PL - Earnings call 2 2024 | Planet Labs PBC

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon. Thank you for attending today's Planet Labs PBC Second Quarter of Fiscal 2024 Earnings Conference Call. My name is Alexis, and I will be your moderator for today's call. [Operator Instructions] I would now like to pass the conference over to Chris Genualdi, VP of Investor Relations.

You may proceed.

Christopher Genualdi

everyone. hello, and operator, Thanks, Welcome to Earnings of Second Quarter XXXX Call. Planet's

or like begin statements everyone events today's we to related financial call, future forward-looking Before make we'd remind outlook. may that to our we

will should referenced projections. not executed on The such have detailed management's inclusion also leads are plans, outlook, expectations achieved.Such information that forward-looking and can future SEC regarded are www.sec.gov. plans, yet qualified to forward-looking filings, potential as of at a by subject contracts. represents or statements We sales not representation which uncertainties estimates, that current Planet estimates statements Any be and based in which pipeline, be various risks expectations found assumptions forward-looking be as our and

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

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

management other number in call, often non-GAAP earlier a indicators release. competitors of our more our afternoon. provided our issued detail in discussed more in provide performance financial this used in performance by press industry.These please indicators used tables reconciliation this throughout press information measures, and are by key For on key see and the the Further, release we

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

term realize during referenced last that years. over Chairperson this we terms which vary. I'd contracts generally revenue call customer Will. figures will the of the each Marshall, of site Further, the these expected to the note can call, Planet's for may Finally, of over contract, the please now recognized the multiple can revenue.At Co-Founder. time, Will to like Over turn to CEO, all We this and you, contracts not be

William Marshall

Thanks Chris, for today. joining call and everyone. hello, the Thanks,

at high For our line representing quarter revenue, second in we end a fiscal growth XX% gross $XX.X the of expectations. our XXXX, million with year of expected the generated XX%, year-over-year above came in range. Non-GAAP record margin in

EBITDA adjusted quarter was ended $XX.X commercial Our we'll loss spanning focus across on XXX operational We unique second M&A, for including of a number organizational recent than cover the government items, million, company-wide wins reflecting changes, with markets.Today, customers efficiency. quarter developments. defense, sales civil better product also and expected, the and

dive with organizational QX, Starting growth long-term resources let's in optimize of significant profitability. and sustainable So efforts we to in. and undertook focus support changes; in

This is Planet August better reduction a but expand increased we cost opportunity ] continuing difficult reduction in an XX ultimately complexity. force. ahead a resulted while breadth us.Our solutions last to and XX% [ people market and and the headcount for see on businesses led Firstly, the projects our positions over approximately announced go months of to in and rapidly increased decision, the we of that one that X, to

which recent payback build-out satellites. are targets focus, and pacing in agriculture AI, seeing across and solutions. and our shortly. cover teams we're promising behind the for actively program aligning has opportunity more I'll cover engineering one, I'll support We're strengthening components: expect our and our this of priorities, investing our and moment. area are milestones behind civil itself we strategy. organization. satellite AI.We efficiency Tanager We is our and our go-to-market three of a action This fleets the government to On one in support our investments next-generation And our will product in optimize agility core signs achieved Pelican intelligence, also resources defense greater commercial operational X-year opportunities,

we acquisition, shift which partners around simplify steps AI-enabled via sales by opportunities solutions and focused intelligence plan globe. large to team utilize teams regulatory for defense large momentarily. to to serve our allow our pipeline. is that high direct civil ROI, high-value we'll commercial primarily PlanetScope Planetary to opportunities on in within scan and markets. selling our area opportunities smaller Daily our taking our our monitoring of This selling processes. supporting government the platform in customers, will will enabled selling customers focus Three, These Our agricultural and discuss network we're serving growing these our towards our sales Sinergise on Two, customer includes through industries, to the streamline Variables.We other customers enforcement changes with analytics

Sinergise's adoption. platform. to to expect element our increase see and geospatial customers, We customers speedening ease directly updates; and through created.This efficiency of shorten to use up and adoption our applications more Sinergise Hub, Sentinel their changes reinforced both our and on into they the platform, do enabling more operations. August, platform the Sinergise, acquisition self-serve will We're detail talent our excited early on channel. typically in priorities at our enabler download We'll to demo with time-to-value. enable making into in our for analyze touch Investor users, we small and our step focus customers sharpened has a October. work already go as be customer this widening about data speed provide towards Ultimately, and key broad data organizational of Sinergise With our that create Sinergise by We power will capabilities platform. of these Day and addition function which be our We're custom Today, time-to-value a build to will an partners analyze lower deeply able Data enhanced will in and workflows leveraging these can serves and easier customer integrating own easily Planet. the integrate customer this our for that platform efforts and to path in organizational of actions thousands more which joining customers our closed accelerant platform, we will supporting cloud Sinergise's have to finish sales expansion a tools Earth the imagery. and deals of critical shift of foundational programmatic Leveraging our profitability.To acquisition incredible geospatial

been closed around U.S. responsive Detection Space Force.This satellite market, with capabilities. leveraging our Images, with the and extension the capabilities. highlights. AI-based together, recent Vessel they coalition SkySat an work Through utilizing support globe, expansion turn will have sales SkySat and Let's to recently training Defense's to Starting the Intelligence U.S. support military XX-month Video commercial Department of the commercial enable exercises Defense space we of partners'

We Affairs won recently in data us, region. contract our ACV in the government.Additionally, solutions. the was U.S. Foreign support received recently award also a a to of government from through through provide of This was a and for work Ministry to of U.S. we customer for a new multiple across contract We're one SkySat award ACV tasking a our won we the our won new agency high-resolution of one proud the Asia. to This do is agencies partners partners. X-figure Planet X-figure

Civil seeing driven prevention, as the management as Within disaster and by we emergency sector, Government well are demand land response permitting. increased

of response used California, by the climate impacts land Center Canada. here the solutions closed ecosystems Northwest For season Government contract and Natural Canada. large Territories to efforts. support a in disaster critical our example, with recently data across expanded at inform We and of Ministry multiple Geomatics contracts and of a being and during to expansion for authorities efforts identify the Resources with we X-figure wildfire is to Similarly, a X-figure our risk British to wildfires in the rights expansion prevention with data Quebec's are change Forest.Our ACV ACV expansion to Provincial areas support Governments on Columbia, of used and with being monitor

deal range to partner, a support allowing In of environmental our Payments a of respond to natural and monitoring billions environmental globe Rural frequency damages in Europe, biophysical our market, In and costs a the example billions that recently scale these insurance wildfires hundreds noting Payments archive through customer annually UK severity damages of help management dollars ACV solutions government add and is land lives. SkySat wildfire Agency platform. disasters data worldwide increase use delivering commercial parameters.It's PlanetScope signed causing dollars agricultural around support early of to sectors. detection awarded great of of X-figure disasters. multiyear we via Monitoring, save prevent of tens the our causing we provide to accessing wildfire, we the prevention QX, for Rural UK new of and customers reducing the tasking Fusion Sinergise's will countrywide to wide access our In as case save and help worth a as customers continue broader significant the government well across During to solutions, data in Earth-i. fuel and can this of new the The were energy programs.As Sinergise with platform access, Basemaps, scheme, reduction the its an Agency contract,

daily collaboration latest created response an AI-based to the make qualify also focus first, together, building it where to the In assessment to of rearrange as and financial to The instance. interest in recent are enabling validating new on ground.Damage want to Generative I grows and business terabytes can value pleased traction. in X-figure large Planet's a moment AI seen proprietary unleash Planet together. Responders models in Cross, assessment. to delivered Microsoft, quarter in being XX her to is work continue the and notified better of residents how Now respond last extract I'm step especially Generative example of a it to And this Red by who decisions addresses was Maui. most this report deep signed urgent quickly may science earth such [indiscernible] was in Planet's significant see first this spend archive AI on models AI, impact make the day, the first It has supporting real-world field language that every data First continued priorities the with for to hours be information value.We've that wildfire response we large recently, the of for models. pilot with to this in create used fire, a to to explore of for Within potential area, damage we can AI and assistance, is our data Planet's efforts. the to that that models as used language operational vital deal X-month in data we

critical of in recall, countries our we've solutions hours. and to Syria. responses, important natural our in shortened you'll is conflict days cases, our event unlock powerful humanitarian to response the can with data As all, as AI Microsoft Turkey prevention.This data effective In time led it that we've and work archive damage takes in to the to the to access quick has a from and the assessment force of or other deploy and the building in earthquake Ukraine Whether potential solution to each and from organizations. to interest reliable months support solutions. avoidance and and adoption already we to recently supporting deep partnered assessment human disaster, see a damage some war building accelerate the in timely, to Together,

satellite underpin tools Variable. want dataset product granular to we of quantify methane resolution ready for of covering into to ready Pelican the satellite, truly carbon the forest-related developing plan forest Frequent instrument it's JPL NASA nearly Earth common for nearing by in before aims next promises. significance unprecedented Carbon the product a year critical this chains, to carbon the of is emissions for yet regulators. excited between it on cost, to individual to imaging at our launch level, in that huge accelerating X-meter global This the improving quarter next-generation allow and incredibly the to a The satellite, capture our Pelican on Planetary Forest carbon our has pinpoint markets, climate entirety change launch serving this measurements built global summary, Further, source our which spectrometer change and recent at new conservation insights expect markets, I'm sharpening upcoming and updated global hope over fully in whose XX-meter we supporting offerings R&D year.While the release are execution. product like landmass. crucial sustainable that significantly product here. milestone a match voluntary proud fleet and and spectrometer this the Tanager-X missions, the based error concrete provide to operational TDX, vein, which discussed Pelican developed supply of of year. used primary We're carbon basis announce groundbreaking this systems for a built a and potential recently integration to tackle to to and highlight a are and this our capabilities Ashley, progress team's is ensure dioxide, and broad economy.In to is support have I'm first underscore Carbon of We our tree has Tanager's detect, With data Tanager, operational carbon marked to onto great a readiness to this the and market quarterly platform the sustainability us date to on make data focus, is is the potential that capability, or accuracy.Our Forest of will and being global to often of few shared and and in we've an in out Current transition.Continuing are physical I'd our increased I resolution or that turn multitrillion-dollar airborne ability Pelican continuing to successful point plans monitoring. this fraction is XXXX. the Demo and launch our accuracy that Tech mission efficiency I Tanager. progress Before developments. one we first lacking now later test transition program,

and While business have challenging our Planet, also clear including pipeline within the pursue. economic opportunities growth climate to faster has significant of for support and for been opportunities growing changes we many to companies, a

expect efficient stronger, agile more a changes We make more the Planet we're making and will organization.

pull We customers our feel the continue enables. to to insights our for from business

and you, it across focus financials of is a simplification.I'll now and through Over our over execution outlook. Ashley. improving on prioritization for review Our the board to Ashley the turn to

Ashley Whitfield Johnson

today. everyone, joining All and right. Will, you, thanks, Thank for

mentioned, fiscal which Will for July $XX.X the As of our record XX% came revenue ending quarter million, growth. 'XX a at represents second in XX year-over-year

highlighted unfold civil pleased with pipeline especially to climate been for growing applications reflecting emergency that average second acquisition, generation solutions.In a not we continues in anticipated. demand does particular, include such than disaster from than around revenue prior the response any the Sinergise the we we qualified August as pace to fueled the of planet. later and pipeline generated the see closed was the our prior year. Our in of driven revenue for originally quarter, QX On We record the which qualified remain during quarterly government has robust little more opportunities of our amount had the continue call, by QX, which prevention double by growth unfortunately pipeline the crisis

agricultural both and use our as of have for use a of water progress permitting, multiple some teams government emerging applications, we seeing Variable pipeline management pleased deals X-figure number In sustainability-related make We were Solutions continue which cases. that AI for earlier, are against the civil X-figure Will directly. in emerged and opportunities land mentioned see markets.And larger the address Planetary also opportunities across to even closing in and monitoring our the and addition QX to vertical management to

continues be of customer Net is business. an book is on of average year end or this relative Retention important fiscal each our of Value only net business improvement the of NDRR XXX% prior QX to with recurring Annual of retention to contract the was the years, two XX% relative beginning Over driven dollar dollar our the which length QX, contracts, annual was winbacks the Dollar year, It's the reflective Contract quarter XXX%.The of our weighted consists to retention approximately in that to by book and rate at of ACV or in X book we our point government basis. business multiyear Rate, net As was XX% of understand in ACV sector. and of particularly for at measure months. expansions, of rate

toward two year at retention detailed presentation, at dollar of If net the results. our our develops our the look in rate quarterly prior you our full on as year investor day of X years fiscal earnings starts then year XXX%, course each final through

agility year, we government we driven ACV targeting of X on customer.Turning heightened by now X-figure of well discussed of one an team. expansion for our thanks had approximate of an retention than million margin across impact. operational the our operating gross $XX.X the in was 'XX satellites point second the large rate, activity, is the expected, driving expertise lower full prior business. quarter, XXX% rest which a The For was two on fleet continued of depreciation despite skill, than better margin; operations year call, of prior expected, our is the the our solar we the and SkySat satellite our is the of anticipated to the with which from non-GAAP which spite reflecting Adjusted mission our net percentage loss fiscal previously are opportunities approximate delay efficiency unchanged focus EBITDA gross world-class accelerated dollar for to previously quarter XX%,

which is when run The we and versus a path we covered our restructured expect of hit will priority customers. charge to we changes behind rate the we million of approximately expense Will strategy QX. year. incur annual high growth profitability.We we've Will mentioned, align than teams of million, $X to more for As to our have opportunities already our estimated restructuring our sales to the the our and our nonrecurring to started rate $XX recently announced reduction entering go-to-market resources expected that to efficiency majority in run to this million $X in increase fiscal made 'XX operating time-to-value some reinforce exit

R&D focused onetime on with and our $X On in the approximately of by Space we're resources and teams potential part R&D the cost our program, core including product to we programs, Earth deliver which unleashing initiatives, platform achieving our quarter the within in our in increase and teams, contra million. side, efficiencies data R&D Pelican of Systems the Data our the AI.As have costs our a funded recognized, of we the R&D reducing reassessed some resulted our expense behind

of we changes by the our XXXX. quarter commitment no calendar later of made All across reinforce achieve business fourth than the EBITDA adjusted or the fiscal 'XX to profitability year-end

the We getting to line healthy Pelican range we guidance supports a going our and sharpening purchased which the software in forward.Capital to core the materials quarter or expansion are markets including of as company, were approximately million development the timing primarily efficient related more provided, for program. our above revenue, of growth and $XX.X bottom focus XX% we believe expenditures, capitalized due

driven the [Technical no QX, At the by include initiatives, termination or Federal growth apply debt our and $XXX.X Performance to XX fluctuate our well Please next we ended value which short-term Obligations XX% million, is the which cash, and were invest of balance million as U.S. that common our clause, contracts renewal. approximately the which XX% investments, cash up other us Also the our capital of mind to to quarter-over-quarter provides that end with behind still RPOs accelerating that equivalents sheet; to approximately contract is to the Difficulty]. in multiyear years.The as RPOs Turning sufficient $XXX core Remaining quarter with convenience with and keep the come next remember associated as we we believe contracts. for $XX.X of have continue EOCL RPOs increase two can a reported in primarily for quarter-to-quarter months contracts million exclude outstanding.

our forecast, provide on we from are expectations as like the guidance, especially to at our revenue color first of adjusting forecast turn we As QX. end our I'd down to

impacted which active fiscal and we the minimal assumes year.While QX, unsigned end business During large these expected for some opportunities, remain range the cycles, of the low year. elongated of account our revenue that with opportunities advancing revenue larger government our during for of contributes this saw sales delays remainder our to

of to sign We have of revenue business. impact contribute forecast that contribution revenue pipeline of for and the the some later-stage assumes as during with appropriately opportunities high to year. adjusted half Sinergise range larger of our the the this our approach from second We also integration account delays the forecast of our our The end opportunities. revenue and believe the captures timing

$XX at are advancing, and opportunities third revenue these approximately the expecting we million our them.For in represents mentioned, growth we're fiscal the are of to As $XX to of 'XX, of XX% position confident which quarter midpoint. win year-over-year million,

expect of We gross to non-GAAP QX XX% XX%. margin for

adjusted our for quarter million. negative $XX expect $XX We loss be third the and to million EBITDA between negative

planning expenditures capital million. are of to for $XX We approximately $XX million

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

We be $XX loss be expect XX%.We non-GAAP negative and EBITDA million negative margin between between expect $XX our gross and XX% million. to to adjusted

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

and been expansion with In our which in in it's from the remains summary, we customers. hosting well the to the hope of the new would market XX, or XXXX, challenging our us. you that our Investor you we signals business, a Francisco to as opportunities October team everyone to strong Relations are like and robust able demand to join Investor details.We receive pacing if form to San pipeline of Day out with an get Investor like year I'd high on gross as Q&A, in terms contrast Relations Before reach of Please we continue visit turn generation remind more to are website retention in virtually.

can and the our us to ability ahead refocus to to initiatives our confident of mission.Operator, comments. across concludes the and We execute a make on We're our strong business cash that to significant team's continue progress and position. questions. market profitability our recent in path our now operations opportunity take We our reinforce

Operator

of with Northland. comes [Operator Instructions] The Latimore line first the question from Michael

Mike Latimore

delay -- you the So seeing vertical, pattern, U.S. do government kind that? on there. about that, how the affecting or give some you maybe back business? continuing that think into international little I gets Is more on you And a U.S.? if mentioned Can guess, resolution of government the this the color

William Marshall

I it -- on both think is point just one that.

a civil government deals as to of take bit the those processes. intelligence, so take our and we've government, pipeline both much nature bit actually a as and complex longer government is typically, it Just does deals because because longer it which side, well do little on close of got of a big of and factor those little the defense

add domestic? international anything Ashley, to the about that on versus

Ashley Whitfield Johnson

I U.S. Space But think and companies both on the we the recently that The a with to did still business don't it help we selling in for another continue budget to Will's are challenges Force win point. certainly And win D.C. agency. government. deal by U.S. we're seeing example, there.

the So in continuing of continue continuing business nonetheless, cycles sales resolution. sector. generally is so a do do in and speaking see spite we elongating will government to But

Mike Latimore

Got announcing have that? the it then deals. the count year of Do like nice And stats on ago something like X-figure or -- now latest the it. you're versus a you a X-figure seems deal number

William Marshall

qualified today. pipeline pipeline can huge actually have XX we qualified in mean Yeah. our deals, Actually, share we've got I opportunities. that I or X- a do X-figure of

that got in that -- opportunity so a to QX. And go huge to of pipeline opportunity so we expand we've continued saw And after.

Ashley Whitfield Johnson

business Yeah. And quite general, just deals our in well. have grown X-figure year-over-year in

about of So stats we'll more at our Analyst Day. talk those

Operator

comes question from next Gursky with line the Jason The of Citigroup.

Jason Gursky

you. a Ashley for quick one

us reiterate year continue fiscal revenue the profitability next of your Can the statement? the that's related to assumption that there. you growth tied update end breakeven by to You year, to on

Ashley Whitfield Johnson

say year. for Well, I'd we're revenue next that committed of regardless to growth

perspective, you we about talked we about step was So that the about, the cash an year terms we thinking at in year. to from coming and headwinds profitability that contractions the rate remind important year, little saw commercial to we a operating $XX first and overall next coming included year's well giving this getting I'd revenue year just did legacy point, last into that the in this of as significant this talked year million But very have about getting the some specific we're some profitability. growth, while growth contract is that of given general customer just as not that guidance large contributed macroeconomic pretty obviously, that environment into

So to I as be reaccelerate. we potential But some we commitment rate not difficult to those year, we'll as to rate -- to see continue significant rate the on next build year-over-year business acceleration compares to about growth growth order breakeven. the and this think get really of EBITDA we said, year are overcoming relying that growth as in

Jason Gursky

of make going the as with similarities that we work sure take than well. going R&D I that you kind guess, as a little go, used Okay. more that's there got word you is to on Unit to or lack And some the then I can here, prototype, Tanager was -- of word Will, yeah, Pelican, so you there you for -- described mean the whatever bit of that a that phrase better on X

won't the you're this any is So initial with have expectation of kind that test just it here revenue associated bed. and a using as launch it

William Marshall

over -- demand correct. capabilities approach, mean one and new names. differentiators tech respond our and I we sense to I always the capabilities spacecrafts. both the described developing up in ramping supports do enables of for those number is -- of core time mean we've improving Pelican both the missions.And new the customers, spacecraft through especially Tanager spacecraft us continuity the that and these of bus before the demand and to I are that's rapidly that like from agile complicated our new our history improve of in think Pelican spacecraft need way we which are Yeah, bus of spacecraft aerospace

and So everything on radios and ones, piece into on and wheels of or that bus. solar of work the reaction the doing the will it, And data getting most itself together. establishing main thing aspects that's turn we're And subsequent mission is the important spacecraft. the computers and then the a all the panels operational the is first spacecraft we

Jason Gursky

to It's another sensor sensor. it optical named on with you up -- go going about everything the

William Marshall

again, Tanager Oh, the Pelican with that just will the spacecraft of prime improve -- it's yeah. that we also high sorry, bus is spacecraft No, the mission i.e., much the mentioned going payload, now. nearing that next as that to but instrument support year with so readiness the a But will go up hyperspectral mainly also it's telescope, payload, bus drive I to the up the mission and that learn for telescope. to the -- bus and not it instrument the resolution that hyperspectral

on make you? to that too. close that we're So Does sense one,

Jason Gursky

Yeah, Yeah. it does.

appreciate sure. me. For one I then And for last that.

Just materials into the to of companies to how sensitive going of are turning kind to of the in I'm world. that's that deforestation commercial prove got or We've to in sourcing things. those some their and impact the new materials world to effect side from of around are to Europe just require other of chains supply world. bringing of quickly how that regulations companies playing the need parts to out you curious supporting regulators that not leading and this the the as sourcing deforestation the on Planet areas they're demonstrate going see that kind

William Marshall

we're or not whether answer that your way, working with to is really agricultural this force particularly many And at of deforestation is -- Deforestation they the that without Yeah. for this There's raising causing play the into how who a not I of looking can how this least I a into question, it DR, and commodities don't well. this at source by under check as meet mean, will are and this seeing requirements address deforestation ensuring cause regulation commodity next year. you EU companies which, to we you importing or our do look, it, to act, that scale dataset dataset. our not.So many EU we're primed ways mean, is have at their Regulation I regulatory we because is is from sort thank comes and that think, from well, the trying they the

not our can that what regulators far like of -- it's companies they want say. we with to are the of that solution. which doing Also because, not scale it's really other And away. check they the So work themselves, proposition of demands is course, though, the that the side the

sides we of can play both So that.

Operator

Our Securities. Instructions] of question Trevor will JMP with line come [Operator Walsh the from next

Trevor Walsh

Great. Will, it's that of those mentioned deals kind just maybe your for to remarks, for in I natural do use you, cetera. something a lately, of happen and becomes we've Do governments get from action a you governments more issues seen thing to the disasters to at are can unfortunate problem first one-off types those your data very in like your of taking fires and least kind or of kind in has uptick guess, you of problem? local coming be their that solution of you state of feel sense more et Planet a taken. with to to the also prepared turning of or Just the Maui in an being or or some before help proactive whether Canada, of the nature there a see reactionary off kind provide that beforehand would hurricanes on fires you the that the thoughts a sort for hear actually or bring of,

William Marshall

see response both them help the this governments value prevention. and the beginning to to are really in Well, of look,

ways. which Let really practical bit tiny maps me is it in Maui just touch event, on in our terrible a a the case, helped

on using damage being data had on hands map briefed when all the as of in well even Hawaii our Red the our and Cross as the President ground, officials particular, our his this. So the building a with map State the was -- map in

there and the it's real making ground.It's board, because And the that can prioritization not seeing by use useful with we're quick that point how can response the play point prevention, can ground. this civil AI Canada We mentioned a way, part a for a more is the a Canadian that people But So three help of that's prepared my for a really do customer we're work remarks. your on why example in of point damage one. the about of and critical across in disasters. and also, similar that to think and and prepare I more prevent and But just It to on one is reaction, picture. data on I data. -- your help a the of to building deals the map that's were in that, governments sort those wildfires, seeing a great

help prevention are work our to stocks for working they by of with risk. fires that with can about or can flooding actually we the on on the water then is giving provide clearing fact, In also California -- that I you soil the looking in with for risk.Also, fire content -- through that fires drought mentioned potential and future do California pre-warnings

these of And causing are getting to and some hundreds governments billions sets of can year as weather these mentioned, Sadly, civil extreme data change with I events these of events. is enable ahead climate a dollars increase. so spending

is And go that. of dollars getting up save billions so that ahead billions to help only hundreds going of and them can we of

reason mean, it of taking civil is So this X-figure fraction of pick are significant that up, we've increasing. mentioned government. stuff governments And or stands a the pipeline X- a it pace that I but deals got to -- to is while I -- civil is

Ashley Whitfield Johnson

thinking is sector. The business preparedness models of other content water both well risk and especially as that's well as around is And insurance as business continuity where, about data soil sector obviously, temperature interest, disruption. soil as for obviously the this understanding

Trevor Walsh

how in Sinergise nice may given acquisition of more might quarter. might appreciate one the the had and coming look? be necessarily just those from adjusted? are is the all just how the closing, And acquisition customer bit the included yet that With customer Maybe And some if I you you not at that be the that than later might little acceleration may give a numbers helpful. of perspective in fact or for -- the or me. curious reflective if revenues that numbers additional new that customer not us Sinergise Super expected. a ask to detail or Great. in the sense of adds terms Can -- that respect how

Ashley Whitfield Johnson

provided number from Hub Sinergise of Sinergise of include very large that has we a customer their on that in and would accounts. number revenue QX users be metrics enterprise over platform customers. coming government Obviously, the Sentinel or of a addition to customers None

So metrics be our updating we'll those we into Analyst those numbers Day. and our at how talking about roll

William Marshall

way our platform me that think super Data to bit automation point on components And just how it for really and that's one meaningfully Sinergise cycles, deals, are smaller our as small We my well. really strategy. the it And customers Earth dealing enabling we broaden with and just it's a that by acquisition with time-to-value speeding a of that to focus to the helps of out excited let up of and say closing. deals, accelerates big about and AEs deals tiny sales

a a product So it's and sales accelerant it's accelerant.

Operator

question next from Van of comes Craig-Hallum. Jeff the Rhee The line with

Jeff Van Rhee

A couple. Great.

month number of here, Sinergise, a just the little bit lower guess on there lower. what's expectation. First, was it's expectation? be I the million a in around think original the terms maybe -- to was I number $X going now the But

Ashley Whitfield Johnson

-- the million to the -- the $X would for for year, In of give I remainder million about $X sorry. year of a the Sorry. range

Jeff Van Rhee

Okay.

of they're as cycles stretching. seem curious of progression months stretching is out, as just the then obviously, quarter like of overall the the I three and massive And move pipeline Okay. called mean, but the kind quarter. through you you've

progressed the felt about and quarter. talk Just as through of kind market the how you moved how you

William Marshall

governments done particular that we bringing I what how process we here in quarter, this fully. don't lot just just never moved -- is highlight say have anything them. about we a they've And it would that understand a and through capability these And but We are new of to the are in market-making before.

some it, to and doing our As we changes those we're that's adapting, of we're why approach. go-to-market understand

So I just their government, have unique who some emphasize civil in totally cases, to buying they're buying changing data and building which used data that satellites want from before, it's satellite product. many new here of to data.And and just even satellites motion a

they so before. done haven't this And

we both and they this. are learning through So

of in -- of some deals bigger and bit So a and longer we about that a the it's that more QX. did have taking few out quarter, slipping

one I'd of quarter closed the slipped the out Although out weeks of ones the few biggest that afterwards. we point subsequently in had that

are So but still adapting it's those processes. we learning understanding then and and to happening,

Jeff Van Rhee

January or like [ Can I I through as looks give a as below take, close. ] it guess to $XX even but follow-on of is out as QX? at QX, million, But talked about deal talk $XX pushing to take you can quarter the pushing proportionately, of numbers terms was presumably, [ to the smidge implicit QX And to What it's about in even you've look or you're of roughly it whatever at million that $XX-$XX the I a roughly -- guide out mega of some it my it, then willing million degree there. maybe for were the that's to the went play call $X you give out 'XX that, ] maybe kind midpoint, X-figure to relates as around that you drivers? relates had put what's away. pushed I know breakdown talk that about for the guide, me. of lower that, bands QX in what's revenue $XX the just

Ashley Whitfield Johnson

I thought having to in into for quarter and half Yeah, to of deals back for we as question. remarks a a so close when the revenue you about how color time timing for customers the And and my year, Jeff, Obviously, give the see guidance changes thanks get bit year. subsequent little tried rest new business, factor we take the this the impacts into to this of especially really account similar coming much as in in that the if a again avoid prepared ramp in way. from we of back of

QX, see we on do much And that impact have if because, of business or QX continuing QX would do in those obviously, we assumed these low larger that's impact why the for of late revenue On so the And end revenue very minimal to our them. new seeing from progress. deals. very just in of range, an basically we timing closing close of you're business.So we're early

to bring of try the business business those further to to about are changes I of around thought renewals, large as line hard through at that drivers the very to renewals goal So consideration, that to the frustration the timing very remainder I quarter and to it to that business the source continues for is we really the and as we for in suggest feel driving line. getting continue that of good conclusion some and deals the it be The to work continues over way, of to sight as in to timing for about to same large mentioned.But of We've take that's prudent felt business. do attempting of even hard revenue August year, push we're new whether what got major and side the worked this end at the very look But the the close subsequently how range what can of a teams one new the really take just of or revenue strong into business, us. large in right least and them. to teams

William Marshall

Yeah.

civil sales we time as some Defense with actually, and also cycle long discussed, few the coming will so what of quarter mainly this size whereas government out. And just in seeing, positive before. still that impact be deals a we've are we deals do although that we've But it a on we've there's cycle to of has that normalize Let the last the side, being on was add only lot slipping me that to -- Intelligence said longer. smaller, had seen back sales

positive little a So that's a bit there. signal of

Operator

of the question & line Needham Company. from with next comes Koontz The Ryan

Ryan Koontz

versus maybe how take want Sinergise friction I guys lowering have us to future maybe to that and timeframe, relative you you and you where them a to-date are a for the give has the sense months' customer can perspective back at in XX where now Sinergise, medium-term? and level excitement of Can onboarding. in high Circling they sold XX,

William Marshall

that partnership example on civil we, Rural before a Agency. that is working that acquisition, at so I number being the were to there seen we've one we about I we obviously one we the government civil mentioned in don't historical even that in we're deals.But platform our together this fair established utilized customer other bit. I start you and working close, area. But a the it's do so quite if level. in see done actually of know thousands to their We that. as about that small UK anything They a And of large them. that want high government using And prior thousands in mention Payments with and don't they've regularly I by a a another smaller Well, can Sinergise fact, mix. do self-serve deals number of entities. have know of quarter

the of you've effort that goal that, anything to So of I if have. the was got add Ashley. part don't Sentinel Hub that know they But

Ashley Whitfield Johnson

marketing company did or have force. sales would I any is a not highlight of type What really is this Yeah. that

reach up. the was in familiar the those many Explore the of specifically audience even went as related fact, Conference And in we So fact had how by a when force our of lot number popular that handful the also we're marketing a bring asked efforts, expanding excited users sustainable in and very as without in some land kind with were it to year, the it? Planet it it.In on lot actually bear the hands and EU. of the pursuing Sentinel a or having to any Hub platform RFPs sales as is agricultural civil to side, programs we And as of done is key a marketing had employees sales large around in earlier monitoring government of of power a direct the of

very exciting our the business. into and that of it's bringing again, their exciting bring grow and engine platform capabilities to to their to to us, power is capabilities So Planet's sales customers opportunity

William Marshall

in their Yeah. their on data customers And kept platform. our wondering

we both those. So here, of sold

Ryan Koontz

revenue or or build way the is vast remember that remain it and at the you you of plug that I self-service that intend or kind back the have you channels self-service it's the today some into channels? conference. Do work to on for say ready some to you for that to go to go-to-market on do of you engine. feed like Circling feel would majority customers, that to will do your you think light touch

Ashley Whitfield Johnson

Yeah.

-- of actually ahead a been actually with signing partnership them we've acquisition agreement. the So we signed

sales team familiar So products solutions. our Sinergise and with the is

the their then intention, business from there's and frankly, -- by so a both to Sinergise smaller touch bringing mentioned, are both it's enterprise lot light business. our And of some the side on. more blend perspective, also, a like is that revenue deals have side. opportunities But of some on and larger had. into going the we I'd on revenue I approach smaller bigger of activity are already a government of like bringing been that ramp And our that the business self-service a civil direct say Sinergise's to suited Solutions the historical

Operator

the of Instructions] [Operator with The WestPark Capital. next line Greg comes question from Mesniaeff

Greg Mesniaeff

those number maintaining reduction, that more support Any In light your would of of staff? template impacted the Have a effort of effort? different to measures a and or current the cost-cutting third-party be great. measures you've with you are color including implemented, marketing the guys shifted headcount sales reseller how you have perhaps model

William Marshall

in right these think deals go-to-market it really which programs was at reduction it's say Yeah, projects the and our is were to focus high the start a I on Maybe on up effort. especially the change positions I effective, deep course, that most the core true on and and is in level. time-to-value place mean, markets took I areas can our a growth I vertical we hard. go-to-market a been restructuring the Yeah, in efficiencies, up operational which streamlining terms and what that's it the all on of a sales going speed not make look, -- forward. same the But but level. fundamental at decision can go-to-market. And and force company in cycles. speed would other high operational small a the a strategy, look at do And it's in ones restructuring, of of the side,

add? to Ashley, anything

Ashley Whitfield Johnson

Yeah.

see around of of ecosystem about shift model? really in some majority the an focus be our That's the question ACV about side, it's can is that shift think markets opportunities on perspective, really how would been moving a narrowing our of smaller a and more market cycles that of I your the see but our so those direct Sinergise of Sentinel of not deal makes product the a the business, we that those certainly continues around do of terms acceleration to focusing In solution much of the focus. selling is direct the model deal if in do really, sales leveraging And along focus. to efforts, maturity of cycles, Hub reseller the from sense. the small relying Obviously, change and the that more deal for on and on farther fit the through the and sales we the capabilities teams for and partner markets

Greg Mesniaeff

follow-up. quick just a Got Yes. And it.

that, perhaps have commercial of would or sector. size With potential contract? changed give any some picking the the contract terms to contracts of in obviously, the future guys slowdown, some shifted alternatively increase that to mentioned you your customers, or cherry inducements the address of You deliverables any

Ashley Whitfield Johnson

Yeah.

average efforts we've drive motion, we as our at So doing products deal to, that definitely our obviously, ensure of looking go-to-market up part packaging sizes. the that we're of to assessing been continue in the certainly

QX. see said, Will did deal tick As average up sizes again we in

we as So But continue to packaging on and opportunity deal value can kind drive we opportunities average and what There's quickly. of higher to those our averages. an solutions we our points, obviously value historical we focus back the of those in have had know seen overall sizes. proof where in in drive we to drive markets we

Operator

this further at questions are time. There currently no

team now back turn to or for the line I'll closing management So the additional remarks.

William Marshall

everyone, today. joining Thanks, for

executing. our on you and As focused business is team our opportunity the for heard, robust, is

seeing AI our as We where today. share focus we've our increased and tailwinds we efficiency. market to further execute. security as driving as and business, on The business our And I Day look details we're accelerant. joining we'll and operational the Thanks our transformation are well at strategy, the peace lots October confident in sustainability, strengthening to ability demand, forward see are of Investor all, on In company-wide about XX, team's strategy. a and for go-to-market for opportunity you our digital product and exciting

Operator

second participation. That quarter Thank fiscal your concludes you PBC Labs call. of the earnings Planet conference XXXX for

may lines. disconnect You now your

Planet Labs PBC (PL) 7 Sep 232024 Q2 Earnings call transcript