Palantir Technologies Inc (PLTR) 2022 Q4 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our fourth quarter 2022 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website.

下午好。我是 Palantir 財務團隊的 Ana Soro，歡迎您參加我們 2022 年第四季度的收益電話會議。我們將討論在市場收盤後發布並發佈在我們的投資者關係網站上的新聞稿中宣布的結果。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter and fiscal 2023 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 would cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed 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，我們將就適用證券法中可能被視為前瞻性的業務發表聲明，包括有關我們第一季度和 2023 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有關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，並受風險和不確定性的影響，這將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收市後發布的收益新聞稿和我們向美國證券交易委員會提交的文件中找到。除非法律要求，否則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 GAAP 財務措施應作為 GAAP 措施的補充，而不是替代或孤立於 GAAP 措施。有關這些非 GAAP 措施的更多信息，包括非 GAAP 與可比 GAAP 措施的調節，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 備案文件可在我們的投資者關係網站 investors.palantir.com 上獲取。在通話過程中，我們在討論業務時會提到各種增長率。除非另有說明，否則這些比率反映的是同比比較。

Joining me on today's call are Alex Karp, Chief Executive Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. You'll also be hearing from Shyam Sankar, our Chief Technology Officer, who prepared a few remarks, who could not join today's call as he's on the front lines with one of our customers.

與我一起參加今天電話會議的還有首席執行官 Alex Karp；戴夫格雷澤，首席財務官；首席營收官兼首席法務官 Ryan Taylor。您還會聽到我們的首席技術官 Shyam Sankar 的講話，他準備了一些評論，但由於他在前線與我們的一位客戶打交道，他無法參加今天的電話會議。

I'll now turn it over to Alex for opening remarks.

我現在將它交給 Alex 做開場白。

At Palantir, we have a tradition of talking about macro events philosophy. There would be a lot to talk about this year. I think for the first time, people have seen the impact of digitization of warfare and Palantir's central role in the world.

在 Palantir，我們有談論宏觀事件哲學的傳統。今年會有很多話要說。我認為人們第一次看到了戰爭數字化的影響和 Palantir 在世界上的核心作用。

Leaving aside this, and I would love to talk more about it in the context of our earnings call, in the context of our interactions with the broader world, the transformations on the outside of the world brought to you by Palantir seem to be equally big on the inside. Palantir, for the first time, is GAAP profitable.

撇開這個不談，我想在我們的財報電話會議上更多地談論它，在我們與更廣闊的世界互動的背景下，Palantir 給你帶來的外部世界的轉變似乎同樣巨大在裡面。 Palantir 首次實現 GAAP 盈利。

I, in most of my discussions, talk about product, talk about product market fit, occasionally talk about revenue. And I'm often asked, well, if it's so good, why aren't you GAAP profitable? We promised you GAAP profitability in 2025, which you thought would be in 2027 perhaps. We are now, in the last quarter, GAAP profitable, and we plan to be GAAP profitable in this year.

我，在我的大部分討論中，談論產品，談論產品市場契合度，偶爾談論收入。我經常被問到，如果它這麼好，為什麼你的 GAAP 沒有盈利？我們向您承諾在 2025 年實現 GAAP 盈利，您認為這可能會在 2027 年實現。我們現在在上個季度實現了 GAAP 盈利，我們計劃在今年實現 GAAP 盈利。

Obviously, there's a lot of questions around that, like how did we become GAAP profitable several years before anyone expected? What does it mean for our business? What does it mean that seemingly no tech company ever becomes GAAP profitable? Why is our company profitable? What sectors of the company made it profitable? But for those of you who have been long-term supporters or even watchers of Palantir, the move from a company that was producing the most important products in the world to a company that is doing that in a profitable context is enormous, perhaps as big as our DPO. And we're proud of this because it gives us the strength and power to continue our march to support the world's most institutions -- support institutions. Thank you.

顯然，圍繞這一點存在很多問題，比如我們如何比任何人預期的早幾年實現 GAAP 盈利？這對我們的業務意味著什麼？似乎沒有一家科技公司能夠實現 GAAP 盈利，這意味著什麼？我們公司為什麼盈利？公司的哪些部門使其盈利？但對於那些一直是 Palantir 的長期支持者甚至觀察者的人來說，從一家生產世界上最重要產品的公司轉變為一家在盈利環境中這樣做的公司是巨大的，也許同樣大作為我們的 DPO。我們為此感到自豪，因為它給了我們力量和力量，讓我們繼續前進，支持世界上最多的機構——支持機構。謝謝。

As Alex highlighted, our company, after nearly 2 decades, achieved GAAP profitability for the first time last quarter. Our focus has been on building one of the most significant and durable software companies in the world. And our first profitable quarter after years of investment in our business represents the beginning of a new chapter in our company's history.

正如亞歷克斯強調的那樣，我們公司在近 2 年之後，在上個季度首次實現了 GAAP 盈利。我們一直致力於打造世界上最重要、最持久的軟件公司之一。經過多年的業務投資，我們的第一個盈利季度代表了我們公司歷史新篇章的開始。

In Q4 2022, we generated $509 million in revenue, and we generated $79 million in cash from operations, marking our eighth consecutive quarter of positive cash from operations. While the technology industry as a whole has been facing one of the most challenging operating environments in years, we continue to deliver on our top line and bottom line results, in particular, our combined revenue growth and adjusted operating margin.

2022 年第四季度，我們產生了 5.09 億美元的收入，我們從運營中產生了 7900 萬美元的現金，這標誌著我們連續第八個季度從運營中獲得正現金。雖然整個科技行業多年來一直面臨著最具挑戰性的運營環境之一，但我們繼續實現我們的收入和利潤結果，特別是我們的綜合收入增長和調整後的營業利潤率。

Our commercial business generated $215 million of revenue last quarter, while our U.S. commercial business slowed in the fourth quarter as a result of catch-up revenue in the prior quarter and contracting revenue from customers in our strategic investment program, we remain confident about our momentum and the opportunities ahead. We ended the quarter with 143 U.S. commercial customers, an increase of 79% year-over-year, and converted 13 pilots, the most in quarter-to-date setting up our U.S. commercial business to reaccelerate in 2023.

我們的商業業務上個季度產生了 2.15 億美元的收入，而我們的美國商業業務在第四季度由於上一季度的追趕收入和我們戰略投資計劃中客戶的合同收入而放緩，我們對我們的發展勢頭充滿信心以及未來的機遇。本季度結束時，我們擁有 143 個美國商業客戶，同比增長 79%，並轉換了 13 個飛行員，這是本季度迄今為止最多的，這使我們的美國商業業務在 2023 年重新加速。

We are deploying increasingly focused go-to-market strategies, including in the health care, supply chain, manufacturing, energy, automotive and utility sectors. The number of deals closed in health care more than doubled in the last year. We recently signed with several of the nation's largest hospital systems, including Cleveland Clinic, Tampa General and one of the oldest teaching hospitals. Our momentum continues this year, having recently signed a deal with an American for-profit operator of over 2,400 health care sites. Together, these 4 hospital systems represent nearly 10% of the entire hospital system in the United States.

我們正在部署越來越集中的進入市場戰略，包括在醫療保健、供應鏈、製造、能源、汽車和公用事業領域。去年，醫療保健行業完成的交易數量增加了一倍多。我們最近與美國幾家最大的醫院系統簽約，包括克利夫蘭診所、坦帕綜合醫院和最古老的教學醫院之一。今年我們的勢頭仍在繼續，最近與一家擁有 2,400 多個醫療保健站點的美國營利性運營商簽署了一項協議。這 4 個醫院系統加起來占美國整個醫院系統的近 10%。

In the supply chain sector, we began work at 2 of the largest Coca-Cola bottlers and distributors in both the U.S. and the EMEA region. And we were called into Toyota Material Handling, a forklift manufacturer and distributor, after executives learned of our comparable supply chain work at Komatsu. Cardinal Health also recently began using Foundry to deploy AI and ML to combine diagnosis and clinical data with real-time customer purchasing and consumption data for pharmaceutical products.

在供應鏈領域，我們開始在美國和歐洲、中東和非洲地區最大的兩家可口可樂裝瓶商和分銷商工作。在高管們了解到我們在小鬆的類似供應鏈工作後，我們被召集到叉車製造商和經銷商豐田物料搬運公司。 Cardinal Health 最近還開始使用 Foundry 來部署 AI 和 ML，以將診斷和臨床數據與實時客戶購買和消費醫藥產品的數據相結合。

Our international commercial business grew 11% year-over-year in the fourth quarter, including a multimillion dollar long-term strategic partnership with Crisis24, a GardaWorld Company, to deliver data-driven security and risk management and a $50 million 5-year expansion of our work with Sompo Holdings, where Foundry is helping to improve security, health and well-being through digital transformation.

我們的國際商業業務在第四季度同比增長 11%，包括與 GardaWorld 公司 Crisis24 建立數百萬美元的長期戰略合作夥伴關係，以提供數據驅動的安全和風險管理，以及 5000 萬美元的 5 年擴張我們與 Sompo Holdings 的合作，Foundry 正在通過數字化轉型幫助改善安全、健康和福祉。

Our government business overall saw growth across the board as well as we generated $293 million in revenue this past quarter, an increase of 23% year-over-year. Our U.S. government business saw continued growth in Q4, up 22% year-over-year, which reflects the strong contract activity in Q3. Likewise, our international government business was up 26% year-over-year, including the expansion of our work supporting pressing global events as well as the signing of Palantir's enterprise agreement with Defence Digital, a consolidated effort on the part of the British military to modernize its software systems. With the value of up to GBP 75 million, we expect this agreement to further accelerate the growth of partnerships with defense and intelligence customers across the United Kingdom as well as our U.K. government business overall.

我們的政府業務總體上實現了全面增長，上個季度我們創造了 2.93 億美元的收入，同比增長 23%。我們的美國政府業務在第四季度持續增長，同比增長 22%，這反映了第三季度強勁的合同活動。同樣，我們的國際政府業務同比增長 26%，包括擴大我們支持緊迫的全球事件的工作，以及 Palantir 與 Defense Digital 簽署的企業協議，這是英國軍方為使其軟件系統現代化。憑藉高達 7500 萬英鎊的價值，我們預計該協議將進一步加速與英國國防和情報客戶以及我們在英國政府整體業務的合作夥伴關係的發展。

This quarter's GAAP profitability illustrates our commitment to fiscal responsibility through management and margins while expanding our business. We acknowledge the challenges ahead and remain strongly poised for long-term growth.

本季度的 GAAP 盈利能力說明了我們在擴大業務的同時通過管理和利潤承擔財務責任的承諾。我們承認未來的挑戰，並為長期增長做好充分準備。

I'll now turn it over to Shyam.

我現在將其交給 Shyam。

In 2022, our software foiled a plot to overthrow the German government, delivered $200 million of return to Tyson Foods, empowered companies through the energy crisis. Our momentum stems from the fact that we have built software that actually works, not software that's easier to sell.

2022 年，我們的軟件挫敗了推翻德國政府的陰謀，為泰森食品公司帶來了 2 億美元的回報，幫助公司度過了能源危機。我們的動力源於這樣一個事實，即我們構建了實際可用的軟件，而不是更容易銷售的軟件。

We publicly announced Foundry 23 at FoundryCon 2 weeks ago. The cornerstone of our product vision is that your business is computable. But just because it's computable, it doesn't mean you know how to compute it. This requires an ontology.

兩週前，我們在 FoundryCon 上公開宣布了 Foundry 23。我們產品願景的基石是您的業務是可計算的。但僅僅因為它是可計算的，並不意味著你知道如何計算它。這需要一個本體論。

Ontology is link human insight with programmable controls, enabling your people to compute the parts of your business that really matter. For example, Tyson Foods implemented a model that determines the optimal allocation of inventories to trucks and distribution centers and automatically decisions that by calling back into their ERP systems, the ontology's Webhooks. This work among the 20 use cases Tysons delivers in Foundry, delivered $200 million of value for them.

Ontology 將人類洞察力與可編程控制聯繫起來，使您的員工能夠計算出真正重要的業務部分。例如，Tyson Foods 實施了一個模型，該模型確定庫存到卡車和配送中心的最佳分配，並通過調用回其 ERP 系統（本體的 Webhooks）自動做出決策。 Tysons 在 Foundry 交付的 20 個用例中的這項工作為他們帶來了 2 億美元的價值。

Upgrading to S4 doesn't do this. It doesn't make your business better. Your planning tools and pricing platforms don't talk to each other. ERP and MES systems don't talk to each other. So employees escape to Excel sheets, and business logic is scattered across systems. That makes your business hard to understand and harder yet to change or improve.

升級到 S4 不會這樣做。它不會讓您的業務變得更好。您的規劃工具和定價平台不會相互交流。 ERP 和 MES 系統不會相互交談。因此，員工轉而使用 Excel 表格，業務邏輯分散在各個系統中。這使您的業務難以理解，也更難改變或改進。

Our customers need software to connect and orchestrate their existing systems. Your business is computable. You need Foundry to compute it. This view and a focus on our ontology is driving our product developments through 2023.

我們的客戶需要軟件來連接和協調他們現有的系統。您的業務是可計算的。你需要 Foundry 來計算它。這種觀點和對我們本體的關注正在推動我們的產品開發到 2023 年。

Turning to Apollo. Just because you know how to compute parts of your business, it doesn't mean it's valuable. You need to complete the cycle of development, deployment and learning. Not only do you have to be able to push your logic out to the edge to the factory floor, to every connected node in your business. You need to be able to do it repeatedly. As technology companies seek to aggressively reduce cloud costs and eliminate DevOps head count, Apollo provides the critical technology enabler that solves not only the CTO's problem, but also the CFO's problem.

轉向阿波羅。僅僅因為您知道如何計算業務的某些部分，並不意味著它有價值。您需要完成開發、部署和學習的循環。您不僅必須能夠將您的邏輯推向邊緣、工廠車間、您業務中的每個連接節點。您需要能夠重複執行此操作。隨著技術公司尋求積極降低云成本並消除 DevOps 人數，Apollo 提供了關鍵技術支持，不僅可以解決 CTO 的問題，還可以解決 CFO 的問題。

We're also continuing to see traction with [Fed Start], our Apollo-based offering, which enables customers to achieve FedRAMP authorization in record time and at a fraction of the cost while still reducing DevOps cost.

我們還繼續看到我們基於 Apollo 的產品 [Fed Start] 的吸引力，它使客戶能夠在創紀錄的時間內以一小部分成本獲得 FedRAMP 授權，同時仍然降低 DevOps 成本。

For Middle Eastern, the Pacific and European theaters, Gotham is today the AI-driven operating system for defense. Recent events have already proven the superiority of Gotham, and AI-driven target detection and development. In 2023, we are focused on the continued development of Gotham against both targeting and fires across all domains from space to [mud].

對於中東、太平洋和歐洲戰區，Gotham 如今是人工智能驅動的國防操作系統。最近的事件已經證明了 Gotham 以及 AI 驅動的目標檢測和開發的優越性。 2023 年，我們將專注於 Gotham 的持續發展，以應對從太空到 [mud] 的所有領域的瞄準和射擊。

[A 4 deployed O3] recently wrote a Python model using Gotham software development kit or (inaudible) in 3 hours to upgrade his units targeting and fires operation, a step change versus what was possible before. We're proud of and thankful for the privilege of supporting this mission set.

[A 4 deployed O3] 最近使用 Gotham 軟件開發工具包或（聽不清）在 3 小時內編寫了一個 Python 模型來升級他的單位瞄準和火力操作，與以前可能發生的變化相比是一步變化。我們為有幸支持這一使命而感到自豪和感激。

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

我會把它傳遞給戴夫，讓我們了解財務狀況。

The fourth quarter of 2022 was a milestone quarter for us. For the first time in the company's history, we've achieved GAAP profitability. This was driven by our top line and bottom line outperformance, our continued management of stock-based compensation and fiscal discipline, the narrowing of losses from marketable securities and a gain from the acquisition of our Palantir Japan joint venture. On the back of that strength, we expect full year 2023 to be our first full year of GAAP profitability several years ahead of our original goal of GAAP profitability in 2025.

2022 年第四季度對我們來說是一個具有里程碑意義的季度。在公司歷史上，我們第一次實現了 GAAP 盈利能力。這是由於我們的頂線和底線表現出色、我們對基於股票的薪酬和財政紀律的持續管理、有價證券損失的縮小以及收購我們的 Palantir Japan 合資企業的收益。憑藉這種實力，我們預計 2023 年全年將成為我們實現 GAAP 盈利的第一個全年，比我們最初的 2025 年 GAAP 盈利目標早幾年。

Turning to our global top line results. We generated $1.91 billion in revenue in 2022, representing a growth rate of 24% year-over-year. In the fourth quarter of 2022, we generated $509 million in revenue, up 18% year-over-year and 6% sequentially. We generated $1.16 billion in total U.S. revenue in 2022, representing a growth rate of 32% over the year ago period. In the fourth quarter of 2022, U.S. revenue grew 19% year-over-year to $302 million. Overall, net dollar retention was 115%.

轉向我們的全球收入結果。我們在 2022 年創造了 19.1 億美元的收入，同比增長 24%。 2022 年第四季度，我們實現了 5.09 億美元的收入，同比增長 18%，環比增長 6%。 2022 年，我們在美國的總收入為 11.6 億美元，同比增長 32%。 2022 年第四季度，美國收入同比增長 19% 至 3.02 億美元。總體而言，淨美元保留率為 115%。

Customer count grew 55% year-over-year and 9% quarter-over-quarter. Revenue from our existing customers continues to expand. Fourth quarter trailing 12-month revenue from our top 20 customers increased 13% year-over-year to $49 million per customer.

客戶數量同比增長 55%，環比增長 9%。我們現有客戶的收入繼續擴大。第四季度前 20 大客戶過去 12 個月的收入同比增長 13% 至每位客戶 4900 萬美元。

Now moving on to our commercial segment. In 2022, our overall commercial revenue grew 29% year-over-year to $834 million. In the fourth quarter of 2022, our commercial revenue grew 11% year-over-year and 6% sequentially. Commercial revenue from strategic investment contracts was $20 million in the fourth quarter. We anticipate commercial revenue from these customers to be between $15 million to $17 million in the first quarter of 2023 compared to $39 million in the first quarter of 2022. Our full year U.S. commercial revenue grew 67% year-over-year to $335 million.

現在轉到我們的商業部門。 2022 年，我們的整體商業收入同比增長 29% 至 8.34 億美元。 2022 年第四季度，我們的商業收入同比增長 11%，環比增長 6%。第四季度來自戰略投資合同的商業收入為 2000 萬美元。我們預計 2023 年第一季度來自這些客戶的商業收入將在 1500 萬美元至 1700 萬美元之間，而 2022 年第一季度為 3900 萬美元。我們全年的美國商業收入同比增長 67% 至 3.35 億美元。

In the fourth quarter of 2022, U.S. commercial revenue grew 12% year-over-year to $77 million but was down sequentially as we saw headwinds from catch-up revenue in the prior quarter as well as a decline of revenue from customers in our strategic investment program given the outsized impact of the macro environment on these customers. Our U.S. commercial customer count grew 79% year-over-year and 8% quarter-over-quarter, marking the eighth consecutive quarter of sequential growth. In the fourth quarter of 2022, our international commercial business grew 11% year-over-year and 19% sequentially driven by new deals in APAC, Canada and Europe.

2022 年第四季度，美國商業收入同比增長 12% 至 7700 萬美元，但環比下降，因為我們看到上一季度收入追趕帶來的不利因素以及我們戰略客戶收入的下降鑑於宏觀環境對這些客戶的巨大影響，投資計劃。我們的美國商業客戶數量同比增長 79%，環比增長 8%，這是連續第八個季度實現環比增長。 2022 年第四季度，在亞太地區、加拿大和歐洲的新交易推動下，我們的國際商業業務同比增長 11%，環比增長 19%。

Turning to our government segment. In 2022, our government business grew 19% year-over-year to $1.07 billion. And in the fourth quarter of 2022, our government business grew 23% year-over-year to $293 million. We generated $826 million in U.S. government revenue in 2022, representing a growth rate of 22% year-over-year. In the fourth quarter of 2022, we generated $225 million in U.S. government revenue, representing a growth rate of 22% year-over-year and 8% sequentially. The sequential growth was driven by the commencement of certain U.S. government deals we announced last quarter.

轉向我們的政府部門。 2022 年，我們的政府業務同比增長 19% 至 10.7 億美元。 2022 年第四季度，我們的政府業務同比增長 23% 至 2.93 億美元。 2022 年，我們為美國政府創造了 8.26 億美元的收入，同比增長 22%。 2022 年第四季度，我們為美國政府創造了 2.25 億美元的收入，同比增長 22%，環比增長 8%。環比增長是由我們上個季度宣布的某些美國政府交易的開始推動的。

Fourth quarter billings were $387 million. Full year billings were $1.8 billion, up 21% year-over-year. TCV booked in the fourth quarter was $392 million. Full year TCV bookings was $2.7 billion, up 4% year-over-year.

第四季度賬單為 3.87 億美元。全年賬單為 18 億美元，同比增長 21%。第四季度預訂的 TCV 為 3.92 億美元。全年 TCV 預訂量為 27 億美元，同比增長 4%。

We ended 2022 with $3.7 billion in total remaining deal value and $973 million in remaining performance obligations. 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. Both remaining deal value and remaining performance obligations faced headwinds from the macroeconomic impact on customers from the strategic investment program. As a result, the total remaining deal value and the total value of our commercial contracts from our strategic investment program was down $262 million since last quarter as we continue to review the financial condition of these businesses. We'll continue to monitor the impact as the year progresses.

到 2022 年底，我們的剩餘交易總價值為 37 億美元，剩餘履約義務為 9.73 億美元。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範圍的合同義務，這兩種情況在我們的政府業務中都很常見。由於戰略投資計劃對客戶的宏觀經濟影響，剩餘交易價值和剩餘履約義務都面臨不利因素。因此，由於我們繼續審查這些業務的財務狀況，自上個季度以來，我們戰略投資計劃的剩餘交易總價值和商業合同總價值下降了 2.62 億美元。隨著時間的推移，我們將繼續監測影響。

Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 81% for the year and 82% for the quarter. Full year 2022 adjusted expenses, when excluding stock-based compensation and related employer payroll taxes, were $1.5 billion. Fourth quarter adjusted expenses were $394 million, down roughly 1% sequentially, reflecting measures we took in quarter to manage discretionary spending and our focus on efficiencies.

轉向保證金和費用。調整後的毛利率（不包括基於股票的補償費用）全年為 81%，本季度為 82%。扣除股票薪酬和相關雇主工資稅後，2022 年全年調整後的支出為 15 億美元。第四季度調整後的支出為 3.94 億美元，環比下降約 1%，反映了我們在本季度採取的管理可自由支配支出的措施以及我們對效率的關注。

Full year 2022 adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes, was $421 million. Fourth quarter adjusted income from operations was $114 million, representing an adjusted operating margin of 22%, 600 basis points ahead of our prior guidance. The significant beat on our adjusted income from operations guidance was driven by cost savings from our R&D efforts and disciplined spend management as well as moderated net head count additions in the fourth quarter.

2022 年全年調整後的運營收入為 4.21 億美元，其中不包括基於股票的薪酬和相關的雇主工資稅。第四季度調整後的運營收入為 1.14 億美元，調整後的運營利潤率為 22%，比我們先前的指引高出 600 個基點。我們從運營指導中調整後的收入明顯好於我們的研發工作節省的成本和嚴格的支出管理以及第四季度適度的淨員工人數增加。

The fourth quarter of 2022 was our strongest GAAP operating income quarter ever as we move closer to breakeven with an operating loss of $18 million. This is a testament to our disciplined spending amid the macro uncertainty as well as the normalization of our stock-based compensation expense overhang since becoming a public company. Stock-based compensation expense was down $38 million in the fourth quarter compared to the year ago period and down $213 million compared to the year ago period.

2022 年第四季度是我們有史以來最強勁的 GAAP 營業收入季度，因為我們接近收支平衡，營業虧損為 1800 萬美元。這證明了我們在宏觀不確定性的情況下有紀律的支出，以及自成為上市公司以來我們基於股票的補償費用過剩的正常化。第四季度基於股票的薪酬支出與去年同期相比下降了 3800 萬美元，與去年同期相比下降了 2.13 億美元。

As we look ahead to 2023, we will continue to exercise spend discipline across the company, pace hiring while continuing to invest in high priority areas, including in our product offerings, building out our go-to-market strategy and technical roles.

展望 2023 年，我們將繼續在全公司範圍內實施支出紀律，加快招聘步伐，同時繼續投資於高優先級領域，包括我們的產品供應，制定我們的上市戰略和技術角色。

In addition to GAAP profitability for full year 2023, we anticipate improvement in our GAAP operating income margins over the course of the year. Fourth quarter GAAP net income was $31 million. This was a result of a strong GAAP operating quarter in addition to $13 million of investment income from our balance sheet, narrowing of losses on marketable securities to $11 million and a $44 million gain from the acquisition of our Palantir Japan joint venture.

除了 2023 年全年的 GAAP 盈利能力外，我們預計我們的 GAAP 營業收入利潤率在這一年中會有所改善。第四季度 GAAP 淨收入為 3100 萬美元。這是 GAAP 運營季度強勁的結果，此外還有我們資產負債表中 1300 萬美元的投資收入，有價證券的損失縮小至 1100 萬美元，以及收購我們的 Palantir 日本合資企業獲得的 4400 萬美元收益。

But it's not just our GAAP profitability and operating performance that I'm excited about. Our combined revenue growth and adjusted operating margin was 40% in the fourth quarter and 46% in full year 2022, our third consecutive full year in excess of the Rule of 40 and a score that we will continue to strive to achieve throughout 2023.

但令我興奮的不僅僅是我們的 GAAP 盈利能力和經營業績。我們第四季度的收入增長和調整後的營業利潤率合計為 40%，2022 年全年為 46%，這是我們連續第三個全年超過 40 條規則，我們將在 2023 年繼續努力實現這一目標。

Full year adjusted earnings per share was $0.06, and GAAP earnings per share was negative $0.18. Fourth quarter adjusted earnings per share was $0.04, and GAAP earnings per share was $0.01, marking our first quarter of positive GAAP EPS.

全年調整後每股收益為 0.06 美元，GAAP 每股收益為負 0.18 美元。第四季度調整後每股收益為 0.04 美元，GAAP 每股收益為 0.01 美元，標誌著我們第一季度的 GAAP 每股收益為正。

In the fourth quarter of 2022, we generated $79 million in cash from operations, representing a margin of 15% and our eighth consecutive quarter of positive cash from operations. For the full year 2022, we generated $224 million in cash flow from operations, representing a 12% margin.

2022 年第四季度，我們從運營中產生了 7900 萬美元的現金，利潤率為 15%，這是我們連續第八個季度從運營中獲得正現金。 2022 年全年，我們產生了 2.24 億美元的運營現金流，利潤率為 12%。

We ended the fourth quarter with $2.6 billion in cash and cash equivalents, and no debt. We retain access to additional equity 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.

我們在第四季度結束時擁有 26 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 億美元的延遲提款期限貸款額度保留獲得高達 9.5 億美元的額外股本，這兩項額度均未完全提取。

Now turning to our outlook. For Q1 2023, we expect revenue of between $503 million and $507 million and adjusted income from operations of $91 million to $95 million. For full year 2023, we expect revenue of between $2.18 billion and $2.23 billion, adjusted income from operations of between $481 million to $531 million and GAAP net income.

現在轉向我們的前景。對於 2023 年第一季度，我們預計收入在 5.03 億美元至 5.07 億美元之間，調整後的運營收入在 9100 萬至 9500 萬美元之間。對於 2023 年全年，我們預計收入在 21.8 億美元至 22.3 億美元之間，調整後的運營收入在 4.81 億美元至 5.31 億美元之間，以及 GAAP 淨收入。

Before opening the call up for questions, I'd like to take a moment to thank Jeff Buckley, our outgoing Chief Accounting Officer, for his contributions to Palantir. Jeff has been an incredible leader and a member of our team on the journey from a private company to public company. We announced a few weeks ago that he'd be stepping down after the filing of our 10-K, and we're grateful that he will be staying on with us after to help with a seamless transition. We're excited to promote Heather Planishek to the role and look forward to continuing to build on both Jeff's and the team's successes.

在開始提問之前，我想花點時間感謝即將離任的首席會計官 Jeff Buckley 對 Palantir 的貢獻。在從私營公司到上市公司的過程中，傑夫一直是一位令人難以置信的領導者和我們團隊的一員。幾週前我們宣布他將在提交我們的 10-K 後辭職，我們很感激他將在我們完成無縫過渡後繼續留在我們身邊。我們很高興提拔 Heather Planishek 擔任該職位，並期待繼續在 Jeff 和團隊的成功基礎上再接再厲。

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

有了這個，我會把它交給安娜開始問答。

Thanks, Dave. We'll begin with a few questions from our shareholders before we open up the call. The top question is all related to GAAP profitability, with the #1 question from Abraham who asks, when is Palantir going to become profitable?

謝謝，戴夫。在開始電話會議之前，我們將從股東提出的幾個問題開始。最重要的問題都與 GAAP 盈利能力有關，亞伯拉罕的第一個問題是，Palantir 何時會盈利？

Well, we're profitable, and we were profitable this year on a year basis. I think -- because if you look at the questions that come to us and just the questions I get from clients and others, one of the main questions we've gotten in public and in private is, well, we know the products are transformational. We've seen them in the context of anti-terrorism, especially in Europe. We've seen them in the context of pandemic and now in the context of changing the course of history in Eastern Europe. But if it's so powerful and so good, why aren't you profitable? And I think we took this question a lot more seriously than I think people on the outside realize precisely because there are literally thousands and thousands of users and, at this point, countries, that depend on our product for their survival.

好吧，我們是盈利的，而且我們今年是按年盈利的。我認為——因為如果你看看我們收到的問題，以及我從客戶和其他人那裡得到的問題，我們在公開場合和私下里得到的主要問題之一是，好吧，我們知道這些產品是變革性的.我們在反恐的背景下看到過它們，尤其是在歐洲。我們已經在大流行的背景下看到了它們，現在又在改變東歐歷史進程的背景下看到了它們。但如果它這麼強大這麼好，你為什麼不賺錢呢？而且我認為我們對這個問題的重視程度比我認為外界人士意識到的要嚴重得多，因為確實有成千上萬的用戶，在這一點上，國家依賴我們的產品生存。

And while many of us watching this are obviously highly attenuate to share price, the people whose lives depend on our product have been very dependent on us and want to know that our financial stability now and in the future is guaranteed. So this has been much more of a priority to get us to this place.

雖然我們中的許多人都在關注這件事，但股價顯然已經大幅下跌，而生活依賴於我們產品的人們一直非常依賴我們，他們想知道我們現在和未來的財務穩定是否得到保證。因此，讓我們到達這個地方更重要。

I'm happy that we have long-term supporters and shareholders that are interested in this, and we will continue to be profitable this year. And so it's just a major achievement for Palantir.

我很高興我們有對此感興趣的長期支持者和股東，我們今年將繼續盈利。因此，這只是 Palantir 的一項重大成就。

I think another reason the question gets asked is because seemingly, no tech companies ever become GAAP profitable. And that does call into question the underlying value of their products. Yes. With that, next question.

我認為這個問題被問到的另一個原因是，似乎沒有一家科技公司能夠實現 GAAP 盈利。這確實讓人質疑他們產品的潛在價值。是的。有了這個，下一個問題。

Thanks, Alex. We also received a few questions on [Chat GBT] and AI. How does Palantir differentiate and compete with other AI software solutions and demonstrate the return on investment for potential clients?

謝謝，亞歷克斯。我們還收到了一些關於 [Chat GBT] 和 AI 的問題。 Palantir 如何與其他 AI 軟件解決方案區分開來並與之競爭，並展示潛在客戶的投資回報？

There's been a lot of talk about recent events in consumer Internet and OpenAI and incredible technologies that have been brought to bear. I think the biggest event in digitalization AI is actually on the battlefield. Palantir took over basically nonpublic programs when the rest of Silicon Valley at the time was very interested in not working with the military, potentially also opening offices in adversarial countries. At the time, AI was a joke, and most people purveying it were -- partially purveying some form of a PowerPoint bordering on fraud. And so we had a lot of thought going into this and spent the last 5 years building the core infrastructure that you would need to power and train AI algorithms.

關於最近在消費者互聯網和 OpenAI 中發生的事件以及已經產生的令人難以置信的技術，有很多討論。我覺得數字化AI最大的事件其實是在戰場上。噹噹時矽谷的其他人非常有興趣不與軍方合作時，Palantir 基本上接管了非公共項目，並有可能在敵對國家開設辦事處。當時，AI 只是一個笑話，大多數傳播它的人都是——部分傳播某種形式的 PowerPoint，近乎欺詐。因此，我們對此進行了很多思考，並在過去 5 年中構建了核心基礎設施，您需要這些基礎設施來支持和訓練 AI 算法。

The proof in the pudding is simply look at events in Eastern Europe. And so every country in the world is looking how to do it. But what's super interesting in the consumer context is the technologies we built that will allow you to do AI in private networks, institutions and enterprises, have precursor technologies that will take other companies 4 or 5 years to build. For example, how do you do AI in a regulated context? Look at a lot of our clients, they're almost all regulated in one form or another. Oil and gas is regulated. Hospitals are regulated. Health care is regulated. Manufacturers is regulated. You can't just run an algorithm on a private network the same way you could on a nonregulated public network.

布丁中的證據只是看看東歐發生的事件。因此，世界上每個國家都在研究如何做到這一點。但在消費者環境中超級有趣的是我們構建的技術將允許您在私人網絡、機構和企業中進行人工智能，擁有其他公司需要 4 或 5 年才能構建的先驅技術。例如，你如何在受監管的環境中做人工智能？看看我們的很多客戶，他們幾乎都以一種或另一種形式受到監管。石油和天然氣受到監管。醫院受到監管。醫療保健受到監管。製造商受到監管。您不能像在不受監管的公共網絡上那樣在專用網絡上運行算法。

And then there's security issues. There's transparency issues. In the war context, how do you know if the AI made the decision? Under what conditions does AI make the decision? Under who is responsible? What is the chain of authority? How do you do it while maintaining security? Because some of the people using the product may actually be working for the other side. There's just thousands and thousands of issues here that required years and years of software build, which we are now going to continue to supply to our allies across the world and to our consumer customers. So we're very, very excited about this, excited about the interest and excited about bringing the fight to our adversaries.

然後是安全問題。存在透明度問題。在戰爭背景下，你怎麼知道人工智能是否做出了決定？人工智能在什麼情況下做出決定？誰負責？什麼是權限鏈？如何在保持安全的同時做到這一點？因為使用該產品的某些人實際上可能正在為另一方工作。這裡只有成千上萬的問題需要多年的軟件構建，我們現在將繼續向我們在世界各地的盟友和我們的消費者客戶提供這些軟件。所以我們對此非常非常興奮，對將戰鬥帶給我們的對手的興趣和興奮感到興奮。

Thanks, Alex. We received a few questions on SBC and dilution, including one from Christopher, who asks at what point is Palantir hoping to reduce SBC?

謝謝，亞歷克斯。我們收到了一些關於 SBC 和稀釋的問題，其中一個來自 Christopher，他問 Palantir 希望在什麼時候減少 SBC？

Thanks, Christopher. We're laser-focused on SBC and we have been the last few years. If you go back to the quarter that we went public, Q3 of 2020, we had $849 million in that quarter of SBC. You go back to Q4 of 2022 just last quarter, it was only $129 million. The last 6 quarters, we've been down sequentially each quarter with our SBC, and 2022 versus 2021 is down 27% year-over-year.

謝謝，克里斯托弗。我們專注於 SBC，過去幾年一直如此。如果你回到我們上市的那個季度，即 2020 年第三季度，我們在 SBC 的那個季度有 8.49 億美元。你回到上個季度的 2022 年第四季度，它只有 1.29 億美元。在過去的 6 個季度中，我們的 SBC 每個季度都在連續下降，2022 年與 2021 年相比同比下降 27%。

Stepping back, the ultimate test around SBC is really like, are you GAAP profitable? And the answer now is yes. It was yes in Q4. And as we look forward to 2023, the answer is yes there as well.

退一步說，圍繞 SBC 的最終測試真的很像，你的 GAAP 盈利嗎？現在的答案是肯定的。第四季度是肯定的。當我們期待 2023 年時，答案也是肯定的。

Equity overall, we want to make sure that we align employees and our stockholders. And you sort of see that in the current results, which are all resulting in GAAP profitability. And so we plan to keep that alignment, to push on the top line, improve the margin and to stay GAAP profitable.

總體而言，我們希望確保我們使員工和股東保持一致。你在當前的結果中看到了這一點，這些結果都導致了 GAAP 盈利能力。因此，我們計劃保持這種一致性，推動收入增長，提高利潤率並保持 GAAP 盈利。

Thanks, Dave. This next question is for you, Ryan. Zachary asks, what are Palantir's primary goals for 2023?

謝謝，戴夫。下一個問題是給你的，Ryan。 Zachary 問，Palantir 2023 年的主要目標是什麼？

Thanks, Zachary. We're planning to keep our heads down, keep doing what we've been doing, which means delivering to our customers on their critical missions with an eye towards long-term growth. And what that specifically means is continuing to focus on both top line and bottom line, our revenue growth, adjusted operating margins and delivering on GAAP profitability, as we've laid out.

謝謝，扎卡里。我們計劃保持低調，繼續做我們一直在做的事情，這意味著在著眼於長期增長的同時為我們的客戶提供關鍵任務。正如我們已經制定的那樣，這具體意味著繼續關注頂線和底線、我們的收入增長、調整後的營業利潤率和實現 GAAP 盈利能力。

In the U.S. commercial space, we grew 67% year-over-year. As I highlighted earlier, we have a lot of strong indicators of momentum going into this year, and we expect to deliver another landmark year in U.S. commercial.

在美國商業領域，我們同比增長 67%。正如我之前強調的那樣，今年我們有很多強勁的勢頭指標，我們預計美國商業將迎來又一個具有里程碑意義的一年。

In the U.S. government space, we'll continue doubling down on the backbone of our business, one of our most important customers, which means seeking to accelerate defense, civil and intelligence space. And obviously, there are factors such as whether or not there's a continuing resolution that might affect the timing of that, but our long-term outlook on U.S. government is extremely strong.

在美國政府領域，我們將繼續加倍關注我們最重要的客戶之一的業務支柱，這意味著尋求加速國防、民用和情報領域。顯然，有一些因素，例如是否有持續的決議可能會影響解決的時間，但我們對美國政府的長期前景非常樂觀。

In the international space, we're looking to grow the defense business outside of the U.S. as our allied countries are looking to deploy the expertise that we've honed over 20 years around the world in the most important missions. We're looking to grow our work in civil. We're particularly excited about health care and keep our momentum in the U.K. government. And all while doing that, we seek to continue to deliver on GAAP profitability.

在國際領域，我們正在尋求在美國以外發展國防業務，因為我們的盟國正在尋求部署我們在全球最重要的任務中磨練了 20 多年的專業知識。我們希望在民用領域發展我們的工作。我們對醫療保健感到特別興奮，並保持我們在英國政府中的勢頭。在這樣做的同時，我們尋求繼續實現 GAAP 盈利能力。

A different version of that is we will maintain our discipline around GAAP profitability precisely because the world is recognizing our crucial contribution to the West. We see this in war. We see this in the commercial areas. We see this in health care. We see this where people are embracing technology, especially in the U.S., especially around AI, especially around AI with security models, in private networks. And so there's a tethering between our financial discipline and our ability to just continue crushing in the service of what we believe is important, Western institutions and that they survive and thrive better than our adversarial institutions.

一個不同的版本是，我們將保持我們在 GAAP 盈利能力方面的紀律，因為世界正在認識到我們對西方的重要貢獻。我們在戰爭中看到了這一點。我們在商業領域看到了這一點。我們在醫療保健中看到了這一點。我們在人們擁抱技術的地方看到了這一點，尤其是在美國，尤其是圍繞人工智能，尤其是圍繞具有安全模型的人工智能，在私有網絡中。因此，我們的財務紀律與我們繼續為我們認為重要的西方機構提供服務的能力以及它們比我們的敵對機構生存和發展得更好的能力之間存在著一種束縛。

Thank you, Ryan and Alex. Our next question is from Brent with Jefferies. (Operator Instructions)

謝謝你，瑞安和亞歷克斯。我們的下一個問題來自布倫特和傑富瑞。 （操作員說明）

Dr. Karp, as it relates to the government business, I'm curious if you could just give us an update. I think last year, you had mentioned there were a handful of transactions that got pushed and ultimately not exactly sure what happened there. If you could address that.

卡普博士，因為它與政府業務有關，我很好奇你是否可以向我們介紹最新情況。我想去年，你曾提到有幾筆交易被推動，但最終並不確定那裡發生了什麼。如果你能解決這個問題。

And then secondarily, there was a CBC reporter that I think you spoke to just had some comments about strategic interest in Palantir. And I'm just curious if you can just recap maybe what that conversation was and just ultimately how you're thinking about current multiples and where things have gone to you at this point.

其次，我想你採訪過的一位 CBC 記者剛剛對 Palantir 的戰略利益發表了一些評論。我很好奇你是否可以回顧一下那次談話是什麼，以及你最終是如何考慮當前的倍數以及此時事情發生了什麼。

Taking the second question first. Really, we've been asked -- we were asked -- a number of reporters have asked me and in general, since -- look, you have a general move where in the last 5 years, enterprise software has moved from being a sales motion to an existential part of the enterprise, whether the enterprises commercial or in government. The war in the Ukraine proves this. I think most commercial entities in America know this. It's not clear that people know this outside of America, but this is a crucial part of your enterprise.

先回答第二個問題。真的，我們被問過 - 我們被問過 - 很多記者問過我，總的來說，因為 - 看，在過去的 5 年裡，企業軟件已經從銷售變成了銷售向企業的存在部分提出動議，無論是商業企業還是政府企業。烏克蘭戰爭證明了這一點。我認為美國的大多數商業實體都知道這一點。不清楚美國以外的人是否知道這一點，但這是您企業的重要組成部分。

It's also pretty clear that we've built proprietary technology that will allow you to do this in private networks in the context of regulated enterprises that is not available anywhere else. And it would take years and years to build. And that just generates a lot of interest in not -- in Palantir in a way that you didn't have before. And so our basic view of Palantir is we are in this to make institutions of the West stronger. We believe we're winning. Because we're winning, I think there's going to be a lot of interest in us in buying our software and potentially in buying us, but we are pretty focused on our product, which is us. So really not thinking about that very much at all. Gratified that there's been speculation all over that people might want to buy us, but that's really irrelevant.

很明顯，我們已經構建了專有技術，允許您在受監管企業的背景下在專用網絡中執行此操作，這是其他任何地方都無法做到的。建造起來需要很多年。這只是以一種你以前沒有的方式對 Palantir 產生了很大的興趣。因此，我們對 Palantir 的基本看法是，我們致力於讓西方的機構更加強大。我們相信我們贏了。因為我們贏了，我認為我們會很感興趣購買我們的軟件，並有可能購買我們，但我們非常專注於我們的產品，也就是我們自己。所以真的根本沒有考慮太多。令人欣慰的是，人們一直在猜測人們可能想收購我們，但這真的無關緊要。

Then on government, there's really -- you're asking about the U.S. government. The U.S. government has these continuing resolutions. We have a number of large-scale contracts that are in the works. There's really no update. The only update is with this call is coming from Washington, it's coming from Washington because regulators, people in Congress and people in the military also have seen what's going on. And there's just a different level of interest in what we provide.

然後在政府方面，真的——你問的是美國政府。美國政府有這些持續的決議。我們有許多正在進行中的大型合同。真的沒有更新了唯一的更新是這個電話來自華盛頓，它來自華盛頓是因為監管機構、國會議員和軍方人士也看到了正在發生的事情。只是人們對我們提供的東西感興趣程度不同。

It's just -- what does that mean year-to-year? I don't know. I do know that the CAGR on our U.S. government has historically been over 30%. And I think there's a debate among people who support us or don't support us whether that's going to be in the future, the future will represent the past. I would say every time you open the news, you see another thing that makes Palantir more valuable, whether it's wars in the East or balloons over our society. This is a world that is dangerous that needs AI-driven and, in general, software-driven weaponry. And no other company in the world has been focused on this for the last 20 years than we are. And we are also on these programs. So the short version is no news. The long version is I'm very optimistic.

這只是 - 年復一年意味著什麼？我不知道。我知道我們美國政府的複合年增長率歷來超過 30%。而且我認為支持我們或不支持我們的人之間存在爭論是否會在未來發生，未來將代表過去。我想說的是，每次你打開新聞，你都會看到另一件讓 Palantir 更有價值的事情，無論是東方的戰爭還是我們社會上空的氣球。這是一個危險的世界，需要人工智能驅動，一般來說，需要軟件驅動的武器。在過去的 20 年裡，世界上沒有其他公司比我們更專注於此。我們也在參與這些計劃。所以短版不是新聞。長版本是我非常樂觀。

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 my question is about the revenue growth into next year. Do you mind describing what are the main drivers that make [14 to 17]...

所以我的問題是關於明年的收入增長。您介意描述一下 [14 到 17] 的主要驅動因素是什麼嗎？

By the way, your -- we lost you. We lost you after what are the main drivers. I think what you're asking is what are the main drivers that will affect us, our revenue build this year?

順便說一下，你的——我們失去了你。在主要驅動因素之後我們失去了你。我想你問的是影響我們今年收入增長的主要驅動因素是什麼？

All right. I don't know if you can still hear me or not.

好的。我不知道你是否還能聽到我的聲音。

Sporadically. I'll say -- I don't know if you guys want to say a couple of words on this or do you want me to launch into my...

偶爾。我會說——我不知道你們是想就此說幾句話，還是想讓我談談我的……

Yes. I think -- thank you, Mariana. So I think as we highlighted, like momentum in U.S. commercial is strong. We expect it to be a key part of our growth in our business. U.S. government, obviously critical to our business. Now we expect to see more of that coming later in Q2 and second half of the year. And then in the international business, I think it's continued to deliver on the defense-related initiatives that we're working on. I think combined, those will be the key drivers for our...

是的。我想——謝謝你，瑪麗安娜。所以我認為正如我們強調的那樣，美國商業的勢頭強勁。我們希望它成為我們業務增長的關鍵部分。美國政府，顯然對我們的業務至關重要。現在我們預計在第二季度晚些時候和今年下半年會看到更多這樣的事情發生。然後在國際業務中，我認為它繼續提供我們正在努力的與國防相關的舉措。我認為結合起來，這些將成為我們……的關鍵驅動力。

Maybe a more direct answer or one that is -- roughly 61% of our business comes from the U.S. I think there's a lot of positive indicators that, that will continue to grow. I'm bullish on commercial. I just met with our commercial team. I suspect that will grow north of 40%. There's lots of reasons for that. The main -- despite the fact that we may have a recession, and of course, the recession is severe enough, it will affect our revenue in the U.S. But you see a lot of positive -- our customers went from something like 80 to 143 last year. It's almost 70%, 80% growth.

也許一個更直接的答案是——我們大約 61% 的業務來自美國。我認為有很多積極的指標表明，這些指標將繼續增長。我看好商業。我剛剛會見了我們的商業團隊。我懷疑這將增長 40% 以上。這有很多原因。主要的——儘管我們可能會經歷經濟衰退，當然，經濟衰退已經夠嚴重了，它會影響我們在美國的收入。但你會看到很多積極的因素——我們的客戶從 80 人左右增加到 143 人去年。幾乎是 70%、80% 的增長。

And then in the U.S., we only have 15% of the top 1,000 companies buying our product, which means we have a lot of room for growth. And last and not least, arguably, most importantly, in the U.S., all parts of the enterprise buy our product. So outside the U.S., it's really CEOs forcing business decision for us on the company, which is historically how we sold our product all over the world. Inside the U.S., it's IT people. It's subdivisions, it's CEOs. Really doesn't matter. They buy different parts of the product, and they're friendly to new things, and they've also gone through a cycle of seeing a lot of the enterprise products are just for churning and storing your data that there's not many results, and they're actually very expensive. And people are suspectful of having a compute model and something that gives you a margin. So U.S., it looks very strong.

然後在美國，前 1000 家公司中只有 15% 的公司購買我們的產品，這意味著我們有很大的增長空間。最後也是最重要的一點，可以說，最重要的是，在美國，企業的所有部門都購買我們的產品。因此，在美國以外，實際上是 CEO 為我們在公司上強迫我們做出商業決策，這在歷史上是我們在世界各地銷售產品的方式。在美國，是 IT 人員。這是細分部門，是首席執行官。真的沒關係。他們購買產品的不同部分，他們對新事物很友好，他們也經歷了一個週期，看到很多企業產品只是用來攪拌和存儲你的數據，結果並不多，他們'其實很貴。人們懷疑有一個計算模型和一些可以給你帶來利潤的東西。所以美國，它看起來非常強大。

U.S. government, we've already been asked about. The weakness in our business is just non-U.S. commercial that grew around 12% last year. I think outside the U.S., they're a lot less friendly to new innovations. It's not clear how they'll react to AI, although we can do AI in the context of data protection. You just have a lack of resistivity in parts of Europe to new technology. So the over-under is, the 61% of our business that is strong is growing and will be a larger part of our business. I suspect the macro environment is largely driven by adversarial nations to America will help us.

美國政府，我們已經被詢問過。我們業務的弱點只是去年增長了 12% 左右的非美國商業業務。我認為在美國以外，他們對新的創新不太友好。目前尚不清楚他們將如何對 AI 做出反應，儘管我們可以在數據保護的背景下進行 AI。你只是在歐洲部分地區缺乏對新技術的抵抗力。因此，總的來說，我們 61% 的強大業務正在增長，並將占我們業務的更大一部分。我懷疑宏觀環境在很大程度上是由敵對國家推動的，美國會幫助我們。

And then international government, I think that's very likely over time to be very strong because the MetaConstellation product looks like the most cost-effective way to defend your country in the world. And our Ukrainian allies are willing to talk about it and see its value. So I see a lot of -- and we're already seeing countries that are on the border of adversaries, being very, very interested in this product.

然後是國際政府，我認為隨著時間的推移這很可能會非常強大，因為 MetaConstellation 產品看起來是世界上保衛你的國家最具成本效益的方式。我們的烏克蘭盟友願意談論它並看到它的價值。所以我看到很多 - 我們已經看到處於敵對邊界的國家對這種產品非常非常感興趣。

So the way I would think about this is think of the U.S. -- I think of the U.S. as being strong. International government is being a real possibility, and a drag is just the economic and cultural events in Europe, which is still a significant part of our business. So that's the over-under.

所以我想這個的方式是想想美國——我認為美國很強大。國際政府正在成為一個真正的可能性，拖累的只是歐洲的經濟和文化事件，這仍然是我們業務的重要組成部分。所以這就是過度。

Thanks, Alex. Our last question is from Gabriela with Goldman Sachs. (Operator Instructions)

謝謝，亞歷克斯。我們的最後一個問題來自高盛的加布里埃拉。 （操作員說明）

Great. A couple of follow-ups on your commercial business. Firstly, could you give us a little detail on how the large deal pipeline is evolving? And as the macro impacting our ability to close any of the deals in the U.S. on large deals specifically?

偉大的。關於您的商業業務的一些後續行動。首先，您能否詳細介紹一下大型交易渠道的演變情況？隨著宏觀經濟影響我們在美國完成任何交易的能力，特別是大型交易？

And then secondly, as you think about the mix between large deals and small deals, are you seeing engagement to date from your U.S. customers that are landing potentially smaller quota in the half a million dollar kind of range, are you seeing engagement to date that suggests the path towards your classic kind of $3 million to $5 million opportunity?

然後其次，當你考慮大交易和小交易之間的組合時，你是否看到你的美國客戶迄今為止的參與度可能在 50 萬美元的範圍內獲得較小的配額，你是否看到迄今為止的參與度是否建議通向經典的 300 萬至 500 萬美元機會的路徑？

Great. So I think on the first question, one, we're obviously seeing our largest customers are growing. If you look at the top 20 customers we have, we're seeing growth there. As you see the average customer size is decreasing, and that's in part because of the volume of customers that we're bringing on to the customers into our space. And so I think we're seeing both growth in large customers and a broader set of customers, which -- but at the same time, I think in Q4, we saw a number of those smaller customers come on, convert into larger deals within the quarter, particularly in the commercial space.

偉大的。所以我認為關於第一個問題，我們顯然看到我們最大的客戶正在增長。如果你看看我們擁有的前 20 大客戶，我們就會看到那裡的增長。如您所見，平均客戶規模正在下降，部分原因是我們將客戶帶到我們的空間中。所以我認為我們看到大客戶和更廣泛的客戶群都在增長，但與此同時，我認為在第四季度，我們看到許多較小的客戶出現，並轉化為更大的交易本季度，尤其是在商業領域。

And we're seeing a number of these smaller customers convert to longer-term enterprise deals, and we're seeing the momentum there. I also think, at the same time, we're seeing a lot of -- the ability to sell across a broader set of customers in a smaller price range in a way that we can get started at a smaller price point, but then grow from there as well.

我們看到這些較小的客戶中有許多正在轉變為長期企業交易，並且我們看到了那裡的勢頭。我還認為，與此同時，我們看到了很多——以更小的價格範圍向更廣泛的客戶群進行銷售的能力，我們可以從更小的價格點開始，然後增長也從那裡。

53% of our business are large deals, and that's almost $50 million. So that -- some people love that. Some people don't. I like it because it means we're a little more recession-proof. So then you have a tale of 2 stories, tale of 2 cities. The small -- the average revenue size went from $6.5 million to just over $5 million. So it's decreasing. It's decreasing for exactly the reason Ryan says. It's decreasing because we're doing well in the U.S. Most U.S. commercial customers don't buy $50 million contracts. They buy $2 million, $3 million contracts.

我們 53% 的業務是大宗交易，接近 5000 萬美元。所以 - 有些人喜歡這樣。有些人沒有。我喜歡它，因為這意味著我們更能抵禦衰退。那麼你就有了 2 個故事的故事，2 個城市的故事。小 - 平均收入規模從 650 萬美元增加到略高於 500 萬美元。所以它在減少。由於 Ryan 所說的原因，它正在減少。它正在減少，因為我們在美國做得很好。大多數美國商業客戶不會購買 5000 萬美元的合同。他們購買了 200 萬美元、300 萬美元的合同。

I think we're going to see a lot more of that. What I see on the ground there are a lot of people wanting to use our software. We believe in our software. So we're open to a lower price point. We are more expensive than what I would call for some other products, but that we also think it's more valuable.

我想我們會看到更多這樣的事情。我在實地看到有很多人想要使用我們的軟件。我們相信我們的軟件。所以我們對更低的價格點持開放態度。我們比我對其他一些產品的要求更貴，但我們也認為它更有價值。

So I think what you're going to see is kind of a tale of 2 cities at Palantir, large contracts getting larger and many, many more small contracts, especially in the U.S.

所以我認為你將看到的是 Palantir 兩個城市的故事，大合同越來越大，小合同越來越多，尤其是在美國。

Thank you, Alex and Ryan. Alex, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?

謝謝你，亞歷克斯和瑞安。亞歷克斯，我們有很多個人投資者在線。在我們結束通話之前，你有什麼想說的嗎？

We -- I value individual investors quite a bit. We do at Palantir -- all of us at Palantir, individual investors. We listen to you. We are very proud that we're GAAP profitable in Q4 last year. We plan to be GAAP profitable this year. That's in part because we listened to you. It's in great part because we listened to our partners and customers on the front line and at institutions that rely on us for their livelihood and for their life that they need to -- they need a company, they need Palantir to be as strong as possible. That's why we became -- we went into the black, why we're planning to stay in the black on a yearly basis and why we have $2.6 billion in the bank and no debt. And it's going to be tough weather out there. We believe, I believe the macroeconomic environment, the political environment is going to be rough and often terrible. That gives Palantir crucial role, and we really, really respect your support.

我們——我非常重視個人投資者。我們在 Palantir 做——我們所有人都在 Palantir，個人投資者。我們聽你的。我們為去年第四季度的 GAAP 盈利感到非常自豪。我們計劃今年實現 GAAP 盈利。這部分是因為我們聽取了您的意見。這在很大程度上是因為我們聽取了前線的合作夥伴和客戶以及依賴我們謀生和生活的機構的意見——他們需要一家公司，他們需要 Palantir 盡可能強大.這就是為什麼我們變成了——我們進入了盈利狀態，為什麼我們計劃每年保持盈利，為什麼我們在銀行有 26 億美元而且沒有債務。那裡的天氣會很惡劣。我們相信，我相信宏觀經濟環境，政治環境會很艱難，而且往往很糟糕。這賦予了 Palantir 至關重要的作用，我們真的非常尊重您的支持。

Thank you. That concludes Q&A for today's call.

謝謝。今天的電話會議問答到此結束。