Planet Reports Financial Results for First Quarter of Fiscal Year 2023
Planet Labs PBC reported record first quarter revenue of $40.1 million, reflecting a 26% year-over-year growth. The company announced an industry-recognized EOCL contract with the U.S. National Reconnaissance Office, enhancing its position in government sectors. With 826 customers and a strong cash position of $484 million, Planet anticipates revenue growth to more than double year-over-year for FY’23. Additionally, Q2 revenue is projected to range from $41 million to $43 million, signaling continued momentum in its unique data subscription business.
- First quarter revenue increased 26% year-over-year to $40.1 million.
- Achieved a customer count milestone of 826, up 23% year-over-year.
- Non-GAAP Gross Margin expanded to 45%, compared to 41% in the previous year.
- Secured EOCL contract with the NRO, expanding government sector access.
- Guidance for Q2 indicates revenue growth rate of 38% year-over-year.
- Adjusted EBITDA expected to be negative, ranging from ($70) million to ($60) million for FY’23.
- Despite growth, reliance on contracts may present revenue unpredictability.
Continued Acceleration with Record First Quarter Revenue of
Received Landmark EOCL Award by the
Expects Revenue Growth Rate to More than Double YoY for FY’23
“Our results for the first quarter are strong across the board and show continued acceleration of growth. Our products are unique to the industry and we see increasing demand across a diverse set of vertical markets,” said
Fiscal First Quarter 2022 Financial and Key Metric Highlights:
-
First quarter revenue increased
26% year-over-year to$40.1 million -
Percent of Recurring Annual Contract Value (ACV) for the first quarter was
92% . -
End of Period (EoP) Customer Count increased
23% year-over-year to 826 customers. -
Net dollar retention rate for the quarter was
105% with and without winbacks. -
First quarter gross margin expanded to
41% , compared to40% in the first quarter of fiscal year 2022. First quarter Non-GAAP Gross Margin(1) expanded to45% , compared to41% in the first quarter of fiscal year 2022. -
Ended the quarter with
$484 million
(1) Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, please find below a reconciliation to the most directly comparable
Recent Business Highlights:
Growing Customer and Partner Relationships:
-
EOCL:
Planet Labs Federal, Inc. , Planet’s wholly owned subsidiary, was selected by the NRO for an award to the Electro-Optical Commercial Layer (EOCL) contract. Planet Federal’s EOCL award will enable the NRO and its partners to access Planet’s high and medium resolution, daily satellite imagery for an initial period of up to five years, with options to extend the contract up to a total contract performance period of 10 years. Through the award, users will also have access to Planet’s unequaled archive dating back to 2009. - Bayer: Planet signed an expansion with Bayer AG, a global company with core competencies in the life science fields of healthcare and nutrition, to develop digital solutions to support sustainable agriculture and drive supply chain efficiency. Using Planet’s Fusion data, along with high resolution SkySat data can help to better understand historical and in-season performance, and empower their data scientists to generate valuable insights that have the potential to support production globally.
- Moody’s: Planet entered into an agreement with Moody’s, a leading global integrated risk assessment firm serving financial markets, to explore and address the growing demand for assessing and monitoring solutions on Environmental, Social and Governance (ESG) risks. Planet and Moody’s plan to address how Planet’s high-cadence geospatial data and Moody’s market-leading entity data, methodologies, and products can be leveraged to further refine Moody’s existing offerings spanning ESG, Know-Your-Customer, supply chain and commercial real estate through real-time, on-the ground insights.
Building New Technologies and Missions:
- Pelican Next Generation High Resolution Satellites: Planet announced specifications for its next generation of high-resolution satellites. Pelican is expected to meet the evolving needs of customers who want real-time information about global events as they unfold – from floods and wildfires to conflicts and threats to human rights. Pelican is designed to image at up to 30 cm resolution and to task images of the same location 12 times per day, and up to 30 opportunities in mid-latitudes.
Supporting Ukraine Response:
- Planet remains committed to transparency and accountability and will continue to help others to leverage its services in timely and responsible ways, including across governments, NGOs, and media.
-
Planet is working with and supplying data to nearly 30 NGOs and intergovernmental bodies who are leveraging Planet’s data to support a number of humanitarian operations in the
Ukraine , such as: civilian evacuation and planned de-mining operations; conducting building damage assessments; tracking alleged human rights abuses; and trying to mitigate and measure impacts to global food security.
Impact and Education:
- Planet’s robust Education and Research (E&R) program has led to its satellite data being used in over 2,000 publications. Planet’s E&R program often leads to new use cases of Planet’s data and better forecasts of resultant economic and geopolitical effects.
-
Planet announced that Planet’s PlanetScope and SkySat data have officially joined the
European Space Agency (ESA) Third Party Mission Programme. Through the ESA Earthnet Programme, researchers, scientists and companies from around the world can apply to access Planet’s high-frequency, high-resolution satellite data for non-commercial use.
Financial Outlook
For the second quarter of fiscal year 2023, Planet expects revenue to be in the range of approximately
For fiscal year 2023, Planet has updated its revenue outlook and expects it to be in the range of approximately
Planet has not reconciled its Non-GAAP Gross Margin outlook, which is derived from Non-GAAP Gross Profit, and Adjusted EBITDA outlook to their most directly comparable GAAP measures (gross profit and net loss, respectively) because certain items that impact gross profit and net loss, such as stock-based compensation expenses and (in the case of Adjusted EBITDA) depreciation and amortization, are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the second quarter of fiscal year 2023 and fiscal year 2023 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Non-GAAP Gross Margin outlook and Adjusted EBITDA outlook to gross profit margin and net loss, respectively, is not available without unreasonable efforts.
The foregoing forward-looking statements reflect Planet’s expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.
Webcast and Conference Call Information
Planet will host a conference call at
Additionally, a supplemental Fiscal 1Q’23 Update presentation has been made available on Planet’s investor relations page.
About
Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites, capturing over 30 TB of data per day. Planet provides mission-critical data, advanced insights, and software solutions to over 800 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation trading on the
Planet’s Use of Non-GAAP Financial Measures
This press release includes Non-GAAP Gross Profit, Non-GAAP Gross Margin, which is derived from Non-GAAP Gross Profit, Adjusted EBITDA and certain non-GAAP expenses described further below, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with
Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with
Planet calculates these non-GAAP financial measures as follows:
Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation expenses and amortization of acquired intangible assets classified as cost of revenue, and Non-GAAP Gross Margin as the percentage of Non-GAAP Gross Profit to revenue.
Adjusted EBITDA: The Company defines and calculates Adjusted EBITDA as net loss before the impact of interest income and expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation; change in fair value of convertible notes and warrant liabilities; gain or loss on the extinguishment of debt; and non-operating income and expenses such as foreign currency exchange gain or loss.
Non-GAAP Expenses: The Company defines and calculates Non-GAAP cost of revenue, Non-GAAP research and development expenses, Non-GAAP sales and marketing expenses, and Non-GAAP general and administrative expenses as, in each case, the corresponding
Other Key Metrics
Percent of Recurring ACV: The Company defines Annual Contract Value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. The Company defines Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts divided by the total dollar value of all contracts in its ACV Book of Business at a specific point in time. The Company defines ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts. The Company believes Percent of Recurring ACV is a useful metric for investors and management to track as it helps to illustrate how much of its revenue comes from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. In calculating Percent of Recurring ACV, management applies judgment as to which customers have an active contract at a period end for the purpose of determining ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV.
EoP Customer Count: The Company defines EoP Customer Count as the total count of all existing customers at the end of the period. It defines existing customers as customers with an active contract with the Company at the end of the reported period. For the purpose of this metric, the Company defines a customer as a distinct entity that uses its data or services. The Company sells directly to customers, as well as indirectly through its partner network. If a partner does not provide the end customer’s name, then the partner is reported as the customer. Each customer, regardless of the number of active opportunities with the Company, is counted only once. For example, if a customer utilizes multiple products of the Company, the Company only counts that customer once for purposes of EoP Customer Count. A customer with multiple divisions, segments, or subsidiaries are also counted as a single unique customer based on the parent organization or parent account. The Company believes EoP Customer Count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of its platform and is a measure of its success in growing its market presence and penetration. In calculating EoP Customer Count, management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses the Company’s data or services.
Net Dollar Retention Rate including Winbacks: The Company defines Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. A winback is a previously existing customer who was inactive at the start of the fiscal year, but has reactivated during the same fiscal year period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is assumed as a new customer. We believe this metric is useful to investors as it captures the value of customer contracts that resume business with the Company after being inactive and thereby provides a quantification of the Company’s ability to recapture lost business. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV above. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers.
Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company’s data services and related revenue, and to provide a comparable view of the Company’s performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company’s data to clients. As a result of the Company’s strategy and business model, the Company’s capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company’s performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company’s relative capital efficiency.
Forward-looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the Company’s ability to capture market opportunity; whether and when the Company will be able to execute on its growth initiatives; whether the Company will realize any of the potential benefits from strategic acquisitions; whether the Company will be able to successfully build or deploy its satellites, including new satellites that are in development; whether the Company will be able to continue to invest in scaling its sales organization and expanding its software engineering capabilities; how the Company will execute on its partnerships and contracts and how the Company’s partners and customers will utilize the Company’s data; and the Company’s financial outlook. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “continue” and similar expressions or the negative thereof, or discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals, are intended to identify such forward-looking statements. Forward-looking statements are based on the Company’s management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s limited operating history making it difficult to predict its future operating results; the Company’s expectations that its operating expenses will increase substantially for the foreseeable future; whether the market for the Company’s products and services that is built upon its data set, which has not existed before, will grow as expected; the Company’s ability to manage its growth effectively; whether current customers or prospective customers adopt the Company’s platform; whether the Company will be able to compete effectively with the increasing competition in its market from commercial entities and governments; the Company’s ability to continue to capture certain high-value government procurement contracts; the Company’s ability to obtain or maintain regulatory approvals and/or adhere to regulatory requirements, including those related to the Company’s ability to operate as a government contractor with the required security clearances; changes in government policies regarding the use of commercial data or satellite operators, material delay or cancellation of certain government programs, government spending authorizations and budgetary priorities; changes in general global economic conditions, the Company’s operations (including the development, launch and operation of satellites) or other unforeseen circumstances that may alter or delay the Company’s ability to perform under future contracts and may impact the renewal and final profitability of such contracts; the cancellation of contracts by the government and any potential contract options which may or may not be exercised by the government in the future; whether the Company is subject to any risks as a result of its global operations, including, but not limited to, being subject to any hostile actions by a government or other state actor; the Company’s international operations creating business and economic risks that could impact its operations and financial results; the interruption or failure of the Company’s satellite operations, information technology infrastructure or loss of its data storage, whether by cyber-attacks or other adverse events that limit its ability to perform its daily operations effectively and provide its products and services; whether the Company experiences any adverse events, such as delayed launches, launch failures, its satellites failing to reach their planned orbital locations, its satellites failing to operate as intended, being destroyed or otherwise becoming inoperable, the cost of satellite launches significantly increasing and/or satellite launch providers not having sufficient capacity; the Company’s satellites not being able to capture Earth images due to weather, natural disasters or other external factors, or as a result of its constellation of satellites having restrained capacity; if the Company is unable to develop and release product and service enhancements to respond to rapid technological change, or to develop new designs and technologies for its satellites, in a timely and cost-effective manner; downturns or volatility in general economic conditions, including as a result of the current COVID-19 pandemic, including any variants thereof, or any other outbreak of an infectious disease; the effects of acts of terrorism, war or political instability, both domestically and internationally, including the current events involving
PLANET CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||||
(In thousands, except share and par value amounts) |
|
|
|
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
484,489 |
|
|
$ |
490,762 |
|
Accounts receivable, net |
|
24,581 |
|
|
|
44,373 |
|
Prepaid expenses and other current assets |
|
18,192 |
|
|
|
16,385 |
|
Total current assets |
|
527,262 |
|
|
|
551,520 |
|
Property and equipment, net |
|
125,329 |
|
|
|
133,280 |
|
Capitalized internal-use software, net |
|
11,105 |
|
|
|
10,768 |
|
|
|
103,219 |
|
|
|
103,219 |
|
Intangible assets, net |
|
13,604 |
|
|
|
14,197 |
|
Restricted cash, non-current |
|
5,653 |
|
|
|
5,743 |
|
Operating lease right-of-use assets |
|
7,035 |
|
|
|
— |
|
Other non-current assets |
|
2,787 |
|
|
|
2,714 |
|
Total assets |
$ |
795,994 |
|
|
$ |
821,441 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
3,168 |
|
|
$ |
2,850 |
|
Accrued and other current liabilities |
|
43,184 |
|
|
|
48,823 |
|
Deferred revenue |
|
60,672 |
|
|
|
64,233 |
|
Liability from early exercise of stock options |
|
15,239 |
|
|
|
16,135 |
|
Operating lease liabilities, current |
|
7,188 |
|
|
|
— |
|
Total current liabilities |
|
129,451 |
|
|
|
132,041 |
|
Deferred revenue |
|
— |
|
|
|
3,579 |
|
Deferred hosting costs |
|
12,199 |
|
|
|
12,149 |
|
Public and private placement warrant liabilities |
|
19,948 |
|
|
|
23,224 |
|
Deferred rent |
|
— |
|
|
|
798 |
|
Operating lease liabilities, non-current |
|
2,271 |
|
|
|
— |
|
Other non-current liabilities |
|
1,419 |
|
|
|
1,405 |
|
Total liabilities |
|
165,288 |
|
|
|
173,196 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock |
|
27 |
|
|
|
27 |
|
Additional paid-in capital |
|
1,450,098 |
|
|
|
1,423,151 |
|
Accumulated other comprehensive income |
|
2,271 |
|
|
|
2,096 |
|
Accumulated deficit |
|
(821,690 |
) |
|
|
(777,029 |
) |
Total stockholders’ equity |
|
630,706 |
|
|
|
648,245 |
|
Total liabilities and stockholders’ equity |
$ |
795,994 |
|
|
$ |
821,441 |
|
PLANET CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) |
|||||||
|
Three Months Ended |
||||||
(In thousands, except share and per share amounts) |
2022 |
|
2021 |
||||
Revenue |
$ |
40,127 |
|
|
$ |
31,957 |
|
Cost of revenue |
|
23,628 |
|
|
|
19,126 |
|
Gross profit |
|
16,499 |
|
|
|
12,831 |
|
Operating expenses |
|
|
|
||||
Research and development |
|
24,750 |
|
|
|
12,130 |
|
Sales and marketing |
|
18,855 |
|
|
|
10,653 |
|
General and administrative |
|
20,608 |
|
|
|
8,315 |
|
Total operating expenses |
|
64,213 |
|
|
|
31,098 |
|
Loss from operations |
|
(47,714 |
) |
|
|
(18,267 |
) |
Interest expense |
|
— |
|
|
|
(2,527 |
) |
Change in fair value of convertible notes and warrant liabilities |
|
3,276 |
|
|
|
(8,026 |
) |
Other income (expense), net |
|
392 |
|
|
|
(177 |
) |
Total other income (expense), net |
|
3,668 |
|
|
|
(10,730 |
) |
Loss before provision for income taxes |
|
(44,046 |
) |
|
|
(28,997 |
) |
Provision for income taxes |
|
314 |
|
|
|
258 |
|
Net loss |
|
(44,360 |
) |
|
|
(29,255 |
) |
Other comprehensive loss |
|
|
|
||||
Foreign currency translation adjustment, net of tax |
|
175 |
|
|
|
274 |
|
Comprehensive loss |
$ |
(44,185 |
) |
|
$ |
(28,981 |
) |
Basic and diluted net loss per share attributable to common stockholders |
$ |
(0.17 |
) |
|
$ |
(0.64 |
) |
Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders |
|
264,088,997 |
|
|
|
45,722,408 |
|
PLANET CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
|||||||
|
Three Months Ended |
||||||
(In thousands) |
2022 |
|
2021 |
||||
Operating activities |
|
|
|
||||
Net loss |
$ |
(44,360 |
) |
|
$ |
(29,255 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
||||
Depreciation and amortization |
|
11,625 |
|
|
|
11,475 |
|
Stock-based compensation, net of capitalized cost |
|
19,822 |
|
|
|
3,102 |
|
Change in fair value of convertible notes and warrant liabilities |
|
(3,276 |
) |
|
|
8,026 |
|
Deferred income taxes |
|
28 |
|
|
|
126 |
|
Amortization of debt discount and issuance costs |
|
— |
|
|
|
759 |
|
Other |
|
476 |
|
|
|
(31 |
) |
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
19,982 |
|
|
|
16,877 |
|
Prepaid expenses and other assets |
|
(403 |
) |
|
|
771 |
|
Accounts payable, accrued and other liabilities |
|
(3,712 |
) |
|
|
742 |
|
Deferred revenue |
|
(6,947 |
) |
|
|
(12,050 |
) |
Deferred hosting costs |
|
231 |
|
|
|
3,864 |
|
Deferred rent |
|
— |
|
|
|
(524 |
) |
Net cash provided by (used in) operating activities |
|
(6,534 |
) |
|
|
3,882 |
|
Investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(2,861 |
) |
|
|
(1,847 |
) |
Capitalized internal-use software |
|
(645 |
) |
|
|
(767 |
) |
Other |
|
(146 |
) |
|
|
(152 |
) |
Net cash used in investing activities |
|
(3,652 |
) |
|
|
(2,766 |
) |
Financing activities |
|
|
|
||||
Proceeds from the exercise of common stock options |
|
4,963 |
|
|
|
2,156 |
|
Class A common stock withheld to satisfy employee tax withholding obligations |
|
(411 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
4,552 |
|
|
|
2,156 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(649 |
) |
|
|
(40 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(6,283 |
) |
|
|
3,232 |
|
Cash, cash equivalents and restricted cash at the beginning of the period |
|
496,814 |
|
|
|
76,540 |
|
Cash, cash equivalents and restricted cash at the end of the period |
$ |
490,531 |
|
|
$ |
79,772 |
|
PLANET RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) |
||||||||
|
|
Three Months Ended |
||||||
(in thousands) |
|
2022 |
|
2021 |
||||
Net loss |
|
$ |
(44,360 |
) |
|
$ |
(29,255 |
) |
Interest expense |
|
|
— |
|
|
|
2,527 |
|
Interest income |
|
|
(112 |
) |
|
|
(4 |
) |
Income tax provision |
|
|
314 |
|
|
|
258 |
|
Depreciation and amortization |
|
|
11,625 |
|
|
|
11,475 |
|
Change in fair value of convertible notes and warrant liabilities |
|
|
(3,276 |
) |
|
|
8,026 |
|
Stock-based compensation |
|
|
19,822 |
|
|
|
3,102 |
|
Other (income) expense |
|
|
(280 |
) |
|
|
181 |
|
Adjusted EBITDA |
|
$ |
(16,267 |
) |
|
$ |
(3,690 |
) |
PLANET
RECONCILIATION OF |
|||||||
|
Three Months Ended |
||||||
(in thousands) |
2022 |
|
2021 |
||||
Reconciliation of cost of revenue: |
|
|
|
||||
GAAP cost of revenue |
$ |
23,628 |
|
|
$ |
19,126 |
|
Less: Stock-based compensation |
|
1,319 |
|
|
|
234 |
|
Less: Amortization of acquired intangible assets |
|
431 |
|
|
|
— |
|
Non-GAAP cost of revenue |
$ |
21,878 |
|
|
$ |
18,892 |
|
|
|
|
|
||||
Reconciliation of gross profit: |
|
|
|
||||
GAAP gross profit |
$ |
16,499 |
|
|
$ |
12,831 |
|
Add: Stock-based compensation |
|
1,319 |
|
|
|
234 |
|
Add: Amortization of acquired intangible assets |
|
431 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
18,249 |
|
|
$ |
13,065 |
|
GAAP gross margin |
|
41 |
% |
|
|
40 |
% |
Non-GAAP gross margin |
|
45 |
% |
|
|
41 |
% |
|
|
|
|
||||
Reconciliation of operating expenses: |
|
|
|
||||
GAAP research and development |
$ |
24,750 |
|
|
$ |
12,130 |
|
Less: Stock-based compensation |
|
8,229 |
|
|
|
1,056 |
|
Less: Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
Non-GAAP research and development |
$ |
16,521 |
|
|
$ |
11,074 |
|
GAAP sales and marketing |
$ |
18,855 |
|
|
$ |
10,653 |
|
Less: Stock-based compensation |
|
3,637 |
|
|
|
636 |
|
Less: Amortization of acquired intangible assets |
|
153 |
|
|
|
— |
|
Non-GAAP sales and marketing |
$ |
15,065 |
|
|
$ |
10,017 |
|
GAAP general and administrative |
$ |
20,608 |
|
|
$ |
8,315 |
|
Less: Stock-based compensation |
|
6,637 |
|
|
|
1,176 |
|
Less: Amortization of acquired intangible assets |
|
80 |
|
|
|
363 |
|
Non-GAAP general and administrative |
$ |
13,891 |
|
|
$ |
6,776 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005976/en/
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