Trane Technologies Recognized for Environmental Leadership on CDP's 'A List'
SWORDS, Ireland, April 18, 2025 /3BL/ - Trane Technologies (NYSE:TT), a global climate innovator, has been recognized for its leadership in corporate transparency and performance on climate by CDP, earning a place on its annual 'A List' for the third consecutive year.
Of the record 22,400 companies that received a climate score this year, Trane Technologies is distinguished as part of the 2% of scored companies to earn an 'A' rating. CDP's rigorous scoring process assesses the comprehensiveness of disclosure, awareness and management of environmental risks, and the demonstration of best practices in environmental leadership, including setting ambitious and meaningful targets.
'Achieving CDP's prestigious 'A List' recognition underscores Trane Technologies' climate leadership and our commitment to meaningful, transparent action for a more sustainable world,' said Mauro Atalla, Senior Vice President, Chief Technology and Sustainability Officer, Trane Technologies. 'Sustainability is at the center of our strategy and continued success. We are proud to lead by example, proving that climate accountability, customer innovation, an uplifting culture and a strong bottom line go hand in hand.'
Inclusion on CDP's 'A List' is the latest in a series of accolades recognizing Trane Technologies for its industry-leading transparency, credibility and accountability. The company has also been ranked in the Top Ten of the 2025 JUST 100, named one of Fortune's World's Most Admired Companies for the 13th consecutive year and listed on the Corporate Knights' 2025 Global 100 as well as the Dow Jones Sustainability World and North American Indices.
Trane Technologies is at the forefront of decarbonizing buildings, industry and the cold chain through pioneering actions and innovations. The company is making significant progress toward
its 2030 Sustainability Commitments, including the Gigaton Challenge, and its pledge to be net-zero by 2050. It's also the first company in its industry to have its near and long-term emissions reductions targets externally validated by the Science Based Targets Initiative (SBTi).
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About Trane TechnologiesTrane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. For more on Trane Technologies, visit www.tranetechnologies.com.
About CDPCDP is a global non-profit that runs the world's only independent environmental disclosure system. As the founder of environmental reporting, we believe in transparency and the power of data to drive change. Partnering with leaders in enterprise, capital, policy and science, we surface the information needed to enable Earth-positive decisions. We helped more than 24,800 companies and 1,100 cities, states and regions disclose their environmental impacts in 2024. Financial institutions with more than a quarter of the world's institutional assets use CDP data to help inform investment and lending decisions. Aligned with the ISSB's climate standard, IFRS S2, as its foundational baseline, CDP integrates best-practice reporting standards and frameworks in one place. Our team is truly global, united by our shared desire to build a world where people, planet and profit are truly balanced.
Forward Looking StatementsThis news release includes 'forward-looking statements' within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our sustainability commitments and the anticipated impact of these commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2024, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.
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Planet's Use of Non-GAAP Financial Measures This press release includes non-GAAP gross profit, non-GAAP gross margin, certain non-GAAP expenses described further below, non-GAAP loss from operations, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, adjusted EBITDA, backlog and free cash flow, which are non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these Non-GAAP financial measures because they are used by management to evaluate the Company's core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. 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Further, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company's core operating performance. Backlog: The Company defines and calculates backlog as remaining performance obligations plus the cancelable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. 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The Company believes EoP customer count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of the Company's platform and is a measure of the Company's success in growing its market presence and penetration. Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses the Company's data or services. Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines capital expenditures as a percentage of revenue as the total amount of capital expenditures divided by total revenue in the reported period. 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Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company's performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes capital expenditures as a percentage of revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company's relative capital efficiency. Net Dollar Retention Rate: The Company defines Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company defines existing customers as customers with an active contract with the Company. The Company believes Net Dollar Retention Rate is a useful metric for investors as it can be used to measure its ability to retain and grow revenue generated from its existing customers, on which its ability to drive long-term growth and profitability is, in part, dependent. The Company uses Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across its products, identify opportunities to improve operations, and manage go to market functions, as well as to understand how much future growth may come from cross-selling and up-selling customers. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV. Net Dollar Retention Rate including Winbacks: The Company assesses two metrics for net dollar retention–Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks. A winback is a previously existing customer that was inactive at the start of the measurement period but has reactivated during the measurement period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics. The Company defines Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company believes this metric is useful to investors as it captures the value of customer contracts that resume business with the Company after being inactive and thereby provides a quantification of the Company's ability to recapture lost business. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers. Beyond the judgments underlying managements' calculation of Net Dollar Retention Rate set forth above, there are no additional assumptions or estimates made in connection with Net Dollar Retention Rate including winbacks. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'target,' 'anticipate,' 'intend,' 'develop,' 'evolve,' 'plan,' 'seek,' 'may,' 'will,' 'could,' 'can,' 'should,' 'would,' 'believes,' 'predicts,' 'potential,' 'strategy,' 'opportunity,' 'aim,' 'conviction,' 'continue,' 'positioned,' 'structured' or the negative of these words or other similar terms or expressions that concern Planet's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Planet's financial guidance and outlook, expected financial and operating results, the expected value of contracts that Planet has entered into and the timing and amount of revenue that Planet will recognize, Planet's growth opportunities, Planet's expectations regarding future product development and performance, including with respect to AI, Planet's expectations regarding the launch and operations of its satellites, including with respect to timing, and Planet's expectations regarding its strategies with respect to its markets and customers, including trends in customer demand. Planet's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet's ability to forecast Planet's performance due to Planet's limited operating history. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Planet's filings with the Securities and Exchange Commission ('SEC'), including Planet's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent filings with the SEC that Planet may make. All forward-looking statements reflect Planet's beliefs and assumptions only as of the date of this press release. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet's results for the quarter ended April 30, 2025, are not necessarily indicative of its operating results for any future periods. PLANET Three Months Ended April 30, (In thousands, except share and per share amounts) 2025 2024 Revenue $ 66,265 $ 60,440 Cost of revenue 29,662 28,757 Gross profit 36,603 31,683 Operating expenses Research and development 23,074 25,589 Sales and marketing 16,314 21,485 General and administrative 19,986 19,180 Total operating expenses 59,374 66,254 Loss from operations (22,771 ) (34,571 ) Interest income 1,884 3,107 Change in fair value of warrant liabilities 10,387 1,530 Other income (expense), net (1,200 ) 1,083 Total other income, net 11,071 5,720 Loss before provision for income taxes (11,700 ) (28,851 ) Provision for income taxes 928 442 Net loss (12,628 ) (29,293 ) Basic and diluted net loss per share attributable to common stockholders $ (0.04 ) $ (0.10 ) Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 300,267,952 288,268,718 Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Net loss $ (12,628 ) $ (29,293 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 4,775 (534 ) Change in fair value of available-for-sale securities 16 (512 ) Other comprehensive income (loss), net of tax 4,791 (1,046 ) Comprehensive loss $ (7,837 ) $ (30,339 ) Expand PLANET CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended April 30, (In thousands) 2025 2024 Operating activities Net loss $ (12,628 ) $ (29,293 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Depreciation and amortization 11,082 13,103 Stock-based compensation, net of capitalized cost 12,542 13,072 Change in fair value of warrant liabilities (10,387 ) (1,530 ) Change in fair value of contingent consideration (41 ) (101 ) Other 1,229 (547 ) Changes in operating assets and liabilities Accounts receivable (21,185 ) 5,482 Prepaid expenses and other assets 1,254 (731 ) Accounts payable, accrued and other liabilities (8,915 ) (5,237 ) Deferred revenue 42,072 (721 ) Deferred hosting costs 2,323 2,206 Net cash provided by (used in) operating activities 17,346 (4,297 ) Investing activities Purchases of property and equipment (8,119 ) (9,938 ) Capitalized internal-use software (1,225 ) (1,418 ) Maturities of available-for-sale securities 11,123 32,158 Sales of available-for-sale securities 582 43,116 Purchases of available-for-sale securities — (28,043 ) Business acquisition, net of cash acquired — (1,068 ) Purchases of licensed imagery intangible assets (621 ) (4,024 ) Other — (300 ) Net cash provided by investing activities 1,740 30,483 Financing activities Proceeds from the exercise of common stock options 2,962 20 Payments for withholding taxes related to the net share settlement of equity awards (5,264 ) (2,015 ) Proceeds from employee stock purchase program 346 — Payments of contingent consideration for business acquisitions (4,820 ) — Other (2,383 ) (380 ) Net cash used in financing activities (9,159 ) (2,375 ) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 5,683 (276 ) Net increase in cash and cash equivalents, and restricted cash and cash equivalents 15,610 23,535 Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period 129,994 102,198 Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period $ 145,604 $ 125,733 Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Net loss $ (12,628 ) $ (29,293 ) Interest income (1,884 ) (3,107 ) Income tax provision 928 442 Depreciation and amortization 11,082 13,103 Change in fair value of warrant liabilities (10,387 ) (1,530 ) Stock-based compensation 12,542 13,072 Restructuring costs 20 — Certain litigation expenses (1) 326 — Other (income) expense, net 1,200 (1,083 ) Adjusted EBITDA $ 1,199 $ (8,396 ) (1) Expenses relating to the Delaware class action lawsuit. Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Reconciliation of cost of revenue: GAAP cost of revenue $ 29,662 $ 28,757 Less: Stock-based compensation 1,541 876 Less: Amortization of acquired intangible assets 691 789 Less: Restructuring costs 15 — Non-GAAP cost of revenue $ 27,415 $ 27,092 Reconciliation of gross profit: GAAP gross profit $ 36,603 $ 31,683 Add: Stock-based compensation 1,541 876 Add: Amortization of acquired intangible assets 691 789 Add: Restructuring costs 15 — Non-GAAP gross profit $ 38,850 $ 33,348 GAAP gross margin 55 % 52 % Non-GAAP gross margin 59 % 55 % Reconciliation of operating expenses: GAAP research and development $ 23,074 $ 25,589 Less: Stock-based compensation 4,037 5,163 Non-GAAP research and development $ 19,037 $ 20,426 GAAP sales and marketing $ 16,314 $ 21,485 Less: Stock-based compensation 1,929 2,403 Less: Amortization of acquired intangible assets 92 217 Less: Restructuring costs 6 — Non-GAAP sales and marketing $ 14,287 $ 18,865 GAAP general and administrative $ 19,986 $ 19,180 Less: Stock-based compensation 5,035 4,630 Less: Amortization of acquired intangible assets 29 79 Less: Restructuring costs (1 ) — Less: Certain litigation expenses 326 — Non-GAAP general and administrative $ 14,597 $ 14,471 Reconciliation of loss from operations GAAP loss from operations $ (22,771 ) $ (34,571 ) Add: Stock-based compensation 12,542 13,072 Add: Amortization of acquired intangible assets 812 1,085 Add: Restructuring costs 20 — Add: Certain litigation expenses 326 — Non-GAAP loss from operations $ (9,071 ) $ (20,414 ) Expand PLANET Three Months Ended April 30, (In thousands, except share and per share amounts) 2025 2024 Reconciliation of net loss GAAP net loss $ (12,628 ) $ (29,293 ) Add: Stock-based compensation 12,542 13,072 Add: Amortization of acquired intangible assets 812 1,085 Add: Restructuring costs 20 — Add: Certain litigation expenses 326 — Income tax effect of non-GAAP adjustments — — Non-GAAP net income (loss) $ 1,072 $ (15,136 ) Reconciliation of net loss per share, diluted GAAP net loss $ (12,628 ) $ (29,293 ) Non-GAAP net income (loss) $ 1,072 $ (15,136 ) GAAP net loss per share, basic and diluted (1) $ (0.04 ) $ (0.10 ) Add: Stock-based compensation 0.04 0.05 Add: Amortization of acquired intangible assets — — Add: Restructuring costs — — Add: Certain litigation expenses — — Income tax effect of non-GAAP adjustments — — Non-GAAP net income (loss) per share, diluted (2) (3) $ — $ (0.05 ) Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1) 300,267,952 288,268,718 Weighted-average shares used in computing Non-GAAP net income (loss) per share, diluted (2) 314,969,299 288,268,718 (1) Basic and diluted GAAP net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (2) Non-GAAP net income (loss) per share, diluted is calculated using weighted-average shares, adjusted for dilutive potential shares assumed outstanding during the period. No adjustment was made to weighted-average shares for the three months ended April 30, 2024 as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (3) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data. Note: In connection with the preparation of this earnings release, we identified immaterial errors in the Non-GAAP net loss per share previously reported on December 9, 2024 and March 20, 2025. The errors related to the application of income tax effects on non-GAAP adjustments. The corrected Non-GAAP net loss per share amounts and periods impacted are as follows: – Three months ended October 31, 2024: ($0.03) (previously reported as ($0.02)) – Three months ended January 31, 2025: ($0.07) (previously reported as ($0.08)) – Fiscal year ended January 31, 2025: ($0.21) (previously reported as ($0.20)) While the corrected amounts are not presented in the tables herein, we are disclosing the corrections for transparency. The corrections had no impact on our previously reported GAAP financial results, including GAAP net loss or GAAP net loss per share. Expand PLANET The table below reconciles Backlog to remaining performance obligations for the periods indicated: (in thousands) April 30, 2025 January 31, 2025 Remaining performance obligations $ 451,928 $ 412,829 Cancelable amount of contract value 75,119 90,920 Backlog $ 527,047 $ 503,749 For remaining performance obligations and Backlog as of April 30, 2025, the Company expects to recognize approximately 45% over the next 12 months, approximately 76% over the next 24 months, and the remainder thereafter. Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Net cash provided by (used in) operating activities $ 17,346 $ (4,297 ) Purchases of property and equipment (8,119 ) (9,938 ) Capitalized internal-use software (1,225 ) (1,418 ) Free cash flow $ 8,002 $ (15,653 ) Expand
