Planet Labs PBC (PL) 2023 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Planet Labs PBC Fiscal Year 2023 Earnings Call. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的 Planet Labs PBC 2023 財年收益電話會議。我叫漢娜，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Chris Genualdi, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給我們的主持人，投資者關係副總裁 Chris Genualdi。請繼續。

Hello and welcome to Planet's Fourth Quarter and Full Fiscal Year 2023 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 financial outlook. Any forward-looking statements are based on management's current outlook, plans, estimates, expectations and projections. The inclusion of such forward-looking information should not be regarded as a representation by Planet that 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.

大家好，歡迎來到 Planet 的第四季度和 2023 財年完整財報電話會議。在我們開始今天的電話會議之前，我們想提醒大家，我們可能會做出與未來事件或我們的財務前景相關的前瞻性陳述。任何前瞻性陳述均基於管理層當前的展望、計劃、估計、預期和預測。包含此類前瞻性信息不應被 Planet 視為將實現未來計劃、估計或預期的陳述。此類前瞻性陳述受各種風險、不確定性和假設的影響，詳見我們向美國證券交易委員會提交的文件，這些文件可在 www.sec.gov 上找到。

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 unanticipated events.

我們的實際結果或業績可能與此類前瞻性陳述所表明的結果或表現存在重大差異，我們不承擔更新此類前瞻性陳述以反映陳述作出之日後的事件或情況或反映發生的事件或情況的責任意外事件。

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 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 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.

在電話會議期間，我們還將討論非 GAAP 財務措施。我們將這些非 GAAP 財務指標用於財務和運營決策，並作為評估期間比較的手段。我們相信，這些措施提供了有關經營業績的有用信息，增強了對過去財務業績和未來前景的整體了解，並提高了管理層在其財務和經營決策中使用的關鍵指標的透明度。有關非 GAAP 財務措施的更多信息，請參閱我們今天下午早些時候發布的新聞稿中提供的調節表。

Further, 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 release.

此外，在整個電話會議中，我們提供了許多管理層使用的關鍵績效指標，並且我們行業的競爭對手也經常使用這些指標。這些和其他關鍵績效指標在我們的新聞稿中有更詳細的討論。

Before we jump in, I'd like to encourage everyone to reference the slides we have posted on our Investor Relations website, which are intended to accompany our prepared remarks.

在我們開始之前，我想鼓勵大家參考我們在投資者關係網站上發布的幻燈片，這些幻燈片旨在配合我們準備好的評論。

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.

此時，我想將電話轉給 Planet 的首席執行官、董事長兼聯合創始人 Will Marshall。交給你了，威爾。

Thanks, Chris, and hi, everyone. I'm excited to share with you our results for the fourth quarter of FY '23, which capped of an incredible year for Planet. We'll also share some recent wins, discuss the progress we're making towards building an Earth Data platform, including our announced acquisition of Sinergise and provide an outlook for FY '24. So let's dive in.

謝謝，克里斯，大家好。我很高興與大家分享我們 23 財年第四季度的業績，這對 Planet 來說是令人難以置信的一年。我們還將分享最近的一些成果，討論我們在構建地球數據平台方面取得的進展，包括我們宣布收購 Sinergise，並提供 24 財年展望。所以讓我們開始吧。

During Q4, we generated $53 million in revenue, representing 43% year-over-year growth. For the full year, revenue was $191.3 million, up 46% year-over-year. Our non-GAAP gross margins expanded to 58% for the fourth quarter, an improvement of 16 percentage points year-over-year, demonstrating the positive leverage that we have in our business. For the full year, our non-GAAP gross margins were 53%, an improvement of 15 percentage points year-over-year. We ended the fourth quarter with over 880 unique customers spanning across government and commercial markets.

第四季度，我們創造了 5300 萬美元的收入，同比增長 43%。全年收入為 1.913 億美元，同比增長 46%。我們的非美國通用會計準則毛利率在第四季度擴大至 58%，同比提高 16 個百分點，表明我們在業務中具有積極的槓桿作用。全年，我們的非美國通用會計準則毛利率為 53%，同比提高 15 個百分點。截至第四季度末，我們在政府和商業市場擁有 880 多個獨特客戶。

Before I cover our recent commercial wins, let me first summarize the key takeaways for today's call. For fiscal '23, we exceeded the range we laid out at the beginning of the year, nearly tripling our revenue growth rate, as well as expanding gross margins by 15 percentage points. I'm incredibly proud of this growth acceleration as it reflects the execution and dedication from our teams across the entire company.

在介紹我們最近的商業勝利之前，讓我先總結一下今天電話會議的要點。對於 23 財年，我們超出了年初設定的範圍，收入增長率幾乎翻了三倍，毛利率也提高了 15 個百分點。我為這種增長加速感到無比自豪，因為它反映了我們整個公司團隊的執行力和奉獻精神。

Nearly 2 years ago, as we were going public, we outlined a plan to accelerate growth through systematic investments across product, go-to-market as well as in M&A. And in the last year, we've witnessed the positive effects of those investments in our financial results and KPIs. We are carrying that momentum forward into fiscal 2024. These results tell us 3 things. First, we believe the market for Planet data remains robust. While the macroeconomic climate remains uncertain, we are fortunate to serve a customer base that is diversified across government and commercial sectors. As shared previously, we've seen some caution from our customers in the commercial sector as they navigate the current environment. We've also seen strong demand in the government sector. And our expanded product capabilities and go-to-market reach are continuing to generate new opportunities for Planet at pace.

大約 2 年前，當我們上市時，我們制定了一項計劃，通過對產品、上市以及併購進行系統性投資來加速增長。去年，我們見證了這些投資對我們的財務業績和 KPI 產生的積極影響。我們正在將這種勢頭推進到 2024 財年。這些結果告訴我們三件事。首先，我們認為 Planet 數據市場依然強勁。雖然宏觀經濟環境仍然不確定，但我們很幸運能夠為政府和商業部門的多元化客戶群提供服務。正如之前分享的那樣，我們已經看到商業領域的客戶在應對當前環境時有些謹慎。我們還看到政府部門的強勁需求。我們擴大的產品能力和進入市場的範圍正在繼續為 Planet 帶來新的機會。

Second, our business is on a steady trajectory towards our long-term model. We outlined our long-term targets at our Investor Day, which you can find on our Investor Relations website. You'll see that our business is more aligned with a technology SaaS business, not the traditional space industry models.

其次，我們的業務正朝著我們的長期模式穩步發展。我們在投資者日概述了我們的長期目標，您可以在我們的投資者關係網站上找到這些目標。您會發現我們的業務更符合技術 SaaS 業務，而不是傳統的航天工業模式。

Third, our strong finish positions us well for FY '24 despite the challenging macroeconomic environment. As you'll hear from Ashley, over 60% of our revenue forecast for the year is already committed before factoring in renewals, new business or revenue through the Sinergise acquisition. We expect the secular tailwinds of digital transformation, sustainability transformation as well as global peace and security to continue to drive demand in FY '24. These are monumental transitions that Planet is uniquely positioned to serve.

第三，儘管宏觀經濟環境充滿挑戰，但我們出色的成績為我們在 24 財年做好了準備。正如您從 Ashley 那裡聽到的那樣，在通過收購 Sinergise 計算續約、新業務或收入之前，我們已經承諾了超過 60% 的年度收入預測。我們預計數字化轉型、可持續性轉型以及全球和平與安全的長期順風將繼續推動 24 財年的需求。這些是 Planet 獨特定位服務的巨大轉變。

Therefore, as you'll hear today, we're forecasting strong growth that balances the macro environment while also becoming more judicious on spending as we chart our path to profitability.

因此，正如您今天將聽到的那樣，我們預測強勁的增長會平衡宏觀環境，同時在規劃盈利路徑時也會更加審慎地支出。

Okay. We've got a lot to cover, so let's dive into some of the specific highlights from the quarter. During Q4, we closed another multiyear deal with an International Ministry of Defense Customer for more than $10 million per year. We continue to gain share and expand the defense and intelligence market as customers see how our data support fact-based and real-time decision-making.

好的。我們有很多內容要介紹，所以讓我們深入了解本季度的一些具體亮點。在第四季度，我們以每年超過 1000 萬美元的價格與國際國防部客戶達成了另一項多年期交易。隨著客戶看到我們的數據如何支持基於事實的實時決策，我們將繼續獲得份額並擴大國防和情報市場。

Last week, the National Reconnaissance Office, NRO, awarded Planet a contract for our Hyperspectral Capabilities. This aligns with Planet's existing and planned commercial capabilities for Tanager, our hyperspectral constellation designed as part of our partnership with the Carbon Mapper Coalition. The contract will allow us to work directly with the NRO to explore how these capabilities align with the agency's national space security architecture.

上週，國家偵察辦公室 (NRO) 授予 Planet 一項高光譜能力合同。這符合 Planet 現有和計劃中的 Tanager 商業能力，Tanager 是我們的高光譜星座，是我們與 Carbon Mapper Coalition 合作的一部分。該合同將使我們能夠直接與 NRO 合作，探索這些能力如何與該機構的國家空間安全架構保持一致。

On the civil government side, we won a contract with the Philippines Space Agency. They're using our data for multiple use cases, including disaster impact assessment, environmental monitoring and scientific research. This is a great example of how countries can save time and money by leveraging Planet's data instead of building their own observation constellation, enabling them to concentrate on serving their constituents.

在民政方面，我們贏得了與菲律賓航天局的合同。他們將我們的數據用於多個用例，包括災害影響評估、環境監測和科學研究。這是一個很好的例子，說明各國如何通過利用 Planet 的數據而不是建立自己的觀測星座來節省時間和金錢，從而使他們能夠專注於為選民服務。

We're also delighted to share that Norway's International Climate & Forestry Initiative, NICFI, has been extended for the calendar year 2024. The success of the program has exceeded all expectations. We now have over 18,000 registered users on the platform, representing 158 countries. This program makes data available, covering all of the world's equatorial, tropical forest to governments, UN agencies, NGOs, scientists and others, enabling the monitoring of tropical deforestation and powerful programs and policies to reverse it.

我們也很高興地與大家分享，挪威的國際氣候與林業倡議 (NICFI) 已延長至 2024 日曆年。該計劃的成功超出了所有人的預期。我們現在在該平台上擁有超過 18,000 名註冊用戶，代表 158 個國家/地區。該計劃向各國政府、聯合國機構、非政府組織、科學家和其他人提供涵蓋世界上所有赤道熱帶森林的數據，從而能夠監測熱帶森林砍伐並製定強有力的計劃和政策來扭轉這種情況。

These 4 wins point to a larger trend we are seeing with the governments worldwide. Firstly, we're seeing strength in those markets, both civil and defense and intelligence. And second, they're also increasingly partnering with commercial providers, [Live Planet], to support their needs rather than building all of their required infrastructure themselves.

這 4 次勝利表明我們在世界各國政府中看到了一個更大的趨勢。首先，我們看到這些市場的實力，包括民用、國防和情報市場。其次，他們也越來越多地與商業供應商 [Live Planet] 合作，以支持他們的需求，而不是自己構建所有所需的基礎設施。

Turning to the commercial market. Pacific Gas and Electric Company, or PG&E, one of the U.S.' largest utility companies, recently signed a multiyear 7-figure contract for our new Planetary Variable product, Vegetation Encroachment. This helps them to determine locations along electric utility right of way where there's a high likelihood of tree fall in risk. I'm particularly proud of this win as it's a direct result of the recent acquisition of Salo Sciences that we announced in our last call. PG&E plans to use our Vegetation Encroachment product to monitor the entire distribution and transmission grid totaling over 100,000 line miles or 160,000 line kilometers. This also includes assets and grid risk modeling and public safety power shutoff analysis to drive better grid performance and safety.

轉向商業市場。 Pacific Gas and Electric Company，或 PG&E，美國的一家公司。最大的公用事業公司，最近為我們的新行星變量產品植被侵占簽署了一份為期 7 位數的多年合同。這有助於他們確定電力設施沿線的位置，這些位置很可能有樹木倒下的風險。我為這次勝利感到特別自豪，因為這是我們最近在上次電話會議中宣布收購 Salo Sciences 的直接結果。 PG&E 計劃使用我們的植被侵占產品來監控總計超過 100,000 英里或 160,000 公里的整個配電和輸電網絡。這還包括資產和電網風險建模以及公共安全斷電分析，以推動更好的電網性能和安全性。

In the financial services industry, we expanded our contract with Manulife Investment Management Timberland and Agriculture, the world's largest natural capital investment manager. They're using Planet's data within their forestry division to monitor their global timber operations.

在金融服務行業，我們擴大了與全球最大的自然資本投資管理公司 Manulife Investment Management Timberland and Agriculture 的合約。他們在其林業部門內使用 Planet 的數據來監控其全球木材業務。

Our wins from the quarter showcased the diversity of customers and use cases we serve. We provide a capability that hasn't existed previously. In doing so, Planet is creating an entirely new market, bringing the power of geospatial data to customers that have never had it before. We're particularly excited about the value that artificial intelligence can unlock with our customers. The buzz around AI has clearly become louder in recent months. And data is critical as an ingredient, the essential foundation upon which AI models are built, trained and operate.

我們在本季度的勝利展示了我們服務的客戶和用例的多樣性。我們提供了以前不存在的功能。通過這樣做，Planet 正在創造一個全新的市場，將地理空間數據的力量帶給以前從未有過的客戶。我們對人工智能可以為我們的客戶帶來的價值感到特別興奮。近幾個月來，圍繞人工智能的討論顯然變得更加激烈。數據作為一種成分至關重要，是構建、訓練和運行 AI 模型的重要基礎。

Let me share 2 recent examples that highlight this. Firstly, in response to the devastating earthquake in Turkey and Syria, you may recall our partnership with Microsoft and our joint work on developing a building damage assessment, which we deployed over large regions of Ukraine for the United Nations. This solution was developed by training an AI model to assess building damage in satellite imagery. It took a couple of months to develop and deploy. In the wake of the earthquakes in Turkey and Syria, we worked with Microsoft and other partners to quickly deploy the same models in this new region, producing a building damage assessment solution to assist the Turkish government's emergency response efforts. This time, it only took a couple of days to deploy and going from months to days this significant progress and critical in situations like this. This solution can be used in many kinds of natural disasters: flood, fires, hurricanes, et cetera, and for every country around the globe, helping to save lives.

讓我分享 2 個最近的例子來強調這一點。首先，為了應對土耳其和敘利亞的毀滅性地震，您可能還記得我們與微軟的合作夥伴關係以及我們在開發建築物損壞評估方面的聯合工作，我們為聯合國在烏克蘭的大部分地區部署了該評估。該解決方案是通過訓練 AI 模型來評估衛星圖像中的建築物損壞而開發的。開發和部署花了幾個月的時間。在土耳其和敘利亞發生地震後，我們與 Microsoft 和其他合作夥伴合作，在這個新地區快速部署了相同的模型，生成了建築物損壞評估解決方案，以協助土耳其政府的應急響應工作。這一次，部署只花了幾天時間，從幾個月到幾天，這一重大進展在這種情況下至關重要。該解決方案可用於多種自然災害：洪水、火災、颶風等，並適用於全球每個國家，幫助挽救生命。

Secondly, last month, the public watched as a high altitude Chinese balloon traveled across North American airspace. We received intense interest from the defense and intelligence community for our ability to track the origin of that balloon. AI start-up, Synthetaic, was able to quickly train an AI model to search and locate the balloon on our imagery. Once the model was trained, it only took a matter of minutes to find balloon sightings. Next, Synthetaic was able to track the balloon back to its original launch point.

其次，上個月，公眾目睹了中國高空氣球飛越北美領空。國防和情報界對我們追踪氣球來源的能力產生了濃厚的興趣。 AI 初創公司 Synthetaic 能夠快速訓練 AI 模型來搜索和定位我們圖像上的氣球。訓練模型後，只需幾分鐘即可找到氣球目擊事件。接下來，Synthetaic 能夠追踪氣球回到其最初的發射點。

Our proprietary archive going back over 7 years with approximately 50 petabytes of Earth Data is now a deep treasure trove with immense value that can be unlocked when combined with AI. The archive now contains, on average, 2,400 images of every spot on Earth's landmass, as well as some key maritime areas. The depth and consistency of this data set makes it uniquely suitable for AI applications. We can enable a totally new type of planetary forensics, searching for objects around the globe and back through time, even searching for objects that our customers didn't know themselves in advance that they needed to find like this high altitude balloon. The revolution we're experiencing in AI has the potential to increase the value of our data and the speed at which Planet and our partners can turn into solutions.

我們的專有檔案可以追溯到 7 年前，擁有大約 50 PB 的地球數據，現在是一個具有巨大價值的深寶庫，可以在與 AI 結合時解鎖。現在，該檔案庫平均包含地球陸地每個地點以及一些重要海域的 2,400 張圖像。該數據集的深度和一致性使其特別適合人工智能應用。我們可以啟用一種全新的行星取證，在全球範圍內搜索物體並穿越時空，甚至搜索我們的客戶事先不知道但他們需要找到的物體，例如這個高空氣球。我們正在經歷的人工智能革命有可能增加我們數據的價值，並加快 Planet 和我們的合作夥伴轉化為解決方案的速度。

Now moving to something really exciting. Today, we announced our intent to acquire the business of Sinergise, with their leading developer platform for Earth observation data. I'd now like to invite Kevin Weil, our President, to talk about how we expect this acquisition to accelerate our plans. For those who don't know, Kevin, he has a proven track record in building successful multibillion-dollar software platforms, having led product at Twitter for many years as they scale from 0 to over $1 billion of revenue and on Instagram to over $10 billion. He joined Planet 2 years ago to lead the advancement of our software platform.

現在轉向真正令人興奮的事情。今天，我們宣布有意收購 Sinergise 的業務，以及他們領先的地球觀測數據開發平台。我現在想請我們的總裁 Kevin Weil 談談我們期望這次收購如何加速我們的計劃。對於那些不知道的人，凱文，他在構建成功的價值數十億美元的軟件平台方面有著良好的記錄，多年來一直在 Twitter 領導產品，其收入從 0 擴大到超過 10 億美元，在 Instagram 上擴大到超過 10 美元十億。他 2 年前加入 Planet，領導我們軟件平台的發展。

Kevin, over to you to tell us about this exciting acquisition.

凱文，請你告訴我們這次激動人心的收購。

Thanks, Will, and hello, everyone. As we discussed at our Investor Day, Planet's agile aerospace capabilities allow us to generate data with a combination of spectral, temporal and optical resolution the world has never seen before. That's the foundation of the company. And until recently, data generation and distribution was our entire focus.

謝謝，威爾，大家好。正如我們在投資者日討論的那樣，Planet 靈活的航空航天能力使我們能夠生成具有世界前所未見的光譜、時間和光學分辨率組合的數據。這就是公司的基礎。直到最近，數據生成和分發才是我們的全部重點。

But our strategy has expanded in recent years for the simple reason that making our data easier to work with, allows us to serve more customers and partners, enlarging our TAM and the impact that we can make in the world. We're doing this in 2 ways. First, we're moving up the data pyramid from imagery towards more refined data, which is our planetary variable strategy. We already have a range of offerings, including products from VanderSat and Salo as well as our AI-driven products like road and building change detection.

但近年來我們的戰略有所擴展，原因很簡單，即讓我們的數據更易於使用，讓我們能夠為更多的客戶和合作夥伴提供服務，擴大我們的 TAM 以及我們可以在世界上產生的影響。我們以兩種方式做到這一點。首先，我們正在將數據金字塔從圖像向上移動到更精細的數據，這是我們的行星變量策略。我們已經提供了一系列產品，包括來自 VanderSat 和 Salo 的產品，以及我們的 AI 驅動產品，例如道路和建築物變化檢測。

Our partners, including start-ups like Synthetaic, also deliver complementary solutions, as Will just highlighted in the balloon example. Across all of these efforts, we're delivering insights to our customers with focused, relevant and easier-to-use data sets tuned to broad customer needs.

我們的合作夥伴，包括 Synthetaic 等初創企業，也提供互補的解決方案，正如 Will 剛剛在氣球示例中強調的那樣。在所有這些努力中，我們通過針對廣泛客戶需求調整的重點突出、相關且易於使用的數據集向我們的客戶提供見解。

The second is where Sinergise fits in. We're making our data easier to work with by enabling customers to analyze data and create applications directly on our platform. Sinergise has long been a Planet partner, and I'm excited that we'll be joining forces to support their team, their platform and their substantial user base. Over the last 15 years, Sinergise has developed world-class data access and analysis capabilities, leveraging Planet's data, other commercial data sets, including optical SAR and more and the public data sets from sources like Sentinel and Landsat. Their technology powers a cloud streaming platform called Sentinel Hub that allows customers to process, analyze and extract insights from Earth data, all without needing to build their own systems.

第二個是 Sinergise 適合的地方。我們讓客戶能夠直接在我們的平台上分析數據和創建應用程序，從而使我們的數據更易於使用。 Sinergise 長期以來一直是 Planet 的合作夥伴，我很高興我們將聯手支持他們的團隊、平台和龐大的用戶群。在過去的 15 年裡，Sinergise 利用 Planet 的數據、其他商業數據集（包括光學 SAR 等）以及來自 Sentinel 和 Landsat 等來源的公共數據集，開發了世界一流的數據訪問和分析能力。他們的技術為名為 Sentinel Hub 的雲流平台提供支持，該平台允許客戶處理、分析地球數據並從中提取見解，所有這些都無需構建自己的系統。

Let me illustrate this from a customer lens. I was speaking recently with one of our large agricultural customers who's doing innovative work using multiple planet products. They mentioned that they were having to devote significant engineering resources to bring their own pipeline to ingest and analyze Planet data. With Sinergise, much of their analysis can be done on the fly through powerful APIs and streamed directly into their platform, saving them time and money.

讓我從客戶的角度來說明這一點。我最近與我們的一位大型農業客戶交談，他正在使用多種行星產品進行創新工作。他們提到他們不得不投入大量工程資源來使用自己的管道來攝取和分析 Planet 數據。借助 Sinergise，他們的大部分分析都可以通過強大的 API 即時完成，並直接流式傳輸到他們的平台中，從而節省了時間和金錢。

Another example is Sinergise's area monitoring solution, which combines multiple data sources and algorithms, along with the front-end application to allow EU government to monitor sustainable agricultural practices. European farmers make commitments in exchange for subsidies, and Sinergise's solution is used by multiple governments to monitor compliance and determine payouts. EU governments don't need to do their own analysis or build their own processing pipeline. They can use Sinergise's area monitoring product, leveraging Planet data, AI and Sinergise's powerful APIs.

另一個例子是 Sinergise 的區域監測解決方案，它結合了多個數據源和算法，以及前端應用程序，使歐盟政府能夠監測可持續農業實踐。歐洲農民做出承諾以換取補貼，而 Sinergise 的解決方案被多個政府用來監控合規性和確定支出。歐盟各國政府不需要自己進行分析或建立自己的處理管道。他們可以使用 Sinergise 的區域監測產品，利用 Planet 數據、人工智能和 Sinergise 強大的 API。

As we shared at our last Investor Day, we're on a journey from being a satellite company 5 years ago to a data company today to becoming a platform company in the next 5 years. We believe that Sinergise has the potential to meaningfully accelerate that journey. It's not that we're leaving behind the satellites and the data, we're augmenting them, moving towards bigger markets and greater impact.

正如我們在上一個投資者日分享的那樣，我們正在從 5 年前的一家衛星公司發展到今天的數據公司，再到未來 5 年成為一家平台公司。我們相信 Sinergise 有潛力有意義地加速這一進程。這並不是說我們要拋棄衛星和數據，而是要增強它們，走向更大的市場和更大的影響。

Together, Planet and Sinergise will make integration of our data and other data sources much simpler than it is today. We can enable customers and partners to build more within Planet's environment rather than outside of it. We plan to sell compute-based services alongside our data subscriptions, which we believe will make our platform stickier for customers. Sinergise powers a large developer ecosystem that will be able to access, analyze and build applications on Planet's data. Most importantly, this acquisition will make Planet's data easier to use, which speeds customer time to value and expands our total addressable market. Hopefully, this gives you an idea why we're so excited about the acquisition we signed with Sinergise and how it accelerates our software road map. They're a Planet partner today. And already, our go-to-market teams have found that our joint capabilities are resonating with customers. I'm thrilled to welcome the Sinergise team to Planet as well as their ecosystem of partners and customers.

Planet 和 Sinergise 將共同使我們的數據和其他數據源的集成比現在簡單得多。我們可以讓客戶和合作夥伴在 Planet 的環境中而不是在其外部構建更多。我們計劃在數據訂閱的同時銷售基於計算的服務，我們相信這將使我們的平台對客戶更具粘性。 Sinergise 為大型開發人員生態系統提供支持，該生態系統將能夠訪問、分析 Planet 的數據並在其上構建應用程序。最重要的是，此次收購將使 Planet 的數據更易於使用，從而加快客戶實現價值的時間並擴大我們的總體目標市場。希望這能讓您了解為什麼我們對與 Sinergise 簽署的收購如此興奮，以及它如何加速我們的軟件路線圖。他們今天是 Planet 合作夥伴。我們的上市團隊已經發現，我們的聯合能力正在引起客戶的共鳴。我很高興歡迎 Sinergise 團隊來到 Planet 以及他們的合作夥伴和客戶生態系統。

Back to you, Will.

回到你身邊，威爾。

Thanks, Kevin. Before I hand over to Ashley to go through more details on our financial results and guidance for FY '24, I want to touch on our outlook for the year ahead, especially the core levers that drive sustained top line growth and the priorities we're investing behind.

謝謝，凱文。在我交給 Ashley 詳細介紹我們 24 財年的財務業績和指導之前，我想談談我們對未來一年的展望，尤其是推動持續收入增長的核心槓桿和我們的優先事項投資落後。

First, our sales force is really focused in on proven use cases in core industries with solutions that can drive the highest ROI for our customers where we can deliver proven economic outcomes. This approach has enhanced our sales teams win ratio, which improved year-over-year in every quarter last year. We also continue to hire top-notch sales talent.

首先，我們的銷售團隊真正專注於核心行業中經過驗證的用例，其解決方案可以為我們的客戶帶來最高的投資回報率，我們可以在這些行業中提供經過驗證的經濟成果。這種方法提高了我們的銷售團隊的勝率，去年每個季度都比去年同期有所提高。我們還繼續聘請一流的銷售人才。

Second, we're also accelerating our go-to-market strategy with partners that help us to extend our global market reach. Our aim is to power our customers with the tools they need to get value from the data as exemplified by Sinergise.

其次，我們還與幫助我們擴大全球市場影響力的合作夥伴一起加速我們的上市戰略。我們的目標是為我們的客戶提供他們需要的工具，讓他們從數據中獲取價值，如 Sinergise 所展示的那樣。

Third, we're investing in R&D to develop the solutions that customers need. You've heard from Kevin how we continue to build our software platform, enabling customers to reduce time to value and expand TAM. We're also investing behind our next-generation satellite fees, which will help power our platform for the next decade. With 3 deals signed last year with over $10 million in ACV anchored by our high-resolution SkySat data, we're feeling the market's pull.

第三，我們正在投資研發以開發客戶需要的解決方案。您已經從 Kevin 那裡聽說我們如何繼續構建我們的軟件平台，使客戶能夠縮短實現價值的時間並擴展 TAM。我們還在投資下一代衛星費用，這將有助於在未來十年為我們的平台提供動力。去年簽署了 3 筆交易，以我們的高分辨率 SkySat 數據為基礎的 ACV 超過 1000 萬美元，我們感受到了市場的吸引力。

Development for our high-resolution Pelican Satellite is ramping up this year, and we're excited to be launching our first tech demos. We will also launch the first of our tech demos of our hyperspectral fleet, Tanager, which supports our partnership with Carbon Mapper and NASA's JPL. Finally, we're doing all of this while staying focused on driving efficiency and profitability.

我們的高分辨率鵜鶘衛星的開發今年正在加速，我們很高興能夠推出我們的第一個技術演示。我們還將推出我們的高光譜艦隊 Tanager 的第一個技術演示，它支持我們與 Carbon Mapper 和 NASA 的 JPL 的合作。最後，我們在做所有這一切的同時仍專注於提高效率和盈利能力。

As you know, since our founding, we've always practiced a faster, cheaper, better approach to aerospace. And so efficiency is in our DNA. As an example, we recently became more streamlined with our SuperDove monitoring mission, resulting in greater efficiencies in fleet operations, data downlink to earth and even in data storage without any degradation in global coverage for our customers.

如您所知，自我們成立以來，我們一直在實踐一種更快、更便宜、更好的航空航天方法。因此，效率是我們的 DNA。例如，我們最近通過 SuperDove 監控任務變得更加精簡，從而提高了車隊運營、數據下行到地球甚至數據存儲的效率，而不會降低我們客戶的全球覆蓋範圍。

Overall, I want to emphasize that efficiency and driving to profitability are critical focus areas for this year, particularly against the current economic backdrop. We remain thoughtful and disciplined with capital allocation as always. Ashley will speak to this in more detail shortly, but I want to underscore that we are fully committed to our path to profitability.

總的來說，我想強調的是，效率和盈利能力是今年的重點關注領域，尤其是在當前的經濟背景下。我們一如既往地對資本配置保持謹慎和紀律。 Ashley 稍後將對此進行更詳細的說明，但我想強調的是，我們完全致力於我們的盈利之路。

To briefly summarize, we successfully executed against our plan for FY '23, nearly tripling our revenue growth rate year-over-year. Market demand for our solutions remains robust despite the broader and macroeconomic environment. And our strong finish to FY '23 as well as the secular tailwinds driving demand sets us up well for the year ahead.

簡而言之，我們成功地執行了 23 財年的計劃，收入增長率幾乎翻了三倍。儘管存在更廣泛的宏觀經濟環境，但市場對我們解決方案的需求依然強勁。我們在 23 財年的強勁表現以及推動需求的長期順風使我們為來年做好了準備。

I'm excited for the year and confident in the team's ability to execute. Over to you, Ashley.

我為這一年感到興奮，並對團隊的執行能力充滿信心。交給你了，艾希禮。

Thank you, Will, and thanks, everyone, for joining us today. I'll start with a quick recap of our most recent results. As Will mentioned, our revenue for the fourth quarter of fiscal '23 ending January 31, came in at $53 million, which represents 43% year-over-year growth. For the full fiscal year, revenue came in at $191.3 million, representing 46% year-over-year growth. Our end-of-period customer count grew to 882 customers, representing 15% year-over-year growth. Customers representing over $100,000 in ACV was our fastest-growing customer segment last year, growing 31% year-over-year.

謝謝你，威爾，也謝謝大家今天加入我們。我將從快速回顧一下我們最近的結果開始。正如 Will 所提到的，截至 1 月 31 日，我們在 23 財年第四季度的收入為 5300 萬美元，同比增長 43%。整個財年，收入為 1.913 億美元，同比增長 46%。我們的期末客戶數量增長到 882 名客戶，同比增長 15%。代表 ACV 超過 100,000 美元的客戶是我們去年增長最快的客戶群，同比增長 31%。

As you've heard today and on prior calls, our sales teams are prioritizing higher-value account with the opportunity to expand over time. We've seen the average annual contract value of our customers grow year-over-year during each of the last 4 quarters.

正如您今天和之前的電話所聽到的那樣，我們的銷售團隊正在優先考慮價值更高的客戶，並有機會隨著時間的推移進行擴展。我們已經看到，在過去 4 個季度的每個季度中，我們客戶的平均年度合同價值都在逐年增長。

As of the end of Q4, over 95% of our book of business consisted of annual or multiyear contracts. Our average contract length continues to be approximately 2 years weighted on an annual contract value basis. This provides us with high visibility to future revenue.

截至第四季度末，我們 95% 以上的業務都是年度或多年合同。我們的平均合同期限仍然約為 2 年，按年度合同價值加權。這為我們提供了對未來收入的高度可見性。

Net dollar retention rate at the end of fiscal year '23 was 131%, and net dollar retention rate with winbacks was 134% compared to 108% and 116%, respectively, in fiscal year '22. We're very proud of the progress we've made in our retention rate, which has been directly correlated with high customer satisfaction as reflected in an NPS score of 63 in our last reporting period. Continued investments in our customer success and product teams have made this improvement possible and will remain a key area of focus for us.

23 財年末的淨美元保留率為 131%，帶贏回的淨美元保留率為 134%，而 22 財年分別為 108% 和 116%。我們為我們在保留率方面取得的進步感到非常自豪，這與我們上一個報告期的 NPS 得分 63 所反映的高客戶滿意度直接相關。對我們的客戶成功和產品團隊的持續投資使這種改進成為可能，並將仍然是我們關注的關鍵領域。

Turning to gross margin. We expanded our non-GAAP gross margin to 58% for the fourth quarter of fiscal '23 compared to 42% in the prior year. We consistently expanded our gross margins quarter-over-quarter and year-over-year throughout the last year. Non-GAAP gross margin for the full fiscal year was 53% compared to 38% in the prior year. The expansion of gross margins continues to be driven by the growth of revenue, the efficiency of our industry-leading agile aerospace approach and our one-to-many data subscription business model. As a reminder, we include the depreciation and amortization of CapEx and our cost of goods sold, marrying the practices of public SaaS businesses.

轉向毛利率。我們將 23 財年第四季度的非美國通用會計準則毛利率從上一年的 42% 提高到 58%。去年，我們的毛利率環比和同比不斷擴大。整個財年的非美國通用會計準則毛利率為 53%，而上一年為 38%。毛利率的增長繼續受到收入增長、我們行業領先的敏捷航空航天方法的效率以及我們的一對多數據訂閱業務模型的推動。提醒一下，我們包括了資本支出的折舊和攤銷以及我們的銷售成本，結合了公共 SaaS 業務的做法。

Adjusted EBITDA loss was $17.7 million for the quarter. For the full year, adjusted EBITDA loss was $56.8 million, better than we had expected at the outset of fiscal '23, driven by revenue upside and effective cost management.

本季度調整後的 EBITDA 虧損為 1770 萬美元。全年，調整後的 EBITDA 虧損為 5680 萬美元，好於我們在 23 財年開始時的預期，這主要受收入增長和有效成本管理的推動。

As you have heard from Will, we are increasingly focused on driving efficiency and profitability across all of our teams. During the last year, you've seen how upside in our revenue flows through our gross margins and drops to the bottom line. We're approaching a scale where the leverage in our model enables us to consistently drive bottom line improvement, and we are targeting quarterly EBITDA profitability no later than the end of fiscal 2025 or calendar 2024 while continuing to invest to maintain our competitive lead in the market.

正如您從 Will 那裡聽說的那樣，我們越來越專注於提高我們所有團隊的效率和盈利能力。在過去的一年中，您已經看到我們的收入增長如何通過我們的毛利率流動並下降到底線。我們正在接近一個規模，在這個規模上，我們模型中的槓桿作用使我們能夠持續推動底線改善，我們的目標是不遲於 2025 財年末或 2024 日曆年的季度 EBITDA 盈利能力，同時繼續投資以保持我們在市場。

Turning to the balance sheet. We ended the quarter with $409 million of cash, cash equivalents and short-term investments, which we continue to believe provides us with sufficient capital to invest behind our growth accelerating initiatives without needing to raise additional capital. We also continue to have no debt outstanding.

轉向資產負債表。我們在本季度結束時擁有 4.09 億美元的現金、現金等價物和短期投資，我們仍然相信這為我們提供了足夠的資金來支持我們的增長加速計劃，而無需籌集額外資金。我們也繼續沒有未償債務。

Capital expenditures, including capitalized software development, were $2 million for the quarter and $12.8 million for the year or approximately 4% of revenue for the quarter and 7% of revenue for the full year. This is lower than we had anticipated, primarily due to the timing of procurement.

本季度資本支出（包括資本化軟件開發）為 200 萬美元，全年為 1280 萬美元，約佔本季度收入的 4% 和全年收入的 7%。這低於我們的預期，主要是由於採購的時間安排。

At the end of Q4, our remaining performance obligations, or RPOs, were approximately $152 million, of which approximately 75% applied to the next 12 months and 98% to the next 2 years, a $21 million increase versus last quarter driven primarily by large contracts entered into in Q4. As a reminder, RPOs may fluctuate quarter-to-quarter as multiyear contracts come up for renewal.

第四季度末，我們剩餘的履約義務或 RPO 約為 1.52 億美元，其中約 75% 適用於未來 12 個月，98% 適用於未來 2 年，與上一季度相比增加 2100 萬美元，主要是由於大型第四季度簽訂的合同。提醒一下，隨著多年期合同的續簽，RPO 可能會按季度波動。

Please keep in mind that our reported RPOs exclude the value associated with the EOCL contract as well as other contracts that include a termination for convenience clause, which is common in our federal contracts. Our government contracts are often multiyear and provide us with a high degree of visibility to future results.

請記住，我們報告的 RPO 不包括與 EOCL 合同相關的價值以及其他包含便利終止條款的合同，這在我們的聯邦合同中很常見。我們的政府合同通常是多年期的，使我們能夠高度了解未來的結果。

I'd like to echo Will's and Kevin's excitement in welcoming the Sinergise team. Sinergise brings to Planet a team of approximately 80, the majority of which are software engineers. We see significant upside potential from revenue synergies over time. We expect to offer Sentinel Hub to our existing Planet customers and to drive the attach rate of high-margin processing solutions sold alongside Planet's data. We view this deal as financially compelling, neutral to Planet's EPS in fiscal 2024 and accretive in fiscal '25. It is subject to closing conditions, and we expect it to close during Q2 of this year.

我想表達 Will 和 Kevin 在歡迎 Sinergise 團隊時的興奮之情。 Sinergise 為 Planet 帶來了一支約 80 人的團隊，其中大部分是軟件工程師。隨著時間的推移，我們看到收入協同效應具有巨大的上行潛力。我們希望為我們現有的 Planet 客戶提供 Sentinel Hub，並推動與 Planet 數據一起銷售的高利潤處理解決方案的附加率。我們認為這筆交易在財務上具有吸引力，對 Planet 2024 財年的每股收益保持中性，並在 25 財年有所增長。它取決於關閉條件，我們預計它會在今年第二季度關閉。

As we turn to guidance, the overall macroeconomic climate remains uncertain. And while our products often help customers boost efficiencies and address critical global issues, we don't consider ourselves immune to macro pressures. We believe we have factored these considerations into our guidance, including possible impacts on renewals and timing of new business, particularly on the commercial side.

當我們轉向指引時，整體宏觀經濟環境仍然不確定。雖然我們的產品經常幫助客戶提高效率並解決關鍵的全球問題，但我們並不認為自己可以免受宏觀壓力的影響。我們相信我們已將這些考慮因素納入我們的指南，包括對續約和新業務時間安排的可能影響，特別是在商業方面。

As we enter fiscal 2024, our book of business and visibility has improved year-over-year, driven primarily by multiple multiyear government contracts that we signed last year. Our committed revenue represents over 60% of our revenue guidance before factoring in renewals, new business and any revenue from the acquisition of Sinergise. And to underpin our forecast for new business, we have a strong pipeline for fiscal '24, including 45 qualified deals with annual contract values of over $1 million or greater.

隨著我們進入 2024 財年，我們的業務和知名度逐年提高，這主要得益於我們去年簽署的多項多年期政府合同。在計入續約、新業務和收購 Sinergise 的任何收入之前，我們承諾的收入占我們收入指導的 60% 以上。為了支持我們對新業務的預測，我們為 24 財年準備了強大的管道，包括 45 筆年度合同價值超過 100 萬美元或更高的合格交易。

For the first quarter of fiscal '24, we expect revenue of $51 million to $54 million, which represents growth of approximately 31% year-over-year at the midpoint. We expect non-GAAP gross margin for Q1 of 53% to 55%, up from 45% in Q1 of fiscal '23. Our adjusted EBITDA loss for the first quarter is expected to be between negative $21 million and negative $18 million. We expect capital expenditures of approximately $10 million to $13 million, primarily related to procurements for the Pelican program, some of which were rolled over from the prior quarter.

對於 24 財年第一季度，我們預計收入為 5100 萬美元至 5400 萬美元，中點同比增長約 31%。我們預計第一季度的非美國通用會計準則毛利率為 53% 至 55%，高於 23 財年第一季度的 45%。我們調整後的第一季度 EBITDA 虧損預計在負 2100 萬美元到負 1800 萬美元之間。我們預計資本支出約為 1000 萬至 1300 萬美元，主要與鵜鶘計劃的採購有關，其中一些是從上一季度結轉的。

Our outlook for lower revenue seasonality in Q1 reflects expected caution on the part of commercial customers as they navigate economic uncertainties and the conclusion of a previously significant legacy contract early in the quarter. We are discussing new and evolved opportunities with this customer, and we'll share more at the appropriate time.

我們對第一季度較低收入季節性的展望反映了商業客戶在應對經濟不確定性和本季度初簽訂先前重要的遺留合同時的謹慎態度。我們正在與該客戶討論新的和發展的機會，我們將在適當的時候分享更多。

For the full fiscal year ending January 31, 2024, we expect revenue to be between $248 million and $268 million or growth of 30% to 40% year-over-year. As we have discussed in the past, we built our forecast assuming new business signings are back half weighted, which results in revenue weighted toward the second half of the year. The high end of our guidance also assumes we close our acquisition of Sinergise in Q2.

對於截至 2024 年 1 月 31 日的整個財政年度，我們預計收入將在 2.48 億美元至 2.68 億美元之間，即同比增長 30% 至 40%。正如我們過去所討論的那樣，我們建立了我們的預測，假設新業務簽約的權重減半，這導致下半年的收入加權。我們指導的高端還假設我們在第二季度完成了對 Sinergise 的收購。

Our non-GAAP gross margin is expected to be between 57% and 61%. Adjusted EBITDA loss is expected to be between negative $47 million and negative $37 million, reflecting continued investment in enhancing and expanding our core products while also maintaining our path to profitability in fiscal year 2025. We expect CapEx to be approximately $45 million to $55 million or approximately 18% to 21% of revenue. As we discussed at our Investor Day last fall, we have the ability to flex CapEx based on market demand, thanks to our agile aerospace approach. We believe this is a competitive advantage and a significant financial advantage of our business model.

我們的非 GAAP 毛利率預計在 57% 至 61% 之間。調整後的 EBITDA 虧損預計在負 4700 萬美元至負 3700 萬美元之間，反映出持續投資於增強和擴展我們的核心產品，同時保持我們在 2025 財年的盈利之路。我們預計資本支出約為 4500 萬至 5500 萬美元或約佔收入的 18% 至 21%。正如我們在去年秋天的投資者日討論的那樣，我們有能力根據市場需求調整資本支出，這要歸功於我們靈活的航空航天方法。我們相信這是我們商業模式的競爭優勢和重要的財務優勢。

As with Q1, the step-up in CapEx for the year is driven primarily by investments in our Pelican program. Given the levels of demand we're seeing for high-resolution data, we're continuing to invest behind our Pelican fleet and its related infrastructure. This year, we plan to build and launch our Pelican tech demos, order components for our first lock of operational satellites and upgrade our ground stations. We also anticipate launching our first Tanager demo satellite for the exciting Carbon Mapper program. We continue to focus on capital efficiency and target a payback period of less than 1 year for all of our production satellites. We're confident that the enhanced capabilities of our Pelican fleet as well as the unique data captured by our Tanager fleet will capture market share, grow addressable market and advance our leadership position.

與第一季度一樣，今年資本支出的增加主要是由對 Pelican 計劃的投資推動的。鑑於我們對高分辨率數據的需求水平，我們將繼續投資支持我們的 Pelican 艦隊及其相關基礎設施。今年，我們計劃構建和啟動我們的 Pelican 技術演示，為我們的第一批運行衛星訂購組件併升級我們的地面站。我們還預計會為激動人心的 Carbon Mapper 計劃發射我們的第一顆 Tanager 演示衛星。我們繼續關注資本效率，並將我們所有生產衛星的投資回收期定為不到 1 年。我們相信，我們的 Pelican 艦隊的增強能力以及我們的 Tanager 艦隊捕獲的獨特數據將佔領市場份額，擴大潛在市場並提升我們的領導地位。

To close, I'd just like to say that it was a strong year for Planet in a tough economic landscape. I'm proud of Planetiers around the globe and the contributions they make towards building an amazing mission-aligned and high-margin company. We're executing on our path to profitability, thanks to their focus and dedication.

最後，我只想說，在艱難的經濟形勢下，對於 Planet 來說，這是強勁的一年。我為全球的 Planetiers 以及他們為建立一家令人驚嘆的任務一致且高利潤的公司所做的貢獻感到自豪。由於他們的專注和奉獻，我們正在走上盈利之路。

We remain confident in the demand for our market-defining data sets, feel the effects of the market tailwinds across peace and security, sustainability and digitization of end markets and believe we're well positioned to continue capturing the vast opportunity ahead of us.

我們對定義市場的數據集的需求仍然充滿信心，感受到市場順風對終端市場的和平與安全、可持續性和數字化的影響，並相信我們有能力繼續抓住我們面前的巨大機遇。

Operator, that concludes our comments. We can now take questions.

接線員，我們的評論到此結束。我們現在可以提問了。

(Operator Instructions) The first question of Michael Latimore with Northland.

（操作員說明）Michael Latimore 與 Northland 的第一個問題。

Congrats on the strong year. In terms of the Sinergise acquisitions, I guess did you say that the upper end of guidance assumes -- closes on time? And maybe can you talk a little bit about how much revenue you would expect from Sinergise? Any guidance?

恭喜強勢的一年。就 Sinergise 的收購而言，我猜你是否說過指導的上限假設——準時關閉？也許你能談談你期望從 Sinergise 獲得多少收入？任何指導？

Yes. Great. Thanks for the question. And in terms of the guidance, basically, we have given ourselves flexibility in terms of how much revenue once we have a chance for getting to the closing balance sheet on the day of actual close and understanding the deferred revenue balance is remaining as well as the timing of that revenue recognition. So we can achieve the midpoint of our guidance assuming no close. Obviously, the amount of upside from there really depends on a lot of different factors, including timing of new business outside of Sinergise as well as the timing of closing that transaction.

是的。偉大的。謝謝你的問題。就指導而言，基本上，一旦我們有機會在實際結算日獲得結算資產負債表並了解遞延收入餘額以及該收入確認的時間。因此，假設沒有關閉，我們可以達到我們的指導的中點。顯然，那裡的上行空間實際上取決於很多不同的因素，包括 Sinergise 之外的新業務的時間以及完成該交易的時間。

Okay. Great. Makes sense. And then in the past, you talked a little bit about fully ramped sales headcount. Kind of where does that stand now? And where might you expect that to be in -- by year-end?

好的。偉大的。說得通。然後在過去，你談到了全面增加銷售人數。那現在怎麼樣了？到年底，您預計它會出現在哪裡？

We're obviously very pleased with the hiring that the team has been doing across the board. We're above the numbers that we had set for ourselves as the goal of the year and continue to bring -- if so -- we're over 50% and continue to bring new team members on because we continue to see strong market opportunity that we want to set the teams out to capture.

我們顯然對團隊一直在進行的全面招聘感到非常滿意。我們超過了我們為自己設定的年度目標數字，並繼續帶來——如果是的話——我們超過 50%，並繼續引進新的團隊成員，因為我們繼續看到強大的市場機會我們想讓團隊去捕捉。

And if I can just add. I mean the strong execution of the go-to-market team has been fantastic. You're seeing that in the NPS Score that Ashley mentioned, win rates increasing. It's really great to see the execution. It's not just obviously about the number of executives across the board.

如果我可以補充一下。我的意思是進入市場團隊的強大執行力非常棒。您在 Ashley 提到的 NPS 分數中看到，獲勝率在增加。看到行刑真的很棒。這顯然不僅僅與董事會的高管人數有關。

The next question is from the line of Ryan Koontz with Needham.

下一個問題來自 Ryan Koontz 與 Needham 的對話。

Congrats on a great year, particularly on the gross margin expansion. It's really great to see that the one that many really working out. On the guidance, it looks like Q1 is a little light in terms of the linearity there in the year. And actually, I think you mentioned there was a renewal there that was kind of hanging the balance. Can you give me any more color on that? Or I might have missed some of the detail that you shared there in your prepared comments.

祝賀你度過了美好的一年，尤其是在毛利率擴張方面。看到這麼多人真正鍛煉身體真是太好了。在指南中，就當年的線性度而言，Q1 似乎有點輕。實際上，我想你提到那裡有一個更新，有點懸而未決。你能給我更多的顏色嗎？或者我可能錯過了您在準備好的評論中分享的一些細節。

Yes. Thanks for the question, Ryan. And yes, Q1 seasonality is impacted, in particular, by legacy contracts for many years back that reached its completion in early Q1. So just to provide a little bit of color, this contract contributed approximately $3 million per quarter in fiscal '23. We remain engaged in continued conversations with them and still have a very positive relationship. But given that we have not renewed that contract and really I'm not anticipating it renewing at that same magnitude, we've only included the tail of the contract in our guidance for the year, which was relatively small.

是的。謝謝你的問題，瑞安。是的，第一季度的季節性受到影響，尤其是受到多年前在第一季度初完成的遺留合同的影響。因此，只是為了提供一點色彩，這份合同在 23 財年每季度貢獻了大約 300 萬美元。我們繼續與他們進行持續的對話，並且仍然保持著非常積極的關係。但鑑於我們沒有續簽該合同，而且我真的不希望它以同樣的幅度續簽，我們只將合同的尾部包括在我們今年的指導中，這是相對較小的。

Right. Okay. And on the net dollar retention rate, really great to see that popping up. Any color you can share there on what's driving the inflection besides the major customer loss there in terms of sales execution, your customer success team, I assume it's contributing to the [NRO].

正確的。好的。在淨美元保留率方面，看到它突然出現真是太好了。除了在銷售執行方面的主要客戶流失之外，你可以在那里分享什麼是推動拐點的任何顏色，你的客戶成功團隊，我認為它正在為 [NRO] 做出貢獻。

Yes. So we've obviously factored that customer into the NDRR. And it's a combination of what we talked about of investing in the customer success team and investments in the product, really driving stronger gross renewal rates. And then our focus on landing those customers, we receive strong opportunity to expand and see significant expansions in some of the larger contracts that Will referenced in his prepared remarks were expansion contracts. So that obviously has a tremendous effect on our NDRR. So it's across the board, both the sourcing that we're doing upfront and focusing our sales team around customers where we know we can drive value and then the execution of the teams on the back end on delivering that value.

是的。所以我們顯然將該客戶納入了 NDRR。這是我們談到的投資客戶成功團隊和產品投資的結合，真正推動了更高的總續訂率。然後我們專注於吸引這些客戶，我們獲得了強大的擴張機會，並看到威爾在他準備好的評論中提到的一些較大合同的顯著擴張是擴張合同。因此，這顯然對我們的 NDRR 產生了巨大影響。因此，它是全面的，包括我們在前期進行的採購和將我們的銷售團隊集中在我們知道我們可以推動價值的客戶周圍，然後在後端執行團隊以交付該價值。

And if I could just add to the very first point you brought up about the gross margin expansion. We're very, very pleased with that as well. 15 percentage points year-on-year is really meaningful. And we sell a long-term sort of ideal financial profile, which looks like a SaaS company or the space company, and we're really getting meaningfully towards that, and I hope people can see that progress as being really positive.

如果我可以補充你提到的關於毛利率擴張的第一點。我們對此也非常非常滿意。同比15個百分點，確實很有意義。我們出售一種長期的理想財務狀況，看起來像 SaaS 公司或太空公司，我們正在朝著這個方向真正有意義，我希望人們能看到這種進展是非常積極的。

The next question is a question from the line of Jeff Van Rhee with Craig-Hallum.

下一個問題是 Jeff Van Rhee 和 Craig-Hallum 的問題。

I've got several. I want to circle back a second to Sinergise, just a few more questions there. Customer count, number of users, price paid, cash deal. Can you fill in a few more gaps there? And then if you would just spend a second longer on the cross-sell, maybe a little clear example of an existing customer and how you're going to come into them why they would want these products and what they're using now.

我有幾個。我想先回到 Sinergise，再問幾個問題。客戶數量、用戶數量、支付的價格、現金交易。你能再填補幾個空白嗎？然後，如果你在交叉銷售上多花一秒鐘，也許是現有客戶的一個明確例子，以及你將如何進入他們，為什麼他們想要這些產品以及他們現在正在使用什麼。

Maybe I can just kick it off by saying that there are thousands of users on this platform already, and it really helps us to get to that longer tail of smaller users, easing the ability and speed to get your first application. Ashley, maybe you can talk to the financial pieces, and Kevin is here, maybe you can talk a little bit to the other pieces, too.

也許我可以通過說這個平台上已經有成千上萬的用戶來開始它，它確實幫助我們接觸到較小用戶的長尾，簡化了獲得第一個應用程序的能力和速度。阿什利，也許你可以和財務部門談談，凱文在這裡，也許你也可以和其他部門談談。

Yes. Just -- so financially, it's a roughly -- approximately $45 million deal with a mix of cash and stock. We expect it, as I mentioned, to be neutral to EPS in fiscal '24 and accretive next year.

是的。只是 - 所以在財務上，這是一筆大約 - 大約 4500 萬美元的現金和股票混合交易。正如我所提到的，我們預計它在 24 財年對 EPS 保持中性，並在明年增加。

Yes. As far as customers attaching to Sinergise, we see a meaningful opportunity for Sinergise to speed time to value for our customers in general as well as make Planet products stickier. I gave the example of the agriculture customer in my prepared remarks that is currently having to devote meaningful engineering resources to building their own pipeline to leverage the work they're doing with Planet data. And in the combined Planet plus Sinergise World, they would be able to do all of that and stream it directly into their platform, just using Sinergise's APIs. So our plan is to offer Sinergise solutions to both new and renewing customers. We'll be looking to drive a high attach rate of their high-margin compute solutions alongside Planet's data, and there are already a number of joint customers. So I'm looking forward to seeing that expand as we join forces.

是的。就依附於 Sinergise 的客戶而言，我們認為 Sinergise 是一個有意義的機會，可以加快為我們的客戶實現價值的時間，並使 Planet 產品更具粘性。我在準備好的發言中舉了農業客戶的例子，他們目前不得不投入有意義的工程資源來構建他們自己的管道，以利用他們在 Planet 數據方面所做的工作。在合併後的 Planet 和 Sinergise World 中，他們將能夠完成所有這些並將其直接流式傳輸到他們的平台中，只需使用 Sinergise 的 API。因此，我們的計劃是為新客戶和續約客戶提供 Sinergise 解決方案。我們將尋求與 Planet 的數據一起推動他們的高利潤計算解決方案的高附加率，並且已經有許多聯合客戶。因此，我期待看到隨著我們的合作而擴大。

Okay. And 2 other questions, if I could. The -- it sounds like you guys reflecting on what you're going to do here with Pelican, you talked about a tasking constrained world. Ex what's going on in Ukraine, I guess I would ask how broad is the constraint? Clearly, everybody that can get imagery over Ukraine is probably very busy right now, but talk about like the breadth of the constraints on tasking right now.

好的。如果可以的話，還有另外兩個問題。 - 聽起來你們正在反思你們將在這裡與 Pelican 一起做什麼，你們談到了一個任務受限的世界。例如，烏克蘭發生了什麼事，我想我會問限制範圍有多大？顯然，每個能獲得烏克蘭上空圖像的人現在可能都很忙，但現在談論任務限制的廣度。

Well, broadly, that system, we are building it more and more to be a one-to-many system. So yes, it's a tire satellite system, but we've now got a tasking aggregated such that when there's many users in one area, actually, they take one strip of images that covers many of those tasks in one go. And then actually concentration becomes -- back to our advantage again. So it's a nuance thing. Obviously, Pelican is aiming to relieve and add more capacity to that. But presently, we still have the potential in many regions, and we're seeing a lot of demand for that. As I mentioned in my prepared remarks, we did 3 deals last year, over $10 million in ACV each, which were driven by SkySat. And that just gives you a sense of the pull that we're feeling. And many of our customers, of course, are using both SkySat and the Planet scope data. I don't know if anyone's got anything to add to that. Does that answer your question?

好吧，從廣義上講，這個系統，我們正在越來越多地將其構建為一對多系統。所以是的，這是一個輪胎衛星系統，但我們現在已經聚合了一個任務，這樣當一個區域有很多用戶時，實際上，他們會一次性拍攝一張涵蓋許多這些任務的圖像。然後實際上集中變得 - 再次回到我們的優勢。所以這是一個細微差別的事情。顯然，鵜鶘的目標是減輕並增加更多的容量。但目前，我們在許多地區仍有潛力，而且我們看到了很多需求。正如我在準備好的發言中提到的，我們去年進行了 3 筆交易，每筆交易的 ACV 超過 1000 萬美元，這些交易是由 SkySat 推動的。這只會讓您感受到我們所感受到的吸引力。當然，我們的許多客戶同時使用 SkySat 和 Planet 範圍數據。我不知道是否有人對此有任何補充。這是否回答你的問題？

It does. I guess just last one, pipeline. Just you touched on the number of 7-figure deals. If you could, maybe just contrast kind of what the pipe looks like now maybe 6 or 12 months ago in terms of just the vertical sort of target markets that are seeing the most uptake or improvement and those that might be fading?

確實如此。我想只是最後一個，管道。剛才你談到了 7 位數交易的數量。如果可以的話，也許只是對比 6 或 12 個月前的管道現在的樣子，就垂直類型的目標市場而言，這些市場的吸收或改進最多，而那些可能正在消退？

I would say the quick answer is stronger and more robust, bigger. I mean you mentioned the 7-figure deals, that's right. We've got 45 of those, and they're all qualified deals. I'm really excited about it and across commercial, civil government and Defense and Intelligence. Kevin, you've been around the world, anything to add to that?

我會說快速的答案是更強、更健壯、更大。我的意思是你提到了 7 位數的交易，沒錯。我們有 45 個這樣的交易，它們都是合格的交易。我對它以及商業、民政、國防和情報部門都感到非常興奮。凱文，你去過世界各地，還有什麼要補充的嗎？

Yes. Just to add briefly, I've spent a bunch of time on the road this year. I've been in Asia. I've been in Europe twice. I've been in D.C. a number of times, around the U.S. We're seeing broad-based demand in our core verticals in areas like agriculture, civil gov, defense and intelligence because of the unique data we have.

是的。簡單補充一下，今年我花了很多時間在路上。我去過亞洲。我去過歐洲兩次。我去過華盛頓很多次，在美國各地。由於我們擁有獨特的數據，我們在農業、民政、國防和情報等領域的核心垂直領域看到了廣泛的需求。

But as we go off the data pyramid, as we provide Planetary Variables, we're opening up new verticals. And with insurance, as an example, we have both AXA and Swiss Re now using our soil water content planetary variable to create a drought insurance product for farmers. Will talked about PG&E now using the Vegetation Encroachment, Planetary Variables. So that's new demand. And those kind of products aren't just for new customers. They're also -- they also open up new opportunities with existing customers. Just imagine Defense and Intelligence, for example, monitoring large areas that you can't do without artificial intelligence. And so now with the advent and the acceleration of AI, we're seeing expansion opportunities with existing customers and existing verticals [so far].

但是當我們離開數據金字塔時，當我們提供行星變量時，我們正在開闢新的垂直領域。以保險為例，我們現在有 AXA 和 Swiss Re 使用我們的土壤含水量行星變量為農民創建乾旱保險產品。威爾現在使用植被侵占、行星變量談論 PG&E。這就是新的需求。這類產品不僅適用於新客戶。他們也是——他們還為現有客戶開闢了新的機會。想像一下國防和情報部門，例如，監控沒有人工智能就無法做到的大面積區域。所以現在隨著 AI 的出現和加速，我們看到了現有客戶和現有垂直領域的擴展機會 [到目前為止]。

If I could just add to that. We've noted some caution in the commercial business. We're still seeing a lot of those deals come in at pace. And the couple of areas that Kevin was just mentioning a really strong one. AXA, the CEO was here just this week, and we were talking about this drought insurance and expanding our partnership there. And we mentioned PG&E. We did mention that we signed another Fortune 500 utility company up this year -- this quarter, sorry. So we're expanding to that sector. So yes, as Kevin saying, as we go up the stack, we start to open up these vertical markets outside our core one.

如果我可以添加到那個。我們注意到商業業務中的一些謹慎。我們仍然看到很多這樣的交易正在按節奏進行。凱文剛剛提到的幾個領域非常強大。首席執行官 AXA 本周剛剛來過這裡，我們正在談論這種干旱保險並擴大我們在那裡的合作夥伴關係。我們提到了 PG&E。我們確實提到我們今年簽署了另一家財富 500 強公用事業公司——這個季度，抱歉。所以我們正在擴展到那個領域。所以，是的，正如凱文所說，隨著我們的發展，我們開始在我們的核心市場之外開放這些垂直市場。

(Operator Instructions) The next question is from the line of Noah Poponak with Goldman Sachs.

（操作員說明）下一個問題來自高盛的 Noah Poponak。

Ashley, what -- can you speak to the customer count growth that you are anticipating or embedding in your outlook for this year?

阿什利，你能談談你今年預期或嵌入的客戶數量增長嗎？

Yes. That's a tough one to predict. And obviously, Sinergise brings a different element in terms of our ability to service smaller customers at greater scale or with greater efficiency. What really, I think, the relevant question is, how do we think about the -- what part of our business is going to be coming from expansions within our base versus new business? Because I think in that sense, it's really less about how many of those were adding, but are we adding the right logos with the right opportunity to expand to set us up for continued growth next year. So I would expect the same type of growth where a lot of the growth is coming from expansion from these very large multimillion dollar deals from our existing customer base, complemented by continuing to bring on new customers that have this potential in some of -- both the existing core markets like [FedGov] and events and intelligence as well as all these new commercial markets that Kevin outlined and then seeing those accounts just grow quarter after quarter.

是的。這是一個很難預測的。顯然， Sinergise 在我們以更大的規模或更高的效率為較小的客戶提供服務的能力方面帶來了不同的元素。我認為，真正相關的問題是，我們如何考慮——我們業務的哪一部分將來自我們基地的擴張與新業務？因為我認為從這個意義上說，添加的數量確實不那麼重要，但我們是否添加了正確的徽標以及正確的擴展機會，以便為明年的持續增長做好準備。因此，我預計會出現同樣類型的增長，其中大部分增長來自我們現有客戶群的這些價值數百萬美元的巨額交易的擴張，並輔之以繼續吸引在某些方面具有這種潛力的新客戶——兩者現有的核心市場，如 [FedGov] 和事件和情報，以及凱文概述的所有這些新的商業市場，然後看到這些賬戶逐季增長。

Kevin, anything to add?

凱文，有什麼要補充的嗎？

Yes, I agree with all of that. Just to maybe build on it for a second. At our last Analyst Day, Charlie Candy, who is our CRO, spent some time talking about how we're really trying to focus the use cases where we can deliver great ROI, improving economic outcomes, opportunities that we're going to then renew and expand. So there's a lot of focus within the commercial team on saying no to good leads in order to say yes to the best leads. And that's reflected in the pipeline numbers that you see here with 45 deals over $1 million in size.

是的，我同意所有這些。只是為了可能建立它一秒鐘。在我們的最後一個分析師日，我們的 CRO Charlie Candy 花了一些時間談論我們如何真正嘗試專注於我們可以提供高投資回報率的用例，改善經濟成果，然後我們將更新的機會並擴大。因此，商業團隊非常關注對好的線索說不，以便對最好的線索說是。這反映在你在這裡看到的管道數字中，有 45 筆交易規模超過 100 萬美元。

I guess I appreciate all of that, and that all makes a lot of sense. You want the right customers. You want sticky long term, profitable, recurring customers, customers that can expand the wallet over time. But I guess on the other hand, just given where you are in the life cycle of the company and relative to the aspirations for longer-term size of revenue base, why should I not be concerned with the somewhat slower customer count growth last year versus total revenue growth if -- I agree with everything you just said, but you need to have -- still we need to have significant customer growth to get much better.

我想我很欣賞這一切，這一切都很有道理。您需要合適的客戶。你想要有粘性的長期、有利可圖、經常性的客戶，這些客戶可以隨著時間的推移增加錢包。但我想，另一方面，考慮到你在公司生命週期中所處的位置，以及相對於長期收入基礎規模的願望，為什麼我不應該擔心去年客戶數量增長相對於去年有所放緩總收入增長如果——我同意你剛才所說的一切，但你需要——我們仍然需要有顯著的客戶增長才能變得更好。

Yes. No, I mean there's no question that we need to continue that expansion of a number of customers. But again, we're focusing on the use cases that really work and expanding deals within the ones that we have, and that's working really solidly. No doubt in the long term, we have to get that -- yes. So yes, we believe that a lot of that sort of growth expansion will come from -- with this as we get better and better on our platform side as well. So it's really about focus as opposed to -- I mean there's a lot of opportunities, but we are now focusing on the ones that really makes most sense for now because we can get some really strong growth from them.

是的。不，我的意思是毫無疑問我們需要繼續擴大客戶數量。但同樣，我們專注於真正有效的用例，並在我們擁有的用例中擴大交易，這確實非常有效。毫無疑問，從長遠來看，我們必須做到這一點——是的。所以是的，我們相信很多這種增長擴張將來自——隨著我們在平台方面變得越來越好。所以這真的是關於專注而不是——我的意思是有很多機會，但我們現在專注於那些目前真正最有意義的，因為我們可以從中獲得一些非常強勁的增長。

And I think we've also been very disciplined in our marketing spend. So we -- as we talked to you before, a lot of our pipeline is inbound. And we're just shifting this year to more leading and more into what we're seeing as market opportunity and investing more in our marketing. We've obviously got our Explore conference coming up where we'll have a number of prospects. So it's -- that leading into the opportunity set that we see, but also making sure that we're always being very prudent with the amount that we're spending.

而且我認為我們在營銷支出方面也非常有紀律。所以我們 - 正如我們之前與您交談過的那樣，我們的很多管道都是入站的。今年我們只是轉向更領先，更多地進入我們所看到的市場機會，並更多地投資於我們的營銷。我們顯然已經召開了我們的 Explore 會議，我們將有很多潛在客戶。所以它 - 導致我們看到的機會集，但也確保我們始終對我們的支出金額非常謹慎。

Okay. Ashley, is the -- is your forecast now to be breakeven or positive EBITDA in fiscal '25 for the year or just on a quarterly basis exiting the year?

好的。 Ashley，您現在的預測是在本年度的 25 財年中實現盈虧平衡或 EBITDA 為正，還是僅在今年結束時按季度計算？

The focus is on ensuring that we get to it at least on a quarterly basis in fiscal '25.

重點是確保我們在 25 財年至少每季度完成一次。

But actually Ashley often says, we've got a lot of levers in here pushing the Pelican program faster or slower and things like this. And so a lot of that is in our control.

但實際上阿什利經常說，我們有很多槓桿來推動鵜鶘計劃更快或更慢等等。所以很多事情都在我們的控制之下。

Okay. And I guess what's the bridge between that or even the '24 EBITDA and what the plan was during the SPAC process? Or is it really just that there's kind of just a fine line at that tipping point of positive based on exactly where the revenue and margin lands in a given year?

好的。我想那甚至是 24 年 EBITDA 與 SPAC 過程中的計劃之間的橋樑是什麼？還是真的只是根據給定年份的收入和利潤率的確切位置，在積極的臨界點有一條細線？

Yes. I mean, obviously, the world is dramatically different than it was 2 years ago when we put our model out there. And I think we're proud of the fact that we've been executing very well against those numbers. At this point, we are looking at both, the economic environment that's in front of us, the really strong execution that we're seeing from the team, the opportunities to invest in new market opportunities and giving you the guidance that we have high confidence in.

是的。我的意思是，很明顯，世界與 2 年前我們推出模型時截然不同。而且我認為我們為我們在這些數字上表現得非常好這一事實感到自豪。在這一點上，我們同時關注我們面前的經濟環境、我們從團隊中看到的真正強大的執行力、投資新市場機會的機會以及為您提供我們充滿信心的指導在。

That's right. I really, really believe Planet as a team is executing really well. And we continue to see this strong demand even on the commercial side, despite -- [a little] of course in there and certainly on the government side as well. And so that's why we're putting what we think is a very strong growth forecast, which we feel confident in delivering on this year.

這是正確的。我真的、真的相信 Planet 作為一個團隊執行得非常好。即使在商業方面，我們也繼續看到這種強勁的需求，儘管 - [一點]當然在那裡，當然在政府方面也是如此。因此，這就是為什麼我們做出我們認為非常強勁的增長預測，我們有信心在今年實現這一目標。

Okay. And just one last one. Are there a lot of inorganic opportunities on the data analytics platform side within that effort? Or are those hard to find?

好的。最後一個。在這項工作中，數據分析平台方面是否有很多無機機會？或者那些很難找到？

Well, look, we said we would look always diligently around, and we will continue to be open to new acquisitions, but we're going to be very selective and very diligent and, frankly, mainly focused on our internal work for the time being.

好吧，聽著，我們說我們會一直勤奮地四處尋找，我們將繼續對新的收購持開放態度，但我們會非常有選擇性，非常勤奮，坦率地說，目前主要專注於我們的內部工作.

The next question is from the line of Edison Yu with Deutsche Bank.

下一個問題來自德意志銀行的Edison Yu。

First off, I want to ask about some industry developments. Obviously, we've had a bit of time to digest the Maxar [took] private. And I'm wondering from what you're seeing, have you witnessed any changes in the competitive dynamics and the customer feedback? Just kind of curious what you've seen kind of 3 or 4 months after now that's been out there for a while.

首先，我想問一些行業發展情況。顯然，我們有一些時間來消化 Maxar [私有化]。我想知道，從您所看到的情況來看，您是否見證了競爭動態和客戶反饋的任何變化？只是有點好奇你在 3 或 4 個月後看到的東西已經存在了一段時間。

I don't think that has changed the microscopic opportunities we are seeing. We have been seeing continued improvement in our win rates where we have head-to-head competition. But the main thing is that we offer something completely different, right, which is our Planet scope provides the daily scan of the Earth. I think we estimated it's about 100x more collection areas than any of the other commercial providers. So 100x, right? It's a totally different system. It's the scan of the Earth versus a task model. We also had a task system. But that scan is what is enabling a lot of these AI applications, a lot of the defense and intelligence applications we're seeing looking around the corner. It's allowing the board's scale -- agricultural applications, it's allowing the airport scale civil response to disasters and things like that. So a lot of the use cases, including the exciting new ones with AI, are backed off the daily scan, which is completely unique store. Does that answer your question?

我認為這並沒有改變我們所看到的微觀機會。在面對面的競爭中，我們的獲勝率一直在持續提高。但最主要的是我們提供了一些完全不同的東西，對吧，我們的 Planet scope 提供了對地球的日常掃描。我想我們估計它的收集區域比任何其他商業供應商多大約 100 倍。所以 100 倍，對吧？這是一個完全不同的系統。這是地球掃描與任務模型的對比。我們還有一個任務系統。但正是這種掃描使許多這些人工智能應用程序成為可能，我們看到許多國防和情報應用程序即將出現。它允許委員會的規模——農業應用，它允許機場規模的民用響應災難和類似的事情。所以很多用例，包括令人興奮的 AI 新用例，都被排除在日常掃描之外，這是完全獨特的商店。這是否回答你的問題？

Yes, yes. So in relation, we've also seen, I think, several pretty prominent satellites, basically just not be deployed properly, right? You had Airbus that's too high res ones. I think Japan lost a $200-plus million one. Does that perhaps give you some more incentive to deploy a Planet investor? Or do you think -- or is the time line still kind of what you initially thought?

是的是的。因此，在相關方面，我認為我們也看到了幾顆非常突出的衛星，基本上只是沒有正確部署，對吧？你的空中客車分辨率太高了。我認為日本損失了 200 多萬美元。這是否會讓您更有動力部署 Planet 投資者？或者你認為 - 或者時間線是否仍然是你最初的想法？

Well, look, I mean it just reminds us that space is really hard, and these challenges do occur. Our approach is a little bit different than most of those other players in the sense of deploying many more satellites. And so the risk associated with any particular launch tends to be lower. And the broader point is that how we use agile aerospace, which is the sort of release, early as often, enabling us to get to much better cost or capabilities per dollar on our satellites than others have ever been able to achieve. And this essentially was a really interesting, McKinsey report that just came out today, highlighting where the transition is and point to the fact that, that transition again from satellite is with several 0s, right, it's 100x or 1,000x, whereas very few industries go undergo that sort of transformation.

嗯，看，我的意思是它只是提醒我們太空真的很艱難，這些挑戰確實會發生。在部署更多衛星方面，我們的方法與大多數其他參與者略有不同。因此，與任何特定發射相關的風險往往較低。更廣泛的一點是，我們如何盡可能早地使用敏捷航空航天，這是一種發布，使我們能夠在衛星上獲得比其他人所能達到的更好的每美元成本或能力。這本質上是一份非常有趣的麥肯錫報告，今天剛剛發布，強調了轉變的位置，並指出這樣一個事實，即從衛星再次轉變是有幾個 0，對，它是 100 倍或 1,000 倍，而很少有行業去經歷那種轉變。

And so Planet has a unique approach that makes us a little bit less dependent on any 1 particular launch. But yes, I mean we're certainly encouraged to your other point about Pelican to push that program fast because we are feeling that demand, as I said in my remarks.

因此，Planet 有一種獨特的方法，可以讓我們減少對任何一次特定發射的依賴。但是，是的，我的意思是，正如我在發言中所說，我們當然受到鼓勵，因為我們感受到了這種需求，因為我們感受到了這種需求。

Yes. I think the shift that this is also pointing to is just commercial markets and the availability of this kind of commercial data is the future of the earth observation industry. And the activity -- the events of last year really pointed to that, and I think this just underscores that.

是的。我認為這也指向商業市場的轉變，這種商業數據的可用性是地球觀測行業的未來。而活動 - 去年的事件確實表明了這一點，我認為這只是強調了這一點。

Got it. If I could sneak one financial one in there. I know you mentioned the macro softness having some impact. Any way you can quantify that or drill further to the -- how much is embedded into the outlook as it pertains to that macro uncertainty?

知道了。如果我能偷偷把一個金融的放進去就好了。我知道你提到了宏觀的柔軟度有一些影響。您可以通過任何方式對其進行量化或進一步鑽探 - 與宏觀不確定性相關的前景中嵌入了多少？

Here's the way I'd say it, Edison, is we build our model the same way every year. We start with the book of business that's committed. And then we look at what's coming up for renewal. And really, the nature of our business, we can do that almost on an account-by-account basis and get a very strong sense of what are our customers going through? Who is likely to be in those budgetary pressures? Where do we know we've delivered a lot of value and we have an opportunity to upsell? And so that kind of drives our assumptions around our renewal rates and then our expansion opportunities. And then we just try to layer on conservatism around the timing of new business just given that there are a lot of factors out there, even though what we actually see more than anything is what Kevin described the pull from the need for our data but balancing that with the caution of just a generally uncertain macroeconomic environment.

這就是我要說的方式，愛迪生，我們每年都以同樣的方式構建我們的模型。我們從承諾的業務手冊開始。然後我們看看即將更新的內容。實際上，根據我們業務的性質，我們幾乎可以逐個帳戶地進行操作，並非常清楚地了解我們的客戶正在經歷什麼？誰可能會面臨這些預算壓力？我們在哪裡知道我們已經交付了很多價值並且我們有機會追加銷售？因此，這推動了我們對續訂率和擴張機會的假設。然後我們只是嘗試圍繞新業務的時間安排保守主義，因為那裡有很多因素，儘管我們實際上看到的最重要的是凱文描述的對我們數據的需求的拉動但平衡只是在宏觀經濟環境普遍不確定的情況下謹慎行事。

And maybe just to add a bit from the perspective of the customer, and we talked about commercial deals that we closed like PG&E, AXA, Swiss Re that are leveraging some of our new Planetary Variables. We see a resilient commercial market even beyond that. So just during Q4, we also won contracts with 1 of the largest global management consulting firms. Will mentioned the Fortune 500 energy and utility company above and beyond PG&E. There's also a large multinational technology company in Japan, multiple large customers in the agricultural industry. So I could go on. Certainly, there's some degree of caution, but we see a lot of strength in the commercial market, even despite that.

也許只是從客戶的角度補充一點，我們談到了我們關閉的商業交易，如 PG&E、AXA、Swiss Re，它們正在利用我們的一些新行星變量。我們看到了一個有彈性的商業市場，甚至超越了這一點。因此，就在第四季度，我們還贏得了與全球最大的管理諮詢公司之一的合同。 Will 提到了 PG&E 之外的財富 500 強能源和公用事業公司。日本還有一家大型跨國科技公司，農業行業的多個大客戶。所以我可以繼續。當然，存在一定程度的謹慎，但儘管如此，我們還是看到了商業市場的強勁勢頭。

(Operator Instructions) The next question is from the line of Katherine Knop with B. Riley.

（操作員說明）下一個問題來自 Katherine Knop 與 B. Riley 的對話。

So I don't know if I've missed this, or potentially, you may not even give this information. But do you have any percentage breakdown in terms of customer type in your backlog?

所以我不知道我是否錯過了這個，或者你可能甚至沒有提供這個信息。但是，您的積壓訂單中的客戶類型是否有任何百分比細分？

In the backlog, we do talk about it in the revenue. Slide 17 on the deck that we shared. It gives a rough breakdown. Ashley, anything you wanted to highlight on that?

在積壓中，我們確實在收入中談論它。幻燈片 17 在我們共享的平台上。它給出了粗略的細分。 Ashley，你有什麼想強調的嗎？

As Will said, we have a lot of these kinds of details in the deck that we shared on our Investor Relations website.

正如 Will 所說，我們在投資者關係網站上分享了很多此類細節。

Okay. And then just nothing in terms of the backlog breakdown.

好的。然後就積壓細分而言，什麼也沒有。

No, we do not.

不我們沒有。

That concludes the question-and-answer session. I will now turn the call over to Will Marshall for any closing remarks.

問答環節到此結束。我現在將把電話轉給 Will Marshall，聽取任何結束語。

Well, thanks, everyone, for joining. Look, I'm very proud of our achievements this year, a really strong execution by our team, especially the nearly tripling our revenue growth rate and the gross margin expansion that was highlighted. Look, I think mark-to-market Planet data remains strong and robust. The secular tailwinds that we talk about, the digital transformation, sustainability transformation and piece of security is strong. So that's why we're putting forth a strong growth plan this year despite the macro. And I'm confident in the team's ability to execute. Thanks very, very much for tuning in.

嗯，謝謝大家的加入。看，我為我們今年的成就感到非常自豪，我們團隊的執行力非常強，尤其是我們的收入增長率幾乎翻了三倍，毛利率也得到了強調。看，我認為按市值計價的 Planet 數據仍然強勁。我們談論的長期順風、數字化轉型、可持續性轉型和安全性很強。因此，這就是為什麼儘管宏觀經濟，我們今年仍要製定強勁的增長計劃。我對團隊的執行能力充滿信心。非常非常感謝您的收聽。

That concludes today's Planet Labs PBC Fiscal Year 2023 Earnings Call. Thank you for your participation. You may now disconnect your lines.

今天的 Planet Labs PBC 2023 財年收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。