Planet Labs PBC (PL) Earnings Call Transcript & Summary

Please welcome Vice President, Investor Relations, Chris Genualdi.

All right. Hello, everyone. Welcome to Planet's 2022 Investor Day. We're glad that you all could join us today. So we have a really exciting agenda for you today. You'll be hearing from Planet's executive team. Will Marshall, our CEO; Kevin Weil, our President of Product and Business; Charlie Candy, our Chief Revenue Officer; Andrew Zolli, our Chief Impact Officer; and Ashley Johnson, our CFO and COO. You'll also get to hear from a number of our customers and partners, including Bayer, Microsoft and NASA Harvest. We're grateful for their participation in today's event. At the end of the session, we'll hold a special fireside chat with Robert Cardillo, the Chief Strategist and Chairman of the Board for Planet Federal. Finally, we'll wrap up with Q&A, both in-person and online attendees will be able to participate. For our online attendees, please use the raise hand function in Zoom to indicate that you have a question for the team. And for those that are attending in person, following Q&A, we will hold a visit to our satellite manufacturing facilities and mission operations. It's going to be a great day. Now before we begin, I'd like to remind everyone that today's presentation contains forward-looking statements. Forward-looking statements are subject to risks and uncertainties as detailed in our SEC filings. We encourage everyone to review our filings, which are available on our Investor Relations website and on the SEC's website. Okay. At this time, I'd now like to hand things off to Will Marshall, Co-Founder and CEO of Planet Labs PBC.

Thanks, Chris. Welcome, everyone. Good morning. It's great to have everyone here for Planet's first Investor Day as a public company. We're excited to have you all here. What I wanted to do briefly is remind you who Planet is and what we do. We cap a little bit about plant achievements from the past year and tell you a little bit about the themes, particularly the new themes that you'll be hearing during today's presentation. All we're trying to do this and put it into a broader perspective of where plant is going and the opportunity that lies ahead for us. We have 3 key messages I want you guys to take home today. Firstly, we've executed and successfully accelerated our growth rate. We've executed in the business, in the product. And other dimensions to growing the team, growing our partnerships, doing an acquisition. Secondly, we've strong tailwinds driving our business. We've seen 2 key drivers, in particular, sustainability and security becoming increasingly intertwined we'll talk about some of that. And thirdly, what Planet achieved to date as much as we're proud of that, is just the tip of the iceberg of the potential of Planet. And so we've set in place an ambitious growth plan. We talked about some of the elements of that plan today, including greater emphasis on analytics. We're solidly moving up the stack, great emphasis on partnerships to accelerate our grow to market and on global -- and greater emphasis on global security, both as a driver of our business and aligned to our mission. So this show on the road. What -- how does this begin? Who is Planet? Well, it starts here with our mission statement. Many of you have seen this before, but it's to image the whole world every day and make global change visible, accessible and actionable. This was actually formalized into our public benefit corporation charter as we went public, which speaks to both the sustainability and global security aspects of our mission. And it cements how our business and our impact are aligned and reinforcing with one another. So we're doing good and doing well at the same time. And last year, we spoke about this sort of 3 aspects of Planet as we took the company public. We surmised the fact that we have a unique data set. We image up to 300 million square kilometers of earth surface every day. That's about twice the land mass of the earth, and it's about 100x the imaging collection area of any other commercial earth observation company. So that gives -- and opens up huge new markets which gives us to that second point, a huge range of industries benefiting from this. And then thirdly, because the daily scan is always on, and we can sell each picture multiple times, we have a highly scalable and highly profitable business model. And all 3 of these things have been proved out and bolstered by what we've done over the past year. A myriad of examples you hear about through the day, that we'll share will help you see what we've learned and help you to understand Planet as a business. Throughout, I really hope that you'll see that we've been particularly dedicated and unwavering in our focus on driving real customer value. Now before I go to the next slide, I just wanted to say that, as some of you probably know, I was a scientist before coming and starting at Planet. And so I like being driven by quantifiable and reliable metrics. And so it's really exciting to see that the numbers are showing how well we're executing. So let me turn to some of those. Firstly, and most importantly, we have growth. Revenue growth has grown substantively. That's the big one. We grew from the late teens year-on-year growth last year to 40-ish percent at growth. And that was a bold claim a year ago when we went public, but it was on the basis of a real business that we'd already established, over $100 million in revenue at that time. And from many different vertical markets, and we knew that as we scale the business, we could enable quite high margins due to that one for many business, and it was very scalable thereafter. And we were at the tipping point essentially of reaping the rewards of the foundations we've built in particular, the satellite fleet that we had erected. But we had to prove it, and I now feel really good that these numbers show that, in particular, that we've moved to this higher growth mode, and we've done so in a way that is sustainable. At the end of the second quarter, we also had 855 customers, and this gives the sense of the diverse set of markets we can go into, and we're proving that the business can have the kind of scale that we're talking about. And also rather the retention number, the growth there is really showing that we're retaining and growing our customers. And what it says to me is that our efforts in the product fundamentals as well as customer success are really paying off. And to the margins point, I'm especially proud of this margin growth because going from 38% non-GAAP gross margins last year to approach 50% this year is quite a big improvement. And I believe we've got much further to go here. We see a straight-line path to 70% to 80% gross margins. And finally, you can see that we have the cash we need to invest in all of our growth opportunities and initiatives and to get the profitability. And all this means that we can really focus on making the right decisions for the long-term growth and going after the full market opportunity. We don't have to hold back in any way. Now on these numbers, I -- also just makes me want to reflect. I often hear from investors and analysts struggling with the question of, is Planet a satellite company? Or is it a software and data company? Whilst, of course, the answer to that at some level is both, right? But we, as a management team, have always maintained that we're a data and software business. Why? Because although we have space assets, that's the huge moat on the basis of which empowers our business, and it's completely unique and that is very cool. And those of you here today will see some of that in a lab. We're a data and software business because we sell the software, we do not sell satellites. And that's a pretty important point we wanted to invest with various degrees of success. But in my mind, both under the hood and by the numbers that you see here, Planet is a software company. So what's driving the growth that we're seeing? In part is these significant tailwinds, these global tailwinds. We see Planet as being a part of 3 foundational multitrillion dollar global transformations that are happening around the world today. First is digital transformation, that's industries like agriculture, undergoing efficiency improvements, where big data and AI come to them and enable improvements in their methodologies. And many industries are undergoing this. Secondly, sustainability transformation. And that's being driven by the fact that the largest challenge humanity is facing today is the twin problem of climate change and biodiversity loss. And this is no small matter either, right? The European Union has put 25% of its budget in the next cycle to sustainable transformation of the European Union. Larry Fink of BlackRock has said, companies won't get access to capital if they don't track their ESG targets. And finally, we have peace and security. And we're seeing increasing security issues around the Planet, and they're being exacerbated by climate issues. And we have to create and we're enabling the creation of a more transparent planet that will help the safe life for all of its inhabitants on the earth. And with all of these shifts, these 3 here, you can't -- the first step is measurement. Measurement enables you to manage these challenges, which is why our data is critical to supporting companies as they shift in these economic times, and Planet is not just relevant to these 3 transitions, is foundational to all of them. And that makes plants data relevant to every company and every government around the globe. Last year, we spoke about these 8 markets that we're looking at. And the vast majority of Planet revenue today is on the left hand for of these markets. And the right hand for are nascent but have huge potential. Let me show share an anecdote from a couple of trips I've made recently. So I went a few weeks ago to Washington, D.C. And we met with heads of agencies of several government agencies as well as defense and intelligence. So from FEMA for emergency management to the National Reconnaissance Office. And the interest in Planet data is just taking off there. They can see this value. Meanwhile, I also visited 3 African countries, where I met with ministers, presidents, and it's clear that we can help them too from helping agricultural efficiency, to border security, to park encroachment. And so we had great reception there as well. So from the smallest economies to the largest economies in the world, Planet's data is relevant. And on the commercial side, we saw great progress so far this year in agriculture, it's really strong growth. And with VanderSat, our acquisition, we've helped really open up that -- new opportunities in that market as well, and they've helped us get more serious about the insurance market. For example, Swiss Re, we've got a really rapidly expanding and exciting partnership there. Finally, in finance, I just want to touch on that. I still think that that's the biggest market opportunity. But we said before that they don't want imagery and they want time series calibrated data. And hence, all the discussion we'll have and Kevin will speak more to this, about how we're going up the stack. But he will also share a couple of examples of how we're getting into that finance area. And we're -- I think most importantly, and you'll hear this from Charlie, we're being disciplined and systematic as we go after all of these markets. And that's the most important point for you to take home. So last year, we also introduced this concept of the analogy to the Bloomberg Terminal. You see we could speak for many hours about the cool satellites and often underappreciated data processing steps because there's quite a lot of that. But what really matters is what's the value that comes to the users, right? And what value it drives for them. And really what the users get is information feeds. They set them up and subscribe to them on our platform, and it enables them to make smarter decisions. And that's rather analogous to what Bloomberg Terminal does. And like Bloomberg Terminal, this enables a high margins, high growth business and high stickiness as well because the data goes deep into the workflows of these organizations. And that gives barriers to change, right? The only differences are that whereas Bloomberg primarily aggregates free data, we've got a unique and proprietary data set and whereas Bloomberg only really serves finance, we're serving multiple markets. So I call it Bloomberg ++. So let me talk a little bit about some of the achievements of the past year. And there's been myriad but let me share some of the ones that stand out to me. On the product side, we built a lot of the foundation. So from image quality to APIs to in phases. And you'll hear from Kevin, some of the improvements that we are seeing in MPS. And I think a lot of that is because of these foundations. On SkySat tasking, we made some major improvements that improve the total capacity of that system by over 50% even with the same satellites in orbit. And we also announced a new fleet -- 2 new fleets of satellites, Pelican, which is higher resolution than SkySat and higher revisit and Tanager which is our hyperspectral fleet of satellites. On the business side, we grew the team substantively and we feel very much on track there. We've really got to focus on systematic scaling. For example, you'll hear from Charlie about how we systematically analyze all the different use cases all the different vertical markets and where to focus and where to not focus. And as I said, Charlie will tell you more about that shortly. On partnerships, we won a landmark deal, the EOCL contract with a National Reconnaissance Office. We also did this cool and pioneering partnership with the German government, which is basically the first government-wide contract across all their civilian government agencies, 400 federal agencies. And I think many countries will follow so. And finally, we had an expanded partnership with Bayer, who is the leading agriculture company, and you'll hear directly from Bayer here today, I'm pleased to say. Finally, on partnerships and acquisitions, VanderSat, the acquisition that we announced last year is helping us to move up the stack. In particular, they have a Planetary Variable on water, moisture, basically soil moisture content and a couple of other plans are variable exemplars of what we've got to build on the back of our data. They bring a team that's able to do that. So it's really cool. We also recently announced an exciting partnership with Telesat and SES funded by NASA to develop satellite to satellite communications. This is really cool. It basically enables us to go from hours getting the data down to minutes via space-to-space communications and it's a win-win because NASA wanted this capability and we forward fund capability that we already wanted to build and accelerate that capability. It's very cool. And then I mentioned this here last -- just a few weeks ago, we were at the UN for the UN Climate Week. And we announced a partnership with Microsoft and with the Nature Conservancy on mapping renewable energy facilities around the whole world. And you'll hear more directly on that project here today from Juan, from Microsoft as well as Andrew Zolli, our Chief Impact Officer. And then of course, many other examples, but here those are some of the ones that I wanted to highlight here today. I want to spend a couple of minutes on Ukraine because our data has been helping there in perhaps a wider set of applications than people initially may realize. And that has been helping organizations across 3 different ways: firstly, assisting governments both with the security operations and defense of Ukrainian sovereignty. And our data is unique there in showing and finding new threats around the corner, and we saw that just this last week with the Kerch bridge that we had the before and after first data off. Helping NGOs. We've been helping NGOs with a myriad of ways for the humanitarian relief. There's millions of internally and externally displaced people, and they've got a wide variety of challenges from housing to medicine to shelter and even sadly, we're tracking war crimes in that area. And then finally, where appropriate we'll be sharing that data with the media and think tanks so that they can shed light on events as they unfold. And there's simply no better example of Planet's data in action than this, which is a partnership with NASA Harvest. NASA Harvest used our data to do a countrywide analysis of the crop health in Ukraine, field by field across the whole of the country. It's an incredible work, and it's super important for food production, both for Ukraine, but also for global food suppliers because many of the poorest countries in the world rely on Ukraine for their grain suppliers. It's a really sad situation, but Planet solutions can help. And in fact, it's an exemplar of the unique capabilities that Planet's data enables because there's no one else that can do this daily scan, simply no one else could do this assessment at this scale. And then finally, I just wanted to talk a little bit about -- just to tee up also that you'll hear from Inbal of the NASA Harvest project later today. So that's -- you're going to see that presentation in more detail. As I mentioned, we have continued to shed light on Ukraine via our data to the press. And that is shedding light on what's happening across the country. But it is also true that Ukraine as an event has shed light on the need for open and global information both in general and Planet's data in particular, and how critical it is to do overing problems, not just in the security area, but civilian areas, like I said, in food security as well. And our media program is, of course, not just limited to Ukraine, we shared a various events around the world. And our Planet's imageries routinely show up in major publications pretty much every day. Let me move a little bit to the future. So last year we marked the tenth anniversary of Planet. And so -- and as we were taking the company public, both of these reasons, Robi and I, my Co-Founder, sat down and we thought, let's write a plan and vision for the next 10 years. I'll might invite you to read it. It's online, as we call it the North Star. But let me emphasize just a couple of things. The first thing, as I put on this chart, is that 5 years ago, Planet was known as a satellite company. Today, we're really known as a data company. But I think in 5 years' time, we've really been known as a platform company. We also said, and I want to emphasize it here. And though we're proud of what we have done so far is really just the tip of the iceberg of the potential of the planet. We're serving about 1,000 customers to date, but there are hundreds of thousands of customers that need Planet's data. This whole markets we barely touched, in short, massive untapped potential. Systematically enabling those is where we're going next. And that means going up the stack to enable those markets, it means easing our go-to-market with better partnerships and easing partnerships. And in all, what we set out was with the North Star was building an earth data platform powering action because action is what really matters. It enables people to make smarter decisions for a Smarter Planet. Again, Planet's goal is to systematically enable all of those users. And what we see our role is, is creating the data and the tools, whereas partners build applications and then people can take action. Before I close, let me just touch on some of the newer themes that you'll hear some of the focus areas that we'll focus on here today. To the point of just being the tip of the iceberg of the potential, we'll speak about analytics and going up the stack, and Kevin will speak more to that. We need to go at the stack, right? Google, the National Reconnaissance Office, Bayer, NASA, they can get value out of our data today, many of the large customers like that. But many others cannot. They see the value in the raw imagery, but they can't get that value and practice until they extract out some of the analytics. So we need to be systematic about building the tools for some and partnering with others to enable those tools for others. Which brings me to the second point, which is empowering partners. Charlie will speak more to this. We cannot possibly do this alone. So we aim to build the foundations that power partners to build applications, and we really see this as an ecosystem approach. Finally, on impact. The most obvious area that Planet can help the world was always sustainability, helping that sustainable transition. But myself and my co-founders, right from the get-go knew and could understand how bringing transparency was going to have significant impacts in peace and security. And these 2 are increasingly intertwined. We saw Syria causing -- a drought causing a civil crisis causing a war and then refugees. And now we're seeing in Ukraine, the sort of reverse of war creating various challenges of food security and energy security. These 2 things are intertwined. And Andrew Zolli, our Head of Impact, will talk about some of these in some of the examples later here today. Before I hand it over to Kevin, I just want to reiterate what I said at the beginning. We're executing and have successfully accelerated our growth now to 42% at the midpoint for the forecast for this year. We have strong tailwinds driving our business in digital transformation, usability of transformation and security. And what we've achieved today is really just the tip of the iceberg of Planet's potential, which is why moving up the stack, focusing on partners and so on. This is a solid and ambitious growth plan. On this last point, I'm really glad that you'll get to hear from some of the customers here, Inbal from NASA, Nalini from Bayer and Juan from Microsoft to give you some of that flavor. And thank you for those people to paying the time to be here today. And finally, I want to note that all of this progress depends on one thing, which is the incredible team that we have here at Planet. I'm in all of the talents and skills of this team, and I'm privileged to work alongside them. And it starts here with Kevin, Planet's President. He leads both product and the overall go-to-market strategy. And he came from leading products at little companies called Twitter and Instagram, and -- but he came to join the rocket ship cool Planet. So with that, I'll hand it over to Kevin.

Thanks, Will, and good morning, everyone. At last year's Analyst Day, we talked about our strategy to make daily change visible, accessible and actionable and to build a great business as we do. I'm going to show you how we've delivered on that and the positive impact that it's made for our customers. And next, I'll show you a demo of some of our products, and then we'll finish with a glimpse at where we're going next. But let me start with a quick reminder of how our business works. So PlanetScope is our daily monitoring product provided by our constellation of nearly 180 super data satellites. PlanetScope customers typically subscribe to an area. So you'll hear us talk about an AOI or an area of interest, and they receive daily imagery of their AOI. They access the daily data via our web tool, Explorer via our APIs or via Planet's built-in integrations to all the popular GIS tools. So for example, a large agricultural customer like Bayer might subscribe to an area made up of all the fields across all their farming customers. Defense customer might set their AOI to their border areas, plus every hotspot around the world that they're looking to monitor. And the state government might set their AOI to be their entire state and so on. And note that this model is immediately right from the beginning, it's one to many. Because the same patch of land can simultaneously be an agricultural area, near a border and within a state. So we capture the data once, and we're able to sell it multiple times to multiple different customers. And as our customer base grows, that multiple increases and our margins increase with it. So in addition to forward-looking -- the forward-looking cadence that PlanetScope provides, we also have a unique deep archive of PlanetScope imagery going back 6 years. So that's about 2,000 data points for every point on earth, one a day, documenting change. And our customers use this data to go back and contextualize events that they're seeing on the ground today as well as to train predictive ML models. And continuing down, base maps offer a cloud-free aggregation of the best imagery over an AOI over a particular time frame. So customers get weekly, monthly, quarterly or yearly cloud-free based maps, which are fantastic for visual use cases, and I'll show you an example of this in the demo. And then the last one I'll talk about here is our high-resolution tasking provided by Planet constellation of 21 SkySats that offer 50-centimeter imagery over any point on earth with the ability to revisit points up to 10x per day. Most of our SkySat customers set up yearly or multiyear contracts, typically with quarterly or annual minimum commits and revenue is recognized with usage. We'll talk more about Fusion and about Planetary Variables later and I'll show you a demo that brings these products together into a single integrated experience. Together, though, they form the basis of Planet is one-to-many business model. And that, plus the fact that over 93% of our ACV is recurring sets us apart from our peers. So I have a poster that in my office at home, and it says in big red letters on a white background, good work consistently over a long period of time. That, to me, is what delivering for customers is about your strategy points you in a direction and then you put your head down and you execute. And over the long run, it's execution that makes all the difference. What you see on this slide is just an example of the improvements that we've made for customers this year. Not all of them make the front-page news, but every single one of them is a big deal to our customers. And the best part about doing the kind of foundational work that's represented here on this slide is it doesn't only improve the product itself; it improves every analysis, model and decision that the product powers. We upgraded our entire planet scope system from 4 bands to 8 bands, which has opened up new use cases in environmental monitoring, coastal areas and more. As we did that, we massively improved band alignment across our imagery, meaning from one day to the next, our imagery got visually and radiometrically sharper. Again, this kind of software work not only improves the core image quality, it improves every downstream analysis a customer does with the imagery. Leveraging that, we completely rebuilt our analytics pipelines. And the results are better, of course, but they're also faster. So they get to customers more quickly, and I'll show you that in the demo. And as Will just talked about, we've substantially increased the capacity and reduce the latency of our SkySat constellation. That's an improvement to an existing constellation in space. We didn't launch more satellites. We did it by shipping iterative software updates and there's a bunch more to come as our systems get smarter. And customers noticed these product improvements, along with a number of positive changes on the commercial side that Charlie will talk about, have moved our overall Net Promoter Score, up 24 points to a score of 62%. And remember, Net Promoter Score goes from minus 100 to 100 and you only get positive points if a customer gives you a 9 or 10 out of 10 and when asked if they actively recommend the product. So 62% is a fantastic score that represents a lot of positive customer sentiment. And it's even higher for our larger customers. So it's 70 across our top 50 customers, and it's 85% among customers with 7-figure ACV. These kinds of NPS numbers are an indicator of our ability to drive retention and expansion among our existing customers. And this focus on the fundamentals is paying off in other ways too. So we've long said that the true value of Planet's multiple constellations is in how they can be used together. And you can see our customers increasingly agree. So our percentage of multiproduct customers has grown from 63% in 2020 to 85% in 2022, with the largest growth being customers that are using 3 or more of our products. Just to illustrate what I mean here. An example would be an agricultural customer that uses -- they join, say, to monitor their fields using PlanetScope. They expand the following year using Fusion to do predictive analysis, predictive time series. And then they add SkySat to dive deeper into specific issues that they find anywhere in the world. Or say, a defense customer who starts using SkySat for border monitoring and expands that the next year to do -- to monitor their coastal areas using ship detection. And then from there, adopts planet scope across a broad region so that they can see around corners, understand unknown unknowns. And with our 6-year archive, pieced together historical information on events that they may not have originally known to look for. So let me show you how some of these use cases are coming together in the product today for customers. I'm going to show you 3 different videos that all narrate as they play. We'll start in the Amazon rain forest. The lungs of the planet. It blew my mind to learn that we lose 40 football fields worth of tropical rainforest to deforestation. Not every month or every day, not even every hour, every minute. 40 football fields worth of tropical rainforest lost every minute. And by the way, deforestation in the Amazon, it's not just an environmental issue. Often the underlying reason is narcotics traffickers, creating roads and temporary runways for drug smuggling. It's just one more example of how sustainability and security are increasingly intertwined. And if you're going to make an impact here, you need PlanetScope. You need our ability to scan huge areas. You need our resolution to see roads. You need our machine learning to identify change, and you need our daily frequency so you can take action as it happens, not just show up after it's over. So let's go to the first video. We're starting here looking at our global monthly base map. This is the world as seen by PlanetScope imagery. As we zoom into Brazil, you can see how massive the Amazon really is. It's about 10 million square kilometers, almost 7% of the landmass to the earth. Keeping up with how it's changing over time, being able to find where deforestation or development is taking place. It's a really challenging task. So now we'll zoom further into an area in the East, and we can observe just how quickly change can happen. So as we zoom in here, we'll change this monthly base map view into our daily PlanetScope view. And we're going to look at imagery from this past April. So this is April of 2022. And here's what this area looked like on April 14. You can see a fairly large amount of forest here. Now let's go to April 15, not much change. April 19, still intact, April 21, still good. But by April 24, we're starting to see some significant harvesting. And by April 29, almost this entire area is cleared out. So how do you, as a customer, even know to look here. Like I said, 10 million square kilometers. It's a massive area. How do you identify that this is a place where change is occurring? That's where our AI-powered road and buildings change detection product comes in, the analytics that Will has been talking about. So we'll take a look at how that product works. One thing to say, detecting road and building change is powerful, and it's more cross-cutting and horizontal than you might think because anywhere people go, they create roads. And the Amazon is no exception. So as the timber got harvested, the roads became more visible and our ML model picked them up, including polygons, confidence scores for every detection. And from here, with one click, you can submit a task for our high-resolution SkySats to go and get a closer look. With a single click, you're taking to the tasking dashboard with a location prefilled, you provide a name for a task, you hit go, and you've just submitted a task to the software back end that powers all of Planet's high resolutions SkySat tasking. And now when that image is delivered, it provides more detail into the deforestation that just occurred. So you can see significantly higher resolution image from SkySat. You can even see the piles of wood harvested from the area that were left by the road. So here, in this one example, you have base maps, you have daily planet scope imagery, you have changed detection analytics and you have tasked high-resolution imagery all in one workflow. One additional point I'll make on this. Through our imagery, through our machine learning, our products can tell that there are new roads and buildings, and generally just wind change takes place. But what our platform doesn't have is the additional context about what's supposed to be going on in this area. This could be a completely legal deforestation event or it could be a legal deforestation. This is where our partners and customers come in. So they use our APIs, and they can build products that add additional context to the Planetary Variables that we produce. And that's what this next video will show. It's about how a partner of ours SCON, builds on the building blocks that I just showed to create an end-to-end application for their customer in the Brazilian government. So let's roll that video. So you can see -- this is the wrong video. Can you show the SCON video, please? All right. So you can see as they go into their alerting dashboard, this is built by SCON on top of planet. You see label dots. And the number on each dot is the number of changes or alerts that have been identified in a particular area. And as they zoom in, these labels become more granular until eventually, what you're seeing is an individual detected change. And with a click, their application pops up planet imagery showing the before and the after and including a range of relevant metadata. And again, here's the deforestation event. The difference now is that SCON has integrated local permitting data, and so they can characterize on their end, each alert as permitted or not permitted. Their app generates automatic analytic reports on each alert, which provide the appropriate details in the formats relevant to the government of Brazil and other decision makers on the ground. It's a level of detail that we don't have. It's work that's specific to a particular customer. And it's a perfect example of the way that we look to provide scaled imagery, analytics and horizontal platform services, and then we rely on partners who can go deep with customers and build end-to-end applications that integrate our products. As one last quick demo. I know many of you are interested in learning more about the products from VanderSat when we -- who we acquired in December of last year. We're thrilled with how that integration is going. That team is packed with remote sensing scientists. They fit right in and they're already meaningfully adding to our capabilities. So let's roll the last video, please. So as this video zooms in, in Brazil again, you can see one benefit immediately. VanderSat products fuse in microwave data alongside optical imagery and microwave data sees through clouds. It means it can provide an extra level of continuity on day-on-day in agricultural regions. And they're measuring something complementary. It's not just optical imagery, it's a proxy for the actual amount of carbon biomass in each region of each field. And now as we head to the U.K., there's another major difference. The product here isn't imagery. It's a data point per area per day, and you can chart that data point over time to get a graph. Some businesses might not know what to do with imagery, but every business knows how to understand the graph. And as with Planet, they have an archive going backwards, so it's easy to benchmark across multiple years. There's a lot coming on this front next year. And I'm going to talk more about VanderSat and analytics and moving up the stack as we now switch gears and start to look forward. So as Will has said, our mission is to image the world every day and make global change visible, accessible and actionable. This is how we orient our product strategy as well. Making change visible is about agile aerospace, Planet's ability to build large constellations quickly. They produce new data sets the world has never seen before. Making change accessible is about stitching that data together, making an analysis ready, helping our customers and partners extract insights from it so that they don't have to start from the imagery itself. And making change actionable is about bringing these building blocks to the customer wherever they are and providing an Earth data platform that enables them to integrate our solutions into their workflows. So let's start with making data visible via agile aerospace. This is the first of planets moats, and I still think we're the best in the world at it. So what you see here is our near-term satellite road map. You know our 2 existing constellations. SuperDove on top with roughly 180 satellites imaging the entire world every day in 8 bands at 3.7-meter resolution. The SuperDove generate a unique data set documenting daily change across the planet, which has never existed before. And we have a 6-year archive. 2,000 data points above every point on earth. It's both irreplaceable global context and a unique training ground for geospatial ML models. And then there's SkySat, the 21 satellites that deliver at 50-centimeter resolution with the ability to see a given point on earth up to 10x per day. This bottom row shows 2 new types of satellites that we're building as we speak, and that will launch starting next year. Both bring new and differentiated data sets to our platform. On the bottom left is Tanager, the hyperspectral satellite that we're doing in partnership with NASA JPL, Carbon Mapper and others that will measure methane and much more across the world. And on the bottom right is Pelican, the successor to SkySat that's going to be better in every way? So what do I mean when I say better in every way. And instead of 21 satellites, the Pelican constellation is planned to be 30%, about 50% bigger. Instead of being 50 centimeters, Pelican will produce 30-centimeter imagery. And instead of 10 revisits to a given area in a day, Pelican is planned to do up to 30 revisits in many areas. That is a revisit every 30 minutes. 30, 30, 30, 30, 30 satellites with 30-centimeter imagery, leading to 30 captures per day, one every 30 minutes. And that's not to mention a host of other incredible features. So Pelican will be able to connect to satellite communications constellations, which will enable rapid tasking and data dissemination. They'll have more bands than SkySats, and it's not just imagery, Pelicans will be able to capture video to really better in every way. But how does this play out in practice? Imagine that you're in national security and you get a tip from a source or you're monitoring the Amazon and our analytics just detected a new road being built. You can use Planet's tasking API to submit a task to Pelican. 2 minutes later, that task has already been up linked to a Pelican in space, which 15 minutes later is over your area of interest. It collects the image and without needing to wait to fly over a ground station. It downlinks that image immediately using a commercial satellite comms constellation. 15 minutes later, that image has been processed. Analytics have been run, and 5 minutes after that, the results are sitting in a cloud bucket that you own. So in well under an hour, you went from having a tip to having 30-centimeter imagery and analytics of a point on the other side of the planet without you even needing a human in the loop. That's the kind of thing that becomes possible with Pelican. And now with Tanager, we moved beyond the optical spectrum, to hyperspectral data. So it's not 8 bands in the visible spectrum. It's 400 highly precise 5-nanometer bands starting in the visible spectrum extending through the near infrared and into the short-wave infrared all the way out to 2,500 nanometers. With 400 spectral bands, you can think of these satellites as essentially being able to detect chemical signatures. The driving use case is greenhouse gases. Tanager is designed to detect and locate over 80% of methane and CO2 super emitters, whether from pipeline leaks, landfills, cows or other phenomena. Measuring methane and CO2 globally provides ground truth for the world as well as an ability to hold governments to their promises and hold emitters accountable. But these satellites will be able to do far more including applications in mineralogy, biodiversity, environmental assessment, natural resource management as well as in defense, where it can be used to detect a variety of material and chemical signatures. Taken together, Tanager and Pelican are going to provide Planet, our customers and our partners' unprecedented data. I know I speak for our whole team when I say I can't wait for these launches next year. And for those of you in person, I'm really excited for you to go down to the lab and see some of this in person. But we're not going to stop at just producing new data sets. The even bigger opportunity is moving up the stack from imagery and data and APIs to machine learning and time series. We're building a platform on top of our proprietary data, layers that can be mixed and matched together like LEGO blocks that provide new capabilities, extract new insights and generally make our data more valuable and easier to use. I'm going to show you how we're building this strategy from the bottom up with each layer stacking on and reinforcing the ones below it. So each of the icons here represents a single example of data or a service at each layer. So you see here at the bottom, PlanetScope monitoring, our high-res tasking via Pelican and SkySat, Tanager's hyperspectral data and our billion-image archive. But we are creating over 30 terabytes of data every day. We have to move beyond humans using their eyeballs to look at imagery. The future is about computers running algorithms and analysis to automatically identify objects, patterns, time series. All of our data is analytics ready, and that's a new LEGO block that partners and Planet are using to train machine learning, remote sensing algorithms on top of our data. We're also beginning to fuse our data with that of other sensors, other optical sensors, microwave sensors, even radar in the form of SAAR. It allows us to mix in new capabilities. Surface temperature, the ability to see through cloud, things like that. And over the last year, with these blocks in place, we've begun to build more sophisticated building blocks that we call Planetary Variables. And as we do notice that these don't look much like imagery. They start to look more like a matrix or a time series, something that anybody who knows how to use Excel can use. And that's why with each step along this path, we're not only reducing time to value for customers, we're meaningfully increasing our customer base and our TAM. Last year, at this event, I said we're about at the second layer, and we were just kind of peaking into the third layer. Today, I showed you examples of change detection for roads and buildings and how that can identify deforestation or aid in permit monitoring. And with our integration of VanderSat's products. We now sell third layer offerings like a biomass proxy product, soil water content and a land surface temperature product. So we're moving really quickly on this front. And we call these building blocks because they really are. For example, at the insights level, you can combine Planetary Variables like soil water content and land surface temperature to produce accurate estimates of crop yields. In fact, just a few weeks ago, Bloomberg published our crop yield estimates in the Bloomberg terminal, a few days ahead of the official USDA report on crop yields. They ran again on the terminal yesterday morning. And we've seen major insurance players like Swiss Re and AXA use small water content as a LEGO block in building a parametric drought insurance product. So what they do is they price the insurance for a particular area by looking at the history of soil water levels in that area over a bunch of years. And then by monitoring the difference in soil water levels on an ongoing basis, they can determine whether a payout is due, all automatically using data from satellites orbiting earth as we speak. And to the point about enlarging TAM, if we had just stopped at the bottom layers and waited for the insurance industry to do all of the work in the middle themselves, it wouldn't be happening yet. They wouldn't be a customer. Farmers wouldn't have this innovative new drought insurance product. But because we're building up the stack, we're making these building blocks available in the form of Planetary Variables, we're creating a whole new market for Planet and for our partners. And it continues. Partners are already using these building blocks to produce measures of carbon sequestration, commodity pricing and all kinds of other things. We're seeing this kind of up the stack work, spur a lot of innovation. By the way, this triangle is not shaped like this, it's shaped like this, right? It's incredibly wide. There are so many applications, and we're really beginning to open people's minds to the value of Planet data. And as we do all of this, we have an opportunity to speed time to value even further for our customers and partners. So far, everything we've talked about is data. But what about the workflows around that data? Just like we want to build up the data pyramid, so folks don't have to continually recreate the wheel to do analysis. Our customers regularly ask us if we can simplify the way that they manipulate, understand and integrate the data. So I referenced an agricultural customer earlier. It was getting PlanetScope scenes, Fusion data and SkySat images. But what if they want to quickly generate a time series of NDVI values across all their fields, filter that down to a particular country and then group by region. What if they want to correlate soil water content and crop yields over time or take the defense customer that I referenced with broad area PlanetScope, ship detection analytics and SkySat tasking. Maybe they want to not just detect ships but count them over time, establish a baseline and then automatically alert when that value goes anomalously high or low. You can see what's needed here is almost like an analysis and alerting platform for the data pyramid itself. We have the basics of this in place. It builds on our history of supporting open web and geo standards, offering rich APIs, doing integrations with prominent products like Esri and Google Earth engine, but there's a lot still to build. The important thing is each step we take along this path is one thing that our customers will be able to do with a few clicks, but today, they have to do by hiring engineers and writing code. It makes our platform stickier and more valuable for every customer and every partner in the world. So I hope that's given you a sense of the ambitious road map we have ahead, a road map that's truly unique to Planet to our vertical integration and to our growing customer base. Beyond that, we are building an execution machine here, and I'm excited for what the next few years hold. So now let's talk about how we're going to take all of this to market. And for that, I'm happy to hand it to Charlie Candy, Planet's Chief Revenue Officer and one of the strongest commercial leaders that I have ever worked with.

Good morning. Thank you, Kevin, for that kind introduction. So my name is Charlie and I have the great privilege to support our global commercial teams. And it's great to be with you in person this year to talk about the progress that we've made in scaling our commercial organization and delivering on our go-to-market strategy. So the commercial team has a really tremendous role and huge responsibility, and that is to convert the amazing potential that Will and Kevin have been talking about. And as it did when I joined this company, my mind still races with the unbelievable amount of opportunity that we have. And with so much to offer and so much opportunity and so much interest in what we do. It's imperative that we focus and to ensure that our teams are working on opportunities that we can land, we can expand and that we can renew consistently. So we already know which customers we can make successful, and we have identified high-value, high-impact use cases. And now it is about being systematic in our scaling. And I'm especially excited that we actually have one of these key customers with us today, and Eleni is going to come and talk to us they're trying about the great work that the Bayer is doing. And in this section, so there's 3 things that I would like to use to take away from my section today. The first is that we did the things we said we would and it's working. The second is we are honing our sales motions and becoming more systematic in the way we approach industries and use cases. And thirdly, we are laying the groundwork to scale emerging market opportunities as they develop. So last year, I presented a slide very similar to this with 5 key focus areas that our commercial team was going to focus on. And I'm pleased to report that we've delivered on each of these, and we're seeing great results, and you can see this in our numbers. We now have 55 sellers globally, and we've grown our sales development organization to support these sellers with a well-qualified pipeline of high-potential customers that we know that we can serve. We've added vertical teams in sales, presales and customer success. And his expertise has helped build credibility and repeatability in our sales motions. And I'll share later how we have gone through an exercise with our gate market teams to identify and prioritize our sweet spot industries and use cases to help us become laser focused. We've seen great results from our global strategic accounts team, and we're expanding this team. And as we do, we're reducing the number of accounts that these reps cover as we see that the dedication of resources is really paying off. We've invested in customer education and engagement launching Planet University, which has a plethora of content, including learning access opportunities, online courses, live training, webinars, and this resources, this content is co-developed, it is created by our Planeteers but also our users and our partners. We also launched our Planet community. And this is a platform that enables us to engage with the users, connecting all the people around the world doing amazing things with our data and on our platform. And we've invested in rolling out the industry-leading sales methodology command message to help us position our value proposition and drive sales productivity. And we use this alongside [ Medpack ] which help us qualify and forecast accurately. The acquisition that Will and Kevin talked about VanderSat is really exciting for us. We've already developed this promising foothold in insurance vertical. But more importantly, it's actually right now is creating a compelling upsell opportunity into our large civil government customers and our agricultural customers. It's a very complementary product set. And lastly, we have been making targeted investments in both business and market development, preparing future opportunities. As an example, we've made investments in the Middle East and Africa, and we're preparing the ground we're making these markets ready for our future partners and sellers so that they can be productive faster. So the numbers, you can see through our numbers that we're presenting here today that these things are all making impact. And at our sales kickoff this year, we talked about the importance of winning customers, qualifying harder, focusing on core industries and where we've been asked to solve for unproven use cases that are harder to quantify. We've empowered our teams to say no, just to make sure that we're focusing our resources and activities that we know will pay off. As our customer base continues to grow, we are winning more and more customers in our target industries. And as a result, our average deal size is growing. Our sales process has also evolved. We're spending more time building alignment and quantifiable value proposition, which is driving bigger deals and improving our renewal rates and expansion as we go. And the combination of focusing on our highest potential customers with the values led sales process is leading to growth in $1 million-plus customers. And what excites me about these customers is that what we're seeing is that when we large -- land a large opportunity with the customer, it makes it even easier to land the next larger opportunity with the same customer or other customers in their industry. Our momentum is feeding itself. And it's not just about winning customers, it's about making them successful so that we can retain them and that we can grow them. And our investments in customer success, combined with the improvements that Kevin talked about in our products and our operations is leading to a much better customer experience. And you could clearly see this in the NPS results that Kevin presented earlier, 62% is good, but it's not where we're aiming for, and we're going to continue to strive to make that better quarter-on-quarter. And I'd like to share with you just one example of a customer that is in civil government. We're just seeing an explosion of use cases in civil government. And this is an example from a customer in Asia. However, it could be any country in the world. There is not a national state or local civil government customer that could not get value from these use cases, and they are uniquely served by Planet. Our local partner has established large-scale monitoring solutions for agriculture, forest, water resources, mining, waste disposal, all supporting policy wide implementation at a countrywide scale. Additionally our data is used for disaster management such as wildfire and flooding events. And this has created huge demand for our data, but also visibility and raised our profile at the highest level. Our team was actually invited to visit the country recently meeting with senior ministers and deputy ministers for digitalization and innovation in space industry to discuss this project and the success that we're achieving. And we've been asked to submit a proposal, which is now a multimillion dollar proposal for countrywide monitoring, which would see a 5x the growth in the next 12 to 24 months. And this is just a representative of a customer with all of these civil government customers globally that we can serve, and we're relevant at those highest levels. So meeting with politicians and world leaders is common in Planet. And it demonstrates the relevance of our value at the highest levels of government. Now this customer is now a passionate advocate for Planet. We're making a difference, and they are a reference for us to help us go out to other national and civil governments. And the partner is working with us on opportunities in neighboring countries, and we've been using their success to demonstrate what is possible and to short-term sales cycles. Now I'd like to talk about the results that we're seeing in our global strategic accounts team. So this is a new team, and we've invested in experts with industry focus in sales, presales and customer success. It's worth noting this is still a new team that was formed in July last year when we saw the opportunity of really focusing dedicated resources on a key list of strategic customers. And in this chart, you can see the results. This is our ad cohort, which has grown 225% year-on-year SPV. And this has been achieved for investing in these customers, understanding their needs and building shared road maps with aligned goals with dedicated teams that understand those customers to make them successful, and it's a partnership. And that's the way most of our customers and our partners see is this strategic partnership. The improvements that we're seeing in quality, consistency and user experience from our 8-band SuperDove data is accelerating adoption in these customers and our new capabilities like Fusion and Planetary Variables are creating exciting expansion opportunities for us with many, many projects with these kind of key customers underway. And the new constellations, Pelican and Tanager, they're inspiring for our customers. They can see that this is a future company that these partners want to invest with a compelling road map, which will unlock significant future opportunities. And I'm excited as we continue to invest in expanding this team because the return on investment has already been very strong. I'm truly proud of our commercial team. And the culture that we have created. I'm surrounded by the most talented people that I've worked with in my career. And they are highly motivated and doing amazing work here at Planet. And Planet is an exciting place to work. We offer purposeful roles, and we offer a high earning potential. And this enables us to attract and retain amazing talent, and our growth is facilitating career advancement opportunities for our teams and supporting that progression for our teams is something that gives myself and my leaders, great pride to offer people these opportunities. And my commercial leadership team have all worked in public technology companies modestly in the South Arena. And they are building these high-performing teams. And as you can see, they're delivering the results and then making it fun in the process. There's a lot of great work happening across the team, but I would just like to call out a couple of the teams the fastest growing in the organization this year. And the first is our sales development team, which is our pipeline generation machine. Our Global Sales Director, [indiscernible] is building a world-class sales development organization, which is aligned with marketing and sales and sales operations. And this focus is on quality and have sufficient quantity that we know we can make sure our reps can achieve and exceed their quotas. And in this team, we have many people that are early in their careers. I'm delighted to see that this team is actually feeding other teams as we open new roles. And it's -- again, it's very rewarding to see these people progress in their careers with opportunities at Planet. I'd also like to call out the customer success organization. So Mike Merit, we recently appointed him as Chief Customer Officer of Planet, again, demonstrating our commitment to the customer. And Mike has built a very sophisticated organization with an amazing culture. And in the past year, we've added CS operations to help us be more data driven. We've added our customer education team, which has launched the Planet University and the Planet Community, which I referenced earlier, which is enabling us to develop and engage and inspire our users. We've added industry experts that have walked in our customers' shoes and having experienced the same challenges, they are able to offer a very credible and valuable advice. And this is a passionate team that fully embodies that customer success mindset and is relentless in their pursuit of making sure that we continue to improve our customer experience. Now I'm delighted to introduce Nalini who is Vice President for Data Science of Bayer, and she's come all the way in from Chicago just for today. And Nalini is going to be joined by Jackie. He's one of our superstar so our global strategic account managers. So please come up to the stage and excited to hear the insights.

All right. Nalini, thank you so much for being here. We really appreciate you making the trip in and very excited to have you here for this Investor Day. Speaking of excited, I am very excited about the work we've been doing with your team over the last couple of years and not just the outcomes that we've produced, but really the collaboration that we're able to work on with your team together. So thank you for that.

Same here. It's a pleasure to be here, and we came a long way in it. So we started with discussions here and there, and now we became a strategic partner and collaborator. So thanks for having me here.

Something we're all very excited about and thank you again for coming. So I think we have a couple of questions for you, and we'd love to get your input on. So for example, specifically, right now, if you think about the operations and some of the challenges that might be associated with that, how do you think that having access to the satellite imagery? And how is that going to change your overall global operations?

That's a great question, Jackie. One thing I would say is satellite imagery, particularly at scale is a game changer for us. It provides us an opportunity to advance our goals for reliable and solid seed production and also helps us innovate in agriculture in new and exciting ways. I'll give you a little bit about how our day-to-day operations are run today. So today, we have people visiting the fields. And we do not know fully what is happening in these fields with these visits because these visits happen every 2 weeks, and there's a limit to how many fields that can be visited or how much data that can be collected. With satellite in imagery, why we are excited so much as we'll have the ability to know what is happening in the field, every field, I mean, every single day. So that is game changing. And it's a major acceleration to what we do and how we work. So with this data, we're able to inform the organization to make informed decisions and cases that are coming up or we'll know about the quality of the produce or we will also know in advance what the potential of that field is going to be. This will also help us know what will be delivered to our customers in advance. And when I say that it's both quality and quantity. And it also helps us take more proactive and reactive measures to change the outcomes, which is very important because this information we didn't have until after the growing season at harvest. So if you think about North America, that is September, and it's already too late. So if we know this information through the season, then we can do something to adjust that outcome. So that is something we are very excited about. And above all, it's the scale that it provides. So we simply don't have enough people to visit every field every day. And with imagery, we can do that.

That's great. And that's really exciting. So thanks for sharing that. And second, we know that Bayer is one of the largest farmers in the world. Can you help us kind of talk through the role that remote sensing plays in your organization, from research and development to infield analysis, all the way to actually delivering the products to your end users?

Yes. So the main thing is it helps us make our operations better ourselves. And as I said, that's incredibly important. So it helps us make more informed decisions, and we can also have more innovative ideas into our -- in our operations. And through all this, we'll be able to deliver better products to our customers. So it helps us know what is happening in the field, which is something that we didn't know. And in the past, we have to wait until after the growing season, and we have to make best guesses there. So now knowing this information through the season is quite important because we can make changes when it is needed. The other area where it also helps us -- it helps us design and deliver better products in our R&D. Bayer is going through a shift. So in our R&D, we are moving more from selecting the products that perform better in our pipeline to designing the products that perform best in farmers' fields. And so satellite imagery together with other techniques will aid in these shifts. So the operational enhancements that we received with satellite imagery will become hugely important for us. And it also helps us advance the sustainability goals. So one thing we are looking is this technology has the potential for us to build innovation to reduce our carbon footprint, while at the same time delivering better products and more innovation to our customers.

That's great. It's really exciting as well. And then I know another big trend that's being discussed across all the industries is about the supply chain disruption. So how do you think about Earth Observation data for monitoring your supply chain specifically? Is it all about maximizing as much supply as possible?

That's 1 piece of it. So when you talk about supply chain disruptions, we are hearing a lot about those these days indeed. So field monitoring will help us in many ways. One is maximizing the yield, like what you called out. It also helps us deliver quality products to our customers, and it helps us build resilient supply chain. So a big part of the equation for us is yield, the productivity of the field. So through the season, if we know what are the factors that are impacting the yield and drive that up that's going to be hugely beneficial. If you think about supply chain disruptions, they're going to be the new norm. So this environment of uncertainties or disruptions will continue. And we have to build a resilient supply chain to work through these disruptions while at the same time, driving the yield and the quality up in our fields. So where the field monitoring will help us is it will make disruptions less paid for. So we know we will have disruptions. But when a disruption is happening, we will be able to inform the organization and then make necessary adjustments. Then in some cases, it may also help us avoid the disruption altogether. So just think of an example, if a field is drying up or some field needs attention because of some agronomic pressures, then we will know it, and we will know it sooner if that is the issue. And then we can do something about it. So in this case, either irrigate the field or apply more fungicide. So that will be really valuable for us. And so what I say is the field monitoring through this field monitoring, it not only helps us maximize that supply, but it also helps us deliver those quality products to our customers, and it also helps us build a resilient supply chain.

Okay. And then another very important thing that we all talk about is how the world is changing, and we're going to need to feed an estimated 10 billion people by 2050 around the globe. Interested to get your take on how we might be able to leverage satellite imagery to help us get there and then especially as it relates to the smallholder farms?

That's a big number, isn't it? 10 billion people. So to deliver innovation to provide food security for this estimated 10 billion people by 2050, that's on the top of our mindset at Bayer. That's what we live and breathe at Bayer. So a big part of that is yield, the productivity, to deliver innovation to produce more with less input. So that's one aspect of it. But you also called about smallholder farmers. So when it comes to smallholder geographies as important as yield, though, is quality because much of the produced dairies used as food. So we need to drive the quality up. So through the season, knowing what are the environmental factors that are impacting the quality and being able to increase that is going to be hugely important. Second, I would say the scale that is provides. I talked about the hard time that we have with commercial farms. We have hard time collecting data in commercial farms. Now just imagine the small holder farms. There are many of those. And no one person or no -- we don't have enough people to go to these farms and collect all the data. But with imagery, we'll be able to do. Putting it even further. So if you think about what happens in small holder geographies is there is leapfrogging of technology. And this is a technology that leapfrogs. So this is a technology that gets introduced in commercial farms and smallholder farms at the same time. A good example of that is cell phones. So if I put this in context to make this more stake, cell phones will introduce much faster, and we're adopted much faster in smallholder geographies. So when you think about the innovation that solves for agronomic problems, which is seed or crop protection or trades, which is majority of Bayer portfolio. So that doesn't leapfrog, whereas digital technology leapfrogs. So what I talked about cell phones. Or think about UAVs. So those are the ones that are used. They are more prevalent or more used in Southeast Asia than any other places of the world. So this technology has the same potential. And finally, when it comes to small hole geographies, one peculiar thing there is the owner or the holder of that farm, they know their farms very well. They're very intimately connected. So it's not more data that will help them there, but it's better information. So giving that the information that would drive the quality up and also giving them information that can help adopt sustainable practices on their farms and also giving more insights into the challenges that they may be facing. So I'll give an example there. Think about the insect innovation that happened in Africa. So with imaging and predictive modeling, if we can get ahead of it and stop it that will be beneficial. So right now, we do not know until it's coming to a given area. But if we know through modeling that this is something that is spreading and then apply insecticides and stop it, then the people in those areas will benefit hugely. So when you think about using this data to small whole geographies, there are different nuances that are associated with it but it's just knowing what those are and delivering innovation for that is what it takes. But the potential here is huge.

Great. That is -- I absolutely agree, and thank you, Nalini, for sharing all of that. I know we got to bring Charlie back up here. But again, thank you so much for your time and for traveling all the way in. And doing this session with us. We really appreciate it.

Yes. Thank you for having me.

All right. So thank you, Nalini, for coming all this way. And thank you also for the partnership. I mean I hope you saw there some of the amazing work and impact the Planet's data, working with partners like Bayer can make. So -- and it's really just the beginning of the journey still in terms of there's so many more possibilities for our companies working together in the future. So I mentioned earlier on in the beginning of my presentation that our sales kickoff, we talked about selling to the right customers and empowering our teams to say no and to qualify. So I thought I'd take an opportunity to share the exercise that our go-to-market teams work through together to prioritize the use cases that we're going to serve. And we developed a methodology and a framework, and then we surveyed our teams to create a list of core use cases, prioritizing based on 4 factors. The first is, do we have proven partners that we know that we can make our customers successful and that will lead to these higher renewals and the expansions. The second is can we prove it. Can we measure it? Are we demonstrating quantifiable returns? Is it something that's interesting? Or is it something that's really valuable to this organization? Because if you were competing with other investment decisions, you have to be valuable. The third is, do we have competitive differentiation in coverage, cadence, resolution or other capabilities. Where we know we have an advantage, we can achieve higher win rates and we can avoid being drawn into price discussions. And the 4 lastly is making sure that we avoid one-offs or niche use cases. We want to serve the customers with large, attractive market segments to know that we can repeat and that we can scale. And in the numbers, this is leading to bigger deals, high retentions, better win rates and low cost of sale, and we will continue driving this forward. So the summary of this exercise is some of the information that you see before you here. And on the left-hand side of the screen, you can see our target core industries and verticals. And this is where you can see that we've made the biggest investments to support these customers directly. And you slide across to the right of the slide, is this is where we are developing opportunities and industries and becoming more established. And this is where we're leveraging our regional teams, and we're working with our partners. And this gives us a very efficient, well-targeted go-to-market sales motion. And then along the bottom of the slide, you can see that there's horizontal use cases that planet can serve. And these span industries. And when we -- how we use this information is when we're prospecting outbound or if we're qualifying inbound, we look at this framework for deciding how we engage with which resources so that we're understanding what is our chances of success. And this is the result, a large, well-qualified pipeline, which is concentrated around our core industry verticals. And this means that we can be confident of continuing to improve our conversion rates in a typical enterprise sales motion of creation to close between 3 to 6 months. And this gives our business the predictability that we need and the repeatability to scale. And it's helping us achieve the numbers, as you can see, and it's also meaning that we are a reliable partner to Ashley and the financial team in managing the growth of our business. But we are not doing this on our own. We talked about partners a lot through today, and this is something that we will continue to talk about. They are critical in every corner of our business, and we encourage all of our sellers to lead with our partners in a copilot sales motion. Our guiding rule is do what is best for the customer. We are making it easier for our teams to identify existing partners with solutions that solve customer problems so that we can connect our sellers, our teams with the opportunities and customers to help us deliver that value faster. Our partners bring to us industry expertise, technical skills, local knowledge, relationships and an ever-expanding set of use cases that's solving real-world problems using our data in our platform. And we have many kinds of partner types, but I'd just like to highlight 4 for you today. And the first is our solution providers, partners that have developed specific solutions for customers in certain industries. As an example, Synergize or [indiscernible] or others in Europe right now that are helping us with the 90-plus paying agencies that are implementing the change in the common agricultural policy, the biggest single budget line item as they move from random spot checks to waterwall monitoring across all agricultural areas. And they're using our daily Fusion product to support with that process. So we're excited to see the growth. Secondly, we have our OEMs. And these are partners that are building derivative products is one to many solutions that are powered by our data and platform partners like LiveEO, where they have developed a linear infrastructure solution to support large-scale asset monitoring in energy, utilities, telecoms and transport. The third partner type that I'll mention is the cloud service providers. They bring great synergies in terms of scale, offering complementary services like compute storage and new paths to procure through their marketplaces. And we've done extensive work with Google, and we're excited to see this partnership develop and the door is open to others. And the final partner type that I'll mention today that we're seeing rising interest from is the system integrators. And we're investing to support the SIs because they're approaching us with large opportunities with significant enterprises where their leading programs that they need to leverage Planet's data to support use cases. So to nurture and feed this ecosystem, we are investing in our partner program, Planet Orbit. An orbit is our run by our growing panel partnerships team whose responsibilities include the identification, onboarding, enablement and ongoing support for our partners. We see a lot of potential also in the startup community. We see a huge amount of innovation because so much of this opportunity is new. These industries are nascent. And to support that, our business development team launched a startup program last quarter. And in this start-up program, these partners get access to data, services and support to help them be successful in building businesses on top of Planet's capabilities. And in addition to this internal initiative, Planet also recently announced a partnership with the European Space Agency, ESA, and in that effort in Europe, they're looking to support commercialization using IRF observation data and up to 300 companies are going through this each year. And through this partnership, we will offer start-ups and companies from ESA incubation centers, business and technical support, access to data packages to support with their product development and go to market. So we're excited about this opportunity to support the growth in the industry in Europe working with ESA. So to summarize, this really isn't rocket science. That is another department. This is about systematic scaling through disciplined focus on repeatable use cases and making proportional investments to stimulate and prepare new market opportunities. And these are the 5 core tenets that I'll leave you with today that drive our commercial organization. The first is prioritization of industries and use cases, not getting distracted, being empowered to say no, focusing the majority of our resources on the customers we know we can make successful. The second is never ending pursuit of sales excellence. When we have the right prospects, we engage with a value-led sales process with quantifiable outcomes customer success. It is at the heart of everything that we do, and we are relentless in the pursuit of making our customers successful. And we only deliver our mission and our potential through our customers meeting their objectives. Striving for operational efficiency, always looking to improve the way that we work and remove friction from our sales osteoid deliver the best possible customer experience. And lastly, partnerships. We are not doing this alone. Planet can only achieve our potential through working with partners that will give us the scale to reach all of the customers -- the potential customers globally. And my own personal goal is for us to be the easiest company in the industry to do business with. And this is a journey without an end. We will continuously look to innovate and strive to be better as I support our commercial teams. So to summarize and close. We did the things that we said we would and they're working. We have made great progress in honing our sales motions becoming systematic in the way that we approach industries and use cases. And we are continuing to lay the groundwork to be ready to scale for these emerging market opportunities as they develop. So for this next section, I'm excited to have our team colleague, Andrew Zolli, who's going to be joining us online from Paris, our Chief Impact Officer, to share some real-world examples of some of the inspiring work that our partners are doing to enable -- to help life through space. So Andrew, are you there? Oh, you are. Excellent.

Hi, Charlie, and hi, everyone. It's such a pleasure to be here with all of you today, albeit virtually. I would be there in person in San Francisco, but I'm here at the Global Board of Directors meeting for Human Rights Watch, one of the world's leading human writings organizations, which Planet is proud support. Every day, I and my colleagues at Planet have the immense privilege of working to ensure that the remarkable tools and technologies that you've heard about from Will and from Kevin today, are deployed in ways that make a meaningful and impactful difference in the world. That's what a Chief Impact Officer does. After all, that's our mission is to use space to help life on Earth. Next slide, please. So it's worth asking, how is life on earth actually doing? And the outlook, unfortunately, is worrisome. As you heard Will mention, we live in an age of converging planetary scale emergencies, including climate change, the loss of biodiversity and challenges to human security in all of its forms. These challenges are significant. They're global. They're moving fast and they're interconnected. Where once we talk about single issues, now we regularly discuss the climate security nexus, for example, or the impacts of biodiversity in the company's ESG risk score. If we're going to successfully address these challenges, we're going to have to move in exactly the same way, collaboratively at unprecedented speed and scale and in a way that's deeply science and data driven. According to UN, for instance, we are currently living in the most important decade, indeed, the most important year in the most important decade for climate change in the history of contemporary civilization. The moment when we will either lock in or avoid the worst effects of climate change, like the extreme wildfires you see on the screen in front of you. That means working together, it means driving the right information to the right coalitions of the right people and institutions who can collectively make an impact. That requires common standards that drive common points of view and use kinds of feedback loops and accountability so that we can in turn drive systems change. So how do we do that? Next slide, please. The front end of the funnel for Planet's impact is our work with the scientific community. Our team has worked tirelessly to enable thousands of scientists and researchers all over the world to discover new ways to use Planet's Earth observation data to illuminate change. It's kind of amazing, but from a standing start, there's now a peer-reviewed paper published with Planet's imagery as a principal source roughly every 15 hours, and the rate is growing literally by the day. You can see it here. This work helps us improve the state of human understanding, which is a social good all by itself. It also helps us train and recruit future industry leaders and users. It helps us validate new use cases in industries and sectors that are important to our work. It also gives us the opportunity to translate and scale those scientifically validated use cases into programs with enormous real-world outcomes. Next slide. You can see this at play in 1 of our signature programs on monitoring deforestation and supporting healthy sustainable forests around the world run by our Global Director of Forest and Land Use, Tara O'Shea. With the support of the Norwegian government, Planet and its partners make data available covering all of the world's tropical for us between 30 north and 30 degrees South, a huge swath basically of the entire tropical belt covering all 64 countries and some of them as big as India and Brazil. We make this data available to UN agencies and to governments, to NGOs and scientists and many others. This, in turn, creates a common standard for monitoring tropical deforestation and for the development of new kinds of policies on top of it that are working to reverse it. Next slide. The numbers here speak for themselves, and they are genuinely astounding. In just 2 years, the NICFI program that we run with our partners has grown to serve more than 14,000 users in 155 countries all working together to stop deforestation. Together, that community has made planet data the gold standard surrounding one of the most important challenges on the planet, monitoring deforestation. And there are network effects here. The more people use this data on that problem, the more it becomes a standard and the more it becomes a standard, the more people use it and you get the kinds of data gravity that really allow us to have one common view of what's happening on the earth. Doing this confers immense credibility on our organization, and it sets up entirely new commercial opportunities. like helping companies to deliver deforestation-free supply chains, which is one of the top ESG metrics in the climate aligned economy of the future using exactly the same kinds of tools that Kevin demonstrated for you earlier. Delivering this kind of impact is worth doing, again, just like scientific research for its own sake. We want to live on a healthy planet and we want to pass that on to our children. But it also has the pleasant upside of helping Planet and our customers and partners win commercially. Creating this kind of impact is always a team sport. As Charlie noted, it requires working closely with all kinds of scientific, technical and commercial, governmental and NGO partners and Planet is honored to work with some of the best. Today, it's my great pleasure to introduce you to 2 of our close colleagues who've been doing just really amazing things with our data. And I've been looking forward to this for months as we planned us to share some of this work with you today. Next slide. First up is our friend and colleague, Juan Lavista Ferres. Juan is the Chief Data Scientist, Vice President and Head of the AI for Good Lab at Microsoft. Planet and Microsoft have been working together closely over the last year on some of the world's most pressing challenges. And I just want to say, welcome Juan, are you there?

I am here. Thank you.

Great to see you. Well, listen, we're going to dig into a couple of, I think, pretty breathtaking stories of how AI and data can be brought together profitably to deliver extraordinary impact in the world. But we should just start with the foundations for everybody. Tell us a little bit about the AI for Good Lab at Microsoft. What do you do?

So this is a complete philanthropic effort that we have at Microsoft. And our job and my job is to help using AI and data to help with some of the world's greatest challenges. We're work in 4 areas: accessibility, humanitarian action, sustainability and health. And one of the things that was -- very early on, we realized was the power of satellite data. And actually, in these 4 areas, we've actually been working for the 4 areas from health [indiscernible] to sustainability and to Earth, and we've been working using satellite data to solve some of the problems and challenges we face.

That's great. I'm curious, maybe we'll get into this as we share a couple of these examples with our colleagues. Maybe let's do this. Let's jump right to the problem that we started working on together very intimately this year. And that's the work that we've been doing with the United Nations. And for those of you who are watching and listening online and who are assembled in San Francisco, I'm really excited to be able to share this with you because we've really kept this work under wraps. The work that brought Juan's team and our teams together to work was extraordinarily high-impact, high-value work for the Office of the Secretary General of the United Nations in Ukraine. And Juan, why don't you just share a little bit about how satellite imagery and AI can actually make an impact in such a complex situation?

Yes. I can show you some of the slides from this. Now we can see them here, I don't know [indiscernible]. So we've been working with Planet and the Office of the Secretary General of the UN. We -- early on, we were -- they contacted us and they conducted like Planet to say, "Hey, we have the problem that we need to monitor 3 different entities, schools, hospitals and water facilities across Ukraine. And we want to understand whether these facilities have been affected or not by the war. The example that is really important, they don't have -- nobody can track that they have some early data from basically like people that would take pictures, but there was no run-throughs. And so we start looking at that. We have -- we got all the geolocation data from them. And what we did was basically getting like our experts on the other side to help us labeling them, and with -- develop a system that will connect automatically to Planet through Planet API. And we could identify, well, this is a particular hospital in Ukraine. And across Ukraine, we could identify every single hospital, every single school, every single water facility and determine if they were affected or not by the war, they were destroyed or not. And on top of that, we could actually tell when these events happened, like what was the date, at least what it was the last time that they saw it, then we got Sunday in that were not affected. So this was incredibly important for them. Before that, they could have -- could not have analytical evidence of these issues, but now they have a full recount of every single 1 of these hospitals, water facilities and so on. On top of this, we did an analysis to identify how many children were affected by this because we have not only the school location, but also have the school size and how many students they have. This has been tremendous. The Secretary General office has shared this across the UN. And these 3 entities are also protected in Geneva Convention. So it's also important for not only for UNICEF, but across the UN. So now we continue to work with them, and we are in the next phase where we're actually mapping every single building in Ukraine is something that we're doing with the UNHCR. We're using AI models and cover the whole buildings and actually do the same exercise, but not just only for these entities, but every single building in Ukraine. So...

It's incredibly powerful this ability to monitor all of the building infrastructure, all of the X in one location at a very fine degree of both spatial and temporal accuracy to be able to understand the change in making that change visible, accessible and actionable. This is the kind of the living manifestation or a living manifestation of the proposition that Kevin mentioned earlier. This work, I will just say for everyone who's watching it. One thing that Juan's team and our teams share in common is a very strong bias to action and the bias around doing the most good at the largest scale. And that thinking led us very quickly once we were able to see just how impactful this work could be, not just technically accurate, but impactful in the right hands. When you put the data in the in the right hands what happens after that, that we immediately began to think about bigger stories, big other things we could do, what were other problems we could go after. And we've, of course, every time Juan and I talk, we've come up with 2 or 3 new ones. But that -- this conversation has led in a couple of really interesting directions. And we want to share one other one with you because it speaks to this ability to measure things that have just not been measurable in principle at planetary scale before. And that's a huge program. We just unveiled at the UN General Assembly a few weeks ago with our partners at the Nature Conservancy called Global Renewables Watch. Juan, why don't you share a little bit about the new platform we're developing.

Yes. And I have to say that I was -- I have been impressed by the agility of our 3 teams working together on the solution. So we just released the evaluation of Global Renewables Watch. And the objective of this is to measure every single -- at the global scale, every single satellite -- sorry, every single solar panel or solar farm and every single wind farm installations across the world. This is -- this will help to track and forecast the progress towards the SDG, the Sustainable Development Goals #7. And we will be able to do this at the country level, at the region level, and it will help countries understand the progress towards their goal. It's also important -- it's something that is really important for nature conservancy group and, of course, important for the world is that they want to make sure that like solar, particularly solar farms, we use a significant amount of land. In case of -- for example, in the mix of U.S., the target for the U.S. is 270 gigawatts. And that's 1.4x the amount state like [indiscernible]. So it's important for them to be able to track this and to understand what was there before. So we know at the global scale, where are we using and how are we optimizing land to get solar farms and wind farms. In order to do this, this is one of the farms that will require, of course, satellite data and you're also requiring because this is the farm that you can also using humans, like a single person looking at the screen and finding wind mills and the solar farms would take over 100 years to working full time to do this exercise. This is something that thanks to technology, thanks to AI and thanks to compute, we can do this in less than a couple of hours basically. And so we use AI models on top of the satellite imagery. We connect to the satellite imagery from Planet, we use the models on top. And with this, we generate. And I'm going to actually show you the demo, it is important that how you see results. So what the demo will look like, right now, we have 4 countries completely mapped Brazil, Germany, Egypt, India. And the output of the malls, you can consume from here, you can see. For example, this is in the case of India, we can see what has happened in India in the case of solar farms, where has been the change by region. And here on the left, you can see the amount of capacity that we are predicting that is happening in each one of these regions. One was there before, what type of crop and like what type of land was there before. And even at this scale, you can actually see -- you can actually observe the actual pictures. So you can -- let me show you these. In the case of India, so you can identify here, in blue area all the wind mills detected and all the solar farms detected. You can actually zoom in and see the actual imagery and you can even see the imagery over time. So here in 2019, there was basically almost no solar farm installation. And if you go to 2022, then you see all the changes. And the same thing you can see actually in Egypt. This is Egypt. We found this very big installation the south of Egypt. It's huge. It is a huge solar instillation. And you can actually also see here in the North. There are some very big installations and wind mills and this is all the wind mills installations. If I -- still, we see a little feature, but if you change. Right now, this is at the 4.3-meter resolution. But if you switch here, you can actually see the actual [indiscernible]. So we're really excited about this project. And again, in the next couple of months, we will have the full world mapped and we will open source collectively all these data, the actual polygons and the solar farms to the world. So very excited about working with Planet and major consumers in world.

Thanks, Juan. It's a really stunning example and it's part of, I think, a playbook that we're getting close to at Planet, finding the right partners and finding the right problems and then driving toward public goods that help establish standards so that we are helping -- we are becoming together not just by ourselves, but all of us together the canonical go-to data set to understand a very particular form of change and urgently needed form of understanding of change in these fields. And I can't tell you how many institutions have just -- the phone is sort of rung off the hook as people understand now the way in which we're able to illuminate this critical area. I wanted to just say thank you on behalf of everyone at Planet, we're really thrilled at our partnership and excited to see where it goes next. I'd love to now move on to our next colleague who we're going to have in conversation. And that's Dr. Inbal Becker-Reshef, who leads NASA Harvest. That's NASA's signature food security and agriculture program. This year, also in the context of Ukraine, Inbal and her colleagues have been doing similarly breakthrough work. But in this case, in the area of food security, which some of you may know, it has profound consequences, the conflict is all kind of direct and indirect consequences, which we'll discuss in a bit later. I really think you're going to be impressed with the amazing things that NASA Harvest and this team has been able to show. Again, collecting information where in principle, it's impossible to get access to. And with that, I'd love to welcome Dr. Inbal Becker-Reshef, are you there, Inbal?

Yes. Great to be here.

Terrific. Well, before we dig into the details of this work, why don't you just tell us a little bit about NASA Harvest, your mission, how you're oriented, what you do?

Sure. So NASA harvest, as you mentioned is NASA's food security and agriculture program. We're launched in 2017. And our primary mission is to enable and advance the adoption of satellite data in order to benefit food security, agriculture, sustainability across the globe and really helping to bridge the gaps between science into impact. We're focused on several areas really across the agricultural sector, including looking at transparency in agricultural markets and trade and supply chains, climate finance and insurance. We're doing a lot of work on sustainable agriculture. And early morning for early action are just few of the areas that we are very much focused on and very much with an emphasis on end users. And so every activity we have is very much driven by a need and guided and with ownership by those that we're working with to ensure that we have impact.

Thanks, Inbal. I think for those of us who are not global food security experts, we've heard that there are enormous potential implications from this conflict. But I think many of us don't have a full handle just how broad the impact could be from this conflict. Could you help us understand sort of how does this conflict actually affect the world? And how are you tracking it?

Sure. So I think today, we mostly all recognize that our food system is very much a global, right? It's very connected. If you have a drought, if you have a major disruption in one country, that can really have severe implications all the way across the globe and actually oftentimes really have the largest impact on those that are already vulnerable and most food insecure to begin with. And particularly, when we think about the war in Ukraine, Ukraine and Russia and that whole area is really important and critical breadbasket for the world. And so when you have uncertainty. And when you have conflict and when you have disruptions to production or to transport of grain out of that region, that has had a massive implication across the world on food prices and on a range of commodities in the agricultural sector. So it is very much important. And where we sit in NASA Harvest is, of course, to do very specific analyses as I'll show but also to have a broad view across the globe because of this interconnectedness.

Well, it's -- I mean it's obviously -- it's a tragedy on a tragedy. The idea that poor and vulnerable people could be made more food insecure by the suffering that's associated with the conflict is obviously a terrible thing. But you were able, I think, to really build, I think, something very powerful. Obviously, you do world-class work in all different sectors. But Planet's imagery, I think was helpful to you as you were looking specifically -- you and your team were looking specifically in Ukraine. Can you tell us a little bit about it? And I know we have a few visuals that might help drive the point home.

Yes, sure. So I think we actually were working on Ukraine long before the war, given that it's such an important agricultural region. And so as soon as the war broke out, -- we started to work on Ukraine, and we're working very closely in support of Ukraine's Ministry of Agriculture at the moment, given the uncertainty. And Ukraine is a very cloudy country. And so I think before we -- Planet has been a partner for Harvest from the very first day. From before we launched Harvest, we recognized the importance of Planet data. But admittedly, I will say that initially, I really thought that we'd be using Planet data primarily for small holder agriculture, for very small fields for looking at very field-specific activities, never really thought we'd work at a national scale in a country like Ukraine with such big fields. And instead, Planet data turned out to be absolutely crucial for what we were doing, especially because we were trying to do this in real time in a rapid response manner. And so what you're looking at here on the left is an area of agricultural area in Poltava and the Poltava Oblast in Ukraine, an important agricultural region. And on the left, basically, you see a lot of white squares and what those are all the acquisitions that we have for, in this case, Sentinel data, but they were all cloudy essentially. And if we look at that same time window with the Planet data given the daily cadence, if you think about every time you had even a small area that didn't have a cloud and you start to composite there's like a puzzle at the end of the 2 weeks, what we ended up with is a cloud-free image. And so if you go to the next slide, these are what the biweekly composites, what we call our composites, so these kind of coming together look like for Ukraine. And we turned to you, of course, and we said, can we start to look at these. And so we started to look at these biweekly composites. That means every 2 weeks, we have this almost clear view of Ukraine. And that became really important for us because you need time series, right? If you think about agriculture in any field in your region or that you drive by or you see they change very quickly. And so that means we need to be able to look at these through time. And looking at them through time means that we can start to use this kind of information to map, for example, where are all the crop lands, right? There were a lot of big questions in the beginning of the war. Ukraine is a very big wheat exporter, for example. And so there was a lot of concern about wheat. Wheat was planted before the war. And so -- but there was a lot of concern about what was going to happen to the wheat. There were a lot of speculations that a lot of that land was going to be abandoned. And then the next big question was, was how much area was going to be planted to their summer and spring crops, right? Like corn, like sunflowers, again, we know that Ukraine is a very important global player in those markets. Next slide. So what we did is we use these planet time series data to map agricultural crops across Ukraine at the 3-meter resolution. And we map both the winter cereals, primarily wheat, we map rapeseed, that's an important oil seed. And then we map the spring planted crop, so we could actually map what had been planted and start to answer that question of how much was never planted? How much land was actually left there. If you go to the next slide. And so that's looking at what wasn't planted. And so, yes, if you see -- here, you can look at that area that's in red are the occupied territories or the Russian-controlled areas, and this was in the summer. We know that, that order has now shifted, and I'll talk a little bit about that. But you can see the concentration of nonharvested fields was primarily, in fact, in the occupied territories, but much, much less than what the thought. So -- and by and large, agricultural cultivation was continuing in the occupied territories. Next. And so we could map, for example, here we're looking at the distance between the different fields that were left unplanted and what struck out to us and so that blue line is the is a front line. Anything going to the left towards Russia is going towards Russia, in fact, the distance and then to the right is into free Ukraine. And what we saw very quickly was the concentration of those fields that weren't planted. Yes, it was in the occupied territory but really primarily focused on the front line and similarly, going into free Ukraine. Next. And we saw very much the same when we were looking. We've all heard about the burning fields. And so that image on the left is showing the agricultural fires in crop lands. And again, you can almost trace that front line with that. Similarly, one of the big questions was how much would be harvested versus how much is going to be abandoned and couldn't be harvested because farmers fled, because they didn't have machinery, because the fields were damaged -- and again, what we found was very contrary to what everybody else was seeing. And contrary to all the statistics that were being released, which was, by and large, fields where all are largely getting harvested. And so that was very important because there is no access to any information right now in the occupied territory. This information is very important for the ministry and to be able to look at, one, how much production is happening. It's important for agricultural markets. And also understanding what kind of losses Ukraine might have to -- on the financial side, and we've made some estimates in terms of what that looks like just for wheat for this year. And I think just one final slide. And so what we were able to look at is how much of agricultural lands are under Russian control. And we've done that previously in the summer and then we'd be able to also look not only at how much of their crop plants and specifically, for example, wheat or rapeseed or other summer crops are under Russian control, but also been able to look at how that's changed now after Ukraine has liberated a fairly significant amount of land. And so we've actually seen that they have liberated overall around 2.5% of their crop lands and about 3.6% of winter wheat. But still here in the pie charts, what you're looking at is the blue area is the Ukrainian controlled, the orange area is the newly occupied, so this here occupied, under Russian control and then the gray areas, the Donbas and Crimea. And again, very significant areas of crop lands for Ukraine are currently occupied. So climate data was absolutely fundamental to what we have done and to be able to respond very rapidly and provide information really where you cannot be on the ground.

I really appreciate that, Inbal. As you're speaking, the thing that becomes so clear is just the order in which you tell that story where we go from the lowest level form of information gathering, which is the differentiation between collecting information every day from space versus every few weeks from space, all the way up through producing the derivative indicators that tell us what it means to being able to then produce the kinds of programmatic and policy outcomes. It's a kind of perfect mirror of Kevin's inverted data pyramid that he was presenting a little bit earlier. I want to say to you that one of the things that's especially meaningful about this work as was some of the work with Juan and his team in Ukraine is how we can tie the ability to monitor the system as fast as it's changing, as it's undergoing these stocks and disruptions, how essential that is to actually reducing human suffering. I mean all of the other things are important. The pricing on commodity is important, the kind of ability of the system to manage itself is important at an international policy level. But it also comes down to whether or not people put food in their bellies. And I just want to thank you on behalf of everyone at Planet, we're really thrilled with this work and see lots of application to -- of it well beyond the scope of the conflict. So thank you so much, Inbal, we really appreciate it. Could you go to the next slide, guys? I appreciate that. So listen, as I hope all of you have seen just these 2 quick vignettes that we've seen over these 3 different projects in areas of humanitarian need, food security and global renewable energy. Planet's data and products and services are not just relevant. They are essential to bending the curve on some of the world's most pressing challenges. And the same kinds of considerations that predominate in commercial activity like how do we get time to value, how do we shorten time to value are exactly the kind of concerns that we have when we think about creating social and environmental impact, too. We're relentlessly focusing right now on how to reduce the time it takes for us to get to those kinds of outcomes, how we can efficiently get to scale, how we can drive the kind of velocity that allows us to move faster than the problems themselves that we have to solve. Our rate-limiting factor now is actually not our relevance. We're relevant to all kinds of problems. It's our ability to get our products, our data products and services into the world's hands, and we're getting better at it every day. That's why even with the kinds of breakthrough successes that we've been sharing with you this afternoon, I'm absolutely certain that Planet's most significant impacts are still ahead of us. I want to thank all of you for listening today and especially thank Juan and Inbal for joining us. And now I'd like to hand things over to someone you all know well, Planet's Chief Financial Officer and our Chief Impact Officer, Ashley Johnson. Ashley over to you.

Great. That was incredible. I don't actually get to spend a lot of time with our customers and partners. So to hear from Nalini, Juan and Inbal, I'll say just how incredibly impactful our data is, whether it's for commercial use or government use or just pure impact work. Obviously, Planet is critical on many levels, and I'm just really proud to be part of this company. So I'll bring us home with an overview of our financials now, and I want to start by just reminding everybody what we've been saying since we first started speaking to you, which is that we are fundamentally a data subscription business. We have a powerful platform and ecosystem, and we address a wide array of very large vertical markets. We went public last year to provide us with the capital we needed to accelerate our growth. And we've demonstrated our ability to achieve that goal over the last several quarters. So I'll now walk you through some numbers that support our recent growth acceleration and how we plan to sustain it. I'll also spend some time explaining how our data business model which is absolutely unique to our industry, combined with our agile vertically integrated business, facilitates a high return on invested capital, continued margin expansion and cash flow profitability without needing to raise additional capital. So let me walk you through some of our Q2 highlights. Our growth is accelerating. And it's important to call out that this has been achieved through execution on our fundamentals, investment in our sales coverage, customer success and product. Our business model resembles data infrastructure or SaaS subscription businesses, which is to say we have strong predictability of revenue, and our incremental cost to serve customers is low, resulting in continued gross margin expansion as our top line scales. And we have a strong balance sheet, some of which we are investing in short-term, highly liquid securities. We have over $450 million in cash. We're seeking to capitalize on the current interest rate environment, and we have no debt. And our fundamentals point to a long-term operating model and high return on invested capital. We'll talk about how our agile space systems model enables us to flex our capital investments to align with market demand, enabling us to target very high ROIC. And we've been increasing investments in operating expenses to accelerate our growth. But through efficiencies and focus, we believe we are on track to achieve a highly attractive long-term operating model. So I'll start by reminding you all we are a January fiscal year-end. So when we talk about fiscal year '23, we're talking about this January this year. And the bar in green represents the guidance range we provided for the full year fiscal '23 on our last earnings call. As you may recall, we went public with a desire to invest in our sales team because we saw strong demand for remote sensing data and high inbound pipeline development. And we referenced 3 core growth levers, requiring investments in areas that Charlie referred to as the non-rocket science part of our business that we believe would expand our TAM, increase our share of wallet with customers and inflect our growth. We invested in customer success to drive faster time to value for our customers, which results in higher customer satisfaction and, in some cases, faster revenue recognition. We also expanded our sales teams globally, enabling us to focus a number of the team around core vertical markets. We created a global strategic accounts team, and we invested in sales, development and marketing activities, which Charlie walked you through earlier. And finally, we invested in core product capabilities to improve image usability and quality, expand our APIs, facilitate these abuse for our tasking systems and optimize fulfillment, and we pointed to these factors in our Q2 earnings call as having driven upside in our results. The impact is clear as we achieved 59% year-over-year growth in Q2 and provided annual guidance reflecting strong growth at the midpoint. I want to underscore that the acceleration in our growth isn't driven by one-off factors, but rather fundamental changes that we believe should enable us to continue to drive strong growth in our top line going forward. And one of the most important growth levers for our business is net dollar retention rate. It's a metric we obsess over. We drill into gross retention, on-time renewals, time to value with our customers. Net dollar retention rate is a core business metric that has continued to improve over the last several years. And we were excited to achieve 127% net dollar retention rate, including win-backs at mid year. As we continue to lean into investments in customer success, we're focused on sustaining and improving on this achievement. 127% net retention is a great indication of the outcome of the investments we've been making. And even more importantly, it's an indication of the value we're driving to our customers. And just because companies define this metric differently, I want to touch quickly on a slide that we include in every 1 of our earnings -- quarterly earnings decks, which details our own methodology. So we start each year at 100%. So we look at the book of business that we have contracted as of year-end, and then we track the retention and expansion of those contracts throughout the year. If we had passed the renewal date without renewing the contract on time, then we write that contract down to 0. And if and when it renews and/or expands at a later date, then that gets captured in the metric, net dollar retention rate, including win backs. So we're very detailed in how we review this metric. As you may recall, last year, we saw a decline in NDRR, specifically due to government contracts and most specifically, around a contract discontinuation that occurred last summer when a government customer ceased to exist. This year, we saw improvement across the board on retention and significant boost from larger contracts in both commercial and government markets, that brought us to 127%. This is an exciting new bar and one that I hope we continue because it is a critical lever for growth. Another key lever is entering new markets and expanding within current markets with new customers. Our market diversification provides a lot of hunting ground for our sales reps. The use cases we address span both commercial and government markets. And within government, we're focused both on defense and intelligence as well as civil government applications, such as emergency response, land and water management and sustainability use cases. This market diversification is critical to sustaining strong growth rates even in the face of potentially challenging global economic factors. We've been investing in [ AE ] coverage to build and close pipeline in these markets all over the world as well as investing in customer success, subject matter experts that enable customers in specific verticals and in specific geographies to ramp more quickly. We're also building out the vertical market partner ecosystem to develop solutions specific to vertical markets on top of our data. All of these elements are core to sustaining our growth rate in landing new customers in existing and in new vertical markets. As a side note, I should mention about 40% of our business is international, and about half of that is denominated in non-USD. So we've definitely felt some of the currency headwinds, but this is partially offset by a natural hedge that we have because about 10% of our expenses are also denominated in non-USD. Turning quickly to just revenue visibility. We sell data subscription contracts typically on an annual or multiyear basis. Over 90% of our ACV comprises this type of contract. And within these annual contracts, we have a mix of subscription, usage and one-time upfront revenue. As you can see, subscription contracts make up the bulk of our business and are recognized ratably over the contract term. In addition to these contracts, we also have usage-based contracts, often with minimum commitments on an annual or quarterly basis, so use it or lose it. That gives us a strong base of expected revenue that we can count on in our forecasts. The usage-based nature of many of our contracts is why even though our customers signed fixed price contracts and generally pay upfront annually or quarterly, the revenue recognition can still vary quarter-to-quarter based on customer usage patterns. And finally, upfront onetime revenue primarily relates to selling access to our archive. So under 606, we recognize a portion of our archived revenue upfront, and this typically represents about 7% of our total revenue. So when you look at our business on a quarterly basis, you can see the acceleration that we noted as well as some of the variability that we may see quarter-to-quarter given the size of some of our contracts that have this usage-based revenue recognition. For example, some of the usage pattern of larger customers historically resulted in Q2 being a down quarter versus Q1. However, with some of the product improvements we made this year as well as timing of new business, we actually saw Q2 be much stronger this quarter than what we've seen historically. And as we continue to diversify our business with new customers as well as shift customers more to this ratable revenue recognition model, we expect to see some of the seasonality become less variable. On our last earnings call, we noted that some of the revenue upside in Q2 this year was timing of consumption. And some of that may or may not continue in the back half of the year. But some of this was due to truly new business and true business acceleration. So the degree to which we took up guidance in the back half of the year reflected these 2 counterbalancing forces. So let's shift down to margins. Our data subscription business means we have a very low cost to serve new customers with an estimated direct margin of 94% to 96%. As a quick note, we report non-GAAP gross margins inclusive of depreciation and amortization as SaaS companies do. We just simply caution those who are new to the space that other space companies report gross margin, excluding DNA. And so if you are comparing numbers, make sure you do so on an apples-to-apples basis. So our cost of goods sold are relatively fixed and include depreciation and amortization, which is based on our core satellite assets, and I'll turn to that in a minute. It also includes our hosting costs, which grow as our data assets grow, but not nearly at the pace of our revenue growth. And with the increase in staffing for software engineering, we've been able to assign teams to evaluate opportunities to make our data hosting and compute systems more efficient. And then finally, our customer success teams and professional services teams are also a component of COGS. But these teams are relatively small and often based in lower-cost geographies. And with some of the product investments we've been making in support of customer experience, we expect to achieve scale in this part of the business as well. So all of that is to say, with relatively fixed COGS, as revenue expands, so do our gross margins. And we proved this out quite effectively last quarter when our overachievement in revenue essentially dropped to the bottom line. So as we think about our operating model, I obviously think about that inclusive of capital expenditures. And I think it's important to illustrate the flexibility that we are afforded because we are vertically integrated. We believe there are obvious competitive advantages to having these base systems in-house, including the virtuous feedback loop into core data sets and capabilities that both Will and Kevin outlined. But there's another important factor, which is our ability to flex capital expenditures to market demand. On our last earnings call, I referenced that we're pulling forward some key purchases in order to mitigate potential supply chain disruption, especially around critical components. Also because we're a relatively low-volume purchaser, we can achieve some cost savings by making advanced purchases to get better volume pricing. But these advanced commitments are relatively small relative to the entire fleet. We then plan around what elements maximize our future flexibility. If we were to see an uptick in demand, where could we potentially be constrained? And where might we again want to make earlier commitments to maximize the flexibility of the pace at which we can move in the future? The space systems team tells me it's easier to plan to go fast and then slow down than vice versa. So we do some advanced commitments in the spirit of being programmatically ready. But the lion's share of the procurement costs for our build-out can be timed to the market need, whether that's driven by the maintenance schedule of the existing fleet, for example, the end of life of SkySat, or whether that's driven by surging demand for our newer capabilities. And we always have an eye to this 1-year payback. Because it's our own team that will put in the extra time to go faster, we can do it without incurring extra costs or potential delays that you get from third-party manufacturing. We believe this is a competitive advantage, and I also view the flexibility -- the ability to flex our capital expenditures to time with market demand as a significant financial advantage of our business model. And this flexibility ultimately rolls into our gross margin structure. As our fleets get to steady state, like our PlanetScope Doves are, DNA is constant and margins expand with every incremental dollar of revenue. We have visibility to the end of life of our fleets, for example, SkySat, and we build our R&D and manufacturing processes to be ready in advance of that to be able to continue to support existing customers while adding capabilities to expand market opportunity. And you can see that as Pelican comes on board ahead of when we expect to see SkySat roll off. There is a modest increase in depreciation and amortization expense as we bring the fleet to scale. And again, the timing of this is relatively in our control, and we can align this build-out to the market. We have that same ability to control the pace of build-out for Tanager, incurring incremental depreciation and amortization expense as we bring on those capabilities, but timing that to when we see these new markets and new customers come into our fold. And importantly, as revenue scales, our gross margins continue to expand, which enables us to achieve our long-term model while also opening up space for us to continue potential new fleets and capabilities that could unlock new markets, which brings us to our target model. Our data subscription business model and our agile space missions capabilities enabled gross margin expansion as our top line grows. We're also focused on driving efficiency in sales and marketing, as Charlie highlighted, with a focused sales strategy around proven high-value use cases and an expanding partner ecosystem, all of which leads to higher ACV achievement per rep. Our investments in technology always have an eye to customer value, maintaining our competitive lead and enabling an ecosystem via our platform. And on the G&A side, we've been investing in our public company infrastructure over the last 12 months. And we're turning now to those investments that can enable us to achieve operational scale and excellence. We measure ourselves each budgeting cycle around making progress towards cash flow breakeven without raising additional capital and achieving the high-margin, capital-efficient operation that our data subscription business model enables. So with that, I am told that I now get to do something fun and outside of my usual financial interactions with you all, and engage in a fireside chat with my esteemed colleague, Robert Cardillo, who is Chairman of our Federal Board and Chief Strategy Officer of our Federal business unit. Thank you for being here.

Absolutely.

So you have had quite a distinguished career in government, including having the opportunity to brief our 44th President on an almost daily basis on security matters. So can you walk us through a little bit of your career journey and how that brought you to Planet?

Thank you. I appreciate the distinguished comment. It also means long. I'm actually entering my 40th year of trying to help people make better decisions on our planet from access to the planet from space. The first 20 years of my career was using -- 95% of my kind of bandwidth was government only. And I say that not to say anything about our state today, we'll get to that, but it was more about the reality of who owned the assets, how they were developed and built and how they were controlled, quite frankly. Most were highly, highly classified for -- because the focus at the time was bipolar competition, we needed to see things that the Soviets couldn't see, et cetera, and so there was a race there as well. It served that time very well, but at about my 20-year mark, I began to experience the emergence, especially in the U.S., of a commercial imagery industry. But I think because of the model I just described, much of that industry that emerged followed the similar model that the government had employed. So you can imagine larger satellites carrying larger mirrors, getting higher resolution of very important places on the planet. And again, that helped and extended the ability because it was more useful being unclassified, and we'll talk more about use. But then came along about 10 years ago, the gentleman who opened our session today, Will Marshall, and his Co-Founder, Robbie Schingler, and they had what I consider to be an audacious idea. He said, look, we admire all that. We're from NASA. We're part of that proud history. But what if we could see everything once a day? What kinds of problems could we address? What kinds of solutions could we create pursuing a different model? And again, I can't compliment them enough for having that idea, taking that risk, taking that leap, quite frankly, from the garage to where we are today. Because now for 6 years, this company with this constellation has been doing exactly that. Kevin talked about the [ 2,000 ] records of every place on our globe in a way that not only creates obviously that archive of history, so that you can go back and do forensic analysis of events, et cetera, but what excites me more is that those realities of our globe, and by the way, these realities are whether we're talking about harvests in Ukraine or armored tank production in an adversarial country, those models can be pushed into the future and help us anticipate what's next. So 1.5 years ago, when I was invited to join Planet as the Chair of the Federal subsidiary and really flesh out the commitment that was there, sustainability, security and prosperity as part of a public benefit corporation, I couldn't have been happier. And I just have to say after 18 months, and quite frankly, if you're seeing all the results and hearing from our partners and customers today, my enthusiasm meter just continues to rise.

I think the same is true for us having you here. One of my favorite anecdotes that you tell really hits home for me and especially around our strategy around kind of presentation you gave when you were the Head of the NGA about kind of the paradigm shift on how to think about the imagery data that's being collected. Would you mind sharing that anecdote now?

Happy to, but let me give a little more context just to remind how I got to that moment. So again, 40-some years ago, I was welcomed into the highly classified world, sent to a basement, no windows, light tables, film. That was the era. I evolved my career over time. I ended up leaving 4 different analytic organizations in the intelligence community. You mentioned 1 of them, managing the National Intelligence Council, editing and presenting the President's Daily Brief, enormous opportunity to serve, right, at the most -- at the highest level. And then after I left the White House, coming back to my home agency and leading the National Geospatial Intelligence Agency, and to remind, that agency, a biased view here, is the premier producer of geospatial intelligence on the planet, very purposeful for security, safety navigation of our country and our allies. It's 10,000 people. They work in 18 time zones. We used to say the sun never sets on our day because it continues to present new challenges. But because I had been away from NGA for 10 years, it also gave me some perspective because I had grown up in that world, very closed compartment. I had gone outside and been both a partner and a customer of NGA. At the White House, I was just a demanding customer. And you were as good as the last 5 minutes was the mentality. And so when I came back in, I realized -- or I felt that while I, too, share the pride in our past, which I've described, I was worried that, that pride would inhibit our future because we would continue to pursue what we did yesterday. So to get to your question, I decided to run an exercise and model the labor requirements if we were to exploit every image that was coming in, in the building on a given day, the way that Cardillo did it in 1983. And by the way, I was a pretty good analyst, but that's beside the point. It takes a certain amount of time for a human, right, to interact with an image, whether it's hard copy or a soft copy and extract information of use. Sometimes, it's as simple as counting objects. Other times, it's as difficult as in interpreting a camouflaged, concealed location or a network of activity that you've got a piece together. But we averaged it all out. We took all the imagery. We divided by the time required. And we got to the lovely number that we needed to have 6 million imagery analysts on our staff. Right. And everyone had the same reaction. Well, actually, some of my imagery analysts got very excited. Oh, my goodness, we're going to go on a huge hiring spree now. And I said, no, obviously, we're not going to do that. But the point was, it's still our responsibility to extract the information from that data sets -- those data sets. We're not going to do it the old way, right, team? Okay, we're not going to hire another 6 million imagery analysts. It's got to be machine-first mentality. And to be clear, there was cultural resistance, you can imagine, because some people heard machine first, my job last, right? Like a machine comes in, I go out. And we had conversations that went as follows. I said, look, we really need to let the machine do what the machine is really good at. You saw some of it today. But in the NGA world, it's really good at what, where and when. Detecting objects, classifying them and then ascribing a time stamp to their location, which, by the way, sounds pretty pedestrian and straightforward, but it's difficult to do and very time-consuming for a human, very straightforward for a machine. Where I need my analyst is on top of that, okay? So let the machine lay down that context of that reality, if you will, of the tangible, whether they're man-made or natural, and let the humans go after the much more difficult questions of why and what's next. And so it isn't man or machine or human or machine. It is machine and human. And so that became the mantra. NGA continues to be on a journey, by the way, because it's a large government organization and it takes a while. But I will tell you that from my partnership with NGA then and the partnership with NGA now here at Planet, this company is accelerating the thinking again, again, the audaciousness of trying to image the whole planet. And then the application of that and some of the use cases you saw today literally is now really being a very healthy 2-way street with government.

I think it's great. I love the image of 6 million analysts flooding the gates. Let's shift gears because there's obviously a lot going on in the world, and we're seeing a crisis in Europe like we haven't seen in 75 years. How do you see the impact of what's going on with the war in Ukraine and how that's affecting either the government's view of commercial satellite imagery or Planet's role in the world?

Happy to. And just to reiterate what is obvious, but should be stated again and again, there is nothing but a tragedy happening in Eastern Europe right now, and there are no winners here. And I do believe strongly that because of everything that we've just talked about, okay, the audaciousness of the idea, the implementation moving up the stack that Kevin described, the expanse of applications that you saw from Andrew and our partners, has now been able to be exposed in a way that it never had been for, thankfully, because we hadn't had an event like this. But 1 way to think about it is everyone will be familiar with the fog of war, right, which is the reality of the confusion of the battle space, of camouflage, of misinformation, of deception, et cetera. That is the nature of conflict when societies or nations clash. Planet, commercial imagery companies, oh, by the way, and governments, right, have come together to not lift it, okay, because the fog is still there, but at least to reduce it. And to me, what it's been able to do is it's been able to expose some of that misinformation, some of that deception in a way that both better alerted ourselves to the reality of the threat, right? And so this is Putin's build-up pre-February 2022. Because as you'll recall, and he made many statements about what his objectives were. And were -- and was this an exercise or was he going to call up reserves and et cetera, that unblinking eye was able to at least hold some of that, okay, at risk. And Planet contributed as other commercial imagery companies with a rather famous use case. On the day before the invasion, Putin had made an announcement that he was going to redeploy. He said, look, the exercise is finished. We're going to move some forces back. And on the same day, that unblinking eye, right, of the global scan, which, by the way, isn't pointed, right, it's just always looking, caught a pontoon bridge from Belarus into Ukraine that wasn't there the day before. Well, suffice to say, you don't use pontoon bridges when you're redeploying out, okay? You use them when you're coming in. And again, it wasn't dispositive, but it was contributory to the sense that the community had at large is that he is coming, right? And again, there were other indicators. But to me, again, we saw in the use case with the Harvest, it also has helped us to actually see what we were feeling and whether that was a bread crisis in Cairo, okay, or increased starvation rates in Central Africa, what happens when that bread basket shrinks? And the great work that was done with the UN, again, was able to take that sense, right, and add some data to it, add some rigor to it so that it -- and again, I'm not saying this, that everyone had the same point of view and everyone came to the same conclusion. But what I love about what we hear at Planet contribute is, is we kind of raised the level of understanding so that, that common context, that common frame of reference is just a bit higher. And again, I'm not -- I'm well aware that there are still going to be confusing things above that frame, but at least it gets us closer to a place where we can have a reasonable conversation. We're going to have a reasonable discussion about sanctions, about alliance security, about next steps with respect to holding accountable. Again, you mentioned 75 years. We obviously had no way like this to hold people accountable in that war. And again, Andrew and his team are doing a great job of setting those conditions, working with the institutions that do exactly that. And I'll finish with this, again, because -- sometimes because we live here at Planet, and we assume everyone knows that this is the way the world works, there is no other company that provides the access to this globe that Planet does. And that advantage is now 6 years old, okay, or 6 years new. And by the way, tomorrow, it'll be 6 years and 1 day old and new. And to me, that's what so different and what's so exiting about, not just what we've done, but what we'll do next.

Yes. Well, let's spend a quick minute on -- we talked about what's changing from the past and what's unfolding in the present. What excites you the most about what's coming in the future?

Everything. And the reason it's everything is because I think you take audacious idea 1, and I didn't rehearse this part well, so go with me. There's audacious idea #2 and 2a and 3 coming. And so you take the, hey, let's do the whole globe. Well, the way I see Tanager now, the spectrum -- we were kind of peaking at the spectrum, okay, just the way we were peaking at the globe. Let's do that spectrum? Why not 400 bands? Why not? Well, we'll see soon because it'll be up, and it'll be doing that. And then if you look at Pelican, 30-minute revisit at 30-centimeter, we're not quite staring, but we are looking quite often at the areas of interest. So now you take that combination of global scan, global awareness with that next level of exposure and understanding, and to me the upside is so big. I mean just -- I'll finish with this. The first time I met Will was via YouTube, and he had done that Mission 1 Ted talk, right? And unveiled the -- dramatically unveiled the Dove on the stage, but this was, what 3 years, I think, before. With the idea, well, to me, okay, there's more unveiling to do. And the company that we are now on the cusp of now, not just covering the globe, covering the spectrum and the clock, and the combination of those 3 things just feels like the future is unlimited.

That's awesome. Thank you for being here. Thank you for being such an important part of Planet.

A pleasure. Thank you, Ashley. Thank you, everyone.

Thank you. Great. So now we'll bring everybody back up on stage and give you guys a chance to ask some questions. I'm sure you don't have any, but just in case.

All right. So we've got time for some questions. Thanks, everyone. So -- for holding them until now. [Operator Instructions] Why don't we start with you in the front? Where is the mic?

It's coming. It's there.

[Indiscernible]

So just in staying with your Bloomberg analogy, one of the great things about Bloomberg is if you ask someone something about a company in, like, 5 or 10 seconds, if they're proficient at Bloomberg, they can give you the answer. It's -- takes a minute to learn the language. But once you learn it, it's really kind of efficient and easy to use. You're at the point where you're sort of fire hosing people data, and you need to get to the point I think you mentioned where it becomes much [Indiscernible]. What is the time frame, the investment, the number of hires you need to make? Do you build this all internally? Can you partner with someone and outsource it? Can you just talk a little bit about that whole process?

Yes. Absolutely. And maybe Kevin can talk a little bit just to tee it up. I would say it's interesting to note that I think the Bloomberg terminal interface is kind of clunky. It doesn't appear hard to use. We can take some tricks out of the books of some of the companies that have made -- things really use it. But it does a fantastic job of getting, as you say, data right now. And if you know the system, you can really specify exactly what you want and get it. And yes, we're on a journey to get there. It's never black or white. But I mean I certainly measure it in years, not decades and -- or months. So I don't know if you -- what don't you add to that?

And I think one thing that's important to add is this is not something that we have to build every single piece ourselves, right? Charlie talked a lot about our partnerships. There are so many different use cases, unlike a company where you want to know a handful of different things, but it's pretty consistent across companies. Here, you have so many different opportunities and use cases. And so our role -- what we look to do is we look across all of our customers, and we look at the kind of things that they're having to build in order to get value out of our data today. Many of those things, they wish they didn't have to build, right? Some of them are their special sauce. Others are just things that they need to do. When we see that repeated across customers, we can build those building blocks, and we can help all of our customers and partners get to answers faster. But then there are going to be thousands of others that don't make sense for us to build that we'll rely on partners for. And the net effect of all of that is we're building, we have partners building, and the ecosystem moves faster toward answers.

I'd just add one thing to that. So already today, our sellers have moved from just going out there and positioning and talking about the data and the things that you can theoretically do, to actually leading with this partner can deliver this specific solution for you. The fact that it's powered by data is kind of irrelevant. It's actually solving a specific job for that customer. And our job from -- Kevin is mainly -- is to make that easier. How do you build that solution -- more solutions like that so we can scale.

Do you have a question? Yes.