Q4 2022 Planet Labs PBC Earnings Call

Yes.

Good evening. My name is Selena and I will be your conference operator today. I would like to welcome everyone to the Planet Labs.

Good evening My name is Selena 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.

quarterly earnings call. At this time, I'd like to turn the call over to Chris Gignualdi, Vice President of Investor Relations for Planet Labs, PBC.

Turn the call up to Chris <unk>, Vice President of Investor Relations for Planet Labs PVC. Please go ahead Chris.

Hello and welcome to Planet's fiscal fourth quarter in full year 2022 earnings.

Hello, and welcome to the planet fiscal fourth quarter and full year 2022 earnings call.

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

Before we begin todays call wed like to remind everyone that we may make forward looking statements related to future events or our financial outlook.

Any forward-looking statements are based on management's current outlook, plans, estimates, expectations, and projections.

Any forward looking statements are based on management's current outlook plans estimates expectations and projections the.

The inclusion of such forward-looking information should not be regarded as representation by planet that future plans, estimates, or expectations will be...

The inclusion of such forward looking information should not be regarded as a representation by plane at the future plans estimates or expectations will be achieved.

Such forward-looking statements are subject to various risks and uncertainties and assumptions as detailed in our SEC filings, which can be found at www.SEC.gov.

Such forward looking statements are subject to various risks and uncertainties and assumptions are detailed in our SEC filings, which can be found at www dot FCC dot Gov.

Our actual results or performance may differ materially from those indicated by such forward-looking statements.

Our actual results or performance may differ materially from those indicated by such forward looking statements.

And we undertake no responsibility to update such forward-looking statements to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of

And we undertake no responsibility to update such forward looking statements to reflect events or circumstances. After the date on which the statement is made or to reflect the occurrence of unanticipated events. During the call. We will also discuss non-GAAP financial measures. We use these non-GAAP financial measures for financial and operational decision.

During the call, we will also discuss non- GAAP financial measures. We use these non- GAAP financial measures for financial and operational decision making, and as a means to evaluate period-to-period comparison.

And as a means to evaluate period to period comparisons.

We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational

We believe that these measures provide useful information about operating results enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

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

For more information on the non-GAAP financial measures. Please see the reconciliation tables provided in our press release issued earlier this afternoon.

Throughout this call we provide a number of key performance indicators used by management and often used by competitors in our industry.

These and other key performance indicators are discussed in more detail in our press

These and other key performance indicators are discussed in more detail in our press release.

At this time, I'd now like to turn the call over to Will Marshall, Planet's CEO , chairperson, and co-founder. Over to you, Will. Thanks, Chris, and thank you everyone for joining our call today.

At this time I'd now like to turn the call over to Wil Marshall planets, CEO chairperson and cofounder over to you will thanks, Chris and thank you everyone for joining our call today.

Will Marshall: I'm excited to talk to you about planets results, outlook, and to give you insights into the business journey. Let me start by going directly into a quick summary of our results, which are strong across the board.

I'm excited to talk to you about planets results outlook and to give you insights into the business generally let me start by going directly into a quick summary of our results which are strong across the board.

Will Marshall: For the fourth quarter, we continue to accelerate revenue growth and as you will hear momentarily, we expect this growth inflection to continue into fiscal 23.

For the fourth quarter, we continued to accelerate revenue growth and as you'll hear momentarily. We expect this growth inflection to continue into fiscal 'twenty three.

Will Marshall: In the full year, fiscal 22, we achieved a record $131.2 million in revenue coming in just above our projected range.

Yeah.

In the full year fiscal 'twenty, two we achieved a record $131.2 million in revenue coming in just above our projected range.

Will Marshall: We expanded non-gap gross margins to 38% up from 24% last year. We also increased our customer count to 770 unique customers by the end of the period.

We expanded non-GAAP gross margins to 38% up from 24% last year.

We also increased our customer count to 770 unique customers by the end of the period.

Will Marshall: I'm incredibly proud of these results and of the execution and dedication of our team demonstrated in the last year.

I'm incredibly proud of these results and the execution and dedication of our team demonstrated in the last year.

Will Marshall: I'm excited about how this positions us in this burgeoning market and our overall strength as we move into the next fiscal year.

I'm excited about that and how this positions us in this burgeoning market and our overall strength as we move into the next fiscal year.

Will Marshall: As this is only our second official earnings call, I wanted to step back and reiterate some critical points that we shared at our Analyst Day last autumn, all of which I believe are fundamental to understanding our business. Firstly, Palant is a data subscription business based on a unique fleet of 200 earth imaging satellites whose data and business model are new to the market.

This is only our second official earnings call I wanted to step back and reiterate some critical points that we shared at analyst day last autumn all of which I believe are fundamental to understanding our business. Firstly Pi is a data subscription business based on a unique fleet of 200 <unk>.

Imaging satellite, whose data and business model are new to the market.

Will Marshall: This data business is a one to many business, enabling us to rapidly scale to many users, driving both high growth and high margins, as just mentioned, as we saw last year.

The state of business is a one to many business, enabling us to rapidly scale to many users driving both high growth and high margins as just mentioned as we saw last year.

Will Marshall: Secondly, our data is valuable to many vertical markets from agriculture to mapping, from civil government to defence and intelligence.

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

Will Marshall: And so we address a large and diversified market opportunity and we'll give some examples shortly.

So we address a large and diversified market opportunity and we'll give some example shortly.

Will Marshall: And thirdly, we have a significant lead in the market due to our unique daily Earth scanning system and we expect the compounding effects of our historical data and iterative development process will enable us to continue to gain, share and extend our lead.

And thirdly, we have a significant lead in the market due to our unique daily.

Scanning system, and we expect the compounding effects of our historical data and initiatives development process will enable us to continue to gain share and extend our lead.

Will Marshall: Broadly, our constellation and its supporting infrastructure already built and proven.

Broadly, our constellation and its supporting infrastructure already built and proven.

Will Marshall: Remember that while Planet is new to the public markets, we spent the last decade establishing the core infrastructure of our business.

Remember that while planet is new to the public markets. We spent the last decade, establishing the core infrastructure of our business.

Will Marshall: And now we are well capitalized, and so we are now working on reaping the commercial awards of the data we produce and investing in high ROI activities to meet our growth objective.

And would now we are well capitalized and so we are now working on briefing. The commercial awards of the data, we produce and investing in high ROI.

Activities to meet our growth objectives.

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

With the proprietary data, we collect and the services we deliver on top we enable our customers to make smarter more informed and faster decisions on fundamental aspects of that business, including allocating resources, making impactful investments measuring sustainability goals or improving strategic planning recent events have only on this.

School with the increasing need for planets data, none more so than the situation in Ukraine.

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

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

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

First we've been proud to help our government partners trying to build up around Ukraine and subsequent operations within.

Will Marshall: In addition, we have been supporting relief and humanitarian organizations in support of their work with refugees and emergency supplies.

In addition, we have been supporting relief and humanitarian organizations in support of that work with refugees and emergency supplies.

Will Marshall: And finally, when appropriate, we have been providing imagery to news media to illuminate events for all to see.

And finally, when appropriate we have been providing imagery to news media to illuminate events for all to see.

Will Marshall: That has moved quickly to meet the needs arising from the situation in the region. We have delivered weekly-based maps of the entire Ukraine, partnering to provide analytics of changes on the ground, and making rapid improvements in our systems, some of which, for example, have given a substantive increase in our tasking capacity over the region in just a few short weeks.

That has moved quickly to meet the needs arising from the situation in the region. We have delivered weekly base maps of the entire Ukraine partnering to provide analytics of changes on the ground, making rapid improvements in our system. Some of which for example have driven substantive increase in our task in capacity over the region in just a few short weeks.

Will Marshall: Our significant revisit rate and our improved capacity have been of critical value to the users in this time of need. Our fast response to the crisis has driven several new important customer engagements and partnerships, and with some of the shortest sales cycles we've ever seen.

A significant revisit rate and improved capacity had been a critical value to the users in this time of need a fast response to the crisis has driven several new important customer engagements and partnerships with some of the shorter sales cycles, we've ever seen.

Will Marshall: It's been very hard work for our teams, but they are motivated because the circumstances demonstrated how incredibly important their contributions are. This is what we are here for and why we are proud of the work we do.

It's been very hard work for our teams, but they are motivated because the circumstances demonstrated how incredibly important that contributions all this.

This is what we're here for and why we are proud of the work we do.

Will Marshall: Stepping back from recent events, we have mentioned previously that Planet Solutions are foundational enablers to the largest economic shifts of our age, the digital transformation and sustainability transformation, both of which are top priorities across government and companies globally. And they provide significant tailwinds for our growth.

Stepping back from recent events, we have mentioned previously that planet solutions, a foundational enablers to the largest economic shifts of our age of digital transformation and sustainability transformation, both of which are top priorities across government and companies globally.

And they provide a significant tailwind for our growth.

Will Marshall: We are critical to the pressing challenges the world faces today, enabling a sustainable planet and fostering peace and security. I'd like to take a moment to share a few recent and specific examples.

We are critical to the pressing challenges the world faces today, enabling a sustainable planet and fostering peace and security.

Like to take a moment to share a few recent and specific examples.

Will Marshall: We've mentioned before that our business is roughly weighted equally between commercial and government, and even within the government portion, roughly equally between civil government and defence and intelligence government use

We've mentioned before our business is roughly weighted equally between commercial and government and even within the government portion roughly equally between civil government and defense and intelligence government use cases, let me touch on all three of these on the civil government side, we already have great partners and we continue to see significant expansion.

Will Marshall: Let me touch on all three of these. On the civil government side, we already have great partners and we continue to see significant expansion of our NASA partners.

Will Marshall: They are doing incredible work with their data. I recently saw a plot of their usage, and it is truly global, and they help with a variety of scientific studies, including inclinement change, biodiversity loss, and changing ecosystems.

On NASA partnership.

They are doing incredible work with that data I recently saw a plot of their usage and it is truly global and they help with a variety of scientific studies, including in climate change biodiversity loss and changing ecosystem and these were often develop use cases and then oh.

Will Marshall: And these work often develop use cases that then enable us to drive commercial applications.

Enable us to drive commercial applications.

Will Marshall: Another great example I would like to share is our partnership with the country of Wales.

Another Great example, I would like to share is our partnership with the country of whales there.

Will Marshall: This contract has grown from a five-figure deal in fiscal 21 to a seven-figure deal last year and expanded once again this past quarter. The Welsh Government uses Planetscope, SkySat and Fusion Solutions to address a variety of use cases including natural resource management, mapping and policy implementation and measurement.

This contract has grown from a five figure deal in fiscal 'twenty, one to a seven figure deal last year and expanded once again this past quarter.

The world's government uses plants could sky Sun and fusion solutions to address the variety of use cases, including natural resource management mapping and policy implementation of measurement.

Will Marshall: This partnership exemplifies the broad use cases that are addressable with our data by civil government.

This partnership exemplifies the broad use cases that are addressable with our data by civil governments.

Will Marshall: On the defence and intelligence side, as mentioned, we have several important customers and partner engagements underway.

On that depends on intelligent side as mentioned, we have several important customers and partner engagements underway.

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

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

Will Marshall: On the commercial side of our business, we continue to see an increase in customer usage driven by our solutions. For example, in agriculture, with the recent acquisition of Bandastat, we are unable to measure and forecast crop yields using geospatial data on soil moisture, land surface temperature and vegetative water content.

On the commercial side of our business, we continue to see an increase in customer usage driven by solutions. For example in agriculture with the recent acquisition of vantage that we werent able to measure forecast crop yields using geospatial data on soil moisture land surface temperature.

Will Marshall: With these new indicators, we estimate that we can increase the yield forecasting for crops such as corn, wheat, soybeans, coffee, cocoa and others by as much as 84 to 94%.

And vegetative water content.

With these new indicators, we estimate that we can increase the yield forecasting for crops, such as corn, wheat, soybeans coffee cocoa and others by as much as 84% to 94%.

Will Marshall: Vandesat has also enabled us to expand into a new vertical market, namely insurance.

Panasonic has also enabled us to expand into a new vertical market, namely insurance.

Will Marshall: To give one example here, Swissry, which joined these with its local insurance partners, is using planet's data to insure farmers against droughts in parts of Europe and Central Asia.

To give one example, here Swiss re which doing these with its local insurance partners is using panis data to ensure farmers against jounce in parts of Europe and Central Asia.

Will Marshall: Continuing the thrust of engagements in new vertical markets, let me turn to a market with great potential for planet finance.

Continuing with cost of engagements and new vertical markets, let me turn to a market with great potential for planet Finance.

Will Marshall: We recently signed a deal with Synmax, a data science solution provider for both energy and maritime intelligence markets.

We recently signed a deal with thin Max a data science solution provider for both energy and Maritime intelligence market.

Will Marshall: This dual-use contract will be used to forecast trends in the oil and gas market as well as tracking so-called dark vessels carrying out illegal activity at sea.

This dual use contract will be used to forecast trends in the oil and gas market as well as tracking several dock vessels carrying out illegal activity at sea.

Will Marshall: These are just a few of the ways we are leveraging our incredible data set to meet the demands of our customers around the world in both existing and new markets.

These are just a few of the ways, we are leveraging our incredible dataset to meet the demands of our customers around the world in both existing and new markets.

Will Marshall: With that, let me tell you about some of the recent product developments.

With that let me tell you about some of the recent product developments on.

Will Marshall: On January the 13th, we successfully launched 44 Super Dove satellites on board SpaceX's Falcon 9 rocket, increasing the number of our next generation satellites in orbit that provide enhanced sensor capability.

On January the 13th we successfully launched 44 Superdog sidelines onboard Spacex is Falcon nine rocket increasing the number of our next generation satellites in orbit that provide enhanced sensor capabilities.

Will Marshall: Bolstered by these sensor improvements and our investments in software, on March 1st of this year we announced the general availability of our next generation of PlanetScope monitoring, offering high-quality, analysis-ready data to all existing PlanetScope customers across eight spectral bands, doubling that of the prior generation of satellites.

Bolstered by the sensor improvements and our investments in software on March 1st of this year, we announced the general availability of the next generation of planet Scape monitoring offering high quality analysis, where the data to all existing planet Skype customers across eight spectral bands doubling that of the prior generation of satellites.

Will Marshall: These additional spectral bands enable greater capabilities in water quality monitoring, land clover classification, crop classification and more.

These additional spectral bands enable greater capabilities and water quality monitoring land clouds, the classification crop classification and more.

Will Marshall: This is technology needed to address the food, resource and environmental challenges faced globally.

This is technology needed to address the food resource and environmental challenges faced globally.

Will Marshall: We expect the improvements that we've been making to our PlanetScape monitoring platform to drive shorter sales cycles and new customers and increase next year.

We expect the improvements that we've been making to our planet's get monitoring platform to drive shorter sales cycles, and new customers and increased net retention rates.

Will Marshall: Furthermore, we continue to see growing market demand for our high-resolution imagery up to 50 centimetres per pixel.

Furthermore, we continue to see growing market demand for our high resolution imagery after 50 centimeters per pixel Jeremy.

Will Marshall: generated by the SkySat constellation, which is able to image

<unk> generated by the Sky sat constellation, which is able to image the same place anywhere on Earth up to 10 times per day, given our increased custom on generally and our recent competitive wins in particular, we remain excited about this segment of the market and are making progress against the developer.

Will Marshall: the same place anywhere on earth up to 10 times per day given our increased custom on generally and our recent competitive wins in particular.

Will Marshall: We remain excited about this segment of the market and are making progress against the development of our next generation of high resolution satellites to capture this growth. We call this fleet Pelican, which is designed to deliver substantively greater capabilities at yet significantly lower costs than the current skystack.

Of our next generation of high resolution satellite to capture this great. We call. This fleet Pelican, which is designed to deliver substantially greater capabilities at yet significantly lower cost than the current sky's athlete.

Will Marshall: We'll have more announcements about this in the coming weeks around the GUN conference.

We will have more announcements about this in the coming weeks around the G O N conference.

Will Marshall: To round out the discussion on our products, I want to say how pleased I am with our recent investments in our software teams, resulting in dramatic improvements in performance and usability of our customer-facing tools, as well as optimization of image quality and delivery.

Can round out the discussion on our products I want to say, how pleased I am with our recent investments in our software teams, resulting in dramatic improvements in performance and usability of our customer facing tools as well as optimization of image quality and delivery.

Will Marshall: As just one example, we have doubled the number of orders being fulfilled by our skytap fleet in the past year through operational and tariffing improvements.

As just one example, we have doubled the number of orders being fulfilled by our sky halfway in the past yeah cause operational and tasking equivalents.

Will Marshall: And these improvements have had real impact to our customers. Our fourth quarter customer survey showed a 180% improvement in our overall Net Promoter score MPS and a 100% increase in responders. We have historically scored well for our large customer accounts and last year achieved a best in class score of over 80 for our million dollar plus customers.

And these improvements have had real impact to our customers.

Our fourth quarter customer survey showed 180% improvement in our overall net promoter score NPS and a 100% increase in responders, we have historically scope well for a large customer accounts and last year achieved a best in Costco of over 84 million dollar plus customers.

Will Marshall: But with our recent investments in customer success and technology enablement, we have also driven improvements with our smaller accounts, those less than 50k, increasing on average 17 points each quarter last year.

But with our recent investments in customer success and technology enablement. We've also driven improvements with our smaller accounts those less than 50 K.

Increasing on average 17 points each quarter last year.

Will Marshall: It's great validation that these investments that we are making are driving real value to us.

It's great validation that these investments that we're making are driving real value to our customers.

Will Marshall: Overall, on a year-on-year basis our sales and marketing headcount and software engineering headcount both increased over 40% last year. As shared previously, these are two areas that we expect to continue to invest in going forward. They are important to the success of building a highly effective, easy-to-use software solution.

Overall on a year on year basis, our sales and marketing head count and software engineering head count both increased over 40% last year.

As I said previously these are two areas that we expect to continue to invest in going forward. They are important to this SaaS of building a highly effective easy to use software solution.

Will Marshall: working in new markets and in educating customers and prospects on the value that Planet delivers. In other words, these investments are fundamental to our growth rate acceleration.

Working in new markets and in educating customers and prospects on the Fannie that panic delivers in other words. These investments are fundamental to all.

Growth rate acceleration.

Will Marshall: We also expanded our space systems team by over 25% as we developed our next generation platforms for high resolution and hyperspectral imaging satellites, both critical for the understanding of changes across our planet and meeting the market demand that we have.

We also expanded our space systems team by over 25% as we develop our next generation platforms for high resolution and hyper spectral imaging satellite, but it's critical for the understanding of changes across our planet and meeting the market demand that we're seeing.

Will Marshall: We wouldn't be here without the incredible talent that has built this company over the last decade.

We wouldn't be here without the incredible talent that has built this company over the last decade.

Will Marshall: We are thrilled with the talent that we continue to attract to Planet as we invest across the organization. While it has been a challenging market for employers, we believe that Planet's commitment to the mission, our significant technology and market leadership, as well as the strength of our global organization, make Planet a unique place for Bright Minds to contribute their skills.

We are thrilled with the talent that we continue to attract the planet as we invest across the organization. While it has been a challenging market for employers we believe the plant's commitment to the mission.

A significant technology and market leadership as well as the strength of our global organization make kind of a unique place to bright minds to contribute their skills.

Will Marshall: Looking forward to fiscal year 2023, we are anticipating continued revenue growth acceleration due to market demand and our execution. Indeed, as you will hear from Ashley shortly, we expect our revenue growth rate to approximately double or triple last year's growth rate. A dramatic

Looking forward to fiscal year 2023, we are anticipating continued revenue growth acceleration due to market demand and the execution. Indeed as you will hear from Ashley Shortly we expect our revenue growth rate to accelerate to approximately double or triple last year's growth rate a dramatic uptick.

Will Marshall: To meet this demand, we are making significant investments in sales and marketing, software and space systems.

To meet this demand, we are making significant investments in sales and marketing software and space systems.

Will Marshall: to continue to capture share in new vertical markets, we are investing behind our Vandesda acquisition and other areas of software development.

To continue to capture share in new vertical markets, we are investing behind our vanda site acquisition and other areas of software development.

Will Marshall: And just to give you a sense, we anticipate growing our headcount in the software organization by over 50% this coming year.

And just to give you a sense, we anticipate growing our head count in our software organization by over 50% this coming year.

Will Marshall: In addition, given the criticality of our high-resolution data in our poor vertical markets, we are investing behind our next-generation fleet of Palatins.

In addition, given the criticality of our high resolution data and our core vertical markets. We are investing behind our next generation fleet of Pelicans <expletive> .

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

As always we take a disciplined approach to investing in future growth initiatives, such as Pelican and agility enables us to scale, our investment commensurate with the market demand.

And as we scale our strategy is more about optimizing our existing infrastructure.

All of which investments are very high on all of the line.

Speaker Change: Before I hand it over to Ashley, I'd like to emphasise that I am very confident in our market opportunity and plans position can meet this global moment.

Before I hand over to Ashleigh I'd like to emphasize that I'm very confident in our market opportunity and plans positioned to meet this global moment.

Ashley: Across the world, companies and countries are seeking to uphold their sustainability commitments.

Of course, the world companies and countries are seeking to uphold their sustainability commitments countries seeks to understand the activities within the round their borders and global supply chains need to better understand the changes occurring in all parts of the world.

Ashley: Countries seek to understand the activities within and around their borders and global supply chains need to better understand the changes occurring in all parts of the world.

Speaker Change: This is why we're forecasting such dramatic acceleration in revenue growth. I'm proud of the work we're doing, confident in our team, and excited for the years ahead. With that, I'll now turn it over to Ashley, after which we'll have some time for Q&A. Thanks Will, and good afternoon.

This is why we're forecasting something dramatic acceleration in revenue growth I'm proud of the work we're doing confident in our team and excited for the years ahead.

With that I'll now turn over to Ashleigh after which we'll have some time for Q&A.

Ashley: I encourage everyone to also reference the slides we have posted on our Investor Relations website which are intended to accompany our prepared remarks.

Thanks will and good afternoon.

I encourage everyone to also reference the slides we have posted on our Investor Relations website, which are intended to accompany our prepared remarks.

Ashley: As Will mentioned, capping a remarkable year for planet, our revenue for the fourth quarter of fiscal 22 and in January 31st came in at a record $37.1 million, which represents 23 percent year-over-year growth.

As well mentioned capping a remarkable year for planet our revenue for the fourth quarter of fiscal 'twenty. Two and then January 31st came in at a record $37.1 million, which represents 23% year over year growth.

Ashley: Top line growth has been accelerating and we expect the investments that we're making across the business to continue to drive that acceleration going forward.

Topline growth has been accelerating and we expect the investments that we're making across the business to continue to drive that acceleration going forward.

Ashley: For the full fiscal year, revenue came in at $131.2 million – slightly above the outlook we provided throughout last year, despite the suspension of our contract with the former government of Afghanistan and the delay in timing for the U.S. government's EOCL award.

For the full fiscal year revenue came in at $131.2 million slightly above the outlook. We provided throughout last year. Despite the suspension of our contract with the former government of Afghanistan and the delay in timing for the U S government E S yellow wide.

Ashley: Our sales and customer success teams are executing well, landing new accounts across all verticals, and driving improvement in retention and expansion with our existing customers.

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

Ashley: We're excited by the increasing market awareness for the value of geospatial data and the growing commercial opportunity ahead of us.

Ashley: Our end-of-period customer count grew to 770 customers, which represents 25% year-over-year growth. Our customer base spans a wide variety of industries, including customers highlighted by Will, like NASA, the Welsh Government, CynMax, and Swiss Reef.

Our end of period customer count grew to 770 customers, which represents 25% year over year across our customer base spans a wide variety of industries, including customers highlighted by well like NASA, the Welsh government send Max and Swiss re.

Ashley: As shared at our Analyst Day last September , customers who represent over $1 million in annual contract value comprise our fastest growing customer segment, growing 38% year over year, driven by both new accounts landing at these levels and existing customers that expand into the cohort. These customers span both the commercial and the business.

As shared at our Analyst day last September customers, who represent over $1 million in annual contract value comprised our fastest growing customer segment growing 38% year over year, driven by both new accounts landing at these levels and existing customers that expand into the cohort.

These customers span, both the commercial and government sectors.

Ashley: Last year, we established a global strategic accounts team specifically to partner with and grow our large commercial customers. And we are very pleased with the traction this team has accomplished already.

Last year, we established a global strategic accounts team, specifically to partner with and grow our large commercial customers and we are very pleased with the traction. This team has accomplished already.

Ashley: Our relentless focus on retaining and growing our customer accounts is an important part of our growth strategy.

Our relentless focus on retaining and growing our customer accounts is an important part of our growth strategy.

Ashley: We closed Fiscal 22 with a net dollar retention rate of 108% and 116%, including windback.

We closed fiscal 'twenty, two with a net dollar retention rate at 108% and 116% including win backs.

Ashley: We're especially pleased with this result because the metrics include the impact of the suspension of the Afghanistan engagement I referenced earlier.

We're especially pleased with this result, because the metrics include the impact of the suspension of the Afghanistan engagement I referenced earlier.

Ashley: If we were to exclude that contract from our metrics, then our net dollar retention rates for fiscal 22 would have improved on a year-over-year basis.

If we were to exclude that contract from a metrics than our net dollar retention rates for fiscal 'twenty, two what have improved on a year over year basis.

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

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

Ashley: Turning to gross margin, we expanded our non-gap gross margins to 42 percent for the fourth quarter of fiscal 22, compared to 25 percent in the prior year.

Turning to gross margin, we expanded our non-GAAP gross margins to 42% for the fourth quarter of fiscal 'twenty, two compared to 25% in the prior year.

Ashley: For the full fiscal year, non-GAP gross margins expanded to 38% compared to 24% in fiscal 21.

For the full fiscal year, non-GAAP gross margins expanded to 38% compared to 24% in fiscal 'twenty one.

Ashley: The continued expansion of our gross margins is driven by the growth in our top line, the efficiency of our industry-leading Agile Aerospace approach, and the improvements in useful life of our constellation.

The continued expansion of our gross margins is driven by the growth in our top line the efficiency of our industry, leading agile aerospace agile aerospace approach and the improvements in useful life of our constellation.

Ashley: In short, our business model enables us to expand gross margins as we scale the business.

In short our business model enables us to expand gross margins as we scale the business.

Ashley: As Will highlighted, we are investing behind our teams to meet the increasing demand for our solution.

As well highlighted we are investing behind our teams to meet the increasing demand for our solutions. We grew our head count to 727 by the end of fiscal 'twenty, two as compared to 507 at the end of fiscal 'twenty one.

Ashley: We grew our headcount to 727 by the end of Fiscal 22 as compared to 507 at the end of Fiscal 21.

Ashley: We began scaling our sales and marketing and software teams in the back half of the year, bringing both teams up over 40% in headcount on a year-over-year basis.

We began scaling our sales and marketing and software teams in the back half of the year, bringing both teams up over 40% in head count on a year over year basis.

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

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

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

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

Ashley: We also invested in our space systems team, as we are developing our next generation high resolution and high-perspectal satellites.

We also invested in our space systems team as we are developing our next generation high resolution and hyper spectral satellite fleets global geopolitical and environmental changes have demonstrated the strong demand for these programs.

Ashley: Global Geopolitical and Environmental Changes have demonstrated the strong demand for these programs.

Ashley: As a quick reminder, expenses for the development of our hyperspectral fleet are offset on a gap basis, as the proceeds we receive from our partnership with Carbon Mapper are recognized as contra R&D.

As a quick reminder, expenses for the development of our hyper spectral fleet are offset on a GAAP basis as the proceeds we received from our partnership with carbon and Napa are recognized as Contra R&D.

Ashley: Adjusted EBITDA loss was $16.7 million for the quarter and $41 million for the full year, in line with our guidance rate.

Adjusted EBITDA loss was $16 $7 million for the quarter and $41 million for the full year in line with our guidance range capital expenditures for the year, including capitalized software development were $14 $9 million or approximately 11% of revenue also in line with guidance on the balance sheet.

Ashley: Capital expenditures for the year, including capitalized software development, were $14.9 million, or approximately 11% of revenue, also in line with guidance.

Ashley: On the balance sheet, we ended the fourth quarter with $491 million in cash, which we believe provides us sufficient capital to invest behind our growth-accelerating initiatives and fund our business through cash flow break-ins.

We ended the fourth quarter with $491 million in cash, which we believe provides us sufficient capital to invest behind our growth accelerating initiatives and fund our business through our cash flow breakeven.

Ashley: Looking ahead to the first quarter of fiscal 23, we expect revenue to come in between $38 and $41 million, which represents continued growth acceleration at the mid-20s.

Looking ahead to the first quarter of fiscal 'twenty, three we expect revenue to come in between 38 and $41 million, which represents continued growth acceleration at the mid point.

Ashley: We expect non-gap gross margin to be between 38 and 45%.

We expect non-GAAP gross margin to be between 38 and 45%.

Ashley: And our adjusted EBITDA loss for the first quarter is expected to be between $14 and $17 million.

And our adjusted EBITDA loss for the first quarter is expected to be between 14 and $17 million.

Ashley: Finally, we expect capital expenditures to be between $3 million and $4 million, which represents 8 to 9 percent of revenue.

Finally, we expect capital expenditures to be between three and $4 million, which represents 8% to 9% of revenue.

Ashley: For the fiscal year ending January 31, 2023, we expect revenue between $170 and $190 million, representing 30 to 45 percent year-over-year growth, up from 16 percent in the year just completed, a significant acceleration as we invest behind key initiatives and grow our market share.

For the fiscal year ending January 31st 2023, we expect revenue of between 170 and $190 million, representing 30% to 45% year over year growth up from 16% in the year just completed a significant acceleration as we invest behind key initiatives and grow our <unk>.

Ashley: We expect our non-gap gross margin to be between 43 and 50 percent, meaningfully higher than the 38 percent that we achieved in fiscal 22.

Sure.

We expect our non-GAAP gross margin to be between 43, and 50% meaningfully higher than the 38% that we achieved in fiscal 'twenty two.

Ashley: Our adjusted EBITDA loss is expected to be between $50 and $75 million as we continue to scale our global sales organization, increase software investments to accelerate the buildout of our EarthData platform, develop our next generation satellites, as well as make the required investments in G&A to support our operations as a public company.

Our adjusted EBITDA loss is expected to be between 50 and $75 million as we continue to scale. Our global sales organization increased software investments to accelerate the build out of our Earth data platform develop our next generation satellites as well as make the required investments in G&A to support our operations as a public company.

Ashley: We expect CapEx to be between $20 and $25 million, approximately 12 to 13% of revenue.

We expect capex to be between 20, and $25 million approximately 12% to 13% of revenue.

Ashley: Overall, we are compelled by the opportunity for PLANET's unique Whole Earth Daily Scan and bundled high-resolution data to drive continued growth acceleration this year and beyond, and our outlook for Fiscal 23 reflects a demonstrable milestone in the positive inflection for both revenue growth and gross margin.

Overall, we are compelled by the opportunity for planets unique whole Earth daily scan and bundled high resolution data to drive continued growth acceleration this year and beyond and our outlook for fiscal 'twenty three reflects a demonstrable milestone and the positive inflection for both revenue growth and gross margin we.

Ashley: We believe our overall value proposition is differentiated in the marketplace, and with our continued execution, we have the opportunity to expand the addressable market, capture market share, build upon our recurring subscription revenue base, and achieve a highly profitable long-term margin profile. Operator, that concludes our comments.

We believe our overall value proposition is differentiated in the marketplace and with our continued execution, we have the opportunity to expand the addressable market capture market share build upon our recurring subscription revenue base and achieve a highly profitable long term margin profile opt.

Operator that concludes our comments and we can now take questions.

Speaker Change: Thank you. If you would like to ask a question, please press star all by one on your telephone keypad. If for any reason you would like to remove that question, please press star all by two. Again, to ask a question, press star one. As a reminder, if you are using a speaker phone, please remember to pick up your handset before asking your question. We will pause here briefly last question.

Thank you if you'd like to ask a question. Please press star followed by one on your telephone keypad. If for any reason he like to remember that question. Please press star followed by two again to ask a question press Star one.

As a reminder, if you are using a speaker phone. Please remember to pick up your handset before asking your question. We will talk to you briefly ask questions are registered.

Speaker Change: The first question comes from Weston Klick with Piper Sandler, please.

The first question comes from Weston Twigg with Piper Sandler. Please proceed.

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

Hi, Thanks for taking my question I.

I just wanted to follow up on the the Ukraine commentary that you provided which was very helpful. But.

You mentioned you had gained a couple of customers fairly quickly and I'm. Just wondering if there are any more potential customers related to.

More increase awareness of the planet's offerings.

Maybe either is embedded in guidance or could add to guidance through the year.

Speaker Change: Yes, certainly. I mean, actually, there are a few more.

Yeah suddenly I mean, that's really.

There are a few more the I.

Speaker Change: Let me back up for a second and say I mean the situation is obviously tragic and we're not trying to over

I mean.

Let me back up for a second let's say the situation is obviously tragic and we're not trying to over the air.

Grabbed that by any means but.

Speaker Change: are some key and important customers that we've seen. It's an increasing demand overall. And some of these have been on our radar screen for some time, but this has just pushed them to get it now. And so we mentioned relatively short sales cycles. In fact, the shortest we've ever seen. And so it gives us some confidence that it's accelerating our trends here. And we talk about the border secular trends of sustainability and digital transformation and the needs for our data for peace and security.

There are some key and important customers that we have seen it's an increasing demand over all and some of these have been on our radar screen for some time, but this is just pushed them Tonight get it now and so.

We mentioned a relatively short sales cycle is in fact, the shortest we've ever seen.

And so it gives us some confidence that I mean, it's accelerating our trends here.

And we.

Speaker Change: sustainability and digital transformation and the need for our data for peace and security.

We talked about that board of secular trends.

Staying ability in digital transformation and the need for data for peace and security situations.

Speaker Change: The situations like Ukraine only accelerate those trends.

Ukraine only accelerate those trends.

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

Okay and is the right way to think about that opportunity.

If that's what we call it.

That these would be non U S based government customers or are there some commercial applications or other types of applications that youre seeing.

Speaker Change: Thanks for seeing that up, because it certainly isn't just the government, because what we're seeing now is a lot of ad companies, for example, are very concerned with what's happening there and therefore increasing their monitoring. In fact, a partnership that I hadn't mentioned,

Thanks for teeing that up because it isn't just the governments because what we're seeing now is a lot of AG companies. For example are very concerned with the with.

With what's happening there and therefore, increasing their monitoring and in fact a.

Partnership that I hadn't mentioned.

Speaker Change: in our opening remarks, but we also expanded this last quarter with Bayer Environmental Sciences and that sort of thing we can see and imagine happening, especially because Ukraine is a big producer of wheat and a couple of other commodities that are quite important.

In our opening remarks.

We also expanded this last quarter was environmental Sciences.

And and that sort of thing, we can see and imagine happening, especially because you crane is a big producer of weeks and a couple of other commodities that are quite important to them.

Speaker Change: And remember, in addition to the government customers, we're also supplying our data to NGOs in the region. And that's important, and they are often paying as well. And that's not what we're driving for there, but it is also true. And so, and those are helping with the refugee situation, with emergency supplies.

And remember in addition to the government customers. We are also supplying a basis of Ngos in the region.

And that's important and they are often paying as well and.

That's not what we're driving for that but it is also true and so and those are helping with the refugee situation with emergency supplies and finally with.

Speaker Change: And, finally, with our media who use our data to bring transparency to those events. And, actually, that's played an important part in the coherence of the West, I believe. It's actually quite an important moment for how staff like data and open source intelligence in general is playing a part in these conflicts and bringing about an increasing peace and security. So, we feel very good about that. Strong demand across the board partly accelerated to this. Thank you. Thank you.

Media, who use our data to bring transparency to those events and honestly. That's played an important part in the coherence of the West I believe it's actually quite an important moment for how satellite data and open source intelligence in general is playing a part in these complex and.

And bringing about an increasing piece in security. So we feel very good about the strong demand across the board partly accelerated through this.

Thank you that's very helpful.

That's all in front of us.

Speaker Change: Thank you, Weston. The next question comes from Ryan Koontz with Needham & Co. Please read.

Thank you Weston. The next question comes from Ryan Koontz with Needham <unk> co. Please proceed.

Ryan Coots: Thanks for the question. I wanted to ask about your various customer segments there. I wonder if you could kind of force rank those by the growth prospects.

Well. Thanks for the question I wanted to ask about your various customer segments. There I Wonder if you could kind of force rank those by.

The growth prospects in this coming fiscal year would be helpful. Thank you.

Ryan Coots: Well, let me just talk broadly and then maybe Ashley can add some specifics, but um...

Well, let me just talk broadly and then maybe actually can add some specifics but.

Ryan Coots: Broadly, we're seeing strong demand across all of those segments.

Broadly we are seeing strong demand across all of those segments I mean civil.

Ryan Coots: Civil government is driving pretty damn fast. I mentioned a few examples. Let me just mention a couple more. We renewed and expanded our partnership with New South Wales, a civil government in Australia.

Civil government is driving pretty damn fast.

I mentioned a few examples let me just mentioned a couple of more.

We renewed and expanded.

Our partnership partnership with New South Wales.

Our civil government and.

In Australia.

We renewed our partnership with Norway and that that is just continuing in agriculture I just mentioned that that's a pretty strong and growing segment, we see strong growth there I mentioned they are.

Just a second ago as an expansion there.

And let me mention another sort of related one that's I agriculture, and financing and Rabobank, which is something that was an expansion with bandwidth that so we have we're seeing it across the board and defense and intelligence as I mentioned and of course through the Ukraine situation, we're seeing that and solidify and gain some pretty important cost.

Speaker Change: intelligence, as I mentioned, and of course, through the Ukraine situation, we're seeing that and solidify and gain some pretty important customers there. So, yeah, we're seeing it across the board. Ashley, anything to add? No, I'd say you've hit on all of it. And, you know, obviously, you're going to see higher growth percentages in some of the markets that were newer to us, because obviously it's off of a lower base. But nonetheless, it really is growth across the board, and what's been particularly exciting is seeing some of the newer markets that we talked about previously, like finance and insurance, really start to gain a lot of traction. Got it. Helpful. Just a follow-up on... Yeah, it does. Thank you, Will. Just a follow-up on the Ukraine situation. Obviously, there's kind of sales resources that obviously chase opportunities. But are there... Okay. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

There so yeah, we're seeing it across the board actually anything to add no I I'd say you've hit on all of it and you know, obviously youre going to see higher growth percentages in some of the markets that were newer to us because obviously, it's off of a lower base, but nonetheless, it it really is growth across the board and what's been particularly.

Speaker Change: But nonetheless, it really is growth across the board and what's been particularly exciting is seeing some of the newer markets that we talked about previously like finance and insurance really start to gain a lot of traction.

Very exciting I think some of the newer markets that we talked about previously like finance and insurance really start to gain a lot of traction.

Got it it's helpful to answer your question Laura.

Speaker Change: Yeah, it does. Thank you, Will. Just to follow up on the Ukraine situation, obviously there's kind of sales resources that obviously chase opportunities, but are there

Yes. It does thank you will.

Just to follow up on the Ukraine situation, obviously, theres kind of sales resources.

Obviously chase opportunities, but are there.

Speaker Change: Are there investments in infrastructure and placement of satellites and capacity that are invested in particular incident-based opportunities that take away from other parts of the world?

The investments in infrastructure and kind of placement of satellites in capacity.

<unk> invested in particular kind of incident based.

<unk> that take away from other parts of the world within your product.

Speaker Change: Not much taking away from other parts of the world, but we have seen and done some important development in product.

Taking away from other parts of the world, but with it but we have seen and done some important development and product.

For example, we we do a global base map every month, but we increased that to have weekly and daily base maps of Ukraine and the region. During this time.

Speaker Change: daily basemaps of Ukraine and the region during this time and we almost more than, it was significantly increased our targeting capacity in the region through some operational improvements there. And so we feel like we've put in some effort there, it has taken as I mentioned in my opening remarks some significant effort of the team to do that but it's yielding some important results. We also forged some collaboration with analytics companies that have been meaningful collaborations and that helped and assist our customers. We've learned a lot actually overall through this.

And and we almost more than it was significantly increased our toxin in capacity in the region through some operational.

Proven there and so we feel like.

We put in some effort that it has taken as I mentioned in my opening remarks, some significant effort of the team to do that but.

It's yielding some important we also affords some collaboration with analytics companies that have the meaningful collaborations that help and assist.

Speaker Change: our customers. Look, we've learned a lot actually overall through this conflict and is enabled us to improve our products substantively in the short period.

Our customers look we've learnt a lot actually overall food this eh.

Conflict and and.

And and and has enabled us to improve our products substantially in a short period.

Got it really helpful. Thanks, a lot thanks Ashley.

Speaker Change: Thank you, Ryan. The next question comes from Mike Latimore with Northland. Please.

Thank you Ryan and the next question comes from Mike Latimore with Northland. Please proceed.

Mikeel Lladimmore: Great. Thanks, and yeah, congrats on the great year there.

Great Thanks, and congrats on the great year there.

Deb: To somehow go back to the NPS score increase, I know you've invested a lot in customer success, but that's kind of a phenomenal change year over year. Can you maybe just dig into that a little bit more? Is it truly being more attentive to customers, or is maybe a little more of the variables that are driving?

So some of it back.

P. S score increase I know you've invested a lot in customer success, but that's kind of a phenomenal change year over year can you, maybe just dig into that a little bit more or.

Is it truly.

Be more tentative customers or is.

Maybe a little more.

We're able to drive.

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

Well I think there's a couple of things underneath one is the investments that we've made in software and the second is the investments we've made in customer success. So in software everything we're doing is easing use right.

Speaker Change: using the capabilities online to enable people to access the data more simply and easily with their systems. And then on the customer success side, we have mainly been focused on the big customers who again, of course, get around those initial barriers on the software side, but now we're using it for everyone else and similarly, you know, on the customer success, as we applied that to the smaller clients, it just started to rapidly increase our NPSU. It's quite dramatic.

The image quality and more consistent it's easing the Kate.

Capabilities online to enable people to access the data more simply and easily with their systems and then on the customer success side, we have mainly be focused on the big customers, who again of course getting round those initial barriers on the software side, but now we're using it for everyone else and.

Similarly.

No.

On the customer success as we applied that to the smaller clients. It just started to rapidly increase our M. P. S. You why is quite dramatic.

Speaker Change: it just started to rapidly increase our NPS. You're right, it's quite dramatic. We feel that we've come a long way in building those foundations in the last year. Also, similarly, we've been pleased with net retention, we've been pleased with how our investments in software have started to enable these new vertical markets. So, it's software and it's global customer success investments, I think have led to this. Ashley, anything to add to that? No, I mean, it's obviously,

We feel that we've come a long way in building those foundations in the last year or so.

Similarly.

But we've been pleased with net retention, we've been pleased with how our investments in software have started to enable these new vertical market software and it's a global customer success investments I think it actually I'm going to enter that no. I mean, it's obviously slide 18, we tried to highlight them a lot of these metrics because I think.

Speaker Change: Slide 18, we tried to highlight a lot of these metrics because I think it should be fun for our employees as well to just see how the work that they're doing, whether that's the software teams building some of these new tools or the customer success teams that are driving that early time to value for customers, how that has real impact on our business.

It should be fun for our employees as well to just see how the work that they're doing whether that's the software teams building. Some of these new tools or the customer success teams that are driving that early time to value for our customers how that has real impact to our business.

Speaker Change: And just on the guidance for the year, can you provide it?

Great great.

And then just on the guidance for the year.

Speaker Change: a little bit more assessment of what are a couple factors that would get you to the lower upper end of that guy.

Can you provide it.

Just a little bit more assessment of what what are a couple of factors that would get you to the lower upper end of that guidance.

Speaker Change: Yeah, so, you know, I talked about this when we met for our analyst day in the fall. We come into the year with a significant amount of visibility from the book of business that we have. And then we factor into our guidance.

Yeah.

Yeah. So you know I talked about this when we when we met for our analyst day in the fall we come into the year with a significant amount of visibility from the book of business that we have.

And then we factor into our guidance.

Speaker Change: our views on renewal rates as well as timing of new business and the biggest swing factor that's going to drive that range is the timing of some of these larger accounts and when we expect them to come in.

Our views on renewal rates as well as timing of new business.

The biggest swing factor that's going to drive that ranges is the timing of some of these larger accounts and and when we expect them to come in.

Got it got it okay great.

Great. Thank you.

Speaker Change: Thank you, Mike. The next question comes from Noelle Pulpinax with Goldman Fax. Please proceed.

Thank you Mike. The next question comes from Noah <unk> with Goldman Sachs. Please proceed.

Hi, good evening everybody.

Noel Poulpenac: Hi. Hi. Yeah, we can hear you.

Hi, Ken.

Uh huh.

Yeah, we can.

Noel Poulpenac: Actually, maybe just staying there.

<unk> great.

Great.

Actually maybe just just staying there.

Noel Poulpenac: You know, the 23 targets you've laid out here are different than what you had previously.

You know the 'twenty three targets you've laid out here are different than what you had previously.

Speaker Change: kind of across the board. Maybe you can just help us understand what's changed. I mean, I assume on revenue, it's sort of, you know, the high end of the range captures the prior and, you know, you need to be a little bit conservative and then you have the large things that have, you know, they can move around a month or two and that can change the year. But then, you know, the margins are different.

Kind of across the board, maybe you could just help us understand.

What's changed I mean, I assume on the revenue it sort of.

The high end of the range captures the prior year.

You know you need to be a little bit Conservative and then you have the large things that have been.

They can move around a month or two.

That can change in the year, but then you know the margins are different.

Speaker Change: maybe you can just kind of give us more detail on where the plan has changed in any major way.

Capital plan and stuff that maybe you can just.

Give us more detail on where that plan has changed in any major way.

Speaker Change: Yeah, and it's a great question, and I'd like to think it's on major changes, but on the revenue side, obviously, last year, there were a couple unexpected events that.

Yeah and.

It's a great question and I like to think it's not major changes, but on the revenue side. Obviously last year. There were a couple of unexpected events that and yeah. We were pleased that we still came in above our original forecast for the year, but you know hand, it hadn't anticipated the suspension of the.

Speaker Change: We were pleased that we still came in above our original forecast for the year.

Speaker Change: you know, hadn't anticipated the suspension of the account in Afghanistan and the timing of the EOCL award has been moving throughout the past year, actually throughout a few years. So those were a couple of things that the sales team really executed to overcome that last year and were, you know, that impacted kind of our ability to take up this year as we continue to build the book of business.

Accounted Afghanistan and the timing of the Es yellow Ward is has been moving throughout the throughout the past year actually threat. A few years. So those were a couple of things that the sales team really executed to overcome that last year, and where you know that impacted kind of our ability to take up this year as we.

Speaker Change: Obviously, we continue to lean into investments in sales and marketing. I feel very good about our investments there, the progress of the team, and our ability to get

To build a book of business, but.

Obviously, we continue to lean into investments in sales and marketing and I feel very good about our investments there the progress of the team and our ability to get to or even above the the number of ramp reps that we discussed in the fall.

Speaker Change: to or even above the number of ramp reps that we discussed in the fall.

Speaker Change: Other areas that we're leaning into on investment really are focused around R&D.

Other areas that we're leaning into an investment really are focused around R&D.

Speaker Change: And this, again, is just in response to what we're feeling in the market in terms of our ability to more rapidly penetrate new markets and expand our wallet share in some of the existing markets.

And this again is just in response to what we're feeling in the market in terms of our ability to more rapidly penetrate new markets and expand our wallet share in some of the existing markets. So we are taking up our investments in software and we are investing in our Pelican program, which is the next generation hi, Rez as well.

Speaker Change: So, we are taking up our investments in software. We are investing in our Pelican program, which is the next generation, high res, as well as some of the improvements across all of our pleats to, you know, improve the time to market or sorry, the time to value for our customers and increase the analytical capacity to expand into some of the new markets we talked about like finance and insurance.

As some of the improvements across all of our fleets too.

And improve the time to market or I'm, sorry, the time to value for our customers.

Increase the the analytical capacity to expand into some of the new markets, we talked about like finance and insurance and then theres been some incremental spend on that on the G&A side, just part of being a couple of a public company and some of the costs associated with that I'm pleased that you know, we expect G&A as a percentage of revenue to be down year over year, but some of it.

Speaker Change: And then there's been some incremental spend on the, on the G&A side, just part of being a public company and some of the costs associated with that. I'm pleased that, you know, we expect G&A as a percentage of revenue to be down every year, but some of those costs, just for being a public company, were higher than anticipated.

Those costs disparate being a public company were higher than anticipated.

Speaker Change: Does that help chip... That does, it does.

Does that help shape.

Speaker Change: And how are you, how are you thinking about the out year revenue numbers that you had previously because, you know, if it's, if this year looks similar, but then you're spending more to invest in the business.

It does.

And how are you how are you thinking about the out year revenue numbers that you had previously because if.

If this year looks similar but then you're spending more to invest in the business that would have to imply either one there's more opportunity in the out years or two it's.

Speaker Change: that would have to imply either one, there's more opportunity in the out years, or two, it's costing you more to get there than you thought.

Costing you more to get there than you thought.

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

I view it as we're pulling forward some of the investments and just starting them sooner because we see a lot of opportunity we still feel very good about our growth, obviously forecasting to to double or triple our growth rate year over year and anticipate that this continues to be a high growth business into the out years and we.

Just want to solidify and those investments that we believe enable us to really make these markets materialize sooner.

Speaker Change: Can I just add in a slightly broad sense, again, like we are increasing our

Can I just add in a broad sense again like we are increasing our.

Speaker Change: revenue quite a lot this year from like this 131 to 170 to 190 range, which we already feel is pretty meaningful doubling or tripling a growth rate as we mentioned. And that's because we're seeing this demand across the board from current customers expanding, new customers in current vertical markets, even new vertical markets, as I mentioned a couple of examples, and so we're leaning into that demand. I mean, that's in addition to the sort of secular trends that I mentioned, the sustainability and so on.

Revenue quite a lot this year from 931 to 170 to 190 range, which we already feel that's pretty.

Meaningful.

Doubling or tripling our growth rate as we mentioned and that's because we're seeing this demand across the board from current customers expanding new customers.

<unk> vertical markets, even new vertical markets as I mentioned, a couple of examples and so we're leaning into that demand I mean, that's in addition to this as a secular trend as I mentioned, the sustainability and so on and that just pulling us and we'd be crazy not to invest at this time into some of those things we're doing that very carefully based on ha high ROI initiatives that lead to revenue growth.

Speaker Change: and they're just pulling us and we'd be crazy not to invest at this time into some of those things. We're doing that very carefully based on high ROI initiatives that lead to revenue growth but we think it makes sense to given everything that we are feeling. Does that make sense?

We think it makes sense to given everything that we are feeling does that makes sense.

Speaker Change: Absolutely. That makes a lot of sense. I appreciate that.

Absolutely.

That makes a lot of them I appreciate that.

Speaker Change: Just the last one, I guess, EOCL moving around.

Yeah.

Just last one I guess.

Ill musing around what is the latest.

Speaker Change: time and we had heard another one of the other companies say March and a

Back to telling me we didn't hurt another one of the other companies say March and it's.

Speaker Change: March 31st at 5.40 p.m. Eastern, what is the latest expectation there for you?

At March 31, 40 P M eastern.

What is the latest check isn't there for you.

Speaker Change: Well, one great thing is that they passed the budget, so that helps a lot, as it turns out. But look, obviously we're tracking that. It's an important deal. It's not the only deal that we're working on, but it's an important one, and it is. And we think we are positioned well to compete in that.

Well one great thing is that they passed the budget. So that helps a lot as it turns out but look obviously, we're tracking that it's an important deal is.

It is not the only deal that we're working on but it's an important one and it is and we think we are positioned well to compete in that award.

Speaker Change: We've won some competitive bids in this space before and recently, and we feel good going into that. There's uncertainty in the timing that you're highlighting. We don't have control of the government and its budget process, but we're feeling pretty good about it, to be honest.

Award.

We've done some we've won some competitive bids.

And in this space before and recently and we feel good going into that.

There is uncertainty in the timing that you're highlighting we don't have control of the government.

And its budget process.

We are feeling pretty good about it to be honest.

Speaker Change: Is there not a current, you know, plan?

Is there not a current planned range of months or a month that is being there.

Speaker Change: a range of months or months that is being articulated? I mean, look, I think it's going to have a within months. But we don't know beyond that.

Yeah.

I mean look I think it's gonna have a within months.

So, but we don't know beyond that.

Speaker Change: Okay. We obviously can't speak for the government itself. You have a problem. No, I get it. Thank you. Thanks, guys.

Okay. Thanks.

Obviously I appreciate for the government itself.

Yeah, No I got it. Thank you thanks guys.

Speaker Change: Thank you, Noah. The next question comes from Jeff Ben-Ree with Craig Halem.

Thank you Noah. The next question comes from Jeff Van <unk> with Craig Hallum. Please proceed.

Jeff Benley: Great, thanks. Well, just a couple for me. Maybe just how has your thinking changed in terms of your anticipated revenue mix a few years out? If you look at it through the lens of systematic Data or image capture versus task, you know, what's the pipeline looking like? What are the trends looking like and how does that change?

Great. Thanks, just a couple for me maybe just how has your thinking changed in terms of your anticipated revenue mix a few years out if you look at it through the lens of systematic Ah.

Data or image capture versus tasked you know what's the pipeline looking like what are the trends looking like and how that should how is that changing.

Jeff Benley: Well, look, I'm fairly put it that way because, you know, it's really, we have both the task system and the, that is the high resolution system and the scanning system, which we call medium resolution, and both are unique in their own ways. The scanning system is completely unique. The tasking system is unique in the sense that it's got the fastest revisit of any system.

Well look I'm I bet, he put it that way because it's really.

We have both the <unk> system and that is the high resolution system and the scanning system, which we call medium resolution.

And both are unique in their own ways. The scanning system is completely unique the tasking system is unique in the sense that it's got the fastest revisit of any system.

Jeff Benley: But the biggest value is in the combination. We are often bundling those products together with something we call tip and cue, which is where

The biggest value is in the combination we are often bundling those products together with something we can put different queue, which is where the scan is what fines changes and that enables people to go okay. I know when I look at that change in high resolution and the important thing is that all of that is unique.

Jeff Benley: The scan is what finds changes and that enables people to go, okay, I don't want to look at that change in higher resolution.

Jeff Benley: And the important thing is that all of that is unique to the planet, so we are the only ones with the daily scanner. I think a lot of people do get a little bit confused with the landscape of competitors and I'll just remind everyone that that scan, we are producing over 100 times more imagery by area per day.

Upon it so.

We are the only ones with the daily scanner I think a lot of people could do a little bit confused with the landscape of competitors.

Competitors in <unk>.

And just I'll, just remind everyone that that scan we are producing.

Over 100 times more imagery by area per day than any other company I think I've estimated at about 10 times all other companies combined.

Jeff Benley: than any other company. I think I estimated about 10 times all other companies combined. There's rarely a market where someone's got so much a differentiated product, but it is that scale of coverage that is driving these new vertical markets. That's what's driving agriculture.

It's really a market where someone's got so much to differentiate your product, but it is that scale of coverage that is driving these new vertical market. That's what's driving agriculture, we wouldn't be doing that at 25% of the landmass of the Earth, we wouldn't be doing that without that Scott. That's what's driving first street, we wouldn't be doing that Norway partnership take a look at the NASA slide.

Jeff Benley: We wouldn't be doing that. That's 25% of the land mass of the Earth. We wouldn't be doing that without that scan. That's what's driving forestry. We wouldn't be doing that Norway partnership. Take a look at the NASA slide that we put in our deck. I forget which number.

Jeff Benley: But that shows the distribution, the wide distribution of use of our data across the whole world.

In our deck, I forget which number.

But the.

That shows the distribution wise distribution of use of our data across the whole world.

Jeff Benley: Some people say you only need to focus that image on certain areas.

Some people say you only need to focus that that imager in certain areas I would say that's completely wrong, we see demand across all these different areas and that's what's driving the demand for data and that's what's driving these new vertical markets.

Jeff Benley: I say that's completely wrong. We see demand across all these different areas and that's what's driving the demand for our data and that's what's driving these new vertical markets.

Jeff Benley: It's hard to predict exactly which ones are going to go the most in those out years, but it's that underlying technology and differentiator that's driving these new markets, and so we feel very bullish about that demand. It's just a question of scaling and execution, and that's what we're focused on.

It's hard to predict exactly which ones are going to go the most in those out years, but but it is the underlying technology and differentiate through that's driving these new markets and so we feel very bullish about that demand. Its just a question of scaling and execution and that's what we're focused on.

Speaker Change: So no real change from your perspective as to which may drive more than the other steady she goes. Is that a summary? Yes, I think that's right.

So no no real change from your from your perspective as to which May drive more than the other steady. She goes is that a summary.

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

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

Yeah.

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

On the software side.

Do you mean did you say.

Yes, yeah.

Speaker Change: I think we're scaling the team quite a lot there, just over 50% growth of that team. We're planning to grow that team just over 50% the year on the year and we grew it about 40% last year.

Well look.

I think we're scaling the team quite a lot there and just over 50% growth with that team and we're planning to grow that seems I was just over 50% year on year and we grew at about 40% last year and the.

Speaker Change: And look, they're focused on two general areas. One is these foundations, as I mentioned, have enabled ease of use, which enables adoption, enables new vertical markets, and things like this. And then there's capabilities that sit on top of that.

They focus on two general areas. One is the foundation as I mentioned <unk>.

Enabled ease of use which enables adoption and neighborhoods.

A new vertical markets and things like this and then there's there's capabilities that sit on top of that.

Speaker Change: image enhancements, data fusion, the work that we're doing with Vandersap, the fact that we're pulling in SAR data into our data fusion products. And that piece enables new markets, that's the sort of thing that enables insurance, for example. And so those combinations of things is really where we're focusing most of our energies in the software side. Ashley, anything to add to that?

Image enhancements data fusion the work that we're doing with vendors that the the fact that we're pulling in Saar data into a data fusion products and that piece enables new markets. That's the thing that sort of thing that Nabors insurance for example, and so those combinations of things is really where we're focusing most of our energy.

And the software side actually anything to add to that that's where our investments.

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

I'd say, that's exactly right. It comes down to it usability broadly defined to drive that time to value or things like enhancing the capacity through improved algorithms on the testing systems.

And then also you know that the analytic layer on top that enables us to service these new markets by delivering spreadsheets and and time series data as opposed to just right I agree.

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

Yep.

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

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

In terms of the pipeline I'd say that as I believe I mentioned in the prepared remarks.

We're seeing really strong growth in some of these newer markets, which is you know why we're leaning into some of the software investments that we've talked about is seeing that growth in pipeline and finance and insurance.

We are very Oh.

Speaker Change: We're very excited about the market opportunity that that represents, and some of these global trends that are going on right now, whether that's wanting to understand supply chain, you know, and vessel tracking or, you know,

We're very excited about the market opportunity that that represents and some of these global trends that are going on right now whether that's you know wanting to understand supply chain, you know in vessel tracking or.

Speaker Change: food insecurity, leading to people wanting to understand the impact that that's going to have on commodities, markets, energy markets, et cetera, there's just a lot of opportunity that we're seeing in our pipeline, which gives us a lot of confidence there.

Food and security leading to people wanting to understand the impact that that could have on commodities markets energy markets et cetera, Theres just a lot of opportunity that we're seeing in our pipeline, which gives us a lot of confidence there.

Speaker Change: In terms of sales headcount, as I said, we are on track to come in either at or above the numbers that we talked about in terms of ramp reps for the year. I think we said our target was 46 ramp reps.

In terms of sales head count.

As I said, we are on track to come in either at or above the numbers that we talked about in terms of ramped reps for the year. I think we said we want our target was 46 ramped reps and we're on target to hit that or actually come in above as CEO of progressive.

Speaker Change: And we're on target to hit that or actually come in above as the year progresses.

Okay, great. Thank you.

Speaker Change: Thank you, Kev. Again, to ask a question, press star one. The next question.

Thank you Chad.

Again to ask a question press star one.

The next question.

Comes from Caleb Henry with Pulte analytics. Please proceed.

Speaker Change: I will. And Ashley, a couple of questions. First, I don't know if it was just maybe an omission that was deliberate or intentional, but at the last, during your last quarter, you mentioned three areas.

Hi will and Ashley a couple of questions first I don't know if that was just a maybe a an omission that was a deliberate or intentional but are.

At the last during your last quarter, you mentioned three areas.

Speaker Change: investing in hardware, investing in software, and then M&A. This call talked a lot about software investing, a little bit about hardware, and there hasn't been any discussion of M&A, so I was just curious if, for the year ahead, that's still a focus, or if you're kind of putting that on the back burner to look at kind of growing

Investing in hardware investing in software and then M&A. This call talked a lot about software investing a little bit about hardware and there hasnt been any discussion of M&A. So I was just curious if for the year ahead, that's still a focus or if you're kind of putting that on the backburner to to look at kind of growing.

Speaker Change: I still focus. Let me just, I think in terms of the investments, I would phrase it slightly differently.

Internally first.

Now it's still a focus let me just.

I think in terms of investments I would I would phrase it slightly differently at least sales and marketing and software. The biggest two areas and then but also continued investment in the space piece of it, especially on a next generation high resolution systems.

Speaker Change: Sales and marketing and software are the biggest two areas, but also continued investment in the space piece of it, especially on our next generation high-resolution systems.

Speaker Change: But M&A remains a focus. Obviously, it's not something we forecast, and so a different way of thinking about it. But we will continue to look for acquisitions where they will accelerate our product or accelerate our business strategy. We feel very good about the Vandafat acquisition already, the one that we introduced last time.

But M&A is it remains a focus obviously is not something we forecast and so the different way of thinking about it but but we will continue to look for acquisitions, where they will accelerate a product or accelerate our business strategy.

We feel very good about the vanda.

Acquisition already I'm, the one that we introduced last time.

Speaker Change: And we will continue to look for really good acquisitions like that that accelerate our time here and accelerate our traction in the market. And we do think that Planet is the natural consolidator here because we are furthest along. A lot of the small players want to join Planet. We feel we're in a good position to consolidate a little bit. And so we will use that. Obviously, we'll use it very, very carefully and thoughtfully and we continue to take a disciplined approach to...

And we will continue to look for really good acquisitions like that.

Saturday, our our time here and etcetera.

Traction in the market and we do think that plant as a natural consolidator here because we.

We are the furthest along a lot of the small players want to join planet, we feel we're in a good position.

To consolidate a little bit and so we will use that obviously, if we use it very very carefully and thoughtfully and we continue to take a disciplined approach to it.

Speaker Change: M&A.

M&A.

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

Okay. Thank you.

During the last call. There was also mentioned of the.

Sky sat satellite that had thruster issues I was wondering if you can give an update on the status of that satellite and then if you've seen any other thruster issues across the Sky sat fleet.

Speaker Change: Yeah, I can give an update there. There's no change to the estimate of use of the life on that satellite in particular.

Yeah, I can give an update there.

No change to the estimate of useful life on that satellite in particular.

Speaker Change: The team continues to work on it, and so it is still fully operational, and we've had no other issues with other satellites.

The team continues to work on it.

And so it is still fully operational and we've had no other issues with other satellites.

Speaker Change: And I just remind you again, the same thing we said in the last call is the design of the fleet enables us to have this kind of redundancy so that if one satellite is facing challenges like we mentioned with the thrusters of that one satellite, it doesn't impact the performance of the fleet or our ability to generate revenue with our customers.

And I just remind you again the same thing we said in the last call is the design of the fleet enables us to have this kind of redundancy. So that is what one satellite is facing challenges like we mentioned with the pressures of that one satellite it doesn't impact the performance of the fleet or our ability to generate revenue with our customers we've got redundancy.

Speaker Change: Okay, and then there's been a kind of a lot of discussion, or at least there was a lot of discussion at the satellite 2022 show about supply chain issues affecting the industry as curious if planet is experiencing any of those with with the spacecraft manufacturing and if so how you're addressing them.

Yeah.

Okay, and then there's been a kind of a lot of discussion or at least there was a lot of discussion at the satellite 2022 show about supply chain issues are affecting the industry as curious if our planet is experiencing any of those with the with the spacecraft manufacturing and if so how you're addressing them.

Speaker Change: Yeah, really not really because mainly we addressed that by early on we did just ensure that we have a bit of an inventory of supplies. I mean remember the scale of numbers that we're talking about building aren't huge by these industry standards for chips and things and so we stockpile a little bit to make sure that we can continue to manufacture. So so far no interruptions of our ability to build our satellites.

Yes, really not no not really because.

Mainly we address that by early on we did a.

Just suck.

And show that we have a bit of AR and inventory of suppliers I mean remember the scale of numbers that we're talking about building huge by these industry standards for chips and things and so we stockpile a little bit to make sure that we can continue to manufacture. So so far no interruptions of our ability to build our satellites.

Speaker Change: and our ground stations and other things that we construct ourselves. So no major interrupts. We are, of course, continuing to look at that and diversification of supply chains is something that we focus on to ensure that we don't get caught up in a situation like that, but generally so far so good.

And.

Stations and other things that we know we can start yourself. So no major and drops. We are of course continues to look at that and diversification of supply chains is something that we focus on and show it to ensure that we don't get caught up in a situation like that but generally so far so good.

Alright, that's all my questions. Thank you both.

Thank you.

Speaker Change: The next question comes from John Katfungris with Wheat Bush. Please proceed.

Thank you Kayla.

The next question comes from Jon Katz, and Bruce with Wedbush. Please proceed.

Hi, This is John keep fingers on for Dan.

Speaker Change: I had a quick question. If you could dive a little bit deeper into the deal with ReboBank and how you see that playing out over the next year and coming years. Thank you.

I had a quick question if you could talk a little bit deeper into the deal with member Bank and how you see that.

Playing out over the next year in coming years. Thank you.

Speaker Change: Yes, so just at a very high level, that is an expansion through a VandaFat acquisition. Once again, VandaFat is providing data and analytics on microwave data that is really quite interesting because it penetrates the soil and you can tell soil moisture and

Yes, so just a very high level.

That is our expansion through our bandwidth acquisition once again vanda is providing data in.

And analytics on microwave data.

It's really quite interesting because it penetrates the soil and you can tell soil moisture and.

Speaker Change: and temperature. And what the rubber bank deal is doing is using our data support credit risk assessment for small hold of farms.

And.

Temperature.

And and the member Bank deal is doing is using our data to spoke credit risk assessment for small Howard of farms in developing countries and so it's sort of an intersection between finance and agriculture.

Speaker Change: in developing countries and so it's sort of an intersection between finance and agriculture.

Speaker Change: And that's exactly one of the reasons we bought the company because it enables us to expand into new vertical markets and especially to adjacent vertical markets. Some of you may not have heard of Anifad and even I was relatively new to it pretty early. And so, but it was very adjacent to what we needed to do and to expand agriculture and into ag finance or ag insurance. And so it was a very natural one for us in that rubber bank. It's a great example of that.

And that's exactly one of the reasons, we bought the company because it enables us to expand into new vertical markets and especially for adjacent vertical markets.

Some of you may not have heard of anasazi, even though.

It's relatively new to it pretty early and so but it was very adjacent to what we needed to do to expand the agriculture and into finance and insurance and so it was a very natural.

One for us and that Rabobank is a great example of that.

Speaker Change: as a use case.

As a use case.

Thank you.

Thank you John .

Speaker Change: There are no additional questions waiting at this time. So I'll pass the conference to CEO Will Marshall for closing remarks.

There are no additional questions waiting at this time, so I'll pass the conference to CEO , well Marshall for closing remarks.

Will Marshall: Well, thanks everyone. I just want to say in summary that we're seeing quite a lot of market demand both in the deals that we are particularly working on and in the secular tailwinds of sustainable transformation of the global economy and the digital transformation of the global economy and in helping to drive peace and security. So we're leaning in to drive that dramatic growth acceleration and revenue growth that we have forecast.

Well thanks, everyone.

I just want to say in summary that we're seeing quite a lot of.

Market demand both in the deals that we are.

Particularly working on and then the secular tailwind of sustainable transformation of the global economy.

And the digital transformation of the global economy, and in helping to drive peace and security.

So we're leaning in.

To drive that dramatic growth acceleration and revenue growth that we have a forecast.

Will Marshall: Recent trends are only accelerating these and our conviction about what Planet is doing. We are building a data subscription business that is addressing critical challenges, facing companies and countries around the globe. And I'm incredibly proud of our team and confident in our opportunity and believe that the world really needs Planet and that this is Planet's moment to step up. So thanks everyone for joining today and I look forward to updating you after Q1.

<unk> trends.

Accelerating these.

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

Thanks, everyone for joining today and I look forward to updating you.

After Q1.

Speaker Change: That concludes the Planet Labs PBC Quarterly Earnings Call. Thank you for your participation. You may now disconnect your line.

Yeah.

That concludes the planet Labs PBC quarterly earnings call. Thank you for your participation you may now disconnect your line.

Speaker Change: You

Okay.

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