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Wisconsin Republicans sue to resolve conflict of when Electoral College votes must be cast for TrumpSAN FRANCISCO--(BUSINESS WIRE)--Dec 9, 2024-- Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for the period ended October 31, 2024. "We are pleased with the multiple large contracts secured with government customers globally this quarter, which we expect to ramp up into the year ahead. The third quarter represented Planet’s largest ever quarter of ACV bookings, helping lay the foundation for future growth," said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. "We continue to see strong demand for our data, particularly where enhanced with AI-enabled solutions. We also saw first light from our Tanager satellite, released the first set of over 300 CO2 and methane detections, and are progressing towards commercializing its hyperspectral data. The success of this program has led us to actively pursue other opportunities that similarly advance our technology roadmap while enhancing our financial position. Ultimately, we believe Planet is well positioned for growth going forward." Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We saw significant improvement in the fundamentals of the business during the quarter, as evident in the year-over-year and sequential improvement in margins, as well as the continued progress on our path to profitability. I’m pleased to confirm that we’re on track to achieve our target of Adjusted EBITDA profitability next quarter. Meanwhile, we’re reducing our cash burn and our balance sheet remains strong with approximately $242 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we continue to have no debt.” Third Quarter of Fiscal 2025 Financial and Key Metric Highlights: Recent Business Highlights: Growing Customer and Partner Relationships New Technologies and Products Impact and ESG Fourth Quarter Financial Outlook For the fourth quarter of fiscal year 2025, ending January 31, 2025, Planet expects revenue to be in the range of approximately $61 million to $63 million. Non-GAAP Gross Margin is expected to be in the range of approximately 63% to 65%. Adjusted EBITDA is expected to be in the range of approximately $0 to $2 million for the quarter. Capital Expenditures are expected to be in the range of approximately $8 million and $11 million for the quarter. 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 fourth 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. The foregoing forward-looking statements reflect Planet’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Webcast and Conference Call Information Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, December 9, 2024. The webcast can be accessed at www.planet.com/investors/ . A replay will be available approximately 2 hours following the event. If you would prefer to register for the conference call, please go to the following link: https://www.netroadshow.com/events/login?show=00196caf&confId=74075 . You will then receive your access details via email. Additionally, a supplemental presentation has been provided on Planet’s investor relations page. About Planet Labs PBC Planet is a leading provider of global, daily satellite imagery and geospatial solutions. 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. Planet provides mission-critical data, advanced insights, and software solutions to over 1,000 customers, comprising 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. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X (formerly Twitter) or tune in to HBO’s ‘Wild Wild Space’. Channels for Disclosure of Information Planet intends to announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investors.planet.com) and its blog (planet.com/pulse) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. It is possible that the information Planet posts on its blog could be deemed to be material information. As such, Planet encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Planet’s Use of Non-GAAP Financial Measures This press release includes Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described further below, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share, Adjusted EBITDA and Backlog, which are non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. 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. Non-GAAP Expenses: The Company defines and calculates Non-GAAP cost of revenue, Non-GAAP research and development expenses, Non-GAAP sales and marketing expenses, and Non-GAAP general and administrative expenses as, in each case, the corresponding U.S. GAAP financial measure (cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses) adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, that are classified within each of the corresponding U.S. GAAP financial measures. Non-GAAP Loss from Operations: The Company defines and calculates Non-GAAP Loss from Operations as loss from operations adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination. Non-GAAP Net Loss and Non-GAAP Net Loss per Diluted Share: The Company defines and calculates Non-GAAP Net Loss as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, and the income tax effects of the non-GAAP adjustments. The Company defines and calculates Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss divided by diluted weighted-average common shares outstanding. 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. The Company presents Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described above, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share and Adjusted EBITDA because the Company 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, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company’s core operating performance. Backlog: The Company defines and calculates Backlog as remaining performance obligations plus the cancellable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options. An increasing and meaningful portion of the Company’s revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents Backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company’s expected future revenues. Management uses backlog to more effectively forecast the Company’s future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes Backlog is useful for investors in forecasting the Company’s future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company’s control, and as a result, the Company may fail to realize the full value of such contracts. 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 the Company’s. Further, certain of 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 the Company and an important part of its compensation strategy. 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 also 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. EoP 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. Forward-looking Statements This press release 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 release 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) and target for achieving Adjusted EBITDA profitability, Planet’s growth opportunities, Planet’s expectations regarding future product development and performance, and Planet’s expectations regarding its strategies with respect to its markets and customers, including trends in customer demand. 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. The forward-looking statements contained in this release 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 for the fiscal year ended January 31, 2024, Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024, 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. PLANET CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands) October 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 138,969 $ 83,866 Restricted cash and cash equivalents, current 6,525 8,360 Short-term investments 103,255 215,041 Accounts receivable, net 38,853 43,320 Prepaid expenses and other current assets 13,992 19,564 Total current assets 301,594 370,151 Property and equipment, net 116,920 113,429 Capitalized internal-use software, net 18,259 14,973 Goodwill 137,411 136,256 Intangible assets, net 29,231 32,448 Restricted cash and cash equivalents, non-current 4,437 9,972 Operating lease right-of-use assets 20,829 22,339 Other non-current assets 2,083 2,429 Total assets $ 630,764 $ 701,997 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 3,572 $ 2,601 Accrued and other current liabilities 43,670 44,779 Deferred revenue 66,462 72,327 Liability from early exercise of stock options 6,275 8,964 Operating lease liabilities, current 9,105 7,978 Total current liabilities 129,084 136,649 Deferred revenue 11,230 5,293 Deferred hosting costs 6,665 7,101 Public and private placement warrant liabilities 1,835 2,961 Operating lease liabilities, non-current 13,819 16,952 Contingent consideration 2,871 5,885 Other non-current liabilities 655 9,138 Total liabilities 166,159 183,979 Stockholders’ equity Common stock 28 28 Additional paid-in capital 1,631,077 1,596,201 Accumulated other comprehensive income 1,347 1,594 Accumulated deficit (1,167,847 ) (1,079,805 ) Total stockholders’ equity 464,605 518,018 Total liabilities and stockholders’ equity $ 630,764 $ 701,997 PLANET CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Revenue $ 61,266 $ 55,380 $ 182,798 $ 161,844 Cost of revenue 23,749 29,350 81,288 81,375 Gross profit 37,517 26,030 101,510 80,469 Operating expenses Research and development 25,216 33,002 78,055 87,929 Sales and marketing 16,795 20,774 62,013 66,209 General and administrative 18,114 20,112 58,198 62,161 Total operating expenses 60,125 73,888 198,266 216,299 Loss from operations (22,608 ) (47,858 ) (96,756 ) (135,830 ) Interest income 2,414 3,445 8,292 11,753 Change in fair value of warrant liabilities 198 6,833 1,126 14,004 Other income (expense), net (60 ) (69 ) 660 894 Total other income, net 2,552 10,209 10,078 26,651 Loss before provision for income taxes (20,056 ) (37,649 ) (86,678 ) (109,179 ) Provision for income taxes 25 355 1,364 1,244 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Basic and diluted net loss per share attributable to common stockholders $ (0.07 ) $ (0.13 ) $ (0.30 ) $ (0.40 ) Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 293,338,324 284,197,733 290,674,554 277,252,951 PLANET CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 52 (1,667 ) (159 ) (1,543 ) Change in fair value of available-for-sale securities 48 89 (88 ) (970 ) Other comprehensive income (loss), net of tax 100 (1,578 ) (247 ) (2,513 ) Comprehensive loss $ (19,981 ) $ (39,582 ) $ (88,289 ) $ (112,936 ) PLANET CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended October 31, (In thousands) 2024 2023 Operating activities Net loss $ (88,042 ) $ (110,423 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 36,365 36,033 Stock-based compensation, net of capitalized cost 36,467 44,611 Change in fair value of warrant liabilities (1,126 ) (14,004 ) Change in fair value of contingent consideration 3,161 (923 ) Other (932 ) (3,538 ) Changes in operating assets and liabilities Accounts receivable 5,487 (3,872 ) Prepaid expenses and other assets 8,499 9,483 Accounts payable, accrued and other liabilities (7,731 ) (20,706 ) Deferred revenue 71 19,557 Deferred hosting costs (298 ) (92 ) Net cash used in operating activities (8,079 ) (43,874 ) Investing activities Purchases of property and equipment (32,694 ) (29,086 ) Capitalized internal-use software (4,145 ) (3,266 ) Maturities of available-for-sale securities 57,046 142,903 Sales of available-for-sale securities 162,341 40,072 Purchases of available-for-sale securities (105,582 ) (166,169 ) Business acquisition, net of cash acquired (1,068 ) (7,542 ) Purchases of licensed imagery intangible assets (4,558 ) — Other (300 ) (944 ) Net cash provided by (used in) investing activities 71,040 (24,032 ) Financing activities Proceeds from the exercise of common stock options 332 6,770 Payments for withholding taxes related to the net share settlement of equity awards (7,328 ) (7,112 ) Proceeds from employee stock purchase program 1,083 — Payments of contingent consideration for business acquisitions (8,783 ) — Other (606 ) (15 ) Net cash used in financing activities (15,302 ) (357 ) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 74 (65 ) Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents 47,733 (68,328 ) Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period 102,198 188,076 Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period $ 149,931 $ 119,748 PLANET RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2024 2023 2024 2023 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Interest income (2,414 ) (3,445 ) (8,292 ) (11,753 ) Income tax provision 25 355 1,364 1,244 Depreciation and amortization 10,117 13,625 36,365 36,033 Change in fair value of warrant liabilities (198 ) (6,833 ) (1,126 ) (14,004 ) Stock-based compensation 11,829 12,598 36,467 44,611 Restructuring costs (1) 25 7,341 10,524 7,341 Employee transaction bonuses in connection with the Sinergise business combination (2) — 2,317 — 2,317 Certain litigation expenses (3) 395 — 395 — Other (income) expense, net 60 69 (660 ) (894 ) Adjusted EBITDA $ (242 ) $ (11,977 ) $ (13,005 ) $ (45,528 ) (1) As part of the 2024 headcount reduction, we recognized immaterial severance and other employee costs for the three months ended October 31, 2024 and $10.5 million of severance and other employee costs for the nine months ended October 31, 2024. For the three and nine months ended October 31, 2024, the restructuring related stock-based compensation benefit of $1.4 million is included on its respective line item. As part of the 2023 headcount reduction, we recognized $7.3 million of severance and other employee costs for the three and nine months ended October 31, 2023. For the three and nine months ended October 31, 2023, the restructuring related stock-based compensation benefit of $1.5 million is included on its respective line item. (2) Certain employees of Sinergise, which became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated from the purchase consideration we paid for the acquisition. (3) Expenses relating to the Delaware class action lawsuit. PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Reconciliation of cost of revenue: GAAP cost of revenue $ 23,749 $ 29,350 $ 81,288 $ 81,375 Less: Stock-based compensation 745 888 2,563 2,855 Less: Amortization of acquired intangible assets 759 796 2,298 1,674 Less: Restructuring costs 128 563 1,312 563 Less: Employee transaction bonuses in connection with the Sinergise business combination — 267 — 267 Non-GAAP cost of revenue $ 22,117 $ 26,836 $ 75,115 $ 76,016 Reconciliation of gross profit: GAAP gross profit $ 37,517 $ 26,030 $ 101,510 $ 80,469 Add: Stock-based compensation 745 888 2,563 2,855 Add: Amortization of acquired intangible assets 759 796 2,298 1,674 Add: Restructuring costs 128 563 1,312 563 Add: Employee transaction bonuses in connection with the Sinergise business combination — 267 — 267 Non-GAAP gross profit $ 39,149 $ 28,544 $ 107,683 $ 85,828 GAAP gross margin 61 % 47 % 56 % 50 % Non-GAAP gross margin 64 % 52 % 59 % 53 % PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Reconciliation of operating expenses: GAAP research and development $ 25,216 $ 33,002 $ 78,055 $ 87,929 Less: Stock-based compensation 4,294 5,655 12,120 18,555 Less: Restructuring costs (76 ) 3,297 3,464 3,297 Less: Employee transaction bonuses in connection with the Sinergise business combination — 1,891 — 1,891 Non-GAAP research and development $ 20,998 $ 22,159 $ 62,471 $ 64,186 GAAP sales and marketing $ 16,795 $ 20,774 $ 62,013 $ 66,209 Less: Stock-based compensation 1,655 1,626 6,863 7,827 Less: Amortization of acquired intangible assets 129 261 473 665 Less: Restructuring costs 24 1,943 4,457 1,943 Less: Employee transaction bonuses in connection with the Sinergise business combination — 41 — 41 Non-GAAP sales and marketing $ 14,987 $ 16,903 $ 50,220 $ 55,733 GAAP general and administrative $ 18,114 $ 20,112 $ 58,198 $ 62,161 Less: Stock-based compensation 5,135 4,429 14,921 15,374 Less: Amortization of acquired intangible assets 36 93 151 254 Less: Restructuring costs (51 ) 1,538 1,291 1,538 Less: Employee transaction bonuses in connection with the Sinergise business combination — 118 — 118 Less: Certain litigation expenses 395 — 395 — Non-GAAP general and administrative $ 12,599 $ 13,934 $ 41,440 $ 44,877 Reconciliation of loss from operations GAAP loss from operations $ (22,608 ) $ (47,858 ) $ (96,756 ) $ (135,830 ) Add: Stock-based compensation 11,829 12,598 36,467 44,611 Add: Amortization of acquired intangible assets 924 1,150 2,922 2,593 Add: Restructuring costs 25 7,341 10,524 7,341 Add: Employee transaction bonuses in connection with the Sinergise business combination — 2,317 — 2,317 Add: Certain litigation expenses 395 — 395 — Non-GAAP loss from operations $ (9,435 ) $ (24,452 ) $ (46,448 ) $ (78,968 ) PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Reconciliation of net loss GAAP net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Add: Stock-based compensation 11,829 12,598 36,467 44,611 Add: Amortization of acquired intangible assets 924 1,150 2,922 2,593 Add: Restructuring costs 25 7,341 10,524 7,341 Add: Employee transaction bonuses in connection with the Sinergise business combination — 2,317 — 2,317 Add: Certain litigation expenses 395 — 395 — Income tax effect of non-GAAP adjustments 914 — 1,326 — Non-GAAP net loss $ (5,994 ) $ (14,598 ) $ (36,408 ) $ (53,561 ) Reconciliation of net loss per share, diluted GAAP net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Non-GAAP net loss $ (5,994 ) $ (14,598 ) $ (36,408 ) $ (53,561 ) GAAP net loss per share, basic and diluted (1) $ (0.07 ) $ (0.13 ) $ (0.30 ) $ (0.40 ) Add: Stock-based compensation 0.04 0.04 0.13 0.16 Add: Amortization of acquired intangible assets — — 0.01 0.01 Add: Restructuring costs — 0.03 0.04 0.03 Add: Employee transaction bonuses in connection with the Sinergise business combination — 0.01 — 0.01 Add: Certain litigation expenses — — — — Income tax effect of non-GAAP adjustments — — — — Non-GAAP net loss per share, diluted (2) (3) $ (0.02 ) $ (0.05 ) $ (0.13 ) $ (0.19 ) Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1) 293,338,324 284,197,733 290,674,554 277,252,951 Weighted-average shares used in computing Non-GAAP net loss per share, diluted (1) 293,338,324 284,197,733 290,674,554 277,252,951 (1) Basic and diluted GAAP net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (2) Non-GAAP net loss per share, diluted is calculated using weighted-average shares, adjusted for dilutive potential shares assumed outstanding during the period. No adjustment was made to weighted-average shares for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (3) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data. PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) The table below reconciles Backlog to remaining performance obligations for the periods indicated: (in thousands) October 31, 2024 January 31, 2024 Remaining performance obligations $ 145,890 $ 132,571 Cancellable amount of contract value 86,250 109,821 Backlog $ 232,140 $ 242,392 For remaining performance obligations as of October 31, 2024, the Company expects to recognize approximately 82% over the next 12 months, approximately 98% over the next 24 months, and the remainder thereafter. For Backlog as of October 31, 2024, the Company expects to recognize approximately 70% over the next 12 months, approximately 91% over the next 24 months, and the remainder thereafter. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209391021/en/ CONTACT: Investor Contact Chris Genualdi / Cleo Palmer-Poroner Planet Labs PBC ir@planet.comPress Contact Claire Bentley Dale Planet Labs PBC comms@planet.com KEYWORD: CALIFORNIA BRAZIL UNITED STATES SOUTH AMERICA NORTH AMERICA LATIN AMERICA EUROPE GERMANY INDUSTRY KEYWORD: SOFTWARE MOBILE/WIRELESS NETWORKS OTHER DEFENSE PROFESSIONAL SERVICES HARDWARE DATA MANAGEMENT TECHNOLOGY DEFENSE SATELLITE OTHER TECHNOLOGY ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) SOURCE: Planet Copyright Business Wire 2024. PUB: 12/09/2024 04:08 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209391021/enIn conclusion, The Telegraph's revelation about Manchester United's willingness to sell Pogba for disciplinary reasons underscores the club's commitment to upholding values of professionalism and unity. The imminent departure of the enigmatic midfielder opens the door for a transformative transfer move that could reshape the team's defensive setup. With Varane waiting in the wings, Manchester United stands at a crossroads, balancing the past and the future in pursuit of sustained success on the pitch.
Germany to tighten criminal law as people-smuggling ‘action plan’ agreed with UKAs news of Xiang Zuo's kind gesture towards Xiao Hua spread, it quickly captured the hearts of netizens who were moved by the sincerity and selflessness displayed by the actor. Comments praising Xiang Zuo's humility, generosity, and thoughtfulness flooded social media platforms, with many expressing their admiration for his actions and the positive impact it had on Xiao Hua.
Adele says it is time to ‘move on’ after completing her Las Vegas residencyIn conclusion, "Gourmet Chronicles" is a must-watch drama that promises to deliver a fresh and engaging take on the classic romance genre. With its blend of food, love, and drama, the series offers something for everyone, whether you're a foodie looking for culinary inspiration or a romance enthusiast in search of a gripping love story. So sit back, relax, and prepare to be swept away by the magic of "Gourmet Chronicles."In conclusion, Kelly Chen's candid response to the rumors surrounding her marriage with Kevin Cheng has shed light on the reality of relationships in the public eye. While gossip and speculation may abound, it is essential to remember that behind the headlines are real people with real emotions and struggles. Chen's message of love, commitment, and resilience serves as a powerful reminder that no relationship is perfect, but with determination and understanding, any challenges can be overcome.
Ministers warned of cuts as ‘every pound’ of spending to face review
As news of Xiang Zuo's kind gesture towards Xiao Hua spread, it quickly captured the hearts of netizens who were moved by the sincerity and selflessness displayed by the actor. Comments praising Xiang Zuo's humility, generosity, and thoughtfulness flooded social media platforms, with many expressing their admiration for his actions and the positive impact it had on Xiao Hua.Secretaries of State are being told that any outgoings which are not contributing towards one of Labour’s “priorities” must be cut as Rachel Reeves vows to wield “an iron fist against waste.” In letters sent by Chief Secretary to the Treasury Darren Jones, departments will be told to brace for “difficult” spending decisions in order to restore trust in the Government’s handling of the public finances. Every pound of departmental spending will be face a “line-by-line review” involving external finance experts from banks and think tanks in order to ensure it represents value for money, the Treasury said. The Chancellor will on Tuesday launch the next round of Government spending, and is expected to warn departments that they “cannot operate in a business-as-usual way when reviewing their budgets for the coming years”. She will insist that areas focused on Prime Minister Sir Keir Starmer’s “plan for change”, which includes targets to improve living standards across the country and build 1.5 million homes, must be prioritised. Ms Reeves said: “By totally rewiring how the Government spends money we will be able to deliver our plan for change and focus on what matters for working people. “The previous government allowed millions of pounds of taxpayers’ money to go to waste on poor value for money projects. We will not tolerate it; I said I would have an iron grip on the public finances and that means taking an iron fist against waste. “By reforming our public services, we will ensure they are up to scratch for modern day demands, saving money and delivering better services for people across the country. That’s why we will inspect every pound of Government spend, so that it goes to the right places and we put an end to all waste.” Under the Treasury’s plans, departments will ensure budgets are scrutinised by “challenge panels” of external experts including former senior management of Lloyd’s Banking Group, Barclays Bank and the Co-operative Group. These panels, which will also involve think tanks, academics and the private sector, will advise on which spending “is or isn’t necessary”, the ministry said. The Treasury said work has already begun, with an evaluation of the £6.5 million spent on a scheme that placed social workers in schools finding “no evidence of positive impact on social care outcomes”. “Departments will be advised that where spending is not contributing to a priority, it should be stopped,” it said. “Although some of these decisions will be difficult, the Chancellor is clear that the public must have trust in the Government that it is rooting out waste and that their taxes are being spent on their priorities.” Ms Reeves had already announced efficiency and productivity savings of 2% across departments in her autumn budget as she seeks to put the public finances on a firmer footing. In a speech in east London, Chancellor of the Duchy of Lancaster Pat McFadden hinted at a further squeeze. “At the Budget the Chancellor demanded efficiency and productivity savings of 2% across departments – and there will be more to come,” he said. “As we launch the next phase of the spending review at its heart must be reform of the state in order to do a better job for the public.”
AP News Summary at 4:06 p.m. EST
In the world of football, transfer sagas like this one add an extra layer of intrigue and drama to the sport. The tug-of-war between clubs for top talents keeps fans glued to their screens and generates endless debates and discussions.NoneOracle shares slide on earnings and revenue miss
Former Syrian President Bashar Assad has not been seen on camera in over a week, staying virtually silent throughout the downfall of his regime . The deposed dictator and his family escaped the capital city of Damascus on Sunday and made their flight to Moscow , where he was taken in on humanitarian grounds. Assad's living arrangements, political future, and treatment by his new hosts are unknown — but officials have confirmed that the rescue of the fallen tyrant was made at the personal behest of Russian President Vladimir Putin. “Such decisions can’t be taken without the head of state. It was [Putin's] decision,” Kremlin spokesman Dmitry Peskov told state outlet Tass. The spokesman was tight-lipped about the details of Assad's arrangements and where he will be lodged. "As for President Assad's whereabouts, I've got nothing to tell you," Peskov said. "What happened [in Syria] has surprised the whole world. And in this case, we are no exception." Assad is a longtime ally of Putin , and the two have shared a friendly relationship for decades. He and his family will likely be given luxurious quarters by the Russian government. Former Ukrainian President Viktor Yanukovych, a Russian asset who was ousted from power in 2014, fled to Moscow and was granted protection. A 2017 investigation by anti-Kremlin Russian outlet Meduza claimed to track Yanukovych to a sprawling compound in Bakovka owned by the Interior Ministry. Surrounded by immense brick walls and thick forest, the former world leader's purported accommodations appear generous if rather severe. President Askar Akayev, the first leader of modern Kyrgyzstan, was similarly invited to start over in Russia after protesters stormed his residence in 2005 and chased him out of the country. He has since been living a more subdued life, working as a professor at Moscow State University. The Assad family is believed to be worth in excess of $1 billion and will likely be able to sustain their lifestyle without Russian charity. As a now-stateless person, it is possible the Kremlin will choose to give the Assad family Russian citizenship and passports. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Former National Security Agency contractor and American whistleblower Edward Snowden was granted Russian citizenship by Putin in 2022 after almost a decade of asylum. Though Snowden publicly affirmed his self-identity as an American, the Kremlin-provided passport gave him greater security after a series of extensions on his political asylum. Assad has not made any addresses or issued any public statements since the collapse of his government last week.
, one of the most popular animated series in history, celebrates its 36th season in 2024. In addition to being a funny portrayal of everyday life in American families, in recent years, the series has become famous for its great ability to predict the future, even in a disturbing way, due to the great accuracy with which they get it right. But something that has been even more disturbing is that one of the protagonists of the series, the voice actress, who lends her voice to made a prediction that came true on two occasions: Trump as president," the actress joked to the New York Post during her participation in the that kicks off this weekend. " And he added: But that wasn't all of the prediction, as Smith said: "There are also killer hornets and now we have killer hornets. Great! Listen, you have to stop doing it because it never seems to be good news," he told the show's writers. In the 2000 episode of the series, titled is shown fulfilling her dream of becoming president of the United States, replacing Trump in office. In that episode, the yellow-skinned president tells her collaborators: Then Secretary of State tells her that: This was not a guess as such, although after first term, which ended in 2020, the country's finances were affected and the stock market experienced some of its biggest single-day losses during the pandemic. The endearing relationship of the protagonists of The Simpsons in real life In real life, Yeardley Smith revealed that after more than three decades of daily work, the protagonists of the series have generated a close relationship with each other, as they have worked together continuously since 1989: Additionally, 's podcast, , recently won the award for "I co-host along with my now husband, Detective Dan, and his twin brother, Detective Dave, and Paul Holes," she explained. "All the cases are told by the detectives who investigated them, so you get a real first-hand account of what it was like to get all the dominoes to line up perfectly so that justice was done." Smith added:
Cummins VP Sharon Barner sells $798,402 in stockThe fighting in and around Manbij has been fierce, with both sides deploying heavy weaponry and engaging in street-to-street combat. Civilians caught in the crossfire have been forced to flee their homes, adding to the humanitarian crisis in the region. The United Nations has raised concerns about the impact of the violence on civilians and has called for an immediate ceasefire to allow for the delivery of humanitarian aid.