Palantir Technologies Inc (PLTR) 2024 Q3 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 third-quarter 2024 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website.

午安.我是 Palantir 財務團隊的 Ana Soro，歡迎您參加我們的 2024 年第三季財報電話會議。我們將討論收盤後發布並發佈在投資者關係網站上的新聞稿中宣布的結果。

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

在電話會議期間，我們將就我們的業務發表在適用的證券法範圍內可能被視為前瞻性的聲明，包括有關我們第四季度和2024 財年業績的聲明、管理層對我們未來財務和運營業績的預期以及有關我們計劃的其他聲明、前景和期望。

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

這些陳述不是承諾或保證，並且存在風險和不確定性，可能導致它們與實際結果有重大差異。有關這些風險的資訊可在今天收盤後發布的收益新聞稿以及我們提交給 SEC 的文件中找到。除法律要求外，我們不承擔更新前瞻性聲明的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Additional information about these non-GAAP measures, including 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，請參閱我們今天提供的新聞稿和投資者介紹。

Our press release, investor presentation, and other earnings materials are available on our Investor Relations website. and 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上取得。和 Investors@palantir.com。在通話過程中，我們在討論我們的業務時會提到各種成長率。除非另有說明，這些比率反映的是同比比較。

Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan to start the call.

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

Our results are exceptionally strong. Revenue grew 30% year over year in Q3, driven by an intensifying AI revolution that the US is rapidly driving. Our US business achieved 44% year over year and 14% sequential revenue growth. We are focused on deploying AI models in production amidst the commoditization of cognition caused by the rapid advancement in AI models.

我們的成果異常強勁。在美國迅速推動的人工智慧革命的推動下，第三季營收年增 30%。我們的美國業務年增 44%，營收季增 14%。在人工智慧模型快速發展導致認知商品化的背景下，我們專注於在生產中部署人工智慧模型。

Our US government business revenue growth accelerated to 40% year over year and 15% sequentially, while our US commercial business momentum continued with 54% year over year and 13% sequential revenue growth. This AI revolution that is transforming industry as well as government is also transforming markets.

我們的美國政府業務收入年增 40%，環比增長 15%，而我們的美國商業業務繼續保持成長勢頭，收入同比增長 54%，環比增長 13%。這場人工智慧革命正在改變產業和政府，也正在改變市場。

In September, the S&P 500 added Palantir to its index, a testament to our exceptional growth, profitability, and market leadership amidst the singular era of accelerating technological progress. We're witnessing the commoditization of cognition with the rapid advancement of AI models. Almost all investment in the AI space has been focused on supplying and improving these models.

9 月，標準普爾 500 指數將 Palantir 納入其指數，這證明了我們在技術進步加速的獨特時代中的卓越成長、獲利能力和市場領導地位。隨著人工智慧模型的快速發展，我們正在見證認知的商品化。人工智慧領域的幾乎所有投資都集中在提供和改進這些模型上。

What will differentiate the AI haves from the have-nots is the ability to maximally leverage these models in production by capitalizing upon the rich context within the enterprise. This is Palantir's focus. We see this in the results we're delivering for our customers.

人工智慧富人和窮人的區別在於，他們能夠透過利用企業內豐富的環境，在生產中最大限度地利用這些模型。這是Palantir的重點。我們在為客戶提供的結果中看到了這一點。

Those who embrace quantified exceptionalism through AIP are able to take advantage of the commoditized cognition in a levered way to advance their differentiation. In this winner take all AI economy, the divide is widening between those who are leveraging AIP and those who are not.

那些透過 AIP 擁抱量化例外論的人能夠以槓桿方式利用商品化認知來促進差異化。在這個贏者通吃的人工智慧經濟中，利用 AIP 的人和不利用 AIP 的人之間的鴻溝正在擴大。

At a leading global insurance organization, AIP has helped automate key underwriting workflows, reducing the typical underwriting response time from over two weeks to three hours. We implemented over 10 business use cases in just nine months at associated materials, increasing its on-time in-full delivery rates from 40% to 90%.

在一家全球領先的保險組織中，AIP 協助實現了關鍵承保工作流程的自動化，將典型的承保回應時間從兩週以上縮短至三小時。我們在短短 9 個月內就相關材料實施了 10 多個業務用例，將按時完全交付率從 40% 提高到 90%。

At Trinity Rail, it took just three months to get to a functional workflow with a $30 million impact to its bottom line. Last quarter, we closed 104 deals over $1 million. The evolving deal cycle as we take customers from prototype to production is having a particularly phenomenal effect on the growth of our US commercial business, which continues to see AIP driven momentum both in expansions and new customer acquisitions. In US commercial, we closed nearly $300 million of TCV, and customer count grew 77% year over year compared to 37% year over year in Q3 2023.

在 Trinity Rail，僅花了三個月的時間就實現了功能性工作流程，對其利潤產生了 3000 萬美元的影響。上季度，我們完成了 104 筆價值超過 100 萬美元的交易。當我們將客戶從原型轉向生產時，不斷變化的交易週期對我們美國商業業務的成長產生了特別顯著的影響，該業務在擴張和新客戶獲取方面繼續看到 AIP 驅動的勢頭。在美國商業領域，我們完成了近 3 億美元的 TCV，客戶數量年增 77%，而 2023 年第三季年增 37%。

To highlight a few notable deal cycles, a large American equipment rental company expanded its work with us less than eight months after converting to an enterprise agreement, increasing the account ARR 12-fold. A bottled water manufacturer, a specialty pharmaceutical company and an agricultural software provider, all signed seven-figure ACV deals less than two months after their initial boot camps.

為了強調幾個值得注意的交易週期，一家美國大型設備租賃公司在轉換為企業協議後不到八個月就擴大了與我們的合作，將帳戶 ARR 增加了 12 倍。一家瓶裝水製造商、一家專業製藥公司和一家農業軟體供應商在最初的訓練營結束後不到兩個月就簽署了七位數的 ACV 協議。

In our US government business, we are outfitting our war fighters with advantages over our adversaries. Last quarter marked our US government businesses continued strength through the end of the US government fiscal year. It was our strongest sequential growth in 15 quarters, driven largely by our DoD businesses 21% quarter-over-quarter growth. We remain proud of our progress delivering the next generation targeting node through TITAN with our efforts fully ramping throughout Q3.

在我們的美國政府業務中，我們正在為我們的作戰人員配備比對手更有優勢的裝備。上個季度標誌著我們的美國政府業務在美國政府財政年度結束前持續強勁。這是我們 15 個季度以來最強勁的連續成長，主要是由我們的國防部業務 21% 的季度環比增長推動的。我們仍然為透過 TITAN 交付下一代定位節點所取得的進展感到自豪，我們的努力在整個第三季度全面推進。

Palantir is also delivering AI through Maven Smart System, allowing customers like the 18th airborne to match the performance of what used to be a 2,000 staff targeting cell during Operation Iraqi Freedom to a targeting cell of roughly only 20 people today. Last quarter, Palantir signed a new five-year contract to expand these Maven Smart System AI/ML capabilities across the US military services. including the Army, Air Force, Space Force, Navy, and US Marine Corps. As Vice Admiral Frank Whitworth recently said, quote, this partnership is tantamount to ensuring that we keep America safe and ready.

Palantir 還透過 Maven 智慧系統提供人工智慧，使第 18 空降師等客戶能夠將伊拉克自由行動期間 2,000 名工作人員的目標小組的表現與如今大約只有 20 人的目標小組的表現相匹配。上季度，Palantir 簽署了一份新的五年合約，以將這些 Maven 智慧系統 AI/ML 功能擴展到美國各軍種。包括陸軍、空軍、太空軍、海軍和美國海軍陸戰隊。正如弗蘭克·惠特沃斯中將最近所說，這種夥伴關係相當於確保我們保持美國的安全和準備。

The AI revolution is underway now. The chasm between the AI haves and have-nots is rapidly widening, and the whole world is watching. I'll now turn it over to Shyam.

人工智慧革命正在進行中。人工智慧富人和窮人之間的鴻溝正在迅速擴大，全世界都在關注。現在我將把它交給 Shyam。

Thanks, Ryan. The divide between AI haves and have nots is rapidly accelerating in this winner-take-all AI economy. What will differentiate the AI haves from the have not is the ability to maximally leverage these models in production by capitalizing upon the rich context within the enterprise. That's why our focus on delivering proof, not proof of concepts, continues to pay off.

謝謝，瑞安。在這個贏家通吃的人工智慧經濟中，人工智慧富人和窮人之間的鴻溝正在迅速加劇。人工智慧富人和窮人的區別在於，他們能夠透過利用企業內豐富的環境，在生產中最大限度地利用這些模型。這就是為什麼我們專注於提供證據，而不是概念證明，繼續獲得回報。

Years of foundational investments in our infrastructure and in ontology have positioned us uniquely to harness and deliver on AI demand. This is Palantir's focus.

多年來對基礎設施和本體的基礎性投資使我們在利用和滿足人工智慧需求方面具有獨特的優勢。這是Palantir的重點。

The market has been focused on AI supply, the models. We see this clearly in the progress, but also in the capital sunk into these models. Indeed, the models continue to improve. But more importantly, the models across both open and closed source are becoming more similar. They are converging, all while pricing for inference is dropping like a rock.

市場一直關注人工智慧的供應和模型。我們在進步中清楚地看到了這一點，而且在投入這些模型的資本中也清楚地看到了這一點。事實上，這些模型不斷在改進。但更重要的是，開源和閉源的模型變得越來越相似。它們正在趨同，而推理的價格卻在急劇下降。

This only strengthens our conviction that the value is in the application and workflow layer, which is where we excel. Tapping into this rapidly expanding pool of leverage from AI labor, means more than just saving money, it means a massive acceleration of results for our customers.

這只會增強我們的信念，價值在於應用程式和工作流程層，而這正是我們擅長的領域。利用人工智慧勞動力這個快速擴大的槓桿池，不僅意味著節省資金，還意味著為我們的客戶帶來巨大的成果加速。

As Ryan mentioned, we have automated the insurance underwriting process for one of America's largest and most well-known insurers with 78 AI agents, taking a process that took two weeks to three hours. More than the labor savings, this presents the customer with an asymmetrical advantage in the marketplace to buying contracts before the competition has even gotten through 15% of their process.

正如 Ryan 所提到的，我們利用 78 名人工智慧代理，為美國最大、最知名的保險公司之一實現了保險承保流程的自動化，整個過程耗時兩週到三個小時。這不僅節省了勞動力，還為客戶帶來了市場上的不對稱優勢，可以在競爭對手完成 15% 的流程之前購買合約。

In US government, we automated the form disclosure process for sharing critical and timely intelligence with allies from three days to three hours. The center for security and emerging technologies at Georgetown published a study on Maven that showed how the entire targeting and fires process can be done in Maven with 20 people, it used to take 2,000.

在美國政府，我們自動化了表格揭露流程，以便與盟友及時分享關鍵情報，時間從三天到三個小時不等。喬治城的安全和新興技術中心發表了一項關於 Maven 的研究，該研究展示瞭如何在 Maven 中用 20 個人完成整個瞄準和開火流程，而過去需要 2,000 人。

There is a huge opportunity for our customers to automate the tail and liberate capital to reinvest in the [two] across government and commercial. We see enterprise autonomy as a key theme in our proof. Our deep investments in CJADC2, Combined Joint All Domain Command and Control continue to meet their moments.

我們的客戶有巨大的機會實現尾部自動化並釋放資本，以在政府和商業領域對[兩者]進行再投資。我們將企業自治視為我們證明中的關鍵主題。我們對 CJADC2（聯合全域指揮與控制）的深度投資繼續滿足他們的需求。

First and foremost, Maven has powered responses to real world events across the globe. This past quarter, the army was the first military department or MILDEP to adopt Maven. We're happy with the progress that we continue to make with Army TITAN and AIDP and Palantir's role as the application integrator in the joint buyers network.

首先也是最重要的一點是，Maven 推動了對全球現實世界事件的回應。上個季度，軍隊是第一個採用 Maven 的軍事部門或 MILDEP。我們對 Army TITAN 和 AIDP 以及 Palantir 作為聯合買家網路中的應用整合商的角色繼續取得的進展感到高興。

Maven is our military's fight tonight solution. At a time when North Korean troops are in Ukraine, Russia is providing satellite intelligence to the Houthis, and Iran is launching ballistic missiles at allies. We are investing aggressively to expand the perimeter to give our war fighters the unfair advantage they deserve, advanced multi in-sensor infusion, integrated logistics into fires and large-scale command and control of storms of autonomous systems.

Maven 是我軍今晚的戰鬥解決方案。當北韓軍隊進入烏克蘭時，俄羅斯正在向胡塞武裝提供衛星情報，伊朗正在向盟友發射彈道飛彈。我們正在積極投資擴大邊界，為我們的戰士提供他們應得的不公平優勢，先進的多傳感器注入，火災綜合後勤以及自主系統風暴的大規模指揮和控制。

We announced Warp Speed last quarter, our modern American manufacturing operating system. We, as a nation, must reindustrialize to prevent escalating conflict and regain deterrence. Before the fall of the Berlin Wall, only 6% of major weapon system spend went to defense specialists, the so-called primes. 94% went to dual-purpose companies who were invested in both freedom and prosperity.

上季我們推出了 Warp Speed，這是我們的現代美國製造作業系統。作為一個國家，我們必須進行再工業化，以防止衝突升級並重新獲得威懾力。在柏林圍牆倒塌之前，主要武器系統支出中只有 6% 用於國防專家，即所謂的「prime」。 94% 的人流向了同時投資自由和繁榮的雙重目的公司。

Chrysler built cars and missiles, forward-build satellites until 1990; and General Mills, the cereal company made weapons. Today, that 6% has become 86% when including firms whose only commercial exposure is in aerospace. We won World War II and the cold war with an American industrial base, not a defense industrial base. And we need to bring that back at Warp Speed.

克萊斯勒一直生產汽車和飛彈，並提前建造衛星，直到 1990 年；通用磨坊（General Mills）是一家生產武器的穀物公司。如今，如果算上唯一從事航空航太業務的公司，這一比例已從 6% 變為 86%。我們憑藉美國工業基礎而不是國防工業基礎贏得了第二次世界大戰和冷戰。我們需要以曲速帶回來。

And in addition to working with new champions like Anduril and Shield AI, we're also working with L3Harris and two other of the big primes to help them bend Adams better with bits. Lastly, we continue to invest in AIP as a developer platform.

除了與 Anduril 和 Shield AI 等新冠軍合作外，我們還與 L3Harris 和另外兩個大 Prime 合作，幫助他們更好地利用比特來彎曲 Adams。最後，我們繼續投資 AIP 作為開發者平台。

Green suitors at the 18th Airborne Core built 15 applications in our developer environment for their August warfighter exercise. Army software factory is cranking out software at units in Europe and even for the Vice Chief of Staff of the Army. The 101st built their search and rescue common operating picture to power Hurricane Helene response, built entirely by uniform service members.

第 18 空降核心的綠色追求者在我們的開發環境中為其 8 月的戰士演習建立了 15 個應用程式。陸軍軟體工廠正在為歐洲的部隊甚至陸軍副參謀長生產軟體。第 101 中隊建構了搜救通用操作圖，以支援颶風海倫響應，完全由制服軍人建立。

We have released our JADC2 SDK, including examples and documentation for government and third-party developers to start building on at palantir.com/defense/sdk. And we have DevCon this month, our first gathering, specifically for AIP platform developers across commercial and government, where we will be releasing a ton of new product investments. and enhanced OSDK, more ergonomic compute modules, the multimodal data plane, and much more. I'll turn it over to Dave to talk us through the financials.

我們已經發布了 JADC2 SDK，包括供政府和第三方開發人員在 palantir.com/defense/sdk 上開始建立的範例和文件。本月我們將舉辦 DevCon，這是我們的第一次聚會，專門針對商業和政府領域的 AIP 平台開發人員，我們將在會上發布大量新產品投資。以及增強的 OSDK、更符合人體工學的計算模組、多模式資料平面等等。我會把它交給戴夫，讓他向我們介紹一下財務狀況。

Thanks, Shyam. Q3 was an exceptionally strong quarter as revenue growth accelerated to 30% year over year, exceeding the high end of our prior guidance by nearly 450 basis points. As America rapidly embraces the AI revolution, this increase in AI demand has driven the outperformance in our US business, which grew 44% year over year.

謝謝，夏姆。第三季度是一個異常強勁的季度，營收年增至 30%，超出我們先前指導的上限近 450 個基點。隨著美國迅速擁抱人工智慧革命，人工智慧需求的成長推動了我們美國業務的優異表現，較去年同期成長 44%。

Our US commercial business grew 54% year over year and 13% sequentially. Our US government business grew 40% year over year and 15% sequentially, a seven-fold increase compared to the prior year period growth rate and the strongest growth we've seen in 15 quarters.

我們的美國商業業務年增 54%，較上季成長 13%。我們的美國政府業務年增 40%，較上季成長 15%，比上年同期成長 7 倍，是 15 個季度以來最強勁的成長。

On the back of this strength, we are increasing our full-year revenue guidance midpoint to $2.807 billion, representing a 26% year-over-year growth rate. We delivered these outstanding topline results while expanding adjusted operating margin to 38%, highlighting the strong unit economics of our business.

憑藉這一優勢，我們將全年收入指導中位數提高至 28.07 億美元，年成長率為 26%。我們實現了這些出色的營收業績，同時將調整後的營業利潤率擴大至 38%，凸顯了我們業務強勁的單位經濟效益。

Our revenue and profitability drove a 4-point sequential increase to our Rule of 40 score from 64% in the second quarter to 68% in the third quarter. We had an exceptional cash flow quarter. with cash from operations of $420 million and adjusted free cash flow of $435 million, representing margins of 58% and 60%, respectively.

我們的收入和獲利能力推動我們的 40 規則得分連續成長 4 個百分點，從第二季的 64% 上升到第三季的 68%。我們度過了一個出色的季度現金流。營運現金為 4.2 億美元，調整後自由現金流為 4.35 億美元，利潤率分別為 58% 和 60%。

On a trailing 12-month basis, we generated over $1 billion in adjusted free cash flow for the first time in the company's history. We're also proud to have joined the S&P 500 last quarter, underscoring our sustained profitability and growth.

在過去 12 個月的基礎上，我們的調整後自由現金流在公司歷史上首次超過 10 億美元。我們也很自豪上季度加入了標準普爾 500 指數，這突顯了我們持續的獲利能力和成長。

Turning to our global topline results. Revenue continues to accelerate as we see continued momentum from AIP. We generated $726 million in revenue, up 30% year over year and 7% sequentially. Excluding the impact of revenue from strategic commercial contracts, third-quarter revenue grew 32% year over year and 7% sequentially.

轉向我們的全球營收成果。隨著我們看到 AIP 的持續成長勢頭，收入繼續加速成長。我們創造了 7.26 億美元的收入，年增 30%，季增 7%。剔除策略性商業合約收入的影響，第三季營收年增32%，季增7%。

Customer count grew 39% year over year and 6% sequentially to 629 customers. Revenue from our largest customers continues to expand. Third quarter trailing 12-month revenue from our top 20 customers increased 12% year over year to $60 million per customer.

客戶數量年增 39%，季增 6%，達到 629 名客戶。來自我們最大客戶的收入持續成長。第三季來自前 20 位客戶的過去 12 個月營收年增 12%，達到每位客戶 6,000 萬美元。

Now, moving to our commercial segment. Third-quarter commercial revenue grew 27% year over year and 3% sequentially to $317 million. Excluding the impact from strategic commercial contracts, commercial revenue grew 30% year over year and 3% sequentially. Third-quarter commercial TCV booked was $612 million, representing 52% growth year over year and 62% growth sequentially.

現在，轉向我們的商業領域。第三季商業營收年增 27%，季增 3%，達到 3.17 億美元。剔除策略商業合約的影響，商業收入年增30%，季增3%。第三季商業 TCV 預訂額為 6.12 億美元，較去年同期成長 52%，較上季成長 62%。

Our US commercial business continues to see unprecedented demand with AIP, driving both new customer conversions and existing customer expansions in the US as we continue to deploy AM models in production.

我們的美國商業業務對 AIP 的需求持續成長，隨著我們繼續在生產中部署積層製造模型，推動了美國新客戶的轉換和現有客戶的擴張。

Third quarter US commercial revenue grew 54% year over year and 13% sequentially to $179 million. Excluding revenue from strategic commercial contracts, US commercial revenue grew 59% year over year and 12% sequentially.

第三季美國商業營收年增 54%，季增 13%，達到 1.79 億美元。不計策略商業合約收入，美國商業收入年增 59%，季增 12%。

In the third quarter, we booked $297 million of US commercial TCV, representing 13% growth sequentially. Total remaining deal value in our US commercial business grew 73% year over year and 7% sequentially. Our US commercial customer count grew to 321 customers, reflecting 77% growth year over year and 9% growth sequentially.

第三季度，我們預訂了 2.97 億美元的美國商業 TCV，比上一季成長 13%。我們美國商業業務的剩餘交易總價值年增 73%，較上季成長 7%。我們的美國商業客戶數量增至 321 名，年增 77%，季增 9%。

We generated $138 million in international commercial revenue in the third quarter, representing 3% growth year over year but a 7% sequential decline as a result of continued headwinds in Europe and a step down in revenue from a government-sponsored enterprise in the Middle East. Despite those headwinds, we continue to build on our transformational work with some of our largest international customers, including signing a multiyear renewal with bp. We also continue to capitalize on targeted growth opportunities in Asia, the Middle East, and beyond.

第三季度，我們的國際商業收入為 1.38 億美元，年增 3%，但由於歐洲持續的不利因素以及中東一家政府資助企業的收入下降，環比下降 7% 。儘管有這些阻力，我們仍繼續與一些最大的國際客戶進行轉型工作，包括與 bp 簽署多年續約協議。我們也持續利用亞洲、中東及其他地區的目標成長機會。

Revenue from strategic commercial contracts was $9.6 million for the quarter. We anticipate fourth-quarter 2024 revenue from these customers to decline to between $6 million to $7.5 million compared to $20 million in the fourth quarter of 2023. We continue to anticipate 2024 revenue from these customers to be less than 2% of full year revenue.

該季度策略商業合約收入為 960 萬美元。我們預計2024 年第四季來自這些客戶的營收將下降至600 萬至750 萬美元，而2023 年第四季為2,000 萬美元。 2%。

Shifting to our government segment. Third-quarter Government revenue grew 33% year over year and 10% sequentially to $408 million. Third-quarter US government revenue accelerated $320 million, representing 40% growth year over year and 15% growth sequentially. This acceleration was driven by continued execution in existing programs; new awards reflecting the growing demand for AI in our government software offerings; and favorable deal timing in the quarter, coupled with the government year-end cycle.

轉向我們的政府部門。第三季政府營收年增 33%，季增 10%，達到 4.08 億美元。第三季美國政府營收成長 3.2 億美元，年增 40%，季增 15%。這種加速是由現有程序的持續執行所推動的；新獎項反映了我們的政府軟體產品對人工智慧不斷增長的需求；本季有利的交易時機，再加上政府年終週期。

Third quarter international government revenue was $89 million, representing 13% growth year over year. but a 5% sequential decline as a result of revenue catch-up in Q2 that we noted last quarter and less favorable deal timing.

第三季國際政府營收為8,900萬美元，年增13%。但由於我們上季注意到的第二季營收追趕以及交易時機較不利，導致季減 5%。

Third quarter TCV booked was $1.1 billion, up 33% year over year and 16% sequentially. Net dollar retention was 118%, an increase of 400 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q3 of last year as we see the effect of the AI revolution in both industry and government.

第三季的 TCV 預訂額為 11 億美元，年增 33%，季增 16%。美元淨保留率為 118%，較上季增加 400 個基點。這一成長是由現有客戶的擴張和去年第三季獲得的新客戶推動的，因為我們看到了人工智慧革命對產業和政府的影響。

As net dollar retention does not include revenue from new customers that were acquired in the past 12 months, it does not yet fully capture the acceleration in velocity in our US business over the past year. We ended the third quarter with $4.5 billion in total remaining deal value, an increase of 22% year over year, and 4% sequentially; and $1.6 billion in the remaining performance obligations, an increase of 59% year over year and 15% sequentially.

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，因此它尚未完全反映我們美國業務在過去一年中的加速成長。截至第三季末，我們的剩餘交易總價值為 45 億美元，年增 22%，季增 4%；剩餘履約義務 16 億美元，年增 59%，季增 15%。

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。因為它沒有考慮初始期限少於 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業務中都很常見。

Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 82% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes was $276 million, representing an adjusted operating margin of 38% and marking the eighth consecutive quarter of expanding adjusted operating margins.

轉向利潤和費用。本季調整後毛利率（不含股票薪資費用）為 82%。調整後的營運收入（不包括股票薪酬費用和相關雇主工資稅）為 2.76 億美元，調整後的營運利潤率為 38%，標誌著調整後的營運利潤率連續第八個季度擴大。

Q3 adjusted expense was $450 million, up 6% sequentially and 14% year over year, primarily driven by our continued investment in AIP and technical talent. We continue to expect expenses to ramp through the fourth quarter as we invest in the product pipeline and accelerate the journey from AI prototype to production.

第三季調整後費用為 4.5 億美元，季增 6%，年增 14%，這主要得益於我們對 AIP 和技術人才的持續投資。隨著我們對產品管道的投資並加速從人工智慧原型到生產的進程，我們仍然預計第四季度的支出將會增加。

In the third quarter, we generated GAAP operating income of $113 million, representing a 16% margin. We generated GAAP net income of $144 million, representing a 20% margin. Third-quarter adjusted earnings per share was $0.10, and GAAP earnings per share was $0.06.

第三季度，我們的 GAAP 營業收入為 1.13 億美元，利潤率為 16%。我們的 GAAP 淨利潤為 1.44 億美元，利潤率為 20%。第三季調整後每股收益為 0.10 美元，GAAP 每股收益為 0.06 美元。

As previously communicated, we've aligned our compensation program with the performance of the company's goals, including its stock price. On the back of the company's strong performance, our inclusion in the S&P 500 and the increase in our stock price, we will continue to monitor if we become required to accelerate stock-based compensation expenses of certain market-based vesting criteria are achieved earlier than expected. Additionally, our combined revenue growth and adjusted operating margin accelerated to 68% in the third quarter, a 4-point increase to our Rule of 40 score from the prior quarter.

如同先前所傳達的，我們已經根據公司目標的表現（包括股價）調整了我們的薪酬計畫。在公司業績強勁、被納入標準普爾 500 指數以及股價上漲的背景下，我們將繼續關注是否需要加快某些基於市場的歸屬標準的股票補償費用的實現。此外，第三季我們的綜合收入成長和調整後營業利潤率加速至 68%，比上一季的 40 規則得分提高了 4 個百分點。

Turning to our cash flow. In the third quarter, we generated $420 million in cash from operations and $435 million in adjusted free cash flow, representing a margin of 58% and 60%9 respectively. For the first time ever, on a trailing 12-month basis, we generated over $1 billion in adjusted free cash flow, representing a margin of 39%.

轉向我們的現金流。第三季度，我們的營運現金為 4.2 億美元，調整後自由現金流為 4.35 億美元，利潤率分別為 58% 和 60%9。在過去 12 個月的基礎上，我們有史以來第一次產生了超過 10 億美元的調整後自由現金流，利潤率為 39%。

Through the end of the third quarter, we repurchased approximately 1.8 million shares as part of our share repurchase program. As of the end of the quarter, we have $954 million remaining of the original authorization. We ended the quarter with $4.6 billion in cash, cash equivalents, and short-term US Treasury securities.

截至第三季末，作為股票回購計畫的一部分，我們回購了約 180 萬股股票。截至本季末，我們的原始授權剩餘 9.54 億美元。本季結束時，我們擁有 46 億美元的現金、現金等價物和短期美國公債。

Now turning to our outlook. For Q4 2024, we expect revenue of between $767 million and $771 million and adjusted income from operations of between $298 million and $302 million. For full year 2024, we are raising our revenue guidance to between $2.805 billion and $2.809 billion. We are raising our US commercial revenue guidance to an excess of $687 million, representing a growth rate of at least 50%.

現在轉向我們的展望。對於 2024 年第四季度，我們預計營收將在 7.67 億美元至 7.71 億美元之間，調整後的營運收入將在 2.98 億美元至 3.02 億美元之間。對於 2024 年全年，我們將營收指引提高至 28.05 億美元至 28.09 億美元之間。我們將美國商業收入指引提高至超過 6.87 億美元，成長率至少 50%。

We are raising our adjusted income from operations guidance to between $1.054 billion and $1.058 billion. We are raising our adjusted free cash flow guidance to an excess of $1 billion. And we continue to expect GAAP operating income and net income in each quarter of this year. With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A.

我們將調整後的營運指導收入提高至 10.54 億美元至 10.58 億美元。我們將調整後的自由現金流指引提高至超過 10 億美元。我們繼續預計今年每季的 GAAP 營業收入和淨利潤。接下來，我會將其交給 Alex 進行一些評論，然後 Ana 將開始問答。

Given how strong our results are I almost feel like we should just go home. But we made -- we've been saying since we went public in a DPO that we would build infrastructure to make America and its allies a dominant force in the world.

考慮到我們的成績有多好，我幾乎覺得我們應該回家了。但自從我們在 DPO 中公開以來，我們一直在說，我們將建立基礎設施，使美國及其盟友成為世界的主導力量。

We claimed to much skepticism that this would be done in the software product that defense and commercial industry would be driven by software, hardware, hybrid technologies; that there were very few companies in the world that could actually do that; that these companies are basically only built in America; that the companies that have tried to do this that aren't Palantir are built by ex-Palantirians; that the financials of Palantir would flow from our products and our culture and our way of implementing; that we would bring violence and death to our enemies while making targeting and general issues of safety better for our allies and for Americans; that we would stand by our values in thick and thin, including that the West and America are superior ways of organizing and that this is a great country and historically anomalous and its greatness; and that we would build a company with the best people from all over the world, but primarily from America to power America and its allies.

我們非常懷疑這是否會在軟體產品中實現，國防和商業工業將由軟體、硬體、混合技術驅動；世界上很少有公司能夠真正做到這一點；這些公司基本上只在美國成立；那些試圖做到這一點的公司（不是 Palantir）都是由前 Palantir 人創建的； Palantir 的財務狀況將源自於我們的產品、我們的文化以及我們的實施方式；我們將為我們的敵人帶來暴力和死亡，同時為我們的盟友和美國人提供更好的目標定位和一般安全問題；我們將堅持我們的價值觀，包括西方和美國是優越的組織方式，這是一個偉大的國家，在歷史上是不尋常的，它是偉大的；我們將建立一家擁有來自世界各地、但主要來自美國的最優秀人才的公司，為美國及其盟友提供動力。

And even we are shocked by the 44% growth in the US off of a $2 billion base. So this is not some speculative small base, 44% growth. Even we are happy to see that we grew 30%, to see the reacceleration in USG to 40%, and to see the very, very strong results in US commercial.

就連我們也對美國在 20 億美元基礎上成長 44% 感到震驚。所以這不是一些投機性的小基數，44%的成長。即使我們很高興看到我們成長了 30%，看到 USG 重新加速至 40%，並看到美國商業的非常非常強勁的業績。

Also, allied countries that have begun to realize that AI is the way to wait in which to make their defenses superior in the face of brutal, heinous, immoral, and often terroristic enemies, where you need a superior form of fighting that's both safer for you and more dangerous for the adversary and controls how you hit them and when and where and allows you to maximize your results.

此外，盟國已經開始意識到，人工智慧是一種等待的方式，可以讓他們的防禦在面對殘酷、令人髮指、不道德且經常是恐怖主義的敵人時變得更加優越，在這種情況下，你需要一種更安全的高級戰斗形式。

It is also just jarring to see how America adopts the most important, most agile, and most impactful technology, independent of who the purveyor and builder of that. We are building this company, and we are -- we believe we're at the beginning and watching American adoption, both in government and commercial while not forcing us to change while accepting that many of the ideas of how we have of how to make your enterprise better, whether it's insurance has been mentioned oil and gas, any kind of complicated manufacturing supply chain, health care, obviously, defense and intel that a new and different way of building software and implementing it, meaning the infrastructure is where the value is.

看到美國如何採用最重要、最敏捷、最有影響力的技術，無論其提供者和建造者是誰，也令人震驚。我們正在建立這家公司，我們相信我們正處於起步階段，正在觀察美國在政府和商業方面的採用，同時不強迫我們做出改變，同時接受我們如何製造的許多想法。好，無論是提到的保險、石油和天然氣、任何類型的複雜製造供應鏈、醫療保健，顯然還有國防和英特爾，這是一種構建軟體和實施它的新的、不同的方式，這意味著基礎設施是價值所在是。

Despite the fact that as we've -- you may have noticed, many have noticed that the experts that write about these things seem to believe the commodity, i.e., the LLM is the valuable aspect of this and that the actual asset, meaning how you manage the commodity, is the actual value. Despite great skepticism about our view of how to do this, the market seems to have decided what works, works.

儘管您可能已經注意到，許多人已經注意到撰寫這些內容的專家似乎相信商品，即法學碩士是這方面的有價值的方面，並且是實際資產，這意味著如何你管理的商品，就是實際的價值。儘管人們對我們如何做到這一點的觀點抱有極大的懷疑，但市場似乎已經決定了什麼是有效的。

No matter how theoretically appealing the idea is of building software around how you may have learned to build it in business school is to you as the person not buying the software. The people buying the software who are allowing our market to grow at 30% in aggregate, 44% in America, 40% in US comp, and dramatically -- 40% in US government and dramatically in US comm are speaking with their feet and their implementations, and we're very, very proud of that. And I'm particularly proud to see the war fight or adoption of this.

不管這個想法在理論上多麼有吸引力，圍繞著你在商學院學會如何建立軟體來建立軟體，對於你這個不購買軟體的人來說都是如此。購買軟體的人讓我們的市場整體成長了30%，美國成長了44%，美國公司成長了40%，美國政府成長了40%，美國通訊領域成長了40%，他們正在用他們的腳和他們的話語說話。我特別自豪地看到戰爭的進行或對此的採用。

You see every part of US government, including the White House, Congress, Defense, Intel, beginning to embrace the application of large language models in infrastructure, obviously something that Palantir is particularly specialized in. And we just -- we are really, I think as a company, enjoying this phase.

你會看到美國政府的各個部門，包括白宮、國會、國防部、英特爾，都開始接受大型語言模型在基礎設施中的應用，這顯然是Palantir 特別擅長的領域。 ，我作為一個公司思考，享受這個階段。

When you build a company over a long period of time, they're good and bad phases. But to see, in fact, our view of what it makes to make enterprises stronger and better show up in these dramatic results is super gratifying, and we plan to continue.

當你在很長一段時間內建立一家公司時，會有好的和壞的階段。但事實上，我們對如何讓企業變得更強大、更好地在這些引人注目的結果中表現出來的觀點是非常令人滿意的，我們計劃繼續下去。

Thanks, Alex. We'll now turn to a few questions from our shareholders before opening up the call. We received a few questions on AI. How will Palantir differentiate its AI offerings from others, including the model creators and how is AIP different? And how will Palantir maintain its competitive edge?

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。我們收到了一些有關人工智慧的問題。 Palantir 將如何將其人工智慧產品與其他產品（包括模型創建者）區分開來？ Palantir 將如何保持競爭優勢？

Well, Alex talked about how the, the models, the LM are commoditized, but if you look at the models, you see that they're getting better, which is awesome. But they're also getting more similar across both closed and open-source models. While they're improving, they're converging upon each other, all while the price of inference is dropping precipitously.

好吧，Alex 談到了模型、LM 是如何商品化的，但如果你看看這些模型，你會發現它們正在變得更好，這太棒了。但它們在封閉和開源模型中也變得越來越相似。在它們不斷改進的同時，它們也在相互趨同，而推理的成本卻在急劇下降。

And that's -- you know, so if you even look at these model companies, they have to build applications around these models to extract value. That's where we have a decade long head start. We've been building the forge to create and implement AI applications at scale throughout the enterprise. And that differentiation starts with the ontology, using the ontology to drive AIP across these applications.

那就是 - 你知道，所以如果你看看這些模型公司，他們必須圍繞這些模型建立應用程式以提取價值。這就是我們領先十年的地方。我們一直在打造在整個企業範圍內大規模創建和實施人工智慧應用程式的平台。這種差異化始於本體，使用本體在這些應用程式中驅動 AIP。

When you look at the legacy software companies, I'm not sure they understand it yet. But when you look at the innovative Silicon Valley companies, they recognize the wall of tech investments. This implies that's in front of them that's going to act like a great filter.

當你觀察傳統軟體公司時，我不確定他們是否理解這一點。但當你觀察矽谷的創新公司時，他們會認清技術投資的牆。這意味著他們面前的東西就像一個很棒的過濾器。

I would say kind of an addendum to that, it's -- well, first of all, I think people are beginning to recognize we were right. And these numbers show it. So that creates a dynamic of, okay, well, if you can actually extract value from large language models in any context, then clearly, the company that does it is very valuable.

我想說的是，這是一個補充，首先，我認為人們開始認識到我們是對的。這些數字表明了這一點。因此，這創造了一種動態，好吧，如果你實際上可以在任何上下文中從大型語言模型中提取價值，那麼顯然，做到這一點的公司非常有價值。

And a lot of our customers even a year ago, they were kind of skeptical of, can you make these things useful. I would say most of the customers I deal with are pretty skeptical. You can make large language models to anything but do a science experiment.

甚至在一年前，我們的許多客戶都對這些東西是否有用持懷疑態度。我想說，與我打交道的大多數客戶都持懷疑態度。你可以為任何東西創建大型語言模型，但不能做科學實驗。

And in a weird way, even though the models are improving, they're meeting up against greater skepticism among clients because clients have tried them and it's just a high school experiment. And then if you get to -- it's like there's -- the market and analysts seem to have put a lot of credibility into the models, and we do too. We think they're very valuable when managed correctly, when used in a way that an enterprise can understand.

奇怪的是，儘管模型正在改進，但它們卻遭到了客戶更大的懷疑，因為客戶已經嘗試過它們，而這只是一個高中實驗。然後，如果你發現——就像有——市場和分析師似乎對這些模型給予了很大的可信度，我們也是如此。我們認為，如果管理得當，以企業可以理解的方式使用它們，它們將非常有價值。

And one of the problems that people have as you're not involved in enterprise software, it's very hard to understand how an enterprise actually works. You cannot take a large language model that gives you an ELO score of 1,200 and use it on targeting on the battlefield.

當你不參與企業軟體時，人們遇到的問題之一是很難理解企業的實際運作方式。你不能採用 ELO 分數為 1,200 的大型語言模型並將其用於戰場上的目標定位。

There's a security model. There's a way in which the data is understood. There are certain things you can't share. There's places you would use certain models, but not others. How do you bring that back to your corpus of truth to understand in a lethal context who dies and who doesn't? And you have very similar use cases in underwriting and in health care.

有一個安全模型。有一種理解數據的方式。有些事情你不能分享。有些地方您會使用某些模型，但不會使用其他模型。你如何將其帶回你的真理語料庫中，以了解在致命的背景下誰死了，誰沒有死？在核保和醫療保健領域也有非常相似的用例。

And so understanding the actual way technically enterprise is driven, is embodied by foundry, is embodied by our abstraction layer on top of foundry, which includes all those nuances, which we call an ontology. As powered by AI are all sorts of things that our clients are beginning to discover every day.

因此，理解技術企業驅動的實際方式，是由鑄造廠體現的，是由鑄造廠之上的抽象層體現的，其中包括所有這些細微差別，我們稱之為本體。在人工智慧的支援下，我們的客戶每天都開始發現各種各樣的事物。

Of course, the main way they're discovering it is, I can do this in an hour that used to take 5 hours or 50 hours or I could have 2,000 people or 20 and 10. And by the way, on the targeting on the battlefield, we've talked about basically two orders of magnitude and reduction of people. But it's also, in many cases, two orders of magnitude in the production of your ability to do things in an efficacious manner.

當然，他們發現這一點的主要方式是，我可以在一小時內完成這件事，而過去需要 5 小時或 50 小時，或者我可以有 2,000 人或 20 和 10 人。上，我們基本上討論了兩個數量級的人員減少。但在許多情況下，它也能提升你以有效方式做事的能力兩個數量級。

There are whole global events now that would be very different without these -- without our ability to manage these things in our infrastructure. And that's obviously generating a lot of excitement internally that spills into our earnings.

如果沒有這些，如果我們沒有能力在我們的基礎設施中管理這些事情，現在的全球事件將會非常不同。這顯然在內部產生了很多興奮，並影響了我們的收入。

Our next question is from Ryan who asks, as Palantir continues to invest in new AI technologies and expand globally, how are you balancing these investments with maintaining or improving profitability and operating margins, especially given the current macroeconomic challenges?

我們的下一個問題來自Ryan，他問，隨著Palantir 繼續投資新的人工智慧技術並在全球範圍內擴張，您如何平衡這些投資與維持或提高盈利能力和營業利潤率，特別是考慮到當前的宏觀經濟挑戰？

We aren't just balancing, we're excelling. Revenue grew 30% year over year in Q3, 44% in the US in the quarter, and you couple that with our expanding margins in the quarter. We did 38% adjusted operating margin, our eighth consecutive quarter of expanding margins. And we posted 68 in the Rule of 40 score.

我們不僅在平衡，而且在超越。第三季營收年增 30%，本季美國營收年增 44%，再加上我們本季不斷擴大的利潤率。調整後的營業利潤率為 38%，這是我們連續第八個季度實現利潤率擴張。我們在 40 分規則中得分為 68。

At the same time, we had an outstanding adjusted free cash flow margin in the quarter, 60%. And so looking forward, we're raising guidance. We're raising guidance for adjusted free cash flow to an excess of $1 billion for full year 2024.

同時，本季我們的調整後自由現金流利潤率非常出色，達到 60%。展望未來，我們正在提高指導意見。我們將 2024 年全年調整後自由現金流的指引上調至超過 10 億美元。

We're raising adjusted operating income guidance to in excess of $1 billion, while over that actually, which represents a 39% margin in Q4. And we're doing all this while we're continuing to invest at the beginning of the AI revolution, that is, there is an incredible amount of demand there. And we're investing in technical talent, and we're continuing to build out world-class product.

我們將調整後的營業收入指引提高到超過 10 億美元，而實際上，第四季的利潤率為 39%。我們在做這一切的同時，在人工智慧革命之初繼續進行投資，也就是說，那裡存在著令人難以置信的大量需求。我們正在投資技術人才，並持續打造世界級的產品。

There's a steel man version of this, which is given how well you're doing, given you've really accelerated to 30%, given the US is growing 44%, why don't you blow up your rule of 68, which, by the way, to my knowledge, is the single best of comparable companies in the world and significantly better than many very strong companies.

有一個鋼鐵人版本，考慮到你做得有多好，考慮到你確實加速到了 30%，考慮到美國增長了 44%，為什麼你不打破你的 68 規則，順便說一句，據我所知，它是世界上同類公司中最好的一家，並且明顯優於許多非常強大的公司。

So an average normal way of looking at Palantir would be like, great, you have a 40%-40% growth on a $2 billion base in the US, and you have a rule of 68, get that 68% down to 50% and maybe you can grow. But in fact, that way of looking at a business misunderstands the way in which Palantir builds. We believe that by investing, and we know at this point.

因此，看待 Palantir 的平均正常方式是，太好了，在美國 20 億美元的基礎上有 40%-40% 的增長，你有 68 的規則，把 68% 降到 50%，然後也許你可以成長。但事實上，這種看待企業的方式誤解了 Palantir 的建構方式。我們相信，透過投資，我們現在知道這一點。

Instead of trying to have 10,000 clients, all of whom hate you kind of what people want, 10,000 clients that hate you, but they can't give your product, we want a smaller number of the world's best partners that, quite frankly, are dominating with our product. And the way you do that is by having -- by not blowing up your margin and getting 10,000 salespeople. It's actually by going deeper on the product.

我們不想試圖擁有10,000 個客戶，他們都討厭你，就像人們想要的那樣，10,000 個客戶討厭你，但他們無法提供你的產品，我們想要更少數量的世界上最好的合作夥伴，坦白說，他們是以我們的產品為主導。做到這一點的方法是——在不大幅提高利潤的情況下，招募 10,000 名銷售人員。實際上是透過更深入地研究產品。

And in fact, what we see is the deeper and better of the product, the more we drive sales, the more we have our cultural singular advantage as Palantir, not as a commodity product. It's like we are not a commodity. We do not want our customers to be commodities. We want them to be individual titans that are dominating their industry or the battlefield.

事實上，我們看到的是產品越深入、越好，我們推動銷售越多，我們作為 Palantir 而不是作為商品的文化單一優勢就越多。就好像我們不是商品一樣。我們不希望我們的客戶成為商品。我們希望他們成為主宰產業或戰場的個體巨頭。

And we reflect that in how we do things. We are not trying to be your average Harvard business school preferred company that crush -- that reduces the margins, has a thin product, and then has a lower Rule of 40 and presumably higher growth. By the way, I don't think you get higher growth than what we have.

我們的做事方式也反映了這一點。我們並不是想成為哈佛商學院青睞的普通公司，它會降低利潤，產品薄弱，然後有較低的 40 規則，並且可能會有更高的成長。順便說一句，我認為你們的成長不會比我們更高。

Honestly, although we, of course, are always pushing and an even higher growth, the people who tend to ask these questions tend to be modeling companies with 20% growth in lower margins. We have 44% growth in the most important market in the world, arguably not the only, but by far, the most valuable market in the world while having a rule of 68, i.e. the best in the world.

老實說，儘管我們當然一直在推動更高的成長，但提出這些問題的人往往是那些利潤率較低但成長率為 20% 的公司。我們在世界上最重要的市場上實現了 44% 的成長，可以說不是唯一的，但卻是迄今為止世界上最有價值的市場，同時規則為 68，即世界上最好的市場。

And we're going to maintain the contradiction of having both high margins and high growth. It's not one or the other. They're actually interplayed and they're not a contradiction, they power each other. That's how you know you have world-class products. That's what you see in your numbers.

我們將維持高利潤和高成長的矛盾。這不是一個或另一個。它們實際上是相互作用的，它們不是矛盾的，而是互相促進的。這就是您如何知道您擁有世界一流的產品。這就是你在數字中看到的。

Dan, Wedbush.

丹，韋德布希。

A great quarter, and congrats to you and the team. So my question is, with boot camp conversions, has it even surprised you just how quickly from a customer coming into a boot camp, Potential customer conversion to mega deals, what you're seeing? And what do you think that says about your process and where we are in this AI revolution where Palantir sits?

這是一個很棒的季度，恭喜您和團隊。所以我的問題是，對於新兵訓練營的轉化，您是否對客戶進入新兵訓練營的速度感到驚訝，潛在客戶轉化為大型交易，您所看到的是什麼？您認為這對您的流程以及我們在 Palantir 所處的人工智慧革命中所處的位置有何看法？

Yes. I think, obviously, the most indicative of what we're seeing, and the impact is the results, the 44% year-over-year growth in US commercial -- 44% year-over-year growth in US, 54% in US commercial, the sequential growth we're seeing. I think I gave examples of boot camps where we're seeing multiple different customers across different industries that are going from the initial boot camp to a seven-figure ACV deal within a matter of less than two months.

是的。我認為，顯然，最能說明我們所看到的情況，影響就是結果，美國商業同比增長 44%——美國同比增長 44%，美國同比增長 54%。我想我舉了新兵訓練營的例子，我們看到不同行業的多個不同客戶在不到兩個月的時間內從最初的新兵訓練營到達成七位數的 ACV 交易。

We're seeing that. We're feeling that in the conversations we have with customers and then our push to go from prototype to production and the expansions we're seeing at customers. And I've seen that in the conversations, as we said, really, it's going to be the AI haves and the have-nots. The haves are moving quickly, making decisions quickly, and adopting quickly. And I'm feeling that in the conversations we have with them in the conversions we're seeing

我們正在看到這一點。我們在與客戶的對話中感受到了這一點，然後我們推動從原型到生產以及我們在客戶身上看到的擴展。我在對話中看到，正如我們所說，實際上，這將是人工智慧的富人和窮人。富人行動迅速、決策迅速、採取迅速。我覺得在我們與他們的對話中我們看到了轉化

I would just say that the most surprising thing is just how -- there's a small number of increasingly large number of customers, meaning should I get this. And they are just moving really quickly. And anyone who's involved in the enterprise. So if you take a company XYZ, and then five people go to a different company. The first thing they do is pick up the phone and call us.

我只想說，最令人驚訝的是——客戶數量越來越少，這意味著我應該得到這個。他們的行動速度非常快。以及參與該企業的任何人。因此，如果您選擇一家公司 XYZ，那麼五個人就會去另一家公司。他們做的第一件事就是拿起電話打給我們。

And then -- and so it's just the way in which this just expands in the US quite -- in some other countries but especially in the US from anyone who touch this wants to use it in any part of anything they're doing. And it goes from one person. And then there's this transient in America where people really are moving to different companies a lot, and they're talking to each other. And there's just a willingness to take business metrics and use those business metrics against technology that's not ideological.

然後——這就是這種技術在美國廣泛傳播的方式——在其他一些國家，尤其是在美國，任何接觸到這項技術的人都想在他們所做的任何事情的任何部分使用它。它來自一個人。然後在美國，人們確實經常跳槽到不同的公司，並且互相交談。人們只是願意採用業務指標並將這些業務指標用於非意識形態的技術。

And if you look at even 10 years ago, there was no form of software that had this kind of adoption and this kind of readiness. And also, it was conversely just not possible to see this kind of results this quickly. And we tend to focus on the results on the outside. But AI and large language models also allow us to scale our product on the inside.

如果你看看 10 年前，你會發現還沒有任何一種軟體能夠得到如此廣泛的採用和準備。而且，相反地，也不可能這麼快看到這種結果。我們傾向於關注外部結果。但人工智慧和大型語言模型也使我們能夠在內部擴展我們的產品。

So one of the unfair things about this revolution is if you have business acumen and you have a product that is good or stellar in my humble opinion, you can make it even better internally and externally. And so that allows us to also scale many, many more people to many, many organizations with the same number of people as long as they're the best in the world.

因此，這場革命的不公平之處之一是，如果你有商業頭腦，並且你有一個在我看來很好或出色的產品，你可以在內部和外部讓它變得更好。因此，這使我們能夠將更多的人員擴展到許多具有相同人數的組織，只要它們是世界上最好的。

And so it's really this from touch to expansion however we do it. Some of it's boot camps, but some of it's just like, I used to work at a company, I heard really good things about your product. I want it tomorrow. How quickly can you get here? What is the first use case you could do.

所以無論我們如何做，這確實是從接觸到擴展的過程。其中一些是新兵訓練營，但另一些就像，我曾經在一家公司工作，我聽說過關於你們產品的好消息。我明天想要。你能多快到達這裡？您可以做的第一個用例是什麼？

And then the first thing that they always ask is, well, show me some of the things that you've done in other places, like even cross-fertilization between government and nongovernment. I was at an important government entity a couple of weeks ago, and they obviously may even be very useful for them.

然後他們總是問的第一件事是，好吧，向我展示一些你們在其他地方所做的事情，例如政府和非政府之間的交叉融合。幾週前我在一個重要的政府實體工作，顯然他們甚至可能對他們非常有用。

But then they start asking, well, what are you doing for hospitals? Could you use this on foyer requirements? Could you use the same thing for managing our people? How could you make sure that our people are safe and happy. How do you move parts? How do we do procurement. A lot of the things Shyam's -- so there's like a massive cost fertilization even between verticals that otherwise would never talk.

但隨後他們開始問，那麼，你們為醫院做些什麼？您可以根據門廳要求使用它嗎？你能用同樣的方法來管理我們的員工嗎？你如何確保我們的人民安全和幸福？如何移動零件？我們如何進行採購。很多東西都是 Shyam 的——所以即使在垂直領域之間也存在巨大的成本施肥，否則這些垂直領域永遠不會談論。

In the past government use cases did not -- non-government use cases were just not things we were doing in government. And certainly, from industry to industry, we did not have this, from real estate to supply chain, to large hospital things. The use cases that they're doing inside our products, they are technically basically the same for us.

在過去，政府用例沒有——非政府用例不是我們在政府中做的事情。當然，從一個行業到另一個行業，從房地產到供應鏈，再到大型醫院，我們都沒有這個。他們在我們的產品中所做的用例在技術上對我們來說基本上是相同的。

Mariana Mora, Bank of America.

瑪麗安娜·莫拉，美國銀行。

Good afternoon, everyone. So on government, US government is up, like 40%. And this is in line with what we thought in USA. L3Harris, Anduril, and Shield AI, but others were advertising Palantir logos. And they were like advertising partnership with you.

大家下午好。所以在政府方面，美國政府的比例上升了，大約 40%。這與我們在美國的想法是一致的。 L3Harris、Anduril 和 Shield AI，但其他公司則在為 Palantir 標誌做廣告。他們就像與你的廣告合作關係。

What changed for them to actually want a partner? That's the first one. And then, Dave, if you don't mind giving an update on the strategic commercial contracts and how are you thinking about the remaining deal value as we see news about Lilium, but also a recent pickup of some like stock awards as a form of payment from these companies. Thank you.

是什麼改變讓他們真正想要一個合作夥伴？這是第一個。然後，戴夫，如果您不介意提供戰略商業合約的最新信息，以及當我們看到有關 Lilium 的新聞時，您如何考慮剩餘的交易價值，以及最近獲得的一些股票獎勵，作為一種形式這些公司的付款。謝謝。

On the first bit here, there's really two dimensions to what we're seeing is acceleration in partnerships on the U.S. government side. The first is something I've talked about earlier, which is Mission Manager. Really, how do we take not our software but our software infrastructure, Rubix and Apollo as radical accelerants for these companies to get to revenue, to service their existing revenue in a more profitable way and expand their market access. So that's been just a clear win across the board. That's good for the government; it's good for these partners; and it's good for us.

首先，我們看到的美國政府方面夥伴關係的加速其實有兩個面向。第一個是我之前談到的，也就是任務管理器。確實，我們如何不使用我們的軟體，而是使用我們的軟體基礎設施、Rubix 和Apollo 作為這些公司獲得收入的根本促進劑，以更有利可圖的方式服務其現有收入並擴大其市場准入。所以這是一場全面的明顯勝利。這對政府來說是好事；這對這些合作夥伴有好處；這對我們有好處。

I mean I don't think Shyam's taking enough credit here or Sam, Aki and others. So we -- one of our biggest issues in the US government would be just simply a friction coefficient. And we had the problem that although we are completely focused on helping the US government allies first and ourselves second, and that's been -- that's one of the reasons most of us at the table are still here.

我的意思是，我認為 Shyam、Sam、Aki 和其他人在這裡沒有獲得足夠的榮譽。因此，我們—美國政府最大的問題之一就是摩擦係數。我們遇到的問題是，儘管我們完全專注於首先幫助美國政府盟友，其次才是幫助我們自己，但這也是我們大多數人仍然留在這裡的原因之一。

There was a general perception a couple of years ago that basically -- and you see it in our numbers, pounder wins and maybe we win too much and we keep winning and people are like to ponder makes all this money. Someone else has got to make money. And one of the things, Shyam, and I would say Aki and others did a tremendous job of like, look, we're in this for the supremacy of US and its allies. And we're going to prove this by opening up part of our products and allowing you to sit on government data, which is way people assume you could just put a product on government data, you can't do that. There's all these tech products we've built that allow you to safely and securely work directly with the US government.

幾年前有一種普遍的看法，基本上——你可以從我們的數據中看到這一點，磅秤獲勝，也許我們贏了太多，而且我們一直在贏，人們喜歡思考賺了這麼多錢。別人必須賺錢。其中一件事，Shyam，我想說 Aki 和其他人做了出色的工作，例如，看，我們參與其中是為了美國及其盟友的至高無上。我們將透過開放我們的部分產品並允許您使用政府資料來證明這一點，人們認為您可以將產品放在政府資料上，但您不能這樣做。我們開發的所有這些技術產品都可以讓您安全可靠地直接與美國政府合作。

And we've begun offering that to all sorts of defense tech startups and beginning -- begun partnering with more established large integrators like L3 and many others actually. And the strategy there was, look, if we actually believe what we believe, let's show it. And this strategy, which Shyam, [Led] and Aki empowered and also kind of spent -- did incredible work on has led to a situation where most people involved in tech innovation now, view Palantir as their ally.

我們已經開始向各種國防技術新創公司提供這種服務，並開始與 L3 等更成熟的大型整合商合作。那裡的策略是，看，如果我們真的相信我們所相信的，那就讓我們展示出來。這項策略得到了 Shyam、[Led] 和 Aki 的授權，並投入了巨大的精力，做出了令人難以置信的工作，導致現在大多數參與技術創新的人都將 Palantir 視為他們的盟友。

And so instead of going into every meeting saying, yeah, Palantir is great, but their fearless leader is bat crazy, and he might go off to his commune in New Hampshire whatever thing we're saying, it's now like, yeah, the products are the best, and we have great products.

因此，我們不再在每次會議上都說，是的，Palantir 很棒，但他們無所畏懼的領導者是蝙蝠瘋子，無論我們說什麼，他可能會去新罕布什爾州的公社，現在就像是，是的，產品是最好的，我們有很棒的產品。

And so that's a really important shift and that was a business strategy, and it really was done by others. And that has shifted our ability to get to market because most people don't want to resist. The don't they're not hating the player. They're playing with us.

所以這是一個非常重要的轉變，這是一種商業策略，而且確實是由其他人完成的。這改變了我們進入市場的能力，因為大多數人不想抵制。他們不討厭這個玩家嗎？他們在和我們一起玩。

Alex, it's always a tough act to follow. But the second part of that, I'll just close out with is really helping these companies with their production in the same way that we help Airbus build every plane or Chrysler build every car, how do we help (technical difficulty) and Shield and all of these new entrants and existing primes build their weapon systems better. And in particular, where they have fixed price, drive margin expansion as a consequence of doing that.

亞歷克斯，這總是一個很難遵守的行為。但我要結束的第二部分是真正幫助這些公司進行生產，就像我們幫助空中巴士製造每架飛機或克萊斯勒製造每輛汽車一樣，我們如何幫助（技術難度）和盾牌和所有這些新進入者和現有的主要參與者都更好地建造了他們的武器系統。特別是，在他們有固定價格的情況下，這樣做的結果是推動利潤率擴張。

And then on the strategic commercial contracts, they're a tiny part of the business, right, basically 1% of revenue in Q3. On the forward-look metrics, it's even -- like it's quite de minimis and the program ended three years ago. So the answer to the question, it's basically not relevant anymore.

然後在策略商業合約上，它們只佔業務的一小部分，對吧，基本上佔第三季收入的 1%。就前瞻性指標而言，它甚至是微不足道的，而且該計劃三年前就結束了。所以這個問題的答案基本上就不再相關了。

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

亞歷克斯，我們有很多個人投資者在線上。在我們結束通話之前您還有什麼話要說嗎？

As usual, we're in it together with you, besides making America even stronger and better and our allies stronger, better and all of us more lethal, besides protecting Palantirians and most ex-Palantirans. Our individual investors are near and dear to our and certainly my heart. And I love it that you guys are winning.

像往常一樣，我們和你們一起參與其中，除了讓美國變得更強大、更好，讓我們的盟友更強大、更好，讓我們所有人更具殺傷力，還保護帕蘭蒂安人和大多數前帕蘭蒂安人。我們的個人投資者與我們、當然也是我的心很親近。我很高興你們獲勝。

There always be ups and downs in building a business, but we're definitely fighting for you guys. And the decision to do a DPO where we -- which is essentially was a decision to make sure that individuals got to participate and your willingness to spend time and look at what we're doing and actually look at the facts on the ground and not just to read dairy has been crucial to Palantir as a business and is part of what makes Palantir great and also our nation a great. So thank you, and thank you for your support.

創業過程中總會有起起落落，但我們絕對會為你們奮鬥。我們做出 DPO 的決定——本質上是一個決定，以確保個人必須參與，並且您願意花時間看看我們正在做什麼，並實際看看當地的事實，而不是閱讀乳製品對於Palantir 作為一家企業來說至關重要，也是Palantir 偉大以及我們國家偉大的一部分。所以謝謝你們，也謝謝你們的支持。

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

謝謝。今天電話會議的問答就到此結束。