Palantir Technologies Inc (PLTR) 2024 Q2 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's Finance Team and I'd like to welcome you to our second-quarter 2024 earnings call. We'll be discussing the results announced in our press release issued after market close 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 年第二季財報電話會議。我們將在市場收盤後發布的新聞稿中討論該結果，並在我們的投資者關係網站上發布。

During the call, we will make statements regarding our business that may considered forward-looking within applicable securities laws, including statements regarding our third-quarter and fiscal 2024 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations.

在電話會議中，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們第三季度和2024 財年業績的聲明、管理層對我們未來財務和營運業績的預期，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 on our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law.

這些聲明並非承諾或保證，並且受風險和不確定性的影響，可能導致其與實際結果有重大差異。有關這些風險的資訊可在我們今天收盤後發布的收益新聞稿和我們提交給美國證券交易委員會的文件中查閱。除法律要求外，我們不承擔更新前瞻性陳述的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today.

此外，在今天的電話會議中，我們將參考某些調整後的財務指標。這些非 GAAP 財務指標應作為 GAAP 指標的補充而不是替代或孤立地看待。我們今天提供的新聞稿和投資者介紹中包含了有關這些非公認會計準則指標的更多信息，包括非公認會計準則與可比公認會計準則指標的調節。

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

我們的新聞稿、投資者介紹和其他收益資料可在我們的投資者關係網站 investors.palantir.com 上找到。在通話過程中，我們在討論業務時會參考各種成長率。除非另有說明，這些比率反映的是同比變化。

Joining me on today's call are Alex Karp, Chief Executive Office; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer.

參加今天電話會議的還有執行長 Alex Karp； Shyam Sankar，首席技術長；戴夫‧格雷澤 (Dave Glazer)，財務長；以及首席營收長兼首席法律長 Ryan Taylor。

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

現在我將把電話交給 Ryan 來開始通話。

We are thrilled to report tremendous results for our business driven foremost, both stronger execution in our US commercial business and continued US government business acceleration. Overall revenue growth, excluding strategic commercial contracts, accelerated to 30% year over year and 10% sequential in Q2.

我們很高興地報告，我們以業務為主導的首要任務取得了巨大的成果，包括我們在美國商業業務中的執行力更強以及美國政府業務的持續加速。不包括策略商業合約在內的整體營收在第二季年增 30%，季增 10%。

Our exceptional results are a reflection of a market that is quickly awakening to a reality that our customers have already known. We stand alone in our ability to deliver enterprise AI production impact at scale. We are delivering these results in the face of an unprecedented enterprise AI opportunity. As noted by Sequoia, the revenue expectations from the AI ecosystems infrastructure build-out have grown from $200 billion to $600 billion per year in just nine months.

我們卓越的業績反映出市場正在迅速意識到我們的客戶已經了解的現實。我們在大規模實現企業 AI 生產影響力方面擁有獨特的能力。我們是在前所未有的企業人工智慧機會面前取得這些成果的。紅杉資本指出，短短九個月內，人工智慧生態系統基礎建設的收入預期已從每年 2,000 億美元成長至 6,000 億美元。

The world is struggling with this huge problem. There is a great bottleneck between prototype and production. The world has also come to understand what we've been saying all along. The standard playbook does not and will not work. It cannot solve this problem. While many companies can build prototypes to leap from prototype to production is substantial.

全世界都在努力解決這個巨大問題。原型和生產之間存在很大的瓶頸。世界也逐漸理解了我們一直以來所說的話。標準劇本不起作用，也不會起作用。它不能解決這個問題。儘管許多公司可以製造原型，但從原型到生產的跨越卻是巨大的。

Palantir has made that leap. Our focus is on deploying enterprises AI and production, solving meaningful problems for our customers. We have the right products at the time and our history means that we understand the $600 billion opportunity unlike anyone else in the space. We are uniquely situated, and you see that in our results now.

Palantir 已經實現了這一飛躍。我們的重點是部署企業人工智慧和生產，為我們的客戶解決有意義的問題。我們當時擁有合適的產品，我們的歷史意味著我們比該領域的其他任何人都更了解 6000 億美元的機會。我們的情況是獨一無二的，您現在可以從我們的成果中看出這一點。

Last quarter, we signed 27 deals worth $10 million or more and closed nearly $1 billion of TCV. One of the most notable indicators of our delivery is the volume of existing customers who are signing expansion deals, many of which are a direct result of the AIP. We continue to see the greatest transformation in our US commercial business, evident in the many AIP-driven deals closed last quarter.

上個季度，我們簽署了 27 筆價值 1,000 萬美元或以上的交易，並完成了近 10 億美元的 TCV。我們交付的最顯著指標之一是簽署擴張協議的現有客戶數量，其中許多都是 AIP 的直接結果。我們繼續看到美國商業業務發生最大的轉變，這從上個季度完成的許多由 AIP 驅動的交易中可見一斑。

Our US commercial revenue, excluding strategic commercial contracts, climbed 70% year over year. Our US commercial ACV closed was up 44% year over year and up 19% sequentially, while our deal count in US commercial was nearly twice what it was just a year ago.

我們的美國商業收入（不包括策略性商業合約）年增了 70%。我們在美國商業交易的 ACV 較上年同期成長 44%，較上一季成長 19%，而我們在美國商業交易的交易數量幾乎是一年前的兩倍。

We maintain conviction in our ability to land new customers and subsequently expand those engagements as we sharpen our focus to taking our customers across the chasm from prototype to production. Tampa General signed a seven-year expansion, deploying AIP to deliver a care coordination operating system, where we've helped them reduce patient length of stay by 30%.

我們堅信我們有能力吸引新客戶，並隨後擴大這些合作，因為我們將更加專注於幫助客戶跨越從原型到生產的鴻溝。坦帕綜合醫院簽署了為期七年的擴展協議，部署 AIP 來提供護理協調操作系統，我們幫助他們將患者的住院時間縮短了 30%。

Panasonic Energy of North America signed a three-year expansion, using AIP across finance, quality control, and manufacturing operations. AARP shared their utilizing AIP to provide targeted, personalized experiences for their 29 million unique visitors on a monthly basis. Eaton deepened our relationship, leveraging AIP to modernize ERP deployments in addition to finance, sales, and supply chain use cases.

松下能源北美公司簽署了為期三年的擴張協議，在財務、品質控制和製造業務方面使用 AIP。AARP 分享了他們利用 AIP 為每月 2900 萬獨立訪客提供有針對性的個人化體驗。伊頓加深了我們的關係，利用 AIP 來實現 ERP 部署的現代化，以及財務、銷售和供應鏈用例的現代化。

Kinder Morgan signed a five-year Foundry and AIP enterprise expansion with production use cases, including storage optimization, pipeline integrity monitoring, and power optimization. These are just a handful of the significant expansions last quarter into production with AIP, and the magnitude of expansion is notable.

Kinder Morgan 簽署了為期五年的 Foundry 和 AIP 企業擴展協議，其中包括生產用例，包括儲存優化、管道完整性監控和電源優化。這些只是上個季度 AIP 生產中少數重大擴展，其擴展幅度令人矚目。

A major North American industrial company started working with us in late 2022, expanded to a $5 million run rate in 2023, and further deepened engagement to a $20 million run rate this year. One of America's leading hospitals began working with us in 2021, generated approximately $1.5 million of revenue in 2022, over $4 million of revenue in 2023, and is on track to generate nearly $15 million of revenue this year.

一家大型北美工業公司於 2022 年底開始與我們合作，2023 年擴大到 500 萬美元的運作率，並在今年進一步深化合作，達到 2,000 萬美元的運作率。美國一家領先的醫院於 2021 年開始與我們合作，2022 年創造了約 150 萬美元的收入，2023 年創造了超過 400 萬美元的收入，預計今年將創造近 1,500 萬美元的收入。

With regard to landing new customers, US commercial customer count grew 83% year over year last quarter. Bootcamps remain a key go-to-market motion, particularly for prototyping what is possible with AI, but the real opportunity and our unique capability lies in moving from prototype to production with these customers. That is where we are focused.

在獲取新客戶方面，上個季度美國商業客戶數量年增了 83%。訓練營仍然是進入市場的關鍵舉措，特別是對於原型設計人工智慧的可能性，但真正的機會和我們獨特的能力在於與這些客戶一起從原型轉向生產。這就是我們的重點。

We closed a seven-figure deal with a large wholesale insurance brokerage firm for an initial production automated policy review use case just 16 days after the Bootcamp. A leading convenience store chain went from prototype out of Bootcamp to paid pilot in 25 days, then converted the inventory management and pricing optimization use case into initial production immediately following the pilot.

訓練營結束後僅 16 天，我們就與一家大型批發保險經紀公司達成了一項七位數的交易，用於初始生產自動化保單審查用例。一家領先的便利商店連鎖店在 25 天內從訓練營中的原型發展到付費試點，然後在試點後立即將庫存管理和定價優化用例轉化為初始生產。

Our product charisma remains unparalleled. We plan to leverage this combination of Bootcamps and pilots with a focus on moving towards high-value production use cases to continue landing new customers. At the same time, we are heightening our concentration towards building deep production-level relationships with every single customer. The phenomenal strength of our US government business shows the power and scale of our enterprise software delivery.

我們的產品魅力依然無與倫比。我們計劃利用訓練營和試點相結合的方式，專注於轉向高價值生產用例，以繼續吸引新客戶。同時，我們正在高度重視與每位客戶建立深厚的生產層面的關係。我們在美國政府業務的驚人實力彰顯了我們企業軟體交付的實力和規模。

Our US government business continued accelerating, growing more than 8% sequentially for two consecutive quarters. We proudly received several notable awards last quarter, including a production contract from the Department of Defense Chief Digital and Artificial Intelligence Office, CDAO, to deploy and scale an AI-enabled operating system across the DoD, starting with an initial order of $153 million to support certain combatant commands and the joint staff, while additional awards can be made up to $480 million over a five-year period. This award reflects the criticality of our software and our nation's defense capabilities.

我們的美國政府業務持續加速發展，連續兩季較上季成長超過 8%。上個季度，我們很榮幸地獲得了幾項重要獎項，其中包括國防部首席數位和人工智慧辦公室(CDAO) 的一份生產合同，用於在整個國防部部署和擴展支援人工智慧的操作系統，首筆訂單為1.53 億美元，用於支援某些作戰司令部和聯合參謀部，同時在五年內額外獎勵最高可達 4.8 億美元。這個獎項反映了我們的軟體和我們國家國防能力的重要性。

Shortly after, CDAO announced a new initiative, Open DAGIR, to enable defense tech companies, traditional contractors, and government developers to develop applications and integrations on top of Maven powered by Palantir in a contract worth $33 million. We maintain pride in the mission-critical impact of our products and celebrate the long-term strength of our US government business, evident in last quarter's results.

不久之後，CDAO 宣布了一項新計劃，Open DAGIR，該計劃旨在使國防科技公司、傳統承包商和政府開發商能夠在由Palantir 提供支援的Maven 之上開發應用程式和集成，合約價值為3300萬美元。我們對我們的產品的關鍵任務影響感到自豪，並對我們美國政府業務的長期強勁表現感到高興，這在上個季度的業績中得到了充分體現。

Looking ahead, I've never felt more bullish about our business than I do today. We're charging full steam ahead, leading our customers across the bridge from prototype to production with our ever-expanding product capabilities, laying the path for that journey.

展望未來，我對我們的業務從未像今天這樣充滿信心。我們正全速前進，以不斷擴展的產品功能引領我們的客戶跨越從原型到生產的橋樑，為這段旅程鋪平道路。

I'll now turn it over to Shyam to share more details.

現在我將把話題交給 Shyam 來分享更多細節。

Thanks, Ryan. Our customers have been ahead of investors and markets. Customers choose us not because we're delivering proofs of concepts but because we deliver proof, years of foundational investments in our infrastructure and in particular, in Ontology, I'll note a widely ignored and discounted innovation have put us in the pole position.

謝謝，瑞安。我們的客戶一直走在投資者和市場的前面。客戶選擇我們，並不是因為我們提供了概念證明，而是因為我們提供了證明，多年來我們對基礎設施，特別是本體論的基礎投資，我要指出的是，一個被廣泛忽視和低估的創新讓我們處於領先地位。

GenAI has made prototyping incredibly easy and charismatic but with the same utility of a PowerPoint slide. The journey to production, as the market is now discovering, is fraught and requires a foundational set of technologies that we have uniquely invested in, creating a product pipeline that's needed to harvest economic value from AI.

GenAI 讓原型設計變得異常簡單和迷人，但具有與 PowerPoint 投影片相同的實用性。正如市場現在所發現的，生產之旅充滿艱辛，需要我們獨家投資的一套基礎技術，創造從人工智慧中獲取經濟價值所需的產品線。

And that's a journey that we were pathfinders on with the US Department of Defense starting in 2018 and one we continue to be the leaders in across both segments, government and commercial today. The bottleneck and the transition from prototype to production is a very hard set of technical problems. We didn't build those technologies eating berries in San Francisco. We had to be on the factory floor, in the foxhole, eating pain with our customers, seeing the secret truths of what does and doesn't work, and metabolizing it into product.

這是我們自 2018 年開始與美國國防部一起開拓的旅程，如今我們繼續在政府和商業兩個領域保持領先地位。從原型到生產的瓶頸和轉變是一組非常困難的技術問題。我們並不是靠在舊金山吃莓果而發明這些科技的。我們必須深入工廠車間、深入戰壕，與客戶一起承受痛苦，發現什麼可行、什麼不可行，並將其轉化為產品。

This has always been the secret of Palantir. It is the anti-playbook. Today's AIP developers will be the enterprise's next generation of builders. Apollo delivers eye-watering agility and responsiveness. AIP deprecates back-end development the same way that hyperscalers deprecated infrastructure, providing the mechanism to bring AI into production in the enterprise quickly.

這一直是Palantir的秘密。這是反劇本。今天的AIP開發人員將成為企業的下一代建造者。Apollo 具有令人驚嘆的敏捷性和響應能力。AIP 棄用了後端開發，就像超大規模企業棄用了基礎設施一樣，它提供了一種將 AI 快速投入企業生產的機制。

Our builder investments are feeding our product pipeline with our customers, developers in the wild. Compute modules have enabled the integration of our customers' own containerized applications into operational workflows.

我們對建設者的投資正在為我們的客戶和外部開發商提供產品管道。計算模組使我們可以將客戶自己的容器化應用程式整合到營運工作流程中。

Today, this technology is powering exquisite missile warning systems in the US government and sophisticated production plan optimization across commercial. In Ontology, SDK has enabled customers to build their own pro code applications backed by Ontology, the critical ingredient for harnessing LLMs in the enterprise.

如今，這項技術為美國政府精妙的飛彈預警系統和商業領域的複雜生產計畫優化提供支援。在 Ontology 中，SDK 使客戶能夠建立由 Ontology 支援的專業程式碼應用程序，這是在企業中利用 LLM 的關鍵要素。

And we pulled all these investments together in code workspaces where we have enabled an end-to-end development environment that lets customers treat their business as code. These investments have made us the emerging choice not only for application developers but also data scientists. Our platforms have become the fastest place for our customers to develop, refine, and manage not only their models but integrated offerings that deliver business impact.

我們將所有這些投資集中在程式碼工作區中，在那裡我們啟用了一個端到端的開發環境，讓客戶可以將其業務視為程式碼。這些投資使我們不僅成為應用程式開發人員而且成為資料科學家的新興選擇。我們的平台已經成為客戶開發、改進和管理其模型以及可帶來業務影響的整合產品的最快場所。

And once again, history is repeating itself with data scientists as they abandon the thin playbook products of the past. We recently hosted two champions road events, one in Denver and one in Munich that pulled together the most experienced and prolific customer developers to share the latest on our road map, but more importantly, to surface new opportunities to go deeper.

當資料科學家拋棄過去的單薄劇本產品時，歷史再次重演。我們最近舉辦了兩場冠軍路演活動，一次在丹佛，一次在慕尼黑，匯集了最有經驗和最多產的客戶開發人員，分享我們路線圖的最新進展，但更重要的是，發掘更深入的新機會。

At build.palantir.com, developers in the US, UK, Canada, and India, amongst a growing list of countries, can now access a free developer tier in a library of quick starts, tutorials, and reference implementations for themselves. This developer movement is matched on the government side, whether it's with developers in Armed Forces Ukraine or the US Army.

在 build.palantir.com，美國、英國、加拿大和印度等越來越多國家的開發人員現在可以存取免費的開發人員層，其中包含快速入門、教程和參考實作庫。這項開發者運動與政府方面相匹配，無論是與烏克蘭武裝部隊還是美國陸軍的開發人員。

In government, CDAO's recent contract award on Maven will enable us to scale those exquisite capabilities to the DoD enterprise and to bring integrated JADC2 capabilities across space, cyber, electronic warfare, and logistics. The CDAO Open DAGIR contract also enables defense tech companies, traditional contractors, and government developers to leverage Apollo in the Ontology software development kit, OSDK, to develop applications and integrations on top of Maven, all powered by Palantir's Mission Manager.

在政府中，CDAO 最近授予的 Maven 合約將使我們能夠將這些精湛的功能擴展到國防部企業，並帶來涵蓋太空、網路、電子戰和後勤的綜合 JADC2 功能。CDAO Open DAGIR 合約還使國防科技公司、傳統承包商和政府開發商能夠利用 Ontology 軟體開發工具包 OSDK 中的 Apollo 在 Maven 之上開發應用程式和集成，所有這些都由 Palantir 的 Mission Manager 提供支援。

And finally, fresh out of the AIP product pipeline, we are launching a new offering, Warp Speed to power American reindustrialization. The software playbooks have also failed in manufacturing. And all the founders driving reindustrialization know it. This is why SpaceX built their own ERP. We created Warp Speed from our years of experience on the factory floors, helping customers build planes, trains, automobiles, and even ships.

最後，在 AIP 產品線的最新進展中，我們將推出一款新產品—Warp Speed，為美國的再工業化提供動力。軟體劇本在製造業也失敗了。所有推動再工業化的創辦人都知道這一點。這就是 SpaceX 建立自己的 ERP 的原因。我們利用多年工廠車間經驗創建了 Warp Speed，幫助客戶製造飛機、火車、汽車甚至輪船。

Today, we power production of jet engines, satellites, and weapon systems in the industrial base. Warp Speed, built on AIP, on our industrial AI and with Ontology, is the modern American manufacturing operating system that reimagines how to bend atoms better with bits. At the dawn of World War II, we didn't have a defense industrial base. We had an American industrial base. Chrysler made missiles, and General Mills wasn't just a cereal company.

今天，我們為工業基地的噴射發動機、衛星和武器系統的生產提供動力。Warp Speed 建立在 AIP、我們的工業 AI 和本體論之上，是現代美國製造業作業系統，它重新構想如何用位元更好地彎曲原子。第二次世界大戰初期，我們還沒有國防工業基礎。我們擁有美國工業基礎。克萊斯勒製造飛彈，通用磨坊不僅僅是一家穀物食品公司。

This is also what our future must look like. It is clear that the nation must reindustrialize and mobilize at warp speed to win. This platform will transform production in the value chains that power our kill chains.

我們的未來也必須如此。顯然，國家必須重新工業化並以超光速動員起來才能取得勝利。該平台將改變為我們的殺傷鏈提供動力的價值鏈中的生產方式。

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

我將把這個問題交給戴夫，讓他向我們解釋財務狀況。

Thanks, Shyam. Q2 was an exceptional quarter. Revenue growth accelerated to 27% year over year, exceeding the high end of our prior guidance by 5%, driven by the strength in our US commercial and government businesses. On the back of this strength, we are increasing our full-year revenue guidance midpoint to $2.746 billion, representing a 23% year-over-year growth rate.

謝謝，Shyam。第二季是一個特殊的季度。由於美國商業和政府業務的強勁成長，營收成長率加速至年成長 27%，超過我們先前預期的高點 5%。憑藉這一優勢，我們將全年營收預期中位數上調至 27.46 億美元，年增 23%。

We delivered these tremendous top-line results while expanding adjusted operating margin to 37%, highlighting the strong unit economics of our business. We also delivered our seventh consecutive quarter of GAAP profitability, generating a record $134 million of GAAP net income and our sixth consecutive quarter of GAAP operating profit, generating a record $105 million of GAAP operating income. Our revenue and profitability drove a 7-point sequential increase to our Rule of 40 score from 57 in the first quarter to 64 in the second quarter.

我們取得了這些出色的營收業績，同時將調整後營業利益率擴大至 37%，凸顯了我們業務強勁的單位經濟效益。我們還連續第七個季度實現 GAAP 盈利，創造了創紀錄的 1.34 億美元的 GAAP 淨收入，並連續六個季度實現 GAAP 營業利潤，創造了創紀錄的 1.05 億美元的 GAAP 營業收入。我們的收入和獲利能力推動我們的 40 規則得分從第一季的 57 分連續增加 7 個百分點至第二季的 64 分。

Turning to our global top-line results. Revenue continues to accelerate. We generated $678 million in revenue, up 27% year over year and 7% sequentially. Excluding the impact of revenue from strategic commercial contracts, second-quarter revenue grew 30% year over year and 10% sequentially.

談到我們的全球營收業績。收入持續加速成長。我們創造了 6.78 億美元的收入，年增 27%，季增 7%。剔除策略性商業合約收入的影響，第二季營收年增30%，季增10%。

Customer count grew 41% year over year and 7% sequentially to 593 customers. Revenue from our largest customers continues to expand. Second-quarter trailing 12-month revenue from our top 20 customers increased 9% year over year to $57 million per customer.

客戶數量年增 41%，季增 7%，達到 593 名客戶。來自我們最大客戶的收入持續增加。第二季度，我們從前 20 名客戶獲得的營收年增 9%，達到每位客戶 5,700 萬美元。

Now moving to our commercial segment. Second-quarter commercial revenue grew 33% year over year and 3% sequentially to $307 million. Excluding the impact from strategic commercial contracts, commercial revenue grew 40% year over year and 8% sequentially. Second-quarter commercial TCV book was $377 million, representing 31% growth year over year.

現在轉到我們的商業領域。第二季商業營收年增 33%，季增 3%，達到 3.07 億美元。除去策略商業合約的影響，商業收入年增 40%，季增 8%。第二季商業 TCV 帳面價值為 3.77 億美元，較去年同期成長 31%。

Our US commercial business continues to see unprecedented demand, with AIP driving both new customer conversions and existing customer expansions in the US. Second-quarter US commercial revenue grew 55% year over year and 6% sequentially to $159 million. Excluding revenue from strategic commercial contracts, US commercial revenue grew 70% year over year and 8% sequentially.

我們的美國商業業務繼續看到前所未有的需求，AIP 推動了美國新客戶的轉換和現有客戶的擴張。第二季美國商業營收年增 55%，季增 6%，達到 1.59 億美元。不包括策略性商業合約收入，美國商業收入年增 70%，季增 8%。

In the second quarter, we booked $262 million of US commercial TCV, representing 152% growth year over year. Total remaining deal value in our US commercial business grew 103% year over year and 11% sequentially.

第二季度，我們訂購了價值 2.62 億美元的美國商業 TCV，年增 152%。我們美國商業業務的剩餘交易總價值年增 103%，較上季成長 11%。

Our US commercial customer account grew to 295 customers, reflecting 83% growth year over year and 13% growth sequentially. We generated $148 million in international commercial revenue in the second quarter, representing 15% growth year over year and 1% sequential decline as a result of continued headwinds in Europe. We continue to capitalize on targeted growth opportunities in Asia, the Middle East, and beyond.

我們的美國商業客戶數量成長至 295 個，較去年同期成長 83%，較上季成長 13%。我們在第二季度實現了 1.48 億美元的國際商業收入，年增 15%，由於歐洲持續的逆風，環比下降 1%。我們將持續把握亞洲、中東及其他地區的目標成長機會。

Revenue from strategic commercial contracts declined to $9 million for the quarter. We anticipate third-quarter 2024 revenue from these customers to continue to decline to between $6 million to $8 million compared to $15 million in the third quarter of 2023. We continue to anticipate 2024 revenue from these customers to be less than 2% of full-year revenue.

本季策略性商業合約收入下降至 900 萬美元。我們預計 2024 年第三季這些客戶的營收將繼續下降至 600 萬至 800 萬美元之間，而 2023 年第三季為 1,500 萬美元。我們繼續預計 2024 年來自這些客戶的收入將不到全年收入的 2%。

Shifting to our government segment. Second-quarter government revenue grew 23% year over year and 11% sequentially to $371 million. Second-quarter US government revenue grew 24% year over year and 8% sequentially to $278 million. As Ryan mentioned, we were selected for several notable awards in Q2, which led to the strongest US government bookings quarter since 2022, reflecting the growing demand for our government software offerings.

轉向我們的政府部門。第二季政府營收年增 23%，季增 11%，達到 3.71 億美元。第二季美國政府營收年增24％，季增8％，達到2.78億美元。正如 Ryan 所提到的，我們在第二季度獲得了多個著名獎項，這使得美國政府的預訂量創下了 2022 年以來最強勁的季度，反映出對我們的政府軟體產品的需求不斷增長。

Second-quarter international government revenue grew 21% year over year and 18% sequentially to $93 million, primarily driven by additional funding from a partner nation related to our ongoing efforts in Eastern Europe. Second-quarter TCV booked was $946 million, up 47% year over year.

第二季國際政府營收年增 21%，季增 18%，達到 9,300 萬美元，這主要得益於我們在東歐的持續努力從合作國家獲得的額外資金。第二季的 TCV 帳面價值為 9.46 億美元，年增 47%。

Net dollar retention was 114%, an increase of 300 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q2 of last year. As net dollar retention does not include revenue from new customers that were acquired in the past 12 months, it has not yet fully captured the acceleration in velocity in our US commercial business over the past year.

淨美元留存率為 114%，較上一季增加 300 個基點。這一成長主要得益於現有客戶的擴張和去年第二季獲得的新客戶。由於淨美元留存不包括過去 12 個月內獲得的新客戶收入，因此尚未完全反映出過去一年我們美國商業業務的加速發展。

We ended the second quarter with $4.3 billion in total remaining deal value, an increase of 26% year over year and 5% sequentially, and $1.4 billion in remaining performance obligations, an increase of 41% year over year and 5% sequentially.

截止第二季度，我們剩餘交易總價值為 43 億美元，年增 26%，季增 5%，剩餘履約義務為 14 億美元，年增 41%，季增 5%。

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.

提醒一下，RPO 主要由我們的商業業務組成，因為它不考慮初始期限少於 12 個月的合約以及超出終止便利條款的合約義務，這兩項在我們大多數政府部門都很常見商業。

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 $254 million, representing adjusted operating margin of 37% and marking the seventh consecutive quarter of expanding adjusted operating margins.

轉向利潤和費用。調整後毛利率（不含股票薪酬費用）本季為 83%。調整後的營業收入（不包括股票薪酬費用和相關雇主工資稅）為 2.54 億美元，調整後的營業利潤率為 37%，標誌著調整後的營業利潤率連續第七個季度擴大。

Q2 adjusted expense was $425 million, up 4% sequentially and 7% year over year. We continue to expect expenses to ramp through the back half of the year as we invest in the product pipeline and hard technical problems in debottlenecking the journey from prototype to production that Shyam just outlined.

第二季調整後支出為 4.25 億美元，季增 4%，年增 7%。我們繼續預計，由於我們在產品線和解決從原型到生產過程中的瓶頸技術難題方面進行了投資，正如 Shyam 剛才概述的那樣，費用將在今年下半年大幅增加。

We remain focused, however, on calibrating expense growth below revenue growth for the full year in order to continue delivering on our goals of sustained GAAP profitability and operating income. In the second-quarter, we generated GAAP operating income of $105 million, representing a 16% margin, our sixth consecutive quarter of GAAP operating income and fifth consecutive quarter of expanding GAAP operating margins.

然而，我們仍然專注於將全年費用成長控制在收入成長以下，以繼續實現持續的 GAAP 獲利能力和營業收入的目標。第二季度，我們實現了 1.05 億美元的 GAAP 營業收入，利潤率為 16%，這是我們連續第六個季度實現 GAAP 營業收入，也是連續第五個季度實現 GAAP 營業利潤率擴大。

We generated second quarter GAAP net income of $134 million, representing a 20% margin, our seventh consecutive quarter of GAAP profitability. Second-quarter adjusted earnings per share was $0.09 and GAAP earnings per share was $0.06. Additionally, our combined revenue growth and adjusted operating margin accelerated to 64% in the first quarter, a 7-point increase to our Rule of 40 score from the prior quarter.

我們第二季的 GAAP 淨收入為 1.34 億美元，利潤率為 20%，這是我們連續第七個季度實現 GAAP 利潤。第二季調整後每股收益為 0.09 美元，GAAP 每股收益為 0.06 美元。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 64%，比上一季的 40 規則得分提高了 7 個百分點。

Turning to our cash flow. In the second quarter, we generated $144 million in cash from operations and $149 million in adjusted free cash flow, representing a margin of 21% and 22%, respectively. We expect cash flow to ramp through the back half of the year, in line with the expected timing of government and commercial year-end collections.

轉向我們的現金流。第二季度，我們產生了 1.44 億美元的營運現金流和 1.49 億美元的調整後自由現金流，利潤率分別為 21% 和 22%。我們預計今年下半年現金流將會增加，與政府和商業年底收款的預期時間一致。

Through the end of the second quarter, we repurchased approximately 1.2 million shares as part of our share repurchase program. As of the end of the quarter, we have $973 million remaining of the original authorization. We ended the quarter with $4 billion in cash, cash equivalents, and short-term US Treasury securities.

截至第二季末，作為股票回購計畫的一部分，我們回購了約 120 萬股。截至本季末，我們原始授權金額剩餘 9.73 億美元。截至本季末，我們持有 40 億美元現金、現金等價物和短期美國公債。

Now turning to our outlook. For Q3 2024, we expect revenue of between $697 million and $701 million and adjusted income from operations of between $233 million and $237 million. For full year 2024, we are raising our revenue guidance to between $2.742 billion and $2.750 billion.

現在來談談我們的展望。對於 2024 年第三季度，我們預計營收在 6.97 億美元至 7.01 億美元之間，調整後營業收入在 2.33 億美元至 2.37 億美元之間。對於 2024 年全年，我們將營收預期上調至 27.42 億美元至 27.50 億美元之間。

We are raising our US commercial revenue guidance to an excess of $672 million, representing a growth rate of at least 47%. We are raising our adjusted income from operations guidance to between $966 million and $974 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.

我們將美國商業收入預期上調至 6.72 億美元，成長率至少 47%。我們將調整後的營業收入預期上調至 9.66 億美元至 9.74 億美元之間。我們繼續預期調整後的自由現金流在 8 億至 10 億美元之間，我們繼續預期今年每季的 GAAP 營業收入和淨收入。

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

說完這些，我將把時間交給亞歷克斯 (Alex) 來發表一些評論，然後安娜 (Ana) 將開始問答環節。

Thank you for participating in our earnings. We founded this company to be a ray of light to America and our Western allies. And in doing so, we built software for the institutions as they ought to exist, not as they do exist.

感謝您參與我們的收益。我們創立這家公司是為了帶給美國和我們的西方盟友一縷光芒。在這樣做的過程中，我們為機構建立了它們應該存在的軟體，而不是它們現有的軟體。

And of course, the whole playbook around building software, building institutional software, building software that would be transformative, and especially in the current context around AI and large language models, flew in the face of everything that people have been taught to know about enterprises, what makes them work, how they can transform themselves, what software products would be valuable, what software products people would adopt, how would they adopt them, how would you get value from analyst users in the software context, how would you transform manufacturing, how would you use in the current context of large language models, not as an act of self-flagellation or something that just makes a small group of people richer.

當然，圍繞著建立軟體、建構機構軟體、建構變革性軟體的整個劇本，特別是在當前圍繞人工智慧和大型語言模型的背景下，與人們所學到的有關企業的一切知識背道而馳、是什麼讓它們工作、它們如何自我轉型、哪些軟體產品有價值、人們會採用哪些軟體產品、人們如何採用這些軟體產品、如何在軟體環境中從分析師用戶那裡獲取價值、如何轉變製造業，您將如何在當前在大型語言模型的背景下使用它，而不是作為一種自我鞭策的行為或只是讓一小部分人變得更富有的事情。

But in a way that you can extract value in existential life and death context like the battlefield or in institutional or commercial context like the transformation that is happening all across America and in some other countries.

但在某種程度上，你可以在生存和死亡的環境（例如戰場）中，或在機構或商業環境（例如正在美國和其他一些國家發生的轉變）中提取價值。

And in the face of this, we made bold claims that looked ridiculous to many people. One bold claim was these large language models will not work without foundational software. They will not work without a means to process them.

面對這種情況，我們做了大膽的聲明，但在許多人看來，這些聲明是荒謬的。一個大膽的說法是，如果沒有基礎軟體，這些大型語言模型就無法運作。如果沒有處理它們的方法，它們就無法發揮作用。

They will stay something like self-pleasuring or PowerPoints, which is the purveyor which are sold to institutions as a way of deceiving institutions from transferring their high-value revenue to other enterprises without actually transforming themselves, which were addictive and thin and led to dysfunction in enterprises, much like their allegory in the political world of woke-ism became slower, dumber, not able to actually produce results.

它們將保留類似自我愉悅或PowerPoint 的東西，即向機構出售的供應商，作為一種欺騙機構將其高價值收入轉移到其他企業的方式，而無需真正改變自己，這些產品令人上癮且單薄，並導致功能障礙在企業中，就像他們在政治世界中的寓言一樣，覺醒主義變得更慢，更愚蠢，無法真正產生結果。

And we built the infrastructure you need to move from self-flagellation, PowerPoints, and prototypes flawlessly into production. Production meaning your enterprise gets faster, it runs better. The margins are better. The people inside the enterprise become more valuable. Your tribal knowledge and your enterprise, the knowledge which differentiates you from all other enterprises, becomes truly valuable.

我們建立了您所需的基礎設施，讓您能夠從自我鞭策、 PowerPoint 和原型完美地轉向生產。生產意味著你的企業運作得更快、更好。利潤率更好。企業內部的人變得更有價值。您的部落知識和您的企業，即使您有別於所有其他企業的知識，變得真正有價值。

It becomes a weapon in your hand, whether that weapon is in the commercial context, to make what you know how to do better than anyone else work better than anyone else, by making engineers better, by making the workers more able to do things engineers would be able to do, by treating your company as a portfolio as opposed to dots on a PowerPoint.

它成為你手中的武器，無論這件武器是在商業背景下，讓你比別人更懂得如何做得更好，透過讓工程師變得更好，透過讓工人更有能力做工程師的事情，可以透過將您的公司視為投資組合而不是PowerPoint 上的點來做到這一點。

We believed, and the numbers now show that we were right, that by doing this, we could give America and its allies a structural advantage in the commercial area, which we have seen and our numbers prove and arguably even more importantly, on the battlefield, which we can't talk as much about but is the absolute most important area where America and its allies have to have dominance and leadership, that we had a structural advantage.

我們相信，現在的數據也證明我們是正確的，透過這樣做，我們可以讓美國及其盟友在商業領域獲得結構性優勢，這一點我們已經看到，我們的數據也證明了這一點，甚至可能更重要的是，在戰場上我們不能談論太多，但這絕對是美國及其盟友必須佔據主導地位和領導地位的最重要領域，我們擁有結構性優勢。

And what is gratifying about our -- this quarter and, in general, about what we've done is not the banality that we were right and the playbook purveyors are obviously somewhat laughable. It is that you can build a great business, be aligned with America and the West, that, that alignment will make you stronger and better, that your software products will actually be products and not PowerPoints and that you can actually build something with the best people in the world, the best investors in the world that will lead to structural advantages.

本季以及總體而言，我們所做的令人欣慰的並不是我們是正確的這種陳詞濫調，而劇本的提供者顯然有些可笑。你可以建立一個偉大的企業，與美國和西方保持一致，這種保持一致將使你更強大、更好，你的軟體產品將真正成為產品，而不是PowerPoint，你可以真正用最好的東西來創造一些東西世界上最好的投資者，這將帶來結構性優勢。

Of course, all along the way, we had many, many doubters. We had people that thought we would never be profitable. We had -- now we are over seven quarters in profitability, thought people that we would never be able to grow the revenue. We'd never be able to reaccelerate the US government because of its -- it's often opaque, but we asserted that product superiority would overcome many of the vicissitudes and difficulties of working with the US government witness reacceleration.

當然，一路走來，我們也遇到很多很多的懷疑者。有人認為我們永遠不會獲利。我們現在已經連續七個季度獲利，人們認為我們永遠無法增加收入。我們永遠無法重新加速美國政府的進程，因為它往往不透明，但我們斷言，產品優勢將克服與美國政府見證重新加速合作過程中的許多變化和困難。

We asserted that our products were the precursor to making LLMs valuable, that we would productize how you create this value much the way hyperscalers, as Shyam had mentioned, have productized other technical issues and that we would give those, that productization to our customers.

我們斷言，我們的產品是讓LLM 變得有價值的先驅，我們將把創造這種價值的方式產品化，就像Shyam 提到的超大規模企業將其他技術問題產品化一樣，我們將把這些產品化的東西提供給我們的客戶。

Witness our 70% after spent quarter -- the third quarter in a row where we're growing at what amounts to a ridiculous rate. And there's a witness of the reacceleration of our global business ex that to 30%. Witness our backlog, look at any part of our business, then it is like, well, how are we doing? This is a really long, interesting question that people will dedicate their academic careers on but we do not have time to address and it may not be learnable for everyone, but we do, do it.

我們見證了我們在支出季度後實現了 70% 的增幅——這是連續第三個季度我們以驚人的速度成長。我們的全球業務也重新加速成長，增幅達 30%。看看我們的積壓訂單，看看我們業務的任何部分，然後就像，好吧，我們做得怎麼樣？這是一個非常長且有趣的問題，人們願意用他們的學術生涯去解答這個問題，但我們沒有時間去解答，而且它可能不是每個人都能學會的，但我們確實在解答這個問題。

And the single most important part, however, of this is that we are going to play a determinant role in making America and its Western allies the dominant force again in this world. And because of that, the best times for this company are not in the past. I would say the single most interesting thing about this quarter, if you had to reduce it to one simple fact after 20 years, after changing the way people do intel, after changing the way the battlefield works, after changing the way people procure software, after exporting our platforms to our allies, after punishing our adversaries, after building a commercial business, after DPO, after seeing it all reaccelerate, the best times for us are yet to come, and we are planning to just take our energy and run this business as a business at which we are, which is our owners.

然而，其中最重要的部分是，我們將在使美國及其西方盟友重新成為世界主導力量​​的過程中發揮決定性作用。正因為如此，這家公司最好的時光還沒過去。我想說，本季最有趣的事情，如果要歸結為一個簡單的事實，那就是在20 年之後，在改變了人們獲取情報的方式、改變了戰場運作方式、改變了人們採購軟體的方式之後，在向盟友出口我們的平台、懲罰我們的對手、建立商業業務、完成 DPO 之後，在看到這一切重新加速之後，我們最好的時光尚未到來，我們計劃集中精力來經營這個我們作為企業的一員，就是我們的主人。

We are owners with a very long-term focus for the best interest of our country, our allies, and our Palantirians, and our investors. And so I'm very thrilled to have you participate in this, what for us, means historic earnings.

我們是所有者，我們著眼於長遠利益，關注我們國家、我們盟友、我們 Palantirians 以及我們投資者的最大利益。因此，我非常高興您能參與其中，這對我們來說意味著歷史性的利潤。

And last not least, the world is on the precipice of what could be a very severe set of violent interactions in the Middle East. And it goes without saying that at Palantir, we know where we stand and we are very much supporting America and its allies in the Middle East, including Israel. Thank you.

最後同樣重要的一點是，世界正處於中東地區可能出現一系列非常嚴重的暴力衝突的邊緣。毋庸置疑，在 Palantir，我們知道我們的立場，並且我們非常支持美國及其在中東的盟友，包括以色列。謝謝。

Thanks, Alex. We'll now turn to a few questions from our shareholders before opening up the call. Axle asks, what is Palantir doing to be different from its AI competitors? And what is the company's plan to stay competitive?

謝謝，亞歷克斯。在開始電話會議之前，我們想先回答股東提出的幾個問題。Axle 問道，Palantir 做了什麼來區別於其 AI 競爭對手？那麼公司保持競爭力的計畫是什麼？

Thanks, Axle. Well, all the value and where the market is completely bottlenecked is on that transition from prototyping to production. And that happens to be the place that we are most differentiated. That differentiation is built on more than a decade of deep technical investments, technologies like the Ontology, OSDK, the primitives that we have that permeate the platform, security, functions on objects, actions, write-back, machinery, automations, and a deep product pipeline that really is focused on addressing this very problem on this transition from prototyping to production.

謝謝，Axle。嗯，所有的價值以及市場完全陷入的瓶頸都在於從原型設計到生產的轉變。而這恰恰是我們最有差異化的地方。這種差異化建立在十多年的深度技術投資之上，包括本體、OSDK 等技術，以及我們貫穿平台的原語、安全性、物件功能、操作、寫回、機械、自動化，以及深度產品流程真正集中在解決從原型到生產的轉變過程中的這個問題。

And I think when you think about the ChatGPT moment, it's so very clearly invalidated the thin product playbooks of the past. I think this bottleneck is doing that same thing to AI software. It is so easy to create an AI prototype, the equivalent effort of making a PowerPoint slide, but it's actually very, very hard to get that in production, probably 10 to 100 times harder than traditional software transitioning to production.

我認為，當您想到 ChatGPT 時刻時，它顯然使過去單薄的產品劇本失效了。我認為這個瓶頸對人工智慧軟體也產生了同樣的影響。創建 AI 原型非常容易，相當於製作 PowerPoint 幻燈片的努力，但實際上將其投入生產非常非常困難，可能比傳統軟體過渡到生產困難 10 到 100 倍。

And therein lies our entire opportunity in the market. That's what you see with the expansions that have happened with Panasonic Energy and Tampa General, and that's what you frankly see in the numbers of this quarter.

這也正是我們在市場上的全部機會。這就是您在松下能源和坦帕通用電氣的擴張中所看到的，這也是您在本季的數據中所看到的。

Thanks, Shyam. Our next question is from Jacob who asks, we understand why Foundry has become the operating system for the modern enterprise. How does this change with LLMs?

謝謝，Shyam。我們的下一個問題來自 Jacob，他問，我們理解為什麼 Foundry 已經成為現代企業的作業系統。法學碩士學位如何改變這種情況？

Well, the market doesn't need point solutions even if it's slightly addicted to them. And our customers can't solve their business problems with hyperscaler infrastructure alone. They need a system that organizes and orchestrates the interaction of their physical business with their technology with AI and LLMs in the same way that your operating system orchestrates and organizes your hardware with your applications, and in the same way that your operating system gives you application development frameworks like AppKit for Mac or WinUI for Windows, Palantir's OSDK in Ontology is that application development framework for the entirety of your business that allows you to treat your business like code, leveraging the primitives that we've built that extend LLMs throughout your enterprise.

好吧，市場並不需要點解決方案，即使它有點沉迷於它們。我們的客戶無法僅依靠超大規模基礎設施來解決他們的業務問題。他們需要一個系統來組織和協調他們的實體業務與他們的AI 和LLM 技術的交互，就像你的作業系統協調和組織你的硬體與你的應用程式一樣，就像你的作業系統為你提供應用程式一樣開發框架，如Mac 的AppKit 或Windows 的WinUI，Palantir Ontology 中的OSDK 是適用於您整個業務的應用程式開發框架，它允許您將業務視為程式碼，利用我們建立的將LLM 擴展到整個企業的原語。

And just as a point that we've already mentioned, a lot of what we're doing sounds complex on the outside, but what is not complex is the customers already understand they need it. So it's like a lot of our actual advantages, the customer is way ahead of investors, way ahead of people investing in this. And we also -- and we're way ahead of our customers and we have distribution.

正如我們已經提到過的一點，我們所做的很多事情表面上聽起來很複雜，但其實並不複雜的是客戶已經明白他們需要它。因此，就像我們的許多實際優勢一樣，客戶遠遠領先於投資者，遠遠領先於投資於此的人。而且我們也—我們遠遠領先於我們的客戶並且我們有分銷管道。

So typically in a revolution, the revolution comes from like small companies somewhere. But this revolution is coming from being ahead of where the customers, are and the customers are years ahead of what analysts and others think.

因此，典型的革命通常是來自某些地方的小公司。但這場革命源自於領先客戶，而客戶又比分析師和其他人的想像領先了數年。

And we are actually monetizing simply the fact that we're ahead of our customers and years ahead of everyone else. And all of these things that Shyam was talking about, but how does an Ontology work with an SDK? How does that work with an enterprise?

我們實際上只是透過領先於客戶並且領先於其他所有人數年這一事實來賺錢。這就是 Shyam 所談論的所有內容，但是 Ontology 如何與 SDK 協同工作呢？對企業來說，這如何運作呢？

How would you actually use a large language model in a way where it's differentiated, meaning you use the right large language model at the right time under the right conditions in the logic, meaning in the way the business understands itself under the -- within the context of the security and security logic of the business?

你如何以差異化的方式實際使用大型語言模型，這意味著你在正確的時間、正確的邏輯條件下使用正確的大型語言模型，這意味著在業務理解自身的方式下——在業務的安全背景和安全邏輯？

Those things are largely not understood on the outside but every single person and government who's trying to use them or who is using them, every single customer who's buying this witness the numbers. They either understand this overtly or they understand that nothing else works.

外界在很大程度上不了解這些東西，但每個試圖使用它們或正在使用它們的個人和政府，每個購買它們的客戶都見證了這些數字。他們要么完全理解這一點，要么明白沒有其他方法可行。

And in many cases, they simply understand that nothing else is giving them any value. And they're increasingly getting tired of paying for things they either don't use or they shouldn't use.

在很多情況下，他們只是明白其他任何東西都無法為他們帶來任何價值。他們越來越厭倦為自己不使用或不應該使用的東西付錢。

Thank you, both. Dan, Wedbush. (Conference Instructions)

謝謝你們兩位。丹，韋德布希。（會議指示）

Look, I think historic quarter for Palantir, so congrats. Does it feel out -- and the team, does it feel like you're starting to now, in terms of the conversions from the Bootcamps to deals, it's starting to accelerate? It seems like that based on the actual quarter but can you just give some granularity there?

看，我認為這是 Palantir 的歷史性季度，所以恭喜。你們和團隊是否感覺得到，就從訓練營到交易的轉換而言，現在是否開始加速了？這似乎是基於實際季度的數據，但您能給出一些細節嗎？

Yeah, I can give -- first of all, I think the numbers speak for themselves. We closed 27 deals worth more than $10 million or more, $1 billion of TCV in quarter. And so I'll start with the numbers because they speak for themselves. Bootcamps are an important part of that motion. We're seeing them expose customers to new opportunities and new potential customers to opportunities.

是的，我可以給出——首先，我認為數字說明了一切。我們完成了 27 筆交易，總價值超過 1,000 萬美元，本季的 TCV 達到 10 億美元。因此我將從數字開始，因為數字本身就說明了一切。新兵訓練營是這項運動的一個重要組成部分。我們看到他們為客戶提供新的機遇，也為新的潛在客戶提供機會。

That being said, it was, as Shyam was highlighting, what everyone underestimates is the immense challenge of deploying enterprise production AI software at scale. And so we're very much focusing our energy and going deep in production with those customers.

話雖如此，正如 Shyam 所強調的那樣，每個人都低估了大規模部署企業生產 AI 軟體的巨大挑戰。因此，我們集中全部精力並與這些客戶一起深入生產。

And that's the massive opportunity before us and that's where we're running at full speed. You see that in the numbers. You see that in the customer's reaction who are blown away by the impact we're having for them and demanding more and more in that direction from us and really where we're focusing on.

這是我們面前的巨大機遇，我們正全力以赴。您可以從數字中看到這一點。你可以從客戶的反應中看到，他們對我們的影響感到震驚，並向我們提出越來越多的要求，而這正是我們真正關注的重點。

Maybe a slightly orthogonal indirect way of answering your question is if you take the battlefield where these things -- the few places these things are LLMs are in use or the battlefield, where other forms of AI are in use and you take US commercial, what you're really seeing is a very tight learning circle, what works, what doesn't, why?

也許回答你的問題的一個稍微正交的間接方式是，如果你把這些東西帶到戰場上——這些東西是法學碩士正在使用的少數地方，或者戰場上，其他形式的人工智能正在使用，你把美國商業帶到戰場上，你真正看到的是一個非常緊密的學習圈，什麼有效，什麼無效，為什麼？

And that's very different than places that aren't working. And America has many businesses that are very strong and they're very, very agile so they're learning very, very quickly. And then much like people watching this call, they're like, oh, okay, this is working.

這與那些不起作用的地方有很大不同。美國有許多非常強大的企業，它們非常非常靈活，所以他們的學習速度非常非常快。然後就像人們觀看這個電話一樣，他們會說，哦，好吧，這有效。

There were leaders like you who'd predicted this would work, but most people actually are customers want to see it in production and then say, okay, well, why is this working? And that's a separate -- and what's very special about what's happening now is you have more and more people who are like, okay, I know this works. I want to understand exactly why and how would I expand it. And why is nothing else working?

有像您這樣的領導者預測這會起作用，但大多數人實際上都是客戶，希望看到它投入生產，然後說，好吧，那麼，為什麼這會起作用？這是獨立的——現在發生的事情非常特別之處在於，越來越多的人會說，好吧，我知道這是有效的。我想確切地了解為什麼要擴展它以及如何擴展它。為什麼其他方法都不管用呢？

And so that's leading to a very different motion. I think it's going to lead to a very different way of looking at our company in all areas, including financial areas because it's like when you're making assertions, you need avant-garde innovators to look at it and say, okay, well, this is something that's not quite there but I think it could work.

所以這將導致一個非常不同的動議。我認為這將導致我們以非常不同的方式看待我們公司的各個領域，包括財務領域，因為就像你在做出斷言時，你需要前衛的創新者來審視它，並說，好吧，雖然這還不夠完善，但我認為它可以起作用。

And we're very much moving into the phase of, yeah, this is working. Our adversaries know this works. Our US military knows this works, people on the ground knows, and it's very similar in US commercial.

我們正進入這個階段，是的，這是有效的。我們的對手知道這是有效的。我們的美國軍方知道這是有效的，實地人員也知道，在美國商業上也非常相似。

And that's what's generating the 70% number that is kind of jaw-dropping, like the jaw-dropping numbers are being generated by, okay, this works. How do I expand and explain to me how it's working, can we expand these things? And by the way, our innovation is also because we're like, okay, we see this works but this could work 5 times better if we had different kinds of innovation that no one else has.

這就是產生 70% 這個令人震驚的數字的原因，這個令人震驚的數字是由它產生的，好吧，這是有效的。我該如何擴展並向我解釋它是如何工作的，我們可以擴展這些東西嗎？順便說一句，我們的創新也是因為我們覺得，好吧，我們看到這是可行的，但如果我們有別人沒有的不同類型的創新，它的效果可能會好 5 倍。

Thank you. Mariana, Bank of America. (Conference Instructions)

謝謝。瑪麗安娜，美國銀行。（會議指示）

Thank you and good afternoon, everyone. I'm going to try to squeeze two questions as usual. So the first one, I'm curious about Warp Speed. What is it? Is it like a new system that allows companies to build their own ERP system? Is it something that runs on top of your existing old school legacy ERP system? Or is Palantir creating like a solution that is ERP, like a little bit details about that?

謝謝大家，下午好。我將像往常一樣嘗試提出兩個問題。第一個問題，我對 Warp Speed 很好奇。它是什麼？它是否像一個新的系統，允許企業建立自己的 ERP 系統？它是在您現有的老式傳統 ERP 系統上運行的嗎？還是 Palantir 正在創建一個 ERP 解決方案，能不能詳細介紹一下？

The second one is not just Warp Speed but also all this American industrialization. GAO posted a report recently where they've said, so far an implementation are the two biggest barriers for the US to be able to produce the weapons that they need.

第二個不僅僅是“曲速”，還有整個美國的工業化。美國政府問責署最近發布了一份報告，報告稱，到目前為止，實施是美國生產所需武器的兩大障礙。

What is the biggest barrier or like hurdle for the US primes or the -- especially the old guard primes to come to you and let you help them re-industrialize, produce, and get back on track on this like multibillion-dollar contracts they have? Thank you.

對於美國主要企業，尤其是老派主要企業來說，他們來找你，讓你幫助他們重新工業化、生產，並重回正軌，完成他們數十億美元的合同，最大的障礙或障礙是什麼？謝謝。

Yeah. Thank you, Mariana. So with Warp Speed, it really is a -- we conceived of it as an operating system for the modern American manufacturer. It touches not just ERP but also MES, PLM, PLCs, so it's interacting with the factory floor. And we think there's an opportunity to reimagine this.

是的。謝謝你，瑪麗安娜。所以對於 Warp Speed，它實際上是——我們將其設想為現代美國製造商的操作系統。它不僅涉及 ERP，還涉及 MES、PLM、PLC，因此它與工廠車間互動。我們認為這是一個重新構想的機會。

So I think the kind of congenital defect from most of the software was designed historically in the '70s for the CFO. Why would you do that? If you were starting over today, you would build software that was designed for the head of production that was focused principally on production.

所以我認為大多數軟體的先天缺陷都是 70 年代專為 CFO 設計的。為什麼要這麼做？如果您今天重新開始，您將建立專為生產主管設計的、主要專注於生產的軟體。

And then how you integrate both your extant legacy systems and use Warp Speed in place of the investments that you haven't made. I think the big opportunity, so if you go to the big legacy manufacturers and you say this, it sounds crazy.

然後，您如何整合現有的遺留系統並使用 Warp Speed 來取代您尚未進行的投資。我認為這是一個巨大的機遇，所以如果你去大型傳統製造商那裡這麼說，聽起來會很瘋狂。

They've made a bunch of historical investments. They're not yet convinced or even aware of the fact that the legacy software playbook doesn't work. But if you go to new manufacturers, the one that are powering the reindustrialization of the country, they all know this.

他們進行了大量歷史性投資。他們還沒有相信，甚至沒有意識到傳統軟體劇本不起作用。但如果你去尋找那些推動國家再工業化進程的新製造商，你會發現他們都知道這一點。

They're all alumni of the Tesla SpaceX world where they built their own systems from scratch, principally because the other stuff doesn't work at all. And they also know they can't afford the 300 engineers it would take to build this completely from scratch or the time it would take to do that.

他們都是 Tesla SpaceX 的校友，他們從頭開始建立自己的系統，主要是因為其他東西根本不起作用。他們也知道，他們負擔不起 300 名工程師從頭開始建立這個系統的費用，也負擔不起這樣做所需的時間。

So there's this very powerful role of taking AIP, building the applications on top of it using the OSDK and delivering the integrated suite of applications that are also malleable to the business because I think one of the other key insights here is it's not actually believable that the same ERP manufacturing system that you use to build rockets is what you would use to build rackets.

因此，AIP 的作用非常強大，可以使用 OSDK 在其基礎上構建應用程序，並提供可適應業務的集成應用程序套件，因為我認為這裡的另一個關鍵見解是，你用來製造火箭的ERP 製造系統與你用來製造球拍的系統是一樣的。

And how do you -- what is the right way to think about grafting the software around the manufacturer in a way that gives them alpha, not just creates a huge amount of services for the system integrators? We live in a world today where it's $1 of license for $9 of implementation that never seems to quite work. Who is really happy with the implementation of these systems? Which ones are even happening on time?

您如何看待——如何正確地考慮將軟體嫁接到製造商周圍，以便為他們提供 alpha，而不僅僅是為系統整合商創建大量服務？在我們今天生活的世界裡，許可證費用為 1 美元，而實施費用為 9 美元，這似乎永遠都行不通。誰真正對這些系統的實施感到高興？哪些是按時發生的？

Who can say that those systems didn't fall apart in 10 seconds when COVID supply chain disruptions happened, right? There's an entire opportunity to reinvent this now, and I think the bolus of energy around national defense and reindustrialization is catalyzing this opportunity.

當 COVID 供應鏈中斷時，誰能保證這些系統沒有在 10 秒內崩潰？現在有一個重新創造這一局面的絕佳機會，我認為圍繞國防和再工業化注入的能量正在催化這一機會。

Well, and Shyam's taking this charge, but the reason it, I think, is likely to work is because not just America but every allied nation is -- has the problem that they cannot get their military production to work. So your question is not really two questions. It's what are you building from my perspective and why is it likely to work, and they're very linked.

好吧，Shyam 承擔了這項任務，但我認為，這個任務之所以可能奏效，是因為不僅僅是美國，而且每個盟國都面臨著無法使其軍事生產正常運轉的問題。所以你的問題其實不是兩個問題。從我的角度來看，你在建造什麼以及為什麼它可能有效，而且它們之間是緊密相關的。

It's likely to work because every single Western country, when you talk to these leaders in private, the conversation I often have with them is what could we possibly do to make manufacturing work so we will actually be competitive on the battlefield?

這個辦法很可能會奏效，因為當你與每個西方國家的領導人私下交談時，我經常問他們一個問題：我們怎麼能讓製造業運轉起來，以便我們在戰場上真正具有競爭力？

And the answer to that for these countries really is reimagine how you produce and the people who do it are going to be people who are alumni of the companies that have actually built companies correctly, call it, the Palantir alumni and people from the SpaceX network are really the only people who have done these things.

對這些國家來說，答案實際上是重新想像你的生產方式，而從事這項工作的人將是那些真正正確建立公司的公司的校友，也就是 Palantir 校友和來自 SpaceX 網絡的人確實是唯一做過這些事的人。

And the first thing they want is a software program that will allow them, including with large language models and AI, to build the way you ought to build. Ought does not mean build near term in the interest of your CFO so you can IPO quickly and build something that's fake.

他們想要的第一件事是一個軟體程序，可以讓他們（包括大型語言模型和人工智慧）以應有的方式進行建構。應當並不意味著為了你的財務長的利益而進行短期建設，以便你能夠快速 IPO 並建立一些虛假的東西。

It means build something that is real, build something that's sustainable, built something where the production is actually production of a product. And that aligns very squarely with how Palantir wins and how we build things. And that's why this is a super important thing we're working on.

這意味著建造一些真實的東西、建造一些可持續的東西、建造一些實際生產產品的東西。這與 Palantir 的成功方式以及我們的建造方式非常一致。這就是為什麼我們正在致力於一件非常重要的事情。

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

謝謝。亞歷克斯，一如既往，我們有很多個人投資者在線上。在我們結束今天的通話之前您還有什麼想說的嗎？

Well, again, thank you for your support that we've had good and bad times. This is a super important time for Palantir because we have proven to the world that what we do is quantifiable and real. We are focused on growing this company to be much more impactful, much larger, and much more valuable.

好吧，再次感謝您在我們經歷順境和逆境時給予的支持。對 Palantir 來說，這是一個極其重要的時刻，因為我們已經向世界證明了我們所做的事情是可量化的、真實的。我們致力於讓這家公司更有影響力、更大、更有價值。

And we appreciate your support, and we know that many of you also support us because you realize that we are value-aligned with your values, which means fighting to make the West a stronger and better place, including on the battlefield. And that battlefield may be upon us now, and we appreciate your support and do what you can to help America and help our allies. Thank you.

我們感謝你們的支持，我們也知道你們中的許多人也支持我們，因為你們意識到我們的價值觀與你們的價值觀一致，這意味著我們要為使西方變得更強大、更美好而戰鬥，包括在戰場上。那個戰場可能就在我們面前，我們感謝您的支持並盡我們所能幫助美國和我們的盟友。謝謝。

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

謝謝。今天的電話問答到此結束。