Palantir Technologies Inc (PLTR) 2024 Q1 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our first quarter 2024 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website.

午安.我是 Palantir 財務團隊的 Ana Soro，歡迎您參加我們的 2024 年第一季財報電話會議。我們將討論收盤後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 second quarter and fiscal 2024 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，包括有關我們第二季度和2024 財年業績的聲明、管理層對我們未來財務和運營業績的預期以及有關我們計劃的其他聲明，前景和期望。

These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

這些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今天收盤後發布的收益新聞稿以及我們提交給 SEC 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 a 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 other earnings materials 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，請參閱我們今天提供的新聞稿和投資者介紹。我們的新聞稿、投資者介紹和其他獲利資料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. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer.

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。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；戴夫‧格雷澤 (Dave Glazer)，財務長；首席營收長兼首席法務長 Ryan Taylor。

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

現在我將把它交給 Ryan 來開始通話。

We started the year exceedingly strong with revenue of $634 million, an increase of 21% year-over-year driven by the momentum of AIP and our continued strong performance in U.S. commercial. Our results also highlight the growing strength of our U.S. government business and our enduring mission-critical work. The continued interest in AIP is loud and clear in the conversations I'm having across our customer base. We've shared our plans to capture the market with AIP, and our results show that our strategy is not only succeeding, it is accelerating.

在 AIP 的勢頭以及我們在美國商業領域持續強勁表現的推動下，我們今年開局非常強勁，收入達到 6.34 億美元，同比增長 21%。我們的業績也突顯了我們美國政府業務不斷增長的實力以及我們持久的關鍵任務工作。在我與我們的客戶群進行的對話中，人們對 AIP 的持續興趣顯而易見。我們已經分享了透過 AIP 佔領市場的計劃，我們的結果表明我們的策略不僅取得了成功，而且還在加速發展。

While still early days, our focus is on building the foundations of a long-term business. We intend to relentlessly continue landing new customers and subsequently expanding those engagements as our products gain traction and have meaningful impact within enterprises. Not only are we increasing the volume of new customers, but I'm pleased with our ability to grow these new customers as well.

雖然還處於早期階段，但我們的重點是建立長期業務的基礎。隨著我們的產品獲得關注並在企業內產生有意義的影響，我們打算堅持不懈地繼續吸引新客戶，並隨後擴大這些合作範圍。我們不僅增加了新客戶的數量，而且對我們發展這些新客戶的能力也感到滿意。

With regards to landing new customers, we've sustained our high volume of boot camps with over 915 organizations participating to date to meet inbound demand. We are also seeing substantial deal cycle compression. As one example, a leading utility company, signed a 7-figure deal just 5 days after completing a boot camp. Another customer immediately signed a paid engagement after just one day of their multi-day boot camp and then converted to a 7-figure deal 3 weeks later. We expect the favorable unit economics and higher throughput to continue to accelerate our business.

在吸引新客戶方面，我們持續舉辦了大量的訓練營，迄今已有超過 915 個組織參加，以滿足入境需求。我們也看到交易週期大幅壓縮。例如，一家領先的公用事業公司在完成訓練營後僅 5 天就簽署了一份 7 位數的協議。另一位客戶在為期一天的多日訓練營結束後立即簽署了付費協議，並在三週後轉換為 7 位數的交易。我們預計有利的單位經濟效益和更高的吞吐量將繼續加速我們的業務。

U.S. commercial is where we're seeing the greatest transformation. While Q1 is seasonally our slowest quarter, AIP adoption by new and existing customers helped drive notable growth in customer acquisition and revenue in our U.S. commercial business. In Q1, we added 41 net new customers in U.S. commercial. Our customer count increased 69% year-over-year and 19% quarter-over-quarter, compared to 8% quarter-over-quarter growth in Q1 2023. Excluding strategic investments, our U.S. commercial revenue soared by 68% year-over-year and 22% quarter-over-quarter.

美國商業是我們看到最大改變的領域。雖然第一季是我們季節性最慢的季度，但新客戶和現有客戶對 AIP 的採用幫助推動了我們美國商業業務的客戶獲取和收入的顯著增長。第一季度，我們在美國商業領域淨增加了 41 個新客戶。我們的客戶數量年增 69%，季增 19%，而 2023 年第一季環比成長 8%。

New customers span a variety of industries, as AIP's applications seem endless, from the largest independent bottling company in the U.S. to a leading energy and infrastructure company and a multinational airline. In Q1, our U.S. commercial business had customers from 56 of the 74 gigs industries.

新客戶遍布各個行業，因為 AIP 的應用似乎無窮無盡，從美國最大的獨立裝瓶公司到領先的能源和基礎設施公司以及跨國航空公司。第一季度，我們的美國商業業務擁有來自 74 個零工行業中 56 個的客戶。

As we're landing new customers, we're also seeing those customers expanding their work with us. Across my conversations with customers, I've seen the recurring theme of them asking me how they can do more, faster with enterprise transformations driven by AI. We're showing them how they can move their AI strategy beyond chat. Existing customers such as Lowe's, Cleveland Clinic and General Mills, among others, are realizing the extensive possibilities of AIP within their own enterprises and increasing their scope accordingly.

當我們吸引新客戶時，我們也看到這些客戶正在擴大與我們的合作。在與客戶的對話中，我看到他們一再詢問我如何透過人工智慧驅動的企業轉型做得更多、更快。我們向他們展示如何將人工智慧策略轉移到聊天之外。 Lowe's、Cleveland Clinic 和 General Mills 等現有客戶正在意識到 AIP 在自己企業中的廣泛可能性，並相應擴大其範圍。

Lowe's accelerated its engagement from a starting point of no AI to utilizing production level AI for over 1,000 customer service agents, resulting in a 75% reduction in overdue tasks, as one of its directors noted, "We achieved this in just 4 months and onboarded 1,000 users within 3 weeks of rollout".

Lowe's 加快了其參與度，從沒有人工智慧的起點到為1,000 多名客戶服務代理使用生產級人工智慧，導致逾期任務減少了75%，正如其一位董事指出的那樣，「我們在短短4個月內實現了這一目標，並且推出後 3 週內就有 1,000 位用戶」。

Cleveland Clinic committed to a 10-year expansion deal to deploy more broadly across its hospitals. General Mills expanded the scope of its work further last quarter as its Senior Director noted, "We're saving on average about $14 million annually, and it's really only deployed to part of our network as we speak".

克利夫蘭診所承諾達成一項為期 10 年的擴張協議，以在其醫院中進行更廣泛的部署。通用磨坊 (General Mills) 高級總監指出，上個季度進一步擴大了其工作範圍，「我們每年平均節省約 1,400 萬美元，但就目前而言，它實際上僅部署到我們網路的一部分」。

We're seeing rapid expansions within key customer accounts. For example, a Fortune 500 industrial company signed a 3-year expansion deal, which increased the annual revenue run rate of our work with them nearly fivefold compared to our initial engagement with them in 2022. A Fortune 100 retail company started a pilot in Q2 2023, expanded to a use case conversion in August and expanded its work to a $12 million ACV enterprise engagement last quarter. These are just a few examples. More and more customers are expanding their work with us due to AIP and the incredible traction our software has within their organizations.

我們看到主要客戶帳戶的快速擴張。例如，一家財富500 強工業公司簽署了一份為期3 年的擴張協議，這使得我們與他們合作的年收入運行率比2022 年我們最初與他們的合作增加了近五倍。該公司在第二季度開始了試點2023 年，8 月擴大到用例轉換，並在上個季度將其工作擴大到 1,200 萬美元的 ACV 企業參與。這些只是幾個例子。由於 AIP 以及我們的軟體在他們的組織中具有令人難以置信的吸引力，越來越多的客戶正在擴大與我們的合作。

Turning to our U.S. government business. Our revenue continued to accelerate last quarter, increasing 8% quarter-over-quarter versus 3% quarter-over-quarter in Q4, with our products every day having critical impact on current world events. We see continued demand for Mission Manager and positive reception to First Breakfast.

轉向我們的美國政府業務。上季我們的營收持續加速成長，季增 8%，而第四季環比成長 3%，我們的產品每天都對當前的世界事件產生重大影響。我們看到對任務經理的持續需求以及對第一早餐的積極歡迎。

Last quarter, we were honored the U.S. Army awarded Palantir, over $178 million to be the sole prime contractor to build a next-generation targeting node under the TITAN program. This marks the first time that a software company has won a prime contract for a hardware system and exemplifies Palantir's position as the software prime, opening the door to vast new opportunities. It is with immense reference that we approach building and maturing our revolutionary capabilities for our war fighters.

上季度，我們很榮幸獲得美國陸軍授予 Palantir 超過 1.78 億美元的資金，讓其成為 TITAN 計劃下建造下一代目標節點的唯一主承包商。這標誌著軟體公司首次贏得硬體系統的主力合同，並體現了 Palantir 作為軟體主力的地位，為巨大的新機會打開了大門。我們為我們的戰士建立和完善我們的革命能力，具有巨大的參考價值。

In our international government business, we are continuing to ramp up the critical work for delivery of the U.K. NHS federated data platform as well as providing defense capabilities to Allied Partners around the world. Looking at our business and its impact broadly, I'm invigorated about the year ahead. We have never had more conviction about AIP and the power of our software as well as our continued efforts supporting the most critical missions around the globe.

在我們的國際政府業務中，我們正在繼續加強交付英國 NHS 聯合數據平台的關鍵工作，並為世界各地的聯盟合作夥伴提供防禦能力。縱觀我們的業務及其廣泛影響，我對未來的一年充滿信心。我們對 AIP 和我們軟體的力量以及我們為支持全球最關鍵任務而持續努力的信念從未如此堅定。

I'll now turn it over to Shyam.

現在我將把它交給 Shyam。

Thanks, Ryan. The clear signal from AIP boot camps is that AI is for builders, so many anecdotes and quotes from customers all reinforcing the same point. They are getting more done in a day or 2 in AIP than, in a quarter or 2 without.

謝謝，瑞安。 AIP 新手訓練營發出的明確信號是，人工智慧是為建構者服務的，因此許多軼事和來自客戶的引述都強調了同一點。他們在使用 AIP 時一兩天內完成的工作比不使用 AIP 時一兩個季度完成的工作要多。

We have pioneered the approach to getting beyond chat and unlocking the value of LOMs in the enterprise, taking inherently unstructured inputs that are flying around the enterprise, be it e-mails, Slacks, PDFs, images, comments, audio and turning them into structured actions and outputs; taking an e-mail from a customer requesting a different product mix and turning it into an actual inventory allocation in the ERP system of record; taking a health claims denial and programmatically generating the documentation and supporting evidence from the clinical records and contracts; automating P&C insurance claims processing and even in government using vision models to narrow candidate products driving foodborne outbreaks at CDC; and we have started rolling out Build with AIP, a series of developer and builder oriented tutorials and reference implementations that enable builders to ramp quickly on the primitives and power of AIP and practical examples that unlock every employee at every customer.

我們開創了一種超越聊天並釋放企業中 LOM 價值的方法，採用企業中固有的非結構化輸入，無論是電子郵件、Slacks、PDF、圖像、評論、音頻，並將它們轉化為結構化的行動和產出；取得客戶要求不同產品組合的電子郵件，並將其轉換為 ERP 記錄系統中的實際庫存分配；拒絕健康聲明並以程式設計方式從臨床記錄和合約中產生文件和支持證據；自動化財產和意外傷害保險索賠處理，甚至在政府中使用視覺模型來縮小疾病預防控制中心導致食源性疾病爆發的候選產品範圍；我們已經開始推出 Build with AIP，這是一系列面向開發人員和建構者的教學和參考實現，使建造者能夠快速掌握 AIP 的原語和功能，以及解鎖每個員工和每個客戶的實際範例。

Our growth is being driven by the incredible dynamism of the U.S. commercial market, and we believe the U.S. government will follow. With this momentum, we have launched builder boot camps in the U.S. government. The U.S. Army recently issued a memo identifying 2 Palantir systems, AIDP and Army Vantage as amongst the 5 total platforms approved for builders. The U.S. Army's Artificial Intelligence Integration Center, AI2C at Carnegie Mellon, leverages these platforms for half of their active projects and recently built an application for the 18th Airborne core with OSDK.

我們的成長是由美國商業市場令人難以置信的活力所推動的，我們相信美國政府也會緊跟其後。憑藉這一勢頭，我們在美國政府推出了建造者訓練營。美國陸軍最近發布了一份備忘錄，將 2 個 Palantir 系統、AIDP 和 Army Vantage 列為批准建造商使用的 5 個平台之一。美國陸軍的人工智慧整合中心（卡內基美隆大學的 AI2C）將這些平台用於其一半的活躍項目，並最近使用 OSDK 為第 18 機載核心建立了一個應用程式。

Our DoD customer recently hosted a hackathon showing the value of the open joint all-domain command and control or JADC2 SDK that we have been pioneering. One participant commented, nominating targets with GAIA assist turns a 6-hour workflow into 10 seconds. We continue to invest in Mission Manager, and we'll be extending it to the edge with our Edge X infrastructure and U.S. government.

我們的國防部客戶最近舉辦了一場黑客馬拉松，展示了我們一直倡導的開放式聯合全局命令和控製或 JADC2 SDK 的價值。一位參與者評論道，在 GAIA 協助下提名目標將 6 小時的工作流程縮短為 10 秒。我們繼續投資 Mission Manager，並將透過我們的 Edge X 基礎設施和美國政府將其擴展到邊緣。

Now customers can use their cloud instance as an integrated development environment for edge platforms, centrally build, test and continuously deploy and manage multivendor big tech edge ecosystems. It covers everything from streaming pipelines, OSDK-backed applications, native Gotham applications and third-party apps.

現在，客戶可以使用其雲端實例作為邊緣平台的整合開發環境，集中建置、測試並持續部署和管理多供應商大型技術邊緣生態系統。它涵蓋了從流管道、OSDK 支援的應用程式、本機 Gotham 應用程式和第三方應用程式的所有內容。

We are excited with our team of rock star partners to deliver on the U.S. Army's Titan program. This marks the first time a software company has won a hardware contract, firmly establishing the role of the software prime. We believe the core of this software target workbench will be critical in every cockpit, every vehicle and every ship.

我們很高興與我們的搖滾明星合作夥伴團隊一起實現美國陸軍的泰坦計劃。這標誌著軟體公司首次獲得硬體合同，牢固確立了軟體巨頭的地位。我們相信這個軟體目標工作台的核心對於每個駕駛艙、每輛車和每艘船都至關重要。

Finally, I'd like to acknowledge the eye-watering work of our service members and our allies in meeting the moment defending against the massive Iranian attack on Israel. The Gotham investments in JADC2 performed excellently, and we're building even more even faster.

最後，我要感謝我們的軍人和我們的盟友在應對伊朗對以色列大規模襲擊的時刻所做的令人矚目的工作。 Gotham 對 JADC2 的投資表現出色，而且我們正在更快地建造更多項目。

I'll turn it over to Dave to take us through the numbers.

我會將其交給戴夫，讓他帶我們了解這些數字。

Thanks, Shyam. Q1 was a strong start to the year. Revenue growth accelerated to 21% year-over-year in the first quarter, driven by momentum in AIP and our U.S. commercial business and a reacceleration in our U.S. Government business. We delivered our sixth consecutive quarter of GAAP profitability, generating a record $106 million of GAAP net income in the first quarter. We also delivered our fifth consecutive quarter of GAAP operating profit, generating a record $81 million of GAAP operating income in the quarter. Adjusted operating margin expanded to 36% in the first quarter continuing to highlight the strong unit economics of our business.

謝謝，夏姆。第一季是今年的強勁開局。在 AIP 和美國商業業務的成長以及美國政府業務重新加速的推動下，第一季營收年增率加速至 21%。我們連續第六個季度實現 GAAP 獲利，第一季 GAAP 淨利潤達到創紀錄的 1.06 億美元。我們也連續第五個季度實現 GAAP 營業利潤，本季 GAAP 營業收入達到創紀錄的 8,100 萬美元。第一季調整後營業利益率擴大至 36%，持續凸顯我們業務強勁的單位經濟效益。

The revenue and profitability outperformance drove a 3-point sequential increase to our Rule of 40 Score from 54 in the fourth quarter of 2023 to 57 in the first quarter of 2024. This was the third consecutive quarter of an expanding Rule of 40 Score.

收入和獲利能力的優異表現推動我們的40 規則得分連續上升3 個百分點，從2023 年第四季的54 分上升到2024 年第一季度的57 分。 。

Turning to our global top line results. We generated $634 million in revenue in the first quarter, up 21% year-over-year and 4% sequentially, exceeding the high end of our prior guidance. Excluding the impact of revenue from strategic commercial contracts, first quarter revenue grew 24% year-over-year and 4% sequentially. Customer count grew 42% year-over-year and 11% sequentially to 554 customers. Revenue from our largest customers continues to expand. First quarter trailing 12-month revenue from our top 20 customers increased 9% year-over-year to $55 million per customer.

轉向我們的全球營收成果。第一季我們實現了 6.34 億美元的收入，年增 21%，環比成長 4%，超過了我們先前指導的上限。剔除策略性商業合約收入的影響，第一季營收年增 24%，季增 4%。客戶數量年增 42%，季增 11%，達到 554 名客戶。來自我們最大客戶的收入持續成長。第一季來自前 20 位客戶的過去 12 個月營收年增 9%，達到每位客戶 5,500 萬美元。

Now moving to our commercial segment. First quarter commercial revenue grew 27% year-over-year and 5% sequentially to $299 million. Excluding the impact from strategic commercial contracts, first quarter commercial revenue grew 36% year-over-year and 4% sequentially. We had a very strong quarter of commercial bookings. First quarter commercial TCV booked was $505 million, representing a 187% growth year-over-year.

現在轉向我們的商業領域。第一季商業收入年增 27%，季增 5%，達到 2.99 億美元。剔除策略商業合約的影響，第一季商業收入年增36%，季增4%。我們季度的商業預訂非常強勁。第一季商業 TCV 預訂額為 5.05 億美元，較去年同期成長 187%。

Our U.S. commercial business continues to see unprecedented demand driven by momentum from AIP. First quarter U.S. commercial revenue grew 40% year-over-year and 14% sequentially to $150 million, surpassing international commercial revenue for the first time. Excluding revenue from strategic commercial contracts. First quarter U.S. commercial revenue grew 68% year-over-year and 22% sequentially.

在 AIP 的推動下，我們的美國商業業務持續面臨前所未有的需求。第一季美國商業營收年增 40%，季增 14%，達到 1.5 億美元，首次超過國際商業收入。不包括戰略商業合約的收入。第一季美國商業收入年增 68%，季增 22%。

AIP is driving both new customer conversions and existing customer expansions in the U.S. In the first quarter, we booked $286 million of U.S. commercial TCV, representing 131% growth year-over-year. Total remaining deal value in our U.S. commercial business grew 74% year-over-year and 14% sequentially. Our U.S. commercial customer count grew to 262 customers, reflecting 69% growth year-over-year and 19% growth sequentially.

AIP 正在推動美國的新客戶轉換和現有客戶擴張。我們美國商業業務的剩餘交易總價值年增 74%，較上季成長 14%。我們的美國商業客戶數量增至 262 家，年增 69%，季增 19%。

We generated $149 million in international commercial revenue in the first quarter, representing 16% growth year-over-year but a 3% sequential decline as a result of continued headwinds in Europe and the revenue catch up in Q4 that we noted last quarter. We continue to capitalize on targeted growth opportunities in Asia, the Middle East and beyond. Revenue from strategic commercial contracts was $24 million in the quarter. We anticipate second quarter 2024 revenue from these customers to decline to between $7 million to $9 million compared to $19 million in the second quarter of 2023. We continue to anticipate 2024 revenue from these customers to be approximately 2% of full year revenue.

第一季我們的國際商業收入為 1.49 億美元，同比增長 16%，但由於歐洲持續的不利因素以及我們上季度指出的第四季度的收入追趕，環比下降了 3%。我們持續利用亞洲、中東及其他地區的目標成長機會。該季度戰略商業合約收入為 2,400 萬美元。我們預計2024 年第二季來自這些客戶的營收將下降至700 萬至900 萬美元，而2023 年第二季為1,900 萬美元。 % 左右。

Shifting to our Government segment. First quarter government revenue grew 16% year-over-year and 3% sequentially to $335 million. First quarter U.S. government revenue grew 12% year-over-year and 8% sequentially to $257 million. As Ryan noted, we're excited to be the sole prime contractor under the Titan program, and we'll continue pursuing other defense opportunities. We believe we're well positioned to see growth in our U.S. government business over the course of 2024.

轉向我們的政府部門。第一季政府營收年增 16%，季增 3%，達到 3.35 億美元。第一季美國政府營收年增 12%，季增 8%，達到 2.57 億美元。正如瑞安所說，我們很高興成為泰坦計畫的唯一主承包商，我們將繼續尋求其他防禦機會。我們相信，我們有能力在 2024 年看到美國政府業務的成長。

First quarter international government revenue grew 33% year-over-year and declined 9% sequentially to $79 million as a result of the revenue catch-up in Q4 that we noted last quarter and continued headwinds in Europe. First quarter TCV booked was $904 million, up 128% year-over-year. Net dollar retention was 111%, an increase of 300 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q1 of last year. As net dollar retention does not include revenue from new customers that are acquired in the past 12 months, it does not yet fully capture the acceleration of velocity in our U.S. commercial business over the past year.

第一季國際政府營收年增 33%，季減 9%，至 7,900 萬美元，原因是我們上季注意到的第四季營收追趕以及歐洲持續的不利因素。第一季預訂的 TCV 為 9.04 億美元，年增 128%。美元淨保留率為 111%，較上季增加 300 個基點。這一成長是由現有客戶的擴張和去年第一季獲得的新客戶所推動的。由於淨美元保留率不包括過去 12 個月內獲得的新客戶的收入，因此它尚未完全反映我們美國商業業務在過去一年中的加速速度。

We ended the first quarter with $4.1 billion in total remaining deal value, an increase of 22% year-over-year and 6% sequentially and $1.3 billion in remaining performance obligations, an increase of 39% year-over-year and 5% sequentially. 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.

截至第一季末，我們的剩餘交易總價值為 41 億美元，年增 22%，季增 6%；剩餘履約義務為 13 億美元，年增 39%，季增 5% 。需要提醒的是，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，這兩種情況在我們的大多數公司中都很常見。

Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 83% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes was $226 million, representing an adjusted operating margin of 36% and marking the sixth consecutive quarter of expanding adjusted operating margins. Q1 adjusted expense was $408 million, up 2% sequentially and 2% year-over-year.

轉向利潤和費用。本季調整後毛利率（不含股票薪酬費用）為 83%。調整後的營運收入（不包括股票薪資費用和相關雇主工資稅）為 2.26 億美元，調整後的營運利潤率為 36%，標誌著調整後的營運利潤率連續第六個季度擴大。第一季調整後費用為 4.08 億美元，季增 2%，年增 2%。

Turning to the balance of the year. Given our conviction in the U.S. business, coupled with our margin expansion, we intend to boost investment in resources in the U.S., including an AIP and specific defense opportunities. While we expect expenses to ramp starting in Q2 through the back half of the year, we remain focused on calibrating expense growth below revenue growth for the full year in order to continue delivering on our goal of sustained GAAP profitability and GAAP operating income.

轉向年度餘額。鑑於我們對美國業務的信心，加上我們的利潤率擴張，我們打算增加對美國資源的投資，包括 AIP 和特定的國防機會。雖然我們預計費用將從第二季度開始一直持續到今年下半年，但我們仍然專注於將全年費用增長調整至低於收入增長，以繼續實現我們持續的 GAAP 盈利能力和 GAAP 營業收入的目標。

In the first quarter, we generated GAAP operating income of $81 million, representing a 13% margin, our fifth consecutive quarter of GAAP operating income and fourth consecutive quarter of expanding GAAP operating margins. We generated first quarter GAAP net income of $106 million, representing a 17% margin, our sixth consecutive quarter of GAAP profitability. First quarter adjusted earnings per share was $0.08 and GAAP earnings per share was $0.04.

第一季度，我們的 GAAP 營業收入為 8,100 萬美元，利潤率為 13%，這是我們連續第五個季度實現 GAAP 營業收入，也是連續第四個季度擴大 GAAP 營業利潤。我們第一季的 GAAP 淨利潤為 1.06 億美元，利潤率為 17%，這是我們連續第六個季度實現 GAAP 利潤。第一季調整後每股收益為 0.08 美元，GAAP 每股收益為 0.04 美元。

Additionally, our combined revenue growth and adjusted operating margin accelerated to 57% in the first quarter, a 3-point increase to our Rule of 40 Score from the prior quarter. We will continue to strive to maintain this exceptional balance of top and bottom line performance.

此外，第一季我們的綜合收入成長和調整後營業利潤率加速至 57%，比上一季的 40 規則得分提高了 3 個百分點。我們將繼續努力保持頂線和底線績效的卓越平衡。

Turning to our cash flow. In the first quarter, we generated $130 million in cash from operations and $149 million in adjusted free cash flow, representing a margin of 20% and 23%, respectively.

轉向我們的現金流。第一季度，我們的營運現金為 1.3 億美元，調整後自由現金流為 1.49 億美元，利潤率分別為 20% 和 23%。

In Q1, we also repurchased approximately 0.5 million shares as part of our share repurchase program. As of the end of the quarter, we have approximately 990 million remaining of the original authorization. We ended the quarter with $3.9 billion in cash, cash equivalents and short-term U.S. treasury securities. We retain access to additional liquidity of up to $500 million through our revolving credit facility, which remains entirely undrawn.

第一季度，作為股票回購計畫的一部分，我們也回購了約 50 萬股股票。截至本季末，我們的原始授權剩餘約9.9億。截至本季末，我們擁有 39 億美元的現金、現金等價物和短期美國公債。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 Q2 2024, we expect revenue of between $649 million and $653 million and adjusted income from operations of between $209 million and $213 million. For full year 2024, we are raising our revenue guidance to between $2.677 billion and $2.689 billion. We are raising our U.S. commercial revenue guidance to an excess of $661 million, representing a growth rate of at least 45%. We are raising our adjusted income from operations guidance to between $868 million and $880 million. We continue to expect adjusted free cash flow of between $800 million and $1 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.

現在轉向我們的展望。對於 2024 年第二季度，我們預計營收將在 6.49 億美元至 6.53 億美元之間，調整後的營運收入將在 2.09 億美元至 2.13 億美元之間。對於 2024 年全年，我們將營收指引提高至 26.77 億美元至 26.89 億美元之間。我們將美國商業收入指引提高至超過 6.61 億美元，成長率至少 45%。我們將調整後的營運指導收入提高到 8.68 億美元至 8.8 億美元之間。我們仍然預計調整後的自由現金流在 8 億美元至 10 億美元之間，我們仍然預計今年每個季度的 GAAP 營業收入和淨利潤。

With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A.

接下來，我會將其交給 Alex 進行一些評論，然後 Ana 將開始問答。

Welcome to our Q1 earnings. I think it is fair to say we crushed Q1 in the U.S. We are on fire. You see this in our rule of 7 -- our Rule of 40 being 57, you see it in, the 68% (sic) [69%] growth in U.S. commercial, if you do apples-to-apples following a 70% growth last quarter or 71% if you do apples-to-apples, taking out SPAC revenue. You see it in the deal growth in the U.S. growing from 70 to 136 in a year. You see it in the general enthusiasm around our products, especially in commercial, but also in government, which has begun to reaccelerate. You see it in general in our customer growth in U.S. comm, which grew 69%.

歡迎來到我們的第一季財報。我認為可以公平地說，我們在美國碾壓了第一季度，我們著火了。你可以在我們的7 規則中看到這一點——我們的40 規則是57，你可以在美國商業的68%（原文如此）[69%] 增長中看到這一點，如果你在70% 的成長後進行同類比較上個季度或 71%，如果你進行同類比較，扣除 SPAC 收入。從美國的交易數量一年內從 70 筆增長到 136 筆就可以看出這一點。您可以從人們對我們產品的普遍熱情中看到這一點，尤其是在商業領域，在政府領域也開始重新加速。您可以在我們美國通訊產業的客戶成長中看到這一點，成長了 69%。

And again, we are growing these numbers while maintaining a Rule of 40 Score of 57, which basically means we're doing the impossible. We are growing the company while investing in our core IP or software development. We are winning in the U.S. And then that kind of asked -- then leads to the question of why are we doing so well in the United States of America?

再說一遍，我們在不斷增加這些數字的同時，仍保持 40 分規則的 57 分，這基本上意味著我們正在做不可能的事情。我們在投資核心知識產權或軟體開發的同時發展公司。我們在美國取得了勝利，然後這樣的問題就引出了一個問題：為什麼我們在美利堅合眾國做得這麼好？

And the main reason is we built software infrastructure that allows enterprises, both commercial and government, to move beyond chat, move beyond self pleasuring to actually produce things that are valuable and whether this is tasking satellites in the commercial context or changing margins or changing American workers into Japanese engineers using our software platform and large language models. You can -- we believe -- I believe we are the only company in America, the only really relevant market that will allow you to do useful things with large language models. And that is what's generating 68% growth in U.S. comm, again, with a nascent sales force, doing it in a way that is not kind of playbook specific, thin technology, it barely works, and you have a sales force, but with 10 years of IP that presupposed LLMs before LLMs existed.

主要原因是我們建立了軟體基礎設施，使企業（無論是商業還是政府）能夠超越聊天，超越自我愉悅，真正生產有價值的東西，無論是在商業環境中分配衛星任務，還是改變利潤率或改變美國使用我們的軟體平台和大型語言模型將工人轉變為日本工程師。你可以——我們相信——我相信我們是美國唯一一家公司，也是唯一一個真正相關的市場，可以讓你用大型語言模型做有用的事情。這就是美國通訊業實現68% 成長的原因，同樣，憑藉一支新生的銷售隊伍，其方式並非特定於劇本、薄弱的技術，它幾乎不起作用，而且你有一支銷售隊伍，但有10 名銷售人員。

You see the same thing in the government, Shyam and others will talk about it, but our mission footprint, whether it's in Ukraine, Israel or in the United States government is stunning. There is basically no conflict in the world that is not -- that where Western allies are involved and the battlefields involved and the stakes are life and death, where Palantir is not the first call.

你會在政府中看到同樣的事情，夏姆和其他人會談論它，但我們的使命足跡，無論是在烏克蘭、以色列還是在美國政府，都是令人震驚的。世界上基本上沒有什麼衝突不是這樣的——當西方盟友捲入其中、戰場捲入、事關生死存亡的時候，Palantir 並不是第一個出手的。

And our ability to do this going forward is going to be even stronger because of the -- of past investments and also the unity of our culture and the strength of our leadership and in general, 20 years of understanding how to do this. It is true that it is mystifying to people, including analysts, how could this possibly be working? But it is working.

由於過去的投資、我們文化的統一、我們領導力的力量以及總體上 20 年來對如何做到這一點的理解，我們未來實現這一目標的能力將變得更加強大。確實，這讓包括分析師在內的人感到困惑，這怎麼可能有效？但它正在發揮作用。

And this is the sixth quarter of profitability, the sixth quarter of profitability. I dare, remind people that there was a time when no one thought we'd be profitable, when no one thought we could crack commercial, where revenue per person was called into question, that also grew roughly 26% year-on-year. Revenue per person generated at Palantir. We do have headwinds in Europe, 16% of our business in Europe. Europe is gliding towards 0% GDP growth over the next couple of years. That is a problem for us. There is no easy remedy for that. It is also the case, though, that U.S. comp surpassed U.S. -- European commercial and we see that as favorable. And I, in general, think this is just Palantir's time.

這是第六個季度的盈利，第六個季度的盈利。我敢提醒人們，曾經有一段時間，沒有人認為我們會獲利，沒有人認為我們可以破解商業難題，人均收入受到質疑，而人均收入也同比增長了約 26%。 Palantir 的人均所得。我們在歐洲確實遇到了阻力，我們16%的業務在歐洲。未來幾年，歐洲的 GDP 成長率將滑向 0%。這對我們來說是一個問題。對此沒有簡單的補救措施。不過，美國的綜合指數也超過了美國-歐洲的商業指數，我們認為這是有利的。總的來說，我認為現在正是 Palantir 的時代。

Now there are lots of questions about why we are so active in defending the values of the West. The -- our belief that the West is a superior way to live and our ways of organizing around that are the reason why our products are transformative. The reason why we have the best people in the world. The reason why Palantir degree as it were is much more valuable than an Ivy League degree, before the Ivy League even embraced the thin and new woke religion otherwise viewed as an intellectual cause, but in fact, is a way of organizing things so that the greatest institutions of our time disappear and turn into discriminatory dysfunction.

現在有很多關於我們為何如此積極捍衛西方價值的問題。我們相信西方是一種優越的生活方式，而我們圍繞這一點進行組織的方式正是我們的產品具有變革性的原因。我們擁有世界上最優秀的人才的原因。 Palantir 學位之所以比常春藤盟校學位更有價值，是在常春藤聯盟甚至接受稀薄的、新覺醒的宗教之前，否則它被視為一種智力事業，但事實上，它是一種組織事物的方式，以便我們這個時代最偉大的機構消失並變成了歧視性的功能障礙。

Palantir is a counter example. And I'm super proud of the results. We are going to continue to execute, especially in the U.S., and I'm very happy to have you on the call.

Palantir 就是一個反例。我對結果感到非常自豪。我們將繼續執行，特別是在美國，我很高興您接到電話。

Thanks, Alex. We'll now turn to questions. We received a few questions from our shareholders about AI and competitiveness. Matthew and Ryan asked, how does your AI strategy differ from your competitors?

謝謝，亞歷克斯。我們現在開始提問。我們收到了股東關於人工智慧和競爭力的一些問題。 Matthew 和 Ryan 問，你們的人工智慧策略與競爭對手有何不同？

Well, we're executing our strategy at an unrelenting pace here. If you go back to the launch of AIP, I discussed how we thought the models were going to commoditize and that's really borne out. We see that underscored with LAMMA-370B being released now. But the real opportunity for us, as Alex made mention of, is that people are using LLMs incorrectly in the enterprise. And as far as I can tell, we're really the only company to figure out how to help our customers get beyond chat, leveraging the investments that we've made in ontology, really harnessing this pattern of implementation where you're taking unstructured inputs and turning them into structured actions and outputs that drive economic value in the enterprise.

好吧，我們正在以不懈的速度執行我們的策略。如果你回到 AIP 的推出，我討論了我們認為這些模型將如何商品化，這確實得到了證實。我們看到現在發布的 LAMMA-370B 強調了這一點。但正如 Alex 所提到的，我們真正的機會是人們在企業中錯誤地使用法學碩士。據我所知，我們確實是唯一一家弄清楚如何幫助我們的客戶超越聊天的公司，利用我們在本體論方面所做的投資，真正利用這種非結構化的實施模式輸入並將其轉化為結構化的行動和輸出，從而推動企業的經濟價值。

Now there's this thing that some companies have started saying where only 10% of my customers have data that's even AI ready to begin with. I think that's completely wrong. Maybe they don't have something to sell in the present moment so they're trying to sell in the past. But if that was right, how is it that in a single day boot camp, we're able to add value on top of our customers' messy extent data. Ultimately, software that works.

現在有些公司已經開始說，我的客戶中只有 10% 擁有甚至可以開始使用人工智慧的資料。我認為這是完全錯誤的。也許他們現在沒有東西可賣，所以他們試圖過去賣。但如果這是正確的，那麼在一天的訓練營中，我們如何能夠在客戶混亂的範圍資料之上增加價值。最終，軟體可以工作。

And to the present moment, I'm focused on helping enable builders in the context of the enterprise. I made mention of the DoD Hackathon, where a single user built in AIP logic function, surface and GAIA assist that took a targeting process down from 6 hours to 10 seconds. More generally, in commercial, with Build with AIP, we are releasing a slew of tutorials, quick starts and reference implementations that are going to help turn every customer, every user into a builder to unlock the potential of what they can harness on top of AIP. And that's the way ahead, and that's why we're still ahead.

目前，我專注於在企業環境中幫助建構者。我提到了 DoD Hackathon，其中單一使用者內建了 AIP 邏輯功能、表面和 GAIA 輔助，將目標定位過程從 6 小時縮短到 10 秒。更一般地說，在商業領域，透過使用AIP 構建，我們發布了大量教程、快速入門和參考實現，這將有助於將每個客戶、每個用戶轉變為構建者，以釋放他們可以利用的潛力。這就是前進的方向，也是我們仍然領先的原因。

And I would say, I don't believe we have competitors. So I don't believe in the U.S. commercial market, we have competition. I don't believe in the U.S. government market, we have competition. I don't -- I think that's the reason Ukraine and Israel bought our product. We are differentiated because in order to actually make AI work, you need an ontology. No one has an ontology. To Shyam's point, you have a lot of people running around saying the data isn't ready. Of course, it's not ready because they don't have foundry. If you have foundry and the ontology, it is ready. If you have foundry or Ontology and Apollo, you can actually work at the edge. If you don't, you can't.

我想說，我不相信我們有競爭對手。所以我不相信美國商業市場，我們有競爭。我不相信美國政府市場，我們有競爭。我不——我認為這就是烏克蘭和以色列購買我們產品的原因。我們之所以與眾不同，是因為為了真正讓人工智慧發揮作用，你需要一個本體論。沒有人擁有本體論。對 Shyam 來說，很多人跑來跑去說數據還沒準備好。當然，它還沒有準備好，因為他們沒有代工廠。如果你有鑄造廠和本體，那就準備好了。如果你有鑄造廠或本體論和阿波羅，你實際上可以在邊緣工作。如果你不這樣做，你就不能。

And it's -- outside of America, there's still -- we would still have to convince people of this. Inside of America, we're not really convincing people that we have the only thing that works. We're showing up. We're showing it working. And we're saying this is what it costs, and it's working really well.

在美國以外，我們仍然需要讓人們相信這一點。在美國國內，我們並沒有真正讓人們相信我們擁有唯一有效的方法。我們出現了。我們正在展示它的工作原理。我們說這就是它的成本，而且效果非常好。

But I -- currently, I don't believe we have competition. We have a lot of people who are like the Palantir of Iowa or the Palantir of Harvard or the Palantir of Uruguay, but they're not Palantir. And it's going to take a long time to actually build what we have because you'd have to actually understand what is special about the software infrastructure of having the combination of Apollo foundry and the ontology. And then you would have to build on top of it so that you can actually do these handoff functions with large language models.

但我——目前，我不認為我們有競爭。我們有很多人就像愛荷華州的 Palantir、哈佛大學的 Palantir 或烏拉圭的 Palantir，但他們不是 Palantir。真正建造我們擁有的東西將需要很長時間，因為你必須真正理解阿波羅鑄造廠和本體相結合的軟體基礎設施的特殊性。然後您必須在此基礎上進行構建，以便您可以使用大型語言模型實際執行這些切換功能。

And luckily for us, there is not a consensus at the investor level, VC level or among analysts that we have the only thing that works because -- and that means there's just going to be very little investment in comping and doing what we do. And investment in what we do outside of America would be hard to do anyway because the ecosystem, a term I don't particularly like, to get this done is in America. So you would have to do this in Silicon Valley and Silicon Valley is focused on, to Sean's point, the wrong things.

對我們來說幸運的是，投資者層面、創投層面或分析師之間並沒有共識，認為我們擁有唯一有效的東西，因為——這意味著在我們所做的事情上進行比較和做的投資將非常少。無論如何，對我們在美國以外所做的事情進行投資都很難，因為完成這項工作的生態系統（我不太喜歡這個術語）是在美國。因此，你必須在矽谷這樣做，而在肖恩看來，矽谷專注於錯誤的事情。

Our next question is from Dan with Wedbush.

我們的下一個問題是 Dan 和 Wedbush 提出的。

So good, great quarter. My question is, can you just talk about what conversion looks like from boot camps? And maybe just double-click, on a typical customer, now that you have more and more data points, what's that showing you about conversion from a boot camp to actually signing a deal?

太好了，很棒的季度。我的問題是，您能談談新兵訓練營的轉換是什麼樣的嗎？也許只需雙擊一個典型的客戶，現在您已經有了越來越多的數據點，這向您展示了從新手訓練營到實際簽署交易的轉換？

Yes, absolutely. I can talk to that. So we announced boot camps 2 quarters ago as a go-to-market motion. And we're seeing that play out as you see that in the results. So in 1 to 5 days with the boot camp we're able to do what used to take 3 months, and we're seeing -- as I talked about, we're seeing customers shortly after boot camp signed 7-figure deals, and we're seeing the ability to be able to show them what they can do on the platform with real data much more quickly and then have that monetization conversation much sooner.

是的，一點沒錯。我可以談談。因此，我們在兩個季度前宣布了新兵訓練營，作為進入市場的舉措。正如您在結果中看到的那樣，我們正在看到這種情況的發生。因此，在新兵訓練營中，我們可以在1 到5 天內完成過去需要3 個月才能完成的工作，而且我們看到- 正如我所說，在新兵訓練營簽署7 位數的交易後不久，我們就看到了客戶，我們看到能夠更快地向他們展示他們可以利用真實數據在平台上做什麼，然後更快地進行貨幣化對話。

And so then you see that in the results, 69% growth in customers in U.S. commercial. We closed 136 deals in Q1 this year compared to 70 deals in Q1 last year in U.S. commercial. That's a 94% year-over-year increase. And so we're seeing it's still early in the process, and we're seeing the results from the boot camps and seeing that they're working in the monetization from them.

然後您會在結果中看到，美國商業領域的客戶成長了 69%。今年第一季度，我們在美國商業領域完成了 136 筆交易，而去年第一季則完成了 70 筆交易。較去年同期成長 94%。因此，我們看到這個過程還處於早期階段，我們看到了訓練營的結果，並看到他們正在努力從中獲利。

The boot camps also have, quite frankly, another massive advantage because de facto it sets a standard that will be very hard for any other company to meet. So even if you don't buy our product, you de facto have locked in an idea of what's possible. And that means that at some point when you go try your own thing and it fails, you've seen, okay, well, I've seen the art of the possible. And therefore, I'm going to go buy it from Palantir at some point in the future.

坦白說，新兵訓練營還有另一個巨大的優勢，因為事實上它設定了任何其他公司都很難達到的標準。因此，即使您不購買我們的產品，您實際上已經鎖定了可能性。這意味著，在某個時候，當你嘗試自己的事情並且失敗時，你會看到，好吧，好吧，我已經看到了可能性的藝術。因此，我會在未來某個時候從 Palantir 購買它。

The boot camp motion is an early motion. And I don't think we would say we've cracked the sales motion. In fact, I think our 68% or 94% growth on deals or 69% on customer you have to look at this as we are at the way early days of figuring out how to actually get customers to buy our product. We are good at educating customers on what is the art of the possible and then some portion of those customers buy it.

新兵訓練營動議是一項早期動議。我認為我們不會說我們已經破解了銷售動議。事實上，我認為我們的交易成長了 68% 或 94%，或者客戶成長了 69%，你必須注意這一點，因為我們正處於弄清楚如何真正讓客戶購買我們產品的早期階段。我們擅長教育客戶什麼是可能性的藝術，然後其中一部分客戶會購買它。

So I expect as we get better and better at that, our numbers will increase. But it is really early days. It's not -- we're not flawlessly executing on our sales motion. And I would say I saw this when we built our anti-terror platform. One of the most important things we did is go out and educate the world about how you could fight terror and maintain civil liberties. And most people, we actually offered our platform to did not buy the product year 1, but by year 5, they all bought it.

所以我預計，隨著我們在這方面做得越來越好，我們的人數將會增加。但這確實還為時過早。事實並非如此——我們並沒有完美地執行我們的銷售行動。我想說，當我們建立反恐平台時，我看到了這一點。我們所做的最重要的事情之一就是走出去，教育世界如何打擊恐怖主義和維護公民自由。事實上，我們提供的平台讓大多數人在第一年並沒有購買該產品，但到了第五年，他們都購買了。

And they bought it because they're like, okay, well, we see how you could integrate data across disparate data sets, maintain a security model, fight terrorism and being in conformity with the law. And even if you say, "Oh, I'm going to go try to do this myself", in fact, you can't. And then that sales motion -- so the integral -- the relevant integral for this is not just what you closed in the quarter. It is kind of throwing a carpet on the whole market and saying, okay, well, this is the standard. If you can do better than this buy it yourself, build it yourself, acquire it from other people. And if you can't come back to us, we're here.

他們購買它是因為他們說，好吧，我們看到瞭如何跨不同的資料集整合資料、維護安全模型、打擊恐怖主義並遵守法律。即使你說，“哦，我要去嘗試自己做這件事”，事實上，你也做不到。然後，銷售動議——也就是積分——相關的積分不僅僅是你在本季完成的。這就像在整個市場上鋪了一塊地毯，然後說，好吧，這就是標準。如果你能做得比這更好，你可以自己購買、自己建造、從其他人那裡獲得。如果您不能回到我們身邊，我們就在這裡。

And that worked very, very well. I mean almost every country in the world, not every country, but almost every country in the world that could buy our core anti-terror product at some point did.

這非常非常有效。我的意思是幾乎世界上每個國家，不是每個國家，但幾乎世界上每個可以在某個時候購買我們核心反恐產品的國家都這樣做了。

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。

So it's also in the line of implementation, but less about the customer because I think the demand you're seeing in some percent that -- and we can see that you're seeing that both sides, like from the government side and the commercial side. What I'm really curious about is if you can give us some color around what is next in terms of actually making -- tackling this demand and implementing the efforts in supporting a way larger customer base. What is hiring? Where is partnerships? What is next there? And what is the most challenging from your point of view?

因此，它也在實施範圍內，但與客戶的關係較少，因為我認為您所看到的需求有一定比例 - 我們可以看到您看到了雙方，例如來自政府方面和商業方面邊。我真正好奇的是，您是否能給我們一些關於實際製造方面的下一步的資訊——解決這一需求並努力支持更大的客戶群。什麼是招募？夥伴關係在哪裡？接下來是什麼？從您的角度來看，最具挑戰性的是什麼？

Well, I can certainly take that. Maybe Ryan will have some comments on the partnership side and the growth of that ecosystem. But on the product side, this is one of the reasons I'm most excited about, Build with AIP and the boot camps that we're running after we have deals with customers. We're really igniting a movement within the customer in terms of unleashing their builders and tackling use cases. There's been a shift like we still love to work on our customers' hardest problems and most important use cases to deliver crushing value very quickly, but concomitant with that is how do we enable every single one of their builders to get going.

嗯，我當然可以接受。也許瑞安會對合作夥伴關係和生態系統的發展發表一些評論。但在產品方面，這是我最興奮的原因之一，Build with AIP 以及我們在與客戶達成交易後運行的訓練營。我們確實在客戶內部引發了一場運動，釋放他們的建構者並解決用例。發生了一種轉變，我們仍然喜歡解決客戶最困難的問題和最重要的用例，以非常快速地提供壓倒性的價值，但隨之而來的是我們如何使他們的每位建構者都能繼續前進。

And I can think of the most recent, say, 2 quarters, our ability to come in there, help them solve one problem, but ignite hundreds of use cases that they're able to do on their own. So really even without needing additional partners leveraging repeatable reference implementations, reference architectures, quick starts, tutorials that get them going again and across different -- we have these for all the industries that we're working in for all the functions within these customers and including in government itself.

我可以想到最近的兩個季度，我們有能力進入那裡，幫助他們解決一個問題，但激發他們能夠自己完成的數百個用例。因此，實際上，即使不需要其他合作夥伴利用可重複的參考實現、參考架構、快速入門、讓他們再次跨不同的教程，我們也為我們正在從事的所有行業提供這些客戶的所有功能，包括政府本身。

And on the partnership front, you see -- we announced our partnership with Oracle. We're seeing hyperscalers that are realizing that in order to drive compute, you need to move beyond chat, right? You need a solution that's taking organizations beyond there -- for their AI strategy beyond chat, we're seeing that happen there, and we're expanding the partnerships across the space with partners implementing at our customers as well.

在合作關係方面，你看，我們宣布了與甲骨文的合作關係。我們看到超大規模企業意識到，為了推動運算，您需要超越聊天，對吧？您需要一個能夠讓組織超越這一領域的解決方案- 對於聊天之外的人工智慧策略，我們看到了這種情況的發生，並且我們正在擴大與在我們的客戶中實施的合作夥伴在整個領域的合作夥伴關係。

We have, across our company for the first time, ongoing discussions with hyperscalers that are well known with others where we're basically saying, look, we have the ideal product, you have the ideal distribution. You can build on top of our product and then capture your distribution at a higher margin. We're having discussions like this in Japan across UHG, but we have our efforts to provide our core infrastructure to defense tech start-ups, which are going very well simultaneously allow us to expand our core architecture or software development into the DoD, but also make us less competitive with people, which helps us a lot.

我們在整個公司範圍內第一次與其他人熟知的超大規模廠商進行持續討論，我們基本上是說，看，我們有理想的產品，你有理想的分銷。您可以在我們的產品之上進行構建，然後以更高的利潤獲取您的分銷。我們正在日本的 UHG 進行類似的討論，但我們正在努力為國防技術新創公司提供我們的核心基礎設施，這些基礎設施進展順利，同時使我們能夠將我們的核心架構或軟體開發擴展到國防部，但是也讓我們減少與人的競爭，對我們有很大幫助。

So a lot of what slows us down is people pretending they're competing with us. So finding ways to build partnerships with those people so they don't compete, accelerates our revenue. And in U.S. comm, it's a lot of what Shyam was saying. It's we are allowing customers to do what we had to do in the past, which is supply Palantir software engineers. They're just not that many Palantirian. So we can't scale. We have to allow -- encourage and provide a platform where they can do it.

因此，阻礙我們前進的許多因素是人們假裝在與我們競爭。因此，找到與這些人建立合作關係的方法，這樣他們就不會競爭，從而加速我們的收入成長。在美國通訊中，夏姆說了很多話。我們允許客戶做我們過去必須做的事情，即供應 Palantir 軟體工程師。他們只是沒有那麼多帕蘭蒂安人。所以我們無法擴展。我們必須允許——鼓勵並提供一個平台讓他們能夠這樣做。

And I would say what you see both on AIP and on foundry is de facto customers using our product pretty much on their own. And that's again why you see a revenue growth up to 26% compared to last year on per-person revenue because we're making more money with the same number of people but roughly. So -- and that's precisely because of these things that we're doing. And so that has a lot of benefits for us, both alignment and quality of revenue. That's why you have this rule of -- that's why we have 57 on the Rule of 40. That's why our revenue is growing per person. That's why we can get away with sales that are not perfect and we're thinking a lot about how to do that.

我想說的是，您在 AIP 和代工廠上看到的事實上的客戶幾乎都是自己使用我們的產品。這也是為什麼你會看到人均收入比去年增加了 26%，因為我們用相同數量的人賺了更多的錢，但大致相同。所以——這正是因為我們正在做的這些事。因此，這對我們有很多好處，無論是一致性還是收入品質。這就是為什麼你有這樣的規則——這就是為什麼我們在 40 的規則上有 57。這就是為什麼我們可以擺脫不完美的銷售，我們正在思考如何做到這一點。

Thank you. Turning back to a question from our shareholders. A lot of people have noticed that Palantir is pretty outspoken when it comes to geopolitics. How has this been received?

謝謝。回到我們股東的問題。很多人都注意到 Palantir 在地緣政治方面非常直言不諱。收到的情況如何？

Well, it's a complicated question because I think internally -- I mean there have been people who have disagreed. There have been people who have disagreed to the point where they've left, and this has gone on over the last 20 years. When we refused to walk away from special forces, the U.S. Army, when we took over Maven, when we refused to stop working with Homeland Security, when we had discussions about which countries you should work with and which countries we wouldn't. More lately -- more time -- in a more timely version when we supported Ukraine, it was less controversial. When we sold Israel our software that was arguably more controversial.

嗯，這是一個複雜的問題，因為我在內部認為 - 我的意思是有人不同意。有些人因不同意而離開，這種情況在過去20年一直持續著。當我們拒絕離開美國陸軍特種部隊時，當我們接管 Maven 時，當我們拒絕停止與國土安全部合作時，當我們討論應該與哪些國家合作以及不與哪些國家合作時。最近——更多時間——在我們支持烏克蘭的更及時的版本中，爭議較少。當我們向以色列出售我們的軟體時，可以說爭議更大。

The fact that we -- that I take, I think the central risk to Palantir and America and the world is a regressive way of thinking that is corrupting and corroding our institutions that cause itself progressive but actually -- and it's called woke, but is actually a form of a thin Pagan religion. That is a real danger to our society. And it is a real danger to Palantir if we allow -- if we don't discuss these things.

事實上，我認為 Palantir、美國和世界面臨的主要風險是一種倒退的思維方式，它正在腐蝕和侵蝕我們的機構，而這些機構本身就是進步的，但實際上，這被稱為覺醒，但實際上是一種薄弱的異教宗教。這對我們的社會來說是一個真正的危險。如果我們允許——如果我們不討論這些事情，這對 Palantir 來說是一個真正的危險。

The reason we have, by far, the best product offering in the world is because we have, by far, the best alignment around how to build software, what it means to build software, full alignment with our customers. A view that some -- the western way of living is superior and therefore, it should be supported by the best products.

到目前為止，我們之所以擁有世界上最好的產品，是因為迄今為止，我們在如何建立軟體、建立軟體的含義以及與客戶的全面協調方面擁有最佳的一致性。有些人認為西方的生活方式更優越，因此應該得到最好的產品的支持。

People at this table have been in the trenches for over a decade each. Why do they stay? Why do they fight? Why do we come and do these calls? Why are we fighting for individual investors? Why are we -- why do we actually care about revenue growth in quarter?

這張桌子上的人每個人都在戰壕裡奮鬥了十多年。他們為什麼留下來？他們為什麼打架？我們為什麼要來打這些電話？我們為什麼要為個人投資者而戰？為什麼我們－為什麼我們真正關心季度營收成長？

I mean, honestly, everyone at this table has a lot of money. It's like we care and we fight for these things because we believe we are fighting for a stronger, better, less discriminatory wealthier, more open and better society by providing the friends of the West U.S. industry, U.S. government, our allies, with by far superior products. And that's, by the way, how we -- you would be -- and that's how we align with our customers.

我的意思是，老實說，這張桌子上的每個人都有很多錢。就像我們關心這些事情並為這些事情而奮鬥，因為我們相信我們正在為一個更強大、更好、更少歧視、更富裕、更開放和更好的社會而奮鬥，為美國西部工業界、美國政府、我們的盟友的朋友提供迄今為止優質的產品。順便說一句，這就是我們——您將如何——也是我們與客戶保持一致的方式。

By the way, I have customers who disagree with me, but they sure as hell know, I'm telling the truth about what we believe. And probably, more importantly, they know we're not a [sophist]. They know we believe in things. And that's why we fight for this culture, and that's why we fight for our products. And that's why our products are growing. Again, you can repeat all these numbers over and over again.

順便說一句，我有一些不同意我觀點的客戶，但他們肯定知道，我說的是我們所相信的真相。也許，更重要的是，他們知道我們不是[詭辯家]。他們知道我們相信事物。這就是我們為這種文化而奮鬥的原因，也是我們為我們的產品奮鬥的原因。這就是我們的產品不斷成長的原因。同樣，您可以一遍又一遍地重複所有這些數字。

How do you get 68% growth in U.S. comp with the 57 Rule of 40? How do you nearly double your customer count, your deal count, your customer account, all these numbers? You do it by having full alignment and the best products in the world. Or you can do it by having weird things that barely work and trying to manipulate clients into buying your product until they realize it barely works because it's thin and of no value.

如何根據 57 40 規則使美國公司實現 68% 的成長？如何使您的客戶數量、交易數量、客戶帳戶以及所有這些數字幾乎翻倍？您可以透過完全協調和世界上最好的產品來做到這一點。或者，你可以透過一些幾乎不起作用的奇怪的東西，並試圖操縱客戶購買你的產品，直到他們意識到它幾乎不起作用，因為它很薄而且沒有價值。

And that's just not how we roll at Palantir. So it has been really -- and by the way, on the last note, how do we have the best investors in the world, especially individual investors? Why do they stick with us when times were hard? Why do they fight for Palantir? Why do they -- every time someone writes something [unique], Palantir has gone [MAGA], Palantir doesn't have a product. Palantir doesn't have margins. I'm sure this quarter, Palantir's growth is decelerating despite the fact it's obviously -- I mean we're obviously crushing it in America. Palantir is too crazy. Palantir will never be profitable. Palantir can't IPO. Palantir is too weird and odd to produce something that will be disruptive.

這並不是我們在 Palantir 的行事方式。所以這確實是——順便說一句，最後一點，我們如何擁有世界上最好的投資者，特別是個人投資者？為什麼他們在困難時期仍與我們同在？他們為什麼要為Palantir而戰？為什麼他們 - 每當有人寫出一些[獨特]的東西時，Palantir 就變得[MAGA]，Palantir 沒有產品。 Palantir 沒有利潤。我確信本季 Palantir 的成長正在放緩，儘管事實很明顯——我的意思是我們顯然正在美國壓垮它。 Palantir太瘋狂了。 Palantir 永遠不會獲利。 Palantir 無法首次公開募股。 Palantir 太奇怪了，無法生產出具有破壞性的東西。

We knew it was bulls**t. The people who are out on the front fighting against that BS, fighting against lazy inept discriminatory in the sense that's ignorance, people maligning Palantir, do it in great part because they believe that we are fighting for them, and we are. And we're fighting for ourselves, and that's why we have such a great company. So thank you.

我們知道這是胡說八道。那些在前線與那些廢話作鬥爭的人，與無知意義上的懶惰無能歧視作鬥爭的人們，那些誹謗Palantir 的人們，之所以這樣做，很大程度上是因為他們相信我們正在為他們而戰，而我們確實是這樣。我們正在為自己而奮鬥，這就是我們擁有如此偉大的公司的原因。所以謝謝。

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。