Q3 2025 Planet Labs PBC Earnings Call
I'd also like to highlight how the tonnage of program represents a powerful blueprint for accelerating our technology roadmap by leveraging our space systems capabilities and IP with a partner.
Now that that first satellites in orbit and delivering data we can begin to unlock the growth potential of the tonnage of program. While also accelerating our partner carbon map as mission.
Well, we see such opportunities as highly strategic enabling us to scale, our business more rapidly and strengthen our financial position.
We expect to pursue similar opportunities going forward.
Moving to our Pelican fleet, we're pleased to share today, we shipped the Pelican two satellite to Vandenberg Spaceball space in preparation for launch which is currently scheduled for January.
As a reminder, the Pelican program as our next generation high resolution satellite, which enables continuity and enhancements over our current sky that fleet, including an image quality spectral bands imaging capacity and latency.
The Pelican two design incorporate some videos latest tests in GPU module, enabling edge compute.
To run powerful AI on the sidelines.
And speed time to insight.
It also incorporate satellite to satellite links previously discussed speeding time to value.
In summary, we won multiple large contracts with government customers that we believe positions us to reaccelerate growth as those contracts ramp and expand on the product front, we've made improvements to our core daily scan data, we're capturing a powerful new dataset without first tenants satellite, which we expect to commercialize in the months ahead and we plan.
To launch our next Pelican South line shortly.
And finally, the adoption of AI enabled solutions amongst both government and commercial customers is growing.
We're focused on leveraging our platform and partners nurture this adoption increased customer value and expand the addressable market and ultimately build greater predictability and growth into the business.
With that I'll turn it over to Ashley to talk through more details around our financials over to Ashley. Thanks.
Ashley: Thanks, Bob.
Ashley: As a quick reminder, it was less than six months ago that we completed a restructuring and introduced a new industry aligned operating model to the business.
Ashley: Spite of the significant amount of change that this introduced to our teams. During this last quarter. Our go to market teams delivered our best quarter of ACD bookings, including renewals expansions and new business and I'm impressed with the team's performance.
Ashley: We also saw a meaningful step up in average deal sizes across all three sectors.
These early proof points give us confidence that the new operating model is facilitating the foundational changes needed to reaccelerate our growth.
Ashley: Well the old timing continues to be hard to predict, particularly given the large deal nature of our business.
Ashley: Underlying fundamentals of the business continue to improve and our competitive position is strengthening.
Ashley: We've made significant strides towards profitability this quarter, showing substantial margin expansion and reducing our cash burn.
Ashley: So, let's turn to the results.
Revenue for the third quarter came in at a record $61 $3 million, representing approximately 11% ERP aircrafts.
From a geographic perspective during the third quarter EMEA revenue grew approximately 15% year over year Asia Pacific grew over 25% year over year Latin America grew over 30% year over year and revenue in North America was flat on a year over year basis impacted primarily by the delay and renewing.
Ashley: And expanding our contract with NASA.
As of the end of Q3, our end of period customer Count was 1015 customers as we've shared before this metric reflects our direct sales teams focus on large customers in our core verticals and our initiative to enable smaller more transactional customers to purchase through our platform or our marketplace partners customers.
Ashley: Transact solely through our platform are not reflected in this number.
Ashley: Recurring ACD, our annual contract value with 97% of our end of period, ACB bankers business and over 90% of our end of period ACD business consists of annual or multiyear contracts our.
Ashley: Our average contract length continues to be approximately two years weighted on an ACB basis.
Ashley: Net dollar retention rate at the end of Q3 was 104% and net dollar retention rate with win backs was 105%.
Ashley: The delayed NASA task order impacted our net dollar retention rate by approximately 8.5 percentage points as.
Ashley: As a reminder, at this point in the year, our net dollar retention rate reflects nine months of contract renewals.
Ashley: Our net dollar retention rate starts each fiscal year at 100% and then builds through the course of the year toward our final full year result.
Ashley: Turning to gross margin non-GAAP gross margin for the third quarter was a record 64%.
Ashley: Over 200 basis points year over year and over 600 basis points sequentially.
Ashley: This was better than we had expected coming into the quarter largely driven by optimizations in our cloud infrastructure.
Ashley: We expect to continue to benefit from these optimizations going forward, although at a more moderate pace of improvement.
Ashley: Adjusted EBITDA loss was approximately $242000 for Q3, marking another quarter of sequential improvement in adjusted EBITDA and putting us in a strong position to end the year with achieving EBITDA profitability in Q4.
Ashley: Capital expenditures, including capitalized software development.
Ashley: $9 million for the quarter lower than we anticipated at the timing of certain procurements.
Ashley: Turning to the balance sheet, we ended the quarter with approximately $242 million of cash cash equivalents and short term investments.
Ashley: We continue to believe that our balance sheet provides us with sufficient capital to invest behind our core growth accelerating initiatives and achieve cash flow breakeven without needing to raise additional capital and we still have no debt outstanding.
Ashley: At the end of Q3, our remaining performance obligations or Rps, where approximately $146 million up 30% quarter over quarter.
Ashley: Approximately 82% apply to the next 12 months and 98% to the next two years.
Our backlog, which includes contracts with a termination for convenience clause, which is common in our U S. Federal contracts and occasionally found another customer contracts was approximately $232 million of which approximately 70% applied to the next 12 months and 91% to the next two years.
Ashley: To be clear our peers in backlog at the quarter end do not include the $20 million NASA order received on November 20th Seth.
Speaker Change: As a reminder, our peers and backlog can fluctuate quarter to quarter as revenue was recognized against customer contracts and multi year contracts come up for renewal.
Speaker Change: Let me turn now to our guidance for the fourth quarter of fiscal 2025.
We are expecting revenue to be between 61 and $63 million comparable to Q3 levels as we work to ramp large customers and our new operating model begins to take effect.
Speaker Change: In the commercial sector, specifically, we expect the tail of the digital agriculture application headwinds that we've discussed on prior calls to roll off in Q4, as we transition. Many of these accounts to more internal use operational contracts. We have seen this focus on higher value use cases, such as precision agriculture and informed scout.
Speaker Change: <unk> enable us to establish stickier and larger contracts with agricultural customers over time.
Speaker Change: Similar to Q3, we expect non-GAAP gross margin for Q4 to be between 63 and 65% we.
Speaker Change: We expect our adjusted EBITDA profit for the fourth quarter to be between zero and $2 million consistent with the profitability target, we set nearly two years ago.
Speaker Change: We're planning for capital expenditures of approximately 8 million to $11 million in Q4, reflecting our continued investments in our next generation fleets and the ongoing maintenance capex for our planets constellation.
To close I'd like to underscore the objectives of the changes we made earlier this year centering our business around our customers with an industry aligned operating model by.
Speaker Change: By making our customers the core of everything we do we ensure that we deliver the right solutions to unlock the economic value of our powerful dataset.
Speaker Change: We Furthermore, ensure that we're developing the right next generation of datasets that can increase that value for our customers.
Speaker Change: The opportunity for the Earth observation industry over the next decade is significant.
Speaker Change: Report published earlier this year by the World Economic Forum in collaboration with Deloitte estimated that by 2030 Earth observation data and insights could provide over $700 billion of economic value to global gross domestic product annually made possible by rapid advancements in satellites and sensors computing.
Speaker Change: Power and greater accessibility to insights driven by analytics and AI.
Speaker Change: We see planet as being an important driver for this global economic opportunity with relentless focus on delivering customer value across all of our teams, we not only increase our own share of the earth observation value chain, but we also increased the positive economic impact that we make through our customers, while improving the growth and predictability of our business.
Speaker Change: Yes.
Speaker Change: This is our core focus as we move through the final quarter of fiscal 2025 and look forward to fiscal 2026.
Speaker Change: Operator that concludes our comments, we can now take questions.
Speaker Change: Thank you.
Speaker Change: We will now begin the Q&A session.
Speaker Change: If you would like to ask a question. Please press star followed by one on your telephone keypad.
Speaker Change: If you would like to remove that question press star followed by two.
Speaker Change: In the interest of time, we ask that you. Please limit yourself to one question and a follow up and if you are using a speakerphone. Please pick up your handset before asking your question.
Speaker Change: To begin we have an online question from an analyst.
Question is can you. Please discuss how AI spend is falling through the planet's pipeline.
Speaker Change: Sectors are you seeing the most traction in.
Speaker Change: Yeah. Thank you and so clearly AI is helping to drive pipeline and you saw it in the big deals that we discussed in our prepared remarks.
Speaker Change: Just to pick on the first two as an example, the expansion of the large DNI customer.
Speaker Change: That uses an MDA maritime domain awareness tours that uses.
Driving use of planet scope imagery across those ocean territories and the secondary causes.
Speaker Change: Good.
Speaker Change:
Speaker Change: Pilot with the Dod and that is central to that is driving.
Speaker Change: Driving again kind of scope in this case over land territory, So we see that and so to the sectors.
Speaker Change: It's it's definitely more focused on the government.
We're seeing it across the board.
Speaker Change: <unk> example, I also mentioned commercial deal Leverages.
Speaker Change: First street carbon Sanjay variable, which also leverages AI. So I think it's all over the board is definitely driving a pipeline that is an accelerant to our business because it speeds up time to value and opens up new markets.
Speaker Change: Next question.
Speaker Change: Yeah.
Speaker Change: Our next question comes from Michael Latimore with Northland. Your line is now open.
Speaker Change: Okay.
Speaker Change: Great. Thanks, Congrats on the strong bookings quarter here.
Speaker Change: I guess in terms of the.
Speaker Change: The pilot you just highlighted there.
Craig: Sure Craig.
Craig: To see.
Craig: What are the.
Craig: Kind of key catalysts or events that need to occur here to kind of get to commercialization and is that something that as you know couple of quarters couple of years away.
Speaker Change: Yeah, Great question, I mean look I mean, we're really excited that the Dod is leaning in with this third pilot this year.
Speaker Change: I mean, it's quite a new capability coming here, because what it's enabling us the government to look at large areas to find new friends that new system based on the fact that we have this daily scan with AI and finding those is there any new capability. So what we're doing with these pilots is the government of Iterating what they need.
Speaker Change: And we're reacting to that and changing it.
Speaker Change: Opportunities for more pilots extensions to these kind of runs and we do believe we can go into operation contracts at a time.
Speaker Change: Okay.
Speaker Change: Got it got it.
Speaker Change: And it won't face the kind of financial question. It looks like sales and marketing took a step down sequentially quite.
Speaker Change: A fair amount is that.
Speaker Change: Kind of a good new run rate or was there a onetime item in there.
Speaker Change: To my knowledge I don't think there's any one time items driving that it's really about the restructuring that we did in the middle of the year as I mentioned before a lot of that was really looking at our cost of acquisition and making them acquiring customers more efficiently.
Speaker Change: Got it got it okay, great. Thanks, a lot.
Speaker Change: Hey, Bob.
Speaker Change: Our next question comes from Trevor Walsh with JMP. Your line is now open.
Speaker Change: Yeah.
Trevor Walsh: Great. Thanks, Dan I appreciate you taking my questions maybe to start with you just at a high level lots of kind of interest and buzz I just broadly around the space domain kind of from early November to now just given the incoming administration just would be curious to hear your thoughts just broadly on that and also just what youre hearing from customers.
Trevor Walsh: In terms of how they think things might change positively negatively neutral for coming kind of heading into next year.
Speaker Change: Yeah, certainly if anything it's something we've been thinking that obviously.
Overall, let's just step.
Step back and say that the priorities that we set for the government, which tends to be national security disaster response. These sort of things are pretty non partisan as they go and but we as we got into this incoming administration, we do seen see that and pretty focused on efficiency generally and commercial capabilities in particular.
Speaker Change: And we think that.
Speaker Change: It fits very well with the space.
Speaker Change: The planet is very well positioned to support that.
Speaker Change: In D C last week and conversations with multiple agencies.
Speaker Change: With flat.
Speaker Change: We were already reflecting on the incoming administrations priorities.
Speaker Change: We have focused on exactly that.
Speaker Change: Can they do things more efficiently, especially with the commercial sector. So I think China is very well positioned for that.
Speaker Change: Great terrific, Thanks, and maybe just one quick follow up.
Speaker Change: Actually around the new customer numbers understand that.
Speaker Change: Adding as much just based on that commercial kind of shift in the go to market and whatnot.
Speaker Change: How should.
Speaker Change: Should we even really be concentrating on that metric and just general.
Speaker Change: I know you're going to report on it but it just seems like.
Speaker Change: It's maybe not the best way to kind of be looking at the business in terms of the net new or maybe we maybe that is still kind of relevant I'm just trying to kind of get an understanding of as you bring.
Large company or a company like Medtronic for example.
Speaker Change: Just how that kind of get how that what the onboarding is for that customer in terms of Rev.
Speaker Change: My perspective, and just again, just kind of wrapping all of those things kind of in my head around.
Speaker Change: From that perspective.
Speaker Change: Yeah, It's a good question.
Speaker Change: That is a useful metric just because it really felt like how differentiated planet is sometimes a traditional earth observation industry, and we have such a broad and diversified customer base.
And you know the focus of the sales team really is around those opportunities, where we can land and expand our customer and so to ensure that we are operating efficiently that's really where we're focused our direct sales.
Speaker Change: But as you recall, we have also been making investments in the platform.
Speaker Change: Putting an acquisition.
Speaker Change: A really strong platform in central hub.
Speaker Change: Which enables us to continue to work with a broader community that might be more transactional in nature, just much more efficiently and as I said some of these customers are unlikely to be counted in the overall customer count because they just transact directly and not through.
Our sales team but.
Speaker Change: So that's where you know that change in focus is impacting the pace of growth of that number but I still think it's an important metric and one that will.
Speaker Change: Continued to track up a ton.
Speaker Change: Okay.
Speaker Change: In terms of Onboarding, new customers it really depends on the on the complexity of.
Speaker Change: So some of our more complex government sales can take longer to onboard they're going to be multiple parties and.
Speaker Change: That are involved in getting that account up and running I don't know specifically as it relates to electronic whether that's more straightforward of turning the customer on and getting them working with the data or theirs.
Speaker Change: A ramp time associated with that and.
Speaker Change: The ramping of revenue typically relates to which products specifically with so so if it's a pure data subscription that's going to be more ratable with its one of our usage contracts related to tariffs tasking that could see some variability based on his onboarding and characteristics. So it's a little bit of selling something that helps.
Speaker Change: Yeah, that's great. Thanks, so much.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Ryan Koontz with Needham <unk> Company your.
Speaker Change: Your line is now open.
Ryan Koontz: Great. Thanks for the question.
Speaker Change: Actually on the on the guide it sounds like the NASA renewable came in a little late.
Speaker Change: Within a couple of other deal slips, but.
Speaker Change: Relative to your expectations.
Speaker Change: Say 90 days ago was there.
Speaker Change: A sizable impact from a couple of deals slips that impacted.
Speaker Change: The fourth quarter guide or committed can you walk us through that a little bit numbers.
Speaker Change: Yeah, Obviously, you you hit on one which was simply the.
Speaker Change: The timing of that NASA renewal I'm definitely coming in later due to the.
Speaker Change: Procurement process.
Speaker Change: Obviously, I'm very glad to have that in energy and expansion with that customer. So you know.
I'd say in terms of the guide.
Speaker Change: It's timing.
Speaker Change: As I mentioned NASA, it's timing as it relates to some of the bookings that we got in Q3 and the time it will take to onboard.
Speaker Change: Either that expansion or new customer and so expectations about the ramp time for that revenue and some of it is is really usage variability quarter to quarter quarter to quarter.
Speaker Change: And so that's the that's the primary impact on the revenue guide for the year.
Speaker Change: Cut back half of the year.
Yeah.
Speaker Change: Does that makes sense.
Speaker Change: What's the typical time to onboard some of the larger customers.
Speaker Change: Two or three quarters type of thing or how should we think about that.
Speaker Change: No I think it should be faster than that as I mentioned in the last question. It really does depend on the complexity of the customer and the specific product didn't purchase though.
Speaker Change: This participant data subscription once we provision them, we can start recognizing that.
But if it's a usage based contract related to download to California than it really is about getting the users up and running and sometimes that's globally.
Speaker Change: And getting them to start using the task orders more more regularly so.
Speaker Change: And that is it really depends on the on the contract.
Speaker Change: [laughter].
Speaker Change: Got it and if I could squeeze one more in for will.
Speaker Change: Around the competitive landscape for tasking and your data analytics, obviously with planet scoped, it kind of a one of a kind there, but youre follow through ability to upsell analytics and upsell tasking, what's that competitive environment like these days relative to some of your peers bigger and smaller.
Speaker Change: Great question, Yes, I mean, obviously the daily scan is pretty much unique and that's what's driving it is the most applicable dataset for AI because it's a continuous data set the same sun angles everyday.
Speaker Change: You always know that this on everywhere and so actually.
Speaker Change: Having this data steep stack of over 2500 images every point in the launch manifest in the Earth is the sort of datasets everyone's training on less the tasking system.
Speaker Change: System is where there's other players of course have tasking.
Speaker Change: <unk>.
Speaker Change: We are competitive from a legal reasons, we put a lot of capacity the fastest revisit rates.
Speaker Change: <unk> system.
Speaker Change: And that is the complementarity between the two where you find changes in the timing of Skype data that you then want to take a look at which is instead of assistant we go to Tim Mchugh that no one else can do because no one else does it stand now just talking as we move forward, obviously, one of the exciting things with Pelican.
Speaker Change: Is that not only are we improving the resolution on that we're improving the capacity for us online on that but.
Speaker Change: With the twin new capabilities.
On this next paddock and literally just got to the other ones signed today and it had a satellite to satellite communications to get task.
Speaker Change: And images taken faster.
Speaker Change: <unk> has this latest Nvidia chip.
Speaker Change: <unk> enables.
Speaker Change: Enables us I think it's the fastest processor in space and it basically enables us to do AI on the edge that means you can do things like say, hey look over say a picture of it.
Speaker Change: Area of water detect ships automatically and just send down the pixels around that shifts over to say that speeds up time from hours to minutes and that's critical for a number of important application. So so.
Speaker Change: We're differentiated today, we continue to invest to make it.
Speaker Change: Better and better.
Speaker Change: And the complementary nature between our datasets as always have been.
Speaker Change: Great. Thanks, Thanks, Paul Thanks Ashton.
Speaker Change: Thank you.
Speaker Change: Yes.
Speaker Change: Thank you all for your questions.
Speaker Change: As a reminder, it is star one to ask a question and start to Germany.
Speaker Change: Our next question today comes from Jeff Van <unk> with Craig Hallum. Your line is now open.
Speaker Change: Great. Thanks, Ashley Wilson, Congrats it's got a lot of like two to smile about here a couple of questions for me on the topline outlooks for 2006, I know, you're not giving a guide, but you've got obviously quite a bit better visibility you've got a bunch of signings that gets at the timing of go lives is going to be unpredictable, but if you look out.
Speaker Change: Q4, so a year from now next year is there a floor or a growth rate at which you'd be comfortable saying hey based on the visibility. We have we certainly should be able to grow at least ask at this point.
Speaker Change: Yes.
Speaker Change: Yes, it's a good question, obviously, we're not giving guidance at 26 at this time, but as as will mentioned really pleased with the way. The teams are executing and seeing such a strong bookings quarter that does start to give us visibility into next year of that committed revenue base.
And as we continue to invest in some of these core growth initiatives, specifically leveraging AI as a strategic vector for both expanding with existing customers and opening new markets.
Speaker Change: It gives us a lot of confidence in our business our ability to reaccelerate the business knowing that these things take time to really drive these go to market transitions and operating models and everything else. So.
Speaker Change: I feel really good about the outlook.
Speaker Change: We can start to see revenue accelerate I'd be cautious about.
Speaker Change: How quickly we start to see that acceleration cautiously optimistic that it can be the early part of next year and feeling particularly optimistic that the back half of next year should really see xiaomi acceleration hope that helps.
Speaker Change: Yeah, Yeah, Yeah I appreciate it I appreciate the effort.
Speaker Change: And then on Capex.
Speaker Change: In September I think you had commented that you expected it to 13% to $60 million run rate for foreseeable future. If I have it right. I think you did $8 9 million this quarter, you're guiding to eight to 11.
Speaker Change: You commented the timing this quarter is that the same next quarter or is there a new thought process in terms of expected capex.
Speaker Change: Yeah It is timing.
Speaker Change: As I said, we're always balancing.
The desire to get the fleet.
Speaker Change: <unk> in Canada is up and running faster and just.
Balancing that with cash burn and maintaining a strong balance sheet. So.
Speaker Change: And just looking at the timing of upcoming launches.
Speaker Change: Yeah.
Speaker Change: We feel like that.
Speaker Change: We feel like that the lower.
Speaker Change: Lower guide for the back half of the year and Capex is more in line with what we're likely to see them, but definitely don't have any specific concerns around our supply chain and a lot of this is just coming down to the ability of our teams to be very agile in how they operate and scale up.
Speaker Change: You know as we we see opportunity.
Speaker Change: Go ahead please.
Speaker Change: Great last one and then maybe for me on Pelican.
Speaker Change: Obviously, congrats it looks like that's going to be up soon hopefully January. Thank you commented.
Speaker Change: How should we think about time to revenue there just any sense of.
Speaker Change: How booked up so to speak that that unit is how quickly you can reach high utilization just pass through revenue for the.
Speaker Change: For that capability.
Speaker Change: Well, let me just coming out of the top level of the of course, we already have an existing book of business in that mine in the Sky that book of business that that that is pelicans will be taking on.
Speaker Change: And then with our new capabilities I just mentioned in my previous answer.
Speaker Change: Better resolution more capacity comes online.
Speaker Change: And faster delivery.
Speaker Change: Just overall, we believe there is greater customer value. So we will drive.
Speaker Change: That value up I'd say so yeah.
Speaker Change: That's why we see so you are going.
Speaker Change:
Speaker Change: And we'll be ramping that this next year.
Speaker Change: Got it thank you.
Speaker Change: Yeah.
Speaker Change: Our next question comes from Caleb Henry with coffee space. Your line is now open.
Speaker Change: Alright. Thank you just one question from me is on the Sky sets in the Pelicans. It looks like the all of the Pelican excuse me all of the Sky satellite. So we're in the inclined orbit has since been de orbited I'm. Just curious if you had any kind of lessons learned from that.
I think it was six or seven satellites and then how that influences. The Pelican fleet will those all be in SSO orbitz or will you kind of mix them up with declined.
Speaker Change: Yeah. Good question, that's right I mean, firstly, what we learned was that having inclined planes was really helpful for our cadence and we will be doing that same sort of architecture with the kind of consistent that is a combination of something somebody an inclined plane.
Lines.
Speaker Change: Yes, I mean, the rapid revisit I mean, the good thing is that what we've seen is as those.
Speaker Change: <unk> dropped off we have been able to constantly increase the capacity side.
Speaker Change: <unk> such that we more than kept up with the total capacity for what the inclined plane does is it gives us more revisit rate. So as we build into the inclined plane cited with Pelican will pick that back up again as well.
Speaker Change: [laughter].
Speaker Change: That makes sense. Okay can you kind of clarify yeah, I think I got most of it.
You mentioned, having kind of kept up pace can you clarify what exactly that means.
Speaker Change: Just in terms of total capacity. So a number of collection, we can collect overall in the system. So I mean, I think last year, we mentioned that that year alone we more than doubled the capacity of our sky per satellite and so.
Yes.
Speaker Change: Few so sky offense that we lost because of atmospheric tagging and the solar radiation that we've been talking about.
Speaker Change: Set a maximum.
Speaker Change: The overall capacity of the entire fleet is actually done.
Speaker Change: Yeah.
Speaker Change: Okay. So in that case.
Speaker Change: <unk>.
Speaker Change: The satellites that are gone that doesn't put any pressure accelerated pressure on kind of refreshing the fleet with pelican.
Speaker Change: Well I mean, we wanted to do that.
Speaker Change: We bought a motivation to do that because we want to improve the system anyway, but yeah of course are continuing as sky is.
Speaker Change: As part of that mission, but its more its more important is the upgrades I was talking about earlier that gives us even more capability to sidelines and most market value and demand.
Speaker Change: Understood. Okay. That's all my questions. Thank you.
Speaker Change: Alright.
Thank you all for your questions.
Speaker Change: No no no other questions in queue. So I'll pass the conference back to Bill Marshall for any closing remarks.
Bill Marshall: Well, thanks, everyone for joining I think in summary.
Bill Marshall: Firstly, we're really.
Bill Marshall: Pleased with our significant improvements in the fundamentals of the business, especially as we fast approach adjusted EBITDA profitability.
Bill Marshall: In this quarter now.
Bill Marshall: Secondly, we secured multiple with large government contracts in Q3, which we expect it to ramp into the is.
Bill Marshall: Strongest ever ACD bookings quarter, and said that lays the ground work growth ahead thirdly, we are seeing further accelerant because of AI that is driving new adoption of our datasets as well as exciting new datasets coming online with Pelican and in Canada.
Bill Marshall: So overall, we feel good about our ability to accelerate growth coming into next year and I would just like to end by thanking our teams across <unk>.
Bill Marshall: Across the world for the huge dedication to getting us to where we are today. Thanks a lot.
Okay.
Bill Marshall: Okay.
Speaker Change: That will conclude today's conference call. Thank you all for your participation you may now disconnect your line.