Palantir Technologies Inc (PLTR) 2025 Q1 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our first quarter 2025 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 2025 年第一季財報電話會議。我們將在市場收盤後發布的新聞稿中討論宣布的結果，並發佈在我們的投資者關係網站上。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter and fiscal 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，包括有關我們第二季度和 2025 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的計劃、前景和期望的其他聲明。

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 release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

這些聲明並非承諾或保證，並且受風險和不確定性的影響，可能導致其與實際結果有重大差異。有關這些風險的資訊可在我們今天收盤後發布的收益報告和我們提交給美國證券交易委員會的文件中查閱。除非法律要求，否則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，我們將參考某些調整後的財務指標。這些非 GAAP 財務指標應作為 GAAP 指標的補充而非替代或孤立存在。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，包含在我們今天提供的新聞稿和投資者介紹中。

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

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

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，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 開始通話。

Our first quarter of the year showcased incredible strength and remarkable momentum as revenue grew 39% year-over-year. Our story continues to be one of preeminence in the US. Our US revenue grew 55% year-over-year and now makes up 71% of our overall business. Our US commercial businesses extraordinary momentum continued as revenue grew 71% year-over-year. Our foundational US government business achieved compelling revenue growth of 45% year-over-year.

今年第一季度，我們的營收年增 39%，展現出令人難以置信的實力和驚人的勢頭。我們的故事在美國仍然是一個傑出的故事。我們在美國的營收年增 55%，目前占我們整體業務的 71%。我們的美國商業業務持續保持強勁勢頭，營收年增 71%。我們的基礎美國政府業務實現了年比 45% 的顯著收入成長。

Our results continue to redefine the Rule of 40 with our Rule of 40 score increasing from 81 in Q4 to 83 last quarter. While organizations may consider curtailing spending to drive efficiencies or weather heightened volatility, they find this is the moment they need Palantir the most. The time they turn to us asking how can we help them adapt and solve their latest challenges.

我們的結果繼續重新定義 40 規則，我們的 40 規則得分從第四季度的 81 上升到上個季度的 83。儘管組織可能會考慮削減開支以提高效率或應對加劇的波動性，但他們發現這是他們最需要 Palantir 的時刻。他們向我們詢問如何幫助他們適應和解決他們最新的挑戰。

As AI models progress and improve, we continue enabling our customers to maximally leverage these models in production, capitalizing upon the rich context within the enterprise through the Ontology. We remain differentiated in our elite execution to deliver quantified exceptionalism for our customers, ever widening their advantage over the AI have-nots.

隨著人工智慧模型的進步和改進，我們將繼續幫助客戶在生產中最大限度地利用這些模型，透過本體充分利用企業內的豐富背景。我們在精英執行方面保持差異化，為客戶提供量化的卓越服務，並不斷擴大他們相對於沒有人工智慧的客戶的優勢。

As a result, unrelenting demand for AIP continues to drive outperformance despite Q1 historically being our slowest quarter due to business seasonality. Our US commercial revenue grew 19% sequentially to surpass the $1 billion annual run rate for revenue in Q1. We closed $810 million in US commercial TCV with a 239% year-over-year growth rate on a dollar-weighted duration basis, and we closed twice as many deals of $1 million or more compared to the same time period a year ago.

因此，儘管由於業務季節性，第一季歷來是我們業務最慢的季度，但對 AIP 的持續需求繼續推動著我們的優異表現。我們的美國商業收入較上季成長 19%，超過第一季 10 億美元的年營收營運率。我們在美國商業 TCV 中完成了 8.1 億美元的交易，以美元加權期限計算，成長率為 239%，並且我們完成的 100 萬美元或以上的交易數量是去年同期的兩倍。

I feel the demand in the conversations I'm having with customers. On the ground, things are accelerating. Customers are getting started then expanding in quick succession. A large health care company did a boot camp with us in December and five weeks later converted to a five-year $26 million ACV enterprise agreement.

我在與客戶的對話中感受到了這種需求。在實地，事情正在加速發展。客戶開始起步，然後迅速擴大。一家大型醫療保健公司於 12 月與我們一起參加了新兵訓練營，五週後轉換為為期五年、價值 2600 萬美元的 ACV 企業協議。

A global bank started a pilot with us in Q4 2024, signed a $2 million engagement a month later then expanded to a three-year $19 million ACV engagement four months after that. A Fortune 500 health care company began working with us in Q2 2024 and last quarter, signed a five-year $10 million ACV conversion deal. The pace and magnitude of these deals are being driven by the quantified exceptionalism our customers received from day 1 working with us.

一家全球銀行於 2024 年第四季與我們開始試點，一個月後簽署了一份價值 200 萬美元的合約，四個月後又擴展為一份為期三年、價值 1900 萬美元的 ACV 合約。財富 500 強醫療保健公司於 2024 年第二季開始與我們合作，並於上個季度簽署了一項為期五年、價值 1000 萬美元的 ACV 轉換協議。這些交易的速度和規模取決於客戶從與我們合作的第一天起就獲得的量化卓越服務。

We continue to hear from customers that our software's impact is remarkably apparent. A Walgreens executive recently highlighted Foundry and AIP allowed them to play AI-powered end-to-end workflows in 4,000 stores within eight months, automating what would have amounted to 384 billion decisions every day if relying on humans.

我們不斷聽到客戶說我們的軟體的影響非常明顯。沃爾格林的一位高層最近強調，Foundry 和 AIP 使他們能夠在八個月內在 4,000 家門市中運行由人工智慧驅動的端到端工作流程，從而自動執行每天 3840 億個決策（如果依靠人類的話）。

AIG recently highlighted that they expect the end-to-end adoption of tech advancements leveraging Palantir will double their five-year CAGR. They noted -- It's an unbelievable outcome in terms of what we get. You could give underwriters unlimited time, two, three, four weeks. They still can't get the amount of data that I can get within two to three hours through Palantir. We are partnering with R1 RCM to develop intelligent automation solutions to create faster, more precise health care reimbursement outcomes. Their executive noted, we believe there's a multi-$100 billion opportunity here industry-wide to put money back into the pockets of providers and physicians so they can better invest in patient outcomes.

AIG 最近強調，他們預計利用 Palantir 的端到端技術進步將使其五年複合年增長率翻倍。他們指出——就我們所得到的結果而言，這是一個令人難以置信的結果。你可以給承銷商無限的時間，兩週、三週、四周。他們仍然無法獲得我透過 Palantir 在兩到三個小時內就能獲得的數據量。我們正在與 R1 RCM 合作開發智慧自動化解決方案，以實現更快、更精確的醫療保健報銷結果。他們的高層指出，我們相信整個產業都存在著價值數千億美元的機會，可以將資金放回供應商和醫生的口袋，以便他們能夠更好地投資於患者的治療結果。

Our name is popping up across earnings calls around the world as companies like Citibank, BP and L3Harris tout the ambition of their work with Palantir to their investors. Our US government business continues to achieve impressive growth as we deliver towards the vital missions of the agencies we support. As the government focuses on efficiency, our commercially fielded, battle hardened products stand-alone.

隨著花旗銀行、英國石油和 L3Harris 等公司向投資者宣揚與 Palantir 合作的雄心，我們的名字出現在世界各地的收益電話會議上。隨著我們履行所支持機構的重要使命，我們的美國政府業務持續取得令人矚目的成長。由於政府注重效率，我們經過商業化部署、久經考驗的產品脫穎而出。

Last quarter, we closed deals expanding our work in the Department of Defense, including the critical impact we are delivering with Maven Smart System across the CoCom and the services. The impact is far reaching. Internationally, we closed a deal to provide Palantir Maven Smart System to NATO to deploy our AI Mission Command solution across its 32 member states.

上個季度，我們達成了擴大在國防部工作範圍的交易，包括我們透過 Maven 智慧系統為整個 CoCom 和各部門帶來的關鍵影響。其影響是深遠的。在國際上，我們與北約達成協議，提供 Palantir Maven 智慧系統，在其 32 個成員國部署我們的 AI 任務指揮解決方案。

Historically, in periods of turmoil organizations, both public and private, have turned to Palantir. With the proliferation of AI, you see an even wider gap between the winners and losers. The winners won't be determined by size, but by adaptability.

從歷史上看，在動盪時期，公共和私人組織都會求助於 Palantir。隨著人工智慧的普及，你會看到贏家和輸家之間的差距越來越大。獲勝者不是由規模決定的，而是由適應性決定的。

Many organizations are having to reimagine how their business does and should work in the future simply to survive. We are built to help companies embrace volatility. We expect more surprises, not less. And with the uncertainty ahead, we are more confident than ever in Palantir's ability to deliver tangible impact for our customers to transform organizations with real workflows in production and to help institutions adapt to survive.

許多組織為了生存而不得不重新設想他們的業務如何運作以及未來的運作方式。我們的成立旨在幫助企業應對波動。我們期待更多驚喜，而不是更少。面對未來的不確定性，我們比以往任何時候都更相信 Palantir 有能力為我們的客戶帶來切實的影響，透過生產中的真實工作流程來轉變組織，並幫助機構適應生存。

I'll now turn it over to Shyam.

現在我將把發言權交給 Shyam。

Thanks, Ryan. We've been consistently saying that even while the LOMs are improving, the models across both closed and open source, they're becoming more similar and that performance will converge, all while cost per token for inference continues to drop substantially. The market has been focused on AI supply, the models, while we have been focused on delivering on AI demand. It's now blindingly obvious to everyone after the first DeepSeek moment.

謝謝，瑞安。我們一直在說，即使 LOM 正在改進，封閉來源和開源模型也變得越來越相似，效能也會趨同，同時推理的每個代幣的成本將繼續大幅下降。市場一直專注於人工智慧的供應和模型，而我們一直專注於滿足人工智慧的需求。現在，在第一次 DeepSeek 之後，每個人都能明顯地看到這一點。

Our foundational investments in Ontology and infrastructure have positioned us to uniquely deliver on AI demand now and into the world ahead. AIP has entered the next phase of product development and adoption focused on enterprise autonomy. As I mentioned last call, the normative value of AI is the self-driving company. We're not talking about copilots that make you 50% more productive, we're talking about agents that make you 50 times more productive.

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當前和未來世界的人工智慧需求。AIP 已進入以企業自主性為重點的產品開發和採用的下一階段。正如我上次提到的，人工智慧的規範價值是自動駕駛公司。我們談論的不是能讓您的工作效率提高 50% 的副駕駛，而是能讓您的工作效率提高 50 倍的代理商。

AIP is increasingly owning the position of being the technology that translate the ever-expanding raw capability of LLM into business outcomes through oncology. AIP is proving to be the best harness to build, test, evaluate and deploy agents to eat the elephant of the enterprise.

AIP 日益成為一種技術，透過腫瘤學將 LLM 不斷擴展的原始能力轉化為商業成果。事實證明，AIP 是建置、測試、評估和部署代理程式以解決企業難題的最佳工具。

Everyday users are building their own agents to realize the potential of enterprise autonomy across both public and private sector. AI agents are operating as part of human AI teams, leveraging the mix of workflow applications for mammals and code-first approaches for AI agents with Ontology as that common intermediary representation of the state of the enterprise. Agents are having a transformative impact for our customers now from targeting our enemies to targeting supply chain opportunities.

每天，使用者都在建立自己的代理，以實現公共和私營部門企業自治的潛力。人工智慧代理程式作為人類人工智慧團隊的一部分運行，利用哺乳動物的工作流程應用程式和人工智慧代理的程式碼優先方法，以本體作為企業狀態的通用中介表示。代理商正在對我們的客戶產生變革性的影響，從瞄準我們的敵人到瞄準供應鏈機會。

You can hear more about these stories, not in our earnings call, but as Ryan mentioned, in our customers' earnings calls, AIG, City, BP, L3Harris, Hertz all mentioned the transformative impact of AIP on their most recent calls. These agents represent AI users, the supply chain agent that works with your supply chain analysts, the intelligence AI agent that works with your human agents. AIP as a platform enables our customers to rapidly build and deploy AI agents that automate more and more of the enterprise in a continuous fashion.

您可以在我們的收益電話會議上聽到更多有關這些故事的信息，但正如 Ryan 提到的那樣，在我們客戶的收益電話會議上，AIG、City、BP、L3Harris、Hertz 都在他們最近的電話會議上提到了 AIP 的變革性影響。這些代理商代表AI用戶、與您的供應鏈分析師合作的供應鏈代理商、與您的人類代理商合作的智慧AI代理商。AIP 作為一個平台，使我們的客戶能夠快速建置和部署 AI 代理，以持續的方式實現企業越來越多的自動化。

AIG announced the AI underwriting agent. AI agents are processing vast volumes of intelligence reports in the Department of Defense, finding things humans missed. AI agents are monitoring for sepsis at Tampa General. As Ryan mentioned, our US business is on fire.

AIG宣布AI承保代理。人工智慧代理正在處理國防部的大量情報報告，發現人類錯過的東西。人工智慧代理正在坦帕綜合醫院監測敗血症。正如 Ryan 所提到的，我們的美國業務發展十分順利。

And I want to, again, call out the continued strength, with Warp Speed in particular, our modern American manufacturing operating system. Both the adoption and the rate of product development has exceeded expectations. These investments are powering America's reindustrialization, not only with new defense entrants, but also with traditional defense industrial players and the broader manufacturing industry.

我想再次強調，我們的現代美國製造業作業系統，特別是 Warp Speed，將繼續保持強勁勢頭。產品採用率和開發速度均超乎預期。這些投資正在推動美國的再工業化，不僅有新的國防企業加入，還有傳統的國防工業企業和更廣泛的製造業。

Turning to government. We delivered our first Titan vehicles to the US Army in Q1, on time, on budget. The army rate of Titan as a top-performing program. And everything about it is heretical, a military vehicle with a software company as the prime contractor, and it's built by a team of nontraditional defense innovators like Anduril.

轉向政府。我們在第一季度按時、按預算向美國陸軍交付了第一批 Titan 車輛。軍隊將泰坦評為表現最佳的項目。它的一切都是異端邪說，這是一輛以軟體公司為主要承包商的軍用車輛，由安杜里爾這樣的非傳統國防創新者團隊建造。

Maven Smart System adoption continues to grow, with usage doubling in the first nine months of 2024 and doubling again in the five subsequent months. The rate of adoption has really accelerated as Maven scales across more combatant commands and through the services and into more and more use cases. You commonly hear combatant commanders reference Maven in their posture hearings to Congress now.

Maven 智慧系統的採用率持續成長，2024 年前九個月的使用量翻了一番，隨後五個月的使用量又翻了一番。隨著 Maven 擴展到更多的作戰司令部、服務以及越來越多的用例，其採用率確實加快了。現在，你經常會聽到作戰指揮官在國會的態勢聽證會上提到 Maven。

And Maven has reached Europe, with NATO adopting the capabilities of Maven Smart System as its C2 operating system. Leadership at uComm said, this platform, Maven, has become more than a common operating picture, it's a decision advantage environment that is rapidly transforming the command."

Maven 已經進入歐洲，北約採用 Maven 智慧型系統作為其 C2 作業系統。uComm 的領導階層表示，Maven 這個平台已經不只是一個通用的戰鬥畫面，而是一個正在快速改變指揮的決策優勢環境。 」

AI agents aren't just transforming the US commercial sector, they are transforming how we fight. AI agents are analyzing intelligence, finding targets, automating staff functions and improving the understanding of the battle space.

人工智慧代理不僅改變了美國商業領域，也改變了我們的戰鬥方式。人工智慧代理正在分析情報、尋找目標、自動化參謀功能並提高對戰場空間的理解。

But we are just at the beginning. Our defense users are amongst the most creative and self-sufficient developers. Green suiters developed the Hurricane Helene Rescue common operating picture in five days. Next time, they will have AI agents do it for them in five minutes.

但我們才剛開始。我們的國防用戶是最具創造力和自給自足能力的開發人員之一。綠色救援人員在五天內開發了颶風海倫救援通用作戰圖。下一次，他們將讓人工智慧代理在五分鐘內為他們完成這件事。

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

接下來，我將把時間交給戴夫，讓他為我們解釋這些數字。

Thanks, Shyam. We had an exceptional first quarter. Revenue growth accelerated to 39% year-over-year, exceeding the high end of our prior guidance by nearly 350 basis points and representing an 1,800 basis point increase compared to the growth rate in Q1 of last year. We achieved another $1 billion milestone this quarter by surpassing $1 billion annual run rate in our US commercial business for the first time, which grew 71% year-over-year and 19% sequentially.

謝謝，Shyam。我們的第一季表現十分出色。營收成長年增 39%，超出我們先前預期的高端近 350 個基點，與去年第一季的成長率相比增加了 1,800 個基點。本季度，我們美國商業業務的年運行率首次超過 10 億美元，再次實現了 10 億美元的里程碑，同比增長 71%，環比增長 19%。

On the back of this continued strength, we are raising our full year 2025 revenue guidance midpoint to $3.896 billion, representing a 36% year-over-year growth rate and our US commercial revenue guidance to an excess of $1.178 billion, representing a growth rate of at least 68%. The continued increase in demand for AIP drove the outperformance in your US business overall in the first quarter, which grew 55% year-over-year and 13% sequentially, including our US government business, which grew 45% year-over-year and 9% sequentially.

在這持續強勁的勢頭的支持下，我們將 2025 年全年營收預期中位數上調至 38.96 億美元，年增 36%，並將美國商業收入預期上調至 11.78 億美元，成長率至少為 68%。AIP 需求的持續成長推動了第一季美國業務整體表現優異，年成長 55%，較上季成長 13%，其中美國政府業務年增 45%，較上季成長 9%。

We delivered these outstanding top line results at an adjusted operating margin of 44%, representing an 800 basis points increase compared to the first quarter of last year. Our revenue and profitability drove a 2-point sequential increase to a Rule of 40 score from 81 in the fourth quarter of 2024 to 83 in the first quarter of 2025. We also had a strong cash flow quarter with adjusted free cash flow of $370 million, representing a margin of 42%.

我們實現了出色的營收業績，調整後營業利潤率為 44%，與去年第一季相比增加了 800 個基點。我們的收入和獲利能力推動 40 規則分​​數連續增加 2 個百分點，從 2024 年第四季的 81 分增加到 2025 年第一季的 83 分。本季我們的現金流也表現強勁，調整後的自由現金流為 3.7 億美元，利潤率為 42%。

Turning to our global top line results. First quarter revenue grew 39% year-over-year and 7% sequentially to $884 million. First quarter US revenue grew 55% year-over-year and 13% sequentially to $628 million. Excluding the impact of revenue from strategic commercial contracts, first quarter revenue grew 44% year-over-year and 7% sequentially, and first quarter US revenue grew 56% year-over-year and 14% sequentially.

談到我們的全球營收業績。第一季營收年增 39%，季增 7%，達到 8.84 億美元。第一季美國營收年增 55%，季增 13%，達到 6.28 億美元。不計策略商業合約營收的影響，第一季營收年增44%，季增7%，其中第一季美國營收年增56%，季增14%。

Customer count grew 39% year-over-year and 8% sequentially to 769 customers. Revenue from our largest customers continues to expand. First quarter trailing 12-month revenue from our top 20 customers increased 26% year-over-year to $70 million per customer.

客戶數量年增 39%，季增 8%，達到 769 名客戶。來自我們最大客戶的收入持續成長。第一季度，我們前 20 名客戶過去 12 個月的營收年增 26%，達到每位客戶 7,000 萬美元。

Now moving to our commercial segment. First quarter commercial revenue grew 33% year-over-year and 7% sequentially to $397 million. Excluding the impact from strategic commercial contracts, first quarter commercial revenue grew 42% year-over-year and 8% sequentially. We closed $930 million in commercial TCV bookings, representing 84% growth year-over-year.

現在轉到我們的商業領域。第一季商業收入年增 33%，季增 7%，達到 3.97 億美元。不計策略商業合約的影響，第一季商業收入年增 42%，季增 8%。我們完成了價值 9.3 億美元的商業 TCV 訂單，年增 84%。

As I highlighted earlier, we achieved a $1 billion annual run rate in our US commercial business for the first time as AIP continues to drive both new customer conversions and existing customer expansions in the US. First quarter US commercial revenue grew 71% year-over-year and 19% sequentially to $255 million. Excluding revenue from strategic commercial contracts, first quarter US commercial revenue grew 75% year-over-year and 22% sequentially.

正如我之前強調的那樣，隨著 AIP 繼續推動美國新客戶轉換和現有客戶擴張，我們首次在美國商業業務中實現了 10 億美元的年運行率。第一季美國商業營收年增 71%，季增 19%，達到 2.55 億美元。不包括策略性商業合約收入，第一季美國商業收入年增 75%，季增 22%。

We are the strongest quarter of US commercial TCV booked at $810 million, representing growth of 183% year-over-year. On a trailing 12-month basis, we closed over $2 billion of US commercial TCV bookings highlighting the demand for AI production use cases.

我們是美國商業 TCV 表現最強勁的季度，訂單金額達 8.1 億美元，較去年同期成長 183%。在過去 12 個月中，我們完成了超過 20 億美元的美國商業 TCV 訂單，凸顯了對 AI 生產用例的需求。

Total remaining deal value in our US commercial business grew 127% year-over-year and 30% sequentially. Our US commercial customer count grew to 432 customers reflecting growth of 65% year-over-year and 13% sequentially.

我們美國商業業務的剩餘交易總價值年增 127%，較上季成長 30%。我們的美國商業客戶數量成長至 432 個，較去年同期成長 65%，較上季成長 13%。

First quarter international commercial revenue declined 5% year-over-year and 11% sequentially to $141 million. The decline was driven by continued headwinds in Europe and by the onetime revenue catch-up in the fourth quarter of 2024 that we noted on last quarter's call. For our international commercial business, we continue to capitalize on targeted growth opportunities in Asia, the Middle East and beyond, but remain focused on accelerating the growth in our US business.

第一季國際商業收入年減 5%，季減 11%，至 1.41 億美元。下滑的原因是歐洲持續的逆風以及我們在上個季度的電話會議上指出的 2024 年第四季一次性收入追趕。對於我們的國際商業業務，我們繼續利用亞洲、中東及其他地區的目標成長機會，但仍專注於加速美國業務的成長。

Revenue from strategic commercial contracts was $5.1 million for the quarter. We anticipate second quarter 2025 revenue from these contracts to be between $4 million to $6 million compared to $9 million in the second quarter of 2024. We anticipate 2025 revenue from these contracts to continue to be approximately 0.5 of 1% of full year revenue.

本季策略性商業合約收入為 510 萬美元。我們預計 2025 年第二季這些合約的營收將在 400 萬至 600 萬美元之間，而 2024 年第二季的營收為 900 萬美元。我們預計，2025 年這些合約的收入將繼續佔全年收入的約 0.5%。

Shifting to our Government segment. First quarter government revenue grew 45% year-over-year and 7% sequentially to $487 million. First quarter US government revenue grew 45% year-over-year and 9% sequentially to $373 million. This growth was driven by continued execution in existing programs and new awards reflecting the growing demand for AI and our government software offerings.

轉向我們的政府部門。第一季政府營收年增 45%，季增 7%，達到 4.87 億美元。第一季美國政府營收年增 45%，季增 9%，達到 3.73 億美元。這一增長是由現有計劃的持續執行和新獎項的推動，反映了對人工智慧和政府軟體產品日益增長的需求。

First quarter international government revenue grew 45% year-over-year and 2% sequentially to $114 million, bolstered by our continued work in UK health care and defense as well as our new partnership with NATO.

第一季國際政府營收年增 45%，季增 2%，達到 1.14 億美元，這得益於我們在英國醫療保健和國防領域的持續工作以及與北約的新夥伴關係。

First quarter TCV booked was $1.5 billion, up 66% year-over-year. Net dollar retention was 124%, an increase of 400 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q1 of last year as we see the effect of the AI revolution. As net dollar retention does not include revenue from the 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.

第一季的 TCV 預訂額為 15 億美元，較去年同期成長 66%。淨美元留存率為 124%，較上一季增加 400 個基點。隨著我們看到人工智慧革命的影響，這一成長是由現有客戶的擴張和去年第一季獲得的新客戶共同推動的。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和速度。

We ended the first quarter with $5.97 billion in total remaining deal value, an increase of 45% year-over-year and 10% sequentially and $1.9 billion in remaining performance obligations, an increase of 46% year-over-year and 10% sequentially.

第一季結束時，我們剩餘交易總價值為 59.7 億美元，年增 45%，季增 10%，剩餘履約義務為 19 億美元，年增 46%，季增 10%。

As a reminder, RPO is primarily comprised of our commercial business as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in most of our government business.

提醒一下，RPO 主要由我們的商業業務組成，因為它不考慮初始期限少於 12 個月的合約和超出便利條款終止範圍的合約義務，這兩者在我們的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 $391 million, representing adjusted operating margin of 44%.

轉向利潤和費用。本季調整後的毛利率（不含股票薪資費用）為 82%。調整後的營業收入（不含股票薪資費用和相關雇主薪資稅）為 3.91 億美元，調整後的營業利潤率為 44%。

Q1 adjusted expense was $493 million, up 8% sequentially and 21% year-over-year, primarily driven by our continued investment in AIP and technical hiring. We continue to expect to see a more significant increase in expense in 2025 as we invest in the most elite technical talent, the product pipeline and AI production use cases, all delivering on our goals of sustained GAAP profitability.

第一季調整後的支出為 4.93 億美元，季增 8%，年增 21%，主要得益於我們對 AIP 和技術招聘的持續投資。我們繼續預計，隨著我們對最精英的技術人才、產品線和 AI 生產用例進行投資，2025 年的支出將出現更顯著的成長，所有這些都將實現我們持續的 GAAP 獲利目標。

First quarter GAAP operating income was $176 million, representing a 20% margin. First quarter GAAP net income was $214 million, representing a 24% margin. First quarter stock-based compensation expense was $155 million and employee-related equity tax expense was $59 million. First quarter GAAP earnings per share was $0.08. First quarter adjusted earnings per share was $0.13.

第一季 GAAP 營業收入為 1.76 億美元，利潤率為 20%。第一季 GAAP 淨收入為 2.14 億美元，利潤率為 24%。第一季股票薪酬費用為 1.55 億美元，員工相關股權稅費用為 5,900 萬美元。第一季 GAAP 每股收益為 0.08 美元。第一季調整後每股收益為 0.13 美元。

Additionally, our combined revenue growth and adjusted operating margin accelerated to 83% in the first quarter, a 2 points increase to our Rule of 40 score from the prior quarter on our 7 consecutive quarter of an expanding Rule of 40 score. With the increase in our 2025 revenue and adjusted operating income guidance, we are now guiding to a Rule of 40 score of 80 for the full year.

此外，第一季度，我們的綜合收入成長和調整後營業利潤率加速至 83%，使我們的 40 規則得分比上一季度提高了 2 個百分點，這是我們連續第 7 個季度保持 40 規則得分不斷擴大。隨著我們 2025 年收入和調整後營業收入指引的增加，我們現在將全年的 40 規則得分指引定為 80 分。

Turning to our cash flow. In the first quarter, we generated $310 million in cash from operations and $370 million in adjusted free cash flow, representing margins of 35% and 42%, respectively. Through the end of the first quarter, we repurchased approximately 2.3 million shares as part of our share repurchase program. As of the end of the quarter, we have $918 million remaining of the original authorization. We ended the quarter with $5.4 billion in cash, cash equivalents and short-term US Treasury securities.

轉向我們的現金流。第一季度，我們產生了 3.1 億美元的營運現金流和 3.7 億美元的調整後自由現金流，利潤率分別為 35% 和 42%。截至第一季末，作為股票回購計畫的一部分，我們回購了約 230 萬股。截至本季末，我們原始授權金額還剩餘 9.18 億美元。本季末，我們擁有 54 億美元現金、現金等價物和短期美國公債。

Now turning to our outlook. For Q2 2025, we expect revenue of between $934 million and $938 million, adjusted income from operations of between $401 million and $405 million. For full year 2025, we are raising our revenue guidance to between $3.89 billion and $3.902 billion, we are raising our US commercial revenue guidance to an excess of $1.178 billion, representing a growth rate of at least 68%.

現在轉向我們的展望。對於 2025 年第二季度，我們預計營收在 9.34 億美元至 9.38 億美元之間，調整後的營業收入在 4.01 億美元至 4.05 億美元之間。對於 2025 年全年，我們將營收預期上調至 38.9 億美元至 39.02 億美元之間，並將美國商業收入預期上調至 11.78 億美元以上，成長率至少為 68%。

We are raising our adjusted income from operations guidance to between $1.711 billion and $1.723 billion. We're raising our adjusted free cash flow guidance to between $1.6 billion and $1.8 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.

我們將調整後的營業收入預期上調至 17.11 億美元至 17.23 億美元之間。我們將調整後的自由現金流預期上調至 16 億美元至 18 億美元之間，我們預計今年每季的 GAAP 營業收入和淨收入都將保持不變。

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 Alex 發表幾點評論，然後 Ana 將開始問答環節。

Welcome to our earnings adventure. Palantir is on fire. We -- there's been a lot of discussions basically how we should talk about these numbers and people admonishing me to be a little more modest. And we'll try. It's the reality of what's going on is that this is an unvarnished concafeny of of the combination of 20 years of investment and a massive cultural shift in the US which is generating numbers, again, 71% growth in US commercial, 71%. We had journalists this morning that were asking me if it's a 7 handle, a 71% growth, we had 45% growth in our US government business.

歡迎來到我們的獲利冒險之旅。Palantir 火了。我們——基本上已經就我們應該如何談論這些數字進行了很多討論，人們勸告我要更加謙虛一些。我們會盡力。實際情況是，這是 20 年投資與美國大規模文化轉變相結合的赤裸裸的結合，美國商業再次實現了 71% 的增長，71%。今天早上有記者問我，我們的美國政府業務是否成長了 7%，即 71%，而我們的美國政府業務是否成長了 45%。

Every three days, you read a headline about how our commercial business would be in danger because of pressure -- necessary pressure put on the system to root out fraud waste and abuse and to pentest systems to see if they create more value or much more value or less value or no value in the US government.

每三天，你就會看到一個頭條新聞，關於我們的商業業務將如何因壓力而陷入危險——對系統施加必要的壓力，以根除欺詐、浪費和濫用，並對系統進行滲透測試，以查看它們是否為美國政府創造了更多價值、更多價值、更少價值或沒有價值。

We are seeing rapid expansion and very significant demand for Maven, both in America and outside of America as all part of our core mission to provide an unfair advantage to the Noble warriors of the West. We see an increased recognition that large language models were commodities that the value of these commodities becomes only realizable in the context of our Ontology on top of foundry.

我們看到 Maven 在美國國內和國外都得到了迅速擴張和極大需求，這都是我們核心使命的一部分，即為西方高貴的戰士提供不公平的優勢。我們看到，人們越來越認識到大型語言模型是一種商品，這些商品的價值只有在我們基於鑄造廠的本體論背景下才能實現。

As has been mentioned, the reindustrialization of America is happening in our software, the ability to reimagine your business in a volatile situation happens in our software. If you take the 90% of our business that is outside of Europe, which is going through a very structural change and doesn't quite get AI. Maybe in the near future, we'll get AI, we are hoping and praying, that part of our business grew 49%, 49%. And we're doing this at a very significant scale. So we're saying we're going to do close to $4 billion in revenue.

正如已經提到的，美國的再工業化正在我們的軟體中發生，在動蕩的情況下重新構想您的業務的能力也發生在我們的軟體中。我們的業務有 90% 在歐洲以外，這些地區正在經歷結構性變化，而且還沒有完全融入人工智慧。也許在不久的將來，我們會獲得人工智慧，我們希望並祈禱，我們的這部分業務能夠成長 49%，49%。我們正在以非常大的規模進行這項工作。所以我們預計我們的營收將接近 40 億美元。

And last, not least, we're doing this with double the gold standard on the rule of 40. The Rule of 40 is a very important standard because it shows you the quality of your revenue and because it's hard to attain, especially if you have a rule of 83. And one of the things that Palantir is doing is we want to bring our friends and our allies along with us on this winning ride.

最後，同樣重要的是，我們採用 40 法則的雙倍黃金標準來實現這一目標。40 規則是一個非常重要的標準，因為它可以顯示您的收入質量，而且很難實現，特別是如果您有 83 個規則。Palantir 正在做的事情之一就是希望讓我們的朋友和盟友與我們一起踏上勝利之旅。

Those friends are largely in America, but also among allied countries. Those friends are inside Palantir, outside Palantir. And we are using Ontology and AI, or AIP, to drive these successes. And I would say, while profitability is apparently unpopular, the numbers are driven by the fact that we are downstream from value creation.

這些朋友主要在美國，但也有一些是盟國。這些朋友有的在 Palantir 內部，有的在 Palantir 外部。我們正在使用本體論和人工智慧（AIP）來推動這些成功。我想說的是，雖然獲利能力顯然不受歡迎，但這些數字是由我們處於價值創造下游的事實所驅動的。

There's a consensus in the market that Palantir owns value creation. And what does that actually mean? It means that when you use our software, when you use you will get demonstrably more value than what you're paying for, and you will share some of that value with us.

市場普遍認為Palantir 擁有價值創造能力。這究竟意味著什麼？這意味著當您使用我們的軟體時，您將獲得比您所支付的更多的價值，並且您將與我們分享其中的一些價值。

And then I would say also, culturally, we just don't see the resistance to the way we roll that we did in the past. We would show up in the past the freak show trying to get things to work not with the wrong access to the wrong people at the wrong time.

然後我想說，從文化角度來看，我們沒有看到對我們過去的做法的抵制。我們會出現在過去的怪胎秀中，試圖讓事情正常運轉，而不是在錯誤的時間向錯誤的人提供錯誤的途徑。

And that was by intent. And people were very uncomfortable at all levels of the enterprise working with us. And without going into specific names, because these companies, in many cases, are in the middle of transforming itself, but it -- I'm on the front line with everyone here, and it used to be two years ago that we might get a CEO, he might get a CIO, we might get someone to Marketing. We might get someone who's willing to rebuild the business, but they had no power.

這是故意的。企業各個層面的人都對與我們合作感到非常不舒服。我不點名，因為這些公司在很多情況下都處於轉型之中，但是——我和這裡的每個人都站在第一線，兩年前我們可能會有一位首席執行官，他可能會有一位首席信息官，我們可能會有一位營銷人員。我們可能會找到願意重建業務的人，但他們沒有權力。

Now we have the full stack engaged with us, inside government, outside government on the most critical issues. And if you -- again, if you look at the math in terms of where the action is, our business is growing 49% ex Continental Europe, 49%, Rule of 83. We were the freak show.

現在，我們已與政府內部和外部的各方就最關鍵的問題展開合作。如果你 — — 再說一次，如果你從行動的角度來看數學，我們的業務增長了 49%，不包括歐洲大陸，49%，83 法則。我們就是一場怪胎秀。

And we spent 20 years for this moment and we planned to have nose to the grindstone, focused on taking the best talent inside Palantir managing them, the best clients and make sure our clients and our partners especially in national security, but also with a pretty significant focus on the US win in the way we're winning and that's why you get these results.

為了這一刻，我們花了 20 年時間，我們計劃埋頭苦幹，專注於招募 Palantir 內部最優秀的人才來管理他們，管理最好的客戶，確保我們的客戶和合作夥伴，特別是在國家安全方面，同時也非常重視美國以我們正在贏得的勝利，這就是我們取得這些成果的原因。

And we're going to just focus and focus and focus and focus on execution. And that's basically our plan for the rest of the year and into next year. And we're very, very optimistic about what's going on.

我們只需要集中精力、集中精力、集中精力執行。這就是我們今年剩餘時間和明年的計劃。我們對正在發生的事情非常非常樂觀。

And with that, we can kick it off to questions.

好了，我們開始提問吧。

Thanks, Alex. We'll now turn to a few questions from our shareholders before opening up the call. Our first question is from Gabriel who asks, how does Palantir plan to sustain its competitive advantage in AI, particularly in light of growing competition?

謝謝，亞歷克斯。在開始電話會議之前，我們想先回答股東提出的幾個問題。我們的第一個問題來自 Gabriel，他問道，Palantir 計劃如何保持其在人工智慧領域的競爭優勢，尤其是在競爭日益激烈的情況下？

Thanks, Gabriel. Well, our advantage comes down to Ontology. It's really an advantage on the AI demand side. And that has positioned AIP to be the platform that is able to capture the ever-expanding capability of the raw LLM and turn that into business value. AIP is that tool factory and the point of control for the orchestration with these models and those tools.

謝謝，加布里埃爾。嗯，我們的優勢在於本體論。這對人工智慧需求方來說確實是一個優勢。這使得 AIP 成為一個能夠捕捉原始 LLM 不斷擴展的能力並將其轉化為商業價值的平台。AIP 就是工具工廠，也是這些模型和工具的編排的控制點。

You can see this in the sharp opinionation that we've earned in the field with our customers and how to get to value in days or weeks. And most critically, you can see it in the insight that we have that to practically transform the enterprise. You actually need mixed human AI teams, and that is something that AIP is uniquely positioned for.

您可以從我們在現場與客戶贏得的敏銳見解以及如何在幾天或幾週內獲得價值中看到這一點。最重要的是，您可以從我們的洞察力中看到這一點，即我們能夠實際改變企業。你實際上需要混合人類 AI 團隊，而這正是 AIP 的獨特優勢。

Thank you, Shyam. We also received a few questions on this topic. How will the current US administration's focus on reducing federal spend as well as the February announcement of US Department of Defense budget cuts impact current contracts as well as future contract acquisition.

謝謝你，Shyam。我們也收到了一些關於這個主題的問題。美國現任政府致力於削減聯邦開支，而美國國防部於二月宣布削減預算，這將如何影響現有合約以及未來的合約採購？

Well, the first thing I'd say is like this is the right thing for the country. Like we have way too much spend on things that do not work. The government has started to resemble a finally marbled wagyu. The fake projects that do not deliver and will never deliver crowd out and suffocate the things that could actually be excellent. And so we welcome those.

嗯，我想說的第一件事是，這對國家來說是正確的事。就像我們在沒有用的東西上花了太多錢一樣。政府已經開始變得像一頭最終呈現出大理石花紋的和牛。那些無法實現、也永遠不會實現的虛假項目擠佔並扼殺了那些真正可以實現的優秀項目。因此我們對此表示歡迎。

I mean, to me, these guys are heroes. They are world-class technologists that could be choosing to do anything and instead, they are choosing to do this. And we believe deeply in the actual value that our software is creating both on an absolute basis and on a relative basis to the traditional labor-based cost plus model that has failed to deliver for the American people.

我的意思是，對我來說，這些人都是英雄。他們是世界級的技術專家，可以選擇做任何事情，但他們選擇做這件事。我們深信，我們的軟體所創造的實際價值無論是在絕對基礎上還是在相對基礎上，都與未能為美國人民帶來利益的傳統勞動成本加成模式相差無幾。

We often get variance of if the institutions are in pressure, either we go through a difficult time in America or there's dose, how will that affect your software sales basically? And Palantir does exceptionally well when things are pentested. We like pressure on the system. We need pressure on the system.

我們經常會遇到這樣的情況：如果機構面臨壓力，要么我們在美國經歷一段困難時期，要么出現劑量，這基本上會如何影響您的軟體銷售？當進行滲透測試時，Palantir 的表現非常出色。我們喜歡系統壓力。我們需要對系統施加壓力。

And then why is it better for America? Because that pentesting forces you to ask questions like does the software work? How does it work? How does it manage ethical concerns? How does it manage data protection? How does it manage output.

那麼為什麼這對美國來說會更好呢？因為滲透測試迫使你提出軟體是否有效之類的問題。它是如何運作的？它如何處理道德問題？它如何管理資料保護？它如何管理輸出。

Without pressure on the system, one of the miss is that if you don't have pressure on the system, you just spend money, you somehow get a better system, both in terms of output, in terms of ethics. But actually, you get neither and so in reality, we need pressure on the system. We need people to have to change. We need people to have to transform. This is why they put up with us. And once they see those results, they stick with us.

如果沒有對系統的壓力，其中一個失誤就是，如果你沒有對系統施加壓力，你只需花錢，你就會以某種方式獲得一個更好的系統，無論是在產出方面，還是在道德方面。但實際上，你什麼也得不到，所以實際上我們需要對系統施加壓力。我們需要人們做出改變。我們需要人們進行轉變。這就是他們容忍我們的原因。一旦他們看到了這些結果，他們就會繼續與我們合作。

Thank you both. Our next question is from Dan with Wedbush. Dan, please turn on your camera and then you'll receive a prompt to unmute your line.

謝謝你們兩位。下一個問題來自韋德布希的丹。丹，請打開你的鏡頭，然後你會收到取消靜音的提示。

Thanks, and another amazing quarter. I mean just -- so my question is, given what we're seeing in the government, isn't that another opportunity where you could actually gain more share of budgets as you go to more meritocracy, like Palantir should actually gain more dollars within the budget of DoD and other agencies.

謝謝，又一個精彩的季度。我的意思是——所以我的問題是，鑑於我們在政府中看到的情況，這不是另一個機會嗎？透過採用更多的精英管理制度，你實際上可以獲得更多的預算份額，就像 Palantir 實際上應該在國防部和其他機構的預算中獲得更多資金一樣。

We're very optimistic about what we're going to do in the US. But the devil's in the details. And we're running this business for you with you as owners which means it's like there's going to be maybe lumpiness, but we predict we're going to do very, very well.

我們對在美國的發展非常樂觀。但魔鬼藏在細節中。我們以業主的身份為您經營這項業務，這意味著可能會出現一些不順暢的情況，但我們預計我們會做得非常非常好。

Any -- basically, where you have pressure testing, you can assume AIP, AI, foundry, Ontology, Apollo and the Palantir culture itself. I mean we are a warrior culture. Like that's why our whole culture is built around putting the exact right team and the exact right product at the final mile.

任何——基本上，只要有壓力測試，你就可以假設 AIP、AI、鑄造廠、本體論、阿波羅和 Palantir 文化本身。我的意思是我們是一種尚武的文化。這就是為什麼我們的整個文化都是圍繞著在最後一英里安排最合適的團隊和最合適的產品而建立的。

And so where you have environments that are crucial and under pressure, you can expect and where meritocracy happens. It's like we need meritocracy. How do you get meritocracy. Well, there's lots of ways to get meritocracy. One way is because you're scared.

因此，在至關重要且充滿壓力的環境中，你可以期待精英管理制度的出現。就好像我們需要精英管理制度。如何實現精英管理？嗯，有很多方法可以實現精英管理。一個原因是因為你害怕。

And then you buy the best product, you install the price product. And then the part that's anti-correlated different than people think is you also get the best ethics, the best execution and that, of course, and then you can ask a simple question.

然後你購買最好的產品，安裝價格合適的產品。然後與人們想像的不同之處在於，你也獲得了最好的道德，最好的執行力，當然，然後你可以問一個簡單的問題。

Why is this a move? okay? Well, I can tell you why it to move? Because here before, no one gets gotten -- no one has gotten into these environments at scale under any circumstance. And if they did get in, they got in with services.

為什麼要採取這項措施？好的？好吧，我可以告訴你為什麼它要移動嗎？因為在此之前，從來沒有人——從來沒有人在任何情況下大規模地進入過這些環境。如果他們確實進入了，他們就提供服務。

So now we have a single purpose highly formed stack of software that is exactly right for this moment with a culture that's exactly right to implement it, which a culture that can teach people how to do this. That is now charismatic for some. It's anticrismatic for others. And that de facto is a compounding rate of return on that stack and to Shyam's opinion. Shyam's with the opinionation we have about how to do this.

因此，現在我們有了單一用途、高度成型的軟體堆疊，它完全適合當前情況，並且具有完全適合實施它的文化，這種文化可以教導人們如何做到這一點。對某些人來說，這現在很有魅力。這對其他人來說是反危機的。事實上，這就是該堆疊的複合回報率，也是 Shyam 的觀點。Shyam 對我們關於如何做到這一點的看法一致。

It essentially allows you to express your tribal knowledge of your enterprise in a way you could never do it before on the terms of your enterprise with unit economics that are heretofore impossible to do. And that's what's happening in this country and really in 90% of our market, which explains like the 49% growth and the Rule of 83 despite -- what would be viewed on the outside is large and aptitudes in sales and go-to-market.

它本質上允許您以一種以前無法在企業條件下以以前不可能實現的方式表達您對企業的部落知識，並且具有以前不可能實現的單位經濟學。這就是我們這個國家以及我們 90% 的市場正在發生的事情，這解釋了 49% 的成長率和 83 法則，儘管外界認為這些公司規模龐大，而且有銷售和市場開拓能力。

And how do we interact with people and our opinionation both on the outside, on the inside and with the frontline customer, which is like we're not agnostic to using our software as shelfwear. We are not in the shelfwear business, which is another reason why pressure in the government really helps us. We've never done shelfware. We don't do shelfware. We don't think our personality can afford shelfware.

我們如何與外界、內部和第一線客戶互動，表達我們的觀點，就好比我們並非不可知論者將我們的軟體用作貨架裝飾品。我們並不是從事貨架服裝業務，這也是政府壓力對我們真正有幫助的另一個原因。我們從來沒有做過貨架軟體。我們不做貨架軟體。我們認為我們的個性不值得被束之高閣。

Thank you, Alex. Our next question is from Mariana with Bank of America. Mariana, please turn on your camera and then you'll receive a prompt to unmute your line.

謝謝你，亞歷克斯。我們的下一個問題來自美國銀行的瑪麗安娜。瑪麗安娜，請打開你的鏡頭，然後你會收到取消靜音的提示。

Afternoon, everyone. So I have two questions. First one is on the European Defense buildup. You mentioned Warp Speed and how that has been successful here? Like are you interested in applying that as these European countries build up their own defenses and catch up on industrial capabilities that have been underinvested for like many, many years.

大家下午好。我有兩個問題。第一個是關於歐洲防禦建設。您提到了 Warp Speed 以及它在這裡是如何取得成功的？當這些歐洲國家建立自己的防禦能力並追趕多年來投資不足的工業能力時，您是否有興趣應用這一點？

And the second one is, I think investors are pretty familiar with this like software versus services type of like Palantir approach because you have been like actually leaders on that trend. But Titan is a great example on how like Sofar actually played a role that was more intuitively hard work where else you actually have opportunities for software to add value there? Like is it Golden dome, is space communications, like have you think about that?

第二點是，我認為投資者非常熟悉這種類似軟體與服務類型的 Palantir 方法，因為你們實際上是這一趨勢的領導者。但 Titan 是一個很好的例子，它表明像 Sofar 這樣的人實際上發揮了更直觀的艱苦工作的作用，你實際上還有機會讓軟體在那裡增加價值嗎？例如它是金色穹頂，是空間通信，你有考慮過這些嗎？

Yes. On the first one, Alex may have more to say as well. But we would love to help Europe on the manufacturing challenges around rearmament and I think there are a lot of them to do. the precondition for Warp Speed is understanding that the existing manufacturing stack is broken.

是的。對於第一個問題，亞歷克斯可能也有很多話要說。但我們很樂意幫助歐洲解決重新武裝的製造業挑戰，我認為有很多事情要做。 Warp Speed 的先決條件是了解現有的製造堆疊已被破壞。

And so you could say, why did America get there first because you have all these people who are essentially the progeny of Elon who have learned and understood how to actually make things, the sort of brains that go from the Raptor 1 to the Raptor 3 engine, and that's proliferated around the community that's in El Segundo and even beyond. That's like the basis of reindustrialization in America.

所以你可以說，為什麼美國能率先實現這一目標，因為你們這些人基本上都是埃隆的後代，他們已經學會並理解瞭如何真正地製造東西，這種大腦從猛禽 1 號發展到猛禽 3 號引擎，並且在埃爾塞貢多甚至更遠的社區中廣泛傳播。這就像是美國再工業化的基礎。

And so it's -- when we work with the new defense champions, new industrial champions like it's a very short sales cycle because they recognize like that what we're doing with Warp Speed is exactly what they need in order to do it. When you work with some of the older manufacturing customers even in the US, it's heterogeneous. Some of them are already there. They get it. They realize it. Some of them are going to be there because it's just a reality.

所以，當我們與新的國防冠軍、新的工業冠軍合作時，銷售週期會非常短，因為他們意識到，我們對 Warp Speed 所做的事情正是他們所需要的。當你與一些老製造業客戶合作時，即使在美國，情況也是不同的。其中一些已經存在了。他們明白了。他們意識到了這一點。他們中的一些人將會去那裡，因為這就是現實。

In Europe, there are some green shoots, like some very well-known manufacturing companies have kind of said like, -- oh, I now understand that my ERP thing doesn't work and Warp Speed -- maybe we should get a Warp Speed. So I just don't want to commit to them. I think a lot of it is where is the customer's head at, but we could obviously do a lot to help you.

在歐洲，出現了一些復甦的跡象，就像一些非常知名的製造公司所說的那樣——哦，我現在明白我的 ERP 系統不起作用了，也許我們應該採用 Warp Speed 系統。所以我只是不想對他們做出承諾。我認為這在很大程度上取決於客戶的想法，但我們顯然可以做很多事情來幫助您。

Europe doesn't get AI yet -- it at some point in the future, it will. And then as you know, Europe is not Europe. You have Eastern Europe, you have Germany, France, you have -- they're very different Europes. Europe that is scared understands that you're going to have to do software, hardware hybrid systems. And our products are very, very well known and differentiated.

歐洲目前還沒有實現人工智慧——但在未來某個時候，它將會實現。如你所知，歐洲不再是歐洲。你有東歐，有德國，有法國，你有──它們是非常不同的歐洲。感到害怕的歐洲知道你必須採用軟體、硬體混合系統。我們的產品非常知名且差異化。

It could take a couple of years for Europe to understand that you just can't spend money. You're going to have to spend it on things that actually work and work means spending it on people that have actually done this on the battlefield.

歐洲可能要花幾年的時間才能體認到不能亂花錢。你必須把錢花在真正有用的東西上，而有用意味著把錢花在真正在戰場上做過這件事的人身上。

I would say -- our plan is to continue to be roughly in the zone where 90% of our business is growing like it is now at 49% with this rule of 83. And somewhere in that range, we guided rule of 80. And that's going to be primarily driven by the US. I would say is an unknown variable. We're seeing very significant demand for our software, our government software around the world outside of Europe. And those are early days, but the demand -- the signal there is very strong.

我想說的是——我們的計劃是繼續大致保持在 90% 的業務成長區域，就像現在的 49% 的成長一樣，遵循 83 規則。在這個範圍內的某個地方，我們遵循 80 規則。而這主要將由美國推動。我想說這是一個未知變數。我們發現，歐洲以外的世界各地對我們的軟體和政府軟體的需求非常大。雖然現在還處於早期階段，但需求——訊號非常強烈。

And then on the Titan point, I think that's an excellent point, and it's going to be a big part of the future where you're really thinking about how do you build your hardware around the software. There are some classified projects that we have as well, where the first step to building the hardware is not to build the hardware it's actually to build the mission payload and the software that can execute the thing and then work backwards from that to figure out what is the hardware that you ought to have around that.

然後關於 Titan 的觀點，我認為這是一個很好的觀點，它將成為未來的一個重要部分，你真正要思考的是如何圍繞軟體建立硬體。我們也有一些機密項目，其中構建硬體的第一步不是構建硬件，而是構建任務有效載荷和可以執行該任務的軟體，然後從那裡開始反向工作以弄清楚你應該擁有什麼樣的硬體。

And this plays to this -- like it is actually a cultural impedance mismatch. Like if you're a hardware company, you think about the world the way that a construction person would think about building the house. You have to pour the foundation first, you can't do anything. But actually with software, you have to build the kitchen first. If you don't, you're going to get it all wrong.

這實際上是一種文化阻抗不匹配。例如，如果你是一家五金公司，你思考世界的方式就如同建築工人思考建造房子。得先把地基澆好，什麼都不能做。但實際上，使用軟體時，您必須先建造廚房。如果你不這樣做，你就會把一切都搞錯。

And so there's -- I've seen a lot more of the next-gen programs are starting to think about how do we build the lethal software first, and we'll figure out how to wrap thehardware program.

所以，我看到越來越多的下一代程式開始思考如何先建立致命的軟體，然後再想辦法包裝硬體程式。

One of the most interesting things about the current environment we're in is something Shyam is alluding to, which is -- and again, it's a European versus America. People assume if you're a world-class of hardware, you'll be world class of software and they're interchangeable. It's just not true at all. And like the skills and the taste you need to do software is a completely different thing. And America's unique advantage is hybrid software, hardware, software.

關於我們目前所處的環境中最有趣的事情之一就是 Shyam 所暗示的，那就是——再說一次，這是歐洲與美國的對抗。人們認為，如果你擁有世界一流的硬件，那麼你的軟體也會擁有世界一流的水平，而且它們是可以互換的。這根本就不是事實。而開發軟體所需的技能和品味則是完全不同的事。而美國的獨特優勢是混合軟體、硬體、軟體。

And any program that's trying to outpace and beat our adversaries at should it basically is going to have to begin with a software first or software hardware, hybrid program because otherwise, we're at a disadvantage.

任何試圖超越和擊敗對手的計劃基本上都必須從軟體優先或軟體硬體混合計劃開始，否則，我們就會處於劣勢。

And also the the resourcing and the way you organize is going to be suboptimal in this country. Conversely, this is one of the challenges that some of our allies and our adversaries have. The role of taste in getting these things to work, tribal knowledge and ability to do it is really, really underestimated.

而這個國家的資源配置和組織方式也不是最理想的。相反，這是我們的一些盟友和對手面臨的挑戰之一。品味、部落知識和能力在使這些事情發揮作用方面所起的作用確實被低估了。

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

謝謝。亞歷克斯，和往常一樣，我們有很多個人投資者在線上。在結束通話之前您還有什麼想說的嗎？

This company is organized around giving our friends a really strong shot, I would say, unfair advantage and not helping our adversaries or enemies and on occasion hurting them. And a lot of you are scattered around the world and helping us in many ways. And we are in a phase where we are very focused on scaling our company and we really appreciate your support.

這家公司的成立旨在為我們的朋友提供真正強大的力量，我想說，這是不公平的優勢，不幫助我們的對手或敵人，有時甚至傷害他們。你們中的許多人分散在世界各地，以各種方式幫助我們。我們正處於非常專注於擴大公司規模的階段，我們非常感謝您的支持。

And the fact that you defend us, our support of Western values is often under attack for somewhat idiotic reasons, our belief that meritocracy will lead us to a better place. That competence is better than incompetence that confidence includes ethics and the results. The fruits of those labors are here today, but they -- none of that would have been possible without your support. So thank you.

事實上，你們為我們辯護，我們對西方價值觀的支持經常因為一些愚蠢的原因而受到攻擊，我們相信精英管理制度將帶領我們走向更好的地方。能力勝過無能，信心包括道德和結果。這些勞動的成果今天已經出現，但如果沒有你們的支持，這一切都不可能實現。所以謝謝你。

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

謝謝。今天的電話問答到此結束。