Planet Labs PBC Q3 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jason Gursky - Citi - Analyst : Good afternoon, everybody. And just wanted to dive a little bit more into the go-to-market strategy and have you discuss a little bit about this idea of whale on dog and going after really, really large contracts. Just kind of curious if there are any you're talking about seven figure potential contracts out there, but are there any eight or nine figure contracts that you have the opportunity to go after here? And maybe just talk a little bit about where you're seeing the greatest opportunities from a geographic perspective? Thank you.

Question: Jason Gursky - Citi - Analyst : Yeah. I'm sorry, I'm at an airport. I'm going to leave it there at three weeks ago. So taking what was coming.

Question: Trevor Walsh - JMP Securities - Analyst : Great. Hi, team. Thanks for taking my questions and congrats on a solid set of results. I will start with you if I can Congrats on the successful launch of Pelican. [It sounds like the initial and] Demo days helping you guys can give some good lessons learned. Just curious if I know in the last earnings call you reiterated or confirmed that there's not necessarily a revenue opportunity kind of driving from this Pelican one satellite. But can you maybe help us understand a little bit better as to what the uplift potential within current accounts might be from the new set of spacecraft just being that they are in fact, you have just higher as higher revisit all the kind of technical abilities that are added are better with Pelican and then also the low cost, like just kind of how from a top line perspective that might how you guys are looking at that will move prices increase potentially there around those capabilities is how will customers kind of feel that I guess in terms of what they're what they're paying currently versus later? Thanks.

Question: Trevor Walsh - JMP Securities - Analyst : Yes, absolutely. I appreciate the color. And then if I could just one one follow-up maybe for Ashley, about the well, so feel free to chime in too good, good work on the new customer count, accelerating some kind of in the quarter. We just at least as we look at our model, it looked like the revenues REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 07, 2023 / 10:00PM, PL.N - Q3 2024 Planet Labs PBC Earnings Call for average number of customers may have ticked down and just wondering if that's a result of maybe a larger number of our smaller customers kind of entering the cohort of this quarter? And if that is the right way to look at it is that kind of a signal of some of your go-to-market improvement efforts around whether it's the self-serve platform or some of the partner-led motions kind of bearing fruit and bringing some a smaller, smaller group of smaller customers into the into the mix this quarter? Thanks.

Question: Trevor Walsh - JMP Securities - Analyst : Great. Thank you both so much. Appreciate it.

Question: Michael Latimore - Northland - Analyst : Great. Thanks very much. What are you thinking about in terms of the and the our number for the fourth quarter? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 07, 2023 / 10:00PM, PL.N - Q3 2024 Planet Labs PBC Earnings Call

Question: Michael Latimore - Northland - Analyst : Okay. And then you seem positive on the US government opportunities in the pipeline, can you mentioned a use case or two that might be in the mix there?

Question: Michael Latimore - Northland - Analyst : Okay, great. Thanks so much.

Question: Noah Poponak - Goldman Sachs - Analyst : Hello, everyone.

Question: Noah Poponak - Goldman Sachs - Analyst : With the [SEC] expanding defense and intel and civil government opportunity set that you're referencing? Are there contract names you can cite that we can follow? Or is it some combination of smaller classified or extension or reprogrammed or something that we can't follow?

Question: Noah Poponak - Goldman Sachs - Analyst : We'll continue being the one or two largest, [Stephen], you're understanding it's maybe a pool of with no single one that's much larger than the others. But whether it's size or just I think what's most exciting to you because of what it means for your future. Just something we could track, it could be helpful.

Question: Noah Poponak - Goldman Sachs - Analyst : Okay. Great. From on the commercial side, actually you made a comment about working with your partner network kind of like while you wait for the end market to come back to you or the broader or the set of end markets come back to you or I guess maybe the macro to come back. Can you expand on that? Like what are you actually doing? Why are the why are the partner networks willing to do that? How does that help you want demand comes back.

Question: Noah Poponak - Goldman Sachs - Analyst : Okay, great. Thank you so much. I appreciate it.

Question: Edison Yu - Deutsche Bank - Analyst : Thanks for taking the questions. One doubts about the cadence of growth in [4Q]. The implied is 6% to 11%. You think that represents perhaps the bottom given that some of the headwinds go away in the first quarter, do you see that sort of a bottom in terms of year-over-year growth?

Question: Edison Yu - Deutsche Bank - Analyst : And just a couple of longer term question in terms of the commercial market, do you have a view on when that might kind of turn around. I understand it's probably not anytime near term, but is this now a couple of years? Is it five years? Just when when do you think that can kind of reaccelerate meaningfully, if you want?

Question: Edison Yu - Deutsche Bank - Analyst : Got it. And just one last one for me. Housekeeping. Can you guys tell us what the or remind us what is the contribution from synergized in the in the full-year number at this point?

Question: Edison Yu - Deutsche Bank - Analyst : Okay. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 07, 2023 / 10:00PM, PL.N - Q3 2024 Planet Labs PBC Earnings Call

Question: Jeff Van Rhee - Craig-Hallum - Analyst : Great, thanks. Just a couple of remaining here. On those sales changes, any measurable evidence you can you can share with respect to the sales changes working either, you know, concrete improvements in cycles or other measurables. I know you're focusing on the big deals, automation, making it easier to work with you but any even if they're green shoots, any concrete evidence that the changes are having positive impact?

Question: Jeff Van Rhee - Craig-Hallum - Analyst : Okay. And then one brief one on synergies. I know you just touched on it, the four to six for the year. Just curious if you'd expand or there's any other color to provide there any behavioral clues that have been provided by the existing synergized base the way they've reacted thus far? Any other indications of either upside or downside to what you thought you bought there?

Question: Jeff Van Rhee - Craig-Hallum - Analyst : Okay. Fair enough. Thank you.

Question: Chris Quilty - Quilty Space - Analyst : Thank you. I just wanted to follow up on just a little bit on the Pelican, congrats on that initial launch. And obviously beyond the normal first flight and calibration of the satellite, you've also got a different element to it, which is the altitude and altitude maintenance? And do you have an idea of how long you expect to go through validation before you can sort of make the decision to pull the trigger on the bigger commitment to the fleet?

Question: Chris Quilty - Quilty Space - Analyst : Got you. And I'm sorry, I had that mobile phone problem. Are you still on taking in new customers on the early access program? And have you seen any growth in that pipeline?

Question: Chris Quilty - Quilty Space - Analyst : Yes. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 07, 2023 / 10:00PM, PL.N - Q3 2024 Planet Labs PBC Earnings Call

Question: Chris Quilty - Quilty Space - Analyst : And did you provide the expected CapEx on that program and over what time frame -- looking for first launch?

Question: Chris Quilty - Quilty Space - Analyst : Great. And final question. Just you talked about the latency with the RF cross links on the Pelican um, I think that was announced the other C-band SES, but you also had an announcement with Telesat and KA. Can you just give any color on how that's proceeding and do you need any specific FCC licenses to operate those cross links? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 07, 2023 / 10:00PM, PL.N - Q3 2024 Planet Labs PBC Earnings Call

Question: Chris Quilty - Quilty Space - Analyst : Great. Thanks a bunch, guys.