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 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.

在電話會議期間，我們將就適用證券法範圍內可能被視為前瞻性的業務發表聲明，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 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，我們將提及某些調整後的財務措施。這些非公認會計原則財務指標應作為公認會計原則指標的補充，而不是替代或孤立於公認會計原則指標之外。有關這些非公認會計準則衡量標準的更多信息，包括非公認會計準則與可比公認會計準則衡量標準的調節，包含在我們今天提供的新聞稿和投資者演示中。

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 上取得。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，這些比率反映的是逐年比較。

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.

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 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的業務驅動的巨大成果，包括我們美國商業業務的更強執行力和美國政府業務的持續加速。第二季度，不包括策略商業合約的整體營收年增 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了市場正在迅速意識到我們的客戶已經了解的現實。我們在大規模提供企業人工智慧生產影響方面是獨一無二的。面對前所未有的企業人工智慧機遇，我們正在交付這些成果。正如紅杉資本所指出的那樣，人工智慧生態系統基礎設施建設的收入預期在短短 9 個月內就從每年 2,000 億美元增長到了 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.

世界正在與這個巨大的問題作鬥爭。原型和生產之間存在很大的瓶頸。世界也開始理解我們一直以來所說的話。標準劇本現在不起作用，也不會起作用。它無法解決這個問題。雖然許多公司可以建立原型，但從原型到生產的跨越是巨大的。

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公司更了解 6000 億美元的機會。我們處於獨特的位置，您現在可以從我們的業績中看到這一點。

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。我們的交付最顯著的指標之一是簽署擴展協議的現有客戶數量，其中許多是 AIP 的直接結果。我們繼續看到我們的美國商業業務發生最大的轉變，這一點在上個季度完成的許多由 AIP 驅動的交易中就可見一斑。

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 70%。我們的美國商業 ACV 成交額年增 44%，較上季成長 19%，而我們在美國商業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%.

我們堅信自己有能力吸引新客戶，並隨後擴大這些業務，因為我們更專注於幫助客戶跨越從原型到生產的鴻溝。坦帕總醫院簽署了一項為期七年的擴展計劃，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.

北美松下能源公司簽署了一項為期三年的擴張計劃，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 每月為其 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，除了財務、銷售和供應鏈用例之外，還利用 AIP 實現 ERP 部署的現代化。

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 企業擴展計劃，其中包含生產用例，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 生產的重大擴張中的一小部分，而且擴張的幅度是值得注意的。

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，並於 2023 年將合作規模擴大到 500 萬美元，今年進一步深化合作，將合作規模擴大到 2,000 萬美元。美國一家領先的醫院於 2021 年開始與我們合作，在 2022 年創造了約 150 萬美元的收入，在 2023 年創造了超過 400 萬美元的收入，今年有望創造近 1500 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.

在開拓新客戶方面，上季美國商業客戶數量年增83%。訓練營仍然是進入市場的關鍵舉措，特別是對於人工智慧的可能性進行原型設計，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。這就是我們關注的焦點。

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價值七位數的協議，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 Bootcamp 的原型到付費試點，然後在試點後立即將庫存管理和定價優化用例轉換為初始生產。

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.

我們的產品魅力仍然無與倫比。我們計劃利用訓練營和試點的結合，專注於轉向高價值生產用例，以繼續吸引新客戶。同時，我們更專注於與每位客戶建立深厚的生產層面的關係。我們美國政府業務的驚人實力展現了我們企業軟體交付的力量和規模。

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，連續兩季較上季成長超過 8%。上個季度，我們自豪地獲得了多個著名獎項，包括來自國防部首席數位和人工智慧辦公室CDAO 的生產合同，該合約將在整個國防部部署和擴展支援人工智慧的操作系統，初始訂單金額為1.53 億美元，支援某些作戰司令部和聯合參謀部，同時在五年內可獲得高達 4.8 億美元的額外獎勵。該獎項反映了我們軟體和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，使國防技術公司、傳統承包商和政府開發人員能夠在由 Palantir 提供支援的 Maven 之上開發應用程式和集成，合約價值 3300 萬美元。我們對我們產品的關鍵任務影響感到自豪，並慶祝我們美國政府業務的長期實力，這在上季度的業績中得到了體現。

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，我從未像今天這樣對我們的業務更加樂觀。我們正在全速前進，利用我們不斷擴展的產品能力，引導我們的客戶跨越從原型到生產的橋樑，為這趟旅程鋪平道路。

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

現在我將把它交給 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。我們的客戶一直領先於投資者和市場。客戶選擇我們不是因為我們提供概念證明，而是因為我們提供證據，多年來對我們的基礎設施，特別是本體論的基礎投資，我要指出的是，一項被廣泛忽視和低估的創新使我們處於領先地位。

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且極具魅力，而且具有與 PowerPoint 投影片相同的實用性。正如市場現在所發現的那樣，生產之旅是充滿挑戰的，需要我們專門投資的一套基礎技術，創建從人工智慧中收穫經濟價值所需的產品管道。

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.

這是我們從 2018 年開始與美國國防部一起踏上的旅程，如今我們仍然是政府和商業領域的領導者。瓶頸以及從原型到生產的過渡是一系列非常困難的技術問題。我們並不是在舊金山開發那些吃漿果的技術。我們必須在工廠車間、散兵坑里，與客戶一起承受痛苦，了解什麼有效、什麼無效的秘密真相，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 開發人員將是企業的下一代建構者。 Apollo 提供令人驚嘆的敏捷性和回應能力。 AIP 不贊成後端開發，就像超大規模企業不贊成基礎設施一樣，提供了將人工智慧快速引入企業生產的機制。

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.

我們的建築商投資正在為我們的客戶和野外開發商提供產品線。計算模組使我們客戶自己的容器化應用程式能夠整合到操作工作流程中。

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，這項技術正在為美國政府精緻的飛彈預警系統和整個商業領域的複雜生產計畫優化提供動力。在Ontology中，SDK使客戶能夠建立自己的由Ontology支援的專業程式碼應用程序，而Ontology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，在其中啟用了端到端開發環境，讓客戶將其業務視為程式碼。這些投資使我們成為應用程式開發人員和資料科學家的新興選擇。我們的平台已成為客戶開發、完善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.

資料科學家拋棄了過去單薄的劇本產品，歷史再次重演。我們最近舉辦了兩場冠軍路演活動，一場在丹佛，一場在慕尼黑，匯聚了最有經驗、最多產的客戶開發人員，分享我們路線圖的最新信息，但更重要的是，發現了深入發展的新機會。

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、加拿大和印度以及越來越多的國家/地區的開發人員現在可以在包含快速入門、教程和參考實現的庫中訪問免費的開發人員級別。這種開發者運動與政府方面相匹配，無論是烏克蘭武裝部隊還是美國陸軍的開發者。

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.

在政府方面，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，並在太空、網路、電子戰和後勤領域帶來整合的 JADC2 功能。 CDAO Open DAGIR 合約還使國防技術公司、傳統承包商和政府開發商能夠利用 Ontology 軟體開發套件 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，我們剛從 AIP 產品線推出了新產品 Warp Speed，為美國的再工業化提供動力。這些軟體手冊在製造過程中也失敗了。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。我們根據多年的工廠經驗創建了 Warp Speed，幫助客戶建造飛機、火車、汽車甚至船隻。

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.

如今，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、我們的工業人工智慧和本體之上，是現代美國製造作業系統，它重新構想如何用位元更好地彎曲原子。第二次世界大戰爆發之初，我們沒有國防工業基礎。我們有一個美國工業基地。克萊斯勒製造飛彈，而通用磨坊不僅僅是一家穀物公司。

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.

這也是我們未來的樣子。顯然，國家必須以極快的速度進行再工業化和動員才能取得勝利。該平台將改變價值鏈中的生產方式，為我們的殺傷鏈提供動力。

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

我會把它交給戴夫，讓他向我們介紹一下財務狀況。

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，夏姆。第二季是一個特殊的季度。在我們美國商業和政府業務實力的推動下，營收年增率加速至 27%，比我們先前指導的上限高出 5%。憑藉這一優勢，我們將全年收入指導中位數提高至 27.46 億美元，年成長率為 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.

我們實現了這些龐大的營收業績，同時將調整後的營業利潤率擴大至 37%，凸顯了我們業務強勁的單位經濟效益。我們還實現了連續第七個季度的GAAP 盈利能力，創造了創紀錄的1.34 億美元的GAAP 淨利潤，並連續第六個季度實現了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 40 規則得分連續上升 7 個百分點，從第一季的 57 分上升到第二季的 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.

轉向我們的全球營收成果。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成長。第二季來自前 20 位客戶的過去 12 個月營收年增 9%，達到每位客戶 5,700 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.

現在轉向我們的商業領域。第二季商業營收年增 33%，季增 3%，達到 3.07 億美元。剔除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面臨前所未有的需求，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，我們預訂了 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帳戶增至 295 名，年增 83%，季增 13%。第二季我們的國際商業收入為 1.48 億美元，年增 15%，但由於歐洲持續的不利因素，季減 1%。我們持續利用亞洲、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.

該季度戰略商業合約收入下降至 900 萬美元。我們預計2024 年第三季來自這些客戶的營收將繼續下降至600 萬至800 萬美元，而2023 年第三季為1,500 萬美元。 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，這導緻美國政府預訂季度達到 2022 年以來最強勁的水平，反映出對我們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，這主要是由與我們在東歐持續努力相關的合作夥伴國家提供的額外資金推動的。第二季的 TCV 預訂額為 9.46 億美元，較去年同期成長 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.

美元淨保留率為 114%，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二季獲得的新客戶所推動的。由於淨美元留存率不包括過去 12 個月內獲得的新客戶的收入，因此尚未完全反映我們美國商業業務在過去一年中加速的情況。

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.

截至第二季末，我們的剩餘交易總價值為 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便利條款終止範圍的合約義務，這兩種情況在我們大多數政府中都很常見。

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。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 2.54 億美元，調整後的營運利潤率為 37%，標誌著調整後的營運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.

第二季調整後費用為 4.25 億美元，季增 4%，年增 7%。我們仍然預計今年下半年的開支將會增加，因為我們投資於產品線和解決硬技術問題，以消除 Shyam 剛剛概述的從原型到生產的過程中的瓶頸。

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調整為低於收入成長，以繼續實現我們持續的 GAAP 獲利能力和營業收入的目標。第二季度，我們的 GAAP 營業收入為 1.05 億美元，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擴大 GAAP 營業利潤。

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 淨利潤為 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，我們的營運現金為 1.44 億美元，調整後自由現金流為 1.49 億美元，利潤率分別為 21% 和 22%。我們預計今年下半年現金流量將增加，這與政府和商業年終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 萬股股票。截至本季末，我們的原始授權剩餘 9.73 億美元。本季結束時，我們擁有 40 億美元的現金、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.

現在轉向我們的展望。對於 2024 年第三季度，我們預計營收將在 6.97 億美元至 7.01 億美元之間，調整後的營運收入將在 2.33 億美元至 2.37 億美元之間。對於 2024 年全年，我們將收入指引提高至 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指引提高至超過 6.72 億美元，成長率至少 47%。我們將調整後的營運指導收入提高至 9.66 億至 9.74 億美元。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。

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為美國和我們的西方盟友帶來一線光明。在這樣做的過程中，我們為機構建立了軟體，因為它們應該存在，而不是它們確實存在。

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、建立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，與人們被教導了解的有關企業的一切背道而馳。作用，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，他們將如何採用它們，您如何從軟體環境中的分析師用戶那裡獲得價值，您將如何轉變製造業，在當前大型在語言模式的背景下，你會如何使用，而不是作為一種自虐行為或只是讓一小群人變得更富有的行為。

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，你可以在戰場等存在的生與死環境中，或是在美國和其他一些國家正在發生的變革等製度或商業環境中提取價值。

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，我們提出了許多人看來很荒謬的大膽主張。一個大膽的主張是，如果沒有基礎軟體，這些大型語言模型將無法運作。如果沒有處理它們的方法，它們就無法工作。

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.

他們將保持一種自我愉悅或PowerPoints的樣子，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給其他企業的方式，而沒有真正改變自己，這是令人上癮和薄弱的，導致功能失調在企業中，就像他們在覺醒主義政治世界中的寓言一樣，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.

我們建立了您從自虐、PowerPoint 和原型完美過渡到生產所需的基礎設施。生產意味著您的企業變得更快、運作得更好。利潤更好。企業內部的人變得更有價值。你的部落知識和你的企業，這些使你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，無論該武器是在商業環境中，透過使工程師變得更好，透過使工人更有能力做工程師的事情，使你知道如何比其他人做得更好的事情比其他人更好地發揮作用透過將您的公司視為一個投資組合而不是 PowerPoint 上的點，就可以做到這一點。

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，現在的數字表明我們是對的，透過這樣做，我們可以為美國及其盟國在商業領域提供結構性優勢，我們已經看到了這一點，我們的數字證明了這一點，可以說更重要的是，在戰場上我們不能談論太多，但絕對是美國及其盟友必須擁有主導地位和領導力的最重要領域，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，我們所做的事情令人欣慰的並不是我們是正確的平庸，而劇本提供者顯然有些可笑。你可以建立一個偉大的企業，與美國和西方結盟，這種結盟將使你變得更強、更好，你的軟體產品實際上將是產品而不是幻燈片，你實際上可以用最好的東西來建構一些東西。

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，我們也有很多很多的懷疑論者。有人認為我們永遠不會獲利。人們認為，現在我們的獲利能力已經超過了七個季度，我們永遠無法增加收入。我們永遠無法讓美國政府重新加速，因為它通常是不透明的，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.

我們聲稱，我們的產品是讓法學碩士變得有價值的先驅，我們將您如何創造這種價值產品化，就像Shyam 提到的超大規模企業將其他技術問題產品化一樣，我們將這些產品化給我們的客戶。

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.

看看我們的季度後成長率為 70%——這是我們連續第三個季度以驚人的速度成長。我們的全球業務重新加速，增幅達到 30%，這是有目共睹的。看看我們的積壓工作，看看我們業務的任何部分，然後就會想，好吧，我們做得怎麼樣？這是一個非常漫長、有趣的問題，人們會奉獻他們的學術生涯，但我們沒有時間解決，也可能不是每個人都能學會，但我們確實這麼做了。

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再次成為這個世界的主導力量方面發揮決定性作用。正因為如此，這家公司的最佳時期還沒有過去。我想說的是本季最有趣的一件事，如果你必須在20 年後將其簡化為一個簡單的事實，在改變了人們處理情報的方式之後，在改變了戰場的運作方式之後，在改變了人們採購軟體的方式之後，在向我們的盟友出口我們的平台之後，在懲罰我們的對手之後，在建立商業業務之後，在DPO之後，在看到一切重新加速之後，我們最好的時代尚未到來，我們計劃集中精力運行這個專案企業就是我們所在的企業，也就是我們的所有者。

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.

我們是長期關注我們的國家、我們的盟友、我們的帕蘭蒂裡亞人和我們的投資者的最佳利益的所有者。因此，我很高興您能參與其中，這對我們來說意味著歷史性的收益。

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.

最後同樣重要的是，世界正處於中東可能發生一系列非常嚴重的暴力衝突的邊緣。不用說，在 Palantir，我們知道我們的立場，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，我們現在將回答股東提出的幾個問題。 Axle 問，Palantir 正在做什麼來區別於其 AI 競爭對手？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，軸。嗯，所有的價值和市場完全瓶頸的地方都在於從原型設計到生產的過渡。而這恰恰是我們最與眾不同的地方。這種差異化是建立在十多年的深入技術投資之上的，諸如本體、OSDK 等技術、我們擁有的滲透到平台、安全性、物件功能、操作、回寫、機械、自動化和深度的原語言。

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.

我認為當你想到 ChatGPT 時刻時，它非常明顯地使過去的薄產品劇本失效了。我認為這個瓶頸對人工智慧軟體也有同樣的作用。創建 AI 原型非常容易，相當於製作 PowerPoint 幻燈片的工作量，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.

這就是我們在市場上的全部機會。這就是你在松下能源公司和坦帕通用公司的擴張中所看到的，這也是你在本季的數據中坦率地看到的。

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，夏姆。我們的下一個問題來自 Jacob，他問，我們理解為什麼 Foundry 已成為現代企業的作業系統。 LLM 的情況如何改變？

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.

嗯，市場不需要單點解決方案，即使它有點沉迷於它們。我們的客戶無法僅透過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編排他們的實體業務與其技術與人工智慧和法學碩士的交互，就像作業系統編排和組織硬體與應用程式一樣，以及作業系統為您提供應用程式的方式相同開發框架，如Mac 版AppKit 或Windows 版WinUI，Palantir Ontology 中的OSDK 是適用於整個企業的應用程式開發框架，可讓您像程式碼一樣對待您的業務，利用我們建立的在整個企業中擴展LLM 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.

正如我們已經提到的一點，我們正在做的很多事情表面上聽起來很複雜，但並不複雜的是客戶已經明白他們需要它。所以這就像我們的許多實際優勢一樣，客戶遠遠領先於投資者，遠遠領先於對此進行投資的人。我們也—我們遠遠領先於我們的客戶，並且我們有分銷。

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，通常在一場革命中，革命來自某個地方的小公司。但這場革命來自於領先於客戶，而客戶比分析師和其他人的想法領先多年。

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?

事實上，我們正​​在貨幣化，因為我們領先於我們的客戶，並且領先於其他所有人多年。 Shyam 談論的所有這些事情，但是本體如何與 SDK 配合使用呢？這對企業來說如何運作？

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?

您實際上如何以差異化的方式使用大型語言模型，這意味著您在正確的時間、正確的邏輯條件下使用正確的大型語言模型，這意味著業務在以下情況下理解自身的方式：業務的安全上下文和安全邏輯？

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.

這些東西在外界基本上不被理解，但每一個試圖使用它們或正在使用它們的個人和政府，每個購買這些東西的客戶都見證了這些數字。他們要么公開地理解這一點，要么他們明白其他方法都不起作用。

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.

在許多情況下，他們只是明白沒有其他東西可以為他們帶來任何價值。他們越來越厭倦為他們不使用或不應該使用的東西付費。

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

謝謝你們倆。丹，韋德布希。 （會議須知）

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 Palantir 具有歷史意義，所以恭喜。感覺是否良好－團隊，是否感覺你們現在已經開始，從訓練營到交易的轉變，開始加速？似乎是基於實際季度，但您能否給出一些粒度？

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，我認為數字本身就說明了一切。我們完成了 27 筆交易，價值超過 1,000 萬美元或以上，本季 TCV 為 10 億美元。所以我將從數字開始，因為它們不言而喻。訓練營是該動議的重要組成部分。我們看到他們為客戶提供了新的機會，也為新的潛在客戶提供了機會。

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人工智慧軟體所面臨的巨大挑戰。因此，我們非常集中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.

這就是眼前的巨大機遇，也是我們全速奔跑的方向。你可以從數字中看到這一點。您可以從客戶的反應中看到，他們對我們對他們產生的影響感到震驚，並在這個方向上以及我們真正關注的地方對我們提出了越來越多的要求。

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，如果你把這些東西放在戰場上——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，你採取美國商業，什麼你確實看到了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.

這與不工作的地方有很大不同。美國有許多非常強大的企業，它們非常非常敏捷，所以他們學習得非常非常快。然後就像人們觀看這個電話一樣，他們會說，哦，好吧，這起作用了。

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?

像您這樣的領導者曾預測這會起作用，但大多數人實際上是客戶，希望在生產中看到它，然後說，好吧，為什麼這會起作用？這是一個單獨的問題——現在發生的事情的特別之處在於，越來越多的人說，好吧，我知道這行得通。我想確切地了解為什麼以及如何擴展它。為什麼其他方法都不起作用？

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.

這導致了一項非常不同的動議。我認為這將導致我們在所有領域（包括財務領域）以一種非常不同的方式看待我們公司，因為這就像當你做出斷言時，你需要前衛的創新者來看待它並說，好吧，好吧，雖然目前還沒有這個功能，但我認為它可以發揮作用。

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.

我們正在進入這樣一個階段：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，當地的人們也知道，這與美國商業廣告中的非常相似。

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.

這就是產生令人瞠目結舌的 70% 數字的原因，就像令人瞠目結舌的數字是由「好吧，這有效」產生的。我如何擴展並向我解釋它是如何運作的，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想，好吧，我們看到這行得通，但如果我們擁有其他人沒有的不同類型的創新，那麼效果可能會好 5 倍。

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

謝謝。馬裡亞納，美國銀行。 （會議須知）

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，大家下午好。我將像往常一樣嘗試提出兩個問題。所以第一個，我對曲速感到好奇。它是什麼？是不是就像是新的系統，可以讓企業建立自己的ERP系統？它是否運行在您現有的老式 ERP 系統之上？或者 Palantir 正在創建一個類似於 ERP 的解決方案，例如有關它的一些細節？

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.

第二個不僅是曲速速度，還包括所有美國的工業化。美國政府問責局最近發布了一份報告，他們表示，到目前為止，實施是美國生產所需武器的兩個最大障礙。

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.

對於美國總理來說，最大的障礙或類似的障礙是什麼——尤其是那些保守的總理來找你，讓你幫助他們重新工業化，生產，並回到正軌，就像他們擁有的數十億美元的合約一樣？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。因此，對於 Warp Speed，它確實是——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。我們認為有機會重新構想這一點。

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在 70 年代為 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軟體，主要專注於生產。

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.

然後如何整合現有的遺留系統並使用 Warp Speed 代替您尚未進行的投資。我認為這是一個巨大的機會，所以如果你去大型傳統製造商那裡說這句話，這聽起來很瘋狂。

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，甚至沒有意識到遺留軟體劇本不起作用這一事實。但如果你去尋找那些正在推動國家再工業化的新製造商，他們都會知道這一點。

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 世界的校友，在那裡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，他們無法承擔完全從頭開始建立此專案所需的 300 名工程師或所需的時間。

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，採用 AIP、使用 OSDK 在其之上構建應用程式並提供也可用於業務的集成應用程式套件具有非常強大的作用，因為我認為這裡的其他關鍵見解之一實際上是令人難以置信的用於製造火箭的ERP 製造系統與用於製造球拍的系統相同。

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?

你如何——什麼是正確的方式來考慮將軟體移植到製造商周圍，以給他們帶來阿爾法，而不僅僅是為系統整合商創建大量服務？我們生活在當今的世界，只需 1 美元的許可即可獲得 9 美元的實施費用，但似乎從來都不太有效。誰對這些系統的實施真正感到滿意？哪些是準時發生的？

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.

誰能說當新冠肺炎供應鏈中斷時，這些系統不會在 10 秒內崩潰，對嗎？現在有一個徹底改造這一點的機會，我認為圍繞國防和再工業化的大量精力正在催化這個機會。

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.

嗯，夏姆正在承擔這項責任，但我認為，它之所以可能奏效，是因為不僅是美國，而且每個盟國都面臨著無法讓其軍事生產發揮作用的問題。所以你的問題其實不是兩個問題。從我的角度來看，這就是你正在建造的東西以及為什麼它可能會起作用，它們是緊密相連的。

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?

它可能會起作用，因為每個西方國家，當你私下與這些領導人交談時，我經常與他們交談的是我們可以做些什麼來使製造業運轉起來，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.

對於這些國家來說，答案實際上是重新構想你的生產方式，而從事生產的人將是那些真正正確地創建了公司的公司的校友，稱之為 Palantir 校友和來自 SpaceX 網絡的人他們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，使他們能夠以您應該構建的方式構建，包括大型語言模型和人工智慧。 「應該」並不意味著為了您的財務長的利益而在短期內進行建設，以便您可以快速 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，建造一些實際上是產品生產的東西。這與 Palantir 的獲勝方式以及我們的構建方式非常一致。這就是為什麼這是我們正在做的一件非常重要的事。

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排隊。在我們結束今天的通話之前您有什麼話想說嗎？

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，再次感謝您的支持，我們度過了美好的時光和糟糕的時光。對 Palantir 來說，這是一個非常重要的時刻，因為我們已經向世界證明，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，這意味著為使西方變得更強大和更好而奮鬥，包括在戰場上。這個戰場現在可能就在我們身邊，我們感謝您的支持，並盡您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。今天電話會議的問答就到此結束。