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FISCAL 3Q’25 METHANE PLUME NEAR MIDLAND, TEXAS, USAOctober 9, 2024 • Tanager-1 • Detection by Carbon Mapper Coalition UPDATE December 9, 2024
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Disclaimers All references to “Planet” or the “Company” in this presentation are references to Planet Labs PBC (NYSE: PL). Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,” “evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “conviction,” “continue,” “positioned” or the negative of these words or other similar terms or expressions that concern Planet's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation include, but are not limited to, statements regarding Planet’s financial guidance and outlook, Planet’s path to profitability (including on an Adjusted EBITDA basis), Planet’s expectations regarding future product development and performance, Planet’s expectations regarding its strategies with respect to its markets and customers, Planet’s expectations regarding its ability to close deals in its pipeline, and the expected benefits of such deals to its results of operations. Planet’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet’s ability to forecast Planet’s performance due to Planet’s limited operating history. These forward-looking statements are also subject to other risks and uncertainties, including those more fully described in Planet's filings with the Securities and Exchange Commission (“SEC”), including Planet’s Annual Report on Form 10-K and any subsequent filings with the SEC Planet may make. All forward-looking statements reflect Planet’s beliefs and assumptions only as of the date of this press release. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet’s results for the quarter ended October 31, 2024, are not necessarily indicative of its operating results for any future periods. © Copyright 2024 Planet Labs PBC All Rights Reserved 2
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Disclaimers Use of Non-GAAP Financial Measures This presentation includes Non-GAAP Gross Profit, Non-GAAP Gross Margin and Adjusted EBITDA, which are non-GAAP measures Planet uses to supplement its results presented in accordance with U.S. GAAP. Planet includes these non-GAAP financial measures because they are used by management to evaluate Planet’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Planet presents Non-GAAP Gross Profit, Non-GAAP Gross Margin and Adjusted EBITDA because Planet believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet’s industry and facilitates comparisons on a consistent basis across reporting periods. Further, Planet believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of Planet’s core operating performance. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from Planet’s. Further, the non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for Planet and an important part of its compensation strategy. Definitions of these non-GAAP financial measures and reconciliations to the most directly comparable U.S. GAAP financial measures are included in the appendix to this presentation. Financial Outlook Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization, are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. © Copyright 2024 Planet Labs PBC All Rights Reserved 3
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EARNINGS UPDATE © Copyright 2024 Planet Labs PBC All Rights Reserved 4 PLANET’S MISSION To image the whole world every day and make global change visible, accessible, and actionable.
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© Copyright 2024 Planet Labs PBC All Rights Reserved 5 The Planet Opportunity EARNINGS UPDATE LARGE ADDRESSABLE MARKET HIGHLY SCALABLE BUSINESS MODEL Daily, Global Scanning + High Resolution Tasking One-to-Many Model Natural Resource Management Energy Finance Insurance AgricultureDefense & Intelligence Civil Government Technology and Services UNIQUE DATA
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EARNINGS UPDATE Note: Planet has a Fiscal Year (FY) ending January 31. 1 Non-GAAP financial metric. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation. 2 Excludes customers that are exclusively Sentinel Hub self service paying users. Please refer to the definitions at the end of this presentation. Q3 at a Glance Record Revenue in 3Q’25 $61.3 M Adjusted EBITDA(1) in 3Q’25 ($242)K Annual or Multi- Year Contracts EoP 3Q’25 >90% Record Non-GAAP Gross Margin(1) in 3Q’25 64% EoP Customer Count(2) EoP 3Q’25 1,015 Cash, Cash Equivalents, and Short-Term Investments EoP 3Q’25 $242 M © Copyright 2024 Planet Labs PBC All Rights Reserved 6 Recent Highlights ●Signed 8-figure Expansion with International Defense Customer ●Signed New 7-figure Pilot Contract with the US Department of Defense ●Selected for the NASA Commercial SmallSat Data Acquisition Contract; Received 8-figure Order on November 25th ●Signed Multi-Year Contract with the German Space Agency (DLR) ●Renewed 7-figure Contract with the Federal Police of Brazil to Monitor the Amazon Rainforest ●Signed 7-figure Multi-Year Contract with Laconic for New Forest Carbon Products ●Achieved First Light and >300 CO2 and Methane Detections with New Tanager Hyperspectral Satellite ●Pelican-2 Satellite Ready for Launch from Vandenberg Space Force Base as Early as January ●Released New AI-Powered Forest Carbon Monitoring Product ●Released Analysis-Ready PlanetScope Product for Time-Series Analysis and Machine Learning Models
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EARNINGS UPDATE 7-Figure Pilot US Department of Defense 8-Figure Expansion International Defense Customer 7-Figure Win Laconic forest carbon monitoring 7-Figure Renewal Brazilian Federal Police monitors the Amazon with partner SCCON 8-Figure Win NASA CSDA places first task order under new vehicle New Multi-Year Contract German Space Agency at German Aerospace Center (DLR) Customer Highlights CIVIL GOVERNMENT CIVIL GOVERNMENT CLIMATE FINANCECIVIL GOVERNMENT DEFENSE & INTELLIGENCE © Copyright 2024 Planet Labs PBC All Rights Reserved 7 DEFENSE & INTELLIGENCE
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EARNINGS UPDATE Pelican-2 Ready Launching as Early as January Tanager-1 First Light Progressing Hyperspectral Towards Commercialization Product Highlights Analysis-Ready PlanetScope Enables Time-Series Analysis and Machine Learning Applications Forest Carbon Monitoring Released World’s First Global Scale Forest Structure Monitoring System At 3-Meter Resolution NEW HYPERSPECTRAL DATA NEW GLOBAL DATASET DATA ENHANCEMENT NEXT GENERATION OPTICAL © Copyright 2024 Planet Labs PBC All Rights Reserved 8
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EARNINGS UPDATE Pelican-2 Ready for Launch: Pelican-2 Is Equipped with the NVIDIA Jetson Platform and NASA CSP Satellite-to-Satellite Communications to Speed Data Delivery for Customers This Pelican satellite is designed to provide up to 40 cm class resolution imagery across 6 multispectral bands optimized for cross-sensor analysis. Additionally, Planet has collaborated with NVIDIA to equip Pelican-2 with the NVIDIA Jetson platform for edge AI and robotics to power on-orbit computing—aiming to vastly reduce the time between data capture and its availability for customers. Pelican-2 is designed to rapidly convert precise spatial data into near-real-time insights by utilizing AI-powered solutions for use cases including object detection, vegetation & crop type classification, and disaster response. EARNINGS UPDATE © Copyright 2024 Planet Labs PBC All Rights Reserved 9
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METHANE LEAK MITIGATION SUCCESS ENABLED BY TANAGER-1 SATELLITE Planet’s first hyperspectral satellite, Tanager-1, has achieved first light and begun enabling methane and CO2 emissions detections. Tanager-1 is made possible by the Carbon Mapper Coalition, a philanthropically-funded effort. On Oct. 9, Tanager-1 data was used to detect a large plume of methane, which Carbon Mapper determined was stemming from a gathering pipeline in the Texas Permian Basin. The team reported the leak to a state agency and the U.S. government, who subsequently notified the facility operator. The operator quickly responded and voluntarily conducted repairs, leading to meaningful emissions reduction. Follow up observations from Tanager-1 detected no plume, confirming the leak was successfully fixed. Methane Mitigation • Midland, Texas, USA © Copyright 2024 Planet Labs PBC All Rights Reserved 10
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MONITORING FOREST CARBON AT A GLOBAL SCALE During Q3, Planet released its AI-powered Forest Carbon Monitoring product — the world’s first global scale forest structure monitoring system at 3-meter resolution. This new product offers partners and customers a powerful dataset to support voluntary carbon markets, regulatory compliance, and deforestation mitigation. © Copyright 2024 Planet Labs PBC All Rights Reserved 11
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DISASTER RESPONSE Flooding ravaged Asheville, North Carolina, due to Hurricane Helene in September. The impact of the flooding was captured in imagery from Planet. Shown below are many of the buildings along the French Broad River and Swannanoa River inundated with water. Flooding • Asheville, North Carolina, USA • September 29, 2024 © Copyright 2024 Planet Labs PBC All Rights Reserved 12
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TRACKING NORTH KOREAN OIL VESSELS Planet imagery is used by journalists and intelligence analysts to monitor international vessel activities, including potentially illicit transfers. On November 22, 2024, the BBC reported that this image depicts a North Korean oil tanker loading at an oil terminal at the Russian port of Vostochny. North Korean Vessel • Vostochny, Russia • November 5, 2024 © Copyright 2024 Planet Labs PBC All Rights Reserved 13
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Amazon Forest Change • Acre, Brazil • October 17, 2024 © Copyright 2024 Planet Labs PBC All Rights Reserved 14 RENEWED 7-FIGURE CONTRACT WITH THE FEDERAL POLICE OF BRAZIL Planet renewed its 7-figure ACV contract with the Federal Police of Brazil through it partner SCCON Geospatial. Aided by Planet’s daily satellite imagery, SCCON and Brazilian public agents have reported collecting the equivalent of nearly $3 billion from fines, seized goods, and frozen assets related to illegal logging and mining. Through the country’s Brasil MAIS Program, the renewed contract will enable more than 100,000 users and more than 500 public institutions to continue monitoring 8.6 million square kilometers of Brazilian territory and marine coast areas.
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EARNINGS UPDATE NEO leverages Planet solutions to monitor Compliance for the EU’s Common Agricultural Policy (CAP) Procalculo utilizes AI & Planet data to predict and mitigate disaster and environmental risks across Colombia, Ecuador, and Panama IGAC uses Planet data to monitor Illegal deforestation, unsustainable land use & climate change in Colombia Hala Systems leverages Planet data to map conflict zones & protect civilian lives Mission-Critical Data for a Rapidly Changing Planet Impact Observatory uses AI & Planet Data to Deliver Climate and Disaster Risk Insights to U.S. Local & National Governments © Copyright 2024 Planet Labs PBC All Rights Reserved 15 Planet supports impact and sustainability initiatives around the world...
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EARNINGS UPDATE Planet Media Highlights Sept 30 | Planet’s Astounding Satellite Images Map Russian War Crimes In Ukraine Oct 29 | Satellite firm Planet’s ‘biodiversity subscription’ aims to make tech accessible Sept 26 | Sustainability & AI in Space with Planet Labs CEO Will Marshall Oct 27 | Russia works around international sanctions designed to cripple the economy amid war with Ukraine Nov 25 | North Korea expands plant making missile used by Russia in Ukraine, researchers say Oct 24 | AI, other new tools bolster tracking of deforestation © Copyright 2024 Planet Labs PBC All Rights Reserved 16
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EARNINGS UPDATE 3Q’25 Revenue by Geography Diversified Business Mix 3Q’25 Revenue by Sector Note: Planet has a Fiscal Year (FY) ending January 31. Note: Estimations include rounding assumptions. Note: North America (“NAM”); Asia Pacific & Japan (“APJ”); Europe, Middle East, and Africa (“EMEA”), and Latin America (“LATAM”). Note: From time to time, management conducts a review of the sector assignments of our customer accounts to ensure accuracy based on management's understanding of the end customer use cases at the time of evaluation. Based on management's determination, this review process may result in the re-assignment of certain customers. 33% 44% 17% 6% © Copyright 2024 Planet Labs PBC All Rights Reserved 17 47% 23% 30%
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EARNINGS UPDATE Note: Planet has a Fiscal Year (FY) ending January 31. Strong Revenue Growth Q3 Revenue YoY ($ in millions) Annual Revenue ($ in millions) 21% CAGR +11% YoY © Copyright 2024 Planet Labs PBC All Rights Reserved 18 $244-246
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EARNINGS UPDATE Diverse Customer Base 1,015EoP Customer Count1 EoP 3Q’25 97%Recurring ACV EoP 3Q’25 EoP Customer Count >90%Annual or Multi-Year Contracts2 EoP 3Q’25 Note: Planet has a Fiscal Year (FY) ending January 31.1 Excludes customers that are exclusively Sentinel Hub self service paying users. Please refer to the definitions at the end of this presentation.2 Based on EoP ACV Book of Business. Please refer to the definitions at the end of this presentation. © Copyright 2024 Planet Labs PBC All Rights Reserved 19 Reflects recent focus on large customers in core growth verticals and enabling smaller customers through our platform or marketplace partners
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EARNINGS UPDATE Delivers 6th Sequential Quarter of QoQ Improvement in Adjusted EBITDA1 +Gross Margin Expansion Driven by Increasing Data Subscription Revenues, Lower Depreciation, and Cloud Infrastructure Efficiency Gains Driving Operational Efficiency Note: Planet has a Fiscal Year (FY) ending January 31.1Non-GAAP financial measure. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation. © Copyright 2024 Planet Labs PBC All Rights Reserved 20 Strong Non-GAAP Gross Margin1 Expansion YTD +On Track to Achieve Adjusted EBITDA Profitability Next Quarter (4Q’25) ($ in millions)
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EARNINGS UPDATE +Direct Sales Focus on Large Customers in Core Growth Verticals +Leverage Partners Globally for Emerging Vertical Opportunities +Support Small Customer Opportunities on the Self Service Platform Focus and Prioritization +Drive durable and efficient annual revenue growth +Achieve Adjusted EBITDA1 profitability target in Q4 FY’25 +Build the business for high margins and sustainable cash flow generation Product + R&D Go-To-Market Financial +Bring Next Generation High Res Data to Market +Scale the Earth Data Platform +Unleash AI on Planet’s Deep Proprietary Datasets 1 Non-GAAP financial metric. Please refer to the definitions at the end of this presentation. © Copyright 2024 Planet Labs PBC All Rights Reserved 21
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EARNINGS UPDATE Key Drivers ●Large government opportunities ●Seven-figure pilot programs converting to large operational contracts ●Partner solutions contribution to revenue mix ●Cost management & streamlined operations ●Forecasting Adjusted EBITDA profitability in Q4 of FY’25 Fiscal 4Q’25 Outlook Note: Planet has a Fiscal Year (FY) ending January 31.1 Non-GAAP financial metric. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation.2 Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the second quarter of fiscal year 2025 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. 4Q’25 Revenue $61M - $63M YoY Revenue Growth % +4% - 7% Non-GAAP Gross Margin %(1)(2) 63% - 65% Adjusted EBITDA(1)(2) $0M - $2M Capital Expenditures $8M - $11M © Copyright 2024 Planet Labs PBC All Rights Reserved 22
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Great Barrier Reef, Australia – July 8, 2016 APPENDIX
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures($ in millions) Note: Planet has a Fiscal Year (FY) ending January 31. Non-GAAP Gross Margin % Three Months Ended April 30, 2024 July 31, 2024 October 31, 2024 GAAP Gross Profit $ 31.7$ 32.3$ 37.5 (+) Stock-Based Compensation 0.8 0.9 0.7 (+) Amortization of Acquired Intangible Assets 0.8 0.8 0.8 (+) Restructuring costs – 1.2 0.1 (+) Employee transaction bonuses in connection with business combination– – – Non-GAAP Gross Profit $ 33.3$ 35.2$ 39.1 GAAP Gross Margin % 52% 53% 61% Non-GAAP Gross Margin % 55% 58% 64% © Copyright 2024 Planet Labs PBC All Rights Reserved 24
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures($ in thousands) Note: Planet has a Fiscal Year (FY) ending January 31. Adjusted EBITDA Three Months Ended April 30, 2023July 31, 2023October 31, 2023January 31, 2024April 30, 2024July 31, 2024October 31, 2024 Net Loss $ (34,444) $ (37,975) $ (38,004) $ (30,086) $ (29,293) $ (38,668) $ (20,081) (+) Interest Income (4,506) (3,802) (3,445) (3,661) (3,107) (2,771) (2,414) (+) Income tax provision 307 582 355 (429) 442 897 25 (+) Depreciation and amortization 10,248 12,160 13,625 11,606 13,103 13,145 10,117 (+) Change in fair value of warrant liabilities (5,945) (1,226) (6,833) 295 (1,530) 602 (198) (+) Stock-based compensation15,356 16,657 12,598 12,521 13,072 11,566 11,829 (+) Restructuring costs – – 7,341 35 – 10,499 25 (+) Employee transaction bonuses in connection with business combination – – 2,317 – – – – (+) Certain litigation expenses – – – – – – 395 (+) Other (income) expense, net (104) (859) 69 (37) (1,083) 363 60 Adjusted EBITDA $ (19,088) $ (14,463) $ (11,977) $ (9,756) $ (8,396) $ (4,367) $ (242) © Copyright 2024 Planet Labs PBC All Rights Reserved 25
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EARNINGS UPDATE Non-GAAP Financial Measures Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets classified as cost of revenue, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. The Company defines Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue. Adjusted EBITDA: The Company defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, non-operating income and expenses such as foreign currency exchange gain or loss, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination. Other Key Metrics ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates Annual Contract Value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, excluding customers that are exclusively Sentinel Hub self-service paying users. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. The Company calculates EoP ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV Book of Business. The Company does not annualize short-term contracts in calculating its EoP ACV Book of Business. The Company calculates the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period. Percent of Recurring ACV: Percent of Recurring ACV is the portion of the total EoP ACV Book of Business that is recurring in nature. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users. The Company defines Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Sentinel Hub self-service paying users) divided by the total dollar value of all contracts in our EoP ACV Book of Business. The Company believes Percent of Recurring ACV is useful to investors to better understand how much of the Company’s revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks Percent of Recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV. Definitions © Copyright 2024 Planet Labs PBC All Rights Reserved 26
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EARNINGS UPDATE DefinitionsEoP Customer Count: The Company defines EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Sentinel Hub self-service paying users. For EoP Customer Count, the Company defines existing customers as customers with an active contract with the Company at the end of the reported period. For the purpose of this metric, the Company defines a customer as a distinct entity that uses the Company’s data or services. The Company sells directly to customers, as well as indirectly through its partner network. If a partner does not provide the end customer’s name, then the partner is reported as the customer. Each customer, regardless of the number of active opportunities with the Company, is counted only once. For example, if a customer utilizes multiple products of Planet, the Company only counts that customer once for purposes of EoP Customer Count. A customer with multiple divisions, segments, or subsidiaries are also counted as a single unique customer based on the parent organization or parent account. For EoP Customer Count, the Company does not include users that only utilize the Company’s self-service Sentinel Hub web based ordering system, which the Company acquired in August 2023, and which offers standard starter packages on a monthly or annual basis. The Company believes excluding these users from EoP Customer Count creates a more useful metric, as the Company views the Sentinel Hub starter packages as entry points for smaller accounts, leading to broader awareness of the Company’s solutions throughout their networks and organizations. The Company believes EoP Customer Count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of the Company’s platform and is a measure of the Company’s success in growing its market presence and penetration. Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses the Company’s data or services. Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company’s data services and related revenue, and to provide a comparable view of the Company’s performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company’s data to clients. As a result of the Company’s strategy and business model, the Company’s capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company’s performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company’s relative capital efficiency. © Copyright 2024 Planet Labs PBC All Rights Reserved 27
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EARNINGS UPDATE DefinitionsNet Dollar Retention Rate: The Company defines Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company defines existing customers as customers with an active contract with the Company. The Company believes Net Dollar Retention Rate is a useful metric for investors as it can be used to measure its ability to retain and grow revenue generated from its existing customers, on which its ability to drive long-term growth and profitability is, in part, dependent. The Company uses Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across its products, identify opportunities to improve operations, and manage go to market functions, as well as to understand how much future growth may come from cross-selling and up-selling customers. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV. Net Dollar Retention Rate including Winbacks: The Company assesses two metrics for net dollar retention–Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks. A winback is a previously existing customer that was inactive at the start of the measurement period but has reactivated during the measurement period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics. The Company defines Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company believes this metric is useful to investors as it captures the value of customer contracts that resume business with the Company after being inactive and thereby provides a quantification of the Company’s ability to recapture lost business. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers. Beyond the judgments underlying managements’ calculation of Net Dollar Retention Rate set forth above, there are no additional assumptions or estimates made in connection with Net Dollar Retention Rate including winbacks. © Copyright 2024 Planet Labs PBC All Rights Reserved 28
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EARNINGS UPDATE Media Credits Slide 16: ●CNBC, September 26, Sustainability & AI in Space with Planet Labs CEO Will Marshall ●Forbes, September 30, Planet’s Astounding Satellite Images Map Russian War Crimes In Ukraine ●Axios, October 24, AI, other new tools bolster tracking of deforestation ●CBS 60 Minutes, October 27, Russia works around international sanctions designed to cripple the economy amid war with Ukraine ●Mongabay, October 29, Satellite firm Planet’s ‘biodiversity subscription’ aims to make tech accessible ●Reuters, November 25, North Korea expands plant making missile used by Russia in Ukraine, researchers say © Copyright 2024 Planet Labs PBC All Rights Reserved 29