Palantir Technologies Inc (PLTR) 2023 Q2 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 second quarter 2023 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. 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 2023 results, management's expectations for our future financial and operational performance and other statements regarding our plans, prospects and expectations.

午安.我是 Palantir 財務團隊的 Ana Soro，歡迎您參加我們的 2023 年第二季財報電話會議。我們將在市場收盤後發布的新聞稿中討論該結果，並發佈在我們的投資者關係網站上。在電話會議期間，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們的第三季度和 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的計劃、前景和期望的其他聲明。

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 after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

這些聲明並非承諾或保證，並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。有關這些風險的資訊可在我們今天收盤後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查閱。除非法律要求，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. 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.

此外，在今天的電話會議中，我們將參考某些調整後的財務指標。這些非 GAAP 財務指標應作為 GAAP 指標的補充而不是替代或孤立地看待。我們今天提供的新聞稿和投資者介紹中包含了有關這些非公認會計準則指標的更多信息，包括非公認會計準則與可比公認會計準則指標的調節。我們的新聞稿、投資者介紹和 SEC 文件可在投資者關係網站 investors.palantir.com 上查閱。在通話過程中，我們在討論業務時會參考各種成長率。除非另有說明，這些比率反映的是同比變化。

Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Alex for opening remarks.

參加今天電話會議的還有執行長 Alex Karp； Shyam Sankar，首席技術長；戴夫‧格雷澤 (Dave Glazer)，財務長；以及首席營收長兼首席法律長 Ryan Taylor。現在我會把時間交給亞歷克斯來致開場白。

Welcome to our earnings. We are at a unique period at Palantir. Through the course of the last 20 years, we built what is an arguably one of the most interesting, impactful product offerings in the world: PG&E; Foundry; our target selection platform, Apollo. Our goal at Palantir was to be the most impactful, important software company in the world, a company transforming Western institutions. And the underlying goal there was to make the West stronger and to make Palantir the most important software company in the world.

歡迎來到我們的收益。 Palantir 正處於一個特殊時期。在過去的 20 年裡，我們打造了一個可以說是世界上最有趣、最有影響力的產品之一：PG&E；鑄造廠；我們的目標選擇平台 Apollo。 Palantir 的目標是成為世界上最具影響力、最重要的軟體公司，改變西方機構的公司。其根本目標是讓西方更強大，讓 Palantir 成為世界上最重要的軟體公司。

In a weird way, in the last couple of months since we launched AIP, since we had AIPCon, we have seen the way in which technologies we built that seem to be of moderate utility were built almost in anticipation of the AI revolution, both algorithmatic and large language models. And that convergence has remade Palantir, taking Palantir away from its terminal value being it made the world better by making our institutions in the West stronger, more productive, more efficient, in some cases, more deadly, to giving us the aspiration and realistic perspective of being the most valuable enterprise software company in the world.

奇怪的是，自從我們推出 AIP 以來的幾個月裡，自從我們舉辦 AIPCon 以來，我們已經看到，我們構建的似乎具有中等實用性的技術幾乎是在預期人工智能革命的情況下構建的，包括演算法和大型語言模型。這種融合重塑了 Palantir，使 Palantir 的終極價值不再是讓世界變得更美好，讓西方的機構變得更強大、更有生產力、更高效，在某些情況下甚至更致命，而是賦予我們成為世界上最有價值的企業軟體公司的願望和現實視角。

We see a market, especially in the U.S., which is hungry for an ability to apply AI, both large language models and algorithms, to transform our businesses. I believe this transformation will change the GDP of America, and that Palantir will participate in that -- in the delta between where the GDP is now and where it will get to, powered by unique technologies that are almost exclusively being built in the United States and are being adopted more rapidly, more efficiently with more vigor.

我們看到一個市場，特別是在美國，渴望應用人工智慧（大型語言模型和演算法）來改變我們的業務的能力。我相信這種轉變將改變美國的 GDP，而 Palantir 將參與其中——在 GDP 的當前水平和未來水平之間的差異中，由幾乎全部在美國開發的獨特技術驅動，並且這些技術正在以更快、更有效和更有活力的方式被採用。

Of course, there are headwinds. Many of the people and companies who have no product to offer and -- or do not have the technical capabilities to build them are trying to slow down this revolution for the obvious reason that they're not participating. And these tools are accelerating innovation so that if you're not participating in, you're literally standing still while everyone is accelerating. And there are no longer luxury products in the way people thought having world-class software was. So buying Foundry appeared to many institutions as well. Of course, it's the best product, but it's -- it would require us to change how we function or change how we procure a software.

當然，也存在一些阻力。許多沒有產品可提供或不具備生產產品技術能力的個人和公司正試圖減緩這場革命，原因很明顯，他們沒有參與。這些工具正在加速創新，因此，如果你不參與，那麼當每個人都在加速創新時，你實際上就停滯不前了。而且，不再存在人們所認為的世界級軟體那樣的奢侈品了。因此，收購 Foundry 也出現在了許多機構的眼中。當然，它是最好的產品，但它需要我們改變我們的運作方式或改變我們採購軟體的方式。

By the way, the large language model revolution has changed Palantir's relationships institutions because we were misaligned for years and years with IT, all globally. We were misaligned with the way in which we thought an enterprise should be run. But the way in which you actually can process large language models to get more exact, more precise, more operationally valuable insights, the way you can actually write them safely into your enterprise, meaning you can control your enterprise, the way you can turn them into logic that allows you to power your enterprise both in the read-write function with governance that is mandated by law or by ethics, we provide. Those ways of working are exactly the ways we always thought one would have to work. But before, the delta was insufficient. And then last not least, there's no road map.

順便說一句，大型語言模型革命改變了 Palantir 的關係機構，因為我們多年來與全球 IT 一直存在差距。我們對企業運作方式的認知有偏差。但是，我們提供的方法是您能夠處理大型語言模型以獲得更準確、更精確、更具操作價值的見解，您可以將它們安全地寫入您的企業，這意味著您可以控制您的企業，您可以將它們轉化為邏輯，從而使您能夠透過法律或道德規定的治理在讀寫功能中為您的企業提供支援。這些工作方式正是我們一直認為一個人必須工作的方式。但之前，增量是不足的。最後同樣重要的一點是，沒有路線圖。

Palantir is the world's best at no-road-map innovation, products built for a world where things disintegrate and you actually need to do things in the way they would be done in the natural state. So in the natural state, you would have something like Foundry, you would have an Ontology, you would have AIP. Institutions in America are going back to their natural state, a state for which we've built products especially in the U.S. You see this in Palantir's numbers. So why is that? Because we built products for the natural state of how an enterprise should work. That state is apparent to people because of the enormous power, the power to accelerate time, to change your business using large language models. And therefore, it is something which people embrace.

Palantir 是全球最擅長無路線圖創新的公司，其產品是為一個事物分崩離析的世界而打造的，你實際上需要按照自然狀態下的方式來做事。因此在自然狀態下，你會擁有像 Foundry 這樣的東西，你會擁有 Ontology，你會擁有 AIP。美國的機構正在回歸其自然狀態，我們專門在美國打造了產品，以實現這一狀態。那麼，為什麼呢？因為我們打造的產品是針對企業運作的自然狀態的。這種狀態之所以為人們所共見，是因為擁有巨大的力量，能夠加速時間，能夠使用大型語言模型來改變業務。因此，它是受到人們歡迎的。

We've now moved from being -- and that product, our product, our culture fits both efficiently and in a way that's charismatic to especially U.S. commercial institutions and also government institutions that are realistically aware of the dangers of adversaries who are cunning and exceedingly competent especially at technology. So this puts us in a remade, transformed position where we can -- the aspiration of powering our most important institutions, which is clearly nowhere near done. So intelligence and defense has gotten us to the point where I think it's indisputable that Palantir's software in that space is the most important in the world.

我們現在不再是——我們的產品、我們的文化以一種既高效又富有魅力的方式適應美國商業機構和政府機構，這些機構現實地意識到了狡猾且極其精通技術的對手的危險。因此，這將我們置於一個重塑和轉變的地位，我們可以實現為我們最重要的機構提供動力的願望，但這顯然還遠未實現。所以，情報和防禦已經讓我們達到了這樣的程度，我認為，無可爭辯的是，Palantir 在該領域的軟體是世界上最重要的。

Now while continuing to focus on that, we can focus on, okay, but given that we've built these precursor technologies, given that our product has moved from being nascent to having thousands of users, the AIP product, given that we believe that the reception to this is unlike anything we've seen in P&G, Foundry, Apollo, target selection, and given the receptivity of the market, also not to mention that we have been profitable now, we expect to be eligible for the S&P for several quarters. We've been profitable that we have over $3 billion in the bank, that positions us to fulfill our new aspiration. It allows us to see in the future how we would do that, which is to simply be the most valuable enterprise software company in the world. And we are joyous for this moment. And thank you for being with us today.

現在，在繼續關注這一點的同時，我們可以專注於，好的，但鑑於我們已經建立了這些前身技術，鑑於我們的產品已經從新興產品發展到擁有數千名用戶，鑑於我們相信對此的接受程度與我們在寶潔、Foundry、Apollo、目標選擇中看到的任何東西都不一樣，鑑於市場的接受度，更不用說我們現在已經盈利，我們預計將在幾個季度內有資格獲得標準指數。我們一直獲利，銀行帳戶中有超過 30 億美元，這使我們能夠實現新的願望。它讓我們看到了未來我們將如何做到這一點，那就是成為世界上最有價值的企業軟體公司。這一刻我們感到欣喜。感謝您今天的來訪。

For the third consecutive quarter, our company achieved GAAP profitability and again maintained a GAAP operating income in Q2. This is a testament to our steadfast focus and commitment to delivering results and impact for our partners, all while innovating against the AI opportunities ahead.

我公司連續第三季實現GAAP獲利，並在第二季再次維持了GAAP營業收入。這證明了我們堅定不移地專注於為合作夥伴提供成果和影響，同時針對未來的人工智慧機會進行創新。

Last quarter, we hosted AIPCon, which convened over 150 unique organizations as we formally launched our new AIP product offering and customers demonstrated how we're partnering with them to unlock the value of AI. For example, Jacobs Engineering highlighted how AIP is enabling them to monitor current system conditions and conduct future infrastructure planning in real time versus the months of analysis it would have taken previously. Similarly, J.D. Power's Chief Digital and Technology Officer asserted that the advantage comes not from the AI models you can build, but rather how you apply them to the data you have and deploy it into applications. This is where true value is created for our customers and where we stand poised to help.

上個季度，我們主辦了 AIPCon，召集了 150 多個獨特組織，正式推出了我們的新 AIP 產品，客戶展示了我們如何與他們合作釋放 AI 的價值。例如，Jacobs Engineering 強調了 AIP 如何使他們能夠監控當前系統狀況並即時進行未來基礎設施規劃，而以前則需要數月的分析。同樣，J.D. Power 的首席數位和技術長聲稱，優勢不是來自於你可以建立的人工智慧模型，而是如何將它們應用到你擁有的數據中並將其部署到應用程式中。這就是我們為客戶創造真正價值的地方，也是我們隨時準備好提供協助的地方。

The CEO of Novartis was recently interviewed on CNBC discussing our partnership in which we created an integrated data lake that they are now leveraging to move AI forward quickly within the company, which the CEO calls Novartis' "fundamental advantage" over its peers. We launched AIP just 10 weeks ago, and already we're seeing unprecedented inbound interest. AIP is also opening expansion conversations with our largest, longest tenured customers as the new capabilities are causing them to reimagine how they can use our software. Looking at both existing and new customers, AIP is the solution for organizations who want to wheel the LLM securely in their enterprise. We remain focused on aggressively capitalizing on this momentum by driving compounding growth of AIP usage. As this fast-moving market evolves and expands, so too will we. And it's just the beginning. This increasing demand will be incremental to the results you see today.

諾華公司的執行長最近接受了 CNBC 的採訪，討論了我們的合作夥伴關係，我們創建了一個整合資料湖，他們現在利用該資料湖在公司內部快速推動人工智慧發展，執行長稱這是諾華相對於同行的「根本優勢」。我們僅在 10 週前推出了 AIP，但我們已經看到了前所未有的關注。 AIP 也正在與我們最大、合作時間最長的客戶展開擴展對話，因為新功能正在促使他們重新想像如何使用我們的軟體。無論是現有客戶或新客戶，AIP 都是希望在企業中安全地推行 LLM 的組織的解決方案。我們將繼續致力於積極利用這一勢頭，推動 AIP 使用量的複合成長。隨著這個快速發展的市場不斷發展和擴張，我們也將不斷發展和擴張。這只是一個開始。這種不斷增長的需求將會對您今天看到的結果產生增量作用。

Our U.S. commercial business continues to deliver outsized results. With our rapidly growing customer count, we are seeing the beginning of the network effects in the segment, whether in events like AIPCon through direct customer referrals to their network or by leaders working with us in one organization, taking us with them to their next one. We expect the expansion effect to be multiplicative.

我們的美國商業業務持續取得巨大成果。隨著我們的客戶數量迅速增長，我們看到該領域的網路效應開始顯現，無論是在 AIPCon 這樣的活動中，透過客戶直接推薦到他們的網絡，還是透過與我們在組織中合作的領導將我們帶到他們的下一個組織。我們預期擴張效應將是乘數效應。

At the same time, we're seeing success across many different industries. In Q2, we closed deals in U.S. commercial in roughly 30 different industries, including across pharmaceuticals, energy, consumer staples, utilities, health care, construction, automotive, transportation infrastructure, the list goes on, and spans industries and institutions at the core of today's society. While we see the breadth of our software spanning industries, we still have immense opportunity for growth, both through expansion within these industries and growth in our existing customer relationships.

同時，我們也看到許多不同行業都取得了成功。在第二季度，我們在美國大約 30 個不同的商業行業完成了交易，其中包括製藥、能源、消費必需品、公用事業、醫療保健、建築、汽車、交通基礎設施等，涵蓋了當今社會核心的行業和機構。雖然我們看到我們的軟體涵蓋各個行業，但我們仍然擁有巨大的成長機會，既可以透過在這些行業內擴張，也可以透過成長我們現有的客戶關係。

For example, we're beginning to see this growth come to fruition in both health care and transportation, which grew 93% and 129% year-over-year, respectively. Foundry is being used at numerous health care facilities to generate their schedules and forecast patient placements, among other applications. For example, with Foundry, HCA now generates nurse schedules in 1 hour each month instead of 10 to 20. Tampa General has seen a 28% reduction in patient hold times and has reduced the time spent managing patient placements by 83%, and Cleveland Clinic has been able to accept an 8.5% increase in patient transfers from other hospitals in just 4 months since launch.

例如，我們開始看到醫療保健和交通運輸領域實現這一成長，這兩個領域的成長率分別達到 93％ 和 129％。許多醫療機構正在使用 Foundry 來產生他們的日程表和預測病人的安置情況，以及其他應用程式。例如，借助 Foundry，HCA 現在每月只需 1 小時就能產生護理師排班表，而不需要 10 到 20 小時。

While we continue to increase our breadth and expansion across industries, we also continue to grow at our existing customers. We had over 2 dozen U.S. commercial customers that brought in more than $1 million in revenue each during last quarter alone. And we're seeing outsized growth from our newest customers. 54% of the U.S. commercial revenue, excluding strategic commercial contracts, is from customers that have started since the beginning of 2021, with nearly all of the year-over-year growth coming from those same customers. We expect this trend to continue.

在我們持續擴大跨產業業務廣度和擴張的同時，我們也持續發展現有客戶。我們擁有超過 20 家美國商業客戶，光是上個季度每位客戶的收入就超過 100 萬美元。我們看到新客戶實現了超乎尋常的成長。不包括戰略商業合同，美國 54% 的商業收入來自 2021 年初以來開始合作的客戶，幾乎所有的同比增長都來自這些客戶。我們預計這一趨勢將會持續下去。

We are investing in pockets of momentum within our international commercial business, such as Japan, Korea, Canada and the Middle East, among other targeted opportunities across the world. For example, through our go-to-market partnership, Fujitsu has seen recent success onboarding 8 new large-cap, household-name Japanese customers. At the same time, we are seeing AIP lead to expansion conversations with our largest long-standing customers in Europe, all against the challenging backdrop of today's climate.

我們正在投資國際商業業務中發展勢頭強勁的地區，例如日本、韓國、加拿大和中東，以及全球其他有針對性的機會。例如，透過我們的市場合作關係，富士通最近成功吸收了 8 家新的日本知名大型客戶。同時，我們看到 AIP 正在引發我們與歐洲最大長期客戶進行擴張談判，而這一切都是在當今充滿挑戰的環境背景下進行的。

On the international government side, our U.K. government business was particularly strong in Q2 as a result of our work with organizations such as the NHS and U.K. Ministry of Defense, including the Royal Navy. Within our U.S. government business, while the revenue results in Q2 are disappointing, they belie the long-term strength of our business. We remain focused on converting significant deals in the pipeline and growing existing contracts through which we are core to the government mission. In Q2, we secured a multiyear contract award from the U.S. Special Operations Command worth up to $463 million, new contract awards for the Air & Space Forces of $110 million and conversion of Army Research Lab R&D funding to longer-term work with COCOMs, starting with CENTCOM. We believe in the criticality and meaningful impact our work is having in today's world events and its eventual monetization as well as the exceptional user impact we deliver. At the same time, our U.S. government business can be lumpy, and we continue to expect there to be near-term uncertainty around timing of contract awards.

在國際政府方面，由於我們與 NHS 和英國國防部（包括皇家海軍）等組織合作，我們在第二季的英國政府業務表現尤為強勁。在我們的美國政府業務中，雖然第二季的收入結果令人失望，但卻掩蓋了我們業務的長期實力。我們將繼續致力於轉化正在進行的重大交易並擴大現有合同，透過這些合同，我們成為政府使命的核心。在第二季度，我們獲得了美國特種作戰司令部授予的價值高達 4.63 億美元的多年期合同，為空天部隊授予了 1.1 億美元的新合同，並將陸軍研究實驗室的研發資金轉換為與 COCOM 的長期合作，首先是中央司令部。我們相信，我們的工作對當今世界事件及其最終的貨幣化以及我們為用戶帶來的卓越影響具有重要意義。同時，我們的美國政府業務可能會不穩定，我們預期合約授予時間短期內仍會存在不確定性。

Turning back to the overall business, we are excited about our vast opportunities in the quarters ahead. We're already seeing that AIP will be transformational for our customers and for our business. We look forward to continuing innovating at the forefront through this revolution.

回顧整體業務，我們對未來幾季的巨大機會感到興奮。我們已經看到 AIP 將為我們的客戶和我們的業務帶來變革。我們期待透過這場革命繼續走在創新的前端。

Lastly, on the back of our inaugural AIPCon in Q2, we're excited to share that we're hosting 2 additional events, the next AIPCon on September 14 and a new event, the software for government, S4G Summit, on September 21, and which is specifically designed for our government customers. We look forward to sharing a recap of the events with you at future calls.

最後，在第二季度舉辦首屆 AIPCon 之後，我們很高興地告訴大家，我們將舉辦另外 2 場活動，下屆 AIPCon 將於 9 月 14 日舉辦，而另一場新活動 — — 政府軟體 S4G 峰會將於 9 月 21 日舉辦，專為我們的政府客戶設計。我們期待在未來的電話會議上與您分享活動回顧。

I'll now turn it over to Shyam.

現在我將把它交給 Shyam。

Thanks, Ryan. At AIPCon this past June, we introduced Palantir's AI platform, a core set of technologies designed to bring LLMs to your enterprise to supercharge and accelerate your experiences. From integrating data and hydrating your ontology to building AI-enabled applications and human agent teams with copilots. AIP enables you to deploy LLMs anchored in your data on your private network and to safely orchestrate your enterprise with tools, actions and other AI models. All of this in a controlled, governed and trusted AI operating system.

謝謝，瑞安。在去年 6 月的 AIPCon 上，我們推出了 Palantir 的 AI 平台，這是一套核心技術，旨在將 LLM 帶入您的企業，以增強和加速您的體驗。從整合資料和充實本體到建立支援人工智慧的應用程式和具有副駕駛的人工代理團隊。 AIP 可讓您在私人網路上部署基於資料的 LLM，並使用工具、操作和其他 AI 模型安全地協調您的企業。所有這一切都在受控制、受管理和受信任的 AI 作業系統中進行。

The accelerating pace of AI developments continues to be all inspiring. The key to capturing value is a fundamental recognition that we are dealing with something new and different that demand solving new integration and engineering challenges. It is, in many ways, easier to define an LLM by what it is not. It is not algorithmic reasoning. It is not human thought. Algorithmic reasoning operates as a process so well specified that there is no ambiguity in its execution like traditional code. Human thought is inherently creative and its previously most defining form, natural language, is inextricably wrought with ambiguity.

人工智慧發展的步伐不斷加快，令人振奮。獲取價值的關鍵是從根本上認識到我們正在處理一些新的和不同的東西，這些東西需要解決新的整合和工程挑戰。從很多方面來說，透過「法學碩士不是什麼」來定義法學碩士會更容易。這不是演算法推理。這不是人類的思想。演算法推理是一個經過嚴格指定的過程，因此在執行過程中不會像傳統程式碼那樣出現歧義。人類的思維本質上具有創造性，而其先前最具決定性的形式──自然語言，卻不可避免地帶有模糊性。

Large language models occupy a middle ground between algorithmic reasoning and human thought. They are fluent in natural language, yet they don't really understand what they say. They are not good at executing algorithms, yet they can be instructed in ordinary prose. They are something else, non-algorithmic compute.

大型語言模型處於演算法推理和人類思維之間的中間地帶。他們能說流利的自然語言，但他們並不真正理解自己所說的話。他們不擅長執行演算法，但可以用普通的散文來指導他們。它們是其他的東西，非演算法計算。

LLMS are statistics, not calculus. And the introduction of even one stochastic variable into a deterministic system makes the entire system now stochastic. At AIPCon 2 in September, I'm going to unpack some of the foundational engineering challenges that we've solved to manage and harness the stochasticity of these models and to enable the acceleration in our products.

LLMS 是統計學，不是微積分。在確定性系統中引入一個隨機變數也會使整個系統變得隨機。在 9 月的 AIPCon 2 上，我將闡述我們已經解決的一些基礎工程挑戰，以管理和利用這些模型的隨機性並加速我們的產品。

We are focused on driving compounding usage. Across industries, the problems that matter haven't changed. AIP and LLMs radically accelerate the solutions. We are building on nearly 20 years of our products and experience solving these problems across more than 50 industries and every function in the value chain, only now doing it substantially faster. To name a few: a nurse shift handoff copilot for HCA; our pharmacokinetics translation assistant for Novartis; an inventory balancer copilot for a plant-based protein company; a supply chain copilot for a major beverage company. Our warranty claims copilot for a U.S. auto manufacturer has made analysts twice as productive, saving them 3 to 4 hours a day.

我們專注於推動複合材料的使用。在各個產業中，重要的問題都沒有改變。 AIP 和 LLM 從根本上加速了解決方案的解決方案。我們憑藉近 20 年的產品和經驗，在 50 多個產業和價值鏈的每個功能領域解決這些問題，而且現在的處理速度顯著加快。舉幾個例子：HCA 的護理師輪班交接副駕駛；我們的諾華藥物動力學翻譯助理；一家植物蛋白公司的庫存平衡副駕駛；一家大型飲料公司的供應鏈副駕駛。我們為一家美國汽車製造商提供的保固索賠副駕駛使分析師的工作效率提高了一倍，每天節省了 3 到 4 個小時。

As J.D. Power's CTO Bernardo said at AIPCon, "The beauty of having Foundry and AIP is that you can build this really, really quickly." So we built this in a matter of days and iterated in a couple of weeks. To get the precision of calculus and the power of statistics, LLMs need to be paired with algorithmic and software tools. For example, models of forward inventory or an action registry to execute enterprise functions, a rich semantic layer to define the proper grounding and crucial primitives like scenarios that allow LLM to stage changes on branches. AIP is not only the best tool bench in this context. It is a tool factory that enables enterprises to quickly forge new bespoke tools in hours.

正如 J.D. Power 的首席技術長 Bernardo 在 AIPCon 上所說，“擁有 Foundry 和 AIP 的好處在於你可以非常非常快速地建造它。”因此我們在幾天內就建立了它，並在幾週內進行了迭代。為了獲得微積分的精度和統計的力量，LLM 需要與演算法和軟體工具結合。例如，前向庫存模型或執行企業功能的操作註冊表、定義適當基礎的豐富語義層以及允許 LLM 在分支上進行更改的場景等關鍵原語。 AIP 不僅是這個背景下最好的工具台。它是一個工具工廠，使企業能夠在數小時內快速鍛造新的客製化工具。

LLMs can't, for example, calculate profitability or expected lead times. But they don't have to. They need to have access to the software tools that can. This is why AIP is positioned to deliver outcomes so quickly. It elegantly integrates LLMs into the calculus of your enterprise to accelerate the workflows that matter. Every week, we are releasing more features and expanding the AIP productivity suite of applications, which provide WYSIWYG, What You Say Is What You Get experiences. AIP Builder allows you to build your data pipelines with natural semantics. AIP Terminal is the command line for your AI operating system, enabling you to dynamically wheel your ontology tools and applications for ad hoc exploration and problem solving. AIP Logic enables you to build LLM-backed functions with rich tool composition in its developer tool chain. And AIP Automate lets you turn those logic functions into agents, copilots and automations.

例如，法學碩士無法計算獲利能力或預期交貨時間。但他們沒必要這麼做。他們需要能夠使用相關軟體工具。這就是 AIP 能夠如此迅速地交付成果的原因。它巧妙地將 LLM 整合到您的企業的運算中，以加速重要的工作流程。每週，我們都會發布更多功能並擴展 AIP 生產力應用程式套件，提供所見即所得 (WYSIWYG) 體驗。 AIP Builder 讓您可以使用自然語意建立資料管道。 AIP 終端機是您的 AI 作業系統的命令列，可讓您動態地執行本體工具和應用程式進行臨時探索和解決問題。 AIP Logic 使您能夠在其開發人員工具鏈中使用豐富的工具組合來建立 LLM 支援的功能。 AIP Automate 讓您將這些邏輯功能轉變為代理商、副駕駛和自動化。

One more item in this suite I want to highlight, AIP Assist, which accelerates all of today's uses and users of AIP Gotham and Foundry by providing help and helpers dynamically. AIP Assist is configured to be tool-aware. So it knows not only everything from the product documentation, it also knows what actions it can take to manipulate the application state to actually resolve and advance the user's workflow. This supercharges our users. And as a technology, it should be available for any software to incorporate to supercharge their users. In the second half of this year, we anticipate accepting beta customers who want to use AIP Assist as a service offering in their own software.

我想要強調的該套件中的另一個項目是 AIP Assist，它透過動態提供幫助和助手來加速當今所有 AIP Gotham 和 Foundry 的使用和用戶。 AIP Assist 被配置為工具感知。因此，它不僅了解產品文件中的所有內容，還知道可以採取哪些操作來操縱應用程式狀態以實際解決和推進使用者的工作流程。這為我們的用戶帶來了極大的便利。作為一項技術，它應該可以被任何軟體採用，以增強其用戶的能力。今年下半年，我們預計將接受想要在自己的軟體中使用 AIP Assist 作為服務的測試客戶。

Turning to Gotham. The latest investments in Gotham performed excellently at CENTCOM's Digital Falcon Oasis and other exercise across combatant commands, including Global Information Dominance Experiment Series 6. We continue to invest in capabilities delivering the next level of deterrents through the AI-enabled kill chain, inclusive of an integrated coalition deterrent. There's a lot more to say here, but I'd rather hide our strength and bide our time against the adversaries.

轉向哥譚市。對 Gotham 的最新投資在中央司令部的數位獵鷹綠洲和其他跨作戰司令部演習（包括全球資訊主宰實驗系列 6）中表現出色。這裡還有很多話要說，但我寧願隱藏我們的實力，等待時機對抗對手。

We continue to be very excited about Apollo. It continues to be a massive lever for Palantir internally as well as a big market opportunity. Over the last few years, Apollo has allowed us to scale up internally for managing 15 high-side stacks to 82 without scaling our team. In the market, as more defense startups are born with the surge of VC investment in the space, we believe Apollo stands as the fastest and cheapest path to delivering new capabilities through regulated and accredited environments. And in Q2, we started seeing demand from the government itself as a customer. USG customers want to move existing services they manage into Fed start to reduce their own operating risk and compliance burden.

我們繼續對阿波羅感到非常興奮。它繼續成為 Palantir 內部的巨大槓桿，同時也是一個巨大的市場機會。在過去的幾年中，Apollo 讓我們能夠在內部擴大規模，無需擴大團隊規模，就能將管理的高階堆疊從 15 個擴大到 82 個。在市場上，隨著創投在該領域激增，越來越多的國防新創公司誕生，我們相信 Apollo 是透過受監管和認可的環境提供新功能的最快和最便宜的途徑。在第二季度，我們開始看到政府本身作為客戶的需求。 USG 客戶希望將其管理的現有服務轉移到 Fed start，以降低自身的營運風險和合規負擔。

In closing, we just wrapped up our annual Hack Week. Right after this call, I'll be binge watching all the submissions from the teams internally. I'm very much looking forward to further acceleration of our road maps from compelling new ideas.

最後，我們剛結束了一年一度的黑客週。這次通話結束後，我會連續觀看內部團隊提交的所有內容。我非常期待透過令人信服的新想法進一步加速我們的路線圖。

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

我將把這個問題交給戴夫來討論財務狀況。

Thanks, Shyam. The second quarter of 2023 was exceptionally strong. We're proud to report our third consecutive quarter of GAAP profitability and second consecutive quarter of GAAP operating profitability, generating $28 million of net income and $10 million of operating income. This also marked the third consecutive quarter of expanding adjusted operating margins, highlighting the operating leverage in our business. We surpassed the high end of our guidance for both revenue and adjusted income from operations yet again. We also achieved a significant revenue milestone, surpassing $2 billion in revenue on a trailing 12-month basis for the first time. We remain committed to driving profitable growth, and we reaffirm our expectation of GAAP profitability in each quarter of this year, which would make us eligible for inclusion in the S&P 500 following our Q3 results.

謝謝，Shyam。 2023 年第二季表現異常強勁。我們很自豪地報告我們連續第三個季度實現 GAAP 盈利，連續第二個季度實現 GAAP 營運盈利，實現淨收入 2800 萬美元和營運收入 1000 萬美元。這也是調整後營業利潤率連續第三個季度擴大，凸顯了我們業務的營業槓桿。我們的收入和調整後營業收入再次超出了預期的最高水準。我們也實現了重要的營收里程碑，過去 12 個月的營收首次超過 20 億美元。我們將繼續致力於推動獲利成長，並重申對今年每季實現 GAAP 獲利的預期，這將使我們有資格在第三季業績公佈後納入標準普爾 500 指數。

Turning to our global top line results. We generated $533 million in revenue, up 13% year-over-year and 2% sequentially, exceeding the high end of the range of our prior guidance. Excluding the impact of revenue from strategic commercial contracts, total revenue grew 16% year-over-year and 5% sequentially. Revenue from our largest customers continues to expand. Trailing 12-month revenue per customer from our top 20 customers increased 15% year-over-year to $53 million per customer. Customer account grew 38% year-over-year and 8% sequentially to 421 customers, demonstrating the momentum in our ability to onboard and convert new customers.

談到我們的全球營收業績。我們創造了 5.33 億美元的收入，比去年同期成長 13%，比上一季成長 2%，超過了我們先前預期範圍的高點。除去策略商業合約收入的影響，總收入年增16%，季增5%。來自我們最大客戶的收入持續增加。過去 12 個月，來自我們前 20 名客戶的每位客戶收入年增 15%，達到每位客戶 5,300 萬美元。客戶帳戶年增 38%，環比成長 8%，達到 421 名客戶，這顯示我們在吸收和轉換新客戶方面的能力強勁。

Now moving to our commercial segment. Second quarter commercial revenue grew 10% year-over-year and declined 2% sequentially to $232 million, a challenging sequential compare as anticipated due to the $14 million decline in revenue from strategic commercial contracts. Excluding the impact from strategic commercial contracts, commercial revenue grew 19% year-over-year and 5% sequentially.

現在轉到我們的商業領域。第二季商業收入年增 10%，季減 2% 至 2.32 億美元，由於策略性商業合約收入下降 1,400 萬美元，因此與預期相比這是一個具有挑戰性的環比增長。除去策略商業合約的影響，商業收入年增 19%，季增 5%。

U.S. commercial revenue in the second quarter grew 20% year-over-year and declined 4% sequentially to $103 million. Excluding revenue from strategic commercial contracts, U.S. commercial revenue grew 37% year-over-year and 7% sequentially, a result that is even more impressive when compounded with the 24% sequential growth we saw last quarter. Our U.S. commercial customer count grew 35% year-over-year and 4% sequentially, marking the tenth consecutive quarter of sequential growth. This highlights the velocity we are seeing in our U.S. commercial business, where we're driving significant new customer wins and expansions.

第二季美國商業營收年增20%，季減4%至1.03億美元。不包括策略性商業合約收入，美國商業收入年增 37%，環比增長 7%，與上季度 24% 的環比增長相結合，這一結果更加令人印象深刻。我們的美國商業客戶數量年增 35%，季增 4%，連續第十個季度實現成長。這凸顯了我們在美國商業業務中看到的速度，我們正在推動大量新客戶的贏得和擴張。

Our international commercial business grew 4% year-over-year to $129 million and remained flat sequentially. Relative to the U.S., we continue to see more immediate growth with European commercial enterprises, although there remain targeted opportunities of growth internationally.

我們的國際商業業務年增 4% 至 1.29 億美元，環比持平。相對於美國，我們繼續看到歐洲商業企業更直接的成長，儘管國際上仍有針對性的成長機會。

Revenue from strategic commercial contracts was $19 million compared to $33 million in the prior quarter. We expect third quarter revenue to decline to between $14 million to $16 million, and we anticipate fourth quarter revenue from these customers to continue to trend down. For the full year, we expect revenue from these customers to be approximately 3% of total full year revenue.

來自策略性商業合約的收入為 1,900 萬美元，而上一季為 3,300 萬美元。我們預計第三季營收將下降至 1,400 萬美元至 1,600 萬美元之間，我們預計第四季度來自這些客戶的收入將繼續呈下降趨勢。就全年而言，我們預計來自這些客戶的收入約佔全年總收入的 3%。

Turning to our Government segment. Government revenue grew 15% year-over-year and 4% sequentially to $302 million. U.S. government revenue grew 10% year-over-year and declined 2% sequentially to $225 million. While we acknowledge that there are uncertainties associated with the timing of contract expansions and renewals, we maintain a strong pipeline of opportunities and remain confident in the growth of our U.S. government business, particularly as USG TCV bookings grew 111% sequentially.

轉向我們的政府部門。政府營收年增 15%，季增 4%，達到 3.02 億美元。美國政府營收年增 10%，季減 2% 至 2.25 億美元。雖然我們承認合約擴展和續約的時間存在不確定性，但我們仍保持著強大的機會管道，並對美國政府業務的成長充滿信心，特別是因為 USG TCV 訂單量環比增長了 111%。

International government revenue grew 31% year-over-year and 29% sequentially to $76 million. The reacceleration in our international government business was driven by our U.K. government work. While our government business generally sees fluctuations due to the nature of funding and contract cycles, we remain confident that our work with the U.K. government will continue to expand over the long term.

國際政府營收年增 31%，季增 29%，達到 7,600 萬美元。我們的國際政府業務的再次加速得益於我們與英國政府的業務往來。雖然我們的政府業務通常會因資金和合約週期的性質而出現波動，但我們仍然相信，我們與英國政府的合作將長期持續擴大。

Turning to bookings. TCV booked was $642 million, up 62% sequentially. Billings was $603 million, up 52% year-over-year. We ended the second quarter with $3.4 billion in total remaining deal value and $968 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 most of our government business.

轉向預訂。預訂的TCV為6.42億美元，比上一季成長62%。營業額為 6.03 億美元，年增 52%。截至第二季度，我們剩餘交易總價值為 34 億美元，剩餘履約義務為 9.68 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 個月的合約以及超出終止便利條款的合約義務，這兩者在我們的大多數政府業務中都很常見。

Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 81% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes was $135 million, representing adjusted operating margin of 25%, 200 basis points ahead of the high end of our prior guidance and marking the third consecutive quarter of expanding adjusted operating margins.

轉向利潤和費用。調整後毛利率（不含股票薪酬費用）本季為 81%。調整後的營業收入（不包括股票薪酬費用和相關雇主工資稅）為 1.35 億美元，調整後的營業利潤率為 25%，比我們之前預期的高端高出 200 個基點，也是調整後的營業利潤率連續第三個季度擴大。

These results demonstrate our ability to drive revenue growth while efficiently managing costs, with second quarter adjusted expense of $398 million, up only 9% year-over-year and down sequentially. We continue to manage expense growth primarily by driving leverage in G&A, capitalizing on cloud efficiencies and calibrating our headcount investments in key strategic areas of growth. Consistent with prior years, we expect to see an increase in expenses in the third quarter as we onboard our new grad cohort of world-class technical talent.

這些結果顯示我們有能力在有效管理成本的同時推動營收成長，第二季調整後的支出為 3.98 億美元，年比僅成長 9%，季減。我們持續透過提高一般及行政開支、利用雲端效率和調整關鍵策略成長領域的員工投資來管理費用成長。與往年一致，隨著我們引進新一批世界級技術人才，我們預計第三季的費用將會增加。

As we have stated over the past few quarters, we are fiercely committed to sustained GAAP profitability. On the back of 3 consecutive quarters of GAAP net income and expanding operating margins, we are increasing investments and resources dedicated to our new product, AIP, while at the same time, increasing our full year adjusted income from operations guidance to an excess of $576 million, an increase of $45 million above the midpoint of our prior range.

正如我們在過去幾個季度所說的那樣，我們堅定地致力於保持 GAAP 獲利能力。在連續三個季度實現 GAAP 淨收入和不斷擴大的營業利潤率的支持下，我們正在增加對新產品 AIP 的投資和資源，同時將全年調整後營業收入預期提高至 5.76 億美元以上，比我們之前預期的中點高出 4,500 萬美元。

Looking ahead to the second half of the year, we remain focused on calibrating expense growth below revenue growth, even as we increase investment and resourcing to AIP and invest in specific geographies around the world. We generated income from operations of $10 million, our second consecutive quarter of GAAP operating income. We continue to manage our stock-based compensation. As mentioned last quarter, we expect it to trend up through the back half of the year. However, we remain laser-focused on GAAP net income and operating profitability. As we think about equity compensation and aligning it to shareholder value, we are in the process of linking future employee equity compensation to the success of AIP.

展望下半年，即使我們增加了對 AIP 的投資和資源並在全球特定地區進行投資，我們仍將專注於將費用成長控制在收入成長以下。我們的營業收入為 1000 萬美元，這是我們連續第二個季度實現 GAAP 營業收入。我們繼續管理我們的股票薪酬。正如上個季度所提到的，我們預計它將在今年下半年呈現上升趨勢。然而，我們仍然關注 GAAP 淨收入和營業盈利能力。當我們考慮股權補償並將其與股東價值結合時，我們正在將未來員工的股權補償與 AIP 的成功聯繫起來。

Turning to net income. GAAP net income was $28 million, our third consecutive quarter of GAAP profitability. Adjusted earnings per share was $0.05, and GAAP earnings per share was $0.01. Additionally, our combined revenue growth and adjusted operating margin was 38%. We expect to return to executing in excess of the Rule of 40 for the second half of the year.

轉向淨收入。 GAAP 淨收入為 2,800 萬美元，這是我們連續第三個季度實現 GAAP 利潤。調整後每股收益為 0.05 美元，GAAP 每股收益為 0.01 美元。此外，我們的綜合收入成長和調整後營業利益率為 38%。我們預計今年下半年將重新執行超過 40 則規則。

Turning to our cash flow. We generated $96 million in adjusted free cash flow, representing a margin of 18% and $90 million in cash from operations, representing a margin of 17%. Through the first half of the year, we generated $285 million in adjusted free cash flow, representing a margin of 27%. We ended the second quarter with $3.1 billion in cash, cash equivalents and short-term U.S. treasury bills. We retain access to additional liquidity of up to $500 million through our revolving credit facility, which remains entirely undrawn.

轉向我們的現金流。我們產生了 9,600 萬美元的調整後自由現金流，利潤率為 18%，以及 9,000 萬美元的經營現金，利潤率為 17%。今年上半年，我們產生了 2.85 億美元的調整後自由現金流，利潤率為 27%。截至第二季度，我們持有現金、現金等價物和短期美國國庫券 31 億美元。我們透過循環信貸額度保留了高達 5 億美元的額外流動資金，目前這些資金尚未動用。

Now turning to our outlook. For Q3 2023, we expect revenue of between $553 million and $557 million, adjusted income from operations of between $135 million and $139 million and GAAP net income. For full year 2023, we are raising our revenue guidance to an excess of $2.212 billion. We are raising our adjusted income from operations guidance to an excess of $576 million, and we continue to expect GAAP net income in each quarter.

現在來談談我們的展望。對於 2023 年第三季度，我們預計營收在 5.53 億美元至 5.57 億美元之間，調整後營業收入在 1.35 億美元至 1.39 億美元之間，GAAP 淨收入在 1.35 億美元至 1.39 億美元之間。對於 2023 年全年，我們將營收預期上調至 22.12 億美元。我們將調整後的營業收入預期提高至 5.76 億美元以上，並且我們繼續預期每季的 GAAP 淨收入。

On the back of our third consecutive quarter of GAAP profitability, $285 million in adjusted free cash flow in the first half of the year and over $3.1 billion on our balance sheet, our Board of Directors has authorized a stock repurchase program of up to $1 billion. This program reflects our conviction in the trajectory of our business and the value we see in our stock.

在我們連續第三個季度實現 GAAP 盈利、上半年調整後自由現金流 2.85 億美元以及資產負債表超過 31 億美元的基礎上，我們的董事會已批准高達 10 億美元的股票回購計劃。該計劃體現了我們對業務發展軌跡和股票價值的信心。

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

現在，我將把話題交給 Ana 開始問答環節。

Thanks, Dave. We'll begin with a few questions from our shareholders before we open up the call. Our first question is from [Gaurav] who asks, "What are some of the AI advantages Palantir has that none of the other companies can compete with?"

謝謝，戴夫。在開始電話會議之前，我們將先回答股東提出的幾個問題。我們的第一個問題來自 [Gaurav]，他問道：“Palantir 在人工智慧方面有哪些優勢是其他公司無法競爭的？”

I'll take that one. Palantir is optimally positioned for AI because the value is going to accrete to the incumbents. It's going to accrete to the people who own the workflow, who own the software. So in our case, it's not just the customers that we do have today, it's our ability to acquire future customers. It's the 20 years of experience that we have solving the problems that matter. The problems that you should be solving with LLMs haven't changed. The same problems you should be solving before you had LLMs and the 2 decades of experience we have and the knowledge of applying it means that we can solve those problems substantially more quickly. In other words, we've built the infrastructure you really need for LLMs to be valuable in your enterprise, if you want to write profits and not poems with them.

我要那個。 Palantir 在人工智慧領域佔據最佳優勢，因為其價值將會累積到現有企業。它將聚集到擁有工作流程、擁有軟體的人身上。因此，對我們來說，這不僅關乎我們今天擁有的客戶，更關乎我們獲取未來客戶的能力。我們擁有 20 年解決重要問題的經驗。您應該使用 LLM 解決的問題並沒有改變。您在獲得法學碩士學位之前就應該解決同樣的問題，而我們擁有的 20 年經驗以及應用這些經驗的知識意味著我們可以更快地解決這些問題。換句話說，如果您想用 LLM 創造利潤而不是詩歌，我們已經建立了您真正需要的基礎設施，以使 LLM 在您的企業中發揮價值。

And I think one way you can think about this is LLMs and Excel, like the LLMs are going to make Excel more valuable and useful. They're not going to replace Excel. The LLMs that we've been building with our customers in the field in the last 10 weeks I've been out there with our customers, we deployed over 15 copilots. The time to value here is truly incredible. It's accelerating everything that we've been doing here. So I feel really good about the positioning there. And because we've been roughly 2 decades ahead, it's given us a lot of lead to think about the next ridge line of technical problems, a lot of which I hope to share at AIPCon 2, but to preview one of them, it's really the [KLLM kernel].

我認為你可以思考這個問題的一種方式是法學碩士 (LLM) 和 Excel，例如法學碩士 (LLM) 將使 Excel 更有價值和更有用。它們不會取代 Excel。在過去 10 周里，我們一直在現場與客戶一起打造 LLM，我和客戶一起在那裡，我們部署了超過 15 名副駕駛。這裡的價值實現時間確實令人難以置信。它正在加速我們在這裡所做的一切。所以我對於那裡的定位感到非常滿意。而且因為我們已經領先了大約 20 年，這給了我們很多線索來思考下一個技術問題尖峰，其中很多問題我希望在 AIPCon 2 上分享，但預覽其中一個，它實際上是 [KLLM 核心]。

I talked earlier in the remarks about how LLMs are statistics, not calculus. They're like these stochastic mad scientists. Why on earth would you ask a question of one LLM, when you could ask KLLMs? And I think that really honors the fundamental reality that you need a committee here, that there isn't an answer to this stochastic question. There are answers, especially when you don't have priors. And you can use this to actually wheel these LLMs for decisive operational advantage in the enterprise when you have this sort of framework. So stay tuned, September, AIPCon 2, we'll talk more about this.

我之前在評論中談到 LLM 是統計學，而不是微積分。他們就像這些隨機的瘋狂科學家。當你可以向 KLLM 提問時，為何要向一位 LLM 提問？我認為這確實尊重了根本的現實，即這裡需要一個委員會，而這個隨機問題還沒有答案。是有答案的，特別是當你沒有先例的時候。當您擁有這種框架時，您就可以使用它來實際推動這些 LLM 在企業中獲得決定性的營運優勢。請關注，9 月的 AIPCon 2，我們將對此進行更多討論。

Thanks, Shyam. Our next question is from Patrick who asks, "How is the use of AI and LLMs benefited the sales cycle? Are you finding less resistance from internal IT departments? Has it brought more awareness to Palantir products and solutions?"

謝謝，Shyam。我們的下一個問題來自 Patrick，他問道：“使用人工智慧和法學碩士對銷售週期有什麼好處？您是否發現內部 IT 部門的阻力減小了？這是否提高了人們對 Palantir 產品和解決方案的認識？”

Great. Thanks, Patrick. So as I mentioned, we launched AIP just 10 weeks ago. We're already seeing unprecedented interest both from top-of-funnel new customers and from existing customers who are looking to expand with the AIP offering. You've heard examples of very real momentum and engagement and impact we're having with it from Jacobs Engineering, J.D. Powers, Novartis, among others, to name a few. And what we're seeing is with the emergence of LLM's AI capabilities, operators and organizations are looking at ways to deploy those within their organizations effectively against their missions and do so safely and securely.

偉大的。謝謝，派崔克。正如我所提到的，我們在 10 週前推出了 AIP。我們已經看到來自頂級新客戶和希望透過 AIP 產品擴展的現有客戶表現出前所未有的興趣。您已經聽說過 Jacobs Engineering、J.D. Powers、諾華等公司所取得的非常真實的動力、參與度和影響力的例子。我們看到，隨著 LLM 的 AI 功能的出現，營運商和組織正在尋找方法在其組織內有效地部署這些功能以執行其任務，並安全地進行。

And we are that solution, we have the product to do that, and we have 20 years of experience deploying our products in the enterprise and being able to do that safely and securely. So while sometimes in the past we may have had misaligned with IT departments, now we're fully aligned with what they're trying to achieve. So in short, we're seeing sales cycles shorten. We're expecting that to continue and accelerate, and we're going to run at that full speed.

我們就是那個解決方案，我們有產品可以做到這一點，並且我們在企業中部署產品方面擁有 20 年的經驗，能夠安全可靠地做到這一點。因此，儘管過去我們有時可能與 IT 部門不一致，但現在我們已完全與他們想要實現的目標一致。簡而言之，我們看到銷售週期縮短。我們預計這一進程將繼續並加速，我們將全速前進。

And look, we -- especially in the U.S. market, we were -- for a lot of reasons, misaligned with our clients. We had built products, both Foundry and the Ontology branching and lots of ideas of how to manage large-scale data sets and then algorithm and classified setting. But in reality, there was a resistance to how we believe an enterprise should work. And if you look at what Shyam is saying and what Ryan is saying, what you're really seeing is American industry now has done 5, 6 iterations, often with thin technologies with thick sales forces that kind of have been supported by the venture capital community and, quite frankly, by analysts looking for models they understood. We built a company that no one understood.

而且，我們——特別是在美國市場——由於許多原因，我們與客戶不一致。我們已經建立了產品，包括 Foundry 和 Ontology 分支，以及許多關於如何管理大規模資料集以及演算法和分類設定的想法。但實際上，我們對企業運作方式的認知遇到了阻力。如果你看看 Shyam 和 Ryan 所說的話，你實際上看到的是美國工業現在已經經歷了 5、6 次迭代，通常採用薄弱的技術和強大的銷售隊伍，這些技術得到了風險投資界的支持，坦率地說，也得到了尋找他們理解的模型的分析師的支持。我們創建了一家無人理解的公司。

We went deep on technology, that's Foundry. We went deep on the logical extension of that, which is all these precursor technologies that we've now begun building into AIP. And that -- we went deep against the playbook. And in fact, the playbook now does not exist, the playbook that is being built looks exactly like the products that are a reflection of our culture. And that's just an insurmountable advantage, and we are very focused on taking advantage of it.

我們深入研究了技術，這就是 Foundry。我們深入研究了它的邏輯延伸，也就是我們現在開始融入 AIP 的所有這些前身技術。而且──我們徹底違背了劇本。事實上，現在的劇本並不存在，正在建構的劇本看起來與反映我們文化的產品完全一樣。這是一個不可逾越的優勢，我們非常專注於利用它。

Thanks, Ryan and Alex. Our next question is from [Imo] who asks, "How are you balancing investments for long-term growth while also delivering the profit and performance needed to keep shareholders confident and invested?"

謝謝，Ryan 和 Alex。我們的下一個問題來自 [Imo]，他問道：“您如何平衡投資以實現長期增長，同時實現保持股東信心和投資所需的利潤和業績？”

I'll take that one.

我要那個。

Because we are.

因為我們是。

Yes, we are. Thanks, [Imo]. And I think one example of this is we delivered on GAAP profitability to 2 years before people thought it was coming. And then if you look to the last 3 quarters, we had 3 consecutive quarters of GAAP profitability. We've now guided to Q3 and Q4 of GAAP profitability. We're here with $3.1 billion on the balance sheet. And we're doing this all while we're investing heavily in AIP. And we're really doing that across the company, both with money, both through resources, and we're very focused on it.

是的。謝謝，[Imo]。我認為其中一個例子就是我們比人們預期的提前兩年實現了 GAAP 利潤。如果你回顧過去 3 個季度，我們已連續 3 個季度實現 GAAP 獲利。我們現在已經對第三季和第四季的 GAAP 獲利情況進行了指導。我們的資產負債表上有 31 億美元。我們在做這一切的同時，也對 AIP 進行了巨額投資。我們確實在全公司範圍內這樣做，既投入資金，也投入資源，而且我們非常重視這一點。

Well, I mean, we delivered profitability years ahead of time. Why do we care about profitability? We care about profitability because we power some of the most important enterprises in the world. They care that we're on steady footing. We care about it because it shows people that we are serious. We care about it because it positions us to be on indexes like the S&P that show that we are one of the leading industries in the world.

嗯，我的意思是，我們提前幾年就實現了盈利。我們為什麼關心獲利能力？我們關心獲利能力，因為我們為世界上一些最重要的企業提供動力。他們關心我們是否站穩腳步。我們之所以關心它，是因為它向人們表明我們是認真的。我們之所以關心它，是因為它使我們能躋身標準普爾等指數，從而表明我們是世界領先產業之一。

We believe in ourselves, which is why we've authorized a buyback to align with this belief in ourselves, our belief that profitability aligns with our desire to be on the S&P. We are going to invest in ourselves and not at a small scale in the $1 billion, to $1 billion range. And so profitability, stability, move to S&P, move to a company that is -- reflects what we will be, which we believe is the most important enterprise software company in the world, and these are all very much linked.

我們相信自己，這就是為什麼我們授權回購以符合我們對自己的信念，我們相信獲利能力與我們加入標準普爾的願望相一致。我們將進行自我投資，而且規模不是 10 億美元到 10 億美元的小規模投資。因此，獲利能力、穩定性、轉向標準普爾，轉向一家能夠反映我們將成為世界上最重要的企業軟體公司的公司，這些都是緊密相連的。

Thank you both. Our next question is from Jesse who asks, "I know you guys are pushing for 5% of defense spending to go to software. How has this been received by policymakers in the defense community?

謝謝你們兩位。我們的下一個問題來自傑西，他問道：「我知道你們正在推動將 5% 的國防開支用於軟體。國防界的決策者對此有何反應？

We spend a lot of time talking to various parts of the U.S. and allied defense communities. And there's, quite frankly, varied views on this. Our view is software that's actually used for important purposes, both commercial and noncommercial, has certain attributes. Most likely built in America, it's most -- it is built in the product -- in the context of a product, and it's been sold commercially.

我們花了很多時間與美國和盟國國防部門的各個部門進行交流。坦白說，對此存在著不同的看法。我們的觀點是，實際上用於重要用途的軟體（無論是商業用途還是非商業用途）都具有某些屬性。它很可能是在美國製造的，它是在產品背景下製造的，並且已經進行商業銷售。

It is imperative for our country to move to a rebuttable presumption that the institutions that defend us by a certain portion of software that is a product, more likely than not built in America, and that somebody has actually bought it besides some large program. And it's surprising how many people agree with us. We're a long way off from getting this done, but as our adversaries become more aggressive, as people come to terms with the fact that many of the things they may have learned in college that we're going to all regress to a state of loving one another are not coming to pass. And in fact, our adversaries view that is a laughable fairytale that we believe in at our own expense.

對於我們國家來說，必須採取可反駁的推定，即那些透過一定比例的軟體來保護我們的機構，這些軟體是一種產品，很可能是在美國製造的，而且除了一些大型程式之外，有人實際上已經購買了它。令人驚訝的是有很多人同意我們的觀點。我們距離實現這一目標還有很長的路要走，但隨著我們的對手變得更加咄咄逼人，隨著人們逐漸接受這樣一個事實：他們可能在大學裡學到的很多東西都將退回到彼此相愛的狀態，而這已不會成為現實。事實上，我們的對手認為這是一個可笑的童話，而我們卻自食其力，去相信它。

People are getting more serious. When people get more serious, they stop wanting fantasies about how you build software, fantasies about how you implement it, fantasies about you're going to hire 10,000 people and give it to somebody that a company that's never built a product that's ever worked. And they -- but is that happening fast enough? No. Luckily for us, and hopefully for our country and the West, people are getting much more serious just because of events that you see happening around us. If you have any additions?

人們變得越來越嚴肅。當人們變得更加嚴肅時，他們就不會再幻想如何建立軟體，如何實現軟體，如何僱用 10,000 人，然後把軟體交給一個從未開發過任何有效產品的公司。而且他們——但這發生得夠快嗎？不。如果您還有什麼補充？

No. Well said.

不，說得好。

Okay. Thanks, Alex. Our next question is from [Josh Mark], who asks what's the latest on potential S&P 500 inclusion?

好的。謝謝，亞歷克斯。我們的下一個問題來自 [Josh Mark]，他詢問有關納入標準普爾 500 指數的最新情況是什麼？

The latest is we expect to be eligible after we report Q3. And so we're proud to say we're less than a quarter away.

最新的情況是，我們預計在報告第三季後將符合資格。因此，我們很自豪地說，我們只剩下不到四分之一的時間了。

From eligibility.

從資格來看。

From eligibility.

從資格來看。

Thanks, Dave. Our next question is from [Sonny], who asks, "Can you elaborate on current capital allocation priorities?"

謝謝，戴夫。我們的下一個問題來自 [Sonny]，他問道：“您能詳細說明一下當前的資本配置重點嗎？”

Absolutely. So [Sonny], we've delivered 3 consecutive quarters have got profitability. Looking at the first half of the year, $285 million in adjusted free cash flow, close to almost $1 billion since we've gone public. AIP is going to be transformative. We've talked -- you've heard Alex talk about the scale that we think is going to be. We've talked about reorienting the company around it. Earlier, I spoke about how we're orienting our compensation about it. You combine that GAAP profitability, strong cash flow, AIP. The Board just authorized a $1 billion stock buyback, which aligns with our goal of S&P500 inclusion.

絕對地。所以（桑尼），我們已經連續 3 個季度獲利。縱觀今年上半年，調整後的自由現金流為 2.85 億美元，自上市以來已接近 10 億美元。 AIP 將會帶來改變。我們已經討論過了——您已經聽過亞歷克斯談論我們認為的規模。我們已經討論過如何圍繞這一目標重新定位公司。之前，我談到了我們如何調整我們的薪酬。您將 GAAP 獲利能力、強勁的現金流和 AIP 結合起來。董事會剛剛批准 10 億美元的股票回購，符合我們納入標準普爾 500 指數的目標。

We are very focused on investing in ourselves. It is -- we are not as focused on acquiring other companies. We believe we have the right products and/or we will build them. So we are investing in what we do, what we believe are the best in the world, very little interest in products we see on the market. And so it's really an investment in ourselves and our talent through changing the compensation and our ability to retain people by making sure we're focused on a mission that is crazy important to us in the world, in showing our belief with actual real attendees and running like health.

我們非常注重對自身的投資。是的——我們並不專注於收購其他公司。我們相信我們擁有合適的產品並/或我們將製造它們。因此，我們投資於我們所做的事情，投資於我們認為是世界上最好的事情，對於我們在市場上看到的產品很少感興趣。因此，這實際上是對我們自己和我們的人才的投資，透過改變薪酬和留住人才的能力，確保我們專注於對我們來說在這個世界上極其重要的使命，透過實際的參與者展示我們的信念並像健康一樣運作。

Thank you both. Our next question is from Dan with Wedbush. Dan, please turn on your camera and you'll receive a prompt to unmute your line.

謝謝你們兩位。下一個問題來自韋德布希公司的丹。丹，請打開你的鏡頭，你會收到取消靜音的提示。

Yes, thank you. So a great call and just a phenomenal insight that you provided. I guess my question would be, when it comes to AIP, what surprised you, Alex and the team? In other words, the last 10 weeks, has it surprised you just what we've seen from customers just how dramatic the sort of surge of interest has been?

是的，謝謝。所以，您打了一次非常好的電話，並提供了非凡的見解。我想我的問題是，當談到 AIP 時，什麼令您、亞歷克斯和團隊感到驚訝？換句話說，在過去 10 週內，我們看到客戶的興趣激增到這種程度，這是否讓您感到驚訝？

Shyam should talk about this, but what has very much surprised me is the way in which American institutions have metabolized the lessons of the last software wave. So they have a much deeper understanding of what the problem would be that you would solve. And the operators, so the people actually running the business in America realized the determinant variable for changing their margins, changing their profit and outmaneuvering their competition is AI. And so -- then you have the dynamic with the Board. The Board is insisting on governance. The operators are insisting on adoption. And this is very, very different than anything I've ever seen. Typically, with software intervention from the outside, you've got to convince the CIO, the Board doesn't care and the operator is focused on business metrics.

希亞姆應該談論這一點，但令我非常驚訝的是美國機構吸取上一波軟體浪潮的教訓的方式。因此他們對你要解決的問題有更深入的了解。而營運商，也就是實際在美國經營業務的人意識到改變利潤率、改變利潤以及超越競爭對手的決定性變數是人工智慧。那麼 —— 您就與董事會有了動態關係。董事會堅持治理。運營商堅持採用。這與我所見過的任何東西都截然不同。通常，透過外部的軟體幹預，你必須說服首席資訊官，董事會並不關心，而營運商專注於業務指標。

Here, the operators are saying, I know -- for example, I was dealing with a large -- I was talking to one of the largest transporters of people in the world. And the operator is saying, "Okay, I know we have a problem with churn. I know we have a problem with logistics. These problems can only be solved algorithmatically, but I can't solve them unless I have a governance structure that allows me to solve them because my Board will go nuts." That is basically a shape of a problem only we can solve. And this is happening all over America, various problems like this.

這裡，接線員說，我知道——例如，我正在與一家大型公司打交道——我正在與世界上最大的客運公司之一交談。而運營者則說：“好吧，我知道我們存在客戶流失問題。我知道我們存在物流問題。這些問題只能通過算法解決，但除非我有一個允許我解決這些問題的治理結構，否則我無法解決這些問題，因為我的董事會會發瘋的。”這基本上是一個只有我們才能解決的問題。類似這樣的問題在美國各地都在發生。

I'll give you another example. One of the advantages of AI is that if you want to do manufacturing, so you want to do Japanese manufacturing in America, you're actually having to use Japanese methodologies with American workers. [Tier 4] is not impossible. AI can actually allow you to manage the internal dynamics of your workforce so that you get the Japanese culture with American workers in the U.S. And this is just absolutely game-changing for our country. And why is it that -- now there are other countries, but Europe here is really going to struggle, but other countries, why is this game-changing, particularly for America? Because it allows us to do manufacturing at a level we typically could not do in use cases that we were not good at. It allows us to change the margins. It allows us to do it safely. It realigns the institution. So now the IT person, the operator and the CEO are very focused on a use case that will change the share price.

我再舉一個例子。人工智慧的優點之一是，如果你想做製造業，你想在美國做日本製造業，你實際上必須對美國工人使用日本的方法。 [第 4 級] 並非不可能。人工智慧實際上可以讓你管理勞動力的內部動態，以便你將日本文化與美國的美國工人結合。為什麼——現在有其他國家，但歐洲在這裡確實會陷入困境，但其他國家，為什麼這會改變遊戲規則，特別是對美國而言？因為它使我們能夠在我們不擅長的用例中達到通常無法達到的水平進行製造。它允許我們改變邊距。它使我們能夠安全地完成這項工作。它對機構進行了重新調整。所以現在 IT 人員、營運商和 CEO 都非常關注會改變股價的用例。

It's very unusual for institutions to be fully aligned, unless someone's shooting at you. So like the only institutions I've ever seen that are fully aligned, literally someone is shooting at you. And even then, the IT person is often like, "Well, why can't I buy this from my cousin?" It's like -- and literally, the special operator kicks the IT person. So this is a completely different movement.

機構完全一致的情況很不常見，除非有人向你開槍。就像我所見過的唯一完全一致的機構一樣，實際上有人在向你開槍。即便如此，IT 人員也經常會問：“好吧，我為什麼不能從我的表弟那裡買到這個？”這就像——實際上，特種作戰人員踢了 IT 人員。所以這是一個完全不同的運動。

And then I'll say something else. Typically, this moment would be captured by non-incumbents people at early-stage companies. But the market is moving too quickly. The barriers to get inside these companies are still there. And then the other incumbents, some of them are very interesting, but most of them just don't build products. They do not -- they are companies with thin -- beautiful companies. They do things we can't do, but they don't really have many engineers. The engineers have been there for 50 years. They have huge sales forces. They cannot build something that's relevant. And if they could, it's going to take years. And there's nothing to acquire. We're not for sale.

然後我再說點別的。通常，早期公司的非現任人員會抓住這個機會。但市場變化太快了。進入這些公司的障礙仍然存在。而其他現任者，其中一些非常有趣，但大多數只是不生產產品。他們沒有——他們是精幹的公司——美麗的公司。他們做我們做不到的事情，但他們實際上並沒有很多工程師。工程師們已經在那裡工作了50年。他們擁有龐大的銷售團隊。他們無法建構出相關的東西。即使他們可以，也需要花費數年時間。也沒什麼好獲得的。我們不賣任何東西。

And on the ground working with customers, I would just add that the ambition has gone way up. People expect this offer to work. They -- so what do I expect of the software I'm getting from my IT organization that's gone up? Then the ambition of their own use cases, what do I want to accomplish with the software that's gone way up? So that's created a lot of white space to go after. And then when you can deliver 15 copilots in 9 weeks, it's -- you just get so much more pull on that.

在與客戶進行實地合作的過程中，我想補充的是，我們的雄心壯誌已經大大提升。人們期待這項提議能夠奏效。他們——那麼我對從我的 IT 組織獲得的軟體有什麼期望呢？然後是他們自己的用例的目標，我希望利用已經發展的軟體來實現什麼目標？因此，這就產生了很大的空白空間。然後，當你能在九週內交付 15 名副駕駛時，你就會獲得更大的吸引力。

The other part that's been rewarding is like we no longer spend time talking about why do you need ontology. We don't even have to use that word anymore because it's intuitive. It's obvious the infrastructure we've built and how that enables you to actually accomplish these ambitious use cases. So it's just been a huge tailwind for us.

另一個有益的部分是，我們不再花時間討論為什麼需要本體論。我們甚至不需要再使用這個詞，因為它是直覺的。我們已經建立了基礎設施，並且它能夠幫助您真正實現這些雄心勃勃的用例，這一點顯而易見。所以這對我們來說是一個巨大的順風。

Thanks, Alex and Shyam. Our next question is from Mariana with Bank of America. Mariana, please turn on your camera and then you'll receive a prompt to unmute your line.

謝謝，Alex 和 Shyam。下一個問題來自美國銀行的瑪麗安娜。瑪麗安娜，請打開您的攝像頭，然後您將收到取消靜音的提示。

So my question is going to be about AIP. You mentioned more than 100 organizations using it right now. How are you thinking about ratio and timing of commercial? And second, on the other conversations we're having with like 300-plus organizations, how many of those are willing to use it on a Foundry platform versus their own?

我的問題是關於 AIP。您提到目前有 100 多個組織正在使用它。您對於商業的比例和時機是怎麼考慮的？其次，在我們與 300 多個組織進行的對話中，有多少組織願意在 Foundry 平台上使用它而不是在自己的平台上？

Do you want to take this?

你想拿走這個嗎？

Sure. We're in the phase right now where we're very focused on driving compounding usage of this. It's like we've done this with Gotham, we've done this with Gaia, with Foundry, with Apollo. And what we're excited to see is that we have over 5,000 monthly users. The users are growing 50% month-over-month. Obviously, we've been doing this for 10 weeks now. That's quite a bit in the enterprise for the pace that we're going at here. I think -- let's look and see what happens in the next few months here, but we don't think it's going to be too long to kind of turn that corner. What was -- can you remind me the second part of your question?

當然。我們現在正處於非常專注於推動其複合使用的階段。就像我們與 Gotham 、 Gaia 、 Foundry 和 Apollo 所做的那樣。我們很高興地看到我們每月有超過 5,000 名用戶。用戶數量月環比增長 50%。顯然，我們已經這樣做了 10 週。就我們目前所採取的步伐而言，這對企業來說已經是相當多了。我認為——讓我們看看接下來幾個月會發生什麼，但我們認為轉變不會花太長時間。是什麼——你能提醒我你的問題的第二部分嗎？

The way -- if people don't have Foundry, how does it work?

順便問一下——如果人們沒有 Foundry，它如何運作？

I think the real focus on the AIP product strategy is to make sure that you can use AIP without Gotham, Foundry or Apollo. And that to the extent you see the value in these things, you're going to pull them along with you. Now I think that's where ontology has been most useful in both context. We've deployed operational workflows on classified networks using this technology in real-world exercises. That's only accomplishable because they're standing on a decade of this well-ontologized data and the kind of enterprise tools that they have for war fighting to accomplish those use cases. So when you look at the time to value, it helps them solve for their use case.

我認為 AIP 產品策略的真正重點是確保您可以在沒有 Gotham、Foundry 或 Apollo 的情況下使用 AIP。只要你看到了這些事物的價值，你就會把它們帶在身邊。現在我認為本體論在兩種情況下都是最有用的地方。我們在實際演習中利用這項技術在機密網路上部署了操作工作流程。這是因為他們能夠實現的，是因為他們擁有十年的完善的本體資料和用於作戰的企業工具，能夠實現這些用例。因此，當您查看價值實現時間時，它可以幫助他們解決他們的用例。

The other part that I would point out is people then see the value of bringing their own tools to bear. When I think about the work we're doing with pharma companies and many of the AI models that they've already built, this actually helps them close that last mile where they feel like, look, we have these exquisite models. We have these libraries. How do we actually connect it to the business case of driving drug development more quickly? And then you see these sort of hybrid architectures emerging where you have AIP, you have Foundry, you have their homegrown systems working quite harmoniously against the ambitious problem. And so I think that's been pretty productive.

我想指出的另一點是，人們隨後看到了利用自己的工具的價值。當我想到我們與製藥公司合作的合作以及他們已經建立的許多人工智慧模型時，這實際上幫助他們完成了最後一英里，讓他們覺得，看，我們有這些精緻的模型。我們有這些圖書館。我們實際上如何將其與更快推動藥物開發的商業案例聯繫起來？然後你會看到這些混合架構的出現，其中有 AIP，有 Foundry，還有他們自己開發的系統，它們可以非常和諧地協同工作以解決這個雄心勃勃的問題。所以我認為這是非常有成效的。

And I think the good part about this because it's so generative right now is that there is no reference architecture. You're not getting caught up in kind of academic questions of how should we design this thing. People are forging that and figuring that out relative to what works and delivers value.

我認為這個技術的優點在於因為它現在如此具有生成性所以沒有參考架構。您不會陷入“我們應該如何設計這個東西”這樣的學術問題。人們正在努力創造這一點，並找出什麼是有效的、什麼是可帶來價值的。

Let me just riff on that a little bit. We built this original project -- product, our first product off the ground made us famous in a very small market called clandestine services. And that project or product PG did something really interesting. It de facto taught the world what the use case is that you would need to solve and then provided the product that solved it. And that's exactly what we're doing with AIP. So you do have an advantage if you already have Foundry because we've already kind of pre-taught you where the road is going to go. But right now, to Shyam's point and point I made earlier, there is no road map.

讓我簡單談談這一點。我們建立了這個原創項目——產品，我們的第一個產品讓我們在一個稱為秘密服務的非常小的市場中聲名鵲起。而且那個項目或產品 PG 做了一些非常有趣的事情。它事實上向世界展示了需要解決的用例是什麼，然後提供了解決該用例的產品。這正是我們在 AIP 中所做的事情。因此，如果您已經擁有 Foundry，那麼您確實具有優勢，因為我們已經預先教導您道路的方向。但是目前，對於 Shyam 和我之前提出的觀點，還沒有路線圖。

The product is actually teaching people what the road map would look like. That doesn't mean everyone will buy AIP, by the way. So a lot of people say, okay, well, I need these 15 things. I need what Shyam is calling ontology, it's the ability to interact with LLM. I need the ability to take that out and turn it into logic. I need an ability to run that on my enterprise safely. I need all these things. And I want to spend -- some people may say, I want to spend $500 million building that because I want to own it.

該產品實際上是在告訴人們路線圖是什麼樣的。順便說一句，這並不意味著每個人都會購買 AIP。因此很多人說，好吧，我需要這 15 件東西。我需要 Shyam 所說的本體論，它是與 LLM 互動的能力。我需要有能力將其取出並轉化為邏輯。我需要在我的企業上安全運行它的能力。我需要所有這些東西。有些人可能會說，我想花 5 億美元建造這棟建築，因為我想擁有它。

A lot of those people will fail; some will succeed. A lot of the other people will buy it from Palantir, but we are de facto teaching people the "roadmap" of the way the world will look and the problems you have to solve, and it teaches them because you can show it live in action. And that's what's going on in the market. And that gets to when we actually monetize this, we will monetize.

其中很多都會失敗；有些人會成功。其他許多人會從 Palantir 購買它，但事實上，我們正​​在向人們傳授世界未來面貌和需要解決的問題的“路線圖”，它之所以能教會他們，是因為你可以在實際行動中展示它。這就是市場正在發生的事情。當我們真正將其貨幣化時，我們就會將其貨幣化。

Palantir is guilty of many things. People think -- they thought we were insane. Some people think I'm eclectic, some analysts think that I am talking something they've never heard of, but you know, often right. We have no problem monetizing. We make $2.9 million per commercial customer across the world.

Palantir 犯下了許多罪行。人們認為──他們認為我們瘋了。有些人認為我思想不拘一格，一些分析師認為我在談論一些他們從未聽說過的東西，但你知道，通常都是對的。我們對盈利沒有任何問題。我們在全球每個商業客戶身上賺取 290 萬美元。

We will figure out how to monetize it. First, we're teaching the market what it is. We're getting people on board, we're showing people that these are the kind of problems you have to solve if you want to engage in actually making money as opposed to writing neat poetry that may be scary to your enterprise and your Board won't let you install anyway. And then we will allow -- then we will charge for that.

我們將研究如何將其貨幣化。首先，我們要讓市場了解它是什麼。我們正在讓人們參與進來，我們向人們展示，如果你想真正地賺錢，你就必須解決這些問題，而不是寫一些整潔的詩歌，因為這可能會讓你的企業感到害怕，而且你的董事會也不會讓你安裝。然後我們會允許——然後我們會收取費用。

Thank you both. Alex, as always, we have a lot of investors on the line. Are there any other thoughts you'd like to share before we end the call?

謝謝你們兩位。亞歷克斯，一如既往，我們有很多投資者在線上。在我們結束通話之前，您還有其他想法想分享嗎？

Well, as usual, I'd like to thank our -- many of our supporters; our clients who've seen this transformation and supported it, who are adopting AIP; the Palantirian team, which goes through the vicissitude of our ships and now is fully aligned on building AIP; our retail investors who I think have been way ahead of everyone else in understanding the product, actually testing it, looking at it, calling customers; and, in general, the spirit of American innovation from which we are profiting. And thank you for your time.

好吧，像往常一樣，我想感謝我們的許多支持者；我們的客戶見證了這種轉變並且支持它，他們正在採用 AIP； Palantirian 團隊經歷了我們飛船的變遷，現在全力致力於建造 AIP；我認為，我們的散戶投資者在理解產品、實際測試產品、觀察產品、致電客戶方面已經遠遠領先其他所有人；總的來說，我們從美國創新精神中獲益良多。感謝您抽出時間。

Thanks, Alex. That concludes Q&A for today's call.

謝謝，亞歷克斯。今天的電話問答到此結束。