Palantir Technologies Inc (PLTR) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our fourth-quarter of 2024 earnings call.

我是 Palantir 財務團隊的 Ana Soro，歡迎您參加我們 2024 年第四季財報電話會議。

We'll be discussing the results announced in our press release issued after the market close and posted on our investor relations website.

我們將在市場收盤後發布的新聞稿中討論該結果，並在我們的投資者關係網站上發布。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter in fiscal 2025 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations.

在電話會議中，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們2025 財年第一季業績的聲明、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.

這些聲明並非承諾或保證，並且受風險和不確定性的影響，可能導致其與實際結果有重大差異。

Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings.

有關這些風險的資訊可在我們今天收盤後發布的收益新聞稿和我們提交給美國證券交易委員會的文件中查閱。

We undertake no obligation to update forward-looking statements except as required by law.

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.

此外，在今天的電話會議中，我們將參考某些調整後的財務指標。

These non-GAAP financial measures should be considered in addition to you, not as a substitute for or in isolation from GAAP measures.

這些非 GAAP 財務指標應作為您的補充考慮，而不應替代 GAAP 指標或與 GAAP 指標隔離。

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.

我們今天提供的新聞稿和投資者介紹中包含了有關這些非公認會計準則指標的更多信息，包括非公認會計準則與可比公認會計準則指標的調節。

Our press release, investor presentation, and other earnings materials are available on our investor relations website at investors.palantir.com.

我們的新聞稿、投資者介紹和其他收益資料可在我們的投資者關係網站 investors.palantir.com 上找到。

Over the course of the call, we will refer to various growth rates when discussing our business.

在通話過程中，我們在討論業務時會參考各種成長率。

These rates reflect year over year comparisons unless otherwise stated.

除非另有說明，這些比率反映的是同比變化。

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

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

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

現在我將把電話交給 Ryan 來開始通話。

2024 was nothing short of incredible for Palantir.

2024 年對 Palantir 來說簡直是不可思議的一年。

Our momentum accelerated through yearend, closing out 2024 with exceptional Q4 results, including an extraordinary top line beat and outperformance led by our US business.

我們的勢頭在年底加速，並在 2024 年結束時取得了出色的第四季度業績，其中包括美國業務帶動的非凡營收和優異表現。

Revenue grew 14% sequentially, and 36% year over year in Q4 and 29% year over year for the full year.

第四季營收比上一季成長 14%，比去年同期成長 36%，全年營收比去年同期成長 29%。

The AI revolution continues, transforming industries and redefining how organizations operate.

人工智慧革命仍在繼續，它正在改變產業並重新定義組織的運作方式。

AI is a pivotal component in driving innovation and efficiency, something companies need to embrace or fall behind.

人工智慧是推動創新和效率的關鍵因素，企業必須接受它，否則就會落後。

With the proliferation of AI models, the raw AI labor supply is exploding.

隨著人工智慧模型的激增，原始人工智慧勞動力供應正在激增。

While everyone else is focused on the model supply side, we're transforming AI into a measurable stream of high value finished goods and services.

當其他人都專注於模型供應方時，我們正在將人工智慧轉變為可衡量的高價值成品和服務流。

The result -- the rapid emergence of quantified exceptionalism for organizations able to unlock the potential of these commoditized models through AIP.

結果是，對於能夠透過 AIP 釋放這些商品化模型潛力的組織來說，量化例外主義迅速湧現。

A byproduct of our incredible progress, our Rule of 40 score increased to 81 in the fourth quarter.

我們取得令人難以置信的進步的副產品是，我們的 40 規則得分在第四季度增加到了 81。

It's a substantial leap to deploy LLMs into production with real impact.

將 LLM 部署到具有實際影響的生產中是一次重大的飛躍。

Most organizations are currently stuck on the wrong side of the widening chasm, working on their 2, 5 and 10 year plans, which become obsolete days later, failing to ever take action, but not Palantir or our quickly growing customer base.

大多數組織目前都陷入了日益擴大的鴻溝的錯誤一側，他們正在製定2 年、5 年和10 年計劃，但這些計劃幾天后就變得過時，他們從未採取行動，但Palantir 或我們快速成長的客戶群卻不會這麼做。

We've taken our position through our decades-long investment in developing the Ontology, which allows organizations to seamlessly weave LLMs into their enterprise, unlocking their highest potential leverage.

我們透過數十年對本體論的開發投入，確立了自己的地位，這使得組織能夠將 LLM 無縫地融入他們的企業中，釋放他們最大的潛在槓桿作用。

In this AI revolution, anyone looking for a solution that actually works is going to choose Palantir.

在這場人工智慧革命中，任何尋求真正有效的解決方案的人都會選擇 Palantir。

Last quarter alone, we closed $1.8 billion of TCV across our business, which represents a 56% increase year over year.

光是上個季度，我們整個業務的 TCV 就達到了 18 億美元，比去年同期成長 56%。

We closed a record setting number of deals in Q4, including 32 deals worth $10 million or more.

我們在第四季度完成了創紀錄數量的交易，其中包括 32 筆價值 1000 萬美元或以上的交易。

Our US business is at the forefront of the AI revolution, growing 52% year over year in Q4.

我們的美國業務處於人工智慧革命的前沿，第四季年增 52%。

Last quarter, US commercial revenue grew 64% year over year and 20% sequentially.

上個季度，美國商業收入年增 64%，較上季成長 20%。

AIP continues to fuel new customer acquisition, as we have nearly 5 times the number of US commercial customers as we did 3 years ago, and significant expansion opportunities at existing customers.

AIP 繼續推動新客戶的獲取，因為我們擁有的美國商業客戶數量幾乎是 3 年前的 5 倍，現有客戶還有巨大的擴張機會。

Organizations who have crossed the chasm with Palantir are driving real impact quickly.

借助 Palantir 跨越鴻溝的組織正在迅速產生真正的影響。

In this AI revolution, the biggest risk is not moving fast enough, and organizations are looking to us.

在這場人工智慧革命中，最大的風險是行動不夠快，各組織都在向我們尋求協助。

With Palantir, as soon as work begins, we're delivering real quantified exceptionalism for our customers.

借助 Palantir，一旦工作開始，我們就會為客戶提供真正的量化卓越成果。

In my conversations, they're excitedly asking how we can replicate this success across their organizations.

在我的談話中，他們興奮地詢問我們如何在他們的組織中複製這種成功。

One of America's largest pharmacies has been a customer since early 2024 and signed a $67 million TCV engagement with us right after the pilot for workflows including automatically load balancing prescription fulfillment and orchestrating patient outreach.

美國最大的藥局之一自 2024 年初以來一直是我們的客戶，並在試點結束後立即與我們簽署了 6,700 萬美元的 TCV 協議，包括自動負載平衡處方履行和協調患者外展等工作流程。

An American telecom company became a customer approximately two years ago and recently signed a $40 million TCV expansion deal to help manage and accelerate their decommissioning of old network technologies and equipment in order to achieve significant cost savings.

一家美國電信公司大約兩年前成為其客戶，並最近簽署了一項價值 4000 萬美元的 TCV 擴建協議，以幫助管理和加速其舊網路技術和設備的退役，從而實現大幅成本節約。

Last earnings call, we mentioned the leading global insurance organization that deployed AIP to help automate underwriting workflows, reducing a two-week process to three hours.

上次財報電話會議中，我們提到，全球領先的保險機構部署了 AIP 來幫助實現承保工作流程的自動化，將兩週的流程縮短到三小時。

That organization signed a nearly $11 million ACV expansion deal in Q4.

該組織在第四季度簽署了價值近 1,100 萬美元的 ACV 擴張協議。

Panasonic Energy North America is seeing the effects of its AIP expansion as they've created a maintenance assistant to help 350 technicians in making 5.5 million batteries per day, resulting in reduced machine downtime, greater throughput, and rapid onboarding of new technicians.

松下能源北美公司正在看到其AIP 擴展的效果，因為他們已經創建了一名維護助理來幫助350 名技術人員每天生產550 萬個電池，從而減少了機器停機時間、提高了產量并快速讓新技術人員上崗。

In Q4, we also announced the customers in the inaugural Warp Speed cohort, which are using Palantir's warp speed to gain an advantage in aspects of their manufacturing operating system, including automated visual quality inspections and dynamic production scheduling.

在第四季度，我們還宣布了首批 Warp Speed 專案客戶，他們正在利用 Palantir 的 Warp Speed 在製造作業系統方面取得優勢，包括自動視覺品質檢查和動態生產調度。

Anduril CIO, Tom Bosco noted quote, by using the software, we've seen up to 200x efficiency gain in our ability to anticipate and respond to supply shortages.

Anduril 資訊長 Tom Bosco 指出，透過使用該軟體，我們預測和應對供應短缺的能力提高了 200 倍。

Our US government business, the foundation on which Palantir was built, is exceedingly strong, with revenue growing 45% year over year last quarter.

我們的美國政府業務（Palantir 建立的基礎）非常強勁，上個季度的營收年增了 45%。

We take pride in supporting the critical missions we're delivering against.

我們為支持我們正在執行的關鍵任務而感到自豪。

Notable deals included the US Army extending its long-standing partnership with Palantir to deliver the Army vantage capability and support of the Army data platform for up to four years.

值得關注的交易包括美國陸軍延長與 Palantir 的長期合作夥伴關係，為陸軍提供長達四年的優勢能力和陸軍數據平台支援。

We also announced our recent contract expansion with US Special Operations Command, marking the first deployment of Mission Manager to US Special Operations Forces units.

我們還宣布了最近與美國特種作戰司令部擴大合約​​的計劃，這標誌著任務管理器首次部署到美國特種作戰部隊。

Our international commercial business continues to see pockets of growth alongside the large renewals of some of our long-standing customers.

隨著一些長期客戶的大規模續約，我們的國際商業業務繼續呈現成長態勢。

For example, Rio Tinto extended their partnership with Palantir for an additional four years, noting AIP is making their unstructured data accessible, allowing them to quickly attack problems previously deemed too complex.

例如，力拓 (Rio Tinto) 將與 Palantir 的合作關係延長了四年，並指出 AIP 使他們的非結構化資料可訪問，使他們能夠快速解決以前被認為過於複雜的問題。

Using our software, network rail specialists coordinate 53 driverless trains, each with 240 wagons, ultimately improving throughput and safety.

使用我們的軟體，鐵路網專家可以協調 53 列無人駕駛列車，每列列車有 240 節車廂，最終提高吞吐量和安全性。

Our international government business also achieved strong growth.

我們的國際政府業務也實現強勁成長。

Revenue increased 26% sequentially last quarter, driven in large part by the UK, including our work with the NHS to roll out the Federated data platform as 87 acute NHS trusts, and 28 integrated care boards have signed up to use it as of November 2024.

上季營收季增26%，這在很大程度上得益於英國市場，包括我們與NHS 合作推出聯合數據平台，截至2024 年11 月，已有87 個急性NHS 信託機構和28 個綜合護理委員會簽約使用該平台。

We accelerated through the end of the year and we remained full throttle.

我們在年底加速發展，並且繼續全力以赴。

We're at the dawn of this AI revolution, and in this winner take all AI economy, Palantir leads the way.

我們正處於人工智慧革命的黎明，在這個贏家通吃的人工智慧經濟中，Palantir 處於領先地位。

I'll now turn it over to, Shyam.

現在我將把發言權交給 Shyam。

Thanks Ryan.

謝謝瑞安。

For the last two years we've been saying that even while the LLMs are improving, the models across both open and closed source are becoming more similar, and performance will converge.

在過去的兩年裡，我們一直在說，即使法學碩士 (LLM) 正在不斷改進，開源和閉源的模型也會變得越來越相似，並且性能也會趨於融合。

All while the cost per token for inference continues to drop substantially, and that's because the market's been focused on AI Apply, the models.

同時，每個代幣的推理成本持續大幅下降，這是因為市場一直專注於人工智慧應用和模型。

With the release of DeepSeek-R1 that has gone from a contrarian position to consensus.

隨著DeepSeek-R1的發布，已經從反向立場走向共識。

It's now blindingly obvious to everyone.

現在這對每個人來說都已經顯而易見了。

Our foundational investments in Ontology and infrastructure have positioned us to uniquely deliver on AI demand.

我們對本體和基礎設施的基礎投資使我們能夠以獨特的方式滿足人工智慧需求。

From the beginning, AIP was built for this reality.

從一開始，AIP 就是為這個現實而建立的。

Chat was always a dead end.

聊天總是無果。

Instead, we viewed LLMs as a new run time for the AI labor.

相反，我們將法學碩士 (LLM) 視為 AI 勞動力的新運行時間。

To capture the productive value of this AI labor, you need an intermediate representation of your enterprise that AI can actually interact with.

為了獲取這種人工智慧勞動的生產價值，您需要一個人工智慧可以實際與之互動的企業中間表示。

How do you allocate inventory, onboard customers, process claims, call for prior authorization, and the like?

您如何分配庫存、接待客戶、處理索賠、要求事先授權等等？

That intermediary representation that makes all of that possible is Ontology, and that's why it's been the secret to our meteoric rise.

使這一切成為可能的中介表徵就是本體論，這也是它成為我們迅速崛起的秘密的原因。

We are convinced the normative value for AI is enterprise autonomy, the self-driving company.

我們堅信人工智慧的規範價值是企業自主，也就是自動駕駛公司。

Users go from performing the workflow to supervising an army of agents, teaching them how to handle edge cases and reducing dwell time.

使用者從執行工作流程到監督代理大軍，教他們如何處理邊緣情況並減少停留時間。

This is where we are maniacally focused with our customers.

這正是我們熱衷於關注客戶的地方。

We've been working with a large multinational bank to automate core back-office processes.

我們一直與一家大型跨國銀行合作，實現核心後台流程的自動化。

What used to take five days now takes three minutes.

過去需要五天的時間，現在只需三分鐘。

Much more than the labor savings, this improvement eliminates historical constraints on the middle office and now enables the bank to create entirely new and differentiated financial products.

這項改進不僅節省了勞動力，也消除了中台的歷史限制，現在使銀行能夠創造全新的差異化金融產品。

We're working with the top engineering and construction firm to automate the identification of risks across tens of thousands of pages of technical documents, replacing months of arduous manual reviews with AI labor that can flag major risks to engineers in minutes.

我們正在與頂級工程建築公司合作，自動識別數萬頁技術文件中的風險，用人工智慧勞動力取代數月艱苦的人工審查，人工智慧可以在幾分鐘內向工程師標記出重大風險。

And we're working with a large power systems company to automate the understanding of technical diagrams to turn them to quotes into orders.

我們正在與一家大型電力系統公司合作，自動理解技術圖表，將其轉化為報價單和訂單。

And finally we're working with an automotive supplier to analyze CAD files for component designs to have AI labor validate engineering standards and manufacturability checks.

最後，我們正在與一家汽車供應商合作，分析零件設計的 CAD 文件，以便讓人工智慧勞動力驗證工程標準和可製造性檢查。

That is a 100 hour process for human engineers, now automated and serving up exceptions for human review.

對於人類工程師來說，這是一個需要花費 100 小時的過程，現在已經實現了自動化，並且可以提供例外情況供人工審查。

The before and after with AI is stark, and the speed of implementation is accelerating.

人工智慧的前後對比鮮明，並且實施速度正在加快。

You can divide companies up into two categories, the quick and the dead.

你可以把公司分成兩類：活的和死的。

Turning to Warp Speed, Palantir's modern American manufacturing operating system, it continues to move at -- Our nation is in the beginning of a great re-industrialization as we compete with China to secure a free world and individual liberties.

轉向Palantir 的現代美國製造作業系統 Warp Speed，它繼續以——的速度前進——我們的國家正處於偉大的再工業化的開端，我們正在與中國競爭，以維護一個自由世界和個人自由。

This is a competition we cannot afford to lose.

這是一場我們不能輸的比賽。

We announced our first cohort of Warp speed customers, including Anduril and L3Harris.

我們宣布了第一批 Warp speed 客戶，包括 Anduril 和 L3Harris。

The response has been exceptional, and the pipeline is swelling.

反應非常熱烈，通路不斷擴大。

Warp Speed integrates engineering test, production, quality and operations so that manufacturers can build better and build faster.

Warp Speed 整合了工程測試、生產、品質和運營，以便製造商能夠更好、更快地建造。

Our FedStart offering hit a major milestone with the approval of our FedRAMP High Environment for FedStart customers.

我們的 FedStart 產品獲得了 FedRAMP High Environment 的批准，標誌著 FedStart 客戶邁向了重要的里程碑。

This is radical acceleration, both in reduction of time and costs of market access for software companies in the federal space.

這是一次徹底的加速，既減少了軟體公司在聯邦領域的市場准入時間，也減少了成本。

Finally, in US government, our deep investments in JADC2 continue to deliver results.

最後，在美國政府，我們對 JADC2 的深入投資持續產生成果。

Maven continues to see significant adoption in his pathfinding new AI capabilities throughout the kill chain.

Maven 在整個殺傷鏈中不斷探索新的 AI 功能，並不斷廣泛採用。

Substantial new investments integrating contested logistics into Maven's AI enabled kill chain met their moment in exercises in Q4.

將有爭議的後勤整合到 Maven 的 AI 殺傷鏈中的大量新投資在第四季度的演習中得到了體現。

Adoption continues within the military departments, specifically Army, Air Force, and Space Force, as well as at the combatant commands with expansions at Spacecom, SouthCom, Afrocom, and StratCom.

軍事部門繼續採用該技術，特別是陸軍、空軍和太空部隊，以及作戰司令部，其中包括太空司令部、南方司令部、非洲司令部和戰略司令部。

While Hurricane Helene response galvanized the adoption of Maven one [un-class] beyond just the secret and top-secret networks.

而對颶風海倫的回應則激發了 Maven one [非等級] 的採用，而不僅僅是秘密和絕密網路。

The adoption has continued to grow as Maven is used for securing our nation's border and securing our nation's airspace by enabling drone domain awareness.

隨著 Maven 用於保衛我們國家邊境並透過實現無人機領域感知來保衛我們國家領空，其採用率持續成長。

And Maven is reaching our allies and partners via US supplied capabilities called Maven REL, all spurred by real world events and the need to collaborate in real time in crisis.

Maven 正在透過美國提供的名為 Maven REL 的能力與我們的盟友和合作夥伴取得聯繫，這一切都源於現實世界的事件以及危機中即時協作的需要。

We are really just getting started with Maven and have an ambitious roadmap and a set of customer opportunities in front of us to deliver the unfair advantage our war fighters deserve.

我們實際上才剛開始使用 Maven，並且已經制定了雄心勃勃的路線圖，並面臨一系列客戶機會，以便為我們的戰士提供應得的不公平優勢。

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

我將把這個問題交給戴夫來向我們詳細講解這些數字。

Thanks, Shyam.

謝謝，Shyam。

We had an outstanding fourth quarter.

我們的第四季表現出色。

Revenue growth accelerated to 36% year over year, exceeding the high end of our prior guidance by over 900 basis points and representing a 1,600 basis points increase compared to the growth rate in Q4 of last year.

營收成長年增至 36%，超出我們先前預期的高點超過 900 個基點，與去年第四季的成長率相比增加了 1,600 個基點。

America continues to rapidly embrace the AI revolution, and we saw this unrelenting demand drive impressive outperformance in our US business, which grew 52% year over year and 12% sequentially.

美國繼續迅速擁抱人工智慧革命，我們看到這種持續的需求推動了我們美國業務的出色表現，同比增長 52%，環比增長 12%。

Our US commercial business grew 64% year over year and 20% sequentially, and our US government business grew 45% year over year and 7% sequentially.

我們的美國商業業務年增 64%，較上季成長 20%，美國政府業務年增 45%，較上季成長 7%。

On the back of this continued strength, we are guiding to a full year 2025 revenue midpoint of $3.749 billion, representing a 31% year over year growth rate.

在這持續強勁勢頭的支持下，我們預計 2025 年全年營收中位數為 37.49 億美元，年增 31%。

We delivered these outstanding top line results while expanding adjusted operating margin to 45%, the strongest adjusted operating margin in the company's history.

我們取得了出色的營收業績，同時將調整後的營業利潤率擴大至 45%，這是公司歷史上最高的調整後營業利潤率。

Our revenue and profitability drove a 13 point sequential increase to a Rule of 40 score from 68 in the third quarter to 81 in the fourth quarter.

我們的收入和獲利能力推動 40 規則得分連續增加 13 個百分點，從第三季的 68 分增加到第四季的 81 分。

We also had an exceptional cash flow quarter with adjusted free cash flow of $517 million, representing a margin of 63% and $1.25 billion in adjusted free cash flow for the full year, representing a margin of 44%.

我們也度過了一個現金流表現優異的季度，調整後的自由現金流為 5.17 億美元，利潤率為 63%，全年調整後的自由現金流為 12.5 億美元，利潤率為 44%。

Turning to our global top line results, fourth quarter revenue grew 36% year over year and 14% sequentially to $828 million.

回顧我們的全球營收業績，第四季營收年增 36%，季增 14%，達到 8.28 億美元。

Full year revenue grew 29% year over year to $2.87 billion.

全年營收年增29%至28.7億美元。

Full year US revenue grew 38% year over year to $1.9 billion.

全年美國營收年增38%至19億美元。

Excluding the impact of revenue from strategic commercial contracts, fourth quarter revenue grew 39% year over year and 14% sequentially, and full year revenue grew 32% year over year.

剔除策略性商業合約營收的影響，第四季營收年增39%，季增14%，全年營收年增32%。

Customer count grew 43% year over year and 13% sequentially to 711 customers.

客戶數量年增 43%，季增 13%，達到 711 名客戶。

Revenue from our largest customers continues to expand.

來自我們最大客戶的收入持續增加。

Fourth quarter, trailing 12-month revenue from our top 20 customers increased 18% year over year to $65 million per customer.

第四季度，來自我們前 20 名客戶的過去 12 個月營收年增 18%，達到每位客戶 6,500 萬美元。

Now moving to our commercial segment.

現在轉到我們的商業領域。

Fourth quarter commercial revenue grew 31% year over year and 17% sequentially to $372 million.

第四季商業收入年增 31%，季增 17%，達到 3.72 億美元。

Full year commercial revenue grew 29% year over year to $1.3 billion.

全年商業收入較去年同期成長29%至13億美元。

Excluding the impact from strategic commercial contracts, fourth quarter commercial revenue grew 37% year over year and 18% sequentially, and full year commercial revenue grew 36% year over year.

剔除策略商業合約的影響，第四季商業收入年增 37%，季增 18%，全年商業收入年增 36%。

We had the strongest quarter of commercial TCV booked at $995 million, representing 42% growth year over year and 63% growth sequentially.

我們商業 TCV 的預訂量達到 9.95 億美元，是本季最強勁的季度，年增 42%，季增 63%。

Our US commercial business is seeing unprecedented demand, with AIP driving both new customer conversions and existing customer expansions in the US.

我們的美國商業業務正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。

Fourth quarter US commercial revenue grew 64% year over year and 20% sequentially to $214 million.

第四季美國商業收入年增 64%，季增 20%，達到 2.14 億美元。

Full year US commercial revenue grew 54% year over year to $702 million.

全年美國商業收入年增54%至7.02億美元。

Excluding revenue from strategic commercial contracts, fourth quarter US commercial revenue grew 76% year over year and 19% sequentially, and full year US commercial revenue grew 69% year over year.

不包括策略商業合約收入，第四季美國商業收入年增 76%，季增 19%，全年美國商業收入年增 69%。

We also had our strongest quarter of US commercial TCV booked at $803 million, representing growth of 134% year over year and 170% sequentially.

我們也迎來了美國商業 TCV 最強勁的一個季度，達到 8.03 億美元，年增 134%，環比成長 170%。

This exceeded our next highest quarter of US commercial TCV book by nearly $400 million, hiding the increased demand for AI production use cases.

這比我們下一個最高季度的美國商業 TCV 帳面價值高出近 4 億美元，掩蓋了對 AI 生產用例的需求增加。

Total remaining deal value in our US commercial business grew 99% year over year and 47% sequentially.

我們美國商業業務的剩餘交易總價值年增 99%，較上季成長 47%。

Our US commercial customer count grew to 382 customers, reflecting growth of 73% year over year and 19% sequentially.

我們的美國商業客戶數量成長至 382 個，較去年同期成長 73%，較上季成長 19%。

Fourth quarter international commercial revenue grew 3% year over year and 15% sequentially to $158 million, partially driven by revenue catch up from a customer in Asia.

第四季國際商業收入年增 3%，季增 15%，達到 1.58 億美元，部分原因是亞洲客戶的營收追趕。

Full year international commercial revenue grew 9% year over year to $594 million.

全年國際商業收入較去年同期成長9%至5.94億美元。

For international commercial business, we continue to capitalize on targeted growth opportunities in Asia, the Middle East and beyond, but remain focused on accelerating our growth in the US commercial business.

對於國際商業業務，我們繼續利用亞洲、中東及其他地區的目標成長機會，但仍專注於加速我們在美國商業業務的成長。

Revenue from strategic commercial contracts was $9.6 million for the quarter.

本季來自策略商業合約的收入為 960 萬美元。

We anticipate first quarter of 2025 revenue from these contracts to decline to between $4 million to $6 million compared to $24 million in the first quarter of 2024.

我們預計 2025 年第一季這些合約的營收將從 2024 年第一季的 2,400 萬美元下降至 400 萬至 600 萬美元之間。

We anticipate 2025 revenue from these contracts to be approximately half of 1% of full year revenue.

我們預計 2025 年這些合約的收入將佔全年收入的約 0.5%。

Shifting to our government segment.

轉向我們的政府部門。

Fourth quarter government revenue grew 40% year over year and 11% sequentially to $455 million.

第四季政府營收年增 40%，季增 11%，達到 4.55 億美元。

Full year government revenue grew 28% year over year to $1.57 billion.

全年政府營收年增28%，達15.7億美元。

Fourth quarter US government revenue grew 45% year over year and 7% sequentially to $343 million.

第四季美國政府營收年增 45%，季增 7%，達到 3.43 億美元。

Full year US government revenue grew 30% year over year to $1.2 billion.

全年美國政府營收年增30%，達12億美元。

This acceleration was driven by continued execution in existing programs and new awards reflecting the growing demand for AI in our government software offerings.

這項加速是由現有專案的持續執行和新獎項的推動，反映了我們政府軟體產品對人工智慧日益增長的需求。

Fourth quarter international government revenue grew 28% year over year and 26% sequentially to $112 million, bolstered by our continued work in UK healthcare and defense.

第四季國際政府營收年增 28%，季增 26%，達到 1.12 億美元，這得益於我們在英國醫療保健和國防領域的持續努力。

Full year international government revenue grew 23% year over year to $372 million.

全年國際政府營收年增23%，達3.72億美元。

Fourth quarter TCV book was $1.79 billion, a 56% year over year and 63% sequentially.

第四季的 TCV 帳面價值為 17.9 億美元，年增 56%，季增 63%。

Net dollar attention was 120%, an increase of 200 basis points from last quarter.

淨美元關注度為 120%，較上一季增加 200 個基點。

The increase was driven both by expansions at existing customers and new customers acquired in Q4 of last year as we see the effect of the AI revolution.

隨著我們看到人工智慧革命的影響，這一成長主要是由現有客戶的擴張和去年第四季獲得的新客戶所推動的。

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 and velocity in our US business over the past year.

由於淨美元留存不包括過去 12 個月內獲得的新客戶的收入，因此尚未完全反映出我們過去一年美國業務的加速度和速度。

We entered the fourth quarter with $5.43 billion in total remaining deal value, an increase of 40% year over year and 20% sequentially, and $1.73 billion in remaining performance obligations, an increase of 39% year over year and 10% sequentially.

進入第四季度，我們剩餘交易總價值為 54.3 億美元，年增 40%，季增 20%，剩餘履約義務為 17.3 億美元，年增 39%，季增 10%。

As a reminder, RPO is primarily comprised of our commercial business.

提醒一下，RPO 主要由我們的商業業務組成。

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.

因為它沒有考慮初始期限少於 12 個月的合同，以及超出終止便利條款的合約義務，這兩種情況在我們的大多數政府業務中都很常見。

Turning to margin and expense.

轉向利潤和費用。

Adjusted gross margin, which excludes stock-based compensation expense, was 83% for the quarter and the full year.

調整後的毛利率（不包括股票薪酬費用）本季和全年為 83%。

Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $373 million representing adjusted operating margin of 45%.

調整後的營業收入（不包括股票薪資費用和相關雇主薪資稅）為 3.73 億美元，調整後的營業利潤率為 45%。

Full year adjusted income from operations was $1.13 billion representing margin of 39%.

全年調整後營業收入為 11.3 億美元，利潤率為 39%。

Q4 adjusted expense was $455 million up 1% sequentially and 14% year over year, and full year adjusted expense was $1.74 billion up 9% year over year, primarily driven by our continued investment in AIP and technical talent.

第四季調整後支出為 4.55 億美元，季增 1%，年增 14%，全年調整後支出為 17.4 億美元，較去年同期成長 9%，主要得益於我們對 AIP 和技術人才的持續投資。

We expect to see a more significant increase in expense in 2025 as we invest in technical hires, the product pipeline, and continue our focus on AI production use cases, all while delivering our goals of sustained GAAP profitability.

我們預計，隨著我們投資技術招聘、產品線並繼續關注 AI 生產用例，同時實現持續 GAAP 盈利的目標，2025 年的費用將有更顯著的增長。

On the back of the strength of our results, we want to congratulate our employees for the successful delivery of their market vesting stock appreciation rights or SARs.

在我們取得強勁業績的基礎上，我們要祝賀我們的員工成功實現其市場歸屬股票增值權（SAR）。

As a result of this achievement, we accelerated $131 million of one-time expense in the fourth quarter related to these equity awards.

由於這一成就，我們在第四季度加速了與這些股權獎勵相關的 1.31 億美元的一次性支出。

Fourth quarter stock-based compensation expense was $282 million and employer-related equity tax expense was $80 million.

第四季股票薪資費用為 2.82 億美元，雇主相關股權稅費用為 8,000 萬美元。

Full year stock-based compensation expense was $692 million.

全年股票薪酬支出為 6.92 億美元。

An employer-related equity tax expense was $126 million.

與雇主相關的股權稅費用為 1.26 億美元。

Fourth quarter GAAP operating income was $11 million, representing a margin of 1%.

第四季 GAAP 營業收入為 1,100 萬美元，利潤率為 1%。

Fourth quarter operating income, when excluding one-time SAR related expenses, was $142 million, representing a 17% margin.

第四季營業收入（不含一次性 SAR 相關費用）為 1.42 億美元，利潤率為 17%。

Full year GAAP operating income was $310 million representing an 11% margin.

全年 GAAP 營業收入為 3.1 億美元，利潤率為 11%。

Full year operating income, when excluding one-time SAR related expenses, was $442 million representing a 15% margin.

不包括一次性 SAR 相關費用，全年營業收入為 4.42 億美元，利潤率為 15%。

Fourth quarter GAAP net income was $79 million representing a 10% margin.

第四季 GAAP 淨收入為 7,900 萬美元，利潤率為 10%。

Fourth quarter net income, when excluding one-time SAR-related expenses, was $165 million representing a 20% margin.

第四季淨收入（不含一次性 SAR 相關費用）為 1.65 億美元，利潤率為 20%。

Full year GAAP net income was $462 million, representing a 16% margin.

全年 GAAP 淨收入為 4.62 億美元，利潤率為 16%。

Fourth quarter GAAP earnings per share was $0.03, and earnings per share, when excluding one-time SAR-related expenses was $0.07. Full year GAAP earnings per share was $0.19. Fourth quarter adjusted earnings per share was $0.14. Full year adjusted earnings per share was $0.41.

第四季 GAAP 每股收益為 0.03 美元，扣除一次性 SAR 相關費用的每股收益為 0.07 美元。全年 GAAP 每股收益為 0.19 美元。第四季調整後每股收益為 0.14 美元。全年調整後每股收益為 0.41 美元。

Additionally, our combined revenue growth and adjusted operating margin accelerated to 81% in the fourth quarter, a 13 point increase to a Rule of 40 score from the prior quarter.

此外，我們第四季的綜合收入成長和調整後營業利潤率加速至 81%，比上一季增加了 13 個百分點，達到 40 規則分​​數。

Turning to our cash flow, in the fourth quarter, we generated $460 million in cash from operations and $517 million in adjusted free cash flow, representing margins of 56% and 63% respectively.

談到我們的現金流，在第四季度，我們產生了 4.6 億美元的營運現金流和 5.17 億美元的調整後自由現金流，利潤率分別為 56% 和 63%。

For the full year, we generated $1.15 billion in cash from operations and $1.25 billion in adjusted free cash flow, representing margins of 40% and 44% respectively.

全年我們經營活動產生的現金流為 11.5 億美元，調整後自由現金流為 12.5 億美元，利潤率分別為 40% 和 44%。

Through the end of the fourth quarter, we repurchased approximately 2.1 million shares as part of our share repurchase program.

截至第四季末，作為股票回購計畫的一部分，我們回購了約 210 萬股。

As of the end of the quarter, we have 936 million remaining of the original authorization.

截至本季末，我們原始授權餘額還剩9.36億。

We ended the quarter with $5.2 billion in cash, cash equivalents, and short-term US Treasury securities.

截至本季末，我們持有現金、現金等價物及短期美國公債 52 億美元。

Now turning to our outlook.

現在來談談我們的展望。

For Q1 2025, we expect revenue of between $858 million and $862 million and adjusted income from operations of between $354 million and $358 million.

對於 2025 年第一季度，我們預計營收在 8.58 億美元至 8.62 億美元之間，調整後營業收入在 3.54 億美元至 3.58 億美元之間。

For full year 2025 we expect revenue of between $3.741 billion and $3.757 billion.

我們預計 2025 年全年營收將在 37.41 億美元至 37.57 億美元之間。

US commercial revenue in excess of $1.079 billion, representing a growth rate of at least 54%.

美國商業收入超過10.79億美元，成長率至少54%。

Adjusted income from operations of between $1.551 billion and $1.567 billion.

調整後的營業收入在15.51億美元至15.67億美元之間。

Adjusted free cash flow of between $1.5 billion and $1.7 billion.

調整後的自由現金流在15億美元至17億美元之間。

And GAAP operating income and net income in each quarter of this year.

以及今年各季度的GAAP營業收入和淨收入。

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

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

Welcome to our Palantir revolution, otherwise known as our earnings call.

歡迎參加我們的 Palantir 革命，也稱為我們的收益電話會議。

There really is a lot of debate about with these numbers if you even should have an earnings call.

關於這些數字是否應該召開收益電話會議確實存在著許多爭論。

There was also a lot of debate around which number is the best, internally we were undecided whether our 29% growth in aggregate, our 38% growth in the US, our 54% growth in US commercial.

關於哪個數字是最好的，也存在著許多爭論，我們內部還不確定我們的整體成長是29%，在美國是38%，還是美國商業成長是54%。

Our Rule of 81, they may have to redo the rule because when you're doing twice the rule of course, maybe the rule isn't fair to other companies.

我們的 81 規則，他們可能必須重新制定規則，因為當你執行兩倍的規則時，也許該規則對其他公司不公平。

We may have to have a different rule, the Rule of 70 or something, but we blew through that over twice the Rule of 40.

我們可能需要製定不同的規則，例如 70 規則或類似的規則，但是我們已經超出了 40 規則的兩倍。

To say, we did it our way is a minimization of what that meant.

如果說“我們按照自己的方式去做了”，那就太輕描淡寫了這句話的含義。

We have taken a long bet over decades around the assumption that, if we built the products that our partners -- most importantly our partners in the west, most importantly our partners in the US ought to build, not what they wanted us to build, not what they mandated we should build, not what investors, venture capitalist or analysts were saying they reward us for building that, that company would generate so much value and that we would get a small percentage of that and we would end up as a massive significant and much more importantly impactful company that could power the West to its obvious innate superiority, expose things that weren't working, rebuild the whole infrastructure of a company.

幾十年來，我們一直堅信，如果我們生產的產品符合我們的合作夥伴——最重要的是西方的合作夥伴，最重要的是美國的合作夥伴——的需要，而不是他們希望我們生產的產品，不是他們要求我們建造的，不是投資者、風險資本家或分析師所說的，他們獎勵我們建造的，那個公司將創造如此多的價值，我們將獲得其中的一小部分，最終我們將成為一個龐大的這家公司意義重大，更重要的是，它影響力巨大，能夠激發西方明顯的先天優勢，揭露那些行不通的東西，重建公司的整個基礎設施。

We did that over with many platforms.

我們在許多平台上都做過同樣的事。

Most successfully, however was our, interest in figuring out how to power human driven analytics with the assumption that what ought to come would not be human driven, i.e., would be AI at some point, and that AI potentially could be something like a large language model.

然而，最成功的是，我們的興趣在於弄清楚如何為人類驅動的分析提供動力，假設未來的發展不應該是人類驅動的，也就是說，在某個時候會是人工智慧，而人工智慧可能像一個大型語言模型。

And what we've delivered to the market is a symbiotic relationship between data, computer, LLMs, organized powered made possible, made valuable by something we dared to call an Ontology which was in the beginning viewed as a highly obnoxious, anti-[comatic] term that people thought we were using to obfuscate bad financials.

我們向市場提供的是數據、計算機、法學碩士之間的共生關係，這種關係由我們敢於稱之為本體論的東西所實現，並因此而變得有價值，而本體論在最初被視為一種非常令人討厭的、反喜劇的] 人們認為我們用這個術語來掩蓋糟糕的財務狀況。

And that Ontology and our willingness to stick to our guns again because there's been billions and billions and billions of dollars invested in large language models.

而本體論和我們再次堅持下去的意願因為我們已經在大型語言模型上投資了數十億美元。

The idea that you could dare to build a product that was built on the assumption that the power of large language models would be in their operas -- the ability to operationalize them, in the context of the enterprise, in common language.

你敢於建立一款產品，該產品建立在這樣的假設之上：大型語言模型的威力在於它們的運作能力——在企業環境中，以通用語言對它們進行操作的能力。

So that was a revolution that we saw that we built against that we've led that we've gotten off the ground for us in America, we have 54% growth in the US com -- by the way, USG is now re-accelerated grew 30%, we are guiding above 30% at 31%.

所以，我們看到了一場革命，我們在美國取得了成功，我們在美國的商業成長了 54%——順便說一下，USG 現在是加速成長30%，我們預期成長30%以上，達到31%。

And we're doing this in a very very complicated environment, the part of the reason we've done so well is the experts look to the past as an indication of the future when we're looking to the future as an indication of the present, and it's very hard to figure out what's going to happen.

我們是在非常複雜的環境中做這件事的，我們之所以做得這麼好，部分原因是專家們把過去看作未來的指示，而我們把未來看作未來的指示。清楚接下來會發生什麼事。

We see as much as I personally care about the broader West, including Continental Europe.

我們和我個人一樣關心更廣闊的西方世界，包括歐洲大陸。

Despite our best efforts and working out every day, it's anemic, we're growing, around 4% on 13% of our company.

儘管我們盡了最大努力，每天都在努力，但成長仍然乏力，公司 13% 的份額僅增長了 4% 左右。

It does look like the Continent of Europe will look to the past as a way of getting to the future, struggles with the idea that all the valuable technology in this area is built in America.

看起來歐洲大陸將回顧過去，以此作為走向未來的一種方式，並努力克服這一領域所有有價值的技術都誕生於美國這一觀念。

Perhaps struggles with the fact that to make LLMs work, you will have to find a way to build something like an Ontology.

也許要讓 LLM 發揮作用，你必須找到一種方法來建構類似本體的東西。

There's one available at Palantir.

Palantir 上有一個。

We have rejected all the way through anti- meritocratic concepts, anti-transparent concepts, we're at the forefront of civil liberties.

我們始終拒絕反精英主義、反透明的觀念，我們站在公民自由的前端。

One of the reasons Ontology is so valuable is because the concepts that we built into PG, that we built into foundry that are expressed in branching.

Ontology 如此有價值的原因之一是我們在 PG 中建構的概念，我們在鑄造廠中建構的概念都是以分支形式表達的。

Our concepts that both accelerate revenue, it get and decelerate control, CapEx -- I make the margins, something like what you would find at Palantir.

我們的理念是既加速收入，又獲得控制權，即資本支出——我創造利潤，就像你在 Palantir 發現的那樣。

But do it in a way that actually make the enterprise better, healthier, more ethical.

但要採取切實可行的方式，讓企業變得更好、更健康、更合乎道德。

We at the end of the day at Palantir are exporting our culture and way of doing things to enterprises, especially in America, by allowing enterprises to capture their tribal knowledge in a way that they can utilize LLMs, i.e., take the commodity side of LLMs and hypercharge their specialize their secrets of their enterprise using the secrets of our enterprise, namely how do you build product, how do you end up with Ontology, how do you implement it?

歸根結底，Palantir 正在向企業輸出我們的文化和做事方式，尤其是在美國，透過讓企業以可以利用法學碩士的方式獲取他們的部落知識，即利用法學碩士的商品化一面並利用我們企業的秘密來增強他們企業的專業秘密，即如何建構產品，如何得到本體，如何實現它？

And last not least, we believe we are making America more lethal, making our adversaries increasingly afraid of acting against the interests of America and especially Americans, and we're proud of our moral stance and we're very long on the US and what's happening and what will happen in the future.

最後，我們相信我們正在讓美國變得更加致命，讓我們的對手越來越害怕做出違背美國利益，特別是美國人利益的行為，我們為我們的道德立場感到自豪，我們對美國以及未來的發展充滿信心。

And with that we should open up our earnings call -- This is obviously a very special time to be a Palantir.

我們應該以此開始我們的收益電話會議——對 Palantir 來說，這顯然是一個非常特殊的時刻。

Palantarians are very excited, and -- Yeah, it's by far the best time to be a Palantir.

Palantarians 非常興奮，而且——是的，這是成為 Palantir 的最佳時機。

One of the things that's crazy important about our time Palantir now is, it's actually the vibe internally, the vibe with our clients, the vibe with inside of our products is, we are at the beginning of our trajectory.

目前 Palantir 最重要的事情之一是，它實際上是內部的氛圍，與客戶的氛圍，我們產品內部的氛圍，我們正處於發展軌蹟的開始階段。

We are at the way beginning of a revolution, and we plan to be a cornerstone, if not the cornerstone company and driving this revolution in the US over the next 3 to 5 years.

我們正處於一場革命的開端，我們計劃成為基石，如果不是基石公司的話，並在未來 3 到 5 年內推動美國這場革命。

Thanks, Alex.

謝謝，亞歷克斯。

We'll now turn to a few questions from our shareholders before opening up the call.

在開始電話會議之前，我們想先回答股東提出的幾個問題。

Our first question is from Christina who asks what is so unique about the ontology?

我們的第一個問題來自克里斯蒂娜，她問本體論的獨特之處是什麼？

How does it give you an edge over your competitors, and why wouldn't any of them be able to recreate something similar?

它如何讓你在競爭中佔優勢？

Well, thank you, Christina for the question.

好吧，謝謝你，克里斯蒂娜提出這個問題。

I think we could start by thinking about if I was building software to solve problems for one company, well, you don't need an ontology.

我認為我們可以先思考一下，如果我正在開發軟體來解決一家公司的問題，那麼你就不需要本體了。

You just take the shortest path between A and B and that doesn't involve ontology.

您只需採取 A 和 B 之間的最短路徑，這並不涉及本體。

You could think about, okay, what if I'm building enterprise software for many customers, in a traditional way, not a forward deployed engineering way where I have, I'm thinking about it deductively.

您可以想一想，好吧，如果我以傳統方式為許多客戶建立企業軟體，而不是採用前瞻性部署的工程方式，我會進行演繹思考。

I have large multi-year implementations, never mind that those things never work, but the traditional software industrial complex, you're not even going to conceive of ontology.

我有多年的大型實施項目，不要介意那些東西永遠不起作用，但是傳統的軟體工業綜合體，你甚至不會想到本體。

But if you have the ambition to build software that works across government, across 50 different industries, you have to build ontology.

但是，如果您有志於建立可跨政府、跨 50 個不同行業運行的軟體，您就必須建立本體。

It is absolutely the longest path between point A and point B, but it gives you superpowers when you show up to your customers, and it gives your customers superpowers when they're managing the change in their enterprise, mergers and acquisitions, fighting the entropy of the universe, competing in the market.

這絕對是A 點和B 點之間最長的路徑，但當你出現在客戶面前時，它會賦予你超能力，當你的客戶管理企業變革、併購、對抗熵時，它會賦予他們超能力宇宙，在市場上競爭。

But what makes ontology essential is AI.

但讓本體論變得至關重要的是人工智慧。

Ontology ends up being the intermediary representation.

本體最終成為中介表徵。

That makes your enterprise accessible to AI in a way that's governed and secure and provides you the observability that you need so you can actually trust the AI, but more importantly, the observability your regulators need so they can trust in your transition to being a self-driving company.

這使您的企業能夠以受監管且安全的方式存取人工智慧，並為您提供所需的可觀察性，以便您真正信任人工智慧，但更重要的是，您的監管機構需要可觀察性，以便他們能夠信任您向自我轉型-駕駛公司。

Yeah, and it also allows you to manage them so that the actual taxonomy and ability to put the large language model where it can be more exact so it can be managed at scale.

是的，它還允許您管理它們，以便實際的分類和將大型語言模型放置在更精確的位置，以便可以大規模管理。

You could think of it as what we do on the foundry back end where we're have to create pipelines.

您可以將其視為我們在鑄造廠後端所做的事情，我們必須創建管道。

It's basically anti-segmenting the data.

這基本上是對資料的反分割。

To get the AI to actually work in an enterprise, you have to re-segment, reconcatenate the large language models in a way where the use case is thin enough that they can actually provide exact enough information and the concatenation of that is exact enough to provide real results in an enterprise context, meaning you can rely on the large language model to do the same thing 500 people would be doing who are experts in dealing with text and you can do that with three people.

為了讓人工智慧在企業中真正發揮作用，你必須重新分割、重新連接大型語言模型，使用例足夠精簡，以便它們能夠提供足夠精確的信息，並且這些信息的連接足夠精確，在企業環境中提供真實的結果，這意味著您可以依靠大型語言模型來完成500 位文字處理專家所做的事情，而且您只需三個人就可以完成。

And then the question that Shyam is getting, is answering is also, but why is it hard to build it?

然後 Shyam 遇到的問題也是一樣，但是為什麼建造它如此困難？

So now we know that Palantir is succeeding and has this, pick your stat rule of 81 growth with no, basically a nascent sales force.

所以現在我們知道 Palantir 正在取得成功，並且擁有這一點，選擇你的統計規則 81 增長，沒有，基本上是一支新生的銷售隊伍。

It's actually very hard to build because in order to have an idea how to do this, you would have to have taken all the lessons of every single product we built, including security models, including how do you interact with the data of an actual enterprise, how do you impose branching.

它實際上非常難以構建，因為為了了解如何做到這一點，你必須吸取我們構建的每一個產品的所有教訓，包括安全模型，包括如何與實際企業的數據進行交互，如何實施分支。

And then you'd have to interact with that and build something to work with the large language models, and not as you thought they were, not as you'd like them to be, but as they are.

然後你必須與之互動並建立一些東西來與大型語言模型一起工作，這不是你想像的那樣，不是你希望的那樣，而是它們本來的樣子。

And that process probably will begin for lots of companies now.

對很多公司來說，這項進程可能現在就開始了。

It is a very long and hard process to do this in a productized form.

要以產品化的形式來實現這一點，是一個非常漫長而艱難的過程。

And one of the reasons people didn't figure this out is because tech companies don't actually need this because they have one company and or they have something, but it is not a product.

人們沒有意識到這一點的原因之一是，科技公司實際上並不需要這個，因為他們有一家公司或某種東西，但它不是產品。

Taking this from one company to a company that can install us anywhere requires a very specialized dedicated product building culture with deep understandings of understanding the enterprise.

要將這項業務從一家公司拓展到可以在任何地方安裝我們的公司，需要非常專業的專用產品建構文化以及對企業的深刻理解。

Last not least, in order to be able to teach large language model to get more exact precise information, you would have to have a secure and clean access to the underlying data of the enterprise.

最後同樣重要的一點是，為了能夠訓練大型語言模型以獲得更精確的訊息，您必須能夠安全、乾淨地存取企業的底層資料。

No other company in the world has that kind of access like Palantir, and that's why we're completely uniquely positioned to do this.

世界上沒有其他公司像 Palantir 一樣擁有這樣的訪問權限，這就是為什麼我們擁有獨特的優勢來做到這一點。

And luckily for the world, we're very long America and we're doing it primarily here because it's powerful as f**k.

對世界來說幸運的是，我們非常看好美國，而且我們在這裡做這件事主要是因為它非常強大。

Thank you both.

謝謝你們兩位。

Our next question is from Kamal who asks, how will the new Chinese AI model DeepSeek impact Palantir and how can Palantir mitigate its impact?

我們的下一個問題來自 Kamal，他問，中國新的 AI 模型 DeepSeek 將如何影響 Palantir，以及 Palantir 如何減輕其影響？

Well, I think one of the obvious lessons of DeepSeek or One is something that we've been saying for the last two years, which is that the models are commoditizing.

嗯，我認為 DeepSeek 或 One 的一個明顯的教訓是我們過去兩年一直在說的，那就是模型正在商品化。

Yes, they're getting better across both closed and open, but they're also getting more similar, and the price of inference is dropping like a rock.

是的，它們在封閉和開放方面都變得越來越好，但它們也變得越來越相似，推理的價格正在急劇下降。

But I think the real lesson, the more profound one is that we are at war with China.

但我認為真正的、更深刻的教訓是我們正在與中國處於戰爭狀態。

We are in an AI arms race, and I got into a disagreement with Sam Altman about this at the Senate AI Summit over a year ago, where I was arguing that we are in an AI arms race and there's an opposing view that we can all get along and we can cooperate on these things and I'm sure the other side feels quite different realizing that their IP has been stolen in this process here.

我們正處於一場人工智慧軍備競賽之中，一年前在參議院人工智慧高峰會上，我與薩姆·奧特曼就此產生了分歧，當時我主張我們正處於一場人工智慧軍備競賽之中，而反對的觀點認為我們都可以我們可以相處融洽，在這些事情上進行合作，我相信當對方意識到他們的智慧財產權在這個過程中被竊取時，他們會感覺很不一樣。

But this war started long ago.

但這場戰爭早已開始。

It was an economic war with the ascension of China to the World Trade Organization, the greatest IP theft in history, the greatest wealth transfer in history.

這是一場伴隨著中國加入世界貿易組織的經濟戰爭，是史上最大的智慧財產權盜竊，也是史上最大的財富轉移。

It is an opium war.

這是一場鴉片戰爭。

The number one cause of deaths of 18- to 45-year-olds in this country is fentanyl.

芬太尼是全國18至45歲死亡的首要原因。

That is coming from China.

這是來自中國的消息。

It is a diplomatic war.

這是一場外交戰。

The Belt and Road Initiative is basically indentured servitude for other countries to the CCP here.

「一帶一路」倡議基本上是中共對其他國家的契約奴役。

And the unprecedented Phase Zero-Gray Zone Operations of the CCP, how many times are we going to believe that anchors are dragged across the sea that cut undersea cables here?

而中共史無前例的「零階段灰色地帶」行動，我們還要多少次相信，有人拖著錨跨過大海，切斷了這裡的海底電纜？

But I think one of the things, China knows they're at war.

但我認為其中一件事是，中國知道他們處於戰爭之中。

The question is we kind of equivocate on it as a peace-loving nation.

問題是，作為一個愛好和平的國家，我們對此含糊其辭。

But one of the things I want to make sure we all do realize is that the engineering in R1 is exquisite.

但我想確保我們所有人都意識到的一件事是，R1 的工程設計非常精湛。

The optimizations that they've done are really impressive, and I don't think you can get away with the facile explanation that the Chinese just copy and we're the only innovators.

他們所做的優化確實令人印象深刻，我認為你不能簡單地解釋為「中國人只是抄襲，而我們是唯一的創新者」。

We have to wake up with the respect for our adversary and realize that we are competing, but they absolutely did steal a lot of that through distillation of the models and perhaps they stole even more.

我們必須清醒地認識到我們的對手，並意識到我們正在競爭，但他們確實透過提煉模型竊取了很多東西，甚至可能竊取的更多。

And then you can look at the GPU sales growth in Singapore.

然後你可以看看新加坡的 GPU 銷售成長。

It's a tiny island nation.

這是一個很小的島國。

I'm pretty sure there's some sanctioned invasion going on there.

我確信那裡正在發生一些經批准的入侵。

And we have to realize that the AI race is winner take all, and it's going to be a whole of nation effort that extends well beyond the DOD in order for us as a nation to win, and that M-day was yesterday, the time to mobilize has come.

我們必須認識到，人工智慧競賽是贏家通吃的，我們需要整個國家共同努力，而不僅僅是國防部，才能取得勝利。

Thank you, Shyam.

謝謝你，Shyam。

Our next question is from Dan with Wedbush.

下一個問題來自韋德布希公司的丹。

Dan, please turn on your camera, and then you'll receive a prompt to unmute your line.

丹，請打開你的鏡頭，然後你會收到取消靜音的提示。

(technical difficulty)

（技術難度）

Can you repeat the question?

你能重複一下這個問題嗎？

We didn't hear you.

我們沒有聽見你說話。

Thank you.

謝謝。

Yeah.

是的。

Are you surprised at how quick these sales cycles are actually taking place from when a customer first meets Palantir to now deploying AI initiatives.

從客戶第一次接觸 Palantir 到現在部署 AI 計劃，這些銷售週期實際上發生得如此之快，你是否感到驚訝呢？

I mean, does that surprise the team at all?

我的意思是，這會讓團隊感到驚訝嗎？

I would say, I'm not surprised because of the energy we feel on the ground in talking to customers and the impact -- Shyam shared some examples.

我想說，我並不感到驚訝，因為我們在與客戶交談時感受到了活力和影響——Shyam 分享了一些例子。

Taking a back-office process from the largest banks from five days to under three minutes.

將大型銀行的後台流程從五天縮短至三分鐘以內。

Taking what used to -- automating a process for an automotive supplier from what used to take 100 hours to be automated with just a human check.

將汽車供應商過去的一個流程自動化，從原來只需手動檢查就需要 100 小時的時間，降低到現在的 100 小時。

And seeing the reactions of those customers when those are implemented and seeing the impact and seeing them wanting to move quickly, seeing them wanting to start quickly, expand quickly and essentially stay ahead of their competitors, like feeling that energy and feeling that reaction on the ground, I'm not surprised because you feel it.

看到這些客戶在實施這些措施時的反應，看到其影響，看到他們想要迅速行動，看到他們想要迅速起步，迅速擴張，從本質上保持領先於競爭對手，就像感受到那種能量和那種反應地面，我並不感到驚訝，因為你感覺到了。

It's tangible.

這是切實存在的。

What surprises me a lot is just customers and especially countries are just reacting completely differently.

令我驚訝的是，顧客，尤其是各國，的反應完全不同。

So in broad swaths, American companies have approached this revolution in a very pragmatic way, which is, so we had all these experts saying that what you ought to do is buy a large language model and install it on your enterprise.

因此，從廣泛意義上講，美國公司都以非常務實的方式應對這場革命，也就是說，我們讓所有這些專家都說，你應該做的是購買一個大型語言模型並將其安裝在你的企業中。

And customers are like, great, we'll try that but we're also going to try Palantir.

客戶們會說，太好了，我們會嘗試一下，但我們也會嘗試 Palantir。

And there's really no ideology in aggregate in this country defining how people do things.

在這個國家，實際上不存在總體上的意識形態來定義人們如何做事。

It's about output, how quick is that output, what is?

這是關於輸出的問題，輸出有多快，是什麼？

And there are just -- there's a lot of communication between enterprises in America, especially in sectors.

美國的企業之間，特別是各行業的企業之間，有著許多的交流。

So people talk about what's working and what's not working.

因此人們討論什麼有效，什麼無效。

And in contradistinction, if you look at Europe with 13% of our business and 4% growth rate last year, so compare that, it's like more than 10x better in America, in US comm, right?

相較之下，如果看看歐洲，去年我們的業務佔比 13%，成長率為 4%，相比之下，美國的情況要好 10 倍以上，對吧？

And what's really happening there is people are reading literally basically PowerPoints of how you did tech installations in the '50s, and that's what they're doing.

而那裡的真實情況是，人們基本上只是在閱讀 PowerPoint，了解 50 年代如何進行技術安裝，而這正是他們正在做的事情。

And what is jarring to me is that you just see adoption, radical adoption from some clients.

令我震驚的是，你看到一些客戶採取了這種做法，甚至是激進的採用。

Again, you do have some people in America who are still doing science projects.

再說一次，美國確實有一些人仍在從事科學計畫。

But it's -- how could it be that one set of companies in one geography adopts and in a very culturally similar geography, people are just like, okay, great, but that's not how we do it.

但是，怎麼可能某個地區的一組公司採用了這種做法，而在另一個文化非常相似的地區，人們卻覺得，好的，很棒，但這不是我們的做法。

And so -- and this, by the way, is not just -- we talk a lot about US commercial because we can't really talk in detail of what's happening on the battlefield.

所以——順便說一句，這不僅僅是——我們談論了很多關於美國商業的事情，因為我們無法詳細談論戰場上發生的事情。

But the battlefield and Shyam can talk about this basically forever, this is basically -- we enjoy it.

但是戰場和 Shyam 基本上可以永遠談論這個，這基本上是——我們喜歡它。

It's equally diversion.

這同樣是一種消遣。

It's like you have cultures that are like, we have to fight in a way that suits our culture, that suits our ethics, where we have a primacy of winning and a primacy of maintaining our values.

就像你們的文化一樣，我們必須以適合我們文化、適合我們道德的方式進行戰鬥，我們將勝利放在第一位，並將維護我們的價值觀放在第一位。

And those cultures are rebuilding how they fight, rebuilding the things that they think are valuable, looking at the evidence of what worked, what didn't, what was the cost structure.

這些文化正在重建他們的戰鬥方式，重建他們認為有價值的東西，尋找什麼有效、什麼無效、成本結構是什麼的證據。

And meanwhile, there are just a lot of people who are just like but that could get away in the way of

同時，也有很多人只是喜歡，但這可能會妨礙

[vacation].

[假期]。

And so it is really, really jarring.

所以這真的非常非常令人震驚。

I think one of the things I am sympathetic with when investors look at Palantir is like, yes, but it's very hard to know because people are going on different paths.

我認為，當投資者關注 Palantir 時，我感到同情的一件事是，是的，但這很難知道，因為人們走的是不同的道路。

But yes, in America, in aggregate, the response is, I expected this to work in X amount of time.

但是的，在美國，總體而言，反應是，我預計這將在 X 時間內發揮作用。

You got it to work and beat what I was expecting in 1/10, 1/20, 1/50 of the time.

你讓它工作了，並且在 1/10、1/20、1/50 的時間內超出了我的預期。

And by the way, the other thing that is super surprising is 2, 3 years ago, when we were doing foundry or even some of our kind of more sensitive things in the military, I believe we were delivering results that were in 6 months would have taken 10 years and they were things that people couldn't deal with.

順便說一句，另一件非常令人驚訝的事情是，2、3 年前，當我們在做代工，或者在軍事領域做一些比較敏感的事情時，我相信我們交付的成果在6 個月內就能實現。

But now because of the time and the power, you can't really hide it as easily in some department of your enterprise.

但現在由於時間和權力的原因，你無法輕易地將其隱藏在企業的某些部門中。

So what would happen to us in the past is we would do a pilot, we do an enterprise thing and because, obviously, people didn't appreciate our -- my charm and there were no steak dinners and we weren't laughing at your jokes and we were probably saying the wrong thing at the wrong times, that thing got stuck in some part of the enterprise.

所以過去我們會做試點，做企業的事情，因為很明顯，人們不欣賞我們的魅力，也沒有牛排晚餐，我們也不會嘲笑你笑話，我們可能在錯誤的時間說了錯誤的話，這件事情就卡在了企業的某個部分。

Everyone knew it was the most important thing about the enterprise, but no one would acknowledge it.

每個人都知道這是企業最重要的事情，但沒有人承認這一點。

And now it's just too powerful.

現在它的威力實在太強大了。

People are like, yes, I don't particularly like them.

人們會說，是的，我並不特別喜歡它們。

They don't offer dinners.

他們不提供晚餐。

They don't wear suits.

他們不穿西裝。

Shyam's hard to understand for me.

我很難理解 Shyam 的意思。

But the results are massive.

但成果是巨大的。

And that's what's driving the results in the -- that's what's driving the 54 number that we're guiding that we did last year, and we're guiding to this year in US commercial.

這就是推動結果的因素——這就是我們去年預期的 54 個數字以及今年美國商業預期的 54 個數字的因素。

That's what's driving the beat.

這就是推動節奏的動力。

That's what's driving our ability to really maintain our culture.

這才是我們真正保持自身文化的動力。

By the way, it's also the Rule of 81 really comes from this reaction to our company but also because we can stick to our culture, our Ontology of Palantir.

順便說一句，81 法則實際上也源於對我們公司的反應，但也因為我們能夠堅持我們的文化，我們的 Palantir 本體論。

We do not need 500 extra people a quarter.

我們不需要每季額外增加 500 名員工。

We just -- we can really power these things because the pull, when people actually see it, is enough to break down the institutional barriers, the political bulls*** that often we were not able to break through in the past.

我們只是——我們真的可以為這些事情提供動力，因為當人們真正看到它時，它的吸引力足以打破體制障礙和政治障礙，而這些事情在過去我們往往無法突破。

Thank you.

謝謝。

Our next question is from Mariana with Bank of America.

下一個問題來自美國銀行的瑪麗安娜。

Mariana, please turn on your camera and then you'll receive a prompt to unmute your line.

瑪麗安娜，請打開您的攝像頭，然後您將收到取消靜音的提示。

Good morning, everyone.

大家早安。

So my first question is about disruption.

我的第一個問題是關於中斷。

Palantir has been like actually thriving when there is disruption from the very beginnings of the company, 9/11, coronavirus, supply chains, LLMs.

從公司成立之初，Palantir 在遇到 9/11、冠狀病毒、供應鏈、法學碩士學位等乾擾時實際上卻蓬勃發展。

Now everyone is really concerned about DOGE with the change of administration.

現在，隨著政府的更迭，每個人都非常關注 DOGE。

I could imagine like a focus on efficiencies, a focus on software modernization, digitalization could actually be a really good opportunity for you.

我可以想像，專注於效率、專注於軟體現代化、數位化實際上對你來說可能是一個非常好的機會。

I don't know if you can deep dive on like how is Palantir positioned to that.

我不知道您是否可以深入探討一下 Palantir 的定位。

And my second question probably to Dave but like, I don't know, Shyam as well.

我的第二個問題可能是問戴夫 (Dave) 的，但我不知道，也可能問的是 Shyam。

When you see this demand, where do you invest to make sure that you're prepared to actually execute on it?

當您看到這種需求時，您會在哪裡進行投資以確保您已做好真正執行的準備？

Like is it talent?

就像是天賦一樣？

Is it sales?

是銷售嗎？

Is it engineers?

是工程師嗎？

Is it partnerships?

這是合作關係嗎？

Like what do you do to make sure that you can actually capture this opportunity?

例如，您要做什麼來確保自己確實能夠抓住這個機會？

Well, on the first question here, I mean, I think no one really knows, but -- and we sense a huge amount of fear amongst the traditional system integrators and providers here, the traditional providers to the monopsony.

嗯，關於第一個問題，我的意思是，我認為沒有人真正知道，但是——我們感覺到這裡的傳統系統整合商和供應商，傳統的買方壟斷提供者之間存在著巨大的恐懼。

But we're pretty optimistic.

但我們非常樂觀。

And I think if you look at my comments over the past, even my recent Senate service testimony last week, Palantir's real competition is a lack of accountability in government.

我認為，如果你看看我過去的評論，甚至是我上週在參議院的證詞，你會發現 Palantir 真正的競爭對手是政府缺乏問責制。

These forever software projects that cost an insane amount, that don't actually deliver results.

這些永久的軟體專案花費了巨額資金，但實際上卻沒有產生任何成果。

They're sacred cows of the deep state.

他們是深層政府的神聖之物。

You can think about It cost billions of dollars and it didn't work...

你可以想想看，它花了數十億美元，但卻沒有效果…

$26 billion.

260億美元。

Soldiers in war zones preferred Palantir because it worked, and it happened to only cost millions of dollars.

戰區的士兵們更喜歡 Palantir，因為它非常有效，而且只需花費數百萬美元。

And I think DOGE is going to bring meritocracy and transparency to government, and that's exactly what our commercial business is.

我認為 DOGE 將為政府帶來精英管理和透明度，這正是我們的商業業務。

The commercial market is meritocratic and transparent, and you see the results that we have in that sort of environment.

商業市場是精英統治和透明的，你可以在這種環境中看到我們所取得的成果。

And that's the basis of our optimism around this.

這是我們對此感到樂觀的基礎。

I think the work that we've done in government, it's deeply operational, it's deeply valuable.

我認為我們在政府中所做的工作具有很強的可操作性，而且非常有價值。

And we're pretty excited about exceptional engineers getting in there under the hood and being able to see that for a change.

我們非常高興能夠有傑出的工程師進入引擎蓋下並看到這種變化。

We love disruption and whatever is good for America will be good for Americans and very good for Palantir.

我們喜歡顛覆，任何對美國有利的事物都會對美國人有利，對 Palantir 也非常有利。

And I think you've got it exactly right.

我認為你說得完全正確。

Disruption, at the end of the day, exposes things that aren't working.

最終，中斷會暴露出那些不起作用的東西。

There'll be ups and downs.

會有起有落。

This is a revolution.

這是一場革命。

Some people can get their heads cut off.

有些人可能會被砍頭。

It's like we're expecting to see really unexpected things and to win, basically.

這就像我們期待看到真正出乎意料的事情並且基本上取得勝利。

That's what we're going to do.

這就是我們要做的。

See unexpected things, report expected things and win.

看到意想不到的事情，報告預期的事情並獲勝。

And we're planning to do that and we're pretty optimistic about the US environment.

我們正計劃這樣做，我們對美國環境非常樂觀。

And on the investment front, it's like it is quality engineering, right?

從投資方面來看，這就像是品質工程，對嗎？

It's quality engineers and you can see it sort of how we set up our comm programs, sort of.

這是品質工程師，您可以看到我們如何設定我們的通訊程序。

And obviously, that does mean headcount is going to grow somewhat, but really, it is the quality engineers more than the.

顯然，這確實意味著員工人數會增加，但實際上，品質工程師的數量會更多。

And you'll continue to see us do that this year.

今年您還會繼續看到我們這樣做。

We did it last year, particularly in the back half, and you're seeing it sort of in the numbers in Q1 and beyond.

我們去年做到了這一點，特別是在下半年，您可以在第一季及以後的數據中看到這一點。

Yes.

是的。

You also, by the way, for the first time, people want to partner with us.

順便說一句，這也是人們第一次想與我們合作。

It used to be partnership meetings were complete waste of time and BS, like largely so people could fill out a report that they met with us kind of thing, like high school dating for nerds.

以前的合作會議完全是浪費時間和無聊的事情，很大程度上是為了讓人們填寫一份他們與我們會面的報告，就像書呆子的高中約會一樣。

I met with him, perfect.

我和他見過面，很完美。

I'm not going out with him.

我不會跟他出去。

That was our experience with partnerships.

這就是我們的合作經驗。

Now like in the last -- even the last couple of weeks, I've had real partnership discussions because a lot of these people own verticals have to deliver.

現在，就像在過去——甚至過去幾週——我已經進行了真正的合作討論，因為其中許多這些人自己的垂直行業必須實現目標。

They're under a lot of pressure and people know how good our products are.

他們承受著很大的壓力，人們知道我們的產品有多好。

And last not least, what we're really investing in, in my view, is we have a truly unique culture.

最後同樣重要的一點是，在我看來，我們真正投資的是我們真正獨特的文化。

I visit with company every week.

我每週都會和公司一起去。

I've been doing it for 20 years.

我已經做了20年了。

I've never seen a company or a culture anything like ours.

我從未見過像我們這樣的公司或文化。

And that's what we have to fight to keep.

這正是我們必須為之奮鬥保留的。

And every single Palantirian is special.

每個 Palantirian 都是特別的。

Everyone here is doing something unique.

這裡的每個人都在做一些獨特的事情。

We need to continue to attract and retain people who are different, think differently, are different and get them focused on the world's most important missions, building products the way we know how to build them.

我們需要持續吸引和留住與眾不同、思考方式不同的人才，讓他們專注於世界上最重要的使命，以我們所知的方式製造產品。

And that's our primary investment.

這是我們的主要投資。

And it's not actually a question of money, which means that, that's how we crush the margins.

這其實不是一個錢的問題，也就是說，這就是我們壓縮利潤的方法。

It's about talent and just building really great things to things you ought to build, not the things you're supposed to build and getting them into the front line.

這與天賦有關，只與你應該建造的東西有關，而不是與你應該建造的東西有關，然後把它們放到前線。

Thank you, all.

謝謝大家。

Alex, as always, we have a lot of individual investors on the line.

亞歷克斯，一如既往，我們有很多個人投資者在線上。

Is there anything you'd like to say before we end the call?

在我們結束通話之前您還有什麼要說嗎？

We're doing it.

我們正在做這件事。

We're doing it.

我們正在做這件事。

And I'm sure you're enjoying this as much as I am.

我相信您和我一樣享受這個。

Let's not talk to analysts about the burden of being right.

我們不要與分析師談論正確性的負擔。

Our burdens of investing in Ontology, our burdens of actually looking at the math, the burden of reading what the Rule of 40 is, the burden of being honest about what an enterprise software company is or the burden of explaining to your friends that you're really happy.

我們投資本體論的負擔、我們實際研究數學的負擔、閱讀 40 規則的負擔、誠實了解企業軟體公司是什麼的負擔，或者向朋友解釋你的負擔真的很高興。

Maybe we should stop talking about it.

也許我們應該停止談論它。

I'm very happy to have you along for the journey and you are partners for us.

我很高興你們能和我一起踏上旅程，你們是我們的夥伴。

Every Palantir-ian, we are crushing it.

每一個 Palantirian，我們都在粉碎它。

Everyone else is listening, we are dedicating our company, we have dedicated our company to the service of in the United States of America and we're super proud of the role we play especially in places we can't talk about.

其他人都在聽，我們正在致力於我們的公司，我們致力於為美國服務，我們為我們發揮的作用感到非常自豪，特別是在我們不能談論的地方。

And we love our success in the US and globally.

我們很高興我們在美國和全球取得了成功。

Also, we are doing with United Kingdom and many other places.

此外，我們也與英國和許多其他地方合作。

Palantir is here to disrupt and make our nations we partner with the very best in the world and, when it's necessary, to scare enemies and on occasion, kill them.

Palantir 的存在就是為了擾亂並讓我們的合作夥伴國家成為世界上最優秀的國家，並且在必要時震懾敵人，有時甚至殺死他們。

And we hope you're in favor of that.

我們希望您贊成這一點。

We hope you're enjoying being our partner, and we're really happy and very, very focused on what we're doing.

我們希望您喜歡成為我們的合作夥伴，我們真的很高興並且非常非常專注於我們正在做的事情。

Thank you for your time.

感謝您的時間。

Thank you.

謝謝。

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

今天的電話問答到此結束。