annual seen time. of last today opportunity and average X the account on the of teams contract We've value higher quarters. value sales year-over-year heard prioritizing our each the expand to calls, you've are As customers over with prior

consisted XX% of of contracts. As of over our or book of end the QX, business annual of multiyear

annual length be future approximately provides visibility contract an to years continues us average to value This with X Our on weighted revenue. high basis. contract

rate net XXX% year with retention XXX%, in end and dollar the respectively, and fiscal was compared of retention XXX%, to 'XX. dollar Net rate fiscal was year 'XX XXX% win backs at

with very satisfaction our which customer reflected NPS made retention directly XX rate, period. progress score high of correlated in last has are as in proud been reporting We of we've in the our an

will product us. in improvement area and customer for possible investments focus our key teams and Continued success remain this made of a have

our margin. compared margin quarter our 'XX year. Turning fiscal year-over-year We of quarter-over-quarter XX% last gross to to for expanded to in gross expanded fourth the the prior non-GAAP consistently the XX% margins year. gross throughout We and

prior the revenue, year in agile fiscal aerospace expansion our gross subscription and full the the for XX% of margin of our the growth to The compared margins industry-leading driven approach efficiency one-to-many to gross Non-GAAP XX% model. data continues be of year. by business was

we of public the practices and amortization of goods depreciation a businesses. of sold, SaaS cost the As our include CapEx reminder, and marrying

Adjusted quarter. loss EBITDA the for $XX.X was million

the $XX.X had revenue year, was cost loss upside than better For the fiscal EBITDA at adjusted expected 'XX we million, full management. by of outset and effective driven

heard are teams. all you Will, As across of increasingly profitability efficiency have and from focused on our driving we

how gross During year, margins revenue the bottom our and in seen upside you've the through line. to last drop flows our

We of our our targeting invest us the line to where than model enables the XXXX are consistently leverage drive in quarterly profitability scale a fiscal improvement, continuing or competitive later in are maintain and we while lead to no XXXX calendar approaching EBITDA end to market. the bottom

to We initiatives sheet. quarter short-term and raise continue ended we invest without with $XXX our to behind needing accelerating million of us which balance believe provides cash, capital capital. to the to Turning investments, growth equivalents the with cash sufficient additional

debt have to outstanding. continue also We no

X% anticipated, of and primarily than of for year. software quarter lower we is $X $XX.X year the the to revenue This had timing procurement. for X% full approximately due the were million the revenue development, capitalized or including and quarter expenditures, million Capital for the of for

approximately next or were into end applied performance and million remaining entered by million, driven quarter to the primarily $XXX XX% of in years, the obligations, the versus increase last next to of X a XX months $XX which our approximately QX. QX, RPOs, XX% contracts large At

As up a may contracts as come for multiyear renewal. reminder, quarter-to-quarter fluctuate RPOs

mind that keep costs our value common for Please well termination with the in in include that a associated which the contracts. is [ph], contract contracts reported exclude convenience RPOs our EOCL federal other as as

high provide government future contracts often a of and are to results. with us visibility Our multiyear degree

XX, see a echo to revenue like Sinergise in team. are to time. Kevin's from significant potential upside software I'd Planet We which brings synergies approximately excitement over engineers. Will's the majority and welcoming of of team Sinergise the

We to drive the expect Planet to customers alongside processing margin solutions Planet's rate offer Sentinel existing and sold high Hub to of our data. attach

We view in accretive during this to and Planet's expect to deal subject close fiscal is financially as it fiscal of in and year. EPS to this 'XX. neutral XXXX conditions, closing It compelling, we QX

we As our uncertain. don't factored particularly have we And and consider and immune help of side. global commercial critical timing overall renewals guidance, we boost climate macroeconomic turn remains while products on considerations to believe ourselves these on new guidance, impacts macro We possible pressures. issues, including to our the efficiencies business, often the customers address into

fiscal and year. government enter primarily our has visibility multiple business book of XXXX, we we last signed As multiyear improved by year-over-year that contracts driven

greater. acquisition committed values contract Our with 'XX, our for fiscal any XX to business, qualified including business deals million new XX% factoring guidance strong or renewals, pipeline and forecast from underpin revenue before for new our of we the over of revenue in $X over represents Sinergise. have a And annual of revenue

fiscal of the we first expect $XX of 'XX, at midpoint. growth quarter which For represents XX% million, million year-over-year to of $XX approximately revenue the

XX%, 'XX. up of of gross for fiscal non-GAAP to from XX% expect We QX QX in XX% margin

loss between million. quarter Our be $XX and to million first expected negative for $XX adjusted EBITDA the is negative

million expect over quarter. Pelican related some for expenditures million, of the of rolled $XX were to which primarily to prior from the We approximately program, $XX capital procurements

economic contract outlook quarter. caution significant conclusion Our the early lower expected on revenue the seasonality navigate reflects previously part of commercial for legacy in the in of as a QX and they customers uncertainties

more evolved will new We share appropriate and and the at customer, discussing with are opportunities this time. we

$XXX to For million to XX, XX% revenue year or year-over-year. be between growth fiscal and ending we $XXX million of XX% the January full XXXX, expect

close the signings which high guidance in our we results year. of of back we discussed built second also As our assuming business half past, new have the the assumes toward in half Sinergise The weighted, our acquisition weighted we are in forecast QX. of revenue end

between products, to $XX Our be path negative and to XX% non-GAAP is investment expected also million, in enhancing core expected and while our XX%. loss year gross fiscal maintaining margin EBITDA negative Adjusted $XX XXXX. is expanding and to million between profitability in reflecting be continued our

XX% approximately million $XX to or revenue. XX% We million to of to expect be CapEx $XX approximately

believe financial Day we market As on at we and advantage have our approach. We demand, a ability competitive based business to model. fall, advantage last flex discussed aerospace agile our our to a Investor the thanks is of CapEx significant this

CapEx As the the by in in our driven primarily up with QX, is program. year step Pelican for investments

tech are This high launch resolution Given Pelican operational our for build and the levels lock plan infrastructure. upgrade first and for data, stations. we our demos, of and fleet invest ground behind seeing components satellites to its related demand to we our Pelican of year, order our continuing are we

also anticipate exciting launching satellite our Carbon We Mapper demo for program. Tanager the first

focus for our on payback satellites. capital less to of than continue X-year production all and target period of efficiency a We

the market well grow capabilities Tanager enhanced by confident market position. are as share, advance will Pelican data fleet fleet and as our our of addressable that our unique leadership the We captured capture

landscape. just an of proud Planet to mission-aligned and company. economic it To I'm was the amazing a around that year towards close, in globe like make contributions and for tough they building say I'd Planetiers the high-margin strong a

to We focus our thanks on dedication. path their to and profitability, executing are

tailwinds peace capturing and the security, markets market ahead and defining feel well-positioned We opportunity end effects sustainability digitization of our across vast us. and remain continue of we believe demand sets, the confident are in of for market the data the to

can that concludes questions. now We our comments. take Operator,

Operator

Latimore Michael Instructions] question of first [Operator Northland. The with

You may proceed.

Michael Latimore

year. you Thank and strong congrats the on

how time? bit closes a guidance? of revenue And you any acquisitions, Sinergise, talk guidance you Sinergise I In you terms that -- did upper much maybe expect on about from guess little the assumes end the would say can of

Ashley Fieglein Johnson

Yes. given as the Great. of ourselves in chance much of deferred close actual question. well that revenue we the in for we remaining Thanks once balance basically, have recognition. as the flexibility sheet and on the timing guidance, have of closing how revenue of terms for the revenue day balance And the getting to terms a understanding is

So of achieve we of that business close. including can there Obviously, a from lot Sinergise different depends upside timing of amount the the timing of of outside guidance as our midpoint closing really factors, on of new assuming no well the as transaction.

Michael Latimore

great. year-end? And where past, you you to in of talked the Okay, ramped fully stand sales -- a Kind where now? about expect that little be sense. then Makes by headcount. bit that And does might

Ashley Fieglein Johnson

We pleased hiring the board. are been the obviously doing that across very team has with the

to we numbers the and team teams the opportunity the continue see that we because we bring had capture. are year for continue the over goal set out above set bring, ourselves we want strong new to on market are We and to as so members continue that of to XX% to

Will Marshall

Yes, if I strong can go-to-market has fantastic. the of execution just add. mean the been team I

great the in mentioned, [indiscernible] the increasing. rates execution. across Ashley about seeing obviously the not win the that You're board. Score It's see number of just that It's NPS to really

Michael Latimore

Great. so Thanks. Thanks much.

Will Marshall

[Indiscernible].

Ashley Fieglein Johnson

Thank you.

Operator

Needham. Koontz next Latimore. Mr. you, question Ryan the is The line with Thank from of

proceed. may You

Ryan Koontz

many working really on congrats Yes, great the that expansion. out. really one Hi. that Thanks on see for question. year, It's great the margin particularly the gross to a

And QX in a Can I year. of I your kind the the guidance, have that? you that there missed give of the think like actually, prepared in that Or of was might terms the looks there linearity light there in is the me was shared little comments. more it you there a detail on you color some renewal balance. hanging On mentioned

Ashley Fieglein Johnson

Thanks completion yes, early And contracts the Yes. seasonality years back QX many question, in particular, QX. its in that Ryan. by reached for for is legacy impacted,

very magnitude, included which just have have our that anticipating year, contract in relationship. in the approximately that small. of still But to million little and provide color, We and relatively contract given remain really renewing them with contract for 'XX. contributed fiscal it $X we I'm bit positive continued not So of only the per in same guidance the quarter a that renewed a at conversations this tail not we've was engaged

Ryan Koontz

Right.

on really Okay. Thank rate, great see popping And retention dollar to the up. you. net that

up you any there color driving sides, can and major there. inflection belongs share the the what’s So the customer

sales of the team contribution terms success customer execution, [indiscernible] to NRR. your In

Ashley Fieglein Johnson

Yes, it's obviously so a and investments NDDR. of rates. into see factored contracts. expansions success the talked on customer team to larger really opportunity we’ve receive strong And his focus prepared of investing the of referenced renewal what customer we And landing stronger the we that combination those remarks customers, product, in gross driving about some then our Will and significant in that expand expansion in the contracts were in

So effect that obviously has a tremendous on our NDRR.

team sourcing upfront know on execution we and back we where then doing that of end teams the delivering focusing around customers So it's value. value can we sales our the the and the board, both drive are the across that on

Will Marshall

up company a sell SaaS add people XX And see progress ideal really getting hope percentage being looks sort of long-term margin as real very and to or first meaningful. can like space year-on-year which I the really brought could that the that, financial very we're well. is a just meaningfully we And positive. that and profile, We're as company, towards very, expansion. I about if with the you gross pleased points point

Ryan Koontz

Absolutely. That’s really Thank have. That’s I great. you. all

Ashley Fieglein Johnson

Thank Great. you.

Will Marshall

Yes.

Operator

line Jeff Van with from Koontz. question question Mr. is Craig-Hallum. Rhee the a The you, next Thank of

proceed. may You

Jeff Van Rhee

users, why few I number paid, back a fill in of my got Great. to price And them cash longer Thanks Sinergise, existing more to how gaps there? several. the cross-sell, what I've on there. you a deal, clear questions. example Customer would now. then circle for second second into taking they're count, you're to products want a and going maybe come customer would of just they can you questions a little these if using and want a just few more an spend

Will Marshall

it tail and to thousands application. that helps just the get your by to Maybe first off longer really on that can it users and easing kick there saying smaller users, are get already, platform ability of speed of to I us this

Ashley, talk the pieces, here, a financial Kevin maybe you bit other can pieces, talk to to too. little maybe the you and can

Ashley Fieglein Johnson

Yes.

Just -- cash so financially, a it's deal and $XX stock. a of roughly approximately with mix million

to accretive it, fiscal as next neutral 'XX and to be mentioned, expect in EPS We year. I

Kevin Weil

devote speed the remarks as Sinergise, products see we Yes, Planet to for general gave their own to value customers be the opportunity having in example pipeline that a to work directly building using into stream to agriculture the all just world, Sinergise's our customers is it of meaningful currently as make well Sinergise to of plus And resources doing meaningful AVI's. to as customer and would as do far their platform, I to data. attaching they in Planet with prepared Planet engineering stickier. combined my for the able Sinergise that leverage in time they're

our is to plan to Sinergise offer customers. So new renewing both and solutions

be number to of alongside compute a of and a drive customers. will looking Planet's are joint rate We high data, solutions attach there their high-margin already

expand forward looking to join we I'm seeing that as So forces.

Jeff Van Rhee

Clearly, guess breadth the now. now, everybody but would how on is tasking constraint? here you about questions, Okay. the going Ex in what right constraints I I guys what's probably ask can The to reflecting tasking get if imagery going Ukraine, constrained Ukraine of is busy do it broad the talked I on talk And like -- could. Pelican, right you other about with a two on sounds very over you're that world. like

Will Marshall

system. it are more system, to be Well, one-to-many that more and broadly, we building a

users strip to actually, a of tasks again. it's now becomes yes, actually one satellite those such go. many that images but covers tasking there's aggregated that tire So back many they then our area, in in when one advantage And a got system, one of take concentration we've

a that. aiming [indiscernible]. it's of So is relieve add the a that. we Obviously, to and still more and demand Pelican we to capacity presently, in for many have seeing regions, potential are lot But

scope data. I SkySat year, As course, $XX sense we if a which Does And the anything both are don't to mentioned prepared in your my over we're deals feeling. each, and driven our that were of anyone's plant that that. know that answer question? customers, did pull you I million got many And of gives three to just using add remarks, the of ACV SkySat. last by in

Jeff Van Rhee

It does. pipeline. last just guess I one,

the seven on Just you figure touched of deals. number

looks If those months of X kind that might now markets XX in the of you target like ago and most what contrast are vertical the seeing fading? could, maybe terms sort or of just maybe or just pipe that improvement be uptake the

Will Marshall

qualified that. deals. I and that's really to say stronger about and seven to and XX you across I the Defense the is and more that excited world, government the and quick got anything bigger. they're figure add commercial, civil would around We've I'm mean Kevin, right. those, you've of robust, all mentioned answer deals, been Intelligence.

Kevin Weil

Yes.

we Asia. because a have. the the provide in Europe briefly, this of to We're we gov, off bunch Just verticals U.S. unique like I've we a new opening variables, as and broad-based we data up in our go around core time twice. agriculture, But I've year. demand of as add the road in been planetary been defense are the seeing I've pyramid, spent data been of in times, D.C. verticals. in intelligence on I've number civil areas

And talked Vegetation variable. our planetary using now an and using example, Re product create the Encroachment, PG&E variable AXA Swiss drought as have to with [indiscernible] insurance for farmers. a we both about planetary content insurance, now Will

up those new existing -- And So customers. just products aren't of demand. with also new that's opportunities They're for new they also customers. kind open

do you areas that and Just intelligence. large imagine artificial Defense monitoring Intelligence, example, without for can't

so expansion existing And we AI, with verticals and opportunities existing acceleration seeing [indiscernible]. of the customers now the with advent and are

Will Marshall

[Indiscernible] CEO Fortune we here drought insurance this We sorry. just this And mentioning we're and did we mention at our the another utility areas that was mentioned that. was we could lot year. were that pace. I couple just the And of this caution talking expanding partnership business, add those PG&E. up Kevin XXX of come this and If in company commercial deals a just there. about a the one. quarter, week, still signed in strong seeing to really AXA,

sector. that are So we to expanding

So start stack, to our core up Kevin one. we go [ph] yes, these the markets as as vertical open saying, outside we up

Jeff Van Rhee

you. Thank helpful. Very

Ashley Fieglein Johnson

Jeff. Thanks,

Operator

Instructions] from Sachs. line Van question with The you, Goldman Thank of Poponak the Mr. next Rhee. Noah is [Operator

You may proceed.

Noah Poponak

everyone. Hello,

Will Marshall

Hey.

Ashley Fieglein Johnson

Noah. Hey,

Noah Poponak

or in speak can -- you embedding for are that what you this the your customer count Ashley, anticipating to growth outlook year?

Ashley Fieglein Johnson

different in terms Yes. obviously, think, for from -- scale about Because ability the What or right our That's are in business us we many brings right the I adding, logos is, business. greater our part greater one base Sinergise customers growth the really, with I service predict. element efficiency. opportunity And that of it's but expansions going our expand of to how a is logos about up a at think we are to to year. versus smaller question what tough relevant with to within the we less do think next really sense, coming set to how adding new continued be

I and from bring both markets type Kevin [ph] large intelligence new this expansion some of our just to growth by add? in coming like and anything complemented seeing from after that dollar customer growth as accounts core markets -- potential then base, Cisco on So new Kevin, commercial these from these lot grow very the of quarter. quarter the customers outlined existing of all continuing expect same existing a those to multimillion have would as deals where events and the is that well

Kevin Weil

agree all of that. I Yes, with

focus trying for Just great last deliver how opportunities to CRO, Day, and outcomes, expand. it about that really we time improve we to ROI, At second. build on is our some are we Candy Analyst use renew going can our maybe are a to where spent economic then cases Charlie the talking

to in the numbers over the in leads a here team in reflected size. that's with $X commercial lot to focus pipeline deals see order And you no on that the there's say within good best million yes XX saying to of leads. So

Noah Poponak

I guess, I sense. appreciate all a of that, of lot all and that makes

You want customers. the right

long-term, last the in you significant better. term and other the everything to size recurring cycle relative to of just the customer growth agree not why if but revenue I to over given somewhat customers have that I need customers, the are you to should guess year said, just company time. growth you with revenue need where count base, concerned still hand, You be expand want the the have But -- life customer on wallet longer versus of profitable, I get total slower can we sticky aspirations much with growth for

Will Marshall

and a I the expanding expansion really as we better sort ones No, customers. we solidly. there's [indiscernible] the Yes. working -- doubt have of in mean continue and no focusing get the will well. question No again, with work of our that a that cases lot to this as need expansion to we get that we long-term, deals number are on better that. But really within we of from use on that's have, that believe that platform side that Yes, growth of and we come

really we makes about there's to, ones can mean I the for focus growth focusing that really get but as So it's now opportunities, a most from them. strong lot really opposed some are sense now we of on because

Ashley Fieglein Johnson

spend. we've think I marketing also And been disciplined in our very

seeing coming up in leading just obviously of pipeline market before, into talked a to as lot and opportunity we we our this number We've of is we as investing more a So shifting are we our got conference where have more more our and marketing. will we year what to And -- prospects. Explore are inbound.

leading sure amount always prudent are spending. -- being the very we we opportunity into the set see, that it's So that that are that making we but also with

Noah Poponak

Okay.

the for now quarterly 'XX your the forecast positive basis in year? exiting on Ashley, to EBITDA is a is just year the fiscal breakeven be -- or or

Ashley Fieglein Johnson

The in get to it is ensuring on least focus on that at 'XX. basis fiscal a quarterly we

Will Marshall

got often or a Pelican slower faster things of levers here Ashley and lot as in But we've the says, program pushing like this.

in of control. lot is a And our so that

Noah Poponak

what's that at just revenue during the the what exactly even and positive is point plan fine EBITDA kind 'XX of margin the it year? the based lands a between guess that given tipping where I a line the was there's or And bridge or and really on just of process SPAC Okay. that in

Ashley Fieglein Johnson

well that's front in. execution are are model Yes, the world in been to than executing strong very us. against I numbers. was in I market invest the we're proud there. years ago both, opportunities the team, mean, out we we our X different guidance we've put dramatically we of looking that confidence and seeing you the the this opportunities from new giving And at At we really the have economic environment The it is when that high of point, those that obviously, fact think

Will Marshall

the And is course well. side I despite believe commercial of really executing certainly , right. there That's really in a to well. a government as we really, continue strong see demand the team and on this side, even as Planet little on

this putting which strong And so are think is forecast, a what year. we that's why delivering feel we we confident very growth in on

Noah Poponak

opportunities Okay. those within last Are to that inorganic there are one just one. platform the a And analytics find? side lot data of Or on effort? hard

Will Marshall

very diligent for diligently to would open selective and, will we time very be but to and look to the look, said going and work we our being. acquisitions, continue frankly, we be always internal focused Well, are around, new on we mainly

Noah Poponak

Okay.

Okay, much. thanks very

Will Marshall

Noah. Thanks,

Ashley Fieglein Johnson

Noah. you, Thank

Operator

question is Yu the Poponak. Edison Mr. Bank. line Deutsche with Thank The from next you, of

You may proceed.

Edison Yu

taking our questions. Thank you for

private. of digest to changes a off, to some curious Obviously, First in I [ph] any while. there competitive the And of ask from you seeing, out of you're that's industry a developments. seen the we've Maxar what witnessed about and wondering you've have want time to what bit the feedback? had after kind X dynamics now customer or Just X kind months been for I'm

Will Marshall

I opportunities don't think microscopic are seeing. the changed that we has

right, daily is our Scope But Earth. been We competition. have have thing where we our head-to-head is the completely Planet main that provides the seeing scan different, the of rates we win which improvement continued something offer in

we collection areas about than think estimated commercial it's any of more providers. I XXXx other the

scan system. the Earth It's right? a So It's of different the a model. totally XXXx, task versus

the things scan enabling that But disasters is of defense the lot system. applications, It's scale applications scale a around the task allowing the applications, agricultural -- we're a is civil of it's that. a corner. lot had [indiscernible] also board's what like AI and intelligence looking seeing and We allowing to response these

backed are is with Does off use AI, exciting including unique ones the your lot of So daily that new the store. scan, completely cases, answer the question? which a

Edison Yu

Understood. Yes, yes.

pretty prominent too in properly, deployed high be just I not So seen, Airbus EO that's also had we've satellites, right? ones. several relation, res think, basically You

Does think $XXX what or do plus to some you a think you of -- is kind one. you investor? incentive I million time Or a line perhaps Pelican that give still lost Japan thought? the initially more deploy

Will Marshall

look, occur. us space is I it these that reminds do mean really and Well, challenges just hard,

satellites. many little than players more bit a is of deploying sense those approach in of Our the most different other

which the capabilities sort And risk few it's essentially interesting, was tends the aerospace, associated fact so launch to of per we early that satellite or achieve. came where how transformation. much is to been go cost others point XXXx release point the ever with is our enabling us broader to a And sort satellites as better that get right, or dollar often And X,XXXx, to really the agile undergo lower. with to out highlighting any from McKinsey whereas is able report particular several use be on the than have and very Xs, transition transition today, this is of that again that, just that industries

that approach makes I But push about program are my are us yes, a Planet on we that said any one little certainly remarks. feeling unique your to has a bit as to other I particular launch. encouraged demand, Pelican we dependent so fast mean less to and And in because point

Ashley Fieglein Johnson

Yes.

and the to just observation data and think really is of also of markets year is earth -- I just kind is this the the availability this think the this activity And to that shift that. of last pointing commercial the that, I underscores pointed future of the industry. events commercial

Edison Yu

it financial that macro into there. some the If quantify macro in having uncertainty? can -- how that you you into the drill as embedded pertains further impact. Any know one sneak it. mentioned or I way is to Got softness I the much outlook one could

Ashley Fieglein Johnson

-- in way we say I'd budgetary get we've committed. model going basis way Where for what are year. account-by-account the our we business, what's on then coming the an Here's our that's customers have the our really, of layer timing we that almost of renewal try with we is around opportunity our on is And And that Edison, assumptions at to and so just lot know we that an and even drives the though same what can renewal. are And and a a balancing likely but caution book a we uncertain out the of through? Who delivered given just sense what lot Kevin be there, the a see environment. business need then pressures? pull build those data there And value business our from do conservatism rates it, to upsell? factors around nature is just that for opportunities. of generally to our start the actually do then of very what of strong every our of kind macroeconomic look up we new than expansion of described more anything the with We

Kevin Weil

And we maybe leveraging We commercial of deals that. to new planetary Re the even PG&E, some variables. like about beyond bit market of see from perspective and that that talked add our commercial are closed customer, AXA, the Swiss a just resilient we a

industry. technology of XXX customers with Japan, contracts and mentioned So consulting global Fortune just the PG&E. management in There's and beyond the a won one multinational during above the large company agricultural also in large firms. largest we QX, Will, energy company also utility multiple

of caution, that. even there's Certainly, commercial of on. but strength go lot the we could in despite I see a So market, some degree

Edison Yu

and Great. Appreciate thanks. that

Operator

[Operator Yu. The is Mr. next B. Instructions] you, Riley. Knop from with line the question of Thank Katherine

may proceed. You

Katherine Knop

my question today. for you Thank taking there. Hi,

So even you in your terms give don't of may this you in have or potentially do But backlog? not breakdown percentage any it, missed I've if information. know customer type I

Will Marshall

talk it revenue. gives Not the them backlog, the Slide the up we It in XX we shared. that debt do on about in breakdown.

that? on highlight to wanted you anything Ashley,

Ashley Fieglein Johnson

Will on Investor said, of details lot as in that No, shared the Relations we of website. deck we our [indiscernible] have a

Katherine Knop

breakdown? then in the And backlog of terms just nothing Okay.

Ashley Fieglein Johnson

No, we do not.

Katherine Knop

[Indiscernible]. Okay. you. Thank

Ashley Fieglein Johnson

you. Thank

Operator

the over question-and-answer session. for Will call Ms. concludes any the closing That you, to Thank I now Marshall turn remarks. will Knop.

Will Marshall

a highlighted. the revenue mark-to-market of remains data about, growth by sustainability gross robust. strong that was the execution strong strong. think for team, proud nearly of margin expansion is thanks, joining. and our the our tailwinds The I transformation, we Look, that digital secular very transformation and tripling Well, Planet Look, talk I'm everyone, and piece achievements security our really especially this rate year,

So forth team's that's very the plan very, macro. why in. in this tuning despite much for putting execute. we year a strong ability are confident to growth Thanks I'm the And

Operator

Thank XXXX Labs PBC call. earnings for Planet your today's concludes That Year you participation. Fiscal

now disconnect your may lines. You

Planet Labs PBC (PL) 29 Mar 232023 Q4 Earnings call transcript