Palantir Technologies Inc (PLTR) 2022 Q2 法說會逐字稿

Good morning. Welcome to Palantir's Second Quarter 2022 Earnings Call. We'll be discussing the results announced in our press release issued prior to the market open and posted on our Investor Relations website.

早上好。歡迎來到 Palantir 的 2022 年第二季度財報電話會議。我們將討論我們在市場開盤前發布的新聞稿中公佈的結果，並發佈在我們的投資者關係網站上。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter and fiscal 2022 results, management's expectations for our future financial and operational performance and other statements regarding our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed prior to market open today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

在電話會議期間，我們將就我們的業務發表在適用證券法中可能被視為前瞻性的聲明，包括關於我們第二季度和 2022 財年業績的聲明、管理層對我們未來財務和運營業績的預期以及關於我們計劃的其他聲明，前景和期望。這些陳述不是承諾或保證，存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息可在我們今天開市前發布的收益新聞稿和我們提交給美國證券交易委員會的文件中找到。除法律要求外，我們不承擔更新前瞻性陳述的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today.

此外，在今天的電話會議中，我們將參考某些調整後的財務措施。這些非公認會計原則財務措施應作為公認會計原則措施的補充而不是替代或孤立考慮。有關這些非公認會計原則措施的更多信息，包括非公認會計原則與可比公認會計原則措施的對賬，包含在我們今天提供的新聞稿和投資者介紹中。

Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons, unless otherwise stated.

我們的新聞稿、投資者介紹和 SEC 文件可在我們的投資者關係網站 Investors.palantir.com 上查閱。在電話會議期間，我們將在討論我們的業務時提到各種增長率。除非另有說明，否則這些比率反映了同比比較。

Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Operating Officer; Dave Glazer, Chief Financial Officer; Ryan Taylor, Chief Business Affairs and Legal Officer; and Kevin Kawasaki, Global Head of Business Development.

與我一起參加今天電話會議的是首席執行官 Alex Karp； Shyam Sankar，首席運營官； Dave Glazer，首席財務官； Ryan Taylor，首席商務和法律官；和全球業務發展主管 Kevin Kawasaki。

I'll now turn the call over to Alex.

我現在將把電話轉給亞歷克斯。

In the last 3 years, we have grown Palantir from a $743 million revenue business with hundreds of millions of dollars in actual loss to, in the last 12 months, a $1.74 billion business with $300 million in free cash flow, which represents a 41% CAGR. 41% CAGR on a business that is now in its 18th year is very unusual. There are many reasons for this strong growth, but you live by the same sword that you pay the price for. And we deal with very, very large contracts. And the USG has some of the large -- our largest contracts, and they have been pushed out. But because of uncertainty toward the end of the year, we're revisioning guidance down to $1.9 billion.

在過去 3 年中，我們將 Palantir 從營收 7.43 億美元、實際虧損數億美元的業務發展為在過去 12 個月內擁有 3 億美元自由現金流的 17.4 億美元業務，佔 41%複合年增長率。一家已進入第 18 年的企業實現 41% 的複合年增長率是非常不尋常的。這種強勁增長的原因有很多，但你生活在你付出代價的同一把劍上。我們處理非常非常大的合同。 USG 有一些大的——我們最大的合同，它們已被推出。但由於年底前的不確定性，我們將指引下調至 19 億美元。

I personally remain very optimistic that the next 3 years will look a lot like the last 3 years, again, where we took a money-losing business and made a business that throws off free cash flow; where we ended up as of today with $2.4 billion in the bank and no debt, and that the large and chunky nature of our contracts will continue to be, in large part, an advantage because these contracts do not disappear.

我個人仍然非常樂觀，未來 3 年看起來會很像過去 3 年，再一次，我們做了一個虧本的生意，做了一個可以甩掉自由現金流的生意；到今天為止，我們在銀行里有 24 億美元，沒有債務，而且我們合同的大而粗的性質在很大程度上將繼續是一個優勢，因為這些合同不會消失。

Sometimes, they are put off. Sometimes, they take too long for us to get them. But at the $1 billion range of the contracts that we are working on, they have the bug of sometimes taking too long and the feature of a highly difficult, tumultuous and politically uncertain world that you actually get paid and you actually make free cash flow.

有時，他們被推遲了。有時，我們需要很長時間才能得到它們。但在我們正在處理的價值 10 億美元的合同範圍內，它們有時會出現耗時過長的錯誤，並且具有高度困難、動盪和政治不確定的世界的特點，即您實際上獲得了報酬，並且實際上獲得了自由現金流。

Moreover, we have 5 of the most interesting, important and crazy, baller, impactful products in the world: PG, Foundry, Nexus Peering, MetaConstellation and Apollo, all of which were built before their time, all of which have made a 41% CAGR possible. These products should be measured not just in their ability to throw off free cash flow, to generate outsized revenue, but most importantly, in their quintessential attribute that large companies, which essentially control distribution, cannot easily copy them, or if at all, they are too intricate, difficult and thick to be replaced by larger incumbents and then distributed through their distribution chain.

此外，我們有 5 個世界上最有趣、最重要、最瘋狂、最瘋狂、最有影響力的產品：PG、Foundry、Nexus Peering、MetaConstellation 和 Apollo，它們都是在他們的時代之前建造的，所有這些產品都取得了 41%複合年增長率可能。衡量這些產品的標準不僅在於它們釋放自由現金流、產生巨額收入的能力，更重要的是，它們的典型屬性是，基本上控制分銷的大公司不能輕易複製它們，或者如果根本無法複製它們，它們它們過於復雜、困難和厚重，無法被更大的現有企業取代，然後通過他們的分銷鏈進行分銷。

In the end, all software products actually have to be measured by is this replaceable, how easy could it be replaced, is the underlying platform durable or fleeting, and could a third party highly technical with massive distribution disrupt these products? If you look closely at PG, Foundry, Nexus Peering, MetaConstellation and Apollo, as different as they are, they have one thing in common: it would take many, many years of the world's best engineers to build them and it would take -- you would be building them as we've improved them and as we capture the market. Thank you.

最後，所有的軟件產品實際上都必須衡量這個是否可替換，它有多容易被替換，底層平台是否耐用或轉瞬即逝，第三方高度技術和大規模分發是否會破壞這些產品？如果你仔細觀察 PG、Foundry、Nexus Peering、MetaConstellation 和 Apollo，儘管它們各不相同，但它們有一個共同點：建造它們需要世界上最好的工程師很多年，而且需要——當我們改進它們並佔領市場時，您將建造它們。謝謝你。

Thank you, Alex. We have the great privilege of being on the forefront of the problems that matter most in the world, from the war in Ukraine to fighting famine and monkeypox. Across government and commercial, the opportunity in front of us is enormous, which makes the revised near-term outlook all the more disappointing. It doesn't come close to representing our ambition and the opportunity before us.

謝謝你，亞歷克斯。我們有幸站在世界上最重要的問題的最前沿，從烏克蘭戰爭到與飢荒和猴痘作鬥爭。在政府和商業領域，我們面前的機會是巨大的，這使得修訂後的近期前景更加令人失望。它並不能代表我們的雄心壯志和擺在我們面前的機會。

While the timing of large contracts in government can be frustrating, the underlying requirements and needs are enduring. It's worth noting that our revised guidance excludes any new major U.S. government awards.

雖然政府簽訂大型合同的時間可能令人沮喪，但基本要求和需求是持久的。值得注意的是，我們修訂後的指南不包括任何新的美國政府重大獎項。

At the same time, we have seen the opportunity presented by this environment before. As organizations around the world face more pressure and experience more pain, there will be a slowdown in the rate of spending and lengthening of sales cycles, but it will also reveal gaps in enterprises operations, gaps our software can solve.

同時，我們之前也看到了這種環境帶來的機會。隨著世界各地的組織面臨更多的壓力和更多的痛苦，支出速度會放緩，銷售週期會延長，但也會暴露出企業運營的差距，我們的軟件可以解決的差距。

In the short term, this means less revenue now. But on longer time horizons, it accelerates our business. The global financial crisis, ISIS attacks in Europe, the COVID pandemic, through each upheaval, we emerge substantially stronger by investing in our customers ahead of revenue and delivering results in days, not months.

在短期內，這意味著現在的收入減少了。但從長遠來看，它會加速我們的業務。全球金融危機、伊斯蘭國在歐洲的襲擊、COVID 大流行，在每一次動盪中，我們通過在收入之前投資於我們的客戶並在幾天而不是幾個月內取得成果，從而變得更加強大。

It is exactly in times like these that we build our most important and most impactful partnerships. Each of these periods has been an inflection point for Palantir, a time during which we develop pathbreaking software platforms and expanded our footprint.

正是在這樣的時代，我們建立了最重要和最有影響力的伙伴關係。這些時期中的每一個都是 Palantir 的轉折點，在此期間，我們開發了開創性的軟件平台並擴大了我們的足跡。

To our results. We generated $473 million in revenue in Q2 2022, representing a growth rate of 26% year-over-year and 6% sequential. Our customer count increased to 304, up from 169 a year ago. Our business in the United States alone generated more than $1 billion on a trailing 12-month basis, representing 42% growth.

對我們的結果。我們在 2022 年第二季度創造了 4.73 億美元的收入，同比增長 26%，環比增長 6%。我們的客戶數量從一年前的 169 個增加到 304 個。在過去的 12 個月中，僅我們在美國的業務就產生了超過 10 億美元的收入，增長了 42%。

I'll now hand it over to Shyam.

我現在把它交給Shyam。

Thanks, Ryan. Our revenue growth in the U.S. commercial market continues to be our focus and is gathering momentum. Our U.S. commercial business grew 120%, rising from $39 million in Q2 2021 to $86 million this quarter. Our core U.S. commercial business, which excludes strategic investments, grew 10% quarter-over-quarter or greater for the past 4 quarters, most recently reaching $67.4 million, 14% sequential growth. Our core U.S. commercial ACV grew 2.4x, our best quarter ever.

謝謝，瑞恩。我們在美國商業市場的收入增長仍然是我們關注的重點，並且勢頭正在增強。我們的美國商業業務增長了 120%，從 2021 年第二季度的 3900 萬美元增長到本季度的 8600 萬美元。我們的核心美國商業業務（不包括戰略投資）在過去 4 個季度環比增長 10% 或更高，最近達到 6740 萬美元，環比增長 14%。我們的核心美國商業 ACV 增長了 2.4 倍，這是我們有史以來最好的季度。

Our U.S. commercial customer count grew from 34 to 119 customers year-over-year. Our overall commercial revenue grew 46% and continued to increase for the ninth quarter in a row on a quarter-over-quarter basis, reaching $210 million in Q2. We are seeing former customers, particularly those in the U.S., including some of the world's largest transportation, banking and retail enterprises return to our platforms in increasing numbers after periods of experimentation with other platforms and approaches. These customers, they're not returning to our software platforms merely because of the expansion of our sales operations, which does continue, they are often returning because they have tried other options, and those options have failed to deliver needed results.

我們的美國商業客戶數量同比從 34 家增長到 119 家。我們的整體商業收入增長了 46%，並連續第九個季度環比增長，第二季度達到 2.1 億美元。我們看到以前的客戶，尤其是美國的客戶，包括一些世界上最大的運輸、銀行和零售企業，在對其他平台和方法進行了一段時間的試驗後，越來越多地回到我們的平台。這些客戶，他們不會僅僅因為我們銷售業務的擴展而返回我們的軟件平台，這種情況確實會繼續，他們經常返回是因為他們嘗試了其他選項，而這些選項未能提供所需的結果。

Our commercial business in Europe and elsewhere outside the United States continues to expand as well, although the exceptional strength of the U.S. dollar has been a factor given the significantly increased effective cost of goods. Our government work remains at the center of everything that we have built and everything that motivates us. The expansion of our reach with agencies working on the front lines and conflicts around the world, including in Eastern Europe and the South China Sea, continues.

我們在歐洲和美國以外其他地方的商業業務也在繼續擴大，儘管美元的異常強勢一直是考慮到商品有效成本顯著增加的一個因素。我們的政府工作仍然是我們所建立的一切以及激勵我們的一切的核心。我們與在包括東歐和南海在內的世界各地的前線和衝突中工作的機構繼續擴大我們的影響力。

The contracts we have in our pipeline are key to facing the challenges in front of the West. Our government business grew to $263 million in revenue in Q2, rising 9% quarter-over-quarter. More broadly, across the commercial and government sectors, health care has become a substantial and rapidly growing business, generating approximately $153 million in revenue in the first half of 2022, up from $42 million in the first half of 2020 at the onset of the pandemic. That represents a 91% compounded annual growth rate.

我們正在籌備中的合同是面對西方挑戰的關鍵。我們的政府業務在第二季度增長至 2.63 億美元，環比增長 9%。更廣泛地說，在商業和政府部門，醫療保健已成為一項龐大且快速增長的業務，2022 年上半年創造了約 1.53 億美元的收入，高於大流行開始時的 2020 年上半年的 4200 萬美元.這代表了 91% 的複合年增長率。

We see substantial opportunities for Palantir as a health care technology company, driving transformation across major pharmaceutical companies, biotechnology companies, insurers, providers, regulatory agencies and research organizations, building on our work with organizations such as the U.K.'s NHS, U.S. HHS, the CDC, the FDA, the NIH, Sanofi, Merck and Sompo's health care business in Japan.

我們看到 Palantir 作為一家醫療保健技術公司的巨大機遇，推動主要製藥公司、生物技術公司、保險公司、供應商、監管機構和研究組織的轉型，在我們與英國 NHS、美國 HHS 等組織的合作基礎上， CDC、FDA、NIH、賽諾菲、默克和 Sompo 在日本的醫療保健業務。

Our software products and platforms continue to operate behind the scenes in connection with some of the most significant events around the world, including the distribution of vaccines to millions and an ongoing war in Eastern Europe. One of our most recent offerings within Foundry, a no-code application development environment known as Workshop that allows users with little or no coding experience to build operational applications on top of data warehouses within minutes, is showing particularly strong growth with more than 10,000 developers now building applications within the platform.

我們的軟件產品和平台繼續在與世界各地一些最重要的事件相關的幕後運行，包括向數百萬人分發疫苗和東歐正在進行的戰爭。我們在 Foundry 中的最新產品之一是一種稱為 Workshop 的無代碼應用程序開發環境，它允許幾乎沒有或沒有編碼經驗的用戶在幾分鐘內在數據倉庫之上構建可操作的應用程序，它顯示出特別強勁的增長，擁有超過 10,000 名開發人員現在在平台內構建應用程序。

And our most recent offering, Pipeline Builder, brings this same no-code approach to authoring data pipelines, turning every business analyst into a production data engineer in Foundry. We just launched an experimental feature that leverages OpenAI's GPT-3 to turn natural human language into pipeline logic. [Ascent] is like find me all the hospitals that have limited ICU bed availability in the next 3 weeks is transformed into a pipeline in seconds, a new standard in no code.

我們最新的產品 Pipeline Builder 將這種相同的無代碼方法用於創作數據管道，將每位業務分析師轉變為 Foundry 的生產數據工程師。我們剛剛推出了一項實驗性功能，該功能利用 OpenAI 的 GPT-3 將自然人類語言轉化為管道邏輯。 [Ascent] 就像 Find me 一樣，所有在未來 3 週內 ICU 床位有限的醫院都在幾秒鐘內變成了一條管道，一個無代碼的新標準。

Forrester named Foundry the leader in AI platforms as part of the Forrester Wave AI/ML Platforms Q3 report. Palantir's Foundry operating system received the highest possible scores in the product vision, performance, market approach and applications criteria.

作為 Forrester Wave AI/ML Platforms Q3 報告的一部分，Forrester 將 Foundry 命名為 AI 平台的領導者。 Palantir 的 Foundry 操作系統在產品願景、性能、市場方法和應用標準方面獲得了最高分。

Turning to Gotham. Urgent operational needs are driving innovation in our integrated hardware software offerings, building on products like TITAN. Skykit will combine Palantir's MetaConstellation software on a small human portable form factor with Starlink comms to enable heroes in the field to test low-latency, AI-driven satellite collection. Our focus in the short term remains on making our 3 principal software platforms: Gotham, Foundry and Apollo, available to broader segments of the market with unbeatable time to value.

轉向哥譚。緊迫的運營需求正在推動我們基於 TITAN 等產品的集成硬件軟件產品的創新。 Skykit 將把 Palantir 的 MetaConstellation 軟件與 Starlink 通信結合在一個小型的人類便攜式外形上，使該領域的英雄能夠測試低延遲、人工智能驅動的衛星收集。我們在短期內的重點仍然是讓我們的 3 個主要軟件平台：Gotham、Foundry 和 Apollo，以無與倫比的價值實現時間提供給更廣泛的市場領域。

I'll turn it over to Dave to take us through the financials.

我會把它交給戴夫，讓我們了解財務狀況。

Thanks, Shyam. As we've highlighted, our U.S. business is remarkably strong. U.S. revenue grew 45% year-over-year to $290 million, and on a trailing 12-month basis, U.S. revenue grew to $1.04 billion. U.S. commercial revenue grew 120% year-over-year to $86 million.

謝謝，夏姆。正如我們所強調的，我們的美國業務非常強勁。美國收入同比增長 45% 至 2.9 億美元，在過去 12 個月的基礎上，美國收入增長至 10.4 億美元。美國商業收入同比增長 120% 至 8600 萬美元。

Our core U.S. commercial revenue, which excludes our strategic investment program, grew 14% sequentially. On the customer side, our net new U.S. commercial customers grew 16% sequentially. U.S. government revenue increased 27% versus the year ago period to $205 million, up from a 16% year-over-year increase in the first quarter.

我們的核心美國商業收入（不包括我們的戰略投資計劃）環比增長 14%。在客戶方面，我們的美國新商業客戶淨額環比增長 16%。美國政府收入同比增長 27% 至 2.05 億美元，高於第一季度 16% 的同比增長。

Turning to our global top line results. Second quarter total revenue grew 26% year-over-year, ahead of our prior guidance to $473 million. Our overall net dollar retention was 119%. Commercial revenue increased 46% year-over-year to $210 million. Government revenue increased 13% versus the year ago period to $263 million.

轉向我們的全球頂級業績。第二季度總收入同比增長 26%，高於我們之前的預期，達到 4.73 億美元。我們的整體淨美元保留率為 119%。商業收入同比增長 46% 至 2.1 億美元。政府收入與去年同期相比增長 13%，達到 2.63 億美元。

Our global customer acquisition remains strong. We added 27 net new customers in the second quarter, bringing our Q2 2022 customer count to 304, an 80% increase year-over-year. We added 19 net new commercial customers, which represents 157% growth year-over-year. Our growth with existing customers also continues to remain strong. Trailing 12-month revenue from our top 20 customers increased 17% year-over-year to $46 million. Second quarter billings were $396 million, up 5% year-over-year.

我們的全球客戶獲取依然強勁。我們在第二季度新增了 27 家淨新客戶，使我們 2022 年第二季度的客戶數量達到 304 家，同比增長 80%。我們增加了 19 個淨新商業客戶，同比增長 157%。我們與現有客戶的增長也繼續保持強勁。我們前 20 名客戶過去 12 個月的收入同比增長 17% 至 4600 萬美元。第二季度的賬單為 3.96 億美元，同比增長 5%。

In the second quarter, TCV booked was $792 million. U.S. TCV booked was $588 million. As Alex mentioned, we saw that large, new USG contract awards have been pushed out. While government bookings grew quarter-over-quarter, increasing 128% sequentially, this was primarily driven by renewals. We ended the second quarter with $3.5 billion in total remaining deal value, roughly flat quarter-over-quarter.

第二季度，預訂的 TCV 為 7.92 億美元。預訂的美國 TCV 為 5.88 億美元。正如亞歷克斯所提到的，我們看到大量新的 USG 合同授予已被推遲。雖然政府預訂量環比增長，環比增長 128%，但這主要是由續訂推動的。我們以 35 億美元的剩餘交易總價值結束了第二季度，與上一季度相比基本持平。

Despite the excellent TCV quarter, total remaining deal value was impacted primarily by 2 things: one, we voluntarily terminated several contracts related to investment commitments that we decided to not move forward with; two, our TCV number included the successful conversion of option years from a U.S. commercial customer contract that, while resulting in lower overall deal value, secured commitment for additional years. We ended the second quarter with $1.2 billion in remaining performance obligations, up 79% year-over-year.

儘管 TCV 季度表現出色，但總剩餘交易價值主要受到兩件事的影響：第一，我們自願終止了與我們決定不再推進的投資承諾相關的幾份合同；第二，我們的 TCV 數字包括從美國商業客戶合同中成功轉換期權年限，雖然導致整體交易價值降低，但保證了額外年限的承諾。我們在第二季度結束時剩餘的履約義務為 12 億美元，同比增長 79%。

As a reminder, RPO is primarily comprised of our commercial business, as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in our government business.

提醒一下，RPO 主要由我們的商業業務組成，因為它不考慮初始期限少於 12 個月的合同和超出終止便利條款的合同義務，這兩者在我們的政府業務中都很常見.

Turning to our margins and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 81%. Second quarter adjusted income from operations, excluding stock-based compensation and related employer payroll taxes, was $108 million, representing adjusted operating margin of 23%, ahead of our prior guidance of 20%.

談到我們的利潤和費用。不包括基於股票的補償費用的調整後毛利率為 81%。第二季度調整後的運營收入（不包括基於股票的薪酬和相關的雇主工資稅）為 1.08 億美元，調整後的營業利潤率為 23%，高於我們之前 20% 的指導。

Second quarter adjusted expenses were $365 million, up 11% sequentially. Second quarter adjusted earnings per share was negative $0.01, which includes a negative $0.05 impact driven primarily by losses on marketable securities. We generated $62 million in cash from operations, and our adjusted free cash flow was $61 million, representing a margin of 13% and our seventh consecutive quarter of positive free cash flow on an adjusted basis.

第二季度調整後費用為 3.65 億美元，環比增長 11%。第二季度調整後每股收益為負 0.01 美元，其中包括主要由有價證券損失造成的 0.05 美元的負影響。我們從運營中產生了 6200 萬美元的現金，調整後的自由現金流為 6100 萬美元，利潤率為 13%，在調整後的基礎上我們連續第七個季度實現正自由現金流。

On a trailing 12-month basis, we have generated $314 million in adjusted free cash flow. We ended the second quarter with $2.4 billion in cash and cash equivalents and no debt. In July, we expanded our revolving credit facility by adding a $450 million new incremental delayed draw term loan facility, which provides for additional liquidity up to $950 million and remains entirely undrawn. As we highlighted last quarter, our balance sheet leaves us uniquely positioned to take advantage of the opportunities that may arise from the larger macroeconomic environment.

在過去 12 個月的基礎上，我們產生了 3.14 億美元的調整後自由現金流。我們在第二季度結束時擁有 24 億美元的現金和現金等價物，並且沒有債務。 7 月，我們通過增加 4.5 億美元的新增量延遲提取定期貸款工具擴大了我們的循環信貸工具，該工具提供了高達 9.5 億美元的額外流動性，並且仍然完全未提取。正如我們上個季度所強調的那樣，我們的資產負債表使我們處於獨特的位置，可以利用更大的宏觀經濟環境可能帶來的機會。

Now turning to our outlook. We are presently guiding to the third quarter and full year 2022. For the third quarter, we expect revenue of between $474 million and $475 million and adjusted operating income of $54 million to $55 million. For full year 2022, we now expect revenue of between $1.9 billion and $1.902 billion, and adjusted operating income of $341 million to $343 million. This revised guidance excludes any new major U.S. government awards, and we believe this to be the base case.

現在轉向我們的前景。我們目前正在指導 2022 年第三季度和全年。對於第三季度，我們預計收入在 4.74 億美元至 4.75 億美元之間，調整後的營業收入為 5400 萬美元至 5500 萬美元。對於 2022 年全年，我們現在預計收入在 19 億美元至 19.02 億美元之間，調整後的營業收入為 3.41 億美元至 3.43 億美元。本修訂指南不包括任何新的美國政府重大獎項，我們認為這是基本情況。

With that, I'll turn it over to Ana to start the Q&A.

有了這個，我將把它交給安娜開始問答。

Thanks, Dave. Our first question comes from Martin who asks, when are you expecting to become profitable?

謝謝，戴夫。我們的第一個問題來自 Martin，他問，您預計什麼時候可以盈利？

Thank you for your question. Yes, we -- driven by our 5 products and by our ability to control costs mainly because we left Palo Alto, which we left primarily for political reasons, but of course, Palo Alto is somewhat of a inelastic luxury product, meaning you must pay and pay and pay for the comfort of having oddly misaligned with American interest, political views and in general, high costs.

謝謝你的問題。是的，我們——受我們的 5 種產品和我們控製成本的能力的推動，主要是因為我們離開了帕洛阿爾托，我們離開主要是出於政治原因，但當然，帕洛阿爾託在某種程度上是一種缺乏彈性的奢侈品，這意味著你必須支付並為與美國的利益、政治觀點以及總體上的高成本奇怪地不一致而付出和付出的安慰。

That combination of radical optionality on expenses and what we perceive to be macro conditions converging with product conditions allow us to kind of see what we think will be a profitable company in 2025.

費用方面的激進選擇以及我們認為與產品條件相融合的宏觀條件的結合使我們能夠看到我們認為在 2025 年將是一家盈利的公司。

Great. Thanks, Alex. Our next question comes from Jose who asks, what is your 10-year plan for the future?

偉大的。謝謝，亞歷克斯。我們的下一個問題來自何塞，他問，你對未來的 10 年計劃是什麼？

Well, we built 5 products. Those of you who follow us know them well. Those of you who don't follow us know them well because they've influenced your life, especially PG, our anti-terror product; Foundry, which is responsible for any vaccination you've had if you're listening to this from America and Britain or 20-some other countries. Those of you who are following the war know some of our other products even at a distance and a number of other products. We are going to continue to deploy those products.

好吧，我們製造了 5 個產品。那些關注我們的人都非常了解他們。不關注我們的人很了解他們，因為他們影響了你的生活，尤其是我們的反恐產品PG；如果您從美國和英國或其他 20 個國家/地區收聽此消息，Foundry 負責您接種的任何疫苗。那些關注戰爭的人即使在遠處也知道我們的一些其他產品和許多其他產品。我們將繼續部署這些產品。

By the way, as you may have noticed, we've now crossed the $1 billion mark a second time when we DPO-ed. There was a real question, could Palantir cross the $1 billion software mark? This is a massive mark for enterprise software. We've now crossed this in America. We will cross that for all 5 of our products. Obviously, Foundry will be a multibillion-dollar product. We will do this in the service of the West, which we will fight to help win, rejuvenizing institutions the way we have in the past on numerous fronts.

順便說一句，您可能已經註意到，當我們進行 DPO 編輯時，我們現在已經第二次突破 10 億美元大關。有一個真正的問題，Palantir 能否突破 10 億美元的軟件大關？這對企業軟件來說是一個巨大的標誌。我們現在已經在美國跨越了這一點。我們將為我們的所有 5 種產品跨越這一點。顯然，Foundry 將是一個價值數十億美元的產品。我們將這樣做，為西方服務，我們將努力幫助贏得勝利，以我們過去在許多戰線上的方式振興機構。

We will use the distribution network we have built to provide them, these institutions with new and better products. Apollo will be a multibillion-dollar product as a standalone product. Our company will be, as of the next 2 years, a 70% dollar revenue company, and we will preserve our culture.

我們將利用我們建立的分銷網絡為這些機構提供新的更好的產品。 Apollo 將成為一個價值數十億美元的獨立產品。我們公司將在未來 2 年成為一家 70% 收入的公司，我們將保持我們的文化。

And we are going to do this our way, essentially, which is a very long-term focus. Do not expect us to be like another company. We will make aspirational goals. I think there's a lot we could learn, by the way, on modeling these goals and -- but we believe we're the best in the world of software for the West. And with the attributes and awards of that, we will push forward to make the West stronger and better and build a multibillion-dollar company on top of each one of our single products.

從本質上講，我們將以自己的方式來做這件事，這是一個非常長期的關注點。不要指望我們會像另一家公司。我們將製定理想的目標。順便說一句，我認為我們可以在為這些目標建模方面學到很多東西，而且——但我們相信我們是西方軟件世界中最好的。並且憑藉其屬性和獎勵，我們將推動把西部做強做優，在我們的每一個單一產品之上建立一個價值數十億美元的公司。

By the way, we'll build new products. We're already working on a number of products. We have products like Nexus Peering that are not apparent to the world that power very important things, and we'll continue to build those kind of products as well.

順便說一句，我們將製造新產品。我們已經在開發一些產品。我們有像 Nexus Peering 這樣的產品，這些產品在世界上並不明顯，它們為非常重要的事情提供動力，我們也將繼續構建這類產品。

Thank you, Alex. Our next question is from John who asks, what are you doing differently from your competition that is allowing you to be successful?

謝謝你，亞歷克斯。我們的下一個問題來自約翰，他問，你在做哪些與你的競爭對手不同的事情才能讓你成功？

Well, we're doing -- I mean, we're not -- we're pretty orthogonal to our competition. So I wouldn't even like -- and by the way, I would say we're less competitive with our competition then. We have a lot of people compete with us, most of the companies that kind of are built for Wall Street, which have perfect financials and have perfect proclamations of what they're going to hit and very, very thin products, sales forces that are 50% of their total people.

好吧，我們正在做 - 我的意思是，我們不是 - 我們與我們的競爭非常正交。所以我什至不喜歡 - 順便說一句，我會說我們在競爭中的競爭力較低。我們有很多人與我們競爭，大多數這類公司都是為華爾街而建立的，它們擁有完美的財務狀況，並且對他們將要實現的目標有著完美的宣言，而且產品非常非常薄，銷售力量他們總人數的50%。

The sales in the U.S. commercial, which are by any standard, unanimously strong, almost 80% growth this year without SPACs. Total organic revenue. It's being driven by 42 salespeople, less than 1.5% of our company as a credit. We have more, but those are the ones that have actually learned our product and are able to sell it.

以任何標準衡量，美國商業廣告的銷售額都一致強勁，今年在沒有 SPAC 的情況下增長了近 80%。總有機收入。它由 42 名銷售人員推動，不到我們公司的 1.5% 作為功勞。我們有更多，但那些真正了解了我們的產品並能夠銷售它的人。

This is a company -- we have this -- and because there's some real features, we've built this product. The product is obviously ahead of the market. We believe the growth in the U.S. -- I mean, you can tell our trend line of this is doubling now again or close without SPACs. You could see how this could double or be in that range again next year. And again, we're doing this in a completely unique way.

這是一家公司——我們有這個——而且因為有一些真正的功能，我們開發了這個產品。該產品明顯領先於市場。我們相信美國的增長——我的意思是，你可以看出我們的趨勢線現在再次翻倍，或者在沒有 SPAC 的情況下關閉。你可以看到明年這一數字如何翻倍或再次處於該範圍內。再一次，我們以一種完全獨特的方式來做這件事。

And so then I would also say, as like competition, one of the things that is just not paid attention to at all by normal -- the normal investing company is the very basic fact of is this a product that will be, in some ways, replicated by the big companies? Wonderous, truly interesting, great companies, but that will basically take thin products and get them in their offering and have better distribution.

所以我還要說，就像競爭一樣，正常情況下根本沒有關注的事情之一——正常的投資公司是最基本的事實，在某些方面這是一個產品嗎？ ，被大公司複製？奇妙的、真正有趣的、偉大的公司，但這基本上會採用薄型產品並將它們納入他們的產品並具有更好的分佈。

And in fact, in the end, the products are, over a long period of time, relatively worthless. So you get a high growth built on back of selling equity and going into -- and taking equity and buying a sales force and selling a thin product, which is no longer going to be around in a couple of years, either because it will not be useful or because a big company will replicate it and sell basically the same product. Our products are not like that. Nobody is really endeavoring to take to do a version of PG or Nexus Peering, which people don't understand, which is powering defense efforts globally.

事實上，最終，產品在很長一段時間內都是相對不值錢的。因此，您在出售股權並進入 - 並獲得股權併購買銷售人員並出售薄產品的基礎上獲得了高增長，這在幾年內將不再存在，或者因為它不會有用還是因為大公司會復制它並銷售基本相同的產品。我們的產品不是這樣的。沒有人真正努力採用人們不理解的 PG 或 Nexus Peering 版本，這正在為全球防禦努力提供動力。

Foundry is very thick, and there's essentially hundreds of products integrated and can be -- and deployable quickly. You have Apollo. These are very, very unique products. And so what I would say on the competition thing is, it is surprising how different we are from other people and broadly speaking, in the same space. And that has some advantages.

Foundry 非常龐大，基本上集成了數百種產品，並且可以快速部署。你有阿波羅。這些都是非常非常獨特的產品。所以我在競爭方面要說的是，令人驚訝的是，我們與其他人有多麼不同，從廣義上講，在同一個領域。這有一些優勢。

We see enormous traction on our products. You're also getting this at a price because we run this company as owners, and we do not run it purely to actually make people happy quarter-to-quarter. I honestly don't pay a lot of attention to that. I'm paying attention to where will the company be in 2 years and what will the products be like in deployment. Will they be adopted? Who's building them? How are they going to be built? And are they, in fact, in front of the market?

我們看到我們的產品具有巨大的吸引力。你也得到了這個價格，因為我們以所有者的身份經營這家公司，我們經營它並不是為了真正讓人們每季度都開心。老實說，我並沒有太在意這一點。我正在關注公司在 2 年後會在哪裡，以及產品在部署中會是什麼樣子。他們會被收養嗎？誰在建造它們？它們將如何建造？事實上，它們是否處於市場前列？

So we have this very unique hybrid. You have to look at it as a unique company and assess it as, well, what feature set do I like? What bugs set do I not like?

所以我們有這個非常獨特的混合動力車。您必須將其視為一家獨特的公司，並將其評估為我喜歡什麼功能集？我不喜歡哪些錯誤集？

Great. Thanks, Alex. I'll turn to you, Shyam, for this next one before we open up the call. Christopher asks, can you explain to Palantir shareholders what becoming the sixth prime for the U.S. government and the first software prime would mean for the company? Also, what sort of time line are you targeting to become the first software prime of the U.S. government?

偉大的。謝謝，亞歷克斯。在我們打開電話之前，我會轉向你，Shyam，為下一個。 Christopher 問，您能否向 Palantir 股東解釋成為美國政府的第六個質數和第一個軟件質數對公司意味著什麼？另外，你打算在什麼樣的時間線成為美國政府的第一個軟件巨頭？

Thanks, Christopher. Our ambition in the U.S. government and by extension, all of government, is to be the sixth prime contractor. And that means that we're the trusted partner, capable of delivering end-to-end platforms and programs that we're willing to invest deeply in the specific needs and requirements for these customers. But we just want to do this as the first software prime, and we already are.

謝謝，克里斯托弗。我們在美國政府乃至整個政府中的雄心壯志是成為第六個主要承包商。這意味著我們是值得信賴的合作夥伴，能夠提供我們願意為這些客戶的特定需求和要求進行深入投資的端到端平台和程序。但我們只是想把它作為第一個軟件素數來做，而且我們已經做到了。

The way that we think about our products and government is as offerings that are built with our platforms. They're built with Gotham, with Foundry and Apollo. The products would be, for example, at the U.S. Army, Vantage, TITAN, CD-1, CD-2, massive programs of record, or Operation Warp Speed's Tiberius. That's their vaccine management platform that was built with Foundry. DCIPHER at the CDC, Project Brown Heron at the Air Force, Warp Core at the Space Force. At INDOPACOM, it's the mission partner environment.

我們看待我們的產品和政府的方式是使用我們的平台構建的產品。它們是用 Gotham、Foundry 和 Apollo 建造的。例如，這些產品將出現在美國陸軍、Vantage、TITAN、CD-1、CD-2、大型記錄程序或 Operation Warp Speed 的 Tiberius。那是他們使用 Foundry 構建的疫苗管理平台。 CDC 的 DCIPHER，空軍的棕色蒼鷺計劃，太空部隊的 Warp Core。在 INDOPACOM，這是任務合作夥伴環境。

TITAN will deliver a next-generation, expeditionary, scalable and maneuverable platform that is purpose-built to address the Army's #1 gap in large-scale combat operations, deep sensing. In simpler terms, it's an armored truck that connects to satellites and theater assets, and we are offering an end-to-end integrated hardware software solution here.

TITAN 將提供下一代遠征、可擴展和機動平台，該平台旨在解決陸軍在大規模作戰行動和深度傳感方面的第一差距。簡單來說，它是一輛連接衛星和戰區資產的裝甲卡車，我們在這裡提供端到端的集成硬件軟件解決方案。

This is exactly what we're doing with Skykit, fusing MetaConstellation, Starlink, a purpose-built compute platform to enable war fighters to task satellites from the field and receive low-latency, AI-driven detections to drive kinetic operations. Look no further than the CCP's intimidation exercise in Taiwan, still ongoing. We think this, being the sixth prime, is how we rebuild the arsenal democracy.

這正是我們使用 Skykit 所做的，融合了 MetaConstellation、Starlink，這是一個專門構建的計算平台，使作戰人員能夠從戰場上執行衛星任務，並接收低延遲、人工智能驅動的檢測來驅動動能操作。看看中共在台灣的恐嚇演習，仍在進行中。我們認為，作為第六個總理，這就是我們重建阿森納民主的方式。

Thanks, Shyam. Our next question comes from Brent at Jefferies. (Operator Instructions)

謝謝，夏姆。我們的下一個問題來自 Jefferies 的 Brent。 （操作員說明）

On the government side, I'm curious if you can address what you're seeing. In some of the deals that you expected to close, can you give us a sense of kind of timing on the government side? And I had a quick follow-up question for Alex.

在政府方面，我很好奇您是否可以解決您所看到的問題。在您預計完成的一些交易中，您能否讓我們了解一下政府方面的時機？我有一個快速跟進的問題要問亞歷克斯。

Do you want to take this, and then I'll do the -- and I'll give my riff.

你想要這個，然後我會做 - 我會給出我的即興演奏。

Sure. Look, the programs that we're going after, these are enduring programs. The competition is ongoing. The needs that we're servicing here are vital to the future of the West on both fronts of the potential conflicts.

當然。看，我們正在追求的程序，這些是持久的程序。比賽正在進行中。我們在這裡服務的需求對於西方在潛在衝突兩方面的未來都至關重要。

We have revised guidance given the clarity that we have around when we think we're likely to get them. And so we continue to invest in these things. The pipeline around the government business continues to be really robust, both domestically and internationally. But we also have more certainty around what is obviously a frustrating contracting experience.

鑑於我們認為我們可能會得到它們時的清晰性，我們已經修訂了指導。所以我們繼續投資這些東西。圍繞政府業務的管道在國內和國際上仍然非常強勁。但是，對於顯然是令人沮喪的簽約經歷，我們也有更多的確定性。

Let me give you a different riff on this. So a number that I don't know, I think we shared in one of our earnings calls, was that our government U.S. business has a CAGR over a decade or more of 35%. During that time, we've had a number of years that were flat, and this is frustrating. Believe me, it's more frustrating for us than anyone else because we would prefer an even lower CAGR but having more certainty.

讓我給你一個不同的即興演奏。因此，我認為我們在一次財報電話會議中分享了一個我不知道的數字，即我們的政府美國業務在十年內的複合年增長率為 35% 或更多。在那段時間裡，我們有很多年都是平淡無奇的，這令人沮喪。相信我，這對我們來說比其他任何人都更令人沮喪，因為我們更喜歡更低的複合年增長率，但有更多的確定性。

And so nevertheless, you can ask yourself the question, does it appear that the last 10 years were less dangerous? Or the next 10 years are going to be more or less dangerous than the last 10 years? So it's just a very basic view that we have. The next 10 years, the next 2 years are clearly more dangerous. America's engaged on multiple fronts. And then there's a question, does Palantir have the product market fit and access to the market?

儘管如此，你還是可以問自己一個問題，過去 10 年似乎沒有那麼危險了嗎？或者未來 10 年會比過去 10 年更危險或更少？所以這只是我們的一個非常基本的觀點。未來 10 年，未來 2 年顯然更加危險。美國參與了多條戰線。然後有一個問題，Palantir 的產品是否適合市場並進入市場？

Our product, we're looking at the U.S. business that's going to cross the $1 billion mark next year as well. This is like so you have a $1 billion software business as of next year with positioning that has never been as good. So both our micro positioning and, obviously, the macro position, it's so sublime. It's hard to talk about without sounding like we're kind of warmongering.

我們的產品，我們正在關註明年也將突破 10 億美元大關的美國業務。這就像你在明年擁有一個價值 10 億美元的軟件業務，其定位從未像現在這樣好。所以我們的微觀定位，顯然，宏觀定位，都是如此崇高。很難談論而不聽起來我們有點好戰。

And that's why I am positing, internally and externally, the growth in U.S. government over a multiyear period will be at least as good in the future as it was in the past. However, that 35% CAGR included a number of years where it was flat or even negative, and that's just the frustrating part about contracting at our level. The contracts are so big and meaty that you got to kind of wait.

這就是為什麼我在內部和外部都假設，美國政府在未來多年的增長將至少與過去一樣好。然而，這 35% 的複合年增長率包括多年持平甚至負數，這只是我們這個級別的合同令人沮喪的部分。合同又大又多，以至於你不得不等待。

And just a quick follow-up. When you think about the overall macro conditions that seem to be hitting a number of other software companies, can you discuss what you're seeing on the commercial side? Any slowdown there? Or are you seeing the business stay (inaudible)?

只是一個快速的跟進。當您考慮似乎正在打擊許多其他軟件公司的整體宏觀狀況時，您能談談您在商業方面看到的情況嗎？那裡有減速嗎？還是您看到業務停留（聽不清）？

One of the things because -- and I'm not exactly sure how I ought to put this, but the typical way in which a company would interact with, say, analyst is we would have these precise goals and then we go after them. And then when we're not going to get them, we would say things that we could have said on this call, like almost 40% of our business is outside of America. Every single one of those contracts is being impacted by dollars.

其中一件事是因為 - 我不確定我應該如何表達，但公司與分析師互動的典型方式是，我們將擁有這些精確的目標，然後我們會追求它們。然後當我們不打算得到它們時，我們會說我們本可以在這次電話會議上說的話，比如我們近 40% 的業務都在美國以外。這些合同中的每一份都受到美元的影響。

Obviously, it's not just that people are paying us in local currency. If you're paying us in dollars, which many of them are, you've de facto paying 20%, sometimes more percent more, that we can't capture on our balance sheet and can't show to you. Those things are impacting our business. I would say the primary impact to our business though is actually positive. U.S. adapts when things are bad, and it adapts very quickly.

顯然，不僅僅是人們用當地貨幣支付給我們。如果您以美元支付給我們，其中許多是美元，您實際上支付了 20%，有時甚至更多，我們無法在資產負債表上記錄，也無法向您展示。這些事情正在影響我們的業務。我想說的是，對我們業務的主要影響實際上是積極的。美國會在情況不好的時候適應，而且適應得非常快。

I spent a lot of my life in Europe. Europe does not adapt as quickly. And so what we're really seeing is America adapting to what we believed 5 years ago was the product of the future and buying it at like at a very anomalous way and beginning at scale. So we're not talking $50 million to $100 million or $200 million, we're now talking $350 million, $400 million to $650 million, $750 million. So we're seeing the doom and gloom that is a blight on society, however one wants to call it, both economic and political. And quite frankly, the fact that legitimacy in our leaders is so embarrassingly low, it's hard to solve problems that we're seeing that negatively impact the business outside of America, particularly in Europe because people are entrenched and slower on the tech acquisition side and very, very positively accelerating our business.

我大部分時間都在歐洲度過。歐洲沒有那麼快地適應。所以我們真正看到的是美國正在適應我們 5 年前認為是未來產品的東西，並以一種非常反常的方式大規模購買它。所以我們不是在談論 5000 萬到 1 億美元或 2 億美元，我們現在談論的是 3.5 億美元、4 億到 6.5 億美元、7.5 億美元。因此，我們看到了對社會造成破壞的厄運和悲觀，無論人們如何稱呼它，無論是經濟上的還是政治上的。坦率地說，事實上，我們領導人的合法性低得令人尷尬，很難解決我們看到的對美國以外的業務產生負面影響的問題，尤其是在歐洲，因為人們在技術採購方面根深蒂固，速度較慢，而且非常非常積極地加速我們的業務。

We're seeing it in commercial, we believe, in government. And we're -- yes.

我們在商業中看到它，我們相信，在政府中。我們是——是的。

Great. Thank you, Alex. Our next question comes from Sanjit at Morgan Stanley. (Operator Instructions)

偉大的。謝謝你，亞歷克斯。我們的下一個問題來自摩根士丹利的 Sanjit。 （操作員說明）

Alex, I wanted to get your view, not so much on the quarter, but sort of the longer-term framework. I noticed that you guys didn't reiterate the 30% outlook. And in some sense, that makes sense because deals are uncertain. But I thought it was interesting that you guys took back the 30%, which made it seem that some of the issues that you're seeing in terms of contract -- I'm sorry, were you hearing the question I asked (inaudible)?

亞歷克斯，我想听聽你的看法，不是關於本季度，而是關於長期框架。我注意到你們沒有重申 30% 的前景。從某種意義上說，這是有道理的，因為交易是不確定的。但我認為你們收回 30% 很有趣，這使得你們在合同方面看到的一些問題看起來很有趣——對不起，你們聽到我問的問題了嗎（聽不清） ?

No, I hear you. I was hoping to see you as well, but it's okay. Keep going. I have the gist of the contract -- of the question.

不，我聽到了。我也希望能見到你，但沒關係。繼續。我有合同的要點——問題的要點。

Got it. So I think you know where I'm going at this, consistent with the [long-term] 30%.

知道了。所以我想你知道我要去哪裡，與[長期] 30% 一致。

So I am driving the company to get to $4.5 billion in 2025. I believe in driving the company that way. And I do not believe. What I believe is that the future on USG and, by the way, IG is likely to be at parity with the last decade for both macro reasons and because we simply have products that we built that were not deployed because they were -- basically, they're wartime products.

所以我正在推動公司在 2025 年達到 45 億美元。我相信以這種方式推動公司。我不相信。我相信，USG 的未來，順便說一下，IG 的未來很可能與過去十年持平，這有兩個宏觀原因，而且因為我們只是擁有我們構建的產品而沒有部署，因為它們 - 基本上，它們是戰時產品。

So you have MetaConstellation, Nexus Peering and other products that de facto are not that useful unless you're at war. Then you have the Foundry uses -- the use of Foundry in the Defense department and another that get usage, but not the way they should, both on -- for all sorts of issues that are also in civilian. And then you have PG. And the fusing of PG and Foundry was particularly useful, but you have to understand it.

所以你有 MetaConstellation、Nexus Peering 和其他事實上沒有那麼有用的產品，除非你在戰爭中。然後你有 Foundry 的用途——國防部使用 Foundry 和另一個得到使用的，但不是他們應該的方式，兩者都在——用於各種民用問題。然後你有PG。而且 PG 和 Foundry 的融合特別有用，但你必須了解它。

So I believe that we will get to the 2025 goal. I tend to view the business the way I view our most important segment of the business, which is there will be ups and downs. Again, the 10-year CAGR on USG is 35%.

所以我相信我們會實現 2025 年的目標。我傾向於以我看待業務中最重要部分的方式來看待業務，即會有起起落落。同樣，USG 的 10 年復合年增長率為 35%。

Thanks, Alex. Our next question comes from Mariana with Bank of America. (Operator Instructions)

謝謝，亞歷克斯。我們的下一個問題來自美國銀行的 Mariana。 （操作員說明）

So my question is a follow-up on the U.S. farming contracting environment. You mentioned it is [gross trading]. I think most of the defense services companies still the same. However, what I'd like to hear from you is like have you seen any change from the customer approach and the traditional approach to data rights given the urgency today to adopt new technologies?

所以我的問題是對美國農業承包環境的跟進。你提到它是[總交易]。我認為大多數國防服務公司還是一樣的。但是，我想從您那裡聽到的是，鑑於當今採用新技術的緊迫性，您是否看到客戶方法和傳統數據權利方法的任何變化？

Well, first of all, the -- again, our frustration is built on the fact that we have a very large integral. So it's like, of course, we see smaller things accelerating. But to grow off of from last year $670 million base and up into where we should grow requires very large contracts over many, many years.

嗯，首先，我們的挫敗感是建立在我們有一個非常大的積分這一事實之上的。所以這就像，當然，我們看到更小的事情在加速。但要從去年的 6.7 億美元基礎上發展到我們應該增長的地方，需要很多很多年的大量合同。

By the way, orthogonal to your question, not exactly what you're asking. Part of our strategy is that we are going to grow commercial to be so big and so linear, and that starting in the U.S. that, in fact, these vicissitudes are just less important. What you're seeing in our business now is the largest part of our business is subject to contracting. That actually is going to shift.

順便說一句，與您的問題正交，而不是您要問的問題。我們戰略的一部分是，我們將把商業發展得如此之大，如此線性，而且從美國開始，事實上，這些變遷並不那麼重要。您現在在我們的業務中看到的是，我們業務的最大部分是承包。這實際上會發生變化。

The U.S. business -- I mean, even without doing FX currency, which I've been told everybody on the planet is doing and I don't want to do, our European business is still growing at almost 20%. That's without FX adjustment.

美國業務——我的意思是，即使不做外匯貨幣，我被告知地球上的每個人都在做而且我不想做，我們的歐洲業務仍然以近 20% 的速度增長。那是沒有外匯調整的。

So then if you look at our business, which continues to just -- in America, again, because of this adaptation in America and a willingness to embrace things that didn't make sense 2 years ago that now makes sense now, that you're looking at a business where the vicissitudes are just less important.

所以，如果你看看我們的業務，它繼續只是在美國，再次，因為美國的這種適應，以及接受兩年前沒有意義的事情現在變得有意義的意願，你'重新審視一個變遷不那麼重要的企業。

On the general political thing, what can the West do? Of course, I mean -- but we are just in a situation in the West where we have the most interesting, noble and virtuous societies and there is a real dearth in operational leadership. We could save money in the U.S. government by going around saying, "Look, we will contract quicker but you get paid less." That would be obviously good for everyone. That's unlikely to happen.

在一般政治上，西方能做什麼？當然，我的意思是——但我們只是在西方的情況下，我們擁有最有趣、最崇高和最有道德的社會，而真正缺乏運營領導力。我們可以在美國政府省錢，四處說：“看，我們會更快地收縮，但你得到的報酬更少。”這顯然對每個人都有好處。這不太可能發生。

And so what we're doing is building our business so it's less important and trying to get better at both forecasting how this will happen and getting locked into bigger and bigger and bigger contracts. But this will be an ongoing issue for Palantir. We believe the severity of it will be less every year simply because of the strength of the U.S. and later, the handoff function in Europe on our commercial sales.

所以我們正在做的是建立我們的業務，讓它變得不那麼重要，並努力更好地預測這將如何發生，並鎖定越來越大的合同。但這對 Palantir 來說將是一個持續存在的問題。我們相信，由於美國的實力，以及後來歐洲對我們商業銷售的移交功能，它的嚴重程度每年都會降低。

Thanks, Alex. Our next question comes from Brad at Deutsche Bank. (Operator Instructions)

謝謝，亞歷克斯。我們的下一個問題來自德意志銀行的布拉德。 （操作員說明）

Great. Can you guys see me?

偉大的。你們能看到我嗎？

No. But we're rolling here. You can just -- we'll do it without the...

不，但我們正在這裡滾動。你可以 - 我們會在沒有...的情況下做到這一點

We got audio.

我們有音頻。

Yes. We got the audio.

是的。我們得到了音頻。

Excellent. I wanted to ask about partnerships, which you've spoken about in recent quarters, particularly with government contractors and other providers to USG and global governments. What proof points are there that support your confidence that these traditional providers to government are choosing to bid on business with Palantir versus maybe coming up with their own reusable IP that qualifies for meeting the requirements of the far and streamlined [federal work going]?

出色的。我想問一下您最近幾個季度談到的合作夥伴關係，特別是與政府承包商和美國政府和全球政府的其他供應商的合作。有哪些證據支持您相信這些傳統的政府供應商選擇與 Palantir 進行業務競標，而不是提出自己的可重用 IP 以滿足遠程和簡化 [聯邦工作] 的要求？

I'll let Shyam dig into the specifics. It is my belief that this space does not have comparable providers of software. I do not believe there's a single provider in the world that can produce our software. But they can produce things on top of our software that we can't produce. And I don't think this is a marriage of love. I think this is a marriage of necessity.

我會讓 Shyam 深入研究細節。我相信這個空間沒有可比的軟件供應商。我不相信世界上只有一家供應商可以生產我們的軟件。但他們可以在我們的軟件之上生產我們無法生產的東西。而且我不認為這是一場愛情的婚姻。我認為這是必然的婚姻。

Honestly, if they could build the software we built, they would not partner with us. If we could build the hardware products they built or, quite frankly, navigate some of the -- both American and international networks that they can navigate there unless, we wouldn't partner with them. Now the specifics, Shyam is very much on top of.

老實說，如果他們可以構建我們構建的軟件，他們就不會與我們合作。如果我們可以構建他們構建的硬件產品，或者坦率地說，可以導航他們可以在那裡導航的一些美國和國際網絡，除非我們不會與他們合作。現在的細節，Shyam 非常重要。

Yes, absolutely. So we are developing a large pipeline with partners that are built on this integrated hardware/software offering. There are a lot of places where we're the prime, and they're partnering with us deliver on this. That's led to a lot of productive collaboration that's brought opportunities within the Five Eyes and the U.S. more broadly, where they're the prime and we -- our software can be a key differentiator to going faster.

是的，一點沒錯。因此，我們正在與合作夥伴一起開發一個基於這種集成硬件/軟件產品的大型管道。在很多地方，我們都是佼佼者，他們正在與我們合作實現這一目標。這導致了許多富有成效的合作，為五眼聯盟和更廣泛的美國帶來了機會，他們是主要的，而我們——我們的軟件可以成為更快發展的關鍵差異化因素。

There's also a maturity aspect of this where to Alex's point, they've tried to build this offer that we have and have failed. And that takes 5 years or longer. And so many of them are coming up to the point where they realize it would be much better for them as a matter of necessity to partner to go faster.

在 Alex 看來，這也有一個成熟的方面，他們試圖建立我們擁有但失敗的這個提議。而這需要 5 年或更長時間。他們中的許多人正在達到這樣的地步，即他們意識到合作對他們來說會更好，因為他們必須合作更快。

By the way, on this point, one of the most important things driving our software, but especially in commercial is, is that people have tried and tried and tried to build our product. We have a number of customers that we've been able to bring on board this year that, quite frankly, didn't like us. And it's like but the product brought them back.

順便說一句，在這一點上，推動我們的軟件的最重要的事情之一，尤其是在商業方面，是人們已經嘗試並嘗試並嘗試構建我們的產品。今年我們已經能夠吸引一些客戶，坦率地說，他們不喜歡我們。就像是產品把他們帶回來了。

And why did the product bring them back? Because the product is actually delivering value that is otherwise not available. And you could imagine 2 years ago, you could spend $1 billion instead of spending $20 million on Palantir. A lot of those people have spent $1 billion. And lo and behold, they are bringing -- being brought back to this product often with people that do not inherently want to hang out with us, but the product has brought them back.

為什麼產品會把他們帶回來？因為產品實際上提供了原本無法獲得的價值。你可以想像 2 年前，你可以在 Palantir 上花費 10 億美元而不是 2000 萬美元。其中很多人已經花費了10億美元。你瞧，他們帶來了——經常和那些本來不想和我們一起出去玩的人一起回到這個產品上，但是這個產品把他們帶回來了。

And in the U.S. government especially, the U.S. government has tried everything not to buy our product. We had to sue the U.S. government twice. Just imagine how popular I am. They still are buying the product. It's not a love relationship always, it's we bring you back. Our products bring you back.

尤其是在美國政府，美國政府千方百計不購買我們的產品。我們不得不兩次起訴美國政府。想像一下我有多受歡迎。他們仍在購買產品。這不是永遠的愛情關係，而是我們把你帶回來。我們的產品帶您回來。

Once you've used Foundry for whatever, all the use cases we talk about, you use Nexus Peering, powering -- by powering GAIA and Foundry to bring yourself home alive, you're not eager to not come home alive. And you will buy the product that actually delivers that even if the person who's nominally or is actually in charge is unlikable to you.

一旦您將 Foundry 用於任何用途，我們談論的所有用例，您就可以使用 Nexus Peering，供電——通過為 GAIA 和 Foundry 供電，讓自己活著回家，您不會急於不活著回家。即使名義上或實際負責的人不喜歡你，你也會購買實際交付的產品。

Thanks, Alex and Sam. Alex, we've had a lot of individual investors submit questions. Is there anything you'd like to say before we end the call?

謝謝，亞歷克斯和山姆。亞歷克斯，我們有很多個人投資者提交了問題。在我們結束通話之前你有什麼想說的嗎？

We at Palantir are individual investors. I really, really -- there are a lot of motivations for fighting to win. Most of them are, I believe, the West needs people fighting for it. I think and know we're uniquely positioned. I have great reverence for the people at Palantir.

Palantir 是個人投資者。我真的，真的 - 有很多為勝利而戰的動機。我相信，他們中的大多數人都需要為之奮鬥的人。我認為並且知道我們處於獨特的位置。我對 Palantir 的人們懷有崇高的敬意。

But one of the really big motivations for me personally are individual investors. I have a lot of respect for the time you take. Whenever I read reviews of Palantir, the person has actually used the product. By the way, we're going to begin to talk to institutional investors, but our primary way we're going to do it is use our product.

但對我個人而言，真正重要的動機之一是個人投資者。我非常尊重你所花的時間。每當我閱讀 Palantir 的評論時，這個人實際上已經使用了該產品。順便說一句，我們將開始與機構投資者交談，但我們要做的主要方式是使用我們的產品。

One of the largest, most important institutional investors is we're engaging with. And use our product first, and then we'll discuss whether it's differentiated, the unit economics, the margin numbers, all these things. But it all flows from do you believe the product is actually differentiated? Are these products the best in the world? Can Microsoft, Oracle, Amazon, Google replace these products quickly? Those are the kind of questions. And the people who spend the most time on those questions are individual investors, and I have a lot of respect for that. And you're one of the many reasons that we fight.

我們正在與之合作的最大、最重要的機構投資者之一。首先使用我們的產品，然後我們將討論它是否有差異化，單位經濟，利潤率數字，所有這些。但這一切都源於您是否相信產品實際上是差異化的？這些產品是世界上最好的嗎？微軟、甲骨文、亞馬遜、谷歌能否快速替代這些產品？就是這樣的問題。在這些問題上花費最多時間的人是個人投資者，我對此非常尊重。你是我們戰鬥的眾多原因之一。

Thank you.

謝謝你。