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Planet Labs PBC (PL)

Participants
Chris Genualdi VP, IR
Will Marshall Co-Founder, CEO and Chairperson
Ashley Fieglein Johnson Chief Financial and Operating Officer
Weston Twigg Piper Sandler
Ryan Koontz Needham & Co.
Mike Latimore Northland
Noah Poponak Goldman Sachs
Jeff Van Rhee Craig-Hallum
Caleb Henry Quilty Analytics
John Katsingris Wedbush
Call transcript
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Operator

Good evening. My name is Selina and I will be your conference operator today. I would like to welcome everyone to the Planet Labs PBC Quarterly Earnings Call. At this time, I'd like to turn the call over to Chris Genualdi, Vice President of Investor Relations for Planet Labs PBC. Please go ahead Chris.

Chris Genualdi

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

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

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

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

by detail number over on performance in this this used you, discussed press throughout other indicators Will information are of to in more call financial Marshall, afternoon. At please like CEO, the time, earlier our to Will. These key this to a Co-Founder. often industry. and management provided and Over in and our now indicators we I'd our Planet's Chairperson in turn release. performance more For non-GAAP issued tables key provide used by call, measures, release competitors the see the press reconciliation Further,

Will Marshall

Thanks excited and and generally. call you thank today. I'm insights results, Chris joining give outlook, into business for to few to our talk Planet's to a you everyone about the

me Let results of going across which into summary quick a the start our board. are by strong directly

For the revenue XX% continue momentarily, margins to growth full above XXXX. coming this year, In just hear last growth we continue expect XX%, as range. revenue quarter, non-GAAP and you'll we year. into gross in inflection $XXX.X accelerate achieved record we expanded We up fiscal to in million fiscal fourth from our projected the a to XXXX,

we customers as the period. strength positions year. We last also us next fiscal into and about execution and increased unique by demonstrated team of XXX the in overall how market the excited I'm I'm end incredibly of of these our year. results our and the proud customer in burgeoning the to count the dedication our this this of move

is are understanding autumn, wanted we and step I this our which reiterate official believe our last of some that all Day back As only to points our Analyst fundamental second earnings shared school, business. to critical I

Earth imaging high XXX as rapidly to data mentioned, enabling whose market. models to new the margins, based business satellites, we are of users, scale to is one to year. driving many business Firstly, and just on saw us data a Planet and a is data business a uniquely as high both many subscription business This growth last

to defense civil to is markets from agriculture government and valuable from many data mapping intelligence. our to Secondly, vertical

that And Remember is our supporting data now its our of gain development we of examples the in establishing compounding market large business. our and and address decade and opportunity infrastructure significant us to we And and infrastructure and core due And process last to give share lead. we'll initiatives Broadly, and the proven. lead the expect scanning constellation enable public thirdly, new a so historical the our have system our unique we're Planet shortly. we and diversified continue already while effects are the spent market a daily we to will some markets, extend capitalized. we to built well

reaping And to rewards so we our of high are in and objectives. growth we now produce, working data ROI the on commercial investing activities the meet

allocating the on on Ukraine. smarter, impactful measuring faster investments, the resources, enable improving so and sustainability goals, fundamental proprietary business, more to With or none deliver aspects data, and the strategic Planet's for we customers planning. make increasing the need than data of we decisions underscored only events informed, we services collect more top, their our including in Recent have making situation

are by helping been humanitarian deeply happening has crisis and is by what and in Planet worsening concerned We horrified capacities. multiple the

have our up partners to we build government operations been proud track First, and Ukraine subsequent within. help around the

have analytics capacity the the imagery In region all of to for making in events and with rapid ground increase addition, the work changes partnering few That the news and has improvements in illuminate finally, their we of example, have just driven a to over delivered relief substantive weekly moved in of weeks. arising our humanitarian meet Ukraine, base in and providing refugees been for media the systems, short have the on to when region, from maps we have which, quickly suppliers. our entire in been tasking organizations of support appropriate, we supporting situation to to see. some emergency And needs provide

this rate capacity critical our need. value users have to been revisit in a significant the and improved time of Our

response and has we hard and Planet are largest contributions are. they very they sales of to transformation and crisis significant sustainability been ever our had digital incredibly how we've engagements fast of Stepping we enablers their the are what that important several our back previously companies do. our both and of are age, we're across tailwinds globally transformation, why is proud economic here priorities It's seen. the for circumstances provide foundational for recent to with from demonstrated teams, we're some government the of because shortest growth. but work new the which work driven mentioned Solutions and events, motivated important the This cycles for, shifts customer top Our and the partnerships

We've We pressing to and government mentioned defense and world even peace a between are Planet to weighted the to examples. civil government the moment the commercial like before roughly a enabling take are government use sustainable businesses challenges equally roughly a security. fostering within equally between recent that government, and and and and faces and few cases. intelligence portion critical share today, I'd specific

me Let three on touch these. of all

including partnership. of we their I partners with great side, are have government we truly to applications. global. these climate a biodiversity see changing our continue enable is incredible drive variety ecosystem. work And scientific data. They saw change, that of doing with a help and usage often it studies loss, commercial civil work NASA then develop us the plot and to recently use their and already significant And On expansion of they are cases

share again, measurement. natural Solutions Wales. [ph] cases deal by with contract variety the address resource our data and XXXX broad This to use once world's Another cases Country I five-figure a This from policy partnership government expanded a The and implementation are civil PlanetScope, grown year uses government. management, exemplifies addressable to a past use including that Fusion is of our partnership mapping, would and SkySat, great seven-figure with has example and to this deal quarter. last the like in fiscal of

side, the customers On we and have defense and partner several underway. mentioned, as intelligence engagements important

share. opportunities market enabled seeing our are us our revisit vertical this We optimizations capacity for to from expand have upside as rate and

for commercial the in of by the solutions, side On we recent increase our to continue with see business, in VanderSat. acquisition of example, an agriculture usage, driven customer

We surface and are data on geospatial water content. and measure using able yields forecast to moisture, vegetative soil land temperature, crop

to XXth, both incredible monitoring, of into all doubling high market, to a the is across generation maritime oil additional activity enhanced Central in improvements illegal a joined that provide Bolstered the using next local Planet, markets, needed land the are about enabled enable Europe intelligence data one a markets. our as in environmental spectral for for in namely turn product we To give Xst PlanetScope [ph], the bands, to with availability several existing customers of we of tracking XX%. the technology greater with some this the analysis expand classification, SpaceX's markets. faced our sensor gas for launched the Re, parts against This to science to and ways signed of developments. trends customers These year, These its prior forecast XX out crops you Continuing the drought recent generation dual capabilities. estimate indicators, insurance next will spectral leveraging the the Asia. energy as the globally. we orbit the new address as rocket, others and quality deal a that provider March such are tell of SuperDove a ready existing new of tenant PlanetScope cover on and our increase farmers wheat, the of as here, satellites. be successfully challenges Sinemax in few potential use used to and to forecasting January offering ensure new and data more. announced food, and soybeans, increasing Falcon great VanderSat with number our meet onboard partners market of to data solution recently of of these we that, software, engagements is example We has both On X which satellites water and With trust also satellites vertical generation much dataset capabilities by as we vessels market vertical in coffee, the Finance. in can us resource, carrying well around monitoring, by me sensor of new our contract let at quality investments dark just demands sea. and let eight general Swiss With corn, in cocoa, insurance. yield that me This XX% world bands

making and per continue Furthermore, demand to the to SkySat day. customers market growing new which to expect the XX is constellation, Monitoring and pixel sales in the we've We to PlanetScope platform XX retention -- shorter improvements up we generated cycles resolution Earth times see rates. high on to drive increase able per that been same our net anywhere our place by up for centimeters image imagery to

Conference. market win particular, resolution yet we increased of GEOINT significantly excited improvements say against this We the customer have recent generally lower fleet. discussion demand performance our high I round our teams, resulting announcements it I our To in the our more in the coming progress around am development is to want of as We'll growth. investments deliver to this in Given optimization our satellites delivery. in substantively about of how cost products, and recent dramatic segment quality capture at our usability in to our facing this current SkySat and out about as customer competitive tools, than capabilities Pelican well which next-generation call making image designed of and and are remain pleased the greater weeks software on the of the with

being As orders by year operational example, these of improvements tasking improvements. just one the to past in our SkySat real customers. we had and number have impact our fleet to the And have doubled fulfilled

Our fourth net XXX% NPS increase our and showed score improvement XXX% in overall responders. in quarter customer survey promoter

both our score for our accounts, less investments and customer historically with of best-in-class accountants We XX% improvements these are year that XX on validation, and we've sales XX,XXX plus our well investments and success our customer customers. million-dollar to last customers. quarter and large technology year. year. But value scored on last those than for making our with driving over marketing also engineering average each year driven headcount recent software the year on last points Overall, headcount over in we're It's increasing smaller a enablement, XX real have basis, our great achieved increased

easy effective, previously, solution, going and fundamental to are our success we delivers. investments on of and forward. use to a working to the invest In these expect continue are in customers They acceleration. are important Planet educating shared that growth to rate two to building areas markets, software in value other words, new that prospects As highly the these

and last are generation our meeting We for high the our changes that the wouldn't platforms across over XX% demand Systems planet we by be of As also satellites for develop imaging over the hyperspectral and that next decade. seeing. Space expanded are talent critical understanding this has market resolution We we both built team here without company incredible the our

to continue the thrilled that talent across the Planet attract are with as the we We invest organization. we

the our been leadership, commitment to our employers, bright Planet as minds place mission, has believe a significant to organization and a for Planet's of make that well the it skills. as While their contribute challenging technology market unique market we strength global to

by we investments over sales share our our of and continue growing to you software will to or sense, are are just uptick. to and revenue revenue continued anticipate we last and we forward we rate, investing XXXX, headcount software due as to significant in XX% To development. are a hear marketing markets, execution. behind And Ashley double in VanderSat our demand, the we capture year triple new growth year. coming this to growth dramatic Looking space give shortly, growth rate systems. vertical Indeed, other and demand organization a this approximately expect To acquisition and market to you anticipating software year's fiscal acceleration meet making accelerate our areas from

In we core data our of generation investing criticality our behind the pelicans. in markets, given fleet next vertical addition, resolution high of are our

As And to always, our high optimizing a with approach demand. scale, our we strategy investments investment which market we about all very and our are investing ROI. infrastructure, as to such in as and Pelican, is growth more commensurate initiatives agility take scale us enables future the existing our more of disciplined

years Q&A. sustainability dramatic growth. Before I'm the and confident seek to in hand and team, Ashley, of to our all borders in need and commitments. and to understand over to after like better the to that I have Planet's excited our understand turn global parts seeking market some and uphold their is acceleration over we'll world. Across world, Ashley, the Countries changes this positioned meet of companies I'll moment. their that, occurring within work the such we're This I'd are I'm to chains activities With supply we're to in for emphasize proud for the revenue forecasting confident in which, the global why countries around very it ahead. it doing, time opportunity

Ashley Fieglein Johnson

good reference website, remarks. Investor on and our afternoon. slides accompany which are prepared Will intended Thanks our everyone I also we've Relations to to the posted encourage

the has investments the a making year-over-year we to year fourth fiscal mentioned, of a Planet, XXst, January business accelerating remarkable As $XX.X going drive represents that and capping XX% Will the growth. in for acceleration quarter Topline continue which came XXXX for at our revenue across growth been record we're ending to expect million, that forward.

year, came fiscal outlook U.S. For throughout above EOCL the the full year, slightly of revenue in of last the in at $XXX.X provided delay and for the award. our government's with timing million, the Afghanistan, government suspension the despite contract we former

of accounts and opportunity teams increasing of new sales and existing awareness and our value driving landing for customer success commercial across the Retention by Our us. verticals the with geospatial We're all growing the executing customer Expansion are well, improvement ahead data excited base. in and market

represents which customers, XXX to grew XX% count year-over-year customer end-of-period Our growth.

with established span large accounts a landing customers we accomplished existing traction into year, a the of has contract and and levels September. pleased government Government, the highlighted Re. NASA, customer this these I our global we Welsh industries, the including Our segments driven over represent commercial very day grow customer analysts million variety partner who that customers cohort. shared in customers Cinemax sectors. by Last and last comprise XX% well, fastest-growing to wide customers and commercial team the team like Customers with accounts and with These by both growing year-over-year, new value our both base already. are specifically Swiss at our expand strategic $X annual spans

the is net a our of closed metrics, have customer We're XXXX the then from of part If strategy. accounts growth We Our year-over-year of especially our basis. because retention were I metrics winbacks. contract rate an on result, referenced important our rates impact this on fiscal including dollar the would Afghanistan engagement improved include to focus retaining for that with the retention XXXX a earlier. our net exclude we XXX% dollar suspension XXX%, growing relentless with fiscal and of and pleased

drive our today. the our is customer platform rates Our value goal is and to customers, even time the through to ease-of-use solutions stickier ultimately and than to even investments global shortening of Planet's making success, higher our increasing retention it

Turning for non-GAAP margin, margins to XX% gross the to our gross XXXX we quarter in expanded the of fiscal fourth prior to XX% year. compared

in our and gross our expansion us the margins is fiscal margins XXXX. of topline, compared of business. aerospace short, full of gross we In to XX% in scale life expand For continued approach, the our efficiency us to fiscal XX% our agile industry year, margins by driven as our the business the growth enables non-GAAP The the constellations. gross improvements leading the in model to expanded

for end our to we end highlighted, grew at as of are Will meet to the XXX fiscal half and teams compared marketing basis. our both increasing on the up the We back year-over-year headcount year, of headcount investing teams our and in behind in teams began XXX sales As to the the solutions. XX% demand XXXX. our software fiscal XXXX, by of We scaling a bringing over

both areas investments to continue our expect these We going in forward. of

the investments and made new meet we accompany responsibilities status. administrative public expected, company all that our IT As of to

for hyperspectral demonstrated the in next Systems developing Global invested as and satellite generation, team, fleets. are we Space changes our resolution strong environmental also We programs. our geopolitical and these high demand have

capitalized from CarbonMapper capital EBITDA XX% reminder, expenditures of range. in are million, the as line offset million million development for our the $XX.X also full the for As $XX guidance. and with hyperspectral revenue, the quarter In a the approximately Adjusted $XX.X line a we including recognized development fleet as year were guidance proceeds counter-R&D. expenses software with basis, quick was for or our with year. received are loss for on of GAAP our partnership

sheet, invest accelerating sufficient the our quarter and in through to ended growth million which our fourth us cash, On business behind we cash balance initiatives breakeven. we provides $XXX the flow with capital believe fund

in million, of Looking the come acceleration ahead million which first midpoint. the to $XX and to $XX expect continued we fiscal revenue XXXX, quarter between growth represents at

non-GAAP and be first is our margin expect between XX% to $XX adjusted loss XX%. gross between expected for and million We million. the EBITDA to $XX And be quarter

revenue. between X% capital expect we represents X% $X $X million, to expenditures be of million Finally, which and to

we to growth, completed, fiscal the XXXX, year-over-year and from representing we significant the ending our market $XXX For XX% in behind grow million up XX% year XX% initiatives XXst, January million, year key and $XXX revenue as expect acceleration a between just share. invest

We expect XX% the our XXXX. non-GAAP and gross fiscal meaningfully in between XX% that XX%, than to we margin higher achieved be

next Our to our investments adjusted is as accelerate sales required Data develop EBITDA our company. Earth expected million our investments operations public million satellites, the $XX to $XX a increased out loss as platform, organization, to as to between global as the make our in continue generation and G&A software scale well be we of build support

with capture a margin market continued differentiated have believe our base, We outlook comments concludes profitable in of be compelled questions. in are the execution, $XX $XX the proposition long-term data daily continued opportunity and recurring for reflects our XXXX the upon drive by addressable this and Operator, unique subscription take milestone and positive approximately revenue Overall, And our the overall can between share, a growth we for market, revenue. for to bundled million fiscal build beyond. now margin. value marketplace. acceleration we we And to achieve our Planet's and the scan, profile. to to resolution both is opportunity million, inflection growth XX% that expect CapEx demonstrable gross year our highly XX% and revenue expand and high whole earth We

Operator

[Operator from Twigg question Please with proceed. you. Instructions] comes Thank The Weston Piper Sandler. first

Weston Twigg

to very of Hi, follow-up a any offerings mentioned through guidance thanks you Planet's guidance awareness could if customers for to are the on my of quickly. question. was embedded wanted gained Ukraine wondering add potential you could more that to more taking there couple or either fairly the maybe I commentary provided had just but which customers just I'm year? you is that related increased helpful, in

Will Marshall

mean say not I absolutely in key back But the second seen, important -- it's there a a and certainly. we've we're are -- obviously up customers are -- an Yes, that a any few some grab we there trying increasing to more I'm tragic for and let and means. is that demand I overall. me over situation -- that by mean,

for some is have to shortest short these in fact, relatively been this it the and ever mentioned so just time, push sales of screen we've cycles, Some get on them now our but we seen. radar

talked gives and we transformation, our secular it trend security, broader our and sustainability digital us so data the Ukraine the only some trends. confidence for it's And need accelerate about And like that trends of those accelerating peace situations here. and for

Weston Twigg

- Okay, commercial that’s and customers to you're that the applications call opportunity about right think government we types seeing? be would applications there is that or if these that the other or way are it non-U.S. some based of

Will Marshall

last certainly and thing driving their they that supplying region. isn't NGOs And really teeing our in there, now that's remember, that our and is happening, see companies, addition not producer for that And can we up, that seeing couple very because are and a therefore customers, to of because of commodities with as partnership it also is what's sciences, also environmental it I the wheat also sort in but and especially thanks is are quite mentioned expanded in we're And paying big important. a this true. this for and data concerned often example, had monitoring. to ag government lot Ukraine other imagine the there, well. for that's that of important, was opening a remarks, government's, because in quarter increasing fact, a happening are what we're we And the Well, of

played those open with use bring and I and those security. events And situation, intelligence in quite an important that's an of -- with our these helping moment media, in refugee data who bringing obviously for data it's so supplies. with And a source and to peace our in playing the is transparency part the are and emergency to a actually and important satellite conflicts increasing general an West, how part in coherence believe, finally, about

strong about the very accelerated feel good we partly across So, demand this. that through board

Weston Twigg

Thank you. That very is helpful. all. That's

Will Marshall

Welcome Weston.

Operator

The Ryan comes Needham Please from proceed. & Co. question Koontz next Thank with Weston. you,

Ryan Koontz

Thanks for various fiscal you question. about wonder coming the those the be in year, helpful? if Wanted rank ask growth kind you. segments to customer your there, would Thank of force could I prospects this by

Will Marshall

Well, let damn me just talk broadly, and a few then mean, across mentioned maybe demand Ashley can strong add I civil some government pretty specifics, all is but segments. broadly, we're I seeing fast. those examples. of driving

government another me Australia. agricultural, just New and just In is our related mentioned growth sort which is couple renewed a growing me an as Let and there. VanderSat. of our a continuing. mention mention Norway. see expansion partnership agriculture partnership expanded Rabobank, Wales, civil an We I more. that's that's Bayer financing just We pretty with renewed And strong with South segment. I strong was that there. with a something one And just We second mentioned let of that and in in that expansion ago a

customers I we're gain there. and important pretty So, and and seeing defense situation, and and mentioned, it intelligence, we we're board the the through course, -- of some across seeing have Ukraine as that solidify

board. So, seeing yes, the it we're across

Ashley, add? anything to

Ashley Fieglein Johnson

in percentages base. hit talked it been that of to start lower gain to because it. obviously really some But of across top nonetheless, traction. particularly board. think finance No, I'd a on of you're were previously, of say and we a growth some the what's exciting, I you're growth about that the is newer And markets markets higher lot of really all insurance us, see going newer the you've obviously, And like to

Ryan Koontz

it. helpful. Got It

Will Marshall

your answer Ryan? question, That

Ryan Koontz

Thank Yes, you, does. it Will.

parts capacity Just resources, investments particular, within and a kind there of your obviously, chased other opportunities, world of, placement Ukraine are product? sales infrastructure follow-up in but the are away from that obviously of that kind on in situation, of take opportunities and invested incident-based the kind of there's satellites

Will Marshall

important products. taking Not we done of parts the seen have much world. away in some other from and But development

we Ukraine and was we to base and increased than more we of almost example, -- through some the For but targeting weekly during a our map there. every have And operational region base region it global capacity month, that time. increase -- in this the maps do improvements significantly daily

in it has so remarks, of there, the feel And yielding do but like that an results. we've my I taken, in team some mentioned, opening significant we put as effort important some effort to that, it's

conflict is also with analytics that learned forged we've overall us actually companies substantively our customers. some and have been We lot meaningful improve a period. products a through short help have collaborations collaboration Look, assist that in this and enabled to our

Ryan Koontz

Ashley. Got it. Really Thanks helpful. Thanks Will.

Operator

Please you, question with Northland. comes Thank Latimore from Ryan. next The Mike proceed.

Mike Latimore

but that's of change know And lot a in of success, Thanks. year kind on into the -- congrats driving? Great. bit can you've yeah, a of a phenomenal little you great a more truly to customers, there. score increased, dig I customer be variables is are year-over-year, To or some a what the maybe little -- just -- is it attentive maybe more invested that more NPS that

Will Marshall

there's investments the made think one we've underneath of I in is the made second is investments software in Well, the things that we've customer couple success. a and

feel It's we the smaller NPS. clients, these side, that software, in in now it building success we're increase more last way our everything investments retention, markets. top we're we've data initial applied quite to easing customer who So, it's on is simply more their systems. success, else. access a doing capabilities to of enable to long year. It's with to right? to people to And just online rapidly come making the easily image we've and similarly that pleased enable in quality easing with ease-in-use, software as on have again, consistent, of those the those round dramatic, customers how the it started but get new we've pleased we foundations have big vertical on on net then mainly barriers been the been course, software everyone our the And similarly, for Also, focused with in started side, the we

customer this. So, its I success, software its investments, have lead and think global

to that? anything add Ashley to

Ashley Fieglein Johnson

our we mean, just tried these obviously, of well, success time software the that XX, a to whether that No, to that as building to I driving they're should think impact real that's of how lot these tools, some employees I has highlight fun it or for how be the early are because see value for slide metrics, teams on work customers, teams that customer new doing, business. the

Mike Latimore

provide factors what on a for that couple then game? upper you you that just the or can are lower year, And assessment guidance of little end the would of to more just Great. get a bit

Ashley Fieglein Johnson

timing new that's met talked we I factor guidance, a come range on to as this rates, factor our and these Day renewal as of of of of business going them timing some views the swing in from to amount we we Analyst come drive And our so, larger expect fall, we is year that And into with then into well Yes, that biggest the in. of business. for accounts the the the when have. our visibility we about book when significant

Mike Latimore

Got it.

you. great. Thank Okay.

Operator

from Goldman Thank you, with Mike. Sachs. Poponak Please The Noah comes next proceed. question

Noah Poponak

evening, good everybody. Hi,

Ashley Fieglein Johnson

Hi.

Will Marshall

Hi.

Noah Poponak

Actually-- hi. -- Can

Will Marshall

you. hear can we Yes,

Noah Poponak

prior. of high could out us are we detail -- could different, assume a two, on the here maybe you across had move have of changed need what changed? of than the the on us things what's it's around large captures great. kind can a the mean, targets sort then they previously, And plan or way? to of, staying The Great, XXXX you've Maybe capital help the you the you revenue, have end I be that give range conservative, Maybe Actually, are just month board. laid kind different there. just and understand year, major has plans then but any that can are where different. more the the you in just margins change little bit I

Ashley Fieglein Johnson

award that the major couple Afghanistan Yes, great has actually, the and been a that think but last But hadn't there of it's the question timing forecast we and moving the pleased in above on -- year suspension year, were obviously, like we the two EOCL throughout and a years. -- original for side, past account to events still it's of revenue our I came were the year, the -- throughout changes. anticipated not of unexpected in

obviously, team, good really a take that continue about a of were book of we on market that number ability to again, even areas to that what the in of leaning in reps feeling ramp the in share R&D. into and fall. But this into as business. that kind our is build just of team the really the we're feel discussed that in this new And the overcome executed the of investments I of, couple impacted, to lean and our to progress And our terms above very in to focused to we're we ability get -- we last there, in sales year, those wallet investment expand continue our sales response things markets markets. year. marketing. and up rapidly Other some So, investments ability of the our two or to around we're are more penetrate existing

up generation pleased as some as of So, are fleets talked res value our to customers the improve the which -- next the high Pelican down capacity as for costs like we of taking some or a disproved increase and help? that of and finance some program, our we be time to on side, being and investments expand time those into in company new of markets revenue the we I'm then costs investing G&A public well some higher expect analytical associated Does part to incremental being company about, the that. public were improvements insurance. in of spend some G&A couple year-over-year, sorry, the a there's to market And percentage the on than of been anticipated. software, -- is just of the all across are our the to our of a with we but

Noah Poponak

to previously, you years costing to does. the invest about It thinking would there spending to than more opportunity thought? business, the revenue either that had numbers And out it's if the but two, they out-year you similar, year are have looks in get imply in or there's more then how one, because you you you're this more

Ashley Fieglein Johnson

our starting of obviously, we see sooner, as forecasting about growth, opportunity. it of double be business just anticipate our to solidify high them out believe those or the good feel a a growth us markets pulling view to the that some rate investments continues just enable because And that very still to we we're to and I this lot materialized We triple into growth years. want and we forward these year-over-year make investments really sooner.

Will Marshall

tripling quite or in $XXX And a increasing meaningful vertical doubling sense, to the mentioned, which to customers feel markets, mentioned. $XXX rate $XXX from expanding, are vertical again, already pretty our examples. a that's this million add we because of across slightly is as demand revenue million range, like Can broad new even from year, growth lot I in this new seeing million current we we're couple we markets, I customers board, current as just

some And at addition into things. based time so are that that And we'd that growth, sense? sort of trends so to initiatives very invest ROI lead everything makes I into to given that of us doing revenue and we we mean, that's and think carefully, be to to that not demand. that sense higher Does I feeling. they're mentioned, secular this we're in on. on make those leaning sustainability but crazy We're the just pulling it

Noah Poponak

lot Absolutely, a sense. of I appreciate that that. makes

guess, have say expectation for--? latest Well, latest other Just and one March Eastern. X:XX EOCL is one, of what We P.M. what expected March companies another last there is at the timing? I XXst moving it's the the heard around,

Will Marshall

Well, one is great that thing the passed they budget.

uncertainty We good and done an the tracking it's budget -- the out. we're deal. important about helps look that space timing to control is its of compete don't to biz But before, a one not it recently feel and this we well is going highlighting. We've It process. won award. important you're as -- working government that we've It's be think into some we're only honest. the we we that. that. obviously lot an are and in have and turns on, -- some positioned good pretty it There's deal in So and that that competitive We're but it in feeling

Noah Poponak

[ph]? of being Is current a articulated or range planned months is there that months not

Will Marshall

look, don't we -- going it's to happen but I think within so I that. mean, know months, beyond

Noah Poponak

lot. appreciate I a Okay. it. Thanks

Will Marshall

for government -- the itself.

Noah Poponak

Thanks it. Yes, Thank you. guys. get I

Operator

Noah. Rhee you, comes Craig-Hallum. The with Thank from next Jeff Van Please question proceed.

Jeff Van Rhee

versus In Great. systematic the thinking data Thanks. your Will like? changing? What just what's a how has through couple few out? for is revenue it changed me, or you how maybe image looking pipeline look lens terms the a anticipated at the of mix of like? looking If years that tasked, capture trends are your just And

Will Marshall

planet which all where we people finds is are have system unique Well, -- scanner. call combination of scan often we okay, I'm with the the resolution. in the and very the those the cue, and The with scanning that the the is system at revisit daily we sense in is completely unique look that that and that is the what isn't and system. ones system so scanning we resolution which high both products proud thing know to I it's top higher that biggest ways. both system resolution. the something bundling the any tip medium of But And that unique And The changes, system, in is the because that enables unique. that is it's of together is only to that and go, of are value fastest we are really tasking and change important way got call

more people day, of landscape get area we than with over think and little by just I'll a imagery lot do everyone any a competitors, remind producing are bit company. times the I that other XXX confused per of scan,

that someone's differentiated is the so the of is it There's what's other be scale rarely It I We of wouldn't much combined. companies that. doing That's vertical think that that agriculture. Earth, I of new where XX% number. product. driving use our all That without be times that a distribution the these estimated look coverage in we about of markets. XX got shows a we driving market landmass forestry, of That's our would the put -- data doing that Norway which that at we NASA -- the But across I that take what's slide wide wouldn't forget distribution doing whole driving world. and deck, be partnership, scan. that

people underlying to to certain out Some see different what's go areas to that But new in driving vertical that's and on driving only that's across demand the wrong. say what's which and markets. data imagery new technology these differentiator say completely areas. We those these the that's driving exactly our hard these most It's markets. that's all and predict demand I you focus going need are years. it's ones for

and And on. about scaling what we're very a just bullish focused question It's of that's we execution feel so that and demand.

Jeff Van Rhee

change So, she to no summary? that perspective as a is more other, which steady real may the from your drive goes, than

Will Marshall

on Yes, track I go think that's right. We overall.

Jeff Van Rhee

Yes.

are Is one side a concrete year top insights, ultimately quicker data of you're talked sort software customers. about You've accomplish the two lot goals to trying coming that this or that value trying to solution to app there very , of really deliver list?

Will Marshall

On the I software side you can say? -- mean

Jeff Van Rhee

Yes, yes.

Will Marshall

team scaling there. we're lot the think I quite a look, Well,

And that SAR we're fact as piece I One That's grew areas. planning that we general they sort that thing And XX% new look enables XX% that with of this. top sit the the We're on just fusion insurance, of enables to the and team. doing and enables for there's image enhancements, into capabilities then is focused foundation, our that, last which on like to enables in example. data work fusion, we're over year-on-year, markets. are same that things products, about Just vertical data at over ease-of-use, VanderSat, data new two pulling the grow that that enabled of have XX% adoption, markets growth mentioned, year. and

really And software of so combinations most side. of focusing the where those energy we're is things our in

investments? to that our anything to to -- add Ashley

Ashley Fieglein Johnson

drive And just defined raw to on to things data exactly to by through on algorithms the opposed right. that value that analytic these that's time to broadly down time delivering improved capacity No, imagery. also as the series usability then or It new layer systems. that spreadsheets and testing comes to the markets -- service top enables us enhancing like

Jeff Van Rhee

in a end the in on quickly things few then you Ashley, but mention? pipeline And pipe there, the to want anything you where reps? quarter for the Two did just pipe composition you've -- front, come else going talked out quota that. call last than might on prior didn't that composition, sales I Helpful. Yes. to that to in are And different two, on back that up about you be the

Ashley Fieglein Johnson

why and In leaning really I'd seeing some we're finance these newer that and seeing believe in strong I as terms markets, insurance. prepared is I software that, we're into which we've growth growth about, these the that of pipeline is investments mentioned the pipeline, talked remarks, in say in of of some

gives to us people are some are the market on opportunity a markets, impact vessel whether seeing confidence in can just that's and food markets, the There's commodities going represents pipeline, wanting there. trends leading have very in et understand excited understand tracking, of these We lot global we're on about to that cetera. insecurity that that that or of that that now, a very, right energy supply chain to which opportunity our lot of wanting

above In come we about reps ramp the terms sales for numbers either talked we to of terms as are track in year. in said, that at the headcount, on I or of

above as we our I want the we said XX that on we're or target target in was reps, year and -- hit come ramp think progresses. actually to

Jeff Van Rhee

you. Okay, Thank great.

Operator

Thank with Henry [Operator question Quilty proceed. Caleb next Please you, Instructions] The comes from Jeff. Analytics.

Caleb Henry

Will questions. of couple Hi Ashley, and

that was a last three this hasn't lot software any discussion there don't was and your just maybe M&A. mentioned about investing at about quarter, hardware, omission bit during I in know M&A. been deliberate investing, of in if hardware, last and talked investing but -- then -- First, it intentional, a call an or you little areas, software, the

or for on that focus if year growing the curious you're internally a backburner at putting first? kind of just still that's the was I look to kind So, ahead, of

Will Marshall

focus. a still It's

-- for the are it, of forecast the thinking phrase space so high would I next marketing especially These acquisitions -- our investments, furthest not where systems. continued the biggest it, good of market. But our think about in is we and resolution along. strategy. feel our also in good that, we the accelerate natural in we're business but VanderSat to just terms want look consolidator Planet, bit. about our Let M&A the software A continue very that think it's We and investment that will but the something accelerate and last accelerate to time our here already, small on the slightly in good really piece we that because differently. feel me of Planet to areas we And sales the will product we and then the like and for and of will -- look here introduced we remains acquisition a do position to it I focus. generation, we Obviously, they way continue different two one are is lot time, accelerate players or acquisitions consolidate join the little a traction

thoughtfully we that disciplined we'll use very, and we to a so it And approach to -- very take will and continue M&A. carefully obviously use

Caleb Henry

Thank Okay. you.

you've can the any an if a SkySat also SkySat status seen thruster fleet? that you satellite? if thruster across that call, And had there wondering issues last During of issues. of mention was the satellite I update give other the then on was

Ashley Fieglein Johnson

an give can I Yes, update there.

satellites. last same issues satellite is it thrusters in change and satellite, with with had our design particular, to ability the generate to on we've other we the no fleet enables of So, of of impact performance And the it to again, thing just is our doesn't for customers. us with one the mentioned that like it the the one to revenue of if challenges, facing redundancy, that have so kind fleet or the life work we call the in I operational on you continues said useful estimate until is that of the team remind satellite still no fully other this

Will Marshall

Yes, we got redundancy.

Caleb Henry

any if a the chain Okay. discussion And curious experiencing spacecraft was Satellite XXXX lot or of a about lot Planet then manufacturing? if addressing them? affecting how issues of you're of there's at of so, the And Show supply industry, the at least is kind been discussion, there

Will Marshall

Yes, supplies. building of -- an numbers scale by aren't on, I really did ensure talking we these -- mean, have for industry not huge of standards the really. remember we bit things. Because it of a chips that just mainly, early about we we're addressed that that inventory and by

And our continue our interruptions and construct no can so manufacture little bit things to to build stations of sure we other ability a ground we we and make that far, satellites, So ourselves. stockpile to that

major no interrupt. So,

ensure a so on We don't situation that good. continuing to we diversification are, caught so But supply that up that. like we of far, get of generally, is that to in something course, at and chain focus look

Caleb Henry

Thank questions. All right. Those all you are both. my

Ashley Fieglein Johnson

Thank you.

Operator

comes The with Wedbush. Thank John proceed. Katsingris from Caleb. Please you, next question

John Katsingris

over little Katsingris years? and Hi, Ives. the quick Had that Dan question, you. on talk next could this how out playing John with into year if and the coming deeper see a Rabobank is a deal you for bit Thank you

Will Marshall

so high a it expansion penetrates very soil is Yes, level credit interesting, on developing doing our you that support in just And moisture data soil what VanderSat and using data really Rabobank the in our temperature. acquisition. Once to smallholder to an again, risk for providing the is tell a and is is can microwave farms countries. is VanderSat deal analytics because quite data that assessment

new one expand vertical And especially to it's the so company vertical of adjacent between bought exactly reasons markets. the we an markets, finance enables agriculture. And it and into that's of to because and sort intersection us

and relatively to was what ag -- not ag to I we to have you new finance to insurance. even it very needed do so and expand may and but agriculture of pretty VanderSat of adjacent was Some early, or and heard it

and very a example us was so as for of that is Rabobank case. use it one And that great natural a a

John Katsingris

Thank you.

Operator

Thank questions you, time. John. this at There waiting are no additional

remarks. pass Marshall I'll CEO, to closing So, for Will the conference

Will Marshall

to everyone. global lot the drive and in that the in tailwinds economy and on deals I want we're in both the economy peace of of and just thanks, transformation of are global in a sustainable demand, working digital Well, particularly that summary the we market and helping seeing transformation quite security. say the secular to

our forecast. what accelerating Planet growth conviction and is we're So, drive are have to in about trends revenue and doing. leaning these growth acceleration that that only dramatic Recent we

globe. subscription to challenges facing around that moment We opportunity that up. world addressing and really a that this Planet needs countries Planet's are believe companies the in step incredibly building of business critical is and and confident And the our proud team data I'm is and our

joining QX. forward look for today to after everyone I thanks So, updating and you

Operator

the call. you concludes Planet quarterly participation. That Thank earnings PBC Labs your for

now may your disconnect You line.