Palantir Technologies Inc (PLTR) 2023 Q3 法說會逐字稿

Good morning. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our third quarter 2023 earnings call. We'll be discussing the results announced in our press release issued before the market opened and posted on our Investor Relations website.

早安.我是 Palantir 財務團隊的 Ana Soro，歡迎您參加我們的 2023 年第三季財報電話會議。我們將在市場開盤前發布的新聞稿中討論並發佈在我們的投資者關係網站上宣布的結果。

During the call, we will make statements regarding our business that may be considered forward looking within applicable securities laws, including statements regarding our fourth quarter and fiscal 2023 results, management's expectations for our future financial and operational performance and other statements regarding our plans, prospects and expectations.

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，包括有關我們第四季度和 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 before the market opened 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開市前發布的收益新聞稿和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.

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。

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

我們的新聞稿、投資者介紹和 SEC 文件可在投資者關係網站 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; David Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I will now turn it over to Ryan to start the call.

參加今天電話會議的還有執行長 Alex Karp； Shyam Sankar，首席技術長； David Glazer，財務長；以及首席營收長兼首席法律長 Ryan Taylor。現在我將把電話交給 Ryan 來開始通話。

We are pleased to report that our company achieved GAAP profitability for the fourth consecutive quarter, and we continue to drive strong results across our company. In Q3, we closed 80 deals of $1 million or more across 30 industries, 29 deals of $5 million or more across 16 industries, and 12 deals of $10 million or more across 11 industries.

我們很高興地報告，我們公司連續第四個季度實現了 GAAP 盈利，並且我們繼續推動整個公司的強勁業績。第三季度，我們在 30 個行業完成了 80 筆 100 萬美元或以上的交易，在 16 個行業完成了 29 筆 500 萬美元或以上的交易，在 11 個行業完成了 12 筆 1000 萬美元或以上的交易。

Our U.S. commercial business accelerated last quarter, growing 33% year-over-year. Excluding strategic commercial contracts, it grew 52% year-over-year and 19% sequentially, and 3/4 of our quarter-over-quarter growth is from customers that started with us in 2023. Our U.S. commercial customer count rose 12% quarter-over-quarter and is now tenfold what it was just 3 years ago.

我們的美國商業業務上季加速發展，年增 33%。不計入策略商業合同，我們的業務年增 52%，環比增長 19%，其中 3/4 的環比增長來自 2023 年起與我們合作的客戶。

Deal count for our U.S. commercial business is 2.4x what it was in Q3 of last year and U.S. commercial TCV closed at $252 million, up 55% year-over-year on a dollar-weighted duration basis. We're also seeing the acceleration of larger deals and shorter times to conversion and expansion, including a multiyear deal in excess of $40 million with one of the largest home construction companies in the U.S. to start a pilot and convert it all within Q3.

我們美國商業業務的交易數量是去年第三季的 2.4 倍，美國商業 TCV 收盤於 2.52 億美元，以美元加權期限計算年增 55%。我們還看到更大規模交易的加速以及轉換和擴張時間的縮短，其中包括與美國最大的房屋建築公司之一達成的一項超過 4,000 萬美元的多年期交易，該交易將啟動試點並在第三季度內完成全部轉換。

This growth is in part due to AIP's continued transformation of the way we partner with and deliver value for our customers, and we expect AIP's impact to continue to intensify. The rapid expansion of AIP at both our existing and new customers and the impact it is having on their operations is nothing short of remarkable.

這一成長在一定程度上歸功於 AIP 不斷轉變我們與客戶合作以及為客戶創造價值的方式，我們預計 AIP 的影響力將繼續增強。 AIP 在我們現有和新客戶中的快速擴張以及它對他們的營運產生的影響無疑是顯著的。

In the last quarter, we reoriented our go-to-market approach around AIP Bootcamps, which has allowed us to deliver real workflows on actual customer data in 5 days or less versus our traditional pilots, which generally take 1 to 3 months. We're seeing different stakeholders at the table, including tangible engagement from IT, a quicker time to value for customers, a wider range of organizations partnering with us and the ability to have multi-organization Bootcamps.

在上個季度，我們圍繞 AIP 訓練營重新調整了我們的行銷方法，這使我們能夠在 5 天或更短的時間內根據實際客戶資料提供真實的工作流程，而傳統的試點通常需要 1 到 3 個月的時間。我們在談判桌上看到了不同的利害關係人，包括來自 IT 的實際參與、為客戶更快實現價值、與我們合作的更廣泛的組織以及舉辦多組織訓練營的能力。

Early indications point to vast improvements on our unit economics, from initial contact to customer conversion, all while accelerating new customer negotiations. Bootcamps are also driving contract expansions. We're on track to conduct Bootcamps for more than 140 organizations by the end of November. Nearly half of those are taking place this month alone, which is more than the number of U.S. commercial pilots we conducted all of last year.

早期跡象表明，從最初的聯繫到客戶轉化，我們的單位經濟狀況得到了巨大改善，同時加快了新客戶談判。訓練營也在推動合約的擴大。我們計劃在 11 月底之前為 140 多個組織舉辦訓練營。其中近一半是在本月進行的，比我們去年全年進行的美國商業試點的數量還要多。

In these Bootcamps, our customers attack problems that have immediate impact and learn how to deploy AI into their unique operating environment in a matter of days. Our customers' results speak for themselves. One attendee said that we achieved more in one day for them with AIP than one of the top 3 hyperscalers had accomplished over the last 4 months, and then presented their work with Palantir instead of the hyperscaler to the CEO the very next day. Another attendee said we basically built 10x faster with 3x less resources, and yet another claimed we have built in a day what they wouldn't be able to get internally in months, and then it probably still wouldn't meet the requirements.

在這些訓練營中，我們的客戶著手解決具有直接影響力的問題，並在幾天內學習如何將人工智慧部署到他們獨特的營運環境中。我們客戶的成果是不言而喻的。一位與會者說，我們透過 AIP 在一天內為他們取得的成果比排名前三的超大規模公司在過去 4 個月內取得的成果還要多，然後第二天他們就向 CEO 展示了他們使用 Palantir 而不是超大規模公司完成的工作。另一位與會者表示，我們基本上用 3 倍更少的資源實現了 10 倍更快的構建速度，還有一位與會者聲稱，我們在一天內構建了他們幾個月內無法內部完成的內容，而且它可能仍然無法滿足要求。

AIP is being used for a multitude of workflows at customers across the globe. Just a few examples include the following: our partners in the healthcare space, including Tampa General, HCA and Cleveland Clinic, are using AIP for dynamic scheduling, turning software from a place of data entry into a provider of operating leverage. Aramark is using AI to procure more efficiently, generating custom proactive negotiating strategies.

AIP 正被全球各地的客戶用於多種工作流程。以下僅舉幾個例子：我們在醫療保健領域的合作夥伴，包括坦帕綜合醫院、HCA 和克利夫蘭診所，正在使用 AIP 進行動態調度，將軟體從資料輸入的地方轉變為營運槓桿的提供者。 Aramark 正在使用 AI 來更有效地進行採購，並產生客製化的主動談判策略。

Panasonic North America is using AIP to scale its workforce and accelerate how quickly new engineers can level up. Eaton is using AIP to more efficiently deploy fixes by identifying available materials across different plants or assembly patterns. Carrefour Brazil is increasing the fill rate of online grocery orders with higher accuracy.

松下北美公司正在利用 AIP 來擴大其員工隊伍並加快新工程師的升級速度。伊頓正在使用 AIP，透過識別不同工廠或組裝模式中的可用材料來更有效地部署修復。家樂福巴西正以更高的準確度提高網路雜貨訂單的滿足率。

The energy and engagement around AIP is unlike anything we've ever seen. The potential market for AIP and the trajectory of possible AIP growth for our business is massive. We almost tripled the number of AIP users last quarter, and nearly 300 distinct organizations have used AIP since our launch just 5 months ago. We will continue investing meaningfully in Bootcamps as our go-to-market strategy for AIP.

AIP 所展現的活力和參與度是我們從未見過的。 AIP 的潛在市場以及 AIP 對我們業務可能的成長軌跡是巨大的。上個季度，我們的 AIP 用戶數量幾乎增加了兩倍，自 5 個月前推出以來，已有近 300 個不同的組織使用了 AIP。我們將繼續對 Bootcamps 進行有意義的投資，作為 AIP 的行銷策略。

Through all of this, we never forget that we are a company built on a foundation of counterterrorism. In response to recent world events, we continue to be dedicated to our founding principles of supporting the most important missions in the world, including providing intelligence and defense capabilities to global allies. In that vein, our impact has never been more compelling. We have the products now that the world needs.

在經歷這一切之後，我們永遠不會忘記，我們是一家建立在反恐基礎上的公司。為了應對最近的世界事件，我們繼續致力於我們的創始原則，即支持世界上最重要的使命，包括向全球盟友提供情報和防禦能力。從這個角度來看，我們的影響力從未如此顯著。我們現在擁有世界所需的產品。

We expect our U.S. government business to reaccelerate beyond the current growth rate of 10% year-over-year, given increasing demand for those products to support our allies around the world. While we continue to expect near-term uncertainty given budgetary environments, we were encouraged by the pickup in activity at the end of the U.S. government fiscal year, and we feel well positioned for long-term growth through our evolving strategy, which Shyam will speak to further.

我們預計，由於為支持我們在世界各地的盟友而對這些產品的需求不斷增加，我們的美國政府業務將再次加速，超過目前 10% 的同比增長率。鑑於預算環境，我們預計短期內仍將存在不確定性，但美國政府財政年度末活動的回暖令我們感到鼓舞，而且我們認為，透過不斷發展的戰略，我們已為長期增長做好了準備，Shyam 將進一步闡述這一點。

Just several weeks ago, it was announced that the Army awarded us a new contract worth up to $250 million over 3 years to provide additional capabilities in support of COCOMs, armed services, intelligence community and special forces as they continue to test, utilize and scale AI and ML capabilities.

就在幾週前，陸軍宣布與我們簽訂了一份為期 3 年、價值高達 2.5 億美元的新合同，為 COCOM、武裝部隊、情報界和特種部隊提供額外能力支持，幫助他們繼續測試、利用和擴展 AI 和 ML 能力。

As we enter the final months of the year, we are steadfast in our focus on AI and unlocking the impact it can have for our customers. We look forward to continued business momentum through year-end and are excited for the opportunities to continue delivering unmatched impact for our customers into the new year.

隨著我們進入今年的最後幾個月，我們堅定不移地關注人工智慧並釋放它對客戶的影響。我們期待在年底前繼續保持業務發展勢頭，並對在新的一年裡繼續為我們的客戶提供無與倫比的影響的機會感到興奮。

I'll now turn it over to Shyam.

現在我將把它交給 Shyam。

Thanks, Ryan. At AIPCon 2 this past September, I unpacked some of the foundational engineering challenges that we've solved to deploy LLMs that are anchored in your data on your private network and to safely orchestrate your enterprise with tools, actions and other AI models.

謝謝，瑞安。在去年 9 月的 AIPCon 2 上，我闡述了我們已經解決的一些基礎工程挑戰，以便在您的私人網路上部署以資料為基礎的 LLM，並使用工具、操作和其他 AI 模型安全地協調您的企業。

The core concept of the k-LLM kernel enables you to reliably harness LLMs for critical workflows to manage the risks in the underlying models changing out from underneath you and to create the shortest and safest path to put your own fine-tuned models into production.

k-LLM 核心的核心概念使您能夠可靠地利用 LLM 來進行關鍵工作流程，以管理底層模型在您之下發生變化的風險，並創建最短、最安全的路徑將您自己的微調模型投入生產。

Why use one LLM when you can use k? The art is in synthesizing the outputs from this committee of experts to create a rich topology of answers to the prompt. LLMs are statistics, not calculus. It's more like predicting the weather than predicting an eclipse, and that's why we're focused on proof, not proofs of concept.

如果可以使用 k，為什麼還要使用一個 LLM？藝術在於綜合專家委員會的成果，從而為問題答案形成豐富的拓樸結構。 LLM 是統計學，不是微積分。這更像是預測天氣而不是預測日食，這就是為什麼我們專注於證據而不是概念證明。

AIP gives our customers the infrastructure they actually need to ship production use cases quickly. This difference has been so profound that we shifted the entire commercial organization to focus on 1- to 5-day-long customer Bootcamps, where organizations exit with a scalable use case on their actual data that they built for themselves.

AIP 為我們的客戶提供了他們實際需要的基礎設施，以便快速交付生產用例。這種差異是如此深刻，以至於我們改變了整個商業組織，將重點放在為期 1 到 5 天的客戶訓練營上，組織可以在他們自己建立的實際資料上獲得可擴展的用例。

Customers leave so excited with this definite optimistic view of what can be accomplished, and how they'll drive transformation in their organizations. And these Bootcamps have created enormous tailwinds with IT attendees for 2 reasons. First, we're defining the most advanced and valuable reference architecture for GenAI in the enterprise. And second, with the release of virtual tables and Foundry, IT's primary objection of data duplication is eliminated. We're running more Bootcamps per month than we had U.S. commercial pilots all last year.

客戶離開時都非常興奮，他們對可以達成的成就以及如何推動組織轉型抱持明確樂觀的看法。這些訓練營為 IT 參與者帶來了巨大的動力，原因有二。首先，我們正在為企業中的 GenAI 定義最先進、最有價值的參考架構。其次，隨著虛擬表和 Foundry 的發布，IT 對資料重複的主要反對意見已被消除。我們每個月舉辦的訓練營數量比去年全年美國商用飛行員的數量還要多。

These Bootcamps really allow the customer to experience 3 magic moments for themselves. First, that you really can't use LLMs without tools, that elegant integration of algorithmic reasoning to unlock the full potential. Second, that the object, in other words, the rich representation of your enterprise and its state and not chat is the prompt. Or said differently, the Bootcamp experience enables them to transcend chat. And finally, the power of live integration of expert feedback through the AIP infrastructure to efficiently generate adaptive models.

這些訓練營確實讓顧客親身體驗了 3 個神奇的時刻。首先，如果沒有工具，你真的無法使用 LLM，而工具需要優雅地整合演算法推理才能發揮其全部潛力。第二，對象，換句話說，您的企業及其狀態的豐富表示而不是聊天是提示。或者換句話說，Bootcamp 體驗使他們能夠超越聊天。最後，透過 AIP 基礎設施即時整合專家回饋，可以高效產生自適應模型。

At the end of the Bootcamp, customers say things like, once you see it, you can't unsee it. As Ryan mentioned, it's common to hear attendees express that they could do in days what they couldn't previously with other AI technologies in months. In September, we also launched Palantir Government Web Services to expand Palantir's mission by supporting and growing today's nascent but inspiring defense tech ecosystem.

在訓練營結束時，顧客會說這樣的話，一旦你看到它，就無法忽視它。正如 Ryan 所提到的，我們經常聽到與會者表示，他們可以在幾天內完成以前使用其他 AI 技術需要幾個月才能完成的事情。 9 月，我們還推出了 Palantir 政府網路服務，透過支持和發展當今新興但鼓舞人心的國防技術生態系統來擴展 Palantir 的使命。

Through Palantir GWS, we're providing emerging and existing companies in the defense industrial base with the enabling software to quickly operationalize their mission-critical capabilities at scale, all aimed at minimizing the value of debt and bringing the best of America's greatest advantage, software, to the fight.

透過 Palantir GWS，我們為國防工業基地的新興和現有公司提供支援軟體，以快速大規模地實施其關鍵任務能力，所有這些都是為了最大限度地減少債務價值，並將美國最大的優勢——軟體——運用到戰鬥中。

FedStart and Apollo are the first offerings in GWS. FedStart's platform accreditation-as-a-service offering radically compresses the time line and cost of unlocking IL5 markets and beyond. Apollo's autonomous software delivery platform is the most technically mature and sophisticated approach to continuously delivering complex modern software to the thousands of edge environments required to deter and defeat threats in the Pacific. FedStart customers like CalypsoAI and Primer AI and Apollo customers like Lockheed shared their acceleration journeys at our Software for Government conference hosted in our DC offices in September.

FedStart 和 Apollo 是 GWS 的首批產品。 FedStart 平台認證即服務產品從根本上壓縮了解鎖 IL5 市場及其他市場的時間表和成本。 Apollo 的自主軟體交付平台是技術最成熟、最複雜的方法，可以持續向數千個邊緣環境交付複雜的現代軟體，以阻止和擊敗太平洋地區的威脅。 FedStart 的客戶（例如 CalypsoAI 和 Primer AI）以及 Apollo 的客戶（例如 Lockheed）在我們 9 月於華盛頓特區辦公室舉辦的政府軟體會議上分享了他們的加速歷程。

The reaction to Palantir GWS has been amazing. VCs, defense tech entrepreneurs and government PMs are responding to the investments in a big tent ecosystem and the efficiency and scale that we're providing. We also launched our Mixed Reality service and Immersive C2, an application that was built on the Mixed Reality service at the Army's AUSA Conference in October. It was met with rave reviews.

Palantir GWS 的反應非常出色。創投家、國防科技企業家和政府總理正在對大帳篷生態系統的投資以及我們提供的效率和規模做出回應。我們還在 10 月陸軍的 AUSA 會議上推出了我們的混合實境服務和 Immersive C2，這是一款基於混合實境服務構建的應用程式。它獲得了熱烈的評價。

Our Immersive C2 application showed how command and control could be done on the move in the back of a vehicle, leveraging mixed-reality headsets built on GWS infrastructure, and our Mixed Reality service will mean that any application that builds on or integrates with GWS can instantly enable their own mixed-reality offering.

我們的沉浸式 C2 應用程式展示瞭如何利用基於 GWS 基礎設施構建的混合現實耳機在車輛後部移動中進行指揮和控制，而我們的混合實境服務意味著任何基於 GWS 構建或與 GWS 集成的應用程序都可以立即啟用他們自己的混合現實產品。

Finally, our products could not be playing a more central role for real-world events. It's incredibly rewarding to see the products that we've built over the last 20 years meet their moments, often in new and impactful ways. From MetaConstellation, which is enabling tactical overhead imagery in the field, to Gaia for mission planning, to even Foundry for complex video imagery and audio analysis and automation.

最後，我們的產品在現實世界事件中扮演更重要的角色。看到我們在過去 20 年中打造的產品以新穎且頗具影響力的方式迎接挑戰，這令人感到非常欣慰。從支援現場戰術俯視圖像的 MetaConstellation，到用於任務規劃的 Gaia，甚至用於複雜視訊影像和音訊分析及自動化的 Foundry。

From the mission data platform and its real-time cross-domain collaboration across allied nations to [MAVERICK] for target effect repairing and advanced fires execution, these real-world events validate the investments that we have made over the last 5 years, and strengthens our conviction in what we are building now for the future. And with that, I'll hand it over to Dave to talk us through the financials.

從任務資料平台及其跨盟國的即時跨域協作到用於目標效應修復和先進火力執行的[MAVERICK]，這些現實世界的事件驗證了我們在過去五年中所做的投資，並增強了我們對現在為未來建設的一切的信念。說完這些，我會把話題交給戴夫，讓他跟我們講解財務狀況。

Thanks, Shyam. We had an exceptional quarter. Revenue growth reaccelerated on the back of our U.S. commercial business, driven by our intense focus on AIP, while margins continue to expand, demonstrating the transforming unit economics of our business.

謝謝，Shyam。我們度過了一個非凡的季度。在美國商業業務的推動下，由於我們對 AIP 的高度關注，收入成長再次加速，同時利潤率繼續擴大，展示了我們業務的單位經濟效益的轉變。

We beat the high end of our guidance range on both top line and bottom line and increased our Rule of 40 score 800 basis points quarter-over-quarter to 46% while simultaneously delivering our fourth consecutive quarter of GAAP profitability, the first time ever that we are GAAP profitable on a trailing 12-month basis. We also delivered our third consecutive quarter of GAAP operating profit and over $0.5 billion in adjusted free cash flow over the last 4 quarters.

我們在營收和淨利潤方面均超過了預期範圍的上限，並將我們的 40 規則得分比上一季度提高了 800 個基點，達到 46%，同時連續第四個季度實現 GAAP 盈利，這是我們有史以來首次在過去 12 個月內實現 GAAP 盈利。我們還連續第三個季度實現了 GAAP 營業利潤，並且在過去 4 個季度中實現了超過 5 億美元的調整後自由現金流。

Turning to our global top line results. Third quarter revenue reaccelerated to $558 million, up 17% year-over-year and 5% sequentially, exceeding the high end of the range of our prior guidance. Excluding the impact of revenue from strategic commercial contracts, third quarter revenue grew 21% year-over-year and 6% sequentially. Revenue from our largest customers continues to expand. Trailing 12-month revenue per customer from our top 20 customers increased 13% year-over-year to $54 million per customer. Customer count grew 34% year-over-year and 8% sequentially to 453 customers as we remain focused on landing new accounts.

談到我們的全球營收業績。第三季營收再次加速至 5.58 億美元，年增 17%，環比成長 5%，超過了我們先前預期範圍的高點。剔除策略性商業合約收入的影響，第三季營收年增21%，季增6%。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 13%，達到每位客戶 5,400 萬美元。由於我們仍專注於吸引新客戶，客戶數量較去年同期成長 34%，較上季成長 8%，達到 453 名客戶。

Now moving to our commercial segment. Third quarter commercial revenue grew 23% year-over-year and 8% sequentially to $251 million. I'd like to congratulate the entire commercial org for reaching a $1 billion annualized run rate milestone this quarter. It's quite an achievement. Excluding the impact from strategic commercial contracts, commercial revenue grew 34% year-over-year and 11% sequentially.

現在轉到我們的商業領域。第三季商業營收年增 23%，季增 8%，達到 2.51 億美元。我要祝賀整個商業組織本季達到了 10 億美元的年化運作率里程碑。這真是一項成就。除去策略商業合約的影響，商業收入年增 34%，季增 11%。

In the third quarter, U.S. commercial revenue reaccelerated to $116 million, up 33% year-over-year and 13% sequentially. Excluding revenue from strategic commercial contracts, U.S. commercial revenue grew 52% year-over-year and 19% sequentially. We continue to see the impact of our intense focus on AIP on our commercial business, both through the adoption of new customers and the expansion of opportunities at existing customers.

第三季度，美國商業收入再次加速至 1.16 億美元，年增 33%，季增 13%。不包括策略性商業合約收入，美國商業收入年增 52%，季增 19%。我們繼續看到我們對 AIP 的高度關注對我們的商業業務的影響，無論是透過吸引新客戶還是擴大現有客戶的機會。

We booked $252 million of U.S. commercial TCV, representing growth of 55% year-over-year on a dollar-weighted duration basis. Our U.S. commercial customer count grew to 181 customers, reflecting 37% growth year-over-year and 12% sequentially, benefiting from the increase in velocity of our AIP go-to-market motion. This represents a tenfold increase in U.S. commercial customer count from when we went public just 3 years ago.

我們預訂了 2.52 億美元的美國商業 TCV，以美元加權期限計算年增 55%。我們的美國商業客戶數量增長至 181 個，年增 37%，環比增長 12%，這得益於我們 AIP 上市速度的加快。這意味著我們美國商業客戶數量比我們三年前上市時增加了十倍。

Our international commercial business was up 15% year-over-year and 4% sequentially to $134 million as we continued to capitalize on targeted growth opportunities in Asia, the Middle East and beyond, while conditions remain challenging in Continental Europe. Revenue from strategic commercial contracts was $15 million or 2.6% of quarterly revenue, down from $19 million in the prior quarter. We anticipate fourth quarter revenue from these customers to continue to decline to between $13 million to $15 million, representing 2.3% of expected fourth quarter revenue.

我們的國際商業業務年增 15%，環比成長 4%，達到 1.34 億美元，這得益於我們繼續利用亞洲、中東及其他地區的目標成長機會，儘管歐洲大陸的情況仍然充滿挑戰。來自策略性商業合約的收入為 1,500 萬美元，佔季度收入的 2.6%，低於上一季的 1,900 萬美元。我們預計第四季度來自這些客戶的營收將繼續下降至 1,300 萬美元至 1,500 萬美元之間，佔預期第四季度營收的 2.3%。

Shifting to our government segment. Third quarter government revenue grew 12% year-over-year and 2% sequentially to $308 million. U.S. government revenue grew 10% year-over-year and 2% sequentially to $229 million. While it's hard to predict exactly when our government revenue will reconverge at historically high CAGRs, as Shyam mentioned, our products, PG, Gaia, MetaConstellation and AIP are needed in battlefields across the world and even more so in the current geopolitical landscape. International government revenue grew 21% year-over-year and 2% sequentially to $78 million, bolstered by our continued work in healthcare and defense.

轉向我們的政府部門。第三季政府營收年增 12%，季增 2%，達到 3.08 億美元。美國政府營收年增 10%，季增 2%，達到 2.29 億美元。雖然很難準確預測我們的政府收入何時會重新達到歷史最高複合年增長率，但正如 Shyam 所提到的，我們的產品 PG、Gaia、MetaConstellation 和 AIP 是世界各地戰場所需要的，在當前的地緣政治格局中更是如此。由於我們在醫療保健和國防領域的持續努力，國際政府收入年增 21%，季增 2%，達到 7,800 萬美元。

Moving to bookings. TCV booked was $830 million, up 29% sequentially. Net dollar retention was 107%, impacted primarily by headwinds from our commercial business in Continental Europe. Net dollar retention does not include revenue from new customers that we acquired in the past 12 months and is therefore not reflective of the recent acceleration in our U.S. commercial business.

轉向預訂。預訂的TCV為8.3億美元，比上一季成長29%。淨美元保留率為 107%，主要受到歐洲大陸商業業務阻力的影響。淨美元留存不包括我們在過去 12 個月內獲得的新客戶收入，因此不能反映我們美國商業業務的近期加速。

We ended the third quarter with $3.7 billion in total remaining deal value and $988 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.

截至第三季度，我們的剩餘交易總價值為 37 億美元，剩餘履約義務為 9.88 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。

Our U.S. commercial business saw total remaining deal value growth of 23% year-over-year and 27% sequentially when excluding the impact from strategic commercial contracts highlighting the acceleration of our go-to-market motion.

若排除策略性商業合約的影響，我們美國商業業務的剩餘交易總價值年增 23%，季增 27%，突顯了我們進入市場的步伐加快。

Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 82% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $163 million, representing an adjusted operating margin of 29%, 400 basis points ahead of the high end of our prior guidance, and marking the fourth 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 82%。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 1.63 億美元，調整後的營業利潤率為 29%，比我們先前預期的高點高出 400 個基點，並標誌著調整後的營業利潤率連續第四個季度擴大。

Q3 adjusted expense was $395 million, down 1% sequentially and flat year-over-year. In short, we've been able to flatline expenses for 4 consecutive quarters while investing significantly in our products, including AIP, and reaccelerating our revenue. This drives home the efficiency and operating leverage of our software at scale. R&D adjusted expense was up 9% year-over-year and 11% sequentially, demonstrating our commitment to continuously drive forward product innovation and invest in technical talent.

第三季調整後支出為 3.95 億美元，季減 1%，較去年同期持平。簡而言之，我們已經能夠連續 4 個季度保持支出持平，同時對包括 AIP 在內的產品進行大量投資並重新增加我們的收入。這充分體現了我們軟體的大規模效率和營運槓桿。研發調整費用年增 9%，較上季成長 11%，彰顯了我們持續推動產品創新和投資技術人才的決心。

Over the past year, we have emphasized our unwavering dedication to sustain GAAP profitability and GAAP operating income. Our 4 consecutive quarters of improving GAAP operating income enable us to more aggressively invest in AIP. Looking ahead to the fourth quarter and beyond, we remain focused on calibrating expense growth below revenue growth, even as we increase investment and resourcing to AIP and in specific geographies around the world.

在過去的一年裡，我們強調堅定不移地致力於維持 GAAP 獲利能力和 GAAP 營業收入。我們連續 4 個季度提高 GAAP 營業收入使我們能夠更積極地投資 AIP。展望第四季及以後，即使我們增加了對 AIP 和全球特定地區的投資和資源，我們仍將專注於將費用成長控制在收入成長以下。

In the third quarter, we generated GAAP operating income of $40 million, our third consecutive quarter of GAAP operating income. We also generated GAAP net income of $72 million, representing a 13% margin, our fourth consecutive quarter of GAAP profitability. This is the first time we've ever achieved both GAAP net income and GAAP operating profitability on a trailing 12-month basis.

第三季度，我們實現了 4,000 萬美元的 GAAP 營業收入，這是我們連續第三個季度實現 GAAP 營業收入。我們還實現了 7,200 萬美元的 GAAP 淨收入，利潤率為 13%，這是我們連續第四個季度實現 GAAP 盈利。這是我們首次在過去 12 個月內同時實現 GAAP 淨收入和 GAAP 營業利潤。

While we continue to manage our stock-based compensation expense, as I mentioned in previous quarters, we expect it to trend up in Q4 as we continue to invest in AIP. Third quarter adjusted earnings per share was $0.07 and GAAP earnings per share was $0.03. Additionally, our combined revenue growth and adjusted operating margin accelerated to 46%, an 800-basis-point increase to a Rule of 40 score from the prior quarter. We will strive to maintain this exceptional balance of top and bottom line performance.

正如我在前幾個季度提到的那樣，雖然我們繼續管理我們的股票薪資費用，但我們預計，隨著我們繼續對 AIP 進行投資，該費用將在第四季度呈上升趨勢。第三季調整後每股收益為 0.07 美元，GAAP 每股收益為 0.03 美元。此外，我們的綜合收入成長和調整後營業利潤率加速至 46%，比上一季增加了 800 個基點，達到 40 規則分​​數。我們將努力保持頂線和底線業績之間的良好平衡。

Turning to our cash flow. In the third quarter, we generated $141 million in adjusted free cash flow, representing a margin of 25%, and $133 million in cash from operations, representing a margin of 24%. Over the past 4 quarters, we've generated $490 million in cash flow from operations and $502 million in adjusted free cash flow, marking the first time we've exceeded $0.5 billion in adjusted free cash flow on a trailing 12-month basis.

轉向我們的現金流。第三季度，我們產生了 1.41 億美元的調整後自由現金流，利潤率為 25%；1.33 億美元的營運現金流，利潤率為 24%。在過去的 4 個季度中，我們產生了 4.9 億美元的營運現金流和 5.02 億美元的調整後自由現金流，這是我們過去 12 個月調整後自由現金流首次超過 5 億美元。

We ended Q3 with $3.3 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.

截至第三季度，我們持有現金、現金等價物和短期美國國庫券 33 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 Q4 2023, we expect revenue of between $599 million and $603 million, adjusted income from operations of between $184 million, and $188 million in GAAP net income. For full year 2023, we are raising our revenue guidance to between $2.216 billion and $2.22 billion. We are raising our adjusted income from operations guidance to between $607 million and $611 million. And we continue to expect GAAP net income in each quarter of this year.

現在來談談我們的展望。對於 2023 年第四季度，我們預計營收在 5.99 億美元至 6.03 億美元之間，調整後的營業收入在 1.84 億美元之間，GAAP 淨收入在 1.88 億美元之間。對於 2023 年全年，我們將營收預期上調至 22.16 億美元至 22.2 億美元之間。我們將調整後的營業收入預期上調至 6.07 億美元至 6.11 億美元之間。我們預計今年每季都會有 GAAP 淨收入。

With that, I'll turn it over to Alex for a few remarks.

說完這些，我會把話題交給亞歷克斯來發表一些評論。

Welcome. I don't think the camera is working. Welcome to our earnings. Obviously, current events and the performance of our business are an absolute validation of our strategy of building the world's most aligned and powerful enterprise products, years, sometimes decades before they're needed, before you could imagine their power.

歡迎。我覺得相機不工作了。歡迎來到我們的收益。顯然，當前的事件和我們業務的表現絕對驗證了我們的策略，即打造世界上最一致、最強大的企業產品，這些產品比人們真正需要的早幾年甚至幾十年，比你想像到的它們的威力還要早。

AIP and U.S. commercial not only is disrupting the market, it's setting a standard that I don't believe any other software company will be able to reach, partly because they've misunderstood the value of LLMs and their relative importance and lack of importance, partly because they don't have decades of experience on the frontline as we do in the military with managing the core ways in which you make these things precise, the way in which you provide governance.

AIP 和美國商業軟體不僅擾亂了市場，而且還設定了一個我認為其他軟體公司無法達到的標準，部分原因是他們誤解了法學碩士的價值及其相對重要性和不重要性，部分原因是他們沒有像我們在軍隊中那樣在前線擁有數十年管理經驗，使這些事情精確化的核心方法、不了解提供治理的方式。

Also because the playbook backed by venture capitalists and supported by analysts has always been make the thinnest technology possible that is misaligned with your enterprise and hire the most and best salespeople so the enterprise gets moderate value while having its high revenue exported in a parasitic manner to the cheers of insiders and the pain of retail investors. And we obviously rejected that.

也因為創投家和分析師支持的劇本一直是製造與企業不符的最薄弱的技術，並僱用最多和最好的銷售人員，以便企業獲得適度的價值，同時以寄生的方式輸出其高收入，以贏得內部人士的歡呼和散戶投資者的痛苦。但我們顯然拒絕了這一點。

And then on the mission side, we have been saying, in building products for a world that is violent, disjointed, irrational, a world in which you have to show strength, a world in which, if you do not show strength, people who are biased, xenophobic, dare I say, anti-Semitic, will rear their head. A world in which you really have to pick sides. Palantir is the first major company to -- in my view, to have said from the beginning a thing that is obviously true. There is no such thing anymore of being on all sides.

在使命方面，我們一直在說，在為一個充滿暴力、脫節、非理性的世界打造產品時，你必須展現力量，如果你不展現力量，那些有偏見、仇外心理、甚至反猶太主義的人就會抬頭。在這個世界上，你真的必須選擇立場。在我看來，Palantir 是第一家從一開始就說出明顯事實的大公司。不再有四面楚歌的事情了。

Palantir only supplies its products to Western allies. We've never supplied our products to enemies. We proudly support the U.S. government. I am proud that we are supporting Israel in every way we can. And we also support plain English speaking. So when people are massacred to the equivalent of almost 50,000 people in Israel, we view it as a terror act. We call it terrorism. We supply our product to people who're fighting terrorism, and we have no problem with describing as it is or sticking up for our allies.

Palantir 僅向西方盟國供應其產品。我們從未向敵人提供我們的產品。我們自豪地支持美國政府。我很自豪我們盡一切努力支持以色列。我們也支援簡單的英語交流。因此，當以色列有相當於 50,000 人被屠殺時，我們將其視為恐怖行為。我們稱之為恐怖主義。我們的產品供應給那些正在打擊恐怖主義的人們，我們很樂意如實描述我們的產品或為我們的盟友提供支援。

And we don't provide false context. All of a sudden, you need a lot of context for describing what it means to kill Jews or persecute jews across the world. I believe in context in places where you need to actually provide it. But at Palantir, we have seen that our view of the world, which is that there really are people that are violent and not in conformant with morality need to be fought.

我們不會提供虛假的背景。突然之間，你需要大量的背景來描述殺害猶太人或迫害全世界猶太人的意義。我相信在需要實際提供背景資訊的地方，背景資訊是有用的。但在 Palantir，我們已經看到了我們對世界的看法，那就是確實存在著暴力的、不符合道德的人，我們需要與之奮鬥。

And we are supplying these products that we've built over the last 20 years to our allies, and we are proud of the results. And I would say -- also, even commercially, you are going to see that our alignment with our client, our alignment with our society pays major dividends. And for those of you who are along for the ride, we really celebrate you, and we are going to bring our warrior culture to our products, to our market fit, and the results of which we are going to bring to our allies.

我們正在向我們的盟友提供我們在過去 20 年裡研發的產品，我們對這些成果感到自豪。而且我想說——即使從商業角度來看，您也會看到我們與客戶的一致性、與社會的一致性會帶來巨大的回報。對於那些一路陪伴的人們，我們真的為你們感到高興，我們將把我們的戰士文化帶入我們的產品、我們的市場，並將其成果帶給我們的盟友。

With that, we'll begin with a few questions from our shareholders before we open up the call. Our first question is from Christopher.

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克里斯托弗。

The current situation in Israel has opened the eyes of other allied countries around the globe. Specifically, are there current or future plans of supporting our allied partners in Asia with Palantir products?

以色列當前的局勢讓全球其他盟國大為震驚。具體來說，目前或將來是否有計劃透過 Palantir 產品支持我們在亞洲的盟友？

Absolutely. The short answer is yes. I think not only can we look at Israel, but we can look even before that at Ukraine and the lessons that we've learned there. And I would distill that down simply to that you must pre-position data, software and hardware well ahead of the fight there and create a partner mesh network of command and control nodes to really provide a difference here. So that's one major thing.

絕對地。簡短的回答是肯定的。我認為我們不僅可以關注以色列，甚至可以關注烏克蘭以及我們在那裡學到的教訓。我將其簡單地概括為，你必須在戰鬥之前預先放置數據、軟體和硬件，並創建一個由指揮和控制節點組成的合作夥伴網狀網絡，才能真正發揮作用。這是一件很重要的事。

And so we're spending a lot of our time and our energy thinking about how do we get as much mass west of the international dateline as possible to be prepared to meet those moments. And make no mistake, there's a lot to be done there. The other lesson specific from Israel is how much faster you can move when you create a big tent tech ecosystem that allows you to bring a lot of other defense tech start-ups along with you.

因此，我們花了大量的時間和精力思考如何讓盡可能多的物質到達國際日期變更線以西，為迎接這些時刻做好準備。毫無疑問，那裡還有很多事情要做。以色列的另一個具體教訓是，當你創建一個大型帳篷技術生態系統時，你可以帶動許多其他國防技術新創公司一起前進，這樣你的行動速度就會更快。

The capabilities that we were able to give the Israeli government by bringing in other Israeli start-ups as well as international start-ups was incredible. And that's a key lesson that we're taking forward with us as well, and it's embodied and enabled by Palantir Government Web Services.

透過引進其他以色列新創企業以及國際新創企業，我們能夠為以色列政府提供令人難以置信的能力。這也是我們要學習的重要教訓，它是由 Palantir 政府網路服務所體現和實現。

Thanks, Shyam. Our next question is from [Sony]. Congrats on well-executed AI Bootcamps delivering tangible value very quickly. Could you kindly attempt to synthesize the top 3 observations from those Bootcamps for enterprises to launch AI-enabled decision management systems to power forward their critical objectives?

謝謝，Shyam。我們的下一個問題來自[索尼]。恭喜 AI 訓練營順利完成並迅速交付了實際的價值。您能否嘗試總結這些訓練營中的三大觀察結果，以幫助企業啟動人工智慧決策管理系統，推動其關鍵目標的實現？

Sure. I'll take a first stab at this. I would say, one, it's about the magic moments. So the first bit of this that I think people get out of is, what does this really mean to understand that you can't really use these LLM without tools? So how do you bring that tool bench forward?

當然。我將首先嘗試這一點。我想說，首先，它是關於神奇的時刻。因此，我認為人們首先要弄清楚的是，如果沒有工具就無法使用這些 LLM，這到底意味著什麼？那麼要如何把這個工具台推向前進呢？

Two, it's a realization that the semantics of your business ought to be the prompt. And we are uniquely positioned there because the best way to do that is to serialize those semantics into your ontology to use the object model that we have to do that. And so getting...

二是認識到您的業務語意應該是提示。我們在那裡處於獨特的地位，因為做到這一點的最佳方法是將這些語義序列化到本體中，以使用我們必須執行的物件模型。這樣就得到...

We've already built and deployed. One of the most interesting things about the commercial market is there are all these tools we built that basically not only allow you to manage LLMs, but they are -- they basically pen test your enterprise. So what was de facto, what -- in the past where you were selling was misaligned with your enterprise.

我們已經建置並部署了。商業市場最有趣的事情之一是，我們建立的所有這些工具基本上不僅允許您管理 LLM，而且它們基本上可以對您的企業進行滲透測試。那麼事實上，過去您所銷售的產品與您的企業不一致。

AI forces an alignment with your enterprise, and so you begin to ask really business-relevant questions. And then because of essentially our ability to take the knowledge of your business and put it into the LLM and then extract from the LLM something relevant and then manage it, you get both the power of the LLM and you get the shock moment of the enterprise actually saying, "Wait a minute. You're providing me something that actually is good for my enterprise."

人工智慧強制與您的企業保持一致，因此您開始提出真正與業務相關的問題。然後，由於我們能夠將您的業務知識融入 LLM，然後從 LLM 中提取相關內容並進行管理，您既可以獲得 LLM 的強大功能，也可以獲得企業的震驚，企業實際上會說：“等一下。您提供給我的東西確實對我的企業有益。”

Quite frankly, it's almost like taking an alcoholic off alcohol and saying, "Here's your health drink." And it's like -- and the reason why it just is very, very hard to compete against that is because the other players in this space are actually built to take you away from what is good for your enterprise. How do you make better margins? How do you make your products more safer?

坦白說，這幾乎就像是讓一個酒鬼戒酒並說「這是你的健康飲料」。這就像——之所以很難與之競爭，是因為這個領域的其他參與者實際上就是為了奪走你對企業有利的東西。如何獲得更好的利潤？你們如何讓你們的產品更安全？

How do you take the tacit knowledge of a Japanese manufacturing company and build in America with all the advantages of America and the tacit knowledge of Japanese manufacturing? That's what we're actually doing with these things. And then there's all these things we've built that would take decades, years and years and years to build, even if you understood them, that we'd already built.

如何利用日本製造公司的隱性知識，並利用美國的所有優勢和日本製造業的隱性知識在美國進行建構？這實際上就是我們所做的。然後，我們所建造的所有這些東西都需要幾十年、幾年、幾年的時間才能建成，即使你理解它們，我們已經建造好了。

And to add on to that, the Japanese example shows it, I think the third major magic moment that's impactful there is this incorporation of real-time expert feedback and thinking about feedback as a data type onto itself. Not having to retrain or upgrade the parametric knowledge of the model, but actually being able to use feedback dynamically live to create an adaptive model.

除此之外，日本的例子也表明，我認為第三個具有影響力的神奇時刻是結合即時專家的回饋，並將回饋視為一種數據類型。不需要重新訓練或升級模型的參數知識，而是實際上能夠即時動態地使用回饋來創建自適應模型。

And then -- and I'm sure Ryan will talk about this, the scale function of this. It's like one of the logical question is, is if you're doing well, why are you so happy that you have $40 million in operating income? Well, it's because the unit economics are so good moving from Bootcamp -- from pilots that took 6 months to Bootcamps that take officially 2 days -- I was in one that took 6 hours -- are so efficient, we don't -- it's like we're just -- we're like -- there's a limit to how much resources we can pour into this. So we're like doing all these things, and we're educating people and we're doing it at a scale that is equivalent to already 1 month as much as we did all year last year.

然後 — — 我相信 Ryan 會談論這個，這個的規模功能。一個合乎邏輯的問題是，如果你做得很好，為什麼你會因為有 4,000 萬美元的營業收入而如此高興？嗯，這是因為從訓練營——從耗時 6 個月的試點到正式僅需 2 天的訓練營——我參加過一個耗時 6 個小時的訓練營——轉變之後的單位經濟效益非常好，效率非常高，我們不會——就像我們只是——我們就像——我們可以投入到這個方面的資源是有限的。所以，我們就像在做這些事情一樣，我們正在教育人們，我們所做的規模已經相當於去年全年一個月的規模。

Yes. And with our relentless execution, we're seeing the ability and how much easier it is lowering the barrier for customers to see our product applied against their data in real workflows. And so we're seeing the network effects of that. We're seeing customers who have used AIP in one context going to new companies, adopting it at new companies and converting quickly.

是的。透過我們不懈的執行，我們看到了我們的能力，也看到了降低客戶在實際工作流程中看到我們的產品應用於他們的數據的門檻的多麼容易。所以我們看到了它的網路效應。我們看到，在某一環境中使用過 AIP 的客戶會去新公司，在新公司採用 AIP，並且快速轉變。

We're seeing customers that were with us years ago who are coming back to us because we have the product now that works for what they need, and we're seeing that in a way where they maybe tried to build themselves and failed, and they're now able to implement it effectively and quickly in that environment and the vast kind of expansion and advancements of our products are showing that at our...

我們看到幾年前與我們合作的客戶現在又回到我們這裡，因為我們現在的產品可以滿足他們的需求，我們看到，他們可能曾經嘗試過自己構建但失敗了，但現在他們能夠在那種環境中有效而快速地實施它，我們產品的廣泛擴展和進步表明了這一點......

And one of the things that -- I mean, I'm very bullish on the U.S. and, quite frankly, a little bit less bullish on every place else, but one of the things that's amazing about the U.S. is, people change jobs and people know how good our products is. And the minute they change their job, they call us.

其中一件事是——我的意思是，我非常看好美國，坦白說，對其他地方就沒那麼看好，但美國令人驚奇的一件事是，人們會換工作，而且人們知道我們的產品有多好。他們一換工作就會打電話給我們。

And some of the results -- if you disambiguate and normalize the results to take out SPACs, U.S. grew -- is growing 52% -- 52% off of a large base, which is why I think we can accelerate it to a $1 billion run rate by '25. But it's because how dynamic America is and people moving around, taking the product, combined with our ability to execute in a new commercial motion that is just literally a game changer for how we go to market.

如果你消除歧義並將結果標準化以取出 SPAC，美國的增長率為 52％ - 在一個龐大的基數上增長了 52％，這就是為什麼我認為我們可以將其加速到 25 年 10 億美元的運行率。但這是因為美國的活力以及人們的流動，購買產品，再加上我們執行新商業行動的能力，這實際上改變了我們進入市場的方式。

And by the way, we always kind of neglect to mention this. It's also a game changer internally. Like culturally right now, partly because we're on the frontline fighting what amounts to evil, partly because a lot of people don't agree with us and those that do realize that they need to stand up and stand with us, and partly because we were right about what you should supply to U.S. commercial, it's just a really good vibe internally.

順便說一句，我們總是忽略提及這一點。從內部來看，這也改變了遊戲規則。就像現在的文化一樣，部分是因為我們身處在與邪惡作鬥爭的前線，部分是因為很多人不同意我們，而那些同意我們的人意識到他們需要站起來與我們站在一起，部分是因為我們對於應該向美國商業提供什麼的看法是正確的，所以內部的氛圍非常好。

It is just -- it's like we're really -- it's really fun to crush it. And quite frankly, it's occasionally fun to watch your apparently perfect fake competitors deliver things that don't work and to watch us walk in with our crazy show and deliver things that do.

這只是——就像我們真的——粉碎它真的很有趣。坦白說，有時候看著看似完美的假競爭對手做出不起作用的東西，而看著我們帶著瘋狂的表演做出起作用的東西，是很有趣的。

Our next question is from [Samit], who asks, does Palantir view the USG hardware primes as allies or competitors?

我們的下一個問題來自 [Samit]，他問 Palantir 將 USG 硬體視為盟友還是競爭對手？

We view the primes as allies and government -- Palantir Government Web Services, it really enables it. So two of the primes are customers of Apollo. Two of the primes are using Foundry to improve internal production and systems integration. Another prime, Northrop, has joined our TITAN team.

我們將主要人員視為盟友和政府—Palantir 政府網路服務確實實現了這一點。因此，其中兩個質數都是阿波羅的客戶。其中兩家主要公司正在使用 Foundry 來改進內部生產和系統整合。另一位主要人物諾斯羅普也加入了我們的 TITAN 團隊。

And I think from our perspective, America needs our primes. Like our national security depends on them. There's a lot of talk in defense tech circles about disrupting the primes. And I think there's incredible opportunity to transform what's possible with software, which, in my opinion, we're leading. But fundamentally, they're crucial to our national security, and that's because production does matter. You have to bend metal at the end of the day.

我認為從我們的角度來看，美國需要我們的人才。就像我們的國家安全依賴他們一樣。國防科技圈內有很多關於破壞素數的討論。我認為，透過軟體來改變一切的可能性有著難以置信的機會，而我認為，我們在這方面處於領先地位。但從根本上來說，它們對我們的國家安全至關重要，因為生產確實很重要。一天結束時你必須彎曲金屬。

And using 10 years of munitions in 10 weeks in Ukraine really underscores that point. But increasingly, production is itself software-defined and optimized. In fact, that's most of our commercial business, helping Airbus with the A350 and single-aisle ramp-up, helping BP produce more hydrocarbons, helping Panasonic build more batteries for Tesla cars. Like that sort of transformation efficiency is what we want to bring to the primes as well as they bend metal.

而在烏克蘭 10 週內使用 10 年的彈藥確實強調了這一點。但生產本身越來越多地由軟體定義和優化。事實上，這是我們大部分的商業業務，幫助空中巴士生產 A350 和單通道飛機，幫助 BP 生產更多的碳氫化合物，幫助松下為特斯拉汽車製造更多的電池。我們希望將這種轉換效率帶給素數以及它們彎曲金屬的能力。

Maybe what Shyam has done a really magnificent job of is it's fair to say the primes thought we were competitive with them until recently, and not just primes, but others. But because really to get access to the kinds of data that the Pentagon has, you're going to be able to -- you're going to need either Palantir or be able to build something like Palantir.

也許 Shyam 所做的非常出色的工作是，可以公平地說，直到最近，素數們還認為我們與他們具有競爭力，而且不僅僅是素數，還有其他人。但因為要真正獲得五角大廈所擁有的那種數據，你將能夠——你要么需要 Palantir，要么能夠建造類似 Palantir 的東西。

And I think, in all modesty, people have realized it's pretty (expletive) hard to do what we've done. And so there was this kind of perceived misalignment. And what Shyam has been building out with FedRAMP is giving people a way to partner with us where they can extend what they're doing without having to try, which everybody still does, but it's commonly known will not work. The ability to have access to the underlying data for reasons that are highly technical, it's crazy hard to do.

我認為，坦白說，人們已經意識到我們所做的事情是相當（髒話）困難的。因此就存在這種明顯的錯位。 Shyam 透過 FedRAMP 所做的努力為人們提供了一種與我們合作的方式，他們可以在無需嘗試的情況下擴展他們正在做的事情，儘管現在每個人仍然在嘗試，但眾所周知這是行不通的。由於技術性原因，存取底層資料的能力非常難以實現。

And so getting that full alignment is both much better for Palantir and much better for the nation. And then we're, of course, interested in it because we're pretty mission-focused and we want the nation to function better. And we're also realistic. It's not good for us to be fighting battles. We know we're much better at software. We have no interest in going into hardware. I think increasingly, they know they should not fight us on software, although some still do, which is largely stupid.

因此，實現全面協調對 Palantir 和國家來說都更有利。當然，我們對此很感興趣，因為我們非常注重使命，我們希望國家運作得更好。我們也很現實。打仗對我們來說並不好。我們知道我們在軟體方面更勝一籌。我們對進入硬體領域不感興趣。我認為，他們越來越認識到不應該在軟體方面與我們競爭，儘管有些人仍然這樣做，但這在很大程度上是愚蠢的。

Our next question is from Mariana with Bank of America. (Operator Instructions)

下一個問題來自美國銀行的瑪麗安娜。 （操作員指令）

So I have 2 questions for you. Number one is on the government side. All these geopolitical events, we have seen all these countries moving really fast to actually enhanced readiness, and modernization is a key asset. What is your expectation for the U.S. actually moving at this speed of need under a more bureaucratic -- usually more bureaucratic environment?

所以我有兩個問題想問您。第一是政府方面。在所有這些地緣政治事件中，我們看到所有這些國家都在迅速提高戰備水平，而現代化是其中的關鍵要素。在更官僚主義的環境下，您對美國實際上以這種速度採取行動有何期望？

And the other one is AIP. You have discussed already how it changed or it was a catalyst for customers to be able to adopt data analytics and data infrastructure, but I'm interesting to understand, beyond Bootcamps, what else is changing internally? How you face customers, how you build things with AIP, and how that is impacting your margins because they look like 30% operating margins now versus 25% that you were printing before?

另一個是AIP。您已經討論過它是如何改變的，或者它是如何成為客戶採用數據分析和數據基礎設施的催化劑的，但我很想知道，除了訓練營之外，內部還有哪些變化？您如何面對客戶，如何使用 AIP 建立產品，以及這對您的利潤率有何影響，因為現在的營業利潤率為 30%，而之前是 25%？

Maybe to start with the second one here with AIP. I think you should really think the Bootcamp is more than just what's happening in the Bootcamp. Because you're exiting the Bootcamp with a series of use cases that are production ready or near-production ready that you can go forward with. You're exiting the Bootcamp with -- as the customer and usually IT, with enough hands-on experience with the product that you can actually keep going and compounding it going forward.

也許可以從這裡的第二個 AIP 開始。我認為你真的應該認為訓練營不僅僅是訓練營中發生的事情。因為您在退出訓練營時已經擁有一系列可以投入生產或接近投入生產的用例，您可以繼續進行這些用例。當你作為客戶（通常是 IT 人員）退出訓練營時，你將擁有足夠的產品實際操作經驗，可以繼續前進並不斷完善它。

So there is this exit velocity that's fundamental to it, where it's not just the go-to-market motion, it actually now becomes the implementation motion. It becomes the way in which you engage with partners, because now partners can run their Bootcamps. Partners can drive use case growth for themselves around what came out of the Bootcamp and the exit velocity around that. So I think it's quite profound in why you're seeing both our emphasis of it and the impact that it's having on both the financials and the operating reality of the business.

因此，退出速度是其根本，它不僅僅是進入市場的動議，實際上現在成為實施的動議。它成為您與合作夥伴互動的方式，因為現在合作夥伴可以運行他們的訓練營。合作夥伴可以根據訓練營的成果和退出速度來推動自己的用例成長。所以我認為，你會看到我們如此重視它，以及它對企業的財務和營運現實的影響，這是非常深刻的。

Yes. As we mentioned on the last earning calls, we were focused on usage and value of AIP, and we're seeing that by the end of November, 140 organizations will have delivered Bootcamps too, and we're seeing that and then the conversions that flow from that as well.

是的。正如我們在上次財報電話會議上提到的那樣，我們專注於 AIP 的使用和價值，並且我們看到到 11 月底，140 個組織也將提供訓練營，我們也看到了這一點，以及由此產生的轉換。

And to put that number in perspective, I think roughly 70 of those Bootcamps will happen this month in November, which is more than the number of commercial pilots we did all of last year. So the velocity...

為了更好地理解這個數字，我認為 11 月將有大約 70 個這樣的訓練營舉行，這比我們去年全年培訓的商業飛行員的數量還要多。因此速度...

And we're just starting. So like we're ramping up to doing them. It's -- yes.

我們才剛開始。所以我們正在加緊努力完成這些工作。是的——是的。

And then I guess on the margin side, what you're seeing is like we are investing pretty significantly. R&D is up sequentially 11%.

然後我想在利潤方面，你會看到我們正在進行相當大的投資。研發支出較上季成長 11%。

I think the thing that is confusing is our go-to motion now in U.S. com is so efficient. So you could basically look at it as 10x more efficient, and we are ramping it up. But this is the most efficient way for us to go to market. So it's like there's a -- it's not constrained by dollars. It's constrained by, do we have people that actually know the product? Do we -- have we trained them?

我認為令人困惑的是，我們現在在美國採取的行動非常有效率。因此，你基本上可以將其視為效率提高了 10 倍，而且我們正在不斷提高它。但這是我們進入市場最有效的方式。所以就好像——它不受美元的限制。限制因素是，我們是否有真正了解產品的人？我們是否已經對他們進行過培訓？

There's not a way in which we can efficiently -- because if you're growing a business 52%, the obvious thing is you should be dumping money on it like a bonfire, especially if it's the only market that actually really matters in the world. And by the way, if you're recalibrating the standard, one of the things we did with PG, we did with Gaia, we did with MetaConstellation, it's not just that we win clients. It's that we set a standard that the competition can never meet.

我們沒有辦法有效地做到這一點——因為如果你的業務成長率為 52%，那麼顯然你應該向它投入大量資金，尤其是如果它是世界上唯一真正重要的市場。順便說一句，如果你重新校準標準，我們對 PG、Gaia 和 MetaConstellation 所做的事情之一就是，我們不僅僅是贏得了客戶。我們設立了競爭對手無法達到的標準。

And that this is really important for our go-to-market strategies. It's like you can pretend you're going to build PG. The French government announces they're going to rebuild it for $40 million. You can't rebuild PG for $40 million. You can't rebuild it for $1 billion. You need us. You can't rebuild Foundry. You can't (inaudible). When we go to market with AIP, the clients are learning 2 things. They're learning, "Oh, I could use this." They're learning how to use it. They're also now going to go to every other vendor and say, "But I want my thing to provide operational results."

這對我們的行銷策略來說確實很重要。就像您可以假裝要建造 PG 一樣。法國政府宣布將斥資 4,000 萬美元重建建築物。你不可能花 4,000 萬美元重建 PG。你不可能花 10 億美元來重建它。你需要我們。您無法重建 Foundry。你不能（聽不清楚）。當我們透過 AIP 進入市場時，客戶會了解到兩件事。他們正在學習，“哦，我可以用到這個。”他們正在學習如何使用它。他們現在還會去找其他供應商並說：“但我希望我的東西能夠提供營運成果。”

And Palantir has done this in 6 hours. I like you better. I'll give you 6 days. I prefer you. Your steak dinner is better. Your suit is better. Your backing from the analysts is better. You don't have the madman sticking up for things that are good and right in the world despite them being unpopular. And you get all that. I'll give you an extra 10 days.

而Palantir在6小時內就完成了這項任務。我比較喜歡你。我給你六天。我比較喜歡你。你的牛排晚餐更美味。你的西裝比較好看。您得到分析師的支援更好。你不會看到瘋子儘管不受歡迎卻堅持捍衛世界上美好和正確的事物。你就得到了這一切。我再給你10天時間。

Well, try that with PG, it's ridiculous. Try it with Foundry, it's ridiculous. Try it MetaConstellation, no one even bothers trying that. No one tries us on Gaia, and they're not going to try it on AIP either. And that's one of the most important things we do as a company. Because in the end, it is actually very attached to our mission.

好吧，用 PG 試試一下，這太荒謬了。用 Foundry 試試一下，太荒謬了。試試 MetaConstellation，沒有人願意嘗試。沒有人在蓋亞 (Gaia) 上嘗試過我們，他們也不會在 AIP 上嘗試。這是我們作為一家公司所做的最重要的事情之一。因為歸根結底，它實際上與我們的使命息息相關。

My view of what we should do is build products that are so good that the competition stops competing, whether that's in commercial or on the battlefield. And that's what we're doing. And that's what we're seeing in AIP, and I haven't seen something like this since PG, which is our first anti-terror product. No one bothers even -- like currently, PG is blocked in Germany. That's -- because somebody doesn't -- whatever, it it's like -- they're waiting for a terror attack so the (inaudible) can win. It's like insane.

我認為我們應該製造出優秀的產品，讓競爭對手停止競爭，無論是在商業領域還是在戰場上。這正是我們正在做的事情。這就是我們在 AIP 中看到的，自從我們的第一款反恐產品 PG 以來，我還沒有見過這樣的事情。甚至沒有人關心——就像現在，PG 在德國被封鎖了。那是因為──因為有人不──不管怎樣，就像──他們在等待恐怖攻擊，這樣（聽不清楚）就能獲勝。簡直就像瘋了一樣。

So any case, no one's bothered saying, "We should build another PG." You can't build it. So you can just opt to not have the product. There'll be people who do that. And that's the aspiration for every single one of our products, and that's what I see in AIP.

所以無論如何，沒有人會費心說「我們應該再建一個 PG」。你無法建造它。所以您可以選擇不購買該產品。會有人這麼做的。這是我們對每一款產品的期望，也是我在 AIP 中看到的。

Thank you all. Alex, is there anything you'd like to say before we end today's call?

謝謝大家。亞歷克斯，在我們結束今天的通話之前你還有什麼想說的嗎？

As usual, it's a wild ride if you're an investor or if you're an employee internally. We -- there's this term mission-driven culture, which I increasingly don't like because almost everyone saying it is just waiting to get (inaudible) and then drop their mission and be a sophist. But in fact, we are believers, we are fighters, and we are a mission-driven culture, and we welcome everybody who wants to participate that as an investor or as a Palantirian or someone who follows us.

像往常一樣，無論您是投資者還是內部員工，這都是一次瘋狂的旅程。我們 — — 有「使命驅動文化」這個術語，我越來越不喜歡這個術語，因為幾乎每個人說這個術語只是在等待（聽不清楚），然後放棄他們的使命，成為一個詭辯家。但事實上，我們是信徒，我們是鬥士，我們是使命驅動的文化，我們歡迎所有想以投資者、Palantirian 或追隨者身份參與其中的人。

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

謝謝。今天的電話問答到此結束。