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

內容摘要

Palantir Technologies 在 2023 年第三季取得了成功,連續第四個季度實現了 GAAP 盈利。他們完成了大量交易,並在美國商業業務中實現了顯著成長。

該公司仍然致力於其反恐基礎,並預計其美國政府業務將實現成長。他們解決了在專用網路上部署有限責任模型 (LLM) 的工程挑戰,並討論了他們的訓練營計劃的成功。

這位執行長強調了該公司對市場的破壞及其支持西方盟友的使命。 Palantir 將 USG 硬體視為盟友,對國家安全至關重要。他們在研發方面投入巨資,並對未來抱持正面的前景。

該公司的新手訓練營計劃對其財務和營運現實產生了重大影響。他們專注於制定競爭對手無法達到的標準,並擁有使命驅動的文化。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Ana Soro

    Ana Soro

  • 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。我們將討論開市前發布並發佈在投資者關係網站上的新聞稿中宣布的結果。

  • During the call, we will make statements regarding our business that may be considered forward looking within applicable securities laws including statements regarding our 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. 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.

    在電話會議期間,我們將就我們的業務發表在適用的證券法範圍內可能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、前景和發展的其他聲明。期望。這些陳述不是承諾或保證,並且存在風險和不確定性,可能導致它們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以及我們向 SEC 提交的文件中找到。除法律要求外,我們不承擔更新前瞻性聲明的義務。

  • Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com.

    此外,在今天的電話會議中,我們將提及某些調整後的財務措施。這些非公認會計原則財務指標應作為公認會計原則指標的補充,而不是替代或孤立於公認會計原則指標之外。有關這些非公認會計準則衡量標準的更多信息,包括非公認會計準則與可比公認會計準則衡量標準的調節,包含在我們今天提供的新聞稿和投資者演示中。我們的新聞稿、投資者介紹和 SEC 文件可在我們的投資者關係網站 Investors.palantir.com 上取得。

  • Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated.

    在通話過程中,我們在討論我們的業務時會提到各種成長率。除非另有說明,這些比率反映的是同比比較。

  • 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'll now turn it over to Ryan to start the call.

    與我一起參加今天電話會議的還有執行長 Alex Karp; Shyam Sankar,首席技術長;大衛‧格雷澤,財務長;首席營收長兼首席法務長 Ryan Taylor。現在我將把它交給 Ryan 來開始通話。

  • Ryan D. Taylor - Chief Revenue Officer & Chief Legal Officer

    Ryan D. Taylor - Chief Revenue Officer & Chief Legal Officer

  • 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. 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.

    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,並且我們將繼續推動整個公司取得強勁業績。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。上季我們的美國商業業務加速成長,年增 33%。不包括策略商業合同,年成長 52%,環比成長 19%,環比成長的 3/4 來自 2023 年開始與我們合作的客戶。

  • Our U.S. commercial customer count rose 12% quarter-over-quarter and is now tenfold what it was just 3 years ago. 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 1 of the largest home construction companies in the U.S. to start up pilot and converted all within Q3. 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.

    我們的美國商業客戶數量較上季成長 12%,目前是 3 年前的十倍。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 收在 2.52 億美元,以美元加權久期計算年增 55%。我們還看到大型交易的加速以及轉換和擴張時間的縮短,包括與美國最大的住宅建築公司之一達成的超過 4000 萬美元的多年期交易,該交易將在第三季度啟動試點並全部轉換。這種成長的部分原因是 AIP 不斷轉變我們與客戶合作並為客戶提供價值的方式,我們預計 AIP 的影響力將繼續增強。 AIP 在我們現有客戶和新客戶中的快速擴張,及其對他們營運的影響是非常顯著的。

  • In the last quarter, we reoriented our go-to-market approach around AIP boot camps, 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 boot camps. Early indications point to vast improvements on our unit economics from initial contact to customer conversion, all while accelerating new customer negotiations. Boot camps are also driving contract expansions. We're on track to conduct boot camps 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.

    在上個季度,我們圍繞AIP 新手訓練營重新調整了進入市場的方法,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 IT 部門的實際參與、更快地為客戶實現價值、更廣泛的組織與我們合作以及舉辦多組織訓練營的能力。早期跡象表明,從最初接觸到客戶轉化,我們的單位經濟效益得到了巨大改善,同時加速了新客戶談判。新兵訓練營也推動了合約的擴展。我們預計在 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舉辦的,這比我們去年全年舉辦的美國商業試點數量還要多。

  • In these boot camps, 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 1 day for them with AIP than 1 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,我們的客戶可以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。我們客戶的結果不言而喻。一位與會者表示,我們利用AIP 在1 天內為他們取得的成就比前3 名超大規模提供者中的1 家在過去4 個月內取得的成就還要多,然後第二天就向首席執行官展示了他們使用Palantir 而不是超大規模提供者的工作成果。另一位與會者表示,我們的建造速度基本上提高了10 倍,資源減少了3 倍,還有一位與會者聲稱,我們在一天內建立了他們在幾個月內無法在內部獲得的內容,然後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. 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. The energy and engagement around AIP is unlike anything we've ever seen.

    AIP 正用於全球客戶的多種工作流程。以下僅舉幾個例子:我們在醫療保健領域的合作夥伴,包括 Tampa General、HCA 和 Cleveland Clinic,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。愛瑪客正在利用人工智慧提高採購效率,產生客製化的主動談判策略。松下北美公司正在使用 AIP 來擴大其勞動力規模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。巴西家樂福正在以更高的準確度提高線上雜貨訂單的履行率。 AIP 周圍的活力和參與度是我們前所未見的。

  • 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 boot camps as our go-to-market strategy for AIP.

    AIP 的潛在市場以及我們業務可能的 AIP 成長軌跡是巨大的。上季度我們的 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。我們將繼續對訓練營進行有意義的投資,作為 AIP 的市場策略。

  • 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. 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.

    透過這一切,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,我們繼續致力於支持世界上最重要任務的基本原則,包括向全球盟友提供情報和防禦能力。在這方面,我們的影響力從未如此引人注目。我們現在擁有世界需要的產品。鑑於支持我們世界各地盟友的這些產品的需求不斷增加,我們預計我們的美國政府業務將重新加速,超過目前 10% 的同比增長率。

  • 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. 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.

    儘管考慮到預算環境,我們仍然預計短期內會出現不確定性,但美國政府財政年度末活動的回升令我們感到鼓舞,而且我們感覺透過我們不斷發展的戰略(希亞姆將談到的戰略)為長期成長做好了充分的準備進一步。就在幾週前,我們宣布陸軍授予我們一份價值高達 2.5 億美元的新合同,為期 3 年,為 COCOM、武裝部隊、情報界和特種部隊繼續測試、利用和擴展提供額外的能力支持人工智能和機器學習能力。

  • 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。我們期待年底保持持續的業務勢頭,並很高興有機會在新的一年繼續為我們的客戶帶來無與倫比的影響。

  • I'll now turn it over to Shyam.

    現在我將把它交給 Shyam。

  • Shyam Sankar - CTO & Executive VP

    Shyam Sankar - CTO & Executive VP

  • 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. The core concept of the KLLM 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.

    謝謝,瑞安。在去年9 月的AIPCon 2 上,我解開了我們已經解決的一些基礎工程挑戰,以部署錨定在您的專用網路上的資料中的LLM,並使用工具、操作和其他AI 模型安全地編排您的企業。 KLLM 核心的核心概念使您能夠可靠地利用 LLM 進行關鍵工作流程,以管理您底層模型變更的風險,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. 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 boot camps, where organizations exit with a scalable use case on their actual data that they built for themselves. Customers leave so excited with this definite optimistic view of what can be accomplished, and how they'll drive transformation in their organizations.

    當你可以使用 K 時,為什麼還要選擇一個 LLM?藝術在於綜合該專家委員會的輸出,以創建針對提示的豐富答案拓撲。 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明,而不是概念證明。 AIP 為我們的客戶提供了他們快速交付生產用例所需的基礎設施。這種差異是如此深刻,以至於我們將整個商業組織轉移到為期 1 到 5 天的客戶訓練營上,組織在退出時會根據自己建立的實際資料提供可擴展的用例。客戶在離開時非常興奮,因為他們對可以完成的任務以及如何推動組織轉型有著明確的樂觀看法。

  • And these boot camps 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 boot camps per month than we had U.S. commercial pilots all last year. These boot camps 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 Boot Camp experience enables them to transcend chat.

    這些新手訓練營為 IT 參與者帶來了巨大的推動力,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,隨著虛擬表和鑄造廠的發布,IT 對數據重複的主要反對意見被消除了。我們每月舉辦的新兵訓練營數量比去年全年美國商業飛行員的數量還要多。這些訓練營確實讓顧客親身體驗 3 個神奇時刻。首先,如果沒有工具,你真的無法使用法學碩士。演算法推理的優雅整合可以釋放全部潛力。其次,對象,換句話說,是企業及其狀態的豐富表示,而不是聊天,或者換句話說,Boot Camp 體驗使他們能夠超越聊天。

  • And finally, the power of live integration of expert feedback through the AIP infrastructure to efficiently generate adaptive models. At the end of the boot camp, 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.

    最後,透過 AIP 基礎設施即時整合專家回饋,以有效產生自適應模型。在訓練營結束時,客戶會說,一旦你看到它,你就無法再看到它。正如 Ryan 所提到的,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人工智慧技術幾個月內無法完成的任務。

  • In September, we also Palantir Government Web Services to expand Palantir's mission by supporting and growing today's nascent but inspiring defense tech ecosystem. 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 death and bringing the best of America's greatest advantage software to the fight.

    9 月,我們也推出 Palantir Government Web Services,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。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,以快速大規模地運行其關鍵任務能力,所有這些都旨在最大限度地減少死亡價值,並將美國最好的優勢軟體帶給人們爭鬥。

  • 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 IL-5 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 Calypso AI 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 的平台認證即服務從根本上壓縮了解鎖 IL-5 市場及其他市場的時間軸和成本。 Apollo 的自主軟體交付平台是技術上最成熟、最先進的方法,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。 Calypso AI 和 Primer AI 等 Fedstart 客戶以及 Lockheed 等 Apollo 客戶於 9 月在我們的華盛頓辦事處舉辦的政府會議上分享了他們的加速之旅。

  • 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. 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.

    Palantir GWS 的反應非常驚人。創投家、國防科技企業家和政府總理正在對大型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 月的陸軍 AUSA 會議上推出了混合實境服務和沈浸式 C2,這是一個基於混合實境服務構建的應用程式。受到了好評如潮。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的移動中完成命令和控制。我們的混合實境服務將意味著任何基於 GWS 建置或整合的應用程式都可以立即啟用自己的混合實境產品。

  • 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 guide for mission planning, to even foundry for complex video imagery and audio analysis and automation. 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.

    最後,我們的產品在現實世界的事件中發揮著至關重要的作用。看到我們在過去 20 年中打造的產品經常以新穎且有影響力的方式迎接他們的時刻,這是令人難以置信的回報。從支援現場戰術俯視圖像的 MetaConstellation 到指導任務規劃,甚至是複雜視訊影像和音訊分析和自動化的代工廠。從任務資料平台及其跨盟國的即時跨域協作,到用於目標效果修復和進階火力執行的 MAVERICK。這些現實世界的事件驗證了我們在過去 5 年中所做的投資,並增強了我們對現在為未來建設的信念。接下來,我將把它交給戴夫,讓他向我們介紹財務狀況。

  • David A. Glazer - CFO & Treasurer

    David A. Glazer - CFO & Treasurer

  • 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. 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.

    謝謝,夏姆。我們度過了一個出色的季度。在我們對 AIP 的高度關注的推動下,我們的美國商業業務的收入成長再次加速,同時利潤率繼續擴大,這表明我們業務的單位經濟效益正在轉變。我們的營收和利潤都超過了指導範圍的上限,並將 40 法則得分環比提高了 800 個基點至 46%,同時實現了連續第四個季度的 GAAP 盈利能力,這是有史以​​來第一次我們依照GAAP 原則計算過去12 個月的獲利情形。

  • 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.

    我們還連續第三個季度實現 GAAP 營業利潤,並在過去 4 個季度實現了超過 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.

    轉向我們的全球營收成果。第三季營收重新加速至 5.58 億美元,年增 17%,季增 5%,超過了我們先前指導範圍的上限。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成長。過去 20 名客戶的每位客戶的過去 12 個月收入年增 13%,達到每位客戶 5,400 萬美元。由於我們仍專注於開發新客戶,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.

    現在轉向我們的商業領域。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在本季實現了 10 億美元的年化運作率里程碑。這是一項相當大的成就。剔除策略性商業合約的影響,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. We booked $252 million of U.S. commercial TCV, representing growth of 55% year-over-year on a dollar-weighted duration basis.

    第三季度,美國商業收入重新加速至 1.16 億美元,年增 33%,季增 13%。不計策略商業合約收入,美國商業收入年增 52%,季增 19%。我們繼續看到我們對 AIP 的高度關注對我們商業業務的影響,無論是透過採用新客戶還是擴大現有客戶的機會。我們預訂了 2.52 億美元的美國商業 TCV,以美元加權久期計算,年增 55%。

  • 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.

    我們的美國商業客戶數量增至 181 家,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%,季增 4%,達到 1.34 億美元,我們繼續利用亞洲、中東及其他地區的目標成長機會,而歐洲大陸的情況仍充滿挑戰。策略性商業合約收入為 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,佔第四季預期營收的 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,世界各地的戰場都需要我們的產品PG、GAIA、MetaConstellation 和AIP,在當前的地緣政治格局中更是如此。在我們在醫療保健和國防領域持續努力的推動下,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。 TCV 預訂金額為 8.3 億美元,較上一季成長 29%。淨美元保留率為 107%,主要受到歐洲大陸商業業務不利因素的影響。淨美元留存率不包括我們在過去 12 個月內獲得的新客戶的收入,因此並不能反映我們美國商業業務最近的加速發展。

  • 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.

    截至第三季末,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便利條款終止範圍的合約義務,這兩種情況在我們大多數政府中都很常見。

  • 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.

    我們的美國商業業務的剩餘交易總價值同比增長 23%,如果排除戰略商業合約的影響,則環比增長 27%,這凸顯了我們的上市行動的加速。

  • 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。本季調整後毛利率(不含股票薪酬費用)為 82%。調整後的營運收入(不包括以股票為基礎的薪資費用和相關雇主薪資稅)為1.63 億美元,調整後的營運利潤率為29%,比我們先前指導的上限高出400 個基點,這也是我們連續第四個季度實現擴大調整後的營業利潤率。

  • 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.

    第三季調整後費用為 3.95 億美元,季減 1%,較去年同期持平。簡而言之,我們能夠連續 4 個季度保持支出不變,同時對我們的產品(包括 AIP)進行大量投資,並重新加速我們的收入。這大規模地提高了我們軟體的效率和營運槓桿。

  • 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.

    研發調整後費用年增 9%,季增 11%,反映了我們不斷推動產品創新和投資技術人才的承諾。

  • 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,我們強調我們堅定不移地致力於維持 GAAP 獲利能力和 GAAP 營業收入。我們的 GAAP 營業收入連續 4 個季度提高,使我們能夠更積極地投資 AIP。展望第四季度及以後,即使我們增加了對 AIP 和全球特定地區的投資和資源配置,我們仍然專注於將費用成長調整為低於收入成長。

  • 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,我們產生了 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。我們還產生了 7,200 萬美元的 GAAP 淨利潤,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 淨利潤和 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,雖然我們繼續管理以股票為基礎的薪酬費用,但隨著我們繼續投資 AIP,我們預計第四季度該費用將呈上升趨勢。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%,比上一季提高了 800 個基點,達到 40 分的分數。我們將努力保持頂線和底線績效的這種特殊平衡。

  • 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. We ended Q3 with $3.3 billion in cash, cash equivalents and short-term U.S. treasury bills.

    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%,營運現金為 1.33 億美元,利潤率為 24%。在過去 4 個季度中,我們的營運現金流量為 4.9 億美元,調整後自由現金流量為 5.02 億美元,這標誌著我們過去 12 個月的調整後自由現金流量首次超過 5 億美元。截至第三季末,我們擁有 33 億美元的現金、現金等價物和短期美國國庫券。

  • We retain access to additional liquidity of up to $500 million through our revolving credit facility, which remains entirely undrawn.

    我們透過循環信貸安排保留了高達 5 億美元的額外流動性,該信貸安排仍然完全未動用。

  • 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.

    現在轉向我們的展望。對於 2023 年第四季度,我們預計收入將在 5.99 億美元至 6.03 億美元之間,調整後的營運收入按 GAAP 淨利潤計算將在 1.84 億美元至 1.88 億美元之間。對於 2023 年全年,我們將營收指引提高至 22.16 億美元至 22.2 億美元之間。我們將調整後的營運指導收入提高至 6.07 億至 6.11 億美元。我們繼續預計今年每季的 GAAP 淨利潤。

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

    至此,我將把它交給 Alex 進行一些評論。

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

  • 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. 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 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.

    歡迎。我不認為相機工作正常。歡迎來到我們的收益。顯然,時事和我們業務的表現絕對驗證了我們建立世界上最一致、最強大的企業產品的策略,早在您需要這些產品的幾年甚至幾十年之前,您就無法想像它們的力量。 AIP 和美國商業不僅擾亂了市場,還制定了一個我認為任何其他軟體公司都無法達到的標準,部分原因是他們誤解了 LLM 的價值及其相對重要性和重要性,部分原因是他們不像我們在軍隊那樣擁有數十年的前線經驗,無法管理使這些事情精確化的核心方式,以及提供治理的方式。

  • 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.

    此外,因為由風險資本家支持和分析師支持的策略始終是使與您的企業不相符的最薄技術成為可能,並僱用最多和最好的銷售人員,以便企業獲得適度的價值,同時將其高收入以寄生方式出口到業內人士的歡呼,散戶的痛苦。我們顯然拒絕了這一點。

  • And then on the mission side, we have been saying and 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-Semetic, 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, I think that is obviously true. There is no such thing anymore of being on all sides.

    然後在使命方面,我們一直在說,並為一個暴力、脫節、非理性的世界打造產品,在這個世界裡,你必須表現出力量,在這個世界裡,如果你不表現出力量,人們就會被偏見,仇外,我敢說反猶太主義,都會抬起頭來。這是一個你必須選邊站的世界。在我看來,Palantir 是第一家從一開始就說過的大公司,我認為這顯然是正確的。不再存在四面八方的情況了。

  • 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. 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 and we -- in places where you need to actually provide it.

    Palantir 只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。我很自豪我們正在盡一切努力支持以色列。我們也支援簡單的英語。因此,當以色列有近五萬人被屠殺時,我們將其視為恐怖行為。我們稱之為恐怖主義。我們向打擊恐怖主義的人們提供我們的產品,我們毫不猶豫地描述事實或支持我們的盟友。我們不提供錯誤的背景。突然間,您需要大量背景資訊來描述在世界各地殺害猶太人或迫害猶太人的含義。我相信,在上下文和我們——在你需要實際提供它的地方。

  • 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. 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.

    但在 Palantir,我們看到我們的世界觀,即確實存在暴力且不符合道德的人,需要與之抗爭。我們正在向我們的盟友提供我們在過去 20 年中打造的這些產品,我們對結果感到自豪。我想說 - 而且,即使在商業上,你也會看到我們與客戶、我們與社會的聯盟會帶來重大紅利。對於那些一路同行的人,我們衷心祝賀你們。我們將把我們的戰士文化帶入我們的產品、我們的市場契合度以及我們將帶給我們的盟友的結果。

  • Ana Soro

    Ana Soro

  • With that, we'll begin with a few questions from our shareholders before we open up the call. Our first question is from Christopher. The current situation in Israel has opened the eyes of other allied countries around the globe, specifically, are there current or future plans supporting our allied partners in Asia with Palantir products?

    接下來,在開始電話會議之前,我們將先詢問股東的幾個問題。我們的第一個問題來自克里斯托弗。以色列目前的局勢讓全球其他盟國大開眼界,具體來說,當前或未來是否有計劃透過Palantir產品支持我們在亞洲的盟國夥伴?

  • Shyam Sankar - CTO & Executive VP

    Shyam Sankar - CTO & Executive VP

  • 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 preposition 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 1 major thing. 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.

    絕對地。簡短的回答是肯定的。我認為我們不僅可以看看以色列,而且我們甚至可以在此之前看看烏克蘭以及我們在那裡學到的教訓。我將其簡單概括為,您必須在戰鬥之前預先部署數據、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。這是一件重要的事情。因此,我們花費了大量的時間和精力來思考如何在國際日期變更線以西獲得盡可能多的質量,以便為迎接這些時刻做好準備。毫無疑問,這方面還有很多工作要做。以色列的另一個具體教訓是,當你創建一個大帳篷技術生態系統,讓你可以帶著許多其他國防技術新創公司一起行動時,你的行動速度會快得多。

  • The capabilities that we were able to give the Israeli government by bringing in other Israeli startups 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。這也是我們要繼續學習的重要教訓。它由 Palantir 政府網路服務體現和支持。

  • Ana Soro

    Ana Soro

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

    謝謝,夏姆。我們的下一個問題來自索尼。恭喜執行良好的人工智慧訓練營非常快速地提供有形價值。您能否嘗試綜合這些企業訓練營的前 3 個觀察結果,以推出支援人工智慧的決策管理系統,以推動其關鍵目標的實現?

  • Shyam Sankar - CTO & Executive VP

    Shyam Sankar - CTO & Executive VP

  • 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? 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 oncology to use the object model that we have to do that. And so getting...

    當然。我將首先嘗試這一點。我想說,第一,這是關於神奇的時刻。因此,我認為人們首先要了解的是,如果沒有工具就無法真正使用這些法學碩士,這到底意味著什麼?那麼要如何推進這個工具台呢?第二,認識到您的業務語意應該是提示。我們在這方面處於獨特的地位,因為做到這一點的最佳方法是將這些語義序列化到您的腫瘤學中,以使用我們必須執行此操作的物件模型。所以得到...

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

  • 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 always de facto what in the past where you were selling was misaligned with your enterprise. 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 movement of the enterprise actually saying, "Wait a minute, you're providing me something that actually is good for my 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構建的所有這些工具基本上不僅允許您管理法學碩士,而且它們基本上是對您的企業進行筆測試。因此,事實上您過去銷售的產品總是與您的企業不一致。人工智慧迫使您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,由於本質上我們有能力獲取您的業務知識並將其放入法學碩士中,然後從法學碩士中提取相關內容並進行管理,因此您既可以獲得法學碩士的力量,又可以獲得企業的震撼運動實際上是在說:“等一下,你為我提供的東西實際上對我的企業有好處。”

  • 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? How do you take the task at knowledge of a Japanese manufacturing company and build in America with all the advantages of America and the tasset 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.

    坦白說,這幾乎就像戒掉酒精並說這是你的健康飲料一樣。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是為了讓你遠離對你的企業有利的東西。如何獲得更好的利潤?如何讓您的產品更加安全?您如何利用日本製造公司的知識來承擔任務,並利用美國的所有優勢和日本製造的基本知識在美國進行建設。這就是我們實際上正在做的事情。然後我們建造了所有這些東西,即使你理解它們,我們也已經建造了,需要幾十年、幾年、很多年才能建造。

  • Shyam Sankar - CTO & Executive VP

    Shyam Sankar - CTO & Executive VP

  • 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,日本的例子也展示了這一點。我認為第三個具有影響力的主要神奇時刻是即時專家回饋的結合以及將回饋視為一種資料類型本身。不必重新訓練或升級模型的參數知識,而是實際上能夠動態地使用回饋來建立自適應模型。

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

  • And then -- and I'm sure Ryan will talk about this, the scale function of this. It's like 1 of the logical question 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 boot camp from pilots it took 6 months to boot camps to take officially 2 days, I was in 1 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 scale that is equivalent to already 1 month as much as we did all year last year.

    然後——我相信瑞安會談論這個,這個尺度函數。這就像一個邏輯問題是,如果你做得很好,為什麼你對擁有 4000 萬美元的營業收入如此高興。嗯,這是因為單位經濟效益非常好,從飛行員訓練營轉移到訓練營花了6 個月,到訓練營正式花了2 天,我在1 花了6 個小時,效率很高,我們不-這就像我們只是──我們就像──我們可以投入的資源是有限的。所以我們就像做所有這些事情,我們正在教育人們,我們正在做的規模相當於我們去年全年所做的一個月。

  • Ryan D. Taylor - Chief Revenue Officer & Chief Legal Officer

    Ryan D. Taylor - Chief Revenue Officer & Chief Legal Officer

  • 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 1 context, going to new companies, adopting it at new companies and converting quickly. 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 may be 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...

    是的。透過我們不懈的執行,我們看到了降低客戶在實際工作流程中將我們的產品應用於他們的數據的障礙的能力和難度。所以我們看到了它的網路效應。我們看到在 1 種環境中使用過 AIP 的客戶去了新公司,在新公司採用它并快速轉換。我們看到多年前與我們合作的客戶現在又回到我們身邊,因為我們現在擁有滿足他們需求的產品。我們看到,他們可能會嘗試自行建造並失敗,但他們現在能夠在這種環境中有效、快速地實施它,我們產品的大量擴展和進步表明了這一點。 ..

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

  • And 1 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 1 of the things that's amazing about the U.S. is, people change jobs and people know how good our product is. And the minute they change their job, they call us. And some of the results if you disambiguate and normalize the results to take out packs, 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.

    其中一件事——我的意思是,我非常看好美國,坦白說,我對其他地方不太看好。但美國令人驚奇的事情之一是,人們會換工作,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。如果你消除歧義並將結果標準化以取出包裝,美國的一些結果將增長 52%,較大基數增長 52%,這就是為什麼我認為我們可以將其加速到 10 億美元的運行速度到'25。但這是因為美國充滿活力,人們四處走動,獲取產品,再加上我們執行新商業動議的能力,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. 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.

    順便說一句,我們總是忽略提及這一點。它也是內部遊戲規則的改變者。就像現在的文化一樣,部分是因為我們處於與邪惡作鬥爭的前線,部分是因為很多人不同意我們的觀點,而那些確實意識到他們需要站起來與我們站在一起的人,部分是因為我們對於應該向美國商業廣告提供什麼內容的判斷是正確的,內部氛圍非常好。只是——就像我們真的——粉碎它真的很有趣。坦白說,有時看到看似完美的假冒競爭對手提供了不起作用的東西,而看著我們帶著瘋狂的表演走進去並提供了有效的東西,這有時很有趣。

  • Ana Soro

    Ana Soro

  • 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,他問道,Palantir 將 USG 五金 Prime 視為盟友還是競爭對手?

  • Shyam Sankar - CTO & Executive VP

    Shyam Sankar - CTO & Executive VP

  • We view the Primes as allies and government -- Palantir Government web services, it really enables it. So 2 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. And I think from our perspective, America needs our Prime. So 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.

    我們將 Primes 視為盟友和政府——Palantir 政府網路服務,它確實實現了這一點。因此,其中 2 個 Prime 是阿波羅的客戶。其中兩個 Prime 正在使用代工廠來改善內部生產和系統整合。另一位諾斯羅普總理加入了我們的泰坦團隊。我認為從我們的角度來看,美國需要我們的總理。所以我們的國家安全取決於他們。國防科技界有很多關於破壞 Prime 的討論。我認為存在著難以置信的機會來改變軟體的可能性,在我看來,我們正在引領這一領域。

  • 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. 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've been metal.

    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,您必須彎曲金屬。烏克蘭在 10 週內使用了 10 年的彈藥確實強調了這一點。但生產本身越來越由軟體定義和優化。事實上,這是我們大部分的商業業務,幫助空中巴士公司進行A350 和單通道產能提升,幫助英國石油公司生產更多碳氫化合物,幫助松下為特斯拉汽車生產更多電池,就像我們想要帶來的這種轉型效率對 Prime 來說,它們也是金屬的。

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

  • 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. And I think in all modesty, people have realized it's pretty damn 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.

    也許夏姆所做的一項真正出色的工作是,公平地說,直到最近,Primes 還認為我們與他們競爭,而且不僅僅是 Primes,還有其他人。但因為真正要存取五角大樓擁有的各種數據,你將能夠——你將需要 Palantir 或能夠建造類似 Palantir 的東西。我認為,謙虛地說,人們已經意識到我們所做的事情非常困難。所以就出現了這種明顯的偏差。 Shyam 與 FedRAMP 合作的目的是為人們提供一種與我們合作的方式,讓他們無需嘗試即可擴展他們正在做的事情,每個人仍然這樣做,但眾所周知這是行不通的。由於技術性很強的原因而能夠存取底層數據,這是非常困難的。

  • 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 和國家來說都更好。當然,我們對此很感興趣,因為我們非常專注於使命,我們希望國家能夠更好地運作。而且我們也很現實。打仗對我們不好。我們知道我們在軟體方面做得更好。我們對進入硬體領域沒有興趣。我認為,他們越來越知道他們不應該在軟體上與我們競爭,儘管有些人仍然這樣做,這在很大程度上是愚蠢的。

  • Ana Soro

    Ana Soro

  • Our next question is from Mariana with Bank of America.

    我們的下一個問題來自美國銀行的瑪麗安娜。

  • Mariana Perez Mora - Research Analyst

    Mariana Perez Mora - Research Analyst

  • So I have 2 questions for you. Number 1 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 need of speed -- or speed of need under a more bureaucratic -- usually more bureaucratic environment? And the other one is AIP. You have discussed already how it changed or was a catalyst for customers to be able to adopt data analytics and data infrastructure. But I'm interesting to understand, beyond boot camps, 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?

    所以我有兩個問題想問你。第一是政府方面,所有這些地緣政治事件,我們看到所有這些國家都在快速行動,以實際加強準備和現代化是一項關鍵資產。您對美國實際以這種速度需求——或者在更官僚化的環境下——通常更官僚化的環境下——的需求速度有何期望?另一種是AIP。您已經討論了它如何改變或成為客戶能夠採用數據分析和數據基礎設施的催化劑。但我很想了解,除了訓練營之外,內部還有什麼變化?你如何面對客戶?您如何使用 AIP 建立產品,這對您的利潤有何影響?因為現在的營業利潤為 30%,而您以前印刷時的營業利潤為 25%?

  • Shyam Sankar - CTO & Executive VP

    Shyam Sankar - CTO & Executive VP

  • Maybe to start with the second one here with AIP. I think you should really think that the boot camp is more than just what's happening in the boot camp. Because you're exiting the boot camp with a series of use cases that are production ready or near production ready that you can go forward with. You're exiting the boot camp 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. 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 boot camps. Partners can drive use case growth for themselves around what came out of the boot camp and the exit velocity around that. So I think it's quite profound and 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.

    也許可以從第二個 AIP 開始。我認為你真的應該認為新兵訓練營不僅僅是新兵訓練營中發生的事情。因為您將帶著一系列已準備好生產或接近生產準備的用例退出訓練營,您可以繼續使用。您將作為客戶(通常是 IT)退出訓練營,並擁有足夠的產品實踐經驗,您實際上可以繼續前進並使其複合化。因此,退出速度對其至關重要,它不僅僅是進入市場的動議,它現在實際上已成為實施動議。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。合作夥伴可以圍繞訓練營的成果和退出速度來推動自己的用例成長。所以我認為這是非常深刻的,為什麼你會看到我們對它的重視以及它對企業的財務和營運現實的影響。

  • Ryan D. Taylor - Chief Revenue Officer & Chief Legal Officer

    Ryan D. Taylor - Chief Revenue Officer & Chief Legal Officer

  • Yes. As we mentioned on the last earnings call, we were focused on usage and value of AIP, and we're seeing that by the end of November, 140 organizations will have delivered boot camps 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,我們重點關注 AIP 的使用和價值,我們看到到 11 月底,140 個組織也將提供訓練營,我們看到了這一點,然後是轉換也由此而來。

  • Shyam Sankar - CTO & Executive VP

    Shyam Sankar - CTO & Executive VP

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

    從這個數字來看,我認為大約 70 個訓練營將在 11 月舉行,這比我們去年全年進行的商業飛行員數量還要多。那麼速度...

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

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

    我們才剛開始。就像我們正在加緊做這些事情一樣。這是——是的。

  • David A. Glazer - CFO & Treasurer

    David A. Glazer - CFO & Treasurer

  • 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,你看到的是我們正在進行相當大的投資。研發季增 11%。

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

  • I think the thing that is confusing is our go-to motion now in U.S. com is so efficient. So as you could basically look at, it is 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? 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.

    我認為令人困惑的是我們現在在美國com的首選動議是如此有效。正如您基本上可以看到的那樣,它的效率提高了 10 倍,而且我們正在提高它。但這是我們走向市場最有效的方式。所以這就像是——它不受美元的限制。它受到以下因素的限制:我們是否有人真正了解該產品?我們──我們訓練過他們嗎?我們沒有辦法可以有效地做到這一點——因為如果你的業務增長了 52%,那麼顯而易見的是你應該像篝火一樣向它投入資金,特別是如果它是世界上唯一真正重要的市場。順便說一句,如果您要重新校準標準。我們與 PG、GAIA、MetaConstellation 所做的事情之一,不僅僅是我們贏得了客戶。而是我們設定了一個競爭對手永遠無法達到的標準。

  • 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 really (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 that provide operational results."

    這對於我們的上市策略非常重要。就像你可以假裝你要建造 PG。法國政府宣布將斥資 4,000 萬美元進行重建。你不可能用 4000 萬美元重建 PG。你不可能花 10 億美元來重建它。你需要我們。你無法重建鑄造廠。你真的不能(聽不清楚)。當我們透過 AIP 進入市場時,客戶學到了兩件事。他們正在學習,“哦,我可以用這個。”他們正在學習如何使用它。他們現在還會去找其他所有供應商說:“但我想要我的東西能夠提供營運結果。”

  • 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. You're 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. 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 GAA and they're not going to try it on an 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.

    Palantir 在 6 小時內完成了這項任務。我比較喜歡你。我給你6天的時間。我比較喜歡你。你的牛排晚餐更好。你的西裝比較好。你得到分析師的支援會更好。不會有瘋子堅持世界上美好和正確的事情,儘管它們不受歡迎。你得到了這一切。我再給你10天的時間。好吧,試試 PG,這太荒謬了。試試鑄造廠,這很荒謬。試試 MetaConstellation,甚至沒有人願意嘗試。沒有人在 GAA 上嘗試我們,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,因為最終它實際上與我們的使命非常相關。

  • 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.

    我認為我們應該做的是打造出優秀的產品,讓競爭對手停止競爭,無論是在商業領域還是在戰場上。這就是我們正在做的事情。這就是我們在 AIP 中看到的情況,自從 PG(我們的第一個反恐產品)以來我還沒有見過這樣的情況。甚至沒有人打擾——就像目前,PG 在德國被封鎖一樣。那是——因為有人不——無論如何,就像——他們在等待恐怖攻擊,這樣(聽不清楚)就能獲勝。這就像瘋了一樣。

  • 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 1 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。所以你可以選擇不擁有該產品。會有人這樣做。這就是我們每一件產品的願望,這就是我在 AIP 中看到的。

  • Ana Soro

    Ana Soro

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

    謝謝你們。亞歷克斯,在我們結束今天的通話之前你有什麼話想說嗎?

  • Alexander C. Karp - Co-Founder, CEO & Director

    Alexander C. Karp - Co-Founder, CEO & Director

  • 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 is saying it is just waiting to get attendees 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,如果您是投資者或內部員工,這將是一次瘋狂的旅程。我們——有一個「使命驅動文化」這個詞,我越來越不喜歡它,因為幾乎每個人都說它只是在等待與會者,然後放棄他們的使命,成為一個智者。但事實上,我們是信徒,我們是戰士,我們是一種使命驅動的文化,我們歡迎每一個想要作為投資者、帕蘭蒂安人或追隨我們的人參與其中的人。

  • Ana Soro

    Ana Soro

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

    謝謝。今天電話會議的問答就到此結束。