Delivers Record Second Quarter Revenue of $30.4
Million, Up 19% YoY
Reiterates $130 million Revenue Outlook for
Fiscal Year 2022
Planet Labs Inc. (“Planet” or the “Company”), a leading provider
of daily data and insights about Earth, today announced financial
results for its second fiscal quarter ended July 31, 2021,
highlighting the continued momentum of its unique data subscription
business. Earlier this year, Planet entered into a definitive
merger agreement with dMY Technology Group, Inc. IV (NYSE: DMYQ)
(“dMY IV”), a special purpose acquisition company, to become a
publicly traded company later this year (the “Business
Combination'').
Second Quarter FY2022
Highlights
- Q2 Revenue increased 19% year-over-year to $30.4 million.
- Percent of Recurring ACV was 93%, as compared to 92% in the
year ago comparable quarter
- End of Period (EoP) Customer Count increased 36% year-over-year
to 732 customers
“We had a stellar Q2, delivering record second quarter revenue
and surpassing 700 customers by the end of the period,” said Will
Marshall, Co-Founder and Chief Executive Officer of Planet. “Our
growth reflects the significant demand that we’re seeing across
vertical markets. As companies and governments embrace digitization
and set ESG targets, they are incorporating new data solutions into
their operations, and our daily, global data and analytical
products are becoming only more valuable to a greater number of
customers, partners and developers.”
“The performance across our organization as we scale has been
phenomenal. Our continued revenue growth and strong results are
evidence of the strength of our business model and execution. We
are executing effectively against our plan and remain on track for
our revenue and profitability outlook for the full fiscal year
ending January 31, 2022, including revenue of $130 million and
non-GAAP gross margin of 40%,” said Ashley Fieglein Johnson, Chief
Financial and Operating Officer of Planet.
dMY IV intends to file with the U.S. Securities and Exchange
Commission (“the SEC”), an amendment to its Registration Statement
on Form S-4 (the “Registration Statement”) in the coming days,
which, when available will contain full Planet financial statements
for the six months ended July 31, 2021, and can be viewed at the
SEC’s website at www.sec.gov once filed.
Additional Recent Business
Highlights
- Canada Pension Plan Investment Board (“CPP Investments”)
committed to participate in the proposed Business Combination of
Planet and dMY IV by purchasing $50 million in a private placement
of Class A common stock of dMY IV. In connection with CPP
Investments, Cypress Point Investment Management participated in a
co-investment. These commitments will upsize the initial $200
million in private placement proceeds committed earlier this year
to over $250 million. The initial private placement was completed
by a group of investors led by funds and accounts managed by
BlackRock.
- Planet announced a new three-year agreement with Corteva
Agriscience to continue building and implementing joint solutions
to drive farmer value through satellite-directed scouting.
- Planet signed a deal with the U.S. Department of Agriculture’s
National Agricultural Statistics Service to support their 2021
Growing Season Assessment.
- NASA expanded its Planet contract to provide access to
PlanetScope imagery for all U.S. Federal Civilian researchers and
National Science Foundation-funded researchers - representing
approximately 280,000 eligible users.
- Planet signed a multi-year, multi-launch rideshare agreement
with SpaceX, assuring Planet continued, low-cost access to
space.
- Ita Brenann, CFO of Arista Networks, joined the Planet Board of
Directors, bringing 20 years of financial management experience as
Planet prepares to go public.
Planet’s Annual Explore Conference
Planet will host its annual Planet Explore 21 conference on
October 12 and 13, 2021. Explore 21 will be a virtual event. At the
event, Planet will showcase how its data is being used to develop
innovative solutions across sectors such as agriculture,
government, and sustainability that are ultimately building a
brighter, more vibrant future.
Please visit the Planet Explore 21 website to register for this
free event, or view the agenda.
Combination with dMY Technology Group, Inc. IV (NYSE:
DMYQ)
As announced on July 7, 2021, Planet entered into a definitive
agreement with dMY IV, under which Planet will become a
publicly-traded company. Upon closing, which is expected later this
year, the combined company will retain the Planet name and be
listed on the NYSE under the ticker symbol “PL.” The transaction
values Planet at a post-transaction equity value of approximately
$2.8 billion. Concurrently with the consummation of the
transaction, additional investors committed to participate in the
proposed Business Combination by purchasing shares of Class A
common stock of dMY IV in a private placement (the “PIPE”). The
$200 million initial PIPE investment is led by funds and accounts
managed by BlackRock, with participation from Marc Benioff’s TIME
Ventures, and Google. The commitments by CPP Investments and
Cypress Point Investment Management bring the total size of the
PIPE to over $250 million.
About Planet
Planet is a leading provider of daily data and insights about
Earth, committed to using space to help life on Earth. Planet is
driven by a mission to image the world every day, and make change
visible, accessible and actionable. Founded in 2010 by three NASA
scientists, Planet designs, builds, and operates the largest earth
observation fleet of imaging satellites, capturing and compiling
data from over 3 million images per day. Planet provides
mission-critical data, advanced insights, and software solutions to
over 600 customers, comprised of the world’s leading agriculture,
forestry, intelligence, education and finance companies and
government agencies, enabling users to simply and effectively
derive unique value from satellite imagery.
To learn more, please visit planet.com. To keep up with Planet
news, please follow us on Twitter or visit
planet.com/investors.
About dMY Technology Group, Inc.
IV
dMY Technology Group, Inc. IV is a $345 million special purpose
acquisition company founded by Niccolo de Masi and Harry You for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar Business
Combination with one or more businesses. Its Class A common stock,
units and warrants trade on the NYSE under the ticker symbols DMYQ,
DMYQ.U and DMYQ WS, respectively. More information can be found at
www.dmytechnology.com.
Planet’s Use of Non-GAAP
Financial Measures
Non-GAAP Gross Profit is calculated as gross profit adjusted for
stock-based compensation classified as cost of revenue. Non-GAAP
Gross Profit is a supplemental measure that is not prepared in
accordance with GAAP and that does not represent, and should not be
considered as, an alternative to Gross Profit, as determined in
accordance with GAAP. We have included non-GAAP Gross Profit
because it is a financial measured used by management to evaluate
our core operating performance and trends and to make strategic
decisions regarding the allocation of capital and new investments.
Non-GAAP Gross Profit excludes stock-based compensation expenses
that are classified as cost of revenue, which is required in
accordance with U.S. GAAP. Non-GAAP gross margin, which is included
in our financial outlook, was not reconciled to the comparable GAAP
financial measure because the GAAP measures are not accessible on a
forward-looking basis.
The foregoing forward-looking statements reflect our
expectations as of today's date. Given the number of risk factors,
uncertainties and assumptions discussed below, actual results may
differ materially. We do not intend to update our financial outlook
until our next quarterly results announcement
Key Terms
Percent of Recurring ACV
In connection with the calculation of several of the key
operational and business metrics we utilize, we calculate 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. For short-term
contracts (contracts less than 12 months), ACV is equal to total
contract value. We define Percent of Recurring ACV as the dollar
value of all data subscription contracts and the committed portion
of usage-based contracts divided by the total dollar value of all
contracts in our ACV Book of Business at a specific point in time.
We 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. We believe Percent of
Recurring ACV is a useful metric for investors and management to
track as it helps to illustrate how much of our revenue comes from
customers that have the potential to renew their contracts over
multiple years rather than being one-time in nature. In calculating
Percent of Recurring ACT, management applies judgment as to which
customers have an active contract at a period end for the purpose
of determining ACV Book of Business, which is used as part of the
calculation of Percent of Recurring ACV.
EoP Customer Count
We define EoP Customer Count as the total count of all existing
customers at the end of the period. We define existing customers as
customers with an active contract with Planet at the end of the
reported period. For the purpose of this metric, we define a
customer as a distinct entity that uses our data or services. We
sell directly to customers, as well as indirectly through our
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 Planet, is
counted only once. For example, if a customer utilizes multiple
products of Planet, we only count 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. We
believe EoP Customer Count is a useful metric for investors and
management to track as it is an important indicator of the broader
adoption of our platform and is a measure of our success in growing
our market presence and penetration. In calculating EoP Customer
Count, 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 our data or services.
Important Information About the Proposed Business Combination
and Where to Find It
This press release relates to the Business Combination involving
dMY IV and Planet, pursuant to the terms of that certain agreement
and plan of merger, by and among dMY IV and Planet and the other
parties thereto (the “Merger Agreement”), dated as of July 7, 2021.
In connection with the Business Combination, dMY IV filed with the
SEC a Registration Statement on Form S-4 (“Registration Statement”)
on August 3, 2021, which includes the preliminary proxy
statement/prospectus of dMY IV. dMY IV’s stockholders and other
interested persons are advised to read the Registration Statement
and the preliminary proxy statement/prospectus which forms a part
of the Registration Statement, as well as any amendments filed or
to be filed, and the effective Registration Statement and the
definitive proxy statement/prospectus and documents incorporated by
reference therein filed in connection with the Business Combination
when available, as these materials will contain important
information about the parties to the Merger Agreement, dMY IV and
the Business Combination. When available, the definitive proxy
statement/prospectus and other relevant materials for the Business
Combination will be mailed to stockholders of dMY IV as of a record
date to be established for voting on the Business Combination and
other matters as may be described in the Registration Statement.
Stockholders may obtain copies of the preliminary proxy
statement/prospectus, the definitive proxy statement/prospectus
filed or that will be filed with the SEC and all other relevant
documents that are or will be incorporated by reference therein,
without charge, at the SEC’s web site at www.sec.gov, at the
Company’s website at https://www.dmytechnology.com or by written
request to dMY Technology Group, Inc. IV at 1180 North Town Center
Drive, Suite 100, Las Vegas, Nevada 89144.
Participants in the Solicitation
dMY IV, dMY Sponsor IV, LLC, Planet and their respective
directors and executive officers may be deemed participants in the
solicitation of proxies from dMY IV’s stockholders with respect to
the Business Combination. A list of the names of those directors
and executive officers and a description of their interests in dMY
IV is included in the Registration Statement, which includes the
preliminary proxy statement/prospectus of dMY IV, for the Business
Combination and is available at www.sec.gov. Additional information
regarding the interests of such participants will be contained in
the definitive proxy statement/prospectus for the Business
Combination when available. You may obtain free copies of these
documents as described in the preceding paragraph.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 with respect to the
proposed transaction between dMY IV and Planet, including
statements regarding the benefits of the transaction, the
anticipated timing of the transaction, the services offered by
Planet and the markets in which it operates. dMY IV’s and Planet’s
actual results may differ from their expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“would,” “believes,” “predicts,” “potential,” “strategy,”
“opportunity,” “continue,” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, dMY IV’s and Planet’s
expectations with respect to future performance and anticipated
financial impacts of the Business Combination, the satisfaction of
the closing conditions to the Business Combination and the timing
of the completion of the Business Combination. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside dMY IV’s and Planet’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement; (2) the lack of a third party valuation in determining
whether the proposed transaction is fair to the stockholders from a
financial point of view; (3) the outcome of any legal proceedings
that may be instituted against dMY IV and Planet following the
announcement of the Merger Agreement and the transactions
contemplated therein; (4) the inability to complete the Business
Combination, including due to failure to obtain approval of the
stockholders of dMY IV or Planet, certain governmental or
regulatory approvals, the satisfaction of the minimum trust account
amount following redemption by dMY IV’s public stockholders, or
satisfy other conditions to closing in the Merger Agreement; (5)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the Merger Agreement or could
otherwise cause the transaction to fail to close; (6) the impact of
COVID-19 on Planet’s business and/or the ability of the parties to
complete the Business Combination; (7) the inability to obtain or
maintain the listing of the combined company’s Class A common stock
on the New York Stock Exchange following the Business Combination;
(8) the risk that the Business Combination disrupts current plans,
operations, business relationships, performance and business
generally as a result of the announcement and consummation of the
Business Combination; (9) the ability to recognize the anticipated
benefits of the Business Combination, which may be affected by,
among other things, competition, and the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers, and retain its
management and key employees; (10) costs related to the Business
Combination; (11) changes in applicable laws or regulations; (12)
the ability to implement business plans, forecasts, and other
expectations after the completion of the proposed transaction, and
identify and realize additional opportunities; (13) the possibility
that Planet or dMY IV may be adversely affected by other economic,
business, and/or competitive factors; and (14) other risks and
uncertainties indicated from time to time in the proxy
statement/prospectus relating to the Business Combination,
including those under “Risk Factors” therein, and in dMY IV’s other
filings with the SEC. dMY IV cautions that the foregoing list of
factors is not exclusive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of dMY IV’s Quarterly Reports on Form
10-Q, the Registration Statement and proxy statement/prospectus
discussed above and other documents filed by dMY IV from time to
time with the SEC. These filings identify and address or will
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are
made. Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. dMY IV
and Planet caution readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
dMY IV and Planet do not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
No Offer or Solicitation
This press release is for informational purposes only and shall
not constitute a solicitation of a proxy, consent or authorization
with respect to any securities or in respect of the Business
Combination. This press release shall also not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any states or
jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210916005396/en/
Press
Trevor Hammond comms@planet.com
John Christiansen/Cassandra Bujarski Sard Verbinnen & Co
Planet-SVC@sardverb.com
ICR dmy4@icrinc.com
Investor
Chris Genualdi Planet Labs Inc. ir@planet.com
Harry You dMY Technology Group, Inc. IV
harry@dmytechnology.com
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