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.

早安.歡迎參加Palantir 2022年第二季財報電話會議。我們將討論開市前發布並發佈在投資者關係網站上的新聞稿中公佈的業績。

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.

在電話會議中，我們將就公司業務做出可能在適用證券法範圍內被視為前瞻性的陳述，包括有關公司第二季度和2022財年業績、管理層對公司未來財務和運營業績的預期，以及其他有關公司計劃、前景和預期的陳述。這些陳述並非承諾或保證，且受風險和不確定性的影響，可能導致其與實際結果有重大差異。有關這些風險的信息，請參閱我們今天開市前發布的收益新聞稿以及我們提交給美國證券交易委員會 (SEC) 的文件中。除法律要求外，我們不承擔更新前瞻性聲明的義務。

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，我們將提及某些調整後的財務指標。這些非公認會計準則 (Non-GAAP) 財務指標應作為對公認會計準則 (GAAP) 指標的補充，而非替代或與公認會計準則 (GAAP) 指標分離。有關這些非公認會計準則 (Non-GAAP) 指標的更多信息，包括非公認會計準則 (Non-GAAP) 與可比公認會計準則 (GAAP) 指標的對賬表，已包含在我們今天提供的新聞稿和投資者簡報中。

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、投資者簡報和美國證券交易委員會 (SEC) 文件均可在我們的投資者關係網站 investors.palantir.com 上查閱。在電話會議中，我們將在討論業務時提及各種成長率。除非另有說明，這些成長率均為年比數據。

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.

參加今天電話會議的還有執行長 Alex Karp、營運長 Shyam Sankar、財務長 Dave Glazer、首席商務和法律長 Ryan Taylor 以及全球業務發展主管 Kevin Kawasaki。

I'll now turn the call over to Alex.

我現在將電話轉給亞歷克斯。

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.

在過去的三年裡，Palantir 從一個實際虧損數億美元的營收 7.43 億美元公司，發展到過去 12 個月的營收 17.4 億美元，自由現金流 3 億美元，複合年增長率達到 41%。對於一個成立 18 年的公司來說，41% 的複合年增長率非常不尋常。這種強勁成長有很多原因，但你靠同一把劍生存，也要為此付出代價。我們處理的合約非常非常大。美國政府有一些大合約——我們最大的合同，它們已經被推遲了。但由於年底的不確定性，我們將預期下調至 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地認為，未來 3 年將與過去 3 年非常相似，我們將從一個虧損的業務轉變為一個可以產生自由現金流的業務；截至今天，我們的銀行存款為 24 億美元，沒有債務，而且我們合約的龐大和厚重性質將繼續在很大程度上成為一種優勢，因為這些合約不會消失。

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，這些合約會被推遲。有時，我們花了太長時間才拿到。但就我們目前處理的10億美元合約而言，它們有時會拖延太久，而且在這個充滿困難、動盪和政治不確定性的世界裡，你實際上能拿到錢，也能獲得自由現金流。

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，我們擁有世界上最有趣、最重要、最瘋狂、最有影響力的五款產品：PG、Foundry、Nexus Peering、MetaConstellation 和 Apollo，它們都是超越時代的產物，並且都實現了 41% 的複合年增長率。衡量這些產品的標準不僅在於它們能夠產生自由現金流、創造巨額收入，更重要的是，它們的核心屬性在於：那些控制著分銷渠道的大公司很難複製它們；或者，即使能夠複製，它們也過於復雜、難以操作、過於厚重，以至於無法被更大的現有企業取代，也無法通過其分銷鏈進行分銷。

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.

歸根究底，所有軟體產品都必須衡量其可替換性，替換的難易程度，底層平台的持久性還是曇花一現，以及擁有高技術含量和大規模分銷的第三方是否會顛覆這些產品。如果你仔細觀察PG、Foundry、Nexus Peering、MetaConstellation和Apollo，你會發現，儘管它們各不相同，但它們有一個共同點：它們需要世界上最優秀的工程師投入多年時間才能打造出來，而且——你需要在我們改進它們並佔領市場的過程中不斷構建它們。謝謝。

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。我們非常榮幸能夠站在世界上最緊迫問題的前沿，從烏克蘭戰爭到對抗飢荒和猴痘。從政府到商業，我們面前的機會是巨大的，這使得修改後的短期前景更加令人失望。它根本無法體現我們的雄心壯志和眼前的機會。

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.

雖然政府大型合約的時機可能令人沮喪，但其潛在的要求和需求卻始終存在。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合約。

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。隨著世界各地的企業面臨更大的壓力和痛苦，支出速度將會放緩，銷售週期將會延長，但這也將暴露出企業營運中的不足，而我們的軟體可以彌補這些不足。

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.

短期來看，這意味著收入減少。但從長遠來看，這加速了我們的業務發展。全球金融危機、歐洲ISIS襲擊、新冠疫情，每一次動盪都讓我們變得更加強大，因為我們將客戶投資置於收入之上，並在幾天而不是幾個月內就取得了成果。

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.

正是在這樣的時刻，我們建立了最重要、最具影響力的合作關係。每個這樣的時期都是Palantir的轉捩點，在此期間，我們開發了開創性的軟體平台，並拓展了我們的業務範圍。

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.

我們的業績：2022年第二季度，我們的營收為4.73億美元，年增26%，季增6%。我們的客戶數量從去年的169個增加到304個。光是在美國，我們過去12個月的營收就超過10億美元，成長了42%。

I'll now hand it over to Shyam.

我現在將其交給 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，Ryan。我們持續關注美國商用市場的收入成長，並且勢頭強勁。我們的美國商用業務成長了120%，從2021年第二季的3,900萬美元增加到本季的8,600萬美元。我們的核心美國商用業務（不包括戰略投資）在過去四個季度環比增長了10%或更高，最近一個季度達到6740萬美元，環比增長14%。我們的核心美國商用業務的ACV成長了2.4倍，創下了我們有史以來最好的季度業績。

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年增率從34家增加到119家。我們的整體商業收入成長了46%，並連續第九個季度環比成長，第二季達到2.1億美元。我們看到，包括一些全球最大的運輸、銀行和零售企業在內的一些老客戶，尤其是美國客戶，在嘗試了一段時間其他平台和方法後，越來越多地回歸我們的平台。這些客戶回歸我們的軟體平台並非僅僅因為我們銷售業務的擴張（這種擴張仍在持續），他們回歸通常是因為他們嘗試了其他選擇，但這些選擇未能帶來預期的效果。

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.

我們在歐洲及美國以外其他地區的商業業務也持續擴張，儘管美元的強勢是導致商品實際成本大幅上漲的一個因素。政府工作仍然是我們所有工作的核心，也是我們前進的動力。我們與在世界各地前線和衝突地區（包括東歐和南海）工作的機構的合作仍在繼續擴大。

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.

我們現有的合約對於應對西方挑戰至關重要。第二季度，我們的政府業務收入增至2.63億美元，較上季成長9%。更廣泛地說，在商業和政府領域，醫療保健已成為一項規模龐大且快速成長的業務，2022年上半年的收入約為1.53億美元，高於2020年上半年疫情爆發時的4,200萬美元。這代表著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.

我們認為 Palantir 作為一家醫療科技公司擁有巨大的機會，能夠推動主要製藥公司、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，並與英國 NHS、美國 HHS、CDC、FDA、NIH、賽諾菲、默克和日本 Sompo 的醫療保健業務等組織合作。

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.

我們的軟體產品和平台持續在幕後運作，與世界各地一些重大事件息息相關，包括向數百萬人分發疫苗以及東歐持續不斷的戰爭。我們最新推出的Foundry產品之一，是一個無程式碼應用程式開發環境，名為Workshop，它允許幾乎沒有或完全沒有編碼經驗的用戶在幾分鐘內基於資料倉儲建立可操作的應用程式。該平台的成長尤為強勁，目前已有超過10,000名開發人員在該平台上建立應用程式。

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.

我們最新推出的產品 Pipeline Builder 也採用了同樣的無程式碼方法來編寫資料管道，將每位業務分析師變成 Foundry 中的生產資料工程師。我們剛剛推出了一項實驗性功能，利用 OpenAI 的 GPT-3 將自然人類語言轉化為管道邏輯。 [Ascent] 就像幫我找出未來 3 週內所有 ICU 床位緊張的醫院，幾秒鐘內就能轉換成管道，這在無代碼領域堪稱新標準。

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.

Forrester 在第三季的 Forrester Wave AI/ML 平台報告中將 Foundry 評為 AI 平台領域的領導者。 Palantir 的 Foundry 作業系統在產品願景、效能、市場策略和應用標準方面都獲得了最高分。

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.

再來說說Gotham。緊迫的營運需求正在推動我們整合硬體軟體產品的創新，並以TITAN等產品為基礎。 Skykit將把Palantir的MetaConstellation軟體與Starlink通訊技術結合，使其能夠以小型便攜式設備進行測試，使實地英雄能夠測試低延遲、人工智慧驅動的衛星資料收集。短期內，我們的重點仍是將Gotham、Foundry和Apollo這三大主要軟體平台推廣到更廣泛的市場領域，並實現無與倫比的價值實現速度。

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

我將把這個交給戴夫，讓他帶我們了解財務狀況。

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，Shyam。正如我們所強調的，我們的美國業務表現非常強勁。美國營收年增45%，達2.9億美元；過去12個月，美國營收成長至10.4億美元。美國商業收入年增120%，達到8,600萬美元。

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（不包括策略性投資項目）較上季成長14%。在客戶方面，我們新增的美國商業客戶淨額較上季成長16%。美國政府營收年增27%，達到2.05億美元，高於第一季16%的年增。

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.

回顧我們的全球營收業績。第二季總營收年增26%，高於我們先前預期的4.73億美元。我們的整體淨美元留存率為119%。商業收入年增46%，達到2.1億美元。政府營收年增13%，達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.

我們的全球客戶拓展依然強勁。第二季度，我們淨增加27位新客戶，使2022年第二季的客戶數量達到304位，較去年同期成長80%。我們淨增19位商業客戶，年增157%。我們現有客戶的成長也持續強勁。過去12個月，來自我們前20位客戶的營收年增17%，達到4,600萬美元。第二季的帳單金額為3.96億美元，年增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，TCV 訂單總額為 7.92 億美元。美國 TCV 訂單總額為 5.88 億美元。正如 Alex 所提到的，我們發現大型新 USG 合約的授予已被推遲。雖然政府訂單環比增長，環比增長 128%，但這主要得益於續約。截至第二季度，我們的剩餘交易總額為 35 億美元，環比基本持平。

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.

儘管本季度的TCV表現優異，但剩餘交易總額主要受到兩方面的影響：第一，我們主動終止了幾份與投資承諾相關的合同，並決定不再繼續執行；第二，我們的TCV數據包含了一份美國商業客戶合同的期權年期成功轉換，雖然這導致整體交易價值下降，但確保了更多年期的承諾。截至第二季末，我們的剩餘履約義務總額為12億美元，年增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 個月的合約和超出便利條款終止範圍的合約義務，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%.

談到我們的利潤率和費用。調整後的毛利率（不含股票薪酬費用）為81%。第二季調整後的營業利潤（不含股票薪資及相關雇主薪資稅）為1.08億美元，調整後的營業利益率為23%，高於我們先前預期的20%。

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.

第二季調整後支出為3.65億美元，季增11%。第二季調整後每股盈餘為負0.01美元，其中包括主要受有價證券損失影響的負0.05美元。我們營運現金流為6,200萬美元，調整後自由現金流為6,100萬美元，利潤率為13%，這是我們連續第七個季度實現調整後自由現金流為正。

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.

過去12個月，我們創造了3.14億美元的調整後自由現金流。截至第二季末，我們持有24億美元的現金及現金等價物，且無任何負債。 7月，我們擴大了循環信貸額度，新增了4.5億美元的增量延期提取定期貸款額度，該額度可提供高達9.5億美元的額外流動性，且目前仍未提取。正如我們上個季度所強調的，我們的資產負債表使我們擁有獨特的優勢，能夠利用宏觀經濟環境中可能出現的機會。

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.

現在談談我們的展望。我們目前對2022年第三季和全年業績進行了預測。我們預計第三季營收在4.74億美元至4.75億美元之間，調整後營業利潤在5,400萬美元至5,500萬美元之間。我們目前預計2022年全年營收在19億美元至19.02億美元之間，調整後營業利潤在3.41億美元至3.43億美元之間。此修訂後的預測不包括任何新的美國政府重大撥款，我們認為這是基本情況。

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

接下來，我將把時間交給 Ana 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。第一個問題來自馬丁，他問你預計什麼時候可以獲利？

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.

謝謝你的提問。是的，我們——受我們五款產品和成本控制能力的驅動，這主要是因為我們離開了帕洛阿爾托，而我們離開那裡主要是出於政治原因。當然，帕洛阿爾託在某種程度上是一種缺乏彈性的奢侈品，這意味著你必須不斷地花錢，才能享受與美國利益、政治觀點以及整體高昂成本格格不入的舒適感。

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.

費用上的激進選擇，加上我們認為的宏觀條件與產品條件的融合，讓我們大致能夠看到 2025 年哪家公司將會獲利。

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

太好了。謝謝，Alex。下一個問題來自 Jose，他問你未來十年的計畫是什麼？

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.

我們開發了五款產品。關注我們的人對這些產品非常熟悉。不關注我們的人也非常了解，因為它們影響了你們的生活，尤其是PG，我們的反恐產品；Foundry，如果你在美國、英國或其他20多個國家收聽，它負責你接種的所有疫苗。關注戰爭的人，即使遠在異地，也知道我們的一些其他產品，以及其他一些產品。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，你們可能已經注意到，當我們進行DPO（最終上市）時，我們的市值已經第二次突破10億美元大關。當時有一個真正的問題：Palantir的軟體業務能否突破10億美元大關？這對企業軟體來說，是一個意義非凡的里程碑。我們在美國已經突破了10億美元大關。我們的五款產品都將突破這一目標。顯然，Foundry將是一款價值數十億美元的產品。我們將服務於西方世界，我們將努力幫助西方世界取得勝利，並像我們過去在多個領域所做的那樣，為各機構注入新的活力。

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.

我們將利用我們已建立的分銷網絡，為這些機構提供更新、更優質的產品。 Apollo 作為一款獨立產品，將是一款價值數十億美元的產品。從未來兩年起，我們公司的收入將有 70% 來自美元，我們將保留我們的文化。

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.

本質上，我們將按照我們自己的方式去做，這是一個非常長遠的焦點。不要指望我們會像其他公司一樣。我們會訂定遠大的目標。順便說一句，我認為在製定這些目標的過程中，我們有很多可以學習的地方——但我們相信，我們是西方軟體領域最好的。憑藉這些特質和獲得的獎項，我們將努力讓西方變得更強大、更好，並基於我們的每一款產品，打造一家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，我們會開發新產品。我們已經在開發一些產品了。我們有一些產品，例如Nexus Peering，雖然不為人所知，但卻為非常重要的事情提供支持，我們也將繼續開發這類產品。

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，Alex。下一個問題來自John，他問：你們與競爭對手相比，有哪些不同之處，讓你們獲得了成功？

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.

嗯，我們做的——我的意思是，我們不是——我們與競爭對手非常垂直。所以我什至不喜歡——順便說一句，我想說，我們與競爭對手的競爭力確實下降了。我們有很多競爭對手，大多數公司都是為華爾街打造的，他們財務狀況完美，對即將推出的產品宣傳完美，產品線非常單薄，銷售人員只佔總員工的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.

美國商業業務的銷售額，無論以何種標準衡量，都無可爭議地強勁，今年在沒有SPAC的情況下成長了近80%。總有機收入。這主要歸功於42名銷售人員，他們占公司總人數的不到1.5%。雖然我們公司還有更多銷售人員，但這些銷售人員真正了解了我們的產品，並且能夠銷售它。

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——我們擁有它——而且因為它有一些真正的功能，我們打造了這款產品。這款產品顯然領先市場。我們相信美國的成長——我的意思是，你可以看到我們的趨勢線現在再次翻倍，或者在沒有SPAC的情況下接近翻倍。你可以預見到明年這個數字可能會翻倍或再次達到這個水準。而且，我們以一種完全獨特的方式做到這一點。

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.

所以我想說，就像競爭一樣，普通投資公司根本不會關注的一個問題是，這款產品是否會在某種程度上被大公司複製？一些很棒的、真正有趣的優秀公司，基本上會選擇精簡的產品，並將其融入自己的產品線中，並進行更好的分銷。

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，從長遠來看，這些產品最終會變得相對毫無價值。所以，你獲得的高成長建立在出售股權、收購股權、組建銷售團隊和銷售單薄產品的基礎上，而這種產品幾年後就不再存在了，要么是因為它不再有用，要么是因為大公司會複製它並銷售基本上相同的產品。我們的產品不是那樣的。沒有人真正試圖去做類似PG或Nexus Peering的版本，人們不了解這些，而它們正在為全球的國防工作提供動力。

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，基本上整合了數百種產品，而且可以快速部署。例如 Apollo，這些都是非常獨特的產品。所以，關於競爭，我想說的是，我們與同一領域的其他人相比，差異之大令人驚訝。這帶來了一些優勢。

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擁有巨大的吸引力。但你也需要付出代價，因為我們以所有者的身份經營這家公司，我們經營它的目的並非僅僅為了讓大家每季都滿意。說實話，我不太關注這些。我關注的是公司兩年後會發展到什麼程度，以及產品部署後會是什麼樣子。它們會被採用嗎？誰在開發它們？它們將如何開發？它們是否真的走在了市場的前面？

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，我們擁有這種非常獨特的混合體。你必須把它看作一家獨特的公司，並評估它，例如，我喜歡哪些功能？我不喜歡哪些 bug？

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?

太好了。謝謝，亞歷克斯。在開始電話會議之前，下一個問題交給你，希亞姆。克里斯多福問，你能向Palantir的股東解釋一下，成為美國政府的第六個「黃金時代」和第一個軟體「黃金時代」對公司意味著什麼嗎？另外，你們計劃在什麼樣的時間範圍內成為美國政府的第一個軟體「黃金時代」？

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，克里斯多福。我們的目標是成為美國政府乃至所有政府的第六大總承包商。這意味著我們是值得信賴的合作夥伴，能夠提供端到端的平台和程序，並且我們願意為滿足這些客戶的特定需求和要求而投入大量資金。但我們只想以第一個軟體總承包商的身份來做到這一點，而我們已經做到了。

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.

我們看待產品和政府的方式是，它們是基於我們平台建構的服務。這些服務由 Gotham、Foundry 和 Apollo 建構。例如，美國陸軍的 Vantage、TITAN、CD-1、CD-2、大規模記錄程序，以及「曲速行動」的 Tiberius 等產品，都是基於 Foundry 建構的疫苗管理平台。美國疾病管制與預防中心的 DCIPHER，空軍的 Brown Heron 項目，以及太空部隊的 Warp Core 項目，都是基於 Foundry 建構的。在 INDOPACOM，這些產品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將提供下一代遠徵、可擴展且機動靈活的平台，該平台旨在彌補美國陸軍在大規模作戰行動——深度感知——方面面臨的最大缺口。簡而言之，它是一輛連接衛星和戰場資產的裝甲卡車，我們在此提供端到端的整合硬體軟體解決方案。

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.

這正是我們在 Skykit 上所做的，它融合了 MetaConstellation 和 Starlink（一個專用運算平台），使作戰人員能夠從戰場上指揮衛星，並接收低延遲、人工智慧驅動的探測數據，從而推動動能作戰。看看中共仍在持續的台灣恐嚇行動就知道了。我們認為，作為第六個黃金時期，這是我們重建軍備民主的途徑。

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

謝謝，Shyam。下一個問題來自傑富瑞的Brent。 （操作員指示）

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，我很好奇您能否談談您所看到的情況。對於您預計會達成的一些交易，您能否介紹一下政府方面的時間安排？我還想問亞歷克斯一個簡短的後續問題。

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

你想接受這個嗎，然後我會做——我會給我的即興演奏。

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。你看，我們正在推進的專案都是持久性專案。競爭還在持續。我們在這裡滿足的需求對西方在潛在衝突的兩條戰線上的未來至關重要。

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.

鑑於我們對於何時可能獲得這些合約有了清晰的認識，我們已經修改了指導方針。因此，我們會繼續在這些方面進行投資。圍繞政府業務的管道在國內和國際上都保持著強勁勢頭。但我們也對顯然令人沮喪的合約簽訂體驗有了更多的了解。

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.

讓我換個角度來談談這個問題。我記得我們在一次財報電話會議上分享過一個數據，那就是我們美國政府業務在過去十年或更長時間內的複合年增長率為35%。在此期間，我們有好幾年都處於停滯狀態，這令人沮喪。相信我，我們比任何人都更沮喪，因為我們更希望看到更低的複合年增長率，但同時又能保持更高的確定性。

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?

所以，儘管如此，你可以問自己一個問題：過去十年的危險性是否下降了？或者說，未來十年的危險性會比過去十年更大還是更小？這只是我們非常基本的看法。未來十年，甚至未來兩年顯然更加危險。美國正積極應對多條戰線。那麼，Palantir 的產品是否契合市場需求，是否具備進入市場的管道？

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，我們正在關注美國市場，明年其銷售額也將突破10億美元大關。這就好比你明年擁有10億美元的軟體業務，其市場定位比以往任何時候都要好。所以，無論是我們的微觀定位，或是宏觀定位，都無比卓越。談論這些，很難不讓人覺得我們有點好戰。

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.

這就是為什麼我斷言，無論從內部或外部來看，美國政府未來多年的成長至少會和過去一樣好。然而，35%的複合年增長率中也包含了一些年份持平甚至負增長的情況，而這正是我們這種級別的合約令人沮喪的地方。合約金額巨大，內容豐富，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)?

再簡單問一下。考慮到整體宏觀環境似乎正在打擊其他一些軟體公司，您能否談談商業軟體方面的情況？有沒有放緩？還是說業務保持穩定（聽不清楚）？

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.

原因之一在於——我不太確定該怎麼說，但一家公司與分析師互動的典型方式是，我們會設定一些明確的目標，然後努力實現它們。而當我們無法達成目標時，我們就會說一些在電話會議上可以透露的事情，例如我們近40%的業務在美國以外。每一份合約都會受到美元的影響。

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，問題不僅在於客戶用當地貨幣付款。如果你用美元付款（很多客戶都是這樣），你實際上要多付20%，有時甚至更多，而這些我們無法在資產負債表上體現，也無法向你展示。這些因素正在影響我們的業務。但我認為，對我們業務的主要影響實際上是正面的。美國在情況不好的時候會適應，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.

我一生中大部分時間都在歐洲度過。歐洲的適應速度沒那麼快。所以我們真正看到的是，美國正在適應我們五年前認為是未來產品的東西，並以一種非常反常的方式開始大規模購買。所以，我們說的不是5000萬到1億或2億美元，而是3.5億、4億到6.5億、7.5億美元。我們看到的是一種厄運和悲觀，它正在摧毀社會，無論人們如何稱呼它，無論是經濟還是政治。坦白說，我們領導人的合法性低得令人尷尬，這很難解決我們看到的問題，這些問題對美國以外的業務產生了負面影響，尤其是在歐洲，因為人們在技術收購方面根深蒂固，行動遲緩，這非常非常積極地加速了我們的業務。

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

我們相信，我們在商業領域、政府領域也看到了這種情況。是的。

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

太好了。謝謝你，亞歷克斯。下一個問題來自摩根士丹利的桑吉特。 （操作員指示）

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，我想聽聽你的看法，主要不是關於本季度，而是關於長期框架。我注意到你們沒有重申30%的預期。從某種意義上說，這很有道理，因為交易本身就存在不確定性。但我覺得你們收回30%的預期很有意思，這似乎顯示你們在合約方面看到的一些問題——抱歉，你們聽到我問的問題了嗎（聽不清楚）？

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，我明白你的意思。我也希望見到你，不過沒關係。繼續說吧。合約的要點——也就是問題的要點——我都記下來了。

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

明白了。所以我想你知道我的意思了，與[長期] 30% 的目標保持一致。

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45億美元的營收目標。我相信以這種方式推動公司發展。但我並不相信。我相信的是，USG以及IG的未來可能會與過去十年持平，這既出於宏觀原因，也因為我們製造的一些產品沒有被部署，因為它們基本上是戰時產品。

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，MetaConstellation、Nexus Peering 和其他產品，除非在戰爭中，否則其實沒什麼用。然後，還有 Foundry 的用途——Foundry 在國防部門的使用，以及另一種用途——雖然沒有得到應有的運用，但都用於解決各種民用問題。然後還有 PG。 PG 和 Foundry 的融合特別有用，但你必須理解它。

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%.

所以我相信我們能夠實現2025年的目標。我傾向於用我們最重要的業務部門來看待業務，那就是會有起伏。再說一次，USG的10年複合年增長率是35%。

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

謝謝，亞歷克斯。下一個問題來自美國銀行的瑪麗安娜。 （操作員指示）

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?

我的問題是想跟進美國農業承包環境。您提到了[總交易量]。我認為大多數國防服務公司的情況仍然一樣。但是，我想聽聽您的意見：鑑於如今採用新技術的緊迫性，您是否看到客戶方法和傳統的資料權利方法發生了變化？

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，我們再次感到沮喪，是因為我們的積分非常高。當然，我們看到一些小事正在加速發展。但要從去年6.7億美元的基數發展到我們應有的成長水平，需要在未來很多年簽訂非常大的合約。

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，這與你的問題無關，並非你真正想問的。我們的策略之一是，我們要將商業業務發展到規模足夠大、發展足夠線性的地步，而且從美國開始，這樣一來，這些變化就不那麼重要了。你現在看到的是我們業務中很大一部分都依賴合約。這實際上將會轉變。

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，即使不考慮外匯——我聽說全世界都在做，但我不想做——我們的歐洲業務仍然以近20%的速度成長。這還是在沒有外匯調整的情況下。

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，它繼續在美國發展，再次，因為在美國進行了這種適應，並且願意接受兩年前沒有意義的事情，而現在有了意義，你會看到，在業務中，變遷不再那麼重要。

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.

就整體政治層面而言，西方能做什麼？當然，我的意思是──但我們西方的情況是，我們擁有最有趣、最崇高、最有道德的社會，但卻真正缺乏行動領導力。我們可以四處宣揚“看，我們會更快地簽訂合同，但你們得到的報酬更少”，這樣可以節省美國政府的開支。這顯然對每個人都有好處。但這不太可能發生。

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，我們正在做的是發展我們的業務，讓它不那麼重要，並努力更好地預測未來會發生什麼，以及避免被越來越大的合約束縛。但這對Palantir來說將是一個持續存在的問題。我們相信，由於美國市場的強勁表現，以及之後歐洲對我們商業銷售的交接，這個問題的嚴重性會逐年減弱。

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

謝謝，亞歷克斯。下一個問題來自德意志銀行的布拉德。 （操作員指示）

Great. Can you guys see me?

太好了。你們看得到我嗎？

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

不。但我們就在這裡。你可以──我們不用…

We got audio.

我們有音頻。

Yes. We got the audio.

是的，我們收到了音訊。

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]?

非常好。我想問您在最近幾季談到的合作關係，特別是與政府承包商以及為美國政府和全球政府提供服務的其他供應商的合作。有什麼證據支持您有信心，這些傳統的政府供應商會選擇與Palantir競標業務，而不是自己開發可重複使用的IP，以滿足遠端和精簡的[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.

我讓Shyam來深入探討一下具體細節。我相信這個領域沒有可比較的軟體供應商。我不認為世界上有任何一家供應商能夠生產我們的軟體。但他們可以在我們的軟體基礎上生產我們無法生產的東西。我不認為這是一場愛情的婚姻。我認為這是一場迫不得已的婚姻。

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.

說實話，如果他們能開發我們開發的軟體，他們就不會與我們合作。如果我們能開發他們開發的硬體產品，或者坦白說，能瀏覽他們能瀏覽的一些美國和國際網絡，我們也不會與他們合作。至於具體細節，Shyam 已經非常清楚了。

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，絕對的。因此，我們正在與合作夥伴共同開發基於此整合硬體/軟體產品的大型產品線。在很多領域，我們處於領先地位，他們也與我們合作實現這一目標。這促成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。在這些領域，他們處於領先地位，而我們的軟體可以成為加快速度的關鍵差異化因素。

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.

這也與成熟度有關，正如Alex所說，他們嘗試過建立我們現有的方案，但失敗了。這需要5年甚至更長。他們中的許多人已經意識到，為了加快步伐，合作對他們來說會更好。

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.

順便說一下，在這一點上，推動我們軟體（尤其是在商業領域）發展的最重要的因素之一是，人們一次又一次地嘗試建立我們的產品。今年我們成功引進了一些客戶，坦白說，他們之前並不喜歡我們。但正是我們的產品讓他們回歸了。

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.

為什麼這款產品能讓他們回頭呢？因為這款產品實際上提供了其他方式無法實現的價值。你可以想像一下，兩年前，你花10億美元收購Palantir，而不是2000萬美元。現在，很多人已經花了10億美元。瞧，他們——經常被那些本來不想和我們一起玩的人——吸引回來，但這款產品讓他們回頭了。

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，他們想盡辦法不買我們的產品。我們不得不兩次起訴美國政府。想想看，我有多受歡迎。他們現在還在買我們的產品。這並非總是愛情關係，而是我們能讓你回頭。我們的產品能讓你回頭。

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.

一旦你將 Foundry 用於我們討論的所有用例，你就會使用 Nexus Peering，透過為 GAIA 和 Foundry 提供動力，讓自己活著回家，你就不會渴望自己不能活著回家。你會購買真正能做到這一點的產品，即使名義上或實際上負責的人讓你討厭。

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，Alex 和 Sam。 Alex，我們收到了很多個人投資者的提問。在結束通話之前，您還有什麼想說的嗎？

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.

我們Palantir都是個人投資者。我非常非常——我們有很多動機去爭取勝利。我相信，其中最重要的原因是，西方需要有人為此奮鬥。我認為並且知道我們擁有獨特的優勢。我非常敬佩Palantir的員工。

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，真正重要的驅動力之一是個人投資者。我非常尊重你們投入的時間。每當我讀到Pa​​lantir的評論時，他們都是真正使用過這款產品的。順便說一句，我們即將開始與機構投資者洽談，但我們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.

我們正在與最大、最重要的機構投資者之一合作。他們會先試用我們的產品，然後我們會討論它是否具有差異化，包括單位經濟效益、利潤率等等。但這一切都源自於您是否認為該產品真的具有差異化？這些產品是否是世界上最好的？微軟、甲骨文、亞馬遜和谷歌能否迅速取代這些產品？這些都是問題。而花最多時間思考這些問題的人是個人投資者，我對此非常尊重。而您是我們奮鬥的眾多原因之一。

Thank you.

謝謝。