Palantir Technologies Inc (PLTR) 2022 Q3 法說會逐字稿

Good morning. Welcome to Palantir's Third 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 年第三季度財報電話會議。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 third 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，包括關於我們第三季度和 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. Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com.

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。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。

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.

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. To begin today's call, we'll open with a few highlights from FoundryCon, where you'll hear from Alex as well as representatives from Jacobs, Tyson Foods, Lilium, Apache, Swiss Re and Space Systems Command.

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。在今天的電話會議開始之前，我們將以 FoundryCon 的一些亮點作為開場，您將聽到 Alex 以及來自 Jacobs、Tyson Foods、Lilium、Apache、Swiss Re 和 Space Systems Command 的代表的發言。

(presentation)

（介紹）

I'll now turn the call over to Ryan.

我現在將把電話轉給 Ryan。

We generated $478 million in revenue this past quarter and $37 million in adjusted free cash flow, marking our eighth consecutive quarter of positive adjusted free cash flow. Despite significant geopolitical and macroeconomic uncertainty, our government business surpassed the $1 billion revenue mark on a trailing 12-month basis, and our U.S. commercial business grew for the ninth quarter in a row, rising 53% year-over-year.

我們在上個季度創造了 4.78 億美元的收入和 3700 萬美元的調整後自由現金流，這是我們連續第八個季度實現調整後自由現金流的正數。儘管存在重大的地緣政治和宏觀經濟不確定性，我們的政府業務在過去 12 個月的基礎上超過了 10 億美元的收入，我們的美國商業業務連續第九個季度增長，同比增長 53%。

The number of customers using our software, including leading commercial and government enterprises in the U.S. and overseas, also increased substantially this past quarter, rising 66% from this time last year. We increased our U.S. commercial customer count to 132 at the end of Q3, a 124% increase year-over-year.

使用我們軟件的客戶數量，包括美國和海外領先的商業和政府企業，在上個季度也大幅增加，比去年同期增長 66%。我們在第三季度末將美國商業客戶數量增加到 132 個，同比增長 124%。

Our expanded footprint within the market is a reflection of our ability to both reach additional customers and grow existing relationships. In particular, we closed 273 deals this past quarter, representing an increase of 63% year-over-year. 19 of those deals were at least $10 million in total contract value, 32 were at least $5 million and 78 were at least $1 million.

我們在市場上擴大的足跡反映了我們接觸更多客戶和發展現有關係的能力。特別是，我們在上個季度完成了 273 筆交易，同比增長 63%。其中 19 筆合同總價值至少為 1000 萬美元，32 筆至少為 500 萬美元，78 筆至少為 100 萬美元。

We have come as far as we have by consistently engaging with some of the hardest problems that the world and our customers have faced since our founding. For example, our work in supply chains which is increasingly scaling into ecosystems, is powered by Foundry's data integration capabilities. This year alone, we have started 25 supply chain projects. This includes the expansion of our work in shipbuilding at Hyundai Heavy Industries, bringing the partnership to over $45 million and the expansion of our work with the FDA to modernize food supply resilience to preclude shortages like the one we experienced with infant formula earlier this year.

自我們成立以來，我們一直致力於解決世界和我們的客戶面臨的一些最棘手的問題，從而取得了我們的成就。例如，我們在越來越多地擴展到生態系統的供應鏈中的工作是由 Foundry 的數據集成能力提供支持的。僅今年一年，我們就啟動了 25 個供應鏈項目。這包括擴大我們在現代重工的造船工作，使合作夥伴關係超過 4500 萬美元，以及擴大我們與 FDA 的合作，以實現食品供應彈性的現代化，以防止出現今年早些時候嬰兒配方奶粉出現的短缺。

The total value of contracts that we have closed in the third quarter reached $1.3 billion, a new milestone for us, which includes nearly $1 billion of contract awards from the U.S. government alone such as our most recent contract worth up to $229 million with the U.S. Army Research Lab to deliver AI ML capabilities across the DoD. We recognize that our path to growth is not always linear, but with the opportunity that lies ahead, we continue to recruit and retain the top talent at a time when other companies in the technology sector are slashing their plans and cutting workforces.

我們在第三季度完成的合同總價值達到了 13 億美元，這對我們來說是一個新的里程碑，其中包括來自美國政府的近 10 億美元的合同授予，例如我們最近與美國簽訂的價值高達 2.29 億美元的合同。陸軍研究實驗室在整個國防部提供 AI ML 功能。我們認識到，我們的增長之路並不總是線性的，但隨著機遇的到來，我們將繼續招聘和留住頂尖人才，而技術領域的其他公司正在削減計劃和裁員。

I'll hand it over to Shyam for further discussion regarding our business and product strategy moving forward.

我將把它交給 Shyam，以進一步討論我們的業務和產品戰略向前發展。

Thanks, Ryan. We have spent the last 2 decades building our products for the world in which we actually live. The disruption and uncertainty that we're seeing around us from Ukraine, the pandemic and inflation, it's driving customers towards us and to our software.

謝謝，瑞恩。在過去的 2 年中，我們一直在為我們實際生活的世界打造產品。我們在烏克蘭周圍看到的混亂和不確定性、大流行和通貨膨脹，正在推動客戶轉向我們和我們的軟件。

As the world continues to struggle with concurrent supply chain and energy crises, Palantir customers have been able to use Foundry to connect and integrate decision-making within their value chain, from their suppliers to their customers to instantly trade off possible courses of action. You just saw highlights from 2 flagship events we held in Palo Alto and London for our customers to share their experiences with each other. Customers underscored the significant impact our software is having across industries. Executives at Tyson Foods shared how they generated $200 million of annualized savings in 24 months. Jacobs Engineering shared how our software has reduced energy consumption by 1/5 at its first wastewater plant running on Foundry, with the potential to generate $90 million of annualized savings across their 300 plants. Swiss Re shared that they saved more than $100 million in the first year of use alone. More than 35% of employees at Swiss Re use our software on a regular basis. Our moment of macroeconomic uncertainty, that differentiation has never been more valuable to the market than today.

隨著世界繼續與同時發生的供應鍊和能源危機作鬥爭，Palantir 的客戶已經能夠使用 Foundry 來連接和整合從供應商到客戶的價值鏈中的決策，以立即權衡可能的行動方案。您剛剛看到了我們在帕洛阿爾托和倫敦舉辦的 2 場旗艦活動的亮點，供我們的客戶分享他們的經驗。客戶強調了我們的軟件對各行各業的重大影響。 Tyson Foods 的高管分享了他們如何在 24 個月內每年節省 2 億美元。 Jacobs Engineering 分享了我們的軟件如何將其在 Foundry 上運行的第一座污水處理廠的能耗降低了 1/5，並有可能在其 300 個工廠中每年節省 9000 萬美元。瑞士再保險表示，僅在使用的第一年，他們就節省了超過 1 億美元。瑞士再保險 35% 以上的員工定期使用我們的軟件。在宏觀經濟不確定的時刻，這種差異化對市場來說從未像今天這樣有價值。

These customers consistently focus on our ontology as the decisive factor in delivering results quickly. Our strength, particularly in the U.S. commercial market, has also received increasing recognition across the industry. Gartner ranked us as a visionary in data integration. IDC ranked Palantir as the #1 AI software platform worldwide by 2021 market share and sales, beating Microsoft, IBM, Amazon and Google. Forrester named Palantir as the leader in artificial intelligence and machine learning platforms. And there is no place where time-to-kinetic impact is more important than on the battlefield. In the government sector, Gotham has become the choice for U.S. and allied defense organizations around the world. We have now officially received DoD IL6 accreditation, a critical milestone for our broader government business, further enabling our SaaS offering on Secret networks. And our new Fed-start offering builds on Apollo to enable software companies to achieve FedRAMP authorization in record time and at a fraction of the cost.

這些客戶始終將我們的本體作為快速交付結果的決定性因素。我們的實力，尤其是在美國商業市場的實力，也得到了整個行業的越來越多的認可。 Gartner 將我們列為數據集成領域的遠見卓識者。 IDC 將 Palantir 列為 2021 年市場份額和銷售額全球第一的人工智能軟件平台，擊敗了微軟、IBM、亞馬遜和谷歌。 Forrester 將 Palantir 評為人工智能和機器學習平台的領導者。沒有什麼地方比在戰場上更重要的動能衝擊時間了。在政府部門，Gotham 已成為美國和世界各地盟國國防組織的選擇。我們現已正式獲得 DoD IL6 認證，這是我們更廣泛的政府業務的一個重要里程碑，進一步支持我們在 Secret 網絡上提供的 SaaS 產品。我們新的 Fed-start 產品以 Apollo 為基礎，使軟件公司能夠在創紀錄的時間內以極低的成本獲得 FedRAMP 授權。

In addition, we had our TITAN vehicle on display at the annual AUSA conference, where it was met with positive reactions from the U.S. government, partner nations and the industrial base. From the kill chain to the supply chain, our products ensure that there are no missing links.

此外，我們在年度 AUSA 會議上展示了我們的 TITAN 車輛，得到了美國政府、夥伴國家和工業基地的積極反應。從殺傷鏈到供應鏈，我們的產品確保沒有遺漏的環節。

I'll turn it over to Dave to take us through the financial results from this quarter.

我將把它交給戴夫，讓我們了解本季度的財務業績。

Our U.S. business continues to be the most significant driver of our growth. U.S. revenue grew 31% year-over-year to 297 million, and on a trailing 12-month basis, U.S. revenue grew to $1.11 billion. Our commercial revenue in the United States grew 53% year-over-year to $88 million. And our core U.S. commercial revenue, which excludes our strategic investment program, grew 47% year-over-year and 7% sequentially.

我們的美國業務仍然是我們增長的最重要驅動力。美國收入同比增長 31% 至 2.97 億美元，在過去 12 個月的基礎上，美國收入增長至 11.1 億美元。我們在美國的商業收入同比增長 53% 至 8800 萬美元。我們的核心美國商業收入（不包括我們的戰略投資計劃）同比增長 47%，環比增長 7%。

U.S. government revenue increased 23% year-over-year to $209 million. On customer count, our net new U.S. commercial customers grew 124% year-over-year and 11% quarter-over-quarter, marking 7 consecutive quarters of sequential growth greater than 10%.

美國政府收入同比增長 23% 至 2.09 億美元。在客戶數量方面，我們的淨新美國商業客戶同比增長 124%，環比增長 11%，連續 7 個季度環比增長超過 10%。

Turning to our global top line results. Third quarter total revenue grew 22% year-over-year to $478 million, ahead of our prior guidance even when factoring in an additional $1.4 million currency headwind since we issued guidance. Overall net dollar retention was 119%, remaining constant quarter-over-quarter.

轉向我們的全球頂級業績。第三季度總收入同比增長 22% 至 4.78 億美元，高於我們之前的指導，即使考慮到自我們發布指導以來額外的 140 萬美元的貨幣逆風。總體淨美元保留率為 119%，環比保持不變。

Commercial revenue increased 17% year-over-year to $204 million. Our international commercial business was roughly flat year-over-year and continues to be affected by both macroeconomic conditions and the strengthening dollar. A number of our customers in the United Kingdom, Europe and Asia enter into contracts denominated in U.S. dollars. And as a result, the strong dollar has been a significant headwind for them.

商業收入同比增長 17% 至 2.04 億美元。我們的國際商業業務同比大致持平，並繼續受到宏觀經濟狀況和美元走強的影響。我們在英國、歐洲和亞洲的一些客戶簽訂了以美元計價的合同。因此，強勢美元對他們來說是一個巨大的阻力。

Government revenue increased 26% year-over-year to $274 million. We saw our government business cross another major milestone this quarter as we generated $1.02 billion on a trailing 12-month basis, surpassing the $1 billion mark for the first time. Our customer count continues to increase at a significant rate. We added 33 net new customers in the third quarter, bringing our Q3 2022 customer count to 337, a 66% increase year-over-year and an 11% sequential increase. We added 25 net new commercial customers, which represents 98% growth year-over-year and 12% quarter-over-quarter. Our revenue within our existing customers also continues to expand. Trailing 12-month revenue from our top 20 customers increased 15% year-over-year to $48 million per customer.

政府收入同比增長 26% 至 2.74 億美元。我們看到我們的政府業務在本季度跨越了另一個重要里程碑，我們在過去 12 個月的基礎上創造了 10.2 億美元，首次超過 10 億美元大關。我們的客戶數量繼續以顯著的速度增長。我們在第三季度新增了 33 家淨新客戶，使我們 2022 年第三季度的客戶數量達到 337 家，同比增長 66%，環比增長 11%。我們增加了 25 個淨新商業客戶，同比增長 98%，環比增長 12%。我們在現有客戶中的收入也在繼續擴大。我們前 20 名客戶過去 12 個月的收入同比增長 15%，達到每位客戶 4800 萬美元。

Third quarter billings were $509 million, up 47% year-over-year. In the third quarter, total contract value, or TCV, was $1.3 billion. U.S. TCV booked was $1.1 billion, 90% of which was attributable to our U.S. government business. The third quarter TCV figure was driven significantly by renewals and expansions of existing U.S. government contracts, a portion of which have already been funded to date.

第三季度的賬單為 5.09 億美元，同比增長 47%。第三季度，合同總價值（TCV）為 13 億美元。預訂的美國 TCV 為 11 億美元，其中 90% 歸因於我們的美國政府業務。第三季度的 TCV 數據受到美國政府現有合同的更新和擴展的顯著推動，其中部分合同迄今已獲得資金。

For total remaining deal value, we ended the third quarter with $4.1 billion a 17% increase quarter-over-quarter. The quarter-over-quarter growth in total remaining deal value was driven by our unusually strong performance in TCV.

就剩餘交易總價值而言，我們在第三季度末以 41 億美元結束，環比增長 17%。剩餘交易總額的環比增長是由我們在 TCV 異常強勁的表現推動的。

As I previously mentioned, the TCV of our U.S. government contracts accounts for both funded and unfunded contract value, and we're seeing this pass-through to our total remaining deal value. We saw headwinds to remaining deal value as a result of executing on our previously announced plan to cancel all remaining unfunded strategic investment commitments.

正如我之前提到的，我們的美國政府合同的 TCV 佔資金和未資金合同價值，我們看到這種傳遞到我們的總剩餘交易價值。由於執行我們先前宣布的取消所有剩餘的無資金戰略投資承諾的計劃，我們看到了剩餘交易價值的逆風。

We ended the third quarter with $1.3 billion in remaining performance obligations, up 43% year-over-year. As a reminder, RPO is primarily comprised of our commercial business as it does not take into account contracts with 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.

我們在第三季度結束時的剩餘履約義務為 13 億美元，同比增長 43%。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 個月的合同和超出便利條款終止的合同義務，這兩者在我們的政府業務中都很常見。

Turning to margins and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 80%. Third quarter adjusted expenses were $397 million, up 9% sequentially. The sequential increase was driven primarily by headcount-related expense as we had 450 net headcount additions in the quarter, our largest hiring quarter of the year, and including 141 new graduates who joined in quarter.

轉向利潤和費用。不包括基於股票的補償費用的調整後毛利率為 80%。第三季度調整後費用為 3.97 億美元，環比增長 9%。環比增長主要是由與員工人數相關的費用推動的，因為我們在本季度淨增加了 450 名員工，這是我們今年最大的招聘季度，其中包括本季度加入的 141 名新畢業生。

Third quarter adjusted income from operations, excluding stock-based compensation and related employer payroll taxes was $81 million, representing adjusted operating margin of 17%, 600 basis points ahead of our prior guidance. Our adjusted operating margin significantly exceeded our guidance as a result of several factors, but primarily driven by cloud and deployment efficiencies representing around $9 million of outperformance and the elimination of certain discretionary spend across the business, particularly in G&A, representing approximately $14 million of outperformance.

第三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 8100 萬美元，調整後的營業利潤率為 17%，比我們之前的指導高 600 個基點。由於幾個因素，我們調整後的營業利潤率大大超過了我們的指導，但主要是受雲和部署效率的推動，代表了大約 900 萬美元的出色表現，以及消除了整個業務的某些可自由支配的支出，特別是在 G&A 方面，代表了大約 1400 萬美元的出色表現.

We expect to continue to see efficiencies in the fourth quarter, and we'll remain disciplined in our approach to the discretionary spend in this macroeconomic environment.

我們預計第四季度將繼續提高效率，在這種宏觀經濟環境下，我們將在處理可自由支配支出的方法上保持自律。

Third quarter adjusted earnings per share was $0.01, which includes a negative $0.02 impact driven by losses on marketable securities. We generated $47 million in cash from operations and our adjusted free cash flow was $37 million, representing a margin of 10% and 8%, respectively. This marks our eighth consecutive quarter of positive adjusted free cash flow. On a trailing 12-month basis, we generated $231 million in adjusted free cash flow and $238 million in cash flow from operations.

第三季度調整後每股收益為 0.01 美元，其中包括因有價證券損失而產生的 0.02 美元的負面影響。我們從運營中產生了 4700 萬美元的現金，調整後的自由現金流為 3700 萬美元，利潤率分別為 10% 和 8%。這標誌著我們連續第八個季度調整後的自由現金流為正。在過去 12 個月的基礎上，我們產生了 2.31 億美元的調整後自由現金流和 2.38 億美元的運營現金流。

We ended the third quarter with $2.4 billion in cash and cash equivalents and no debt. We retain access to additional liquidity of up to $950 million through our $500 million revolving credit facility and $450 million delayed draw term loan facility, both of which remain entirely undrawn. Our balance sheet leaves us well positioned to capitalize on opportunities that may arise in the current macro environment.

我們在第三季度結束時擁有 24 億美元的現金和現金等價物，並且沒有債務。我們通過 5 億美元的循環信貸額度和 4.5 億美元的延遲提取定期貸款額度保留了高達 9.5 億美元的額外流動性，這兩項貸款都完全未提取。我們的資產負債表使我們能夠很好地利用當前宏觀環境中可能出現的機會。

Now turning to our outlook. For the full year 2022, despite a negative $6 million currency impact since our prior quarter's guidance, we are reaffirming our revenue guidance of between $1.9 billion and $1.902 billion. Excluding such impact, we would expect full year 2022 revenue of between $1.906 billion and $1.908 billion. We are raising our outlook for adjusted income from operations for the full year. We now expect adjusted income from operations of between $384 million and $386 million.

現在轉向我們的前景。對於 2022 年全年，儘管自我們上一季度的指引以來產生了 600 萬美元的負貨幣影響，但我們重申我們的收入指引在 19 億美元至 19.02 億美元之間。排除此類影響，我們預計 2022 年全年收入在 19.06 億美元至 19.08 億美元之間。我們正在上調全年調整後運營收入的預期。我們現在預計調整後的運營收入在 3.84 億美元至 3.86 億美元之間。

For the fourth quarter, after factoring in a negative $5 million currency impact since our prior quarter's guidance, we expect revenue of between $503 million and $505 million. Excluding such impact, we would expect fourth quarter revenue of between $508 million and $510 million. We expect adjusted income from operations of $78 million to $80 million.

對於第四季度，在考慮自我們上一季度指導以來的 500 萬美元的負貨幣影響後，我們預計收入在 5.03 億美元至 5.05 億美元之間。排除此類影響，我們預計第四季度收入將在 5.08 億美元至 5.1 億美元之間。我們預計調整後的運營收入為 7800 萬美元至 8000 萬美元。

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. We'll begin with 2 questions from our shareholders before we open up the call. Our first question comes from Ryan who asks, "Can you speak about the current competitive landscape and elaborate how Palantir products stand out against the newly launched Microsoft data platform, Salesforce Genie and the Snowflake platform that are attempting to offer an all-in-one solution like Foundry?"

謝謝，戴夫。在我們打開電話之前，我們將從股東提出的 2 個問題開始。我們的第一個問題來自 Ryan，他問道：“您能否談談當前的競爭格局，並詳細說明 Palantir 產品如何在新推出的 Microsoft 數據平台、Salesforce Genie 和 Snowflake 平台中脫穎而出，這些平台試圖提供一體機像Foundry這樣的解決方案？”

Shyam, do you want to take this?

希亞姆，你要拿這個嗎？

Sure. Well, thanks, Ryan. The answer is really the ontology. It's why our platforms remain far ahead of the competition. And that's because the ontology, it's the missing link in terms of what you need to realize value from all of these investments. It's the component and the architecture that's required to get data apps to actually deliver value on top of cloud data warehouses or to get AI to scale throughout the enterprise or to turn your digital twin into something that's actionable and operational within the enterprise.

當然。好吧，謝謝，瑞恩。答案確實是本體。這就是我們的平台在競爭中遙遙領先的原因。那是因為本體，就你需要從所有這些投資中實現價值而言，它是缺失的一環。它是讓數據應用程序在雲數據倉庫之上實際交付價值或讓 AI 在整個企業中擴展或將您的數字雙胞胎轉變為在企業內可操作和可操作的東西所需的組件和架構。

And we've spent 15 years investing in a road map that's deep and built upon the ontology, and it continues to be the focus of all the core investments that we're making around product. We're deepening the capability that we're offering our customers here. And that's happening against the backdrop where the competition has yet to understand what the ontology really is, but they will. And that's really my main conclusion from our FoundryCon events in Palo Alto and London, is that our customers were so clearly articulating the role of the ontology, the value. They credited it as really the decisive factor in delivering results quickly. And there are 2 things there that should not be taken for granted, results that are quick. And so that's, I think, a key focus here.

我們花了 15 年時間投資於一個基於本體的深度路線圖，它仍然是我們圍繞產品進行的所有核心投資的重點。我們正在深化我們在這里為客戶提供的能力。這是在競爭對手尚未了解本體真正是什麼的背景下發生的，但他們會。這確實是我從帕洛阿爾托和倫敦的 FoundryCon 活動中得出的主要結論，即我們的客戶非常清楚地闡明了本體的作用和價值。他們認為這是快速交付成果的真正決定性因素。有兩件事不應該被認為是理所當然的，結果很快。因此，我認為這是這裡的一個關鍵焦點。

You heard from Deutsche Telekom, they talked about how they don't even bother connecting to data sources that won't be modeled in the ontology because they see so much value in a reduced effort and increased outcome for the use cases that they're able to build on top of the ontology. We heard that from Rio Tinto, where they talked about at the Oyu Tolgoi mine in Mongolia, how they actually originally modeled risk in operations. But because they did it in ontology for free, they got an opportunity data set that helped them drive increased production, which is obviously the front end of the business there.

您從 Deutsche Telekom 那裡聽到，他們談到了他們如何甚至不費心連接到不會在本體中建模的數據源，因為他們看到了減少工作量和增加用例結果的巨大價值能夠建立在本體之上。我們從力拓那裡聽說，他們在蒙古的奧尤陶勒蓋礦談到了他們最初是如何對運營風險進行建模的。但是因為他們在本體中是免費的，所以他們獲得了一個機會數據集，幫助他們推動增加產量，這顯然是那裡業務的前端。

In Palo Alto, we heard it from Tyson Foods, where they were able to use the ontology to quickly go from an initial use case around COVID response to a set of use cases that got to $10 million of value and then quickly to $40 million and then finally to $200 million worth of value.

在帕洛阿爾托，我們從 Tyson Foods 那裡聽到了它，他們能夠使用本體快速從圍繞 COVID 響應的初始用例轉變為價值達到 1000 萬美元的一組用例，然後迅速達到 4000 萬美元，然後終於到了價值2億美元的價值。

Just a slightly different augmentation of what Shyam is saying. Maybe a different riff that like underscores the success of people using our product is people think these products are easy to build. And by the way -- and this is whether it was PG, Nexus Peering, Gaia, or Foundry: Foundry one, data integration; Foundry 2, kind of ontology decisions driven. A lot of people, even at big otherwise successful companies, go from PowerPoint to thin technology under the assumption, you can just take ontology, you can spell it slightly differently, you can spell it the same way, and you can impose it on your, honestly, not very strong software offering that was last year's technology with this year's salespeople. And it doesn't work. That's why we are powering the USG. That is why we are powering more efforts. That's why Foundry was used in, let's say, probably 500,000 lives in America, mostly people who are from the underclass and would have died during COVID.

只是對 Shyam 所說的內容略有不同的擴充。也許另一個強調人們使用我們產品的成功的即興表演是人們認為這些產品很容易構建。順便說一句——無論是 PG、Nexus Peering、Gaia 還是 Foundry：Foundry 之一，數據集成； Foundry 2，一種本體決策驅動。很多人，即使是在其他方面很成功的大公司，在這樣的假設下從 PowerPoint 轉向瘦技術，你可以接受本體，你可以稍微不同的拼寫，你可以用同樣的方式拼寫，你可以把它強加給你的，老實說，與今年的銷售人員相比，去年的技術不是很強大的軟件產品。它不起作用。這就是我們為 USG 提供動力的原因。這就是為什麼我們要付出更多努力。這就是為什麼 Foundry 被用於，比方說，在美國可能有 500,000 人的生命，其中大部分是來自下層階級並且會在 COVID 期間死亡的人。

And it's why we need our competition to explain to the world, okay, you need this. But they gravely underestimate the difficulty in doing this. We've been doing this for 15 years. There are thousands of hidden problems that really I don't think any other company understands, whether it's the cold chain, the supply chain. It's like -- and it's wonderful that people are discovering this. It's going to take decades to build this stuff. Even if you can build it as well as we can, you have to discover the problems. And that's why our clients on the evangelism tour, primarily in the U.S., are galvanizing the market and leading to these results. But the difficulty is just completely underestimated.

這就是為什麼我們需要我們的競爭對手向世界解釋，好吧，你需要這個。但他們嚴重低估了這樣做的難度。我們已經這樣做了 15 年。有成千上萬的隱藏問題，我認為任何其他公司都無法理解，無論是冷鏈還是供應鏈。就像——人們發現這一點真是太好了。建造這些東西需要幾十年的時間。即使你能像我們一樣建造它，你也必鬚髮現問題。這就是為什麼我們的佈道之旅的客戶，主要是在美國，正在激發市場並帶來這些結果。但是難度被完全低估了。

Thank you, Shyam and Alex. Our next question comes from [Garoff] who asks, "What are Palantir's plans to grow the business in this challenging macro environment?"

謝謝你，希亞姆和亞歷克斯。我們的下一個問題來自 [Garoff]，他問道：“Palantir 在這個充滿挑戰的宏觀環境中發展業務的計劃是什麼？”

I mean other people should -- we've been predicting an even more challenging macro environment than this for the last 20 years. I mean how long have we been in the trenches together?

我的意思是其他人應該——在過去的 20 年裡，我們一直在預測一個比這更具挑戰性的宏觀環境。我的意思是我們一起在戰壕里待了多久？

17.

17.

17 years in the trenches. The products are built for a disjointed world, a world where you need horizontal and vertical integration in the military context or actually, we have low latency where your systems -- underlying systems actually don't work even though on the PowerPoint, they say they do, where you have to deliver results overnight, where your business totally f-ed and you got to make it work in a quarter. That's what our business is built for. By the way, that's why we prepared and then that's the technical thing. Why do we have 8 quarters of free cash flow? Do you think it's a coincidence? We were preparing for this. We have -- why do we have $2.4 billion in the bank and no debt? We weren't living in the metasphere. We were living in this world in the way we thought it would be, and we've been essentially -- you could even look at this as a prep. We're a prepper company. We've been preparing. So like preppers have their rucksack and a rifle. We have PG, Gaia, Foundry and $2.4 billion in the bank and no debt. That's our company.

17年的戰壕。這些產品是為一個雜亂無章的世界而構建的，一個你需要在軍事環境中進行橫向和縱向整合的世界，或者實際上，我們的系統具有低延遲——即使在 PowerPoint 上，底層系統實際上也無法工作，他們說做，你必須在一夜之間交付結果，你的業務完全完成，你必須在一個季度內讓它工作。這就是我們建立業務的目的。順便說一句，這就是我們準備的原因，然後就是技術問題。為什麼我們有 8 個季度的自由現金流？你認為這是巧合嗎？我們正在為此做準備。我們有——為什麼我們在銀行里有 24 億美元卻沒有債務？我們沒有生活在元領域。我們以我們認為的方式生活在這個世界上，而且我們基本上一直 - 你甚至可以把這看作是一種準備。我們是一家預備公司。我們一直在準備。所以就像準備者有他們的背包和步槍一樣。我們在銀行有 PG、Gaia、Foundry 和 24 億美元，而且沒有債務。那是我們的公司。

Thanks, Alex. Our next question is from Brent with Jefferies. (Operator Instructions)

謝謝，亞歷克斯。我們的下一個問題來自 Brent 和 Jefferies。 （操作員說明）

Dr. Karp, on the government business at the beginning of the year, you had a bigger aspiration for deals to come into the pipeline. I think you brought as close assumption down. I'm curious where you see the pipeline of the government transactions for the back half of this year into '23.

卡普博士，在年初的政府事務中，您對即將進行的交易抱有更大的期望。我認為您降低了假設。我很好奇你在哪裡看到今年下半年到 23 年的政府交易管道。

It was a little bit -- okay, breaking up, but I think you were saying, well, where do we see the government revenue going. Look, we're positing to the world purely financially. Palantir's had a CAGR of 35% in the USG. It's -- that CAGR is include years, I think, 3 years that were flat. So we tend to have kind of lumpy growth and flatness, which no one likes. You don't like it. We don't like it. We're positing that the future will look more like the traditional baseline of 35% than the baseline of this year of upper 20s. What is the proof of that? Okay, I could tell you how our products are being used on the front line. You can read the news. You can probably surmise that things like Nexus Peering, Foundry, Gaia are powering events that you may be reading about. And then there's our massive TCV. It's like, yes, TCV in the USG is just under $1 billion. This is massive.

有點——好吧，分手了，但我想你是說，好吧，我們看到政府收入去了哪裡。看，我們純粹是在財務上向世界定位。 Palantir 在 USG 的複合年增長率為 35%。這是 - 我認為複合年增長率包括 3 年持平。所以我們傾向於有一種沒有人喜歡的塊狀生長和平坦。你不喜歡它。我們不喜歡它。我們假設未來看起來更像是 35% 的傳統基線，而不是今年 20 歲以上的基線。那有什麼證據呢？好的，我可以告訴你我們的產品是如何在前線使用的。你可以閱讀新聞。您可能會推測，諸如 Nexus Peering、Foundry、Gaia 之類的東西正在為您可能正在閱讀的事件提供動力。然後是我們龐大的 TCV。就像，是的，美國政府的 TCV 不到 10 億美元。這是巨大的。

There's a legitimate question, when do you capture that in the form of GAAP revenue? That's a legitimate question to which we have no answer. But we will capture it because the contracts have been concluded and because we are sitting on the most important missions in the world, and those missions are going to end up being fully funded, and you see that in our contractual relationships.

有一個合理的問題，你什麼時候以 GAAP 收入的形式來捕捉它？這是一個我們沒有答案的合理問題。但我們會抓住它，因為合同已經簽訂，因為我們正在執行世界上最重要的任務，而這些任務最終將得到全額資助，你可以在我們的合同關係中看到這一點。

Thanks, Alex. Our next question is 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 with increased expectations for global recession next year, I understand it's probably too early to discuss specifics about 2023 outlook. But would you mind discussing how you're thinking about the positive and negative catalyst from a global recession or a potential global recession? Because I think -- the way I think about it is it's a positive catalyst for disruption and increased needs for operational efficiencies and for Palantir demand, but also probably lower corporate profits are challenged. So how are you thinking about that?

因此，隨著對明年全球經濟衰退的預期增加，我知道現在討論有關 2023 年前景的細節可能還為時過早。但是您介意討論一下您如何看待全球衰退或潛在的全球衰退帶來的積極和消極催化劑嗎？因為我認為 - 我認為它是破壞和增加對運營效率和 Palantir 需求的需求的積極催化劑，但也可能降低企業利潤受到挑戰。那麼你是怎麼想的呢？

We disambiguate the world into America, Canada, U.K. and then what has historically been a very large market for us, Europe, driven by Germany. What I think you see happening is that disruption is helping us in the U.S. It's driving results that are outsized in U.S. commercial. Our LTM in the last 12 months is $327 million, roughly 102% growth. You see the TCV number in USG. You can surmise what that means. So and then the positive side of it is that the integral of U.S. revenue for us is growing at 61%. It used to be 49% 2 years ago. It will be in the 70% range fairly shortly. And so the impact of the disruption is much greater/the disruptive negative effect of Europe, especially sluggishness in Europe's motor Germany will impact us less.

我們將世界劃分為美國、加拿大、英國，然後是歷史上對我們來說非常大的市場，歐洲，由德國驅動。我認為你看到正在發生的事情是，顛覆正在幫助我們在美國。它在美國商業中推動了巨大的結果。我們在過去 12 個月的 LTM 為 3.27 億美元，大約增長了 102%。您會在 USG 中看到 TCV 編號。你可以猜測這意味著什麼。其積極的一面是，我們在美國的整體收入增長了 61%。 2年前曾經是49%。它很快就會在 70% 的範圍內。因此，中斷的影響要大得多/歐洲的破壞性負面影響，尤其是歐洲汽車德國的低迷，對我們的影響會更小。

However, what I believe and other people should talk about is that, we are going to see negative impacts because of strong dollar, because of sluggishness to adopt new technologies in Europe,, that will impact our business. It is impacting our business. If you took those results, the LTM for our U.S. business is still just under 40%. And so if you took out our European market, this would be -- I mean, obviously, results are strong, but they would be flying in like a -- so and those are going to impinge us. They're going to continue to impinge us. It's just the amount of impinging is going to be less.

然而，我相信和其他人應該談論的是，由於美元走強，由於歐洲採用新技術的遲緩，我們將看到負面影響，這將影響我們的業務。它正在影響我們的業務。如果您採用這些結果，我們美國業務的 LTM 仍略低於 40%。所以如果你把我們的歐洲市場拿出來，這將是——我的意思是，很明顯，結果很強勁，但它們會像這樣飛進來——所以那些會衝擊我們。他們將繼續影響我們。只是撞擊的數量會減少。

I do think it's particularly dangerous for most people in tech. This environment is not in an environment where flimsy thin nonvaluable essentially, you churn your data and you show our PowerPoint to somebody who barely understands that technology is going to work just because you've got a great steak dinner and white teeth. That's not going to work. And Americans still expect a lot more than that, both in government and in commercial. Now the rest of the world may not expect more than that. And that's a problem for the rest of the world long term and a problem for us in the near term. But yes, we see this as a huge opportunity also both because other people will fail and will succeed. I don't know what...

我確實認為這對大多數技術人員來說特別危險。這種環境不是在本質上薄弱無價值的環境中，你攪動你的數據，你把我們的 PowerPoint 展示給那些幾乎不明白技術會起作用的人，只是因為你有一頓美味的牛排晚餐和潔白的牙齒。那是行不通的。美國人對政府和商業的期望仍然遠不止於此。現在世界其他地方可能不會期待更多。從長遠來看，這對世界其他地區來說是一個問題，在短期內對我們來說也是一個問題。但是，是的，我們認為這是一個巨大的機會，因為其他人會失敗，也會成功。我不知道什麼...

Look, disruption has always been a huge opportunity for us. I think that's exactly right. And those geographies are where we're focused.

看，顛覆對我們來說一直是一個巨大的機會。我認為這是完全正確的。這些地區是我們關注的地方。

Thank you, Shyam and Alex. Our next question is from Gabriela with Goldman Sachs. (Operator Instructions)

謝謝你，希亞姆和亞歷克斯。我們的下一個問題來自加布里埃拉和高盛。 （操作員說明）

We appreciated the case studies at FoundryCon about the tens of millions of savings that some of your customers are realizing. So 2 questions on my end. One is, how are you thinking about evolving the pricing model towards value-based pricing? And give us an update on how you're thinking about capturing the upside from value-based pricing while also giving your customers flexibility with their initial price points. And then the second question is, for deployed engineering model, how is that evolving as you start pricing low commercial value customers on the ACV side? Does that essentially shift your mix away from the forward deployed engineering model over time?

我們讚賞 FoundryCon 的案例研究，這些案例研究表明您的一些客戶正在實現數千萬的節省。所以我有2個問題。一是，您如何考慮將定價模型發展為基於價值的定價？並向我們提供有關您如何考慮從基於價值的定價中獲取優勢的最新信息，同時還為您的客戶提供初始價格點的靈活性。然後第二個問題是，對於已部署的工程模型，當您開始在 ACV 方面為低商業價值客戶定價時，它是如何演變的？隨著時間的推移，這是否會從本質上改變您的組合從前向部署的工程模型？

Someone else want to...

還有人想...

Yes. So on the pricing side, I mean, value-based pricing is where we started. That's kind of our jam, so to speak. And I think what we've had to evolve over time is pricing models like usage-based pricing that enable enterprise customers to start on smaller use cases, nibble into it, kind of figure out where it's going to fit in their enterprise, come experientially to realize the power that the ontology unlocks and then scale that across their operations.

是的。所以在定價方面，我的意思是，基於價值的定價是我們開始的地方。這就是我們的果醬，可以這麼說。而且我認為隨著時間的推移，我們必鬚髮展的是定價模型，例如基於使用的定價，它使企業客戶能夠從較小的用例開始，逐步涉足它，弄清楚它在他們的企業中的適合位置，體驗式實現本體解鎖的力量，然後在他們的運營中擴展。

And you can kind of see that playing out in the case studies where Tyson starts with COVID response and then scales to S&OP plus, plus, plus. So like from a small use case to the breadth of the enterprise here, and that's been very helpful for us. And then we have customers who kind of migrate models from usage-based to large enterprise contracts as they go. And I think really for us, it's been showing the flexibility to meet the customer where they're at.

您可以在案例研究中看到這一點，泰森從 COVID 響應開始，然後擴展到 S&OP plus，plus，plus。所以就像從一個小用例到企業的廣度，這對我們很有幫助。然後我們的客戶會在他們進行時將模型從基於使用的合同遷移到大型企業合同。我認為對我們來說，它一直在展示與客戶見面的靈活性。

In terms of our forward deployed engineering models, like our -- I really think about that as much more in terms of R&D from our shoes. Like how many people are spending time at the call phase asking the hard question of is my software working? And I don't mean does it work as in like, is there an OOM, is there a bug? I mean like, does it effing matter to this institution?

就我們向前部署的工程模型而言，比如我們的——我真的更多地考慮到我們鞋子的研發。就像有多少人在通話階段花時間詢問我的軟件是否正常工作這樣一個難題？我並不是說它是否像這樣工作，是否存在OOM，是否存在錯誤？我的意思是，這對這個機構有影響嗎？

And in this time of immense macroeconomic challenge, like am I saving the institution? Am I doing anything that's going to move the needle, or is my little churning the data, just moving deck chairs on the Titanic? And those are the people who actually have that sensibility. And they're the ones who come up with the idea of what are we going to build next? What can we do now? How do we inflect the product road map so it matters?

在這個巨大的宏觀經濟挑戰時期，我是否在拯救機構？我是在做任何可以改變針的事情，還是我的小攪動數據，只是在泰坦尼克號上移動躺椅？而這些人實際上具有這種敏感性。他們是提出我們下一步要建造什麼想法的人？我們現在能做什麼？我們如何改變產品路線圖，讓它變得重要？

And so we're always going to modulate how we deploy those folks between USG, things that are happening in Europe, things that are happening at the front lines of our customers' operations. The engineers are looking and seeing what we're doing on -- in large-scale mining operations in Mongolia as it relates to driving our R&D road map forward.

因此，我們總是會調整我們在 USG 之間部署這些人員的方式，歐洲正在發生的事情，以及我們客戶運營前線發生的事情。工程師們正在關注我們正在做的事情——在蒙古的大型採礦作業中，因為這與推動我們的研發路線圖向前發展有關。

Thanks, Shyam. Alex, we had a lot of individual investors on the line who submitted questions. Is there anything you'd like to say before we end the call?

謝謝，夏姆。亞歷克斯，我們有很多個人投資者在線提交問題。在我們結束通話之前你有什麼想說的嗎？

You know, we built this company for really tough times. The times are tough and they're going to get worse. We feel that Palantir, we know Palantir shines whether it's in the anti-terror context, the war context, the COVID context or the U.S. commercial context when times are bad.

你知道，我們在非常艱難的時期建立了這家公司。時代很艱難，而且會變得更糟。我們覺得 Palantir，我們知道無論是在反恐背景、戰爭背景、COVID 背景還是美國商業背景下，當形勢不好時，Palantir 都會發光。

This is a long-term play. We are watching our products and how they're absorbed in the market. And I really appreciate your support. Our individual investors mean a lot to us and to me. And we are planning to continue to go into battle every day. We are living in this world, not in some meta fake world that you may enjoy until you wake up and you are poorer, your brain works less well and you hate your neighbor.

這是一場長期的比賽。我們正在關注我們的產品以及它們如何被市場吸收。我非常感謝您的支持。我們的個人投資者對我們和我都意義重大。我們計劃每天繼續戰鬥。我們生活在這個世界上，而不是生活在一個你可能會享受的元假世界，直到你醒來，你變得更窮，你的大腦工作不太好，你討厭你的鄰居。

We are -- the size and depth and quality of our revenues matter to us and to you. We believe we are making the West a stronger and better country. We see in America an ability to adapt like no other country to be open to people who present things in the ways that look bat(expletive) crazy, and if they work, they don't really care and they give you an ability to buy-in. We celebrate that. We are enormously proud of our work defending the West, especially the U.S. military and its allies.

我們是——我們收入的規模、深度和質量對我們和你都很重要。我們相信我們正在使西方成為一個更強大、更好的國家。我們在美國看到了一種與其他國家不同的適應能力-在。我們為此慶祝。我們為保衛西方，尤其是美國軍隊及其盟友所做的工作感到無比自豪。

I wish I could tell you more about what we're doing and how much it's transforming the world to be a better place, how much it scares our adversaries. What we deliver scares our adversaries; how much we were underestimated by our adversaries because of the informational technology and products we built over decades, the quality of the people we have here, the pain we go through to deliver and our commitment to win.

我希望我能告訴你更多關於我們正在做的事情，以及它在多大程度上改變了世界，讓世界變得更美好，它讓我們的對手多麼害怕。我們提供的東西讓我們的對手害怕；由於我們幾十年來建立的信息技術和產品、我們這裡的人的素質、我們為交付所經歷的痛苦以及我們對獲勝的承諾，我們被對手低估了多少。

Thank you, Alex. That concludes today's call.

謝謝你，亞歷克斯。今天的電話會議到此結束。