Palantir Technologies Inc (PLTR) 2025 Q2 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our second-quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website.

午安.我是 Palantir 財務團隊的 Ana Soro，歡迎您參加我們的 2025 年第二季財報電話會議。我們將在收盤後發布的新聞稿中討論並發佈在我們的投資者關係網站上宣布的結果。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our third-quarter and fiscal 2025 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results.

在電話會議中，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們第三季度和 2025 財年的業績、管理層對我們未來財務和營運業績的預期，以及有關我們的計劃、前景和期望的其他聲明。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. We undertake no obligation to update forward-looking statements, except as required by law.

有關這些風險的資訊可在我們今天收盤後發布的收益新聞稿和我們提交給美國證券交易委員會的文件中查閱。除非法律要求，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. Our press release, investor presentation, and other earnings materials are available on our Investor Relations website at investors.palantier.com.

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 (non-GAAP) 指標的更多資訊（包括非公認會計準則 (non-GAAP) 與可比較公認會計準則 (GAAP) 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。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.palantier.com 上找到。

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.

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、技術長 Shyam Sankar、財務長 Dave Glazer 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 tremendous second-quarter results demonstrate how Palantir is redefining what is possible with enterprise AI. We remain maniacally focused on value creation for our customers. Our US business is the engine of this transformation. US commercial led with 93% year-over-year revenue growth, outpacing our US government revenue growth of 53% year over year. Our overall US business revenue grew 68% year over year and 17% sequentially and now represents 73% of total company revenue.

我們第二季的出色業績證明了 Palantir 如何重新定義企業 AI 的可能性。我們始終專注於為客戶創造價值。我們的美國業務是這項轉型的引擎。美國商業收入年增 93%，超過美國政府收入年增 53%。我們美國業務的整體營收年增 68%，季增 17%，目前占公司總營收的 73%。

We surpassed $1 billion in quarterly revenue for the first time as our overall revenue growth continued to rapidly accelerate to 48% year-over-year growth in Q2. Through this record-breaking quarter, our Rule of 40 score continued to climb, reaching 94% in Q2, which is up 11 points quarter over quarter, particularly noteworthy given the scale of our business.

我們的季度營收首次超過 10 億美元，我們的整體營收成長在第二季持續快速加速至年增 48%。在這個破紀錄的季度中，我們的 40 規則得分持續攀升，在第二季度達到 94%，比上一季度上升了 11 個百分點，考慮到我們的業務規模，這一點尤其值得注意。

As AI continues to relentlessly advance, the market has become increasingly aware of the most important and fundamental technical reality: LLMs, on their own, are at best a jagged intelligence divorced from even basic understanding. In one moment, they may appear to outperform humans in some problem-solving task. but in the next, they make catastrophic errors no human would ever make. By contrast, our Ontology is pure understanding, concretized in software.

隨著人工智慧的不斷進步，市場越來越意識到最重要和最基本的技術現實：法學碩士本身充其量只是一種脫離基本理解的鋸齒狀智慧。在某一時刻，它們可能在某些解決問題的任務上表現得比人類更好，但下一刻，它們就會犯下人類永遠不會犯的災難性錯誤。相較之下，我們的本體論是純粹的理解，具體化在軟體中。

This is reality, not rhetoric, and enterprises are experiencing this reality keenly. LLMs simply don't work in the real world without Palantir. This is the reality fueling our growth.

這是現實，不是空談，企業正在深刻體會這個現實。如果沒有 Palantir，法學碩士 (LLM) 在現實世界中根本無法發揮作用。這是推動我們成長的現實。

We booked our highest TCV and ACV ever last quarter with $2.3 billion in TCV and $684 million in ACV. We closed a whopping 157 deals worth $1 million or more, of which 66 deals were worth $5 million or more and 42 deals were worth $10 million or more. We continue to see expansions with our existing customers as our top 20 customers now average $75 million a year in trailing 12-month revenue, up 30% from a year ago.

上個季度，我們的 TCV 和 ACV 均創歷史新高，分別為 23 億美元和 6.84 億美元。我們完成了 157 筆價值 100 萬美元或以上的交易，其中 66 筆價值 500 萬美元或以上，42 筆價值 1000 萬美元或以上。我們繼續看到現有客戶的擴張，因為我們的前 20 名客戶過去 12 個月的平均年收入為 7,500 萬美元，比去年同期成長了 30%。

The impact our software is delivering for our customers as they cross the chasm is ever widening their advantage over the AI have-nots. Citibank shared that the customer onboarding process and relevant KYC and security checks that once took them nine days now takes seconds. Fannie Mae recently announced they're working with Palantir, decreasing the time to uncover mortgage fraud from two months down to seconds, saving the US housing market millions in future fraud losses.

在幫助客戶跨越鴻溝的過程中，我們的軟體為他們帶來的影響正在不斷擴大他們相對於沒有人工智慧的客戶的優勢。花旗銀行表示，客戶入職流程以及相關的 KYC 和安全檢查曾經需要九天時間，現在只需幾秒鐘。房利美最近宣布他們正在與 Palantir 合作，將發現抵押貸款詐欺的時間從兩個月縮短至幾秒鐘，為美國房地產市場節省數百萬美元的未來詐欺損失。

Nebraska Medicine President and COO noted they saw a 2,100% increase in discharge lounge utilization, which is the equivalent of adding another unit to their hospital. They even noted, quote, we've been using the term a Palantir unit of time and that represents when we're driving value in less than an hour.

內布拉斯加醫學院總裁兼營運長指出，出院休息室的利用率增加了 2,100%，相當於在他們的醫院增加了另一個部門。他們甚至指出，我們一直在使用 Palantir 時間單位這個術語，它表示我們在不到一小時的時間內創造價值。

Lear Corporation recently signed a five-year extension. Over the past 2.5 years, they have leveraged Foundry and AIP to support over 11,000 users and more than 175 use cases, including proactively managing their tariff exposure, automating multiple administrative workflows, and dynamically balancing their manufacturing lines. Their CEO highlighted that their enterprise-wide adoption gives them, quote, a first-mover advantage in the automotive industry, which will be difficult to replicate.

李爾公司最近簽署了一份為期五年的續約協議。在過去的兩年半里，他們利用 Foundry 和 AIP 為超過 11,000 名用戶和超過 175 個用例提供支持，包括主動管理他們的關稅風險、自動化多個管理工作流程以及動態平衡他們的生產線。他們的執行長強調，企業範圍的採用使他們在汽車行業擁有先發優勢，這種優勢很難複製。

Our US commercial business exited Q2 with a 93% year over year and 20% sequential growth. Due to its acceleration, US commercial comprised 31% of our Q2 revenue versus 23% a year ago. We continue to focus on delivering AI production impact, evidenced by the strength of new starts and expansions at existing customers. We're seeing new starts with higher ambition and existing customers expand their work at a faster rate.

我們的美國商業業務在第二季度年增 93%，較上季成長 20%。由於美國商業業務的加速發展，其占我們第二季營收的 31%，而去年同期為 23%。我們持續專注於提供人工智慧生產影響力，新開工和現有客戶擴張的強勁勢頭就是明證。我們看到新客戶以更高的雄心壯志開始工作，現有客戶也以更快的速度擴展他們的工作。

A health care company completed a boot camp in April, then signed an $88 million TCV deal a month later to coordinate and automate patient care across facilities. An American telecom company started working with us in 2022 and has increased their contract 10x since then and is now projecting hundreds of millions in cost savings.

一家醫療保健公司於 4 月完成了新兵訓練營，並在一個月後簽署了一項價值 8800 萬美元的 TCV 協議，以協調和自動化各個機構的患者護理。一家美國電信公司於 2022 年開始與我們合作，自那時起已將其合約金額增加了 10 倍，目前預計將節省數億美元的成本。

Our US government business grew 53% year over year and 14% sequentially last quarter, driven by the impact we're delivering across civil, intel, and defense, including greenfield efforts. US Space Force Space Systems Command awarded us a $218 million delivery order to support seamless, synchronized, multi-domain war fighting for the space and air operational communities. The ceiling for our Maven Smart System contract was increased by $795 million to prepare for what they expect will be significant demand from combatant commands for our AI-powered software capabilities over the next four years.

上個季度，我們的美國政府業務年增 53%，較上季成長 14%，這得益於我們在民用、情報和國防領域（包括綠地投資）所產生的影響。美國太空部隊太空系統司令部授予我們一份價值 2.18 億美元的交付訂單，以支援太空和空中作戰社群的無縫、同步、多領域作戰。我們的 Maven 智慧系統合約上限增加了 7.95 億美元，以滿足他們預計未來四年作戰司令部對我們的人工智慧軟體功能的巨大需求。

Last week, Palantir was awarded a 10-year enterprise agreement with the Army, totaling up to $10 billion, consolidating 75 contracts into a single contract. The Army is one of our longest-standing customers. We are honored to embark on this next phase together. We remain focused with deep respect and dedication on equipping our war fighters with decisive advantages over our adversaries.

上週，Palantir 與陸軍獲得了一項為期 10 年的企業協議，總額高達 100 億美元，將 75 份合約合併為合約。陸軍是我們最長期的客戶之一。我們很榮幸能夠共同踏入下一階段。我們始終懷著深深的敬意和奉獻精神，致力於讓我們的戰士擁有戰勝對手的決定性優勢。

Looking towards the back half of the year, my enthusiasm for our business is at an all-time high. With determination and persistence, we'll continue delivering exceptional AI production impact for our customers, running full speed at the critical challenges they entrust us to solve.

展望下半年，我對我們業務的熱情達到了前所未有的高度。憑藉決心和毅力，我們將繼續為客戶提供卓越的人工智慧生產影響力，全力應對他們委託我們解決的關鍵挑戰。

I'll now turn it over to Shyam.

現在我將把發言權交給 Shyam。

Thanks, Ryan. 20 years of grinding has built a unique moat and a massive lead. Our products were built for this moment and the numbers show it. Realizing value from AI in the enterprise requires the Elian integration of LLMs, workflow, and software and that's only possible with Ontology. As LLMs continue to improve, it only further accelerates the value realization and, therefore, the value of our products.

謝謝，Ryan。 20 年的磨礪打造了獨特的護城河和巨大的領先優勢。我們的產品就是為這一刻而打造的，數據證明了這一點。實現企業中 AI 的價值需要 Elian 對 LLM、工作流程和軟體的集成，而這只有透過 Ontology 才有可能實現。隨著 LLM 的不斷改進，它只會進一步加速價值實現，從而進一步加速我們產品的價值。

Our foundational investments in Ontology and infrastructure have positioned us to uniquely deliver on the AI demand, both now and in the world ahead. A substantial development over the last couple of quarters is the realization and acceleration of our vision of Ontology web services as an architectural concept for our customers. AIP isn't just software our customers use, it's software, our customers are building their software on.

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現在和未來世界的人工智慧需求。過去幾季的重大進展是，我們將本體網路服務作為客戶的架構概念的願景得以實現和加速。AIP 不僅僅是我們的客戶使用的軟體，它也是我們的客戶建立其軟體的基礎軟體。

Software companies are re-platforming away from the highly unopinionated services and building blocks of the hyperscaler stack onto AIP with its highly opinionated building blocks that get you to value 10 times faster. Chris Johnson, the Co-CEO of TeleTracking, who recently re-platformed on AIP said that he was flooded with inquiries from CEOs and CIOs when he went public on his partnership with Palantir. Re-platforming on AIP has enabled customers to leapfrog their competition and beat them to market. And this will continue to be both a significant area of investment on our product road map and an accelerating growth opportunity for the business across commercial and government.

軟體公司正在從高度不固執己見的超大規模堆疊服務和構建塊轉向 AIP，AIP 具有高度固執己見的構建塊，可讓您以 10 倍的速度實現價值。TeleTracking 聯合執行長 Chris Johnson 最近重新轉向 AIP 平台，他表示，當他公開宣布與 Palantir 合作時，收到了大量來自執行長和資訊長的詢問。AIP 的重新平台化使客戶能夠超越競爭對手並搶佔市場先機。這將繼續成為我們產品路線圖上的重要投資領域，也是商業和政府業務加速成長的機會。

I mentioned this last quarter, on their earnings calls, CEOs have been highlighting the transformative impact of AIP on their organizations. That trend continues. But also, this quarter, you can hear from the frontline workers about the same transformation AIP is bringing them. AI is giving the American workers superpowers. At the all-in Winning the AIA Race summit in DC, an ICU nurse, a factory worker, a hospital administrator, an electric vehicle battery maintenance technician shared how AI is making them better, faster, and more productive, giving them more time with patients, more time solving problems, and enabling more workers to access the job market.

我在上個季度提到過，執行長們在收益電話會議上一直在強調 AIP 對其組織的變革性影響。這種趨勢仍在持續。但同時，本季度，您也可以從第一線工人那裡聽到 AIP 為他們帶來的同樣的轉變。人工智慧正在賦予美國工人超能力。在華盛頓特區舉行的全力贏得 AIA 競賽峰會上，一名 ICU 護士、一名工廠工人、一名醫院管理人員、一名電動汽車電池維護技術人員分享了人工智能如何讓他們變得更好、更快、更高效，讓他們有更多時間與患者相處，有更多時間解決問題，並使更多工人能夠進入就業市場。

Our investments in AI FDE are accelerating the already eye-watering time to value for our customers and providing customers with capabilities to solve bigger and more complex problems independently. AI FDE is designed to enable autonomous execution across a wide array of tasks, including creating and editing Ontology, building data transforms, creating functions, debugging issues, and building applications. With its own closed-loop error handling, AI FDE can identify and correct issues and notify human users if needed, and it's been designed for seamless collaboration with humans in the loop through integration with AIPs branching.

我們對 AI FDE 的投資正在加速客戶本已令人眼花撩亂的價值實現時間，並為客戶提供獨立解決更大、更複雜問題的能力。AI FDE 旨在實現廣泛任務的自主執行，包括建立和編輯本體、建立資料轉換、建立功能、偵錯問題和建立應用程式。憑藉其自身的閉環錯誤處理功能，AI FDE 可以識別和糾正問題並在需要時通知人類用戶，並且它旨在透過與 AIP 分支集成實現與循環中的人類的無縫協作。

Warp Speed, our modern manufacturing operating system built on AIP continues to deliver for our industrial customers, from nuclear companies to the defense industrial base. With MRP speed, a component of Warp Speed, one of our customers remarked that balancing the production line has shifted from one day to one hour.

Warp Speed 是我們基於 AIP 建造的現代製造作業系統，它持續為我們的工業客戶提供服務，從核能公司到國防工業基地。我們的一位客戶表示，透過 Warp Speed 的一個組成部分 MRP 速度，平衡生產線的時間從一天縮短到了一小時。

We have seen a dramatic set of opportunities open up in US shipbuilding as America gets serious about fixing its maritime industrial base. China built more ships last year than we have built cumulatively since the end of World War II. Now the mighty American engine of innovation is spinning up and tackling this problem head-on.

隨著美國認真考慮修復其海洋工業基礎，我們看到美國造船業出現了一系列巨大的機會。中國去年建造的船隻數量超過了我們自第二次世界大戰結束以來建造的船隻總數。現在，強大的美國創新引擎正在加速運轉，正面解決這個問題。

Maven Smart System met its moment in recent operations of great import. Maven adoption continues to grow, with usage doubling again since February. Last quarter, I mentioned that usage doubled in the first nine months of 2024 and doubled again in the subsequent five months. This is on top of that.

Maven智慧系統在最近幾項具有重大意義的行動中迎來了它的黃金時代。Maven 的採用率持續成長，自二月以來使用量再次翻了一番。上個季度，我提到 2024 年前九個月的使用量翻了一番，隨後的五個月又翻了一番。這是最重要的。

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 unprecedented second quarter, surpassing $1 million of revenue in the quarter for the first time and delivering our highest Rule of 40 score ever of 94.

謝謝，Shyam。我們的第二季表現史無前例，本季收入首次超過 100 萬美元，並取得了有史以來最高的 40 規則分數 94 分。

Q2 revenue growth accelerated to 48% year over year, exceeding the high end of our prior guidance by nearly 1,000 basis points and representing a 2,100 basis point increase compared to the growth rate in Q2 of last year. On the back of this continued strength, in the third quarter, we are guiding to revenue of $1.085 billion, representing over 8% growth quarter over quarter, our highest-ever sequential revenue growth guide and 50% growth year over year.

第二季營收年增 48%，超出我們先前預期的高端近 1,000 個基點，與去年第二季的成長率相比增加了 2,100 個基點。在這持續強勁的勢頭的支撐下，我們預計第三季度營收將達到 10.85 億美元，環比增長超過 8%，創下有史以來最高的連續營收成長預期，同比增長 50%。

We are also raising our full-year 2025 revenue guidance midpoint to $4.146 billion, representing a 45% year-over-year growth rate, a nine-point increase over our full-year 2025 revenue guidance last quarter and our largest ever full-year revenue guidance raise. We are also raising our full-year US commercial revenue guidance to an excess of $1.302 billion, representing a growth rate of at least 85%, 17 points higher than the guidance we gave just last quarter.

我們也將 2025 年全年營收預期中位數上調至 41.46 億美元，年增 45%，比上個季度的 2025 年全年營收預期高出 9 個百分點，是我們有史以來最大的全年營收預期上調幅度。我們也將全年美國商業收入預期上調至 13.02 億美元，成長率至少 85%，比我們上個季度給出的預期高出 17 個百分點。

Accelerating demand for AIP continues to drive the outperformance in our US business overall, which grew 68% year over year and 17% sequentially in the second quarter. Our US commercial business grew 93% year over year and 20% sequentially and our US government business grew 53% year over year and 14% sequentially. We delivered these outstanding top line results as adjusted operating margin expanded to 46%, exceeding the high end of our prior guidance by nearly 300 basis points.

對 AIP 的需求不斷增長，並持續推動我們美國業務整體表現優異，第二季美國業務年增 68%，季增 17%。我們的美國商業業務年增 93%，較上季成長 20%，美國政府業務年增 53%，較上季成長 14%。我們實現了出色的營收業績，調整後的營業利潤率擴大至 46%，超越我們先前預期的高端近 300 個基點。

Our revenue and profitability drove an 11-point sequential increase to our Rule of 40 score from 83 in the first quarter to 94 in the second quarter. We continue to generate strong cash flow with second quarter adjusted free cash flow of $569 million, representing margin of 57%.

我們的收入和獲利能力推動我們的 40 規則得分連續增加 11 個百分點，從第一季的 83 點增加到第二季的 94 點。我們繼續產生強勁的現金流，第二季調整後的自由現金流為 5.69 億美元，利潤率為 57%。

Turning to our global top line results. Second-quarter revenue grew 48% year over year and 14% sequentially to $1.004 billion. Second-quarter US revenue grew 68% year over year and 17% sequentially to $733 million. Excluding the impact of revenue from strategic commercial contracts, second-quarter revenue grew 49% year over year and 14% sequentially, and second-quarter US revenue grew 68% year over year and 17% sequentially. Customer count grew 43% year over year and 10% sequentially to 849 customers. Revenue from our largest customers continues to expand. Second-quarter trailing 12-month revenue from our top 20 customers increased 30% year over year to $75 million per customer.

談到我們的全球營收業績。第二季營收年增 48%，季增 14%，達到 10.04 億美元。第二季美國營收年增 68%，季增 17%，達到 7.33 億美元。不計策略商業合約收入的影響，第二季營收年增49%，季增14%，第二季美國營收年增68%，季增17%。客戶數量年增 43%，季增 10%，達到 849 名客戶。來自我們最大客戶的收入持續成長。我們第二季來自前 20 名客戶過去 12 個月的營收年增 30%，達到每位客戶 7,500 萬美元。

Now moving to our commercial segment. Second-quarter commercial revenue grew 47% year over year and 14% sequentially to $451 million. Excluding the impact from strategic commercial contracts, second-quarter commercial revenue grew 49% year over year and 14% sequentially. We closed $1.1 billion in commercial TCV bookings, representing 185% growth year over year. AIP continues to drive existing customer expansions and new customer conversions in the US.

現在轉到我們的商業領域。第二季商業營收年增 47%，季增 14%，達到 4.51 億美元。不計策略商業合約的影響，第二季商業收入年增 49%，季增 14%。我們完成了價值 11 億美元的商業 TCV 訂單，年增 185%。AIP 持續推動美國現有客戶的擴張和新客戶的轉換。

Second-quarter US commercial revenue grew 93% year over year and 20% sequentially to $306 million. Excluding revenue from strategic commercial contracts, second-quarter US commercial revenue grew 95% year over year and 20% sequentially. We had our strongest quarter of US commercial TCV booked at $843 million, representing growth of 222% year over year.

第二季美國商業營收年增 93%，季增 20%，達到 3.06 億美元。不計策略商業合約收入，第二季美國商業收入年增 95%，季增 20%。我們在美國商業 TCV 方面表現最強勁的一個季度，訂單金額達 8.43 億美元，年增 222%。

Over the past 12 months, we closed $2.8 billion of US commercial TCV bookings, a 141% increase from the prior 12 months, highlighting the demand for AI production use cases. Total remaining deal value in our US commercial business grew 145% year over year and 20% sequentially. Our US commercial customer count grew to 485 customers, reflecting growth of 64% year over year and 12% sequentially. Second-quarter international commercial revenue declined 3% year over year and grew 2% sequentially to $144 million. 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.

在過去的 12 個月中，我們完成了價值 28 億美元的美國商用 TCV 訂單，比前 12 個月增長了 141%，凸顯了對 AI 生產用例的需求。我們美國商業業務的剩餘交易總價值年增 145%，較上季成長 20%。我們的美國商業客戶數量成長至 485 個客戶，年增 64%，較上季成長 12%。第二季國際商業營收年減 3%，季增 2%，至 1.44 億美元。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 third-quarter 2025 revenue from these contracts to be between $2 million to $4 million compared to $10 million in the third quarter of 2024. We anticipate 2025 revenue from these contracts to be less than half 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 年第三季這些合約的營收將在 200 萬至 400 萬美元之間，而 2024 年第三季的營收為 1,000 萬美元。我們預計，2025 年這些合約的收入將不到全年收入的 1% 的一半。

Shifting to our government segment. Second-quarter government revenue grew 49% year over year and 14% sequentially to $553 million. Second-quarter US government revenue grew 53% year over year and 14% sequentially to $426 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。第二季政府營收年增 49%，季增 14%，達到 5.53 億美元。第二季美國政府營收年增 53%，季增 14%，達到 4.26 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。

Second-quarter international government revenue grew 37% year over year and 11% sequentially to $127 million, bolstered primarily by our continued work in the UK. We closed our highest ever quarter of TCV bookings at $2.3 billion, up 140% year over year. This eclipses our prior highest quarter of TCV bookings in Q4 2024 by nearly $0.5 billion.

第二季國際政府營收年增 37%，季增 11%，達到 1.27 億美元，這主要得益於我們在英國的持續工作。我們季度的 TCV 訂單量達到歷史最高水平，達到 23 億美元，年增 140%。這比我們之前 2024 年第四季的 TCV 預訂量最高季度高出近 5 億美元。

Net dollar retention was 128%, an increase of 400 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q2 of last year as we see the effect of the AI revolution. As net dollar retention does not include revenue from new customers that were required in the past 12 months, it does not yet fully capture the acceleration of velocity in our US business over the past year.

淨美元留存率為 128%，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二季獲得的新客戶所推動的。由於淨美元留存不包括過去 12 個月所需的新客戶收入，因此尚未完全反映出過去一年我們美國業務的成長速度。

We ended the second quarter was $7.1 billion in total remaining deal value, an increase of 65% year over year and 20% sequentially and $2.4 billion in remaining performance obligations, an increase of 77% year over year and 27% sequentially.

截至第二季度，我們剩餘交易總價值為 71 億美元，年增 65%，季增 20%，剩餘履約義務為 24 億美元，年增 77%，季增 27%。

As a reminder, RPU 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，RPU 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 $464 million, representing an adjusted operating margin of 46%. Q2 adjusted expense was $539 million, up 9% sequentially and 27% year over year, primarily driven by our continued investment in AIP and technical hiring.

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 4.64 億美元，調整後的營業利潤率為 46%。第二季調整後的支出為 5.39 億美元，季增 9%，年增 27%，主要得益於我們對 AIP 和技術招聘的持續投資。

While we expect adjusted operating margin to continue to expand for the second half of the year, as in prior years, we expect a significant ramp in expenses in the third quarter due to the seasonality of new hire starts. We remain committed to investing in the most elite technical talent as well as a product pipeline and AI production use cases, all while delivering on our goals of sustained GAAP profitability.

雖然我們預計下半年調整後的營業利潤率將與前幾年一樣繼續擴大，但由於新員工入職的季節性，我們預計第三季的支出將大幅增加。我們將繼續致力於投資最優秀的技術人才以及產品線和人工智慧生產用例，同時實現持續的 GAAP 獲利目標。

Second-quarter GAAP operating income was $269 million, representing a 27% margin. Second-quarter GAAP net income was $327 million, representing a 33% margin. Second-quarter stock-based compensation expense was $160 million and equity related employer payroll tax expense was $35 million. Second-quarter GAAP earnings per share was $0.13. Second-quarter adjusted earnings per share was $0.16.

第二季 GAAP 營業收入為 2.69 億美元，利潤率為 27%。第二季 GAAP 淨收入為 3.27 億美元，利潤率為 33%。第二季股票薪資費用為 1.6 億美元，股票相關雇主薪資稅費用為 3,500 萬美元。第二季 GAAP 每股盈餘為 0.13 美元。第二季調整後每股收益為 0.16 美元。

Additionally, our combined revenue growth and adjusted operating margin accelerated to 94% in the second quarter, an 11-point increase to a Rule of 40 score from the prior quarter, and our eighth 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 91% for the full year.

此外，第二季度，我們的綜合收入成長和調整後營業利潤率加速至 94%，比上一季的 40 規則得分提高了 11 個百分點，這也是我們連續第八個季度實現 40 規則得分的擴大。隨著我們 2025 年收入和調整後營業收入預期的增加，我們現在預計全年 40 規則得分將達到 91%。

Turning to our cash flow. In the second quarter, we generated $539 million in cash from operations and $569 million in adjusted free cash flow, representing margins of 54% and 57%, respectively. Through the end of the second quarter, we repurchased approximately 2.5 million shares as part of our share repurchase program. As of the end of the quarter, we had $899 million remaining of the original authorization. We ended the quarter with $6 billion in cash, cash equivalents and short-term US Treasury securities.

轉向我們的現金流。第二季度，我們產生的營運現金流為 5.39 億美元，調整後自由現金流為 5.69 億美元，利潤率分別為 54% 和 57%。截至第二季末，作為股票回購計畫的一部分，我們回購了約 250 萬股。截至本季末，我們原始授權金額還剩餘 8.99 億美元。本季末，我們擁有 60 億美元現金、現金等價物和短期美國國債。

Now turning to our outlook. For Q3 2025, we expect revenue of between $1.083 billion and $1.087 billion and adjusted income from operations of between $493 million and $497 million. For full-year 2025, we are raising our revenue guidance to between $4.142 billion and $4.150 billion. We are raising our US commercial revenue guidance to an excess of $1.302 billion, representing a growth rate of at least 85%.

現在轉向我們的展望。對於 2025 年第三季度，我們預計營收在 10.83 億美元至 10.87 億美元之間，調整後營業收入在 4.93 億美元至 4.97 億美元之間。對於 2025 年全年，我們將營收預期上調至 41.42 億美元至 41.50 億美元之間。我們將美國商業收入預期提高至 13.02 億美元，成長率至少 85%。

We are raising our adjusted income from operations guidance to between $1.912 billion and $1.920 billion. We're raising our adjusted free cash flow guidance to between $1.8 billion and $2 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 19.12 億美元至 19.20 億美元之間。我們將調整後的自由現金流預期上調至 18 億美元至 20 億美元之間，並繼續預計今年每季的 GAAP 營業收入和淨收入。

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

說完這些，我將把時間交給 Alex 發表一些評論，然後 Ana 將開始問答環節。

Well, as usual, I've been cautioned to be a little modest about our bombastic numbers, but honestly, there's no authentic way to be anything but have enormous pride and gratefulness about these extraordinary numbers.

好吧，像往常一樣，我被告誡要對我們誇張的數字保持謙虛，但老實說，除了對這些非凡的數字感到無比自豪和感激之外，沒有其他真正的方式。

Now when you look -- obviously, looking at numbers, there's numbers and what do they mean? So if you take, I would say, the truly once-in-a-generation number of 93% growth in US com off of a large base or even 53% growth in USG, which is astonishing even though, obviously, it shows where the government is downstream from general trends in AI or the 68% growth in the US, you still have to say, why are these numbers even more astonishing than they appear.

現在，當您查看——顯然，查看數字時，有數字，它們代表什麼？因此，我想說，如果你看一下美國公司在龐大基數上實現的 93% 的增長率，或者美國政府實現 53% 的增長率，這確實是一代人中只有一次的數字，儘管這顯然表明政府在人工智能的總體趨勢中處於下游，或者美國實現了 68% 的增長率，但這仍然令人震驚，你仍然不得不說它們更令人震驚的數字。

Well, obviously, you'd look at -- what is the meaning of the number. And the Rule of 40 basically tells you the meaning of the number. And if that number is somewhere in the 50s, 60s, 70s, that's pretty baller. When it's the single most impressive number, I think any enterprise software company has ever seen, there is something anomalous going on. And obviously, the prediction that all the attendees would be downstream from the value, so it would be chips and Ontology, is being proven not as a thesis, but as a reality.

嗯，顯然，你會看看——這個數字的含義是什麼。40 法則基本上告訴了你這個數字的意思。如果這個數字在 50、60 或 70 之間，那就相當可觀了。當它是任何企業軟體公司所見過的最令人印象深刻的數字時，我想一定有異常的事情發生。顯然，所有與會者將處於價值的下游，也就是晶片和本體的預測，並不是作為論文被證明，而是作為現實被證明。

And then you would obviously ask what is the base. We're now working off of a very large base getting to -- we did our $1 billion. So it's a very significant run rate. But then I would say, if you look at a kind of more qualitative version of Palantir, we did this with no compromise in terms of what we believe. We still believe America is the leader of the free world, that the West is superior, that we have to fight for these values, that we should give American corporations and, most importantly, our government an unfair advantage.

然後你顯然會問基礎是什麼。我們現在正以非常大的基礎開展工作——我們已實現 10 億美元目標。因此，這是一個非常重要的運行率。但我想說的是，如果你看一下 Palantir 的更定性版本，你會發現我們在做這件事時並沒有在我們所相信的事情上做出任何妥協。我們仍然相信美國是自由世界的領袖，西方是優越的，我們必須為這些價值觀而戰，我們應該給予美國公司，最重要的是，我們的政府不公平的優勢。

We've demonstrated in every area and arena of American life and international life that we do deliver an unfair advantage for our allies, our friends, and our compatriots. We have done this by creating a company where every single component is value accretive. There are almost no parasitic elements to this company. We have a small sales force. We have very little BS internally. We have a flat hierarchy. We have the most-qualified interesting people heterodox on their beliefs.

我們已經在美國生活和國際生活的各個領域和舞台上證明，我們確實為我們的盟友、朋友和同胞帶來了不公平的優勢。我們透過創建一家每個組成部分都能增值的公司來實現這一目標。這家公司幾乎沒有寄生元素。我們的銷售團隊規模很小。我們內部的 BS 非常少。我們的層級結構是平的。我們擁有最有資格、最有趣的異端信仰者。

We have an orchestration engine that deploys for deployed engineers everywhere a model that everyone despised and destined until literally a quarter ago and thought would lead to a low multiple. I guess you're wrong. We have a series of products that are on the front line, most notably Ontology, but also Foundry and Maven. And this is a confluence. This is the perfect time for Palantir.

我們有一個編排引擎，可以為各地部署的工程師部署一個模型，直到一個季度前，每個人都鄙視並認為這個模型會導致較低的倍數。我想你錯了。我們有一系列處於前沿的產品，最著名的是 Ontology，還有 Foundry 和 Maven。這是一種匯合。對 Palantir 來說，這是絕佳時機。

And I would also say at the risk of saying the obvious, this is a perfect time for a revolution in the United States of America. We are very, very bullish on America. We have some really crucial and important clients internationally, large clients, commercial clients in Europe and also government clients outside of America that we're proud of. But this is an American revolution. It's being led by Ontology and chips and to also, to some extent, large language model providers.

儘管這麼說有些明顯，但我還是想說，現在正是美國革命的絕佳時機。我們對美國非常非常看好。我們在國際上有一些非常關鍵和重要的客戶，大客戶、歐洲的商業客戶以及美國以外的政府客戶，我們對此感到自豪。但這是一場美國革命。它由本體和晶片主導，並且在某種程度上也由大型語言模型提供者主導。

We are also anomalously bullish on all aspects of American life, including and especially, people in the blue collar. We're going to -- Shyam and others are leading our charge to arm the working class or blue-collar workers with AI agency-enhancing skills. AI is an agency-enhancing revolution. Our numbers show that. We've seen on the front line in the United States government that people with less than a college education are creating a lot value and sometimes more value than people with a college education, using our product. We're also going to reach out to labor leaders and help them organize ways that workers can earn AI-enhanced earnings.

我們也對美國生活的各個面向異常樂觀，尤其是藍領階級。我們將——Shyam 和其他人將帶領我們，為工人階級或藍領工人提供增強人工智慧能力的技能。人工智慧是一場增強機構能力的革命。我們的數字表明了這一點。我們在美國政府前線看到，受教育程度低於大學的人利用我們的產品創造了許多價值，有時甚至比受過大學教育的人創造的價值還要多。我們也將聯繫勞工領袖，幫助他們組織工人透過人工智慧賺取收入的方式。

But in general, what you see in our numbers, and the reason it's so successful, is our clients and partners are downstream from our unit economics, and they want our unit economics. And we are teaching them ways in which to work, both cultural and with our products that will allow them to get unit economics that look like 94, 93, 68, 53, respectively. Those numbers are astonishing, incredible, and we're planning to share them with our partners via exposing them to a way in which to work in an AI revolution so that they have the same kind of agency we do.

但總的來說，您從我們的數據中看到的情況以及它如此成功的原因是，我們的客戶和合作夥伴處於我們單位經濟的下游，他們想要我們的單位經濟。我們正在教導他們工作方式，包括文化和使用我們的產品，這將使他們分別獲得像 94、93、68、53 這樣的單位經濟效益。這些數字是驚人的、令人難以置信的，我們計劃透過向我們的合作夥伴展示在人工智慧革命中工作的方式與他們分享這些數字，以便他們擁有與我們相同的代理權。

I run around US commercial telling corporate leaders, if you want to have your first amendment rights to an opinion again, get our unit economics and then you too can say things that are true in public like we do. It's very motivating to people and very motivating to us.

我跑遍美國商業界告訴企業領導人，如果你想再次擁有發表意見的第一修正案權利，那就了解我們的單位經濟學，然後你也可以像我們一樣在公開場合說出真實的話。這對其他人和我們都有很大的激勵作用。

So thank you for all of our supporters and we should entertain questions. But this is a once-in-a-generation, truly anomalous quarter and we're very proud and we're sorry that our haters are disappointed, but there are many more quarters to be disappointed, and we're working on that, too.

因此，感謝所有支持我們的人，我們應該回答問題。但這是一代人中難得一見的、真正異常的季度，我們感到非常自豪，同時也為我們的仇敵感到失望而感到抱歉，但還會有更多的季度令人失望，我們也在為此而努力。

Thanks, Alex. We'll now turn to questions from our shareholders before opening up the call. We received a question from Christina who asks, beyond just using LLMs, how is Palantir making AI more useful for frontline workers and decision makers, not just data scientists?

謝謝，亞歷克斯。在開始電話會議之前，我們先來回答股東的問題。我們收到了克里斯蒂娜的一個問題，她問道，除了使用法學碩士學位之外，Palantir 如何讓人工智慧對第一線工人和決策者更有用，而不僅僅是數據科學家？

Well, thanks, Christina. There's a surprising amount of dimorphism that comes out of the ivory tower, the folks who are doing AI research. We spend all of our time at the front line with the factory worker in the fire cell. And the vibe could not be more different.

好吧，謝謝你，克里斯蒂娜。令人驚訝的是，在像牙塔中，從事人工智慧研究的人之間存在著大量的二態性。我們所有的時間都花在與工廠工人一起在消防小組的第一線。而且氛圍也截然不同。

What we observe is that AI is giving the American worker superpowers. Look at the nurses and the ICU who have more time to spend with their patients, less time munging around collecting the clinical notes to understand what care to deliver. Or the factory workers in the submarine industrial base who get back three days of quoting a part to actually spend time solving problems in production.

我們觀察到，人工智慧正在賦予美國工人超能力。看看護理師和 ICU，他們有更多的時間陪伴患者，而不用花太多時間收集臨床記錄來了解需要提供哪些護理。或者潛艇工業基地的工廠工人，他們花了三天報價一個零件，實際上要花時間解決生產中的問題。

And perhaps the use case that I'm most excited about around Panasonic Energy where -- make electric vehicle batteries, actually being able to develop AI to train their workers to manage the exquisite high-end Japanese technology where the background of the workers is casinos. And I think this is job expanding. It's empowering. To Alex' point, it's really pro-agency, pro creativity. And that's a big reason why we've leaned into creating the American tech fellowship.

也許最讓我興奮的用例是松下能源——生產電動車電池，實際上能夠開發人工智慧來培訓他們的工人管理精緻的高端日本技術，而工人的背景是賭場。我認為這是工作擴展。它賦予了人們力量。正如亞歷克斯所說，這確實有利於自主性和創造力。這就是我們傾向於創建美國科技獎學金的一個重要原因。

Our lived experiences that some of those creative AI applications are coming from the blue-collar worker, the auto dieback that has a little bit of self-taught knowledge, not the classically trained computer scientists. Not just using AI, but more importantly, building AI applications that are changing their business. We want to find these people. We want to empower them, credential them, put them through the training and unleash them on the American economy.

我們的生活經驗表明，一些創造性的人工智慧應用程式來自藍領工人，他們擁有一些自學知識，而不是受過傳統訓練的電腦科學家。不僅僅是使用人工智慧，更重要的是建立正在改變其業務的人工智慧應用程式。我們想找到這些人。我們希望賦予他們權力、授予他們資格、對他們進行培訓並讓他們為美國經濟做出貢獻。

Dan, Wedbush.

丹，韋德布希。

Thank you, Ana. I'm sorry also that the haters are unsatisfied. But look, can you just hit on -- you're basically doing this without a direct sales force. So like are you going to go down that path? Or it's just going to be prudently going down just given the type of growth you're seeing? Can you just like walk through how you're thinking about given such the massive success you're having, essentially no direct sales force.

謝謝你，安娜。我也很抱歉那些仇敵不滿意。但你看，你能不能直接做到這一點——你基本上是在沒有直接銷售團隊的情況下做到這一點。那麼你會走那條路嗎？或者只是考慮到您所看到的成長類型，它會謹慎地下降？您能否簡單介紹一下，鑑於您取得的巨大成功，您是如何看待基本上沒有直銷隊伍的？

Yeah. For those of you who are new to Palantir, one of the many, many controversial we-were-doomed-to-failure decisions we made was that we rejected an idea of like basically the way software is often done useless product that becomes parasitic, you can't get rid of it and you have 1,000 state dinners, all convince you buy something is useless you can't get rid of. And we believe that we would be -- always be, downstream from the value we create and we would be able to capture that value. And if you look how this company is organized, in government and commercial, it is all built around those ideas, including internal orchestration, including our flat hierarchy, including the products we deliver.

是的。對於那些剛接觸 Palantir 的人來說，我們做出的眾多有爭議的「我們注定要失敗」的決定之一就是，我們拒絕了這樣一種想法，即軟體通常是無用的，會成為寄生產品，你無法擺脫它，你有 1,000 場國宴，所有這些都說服你買的東西是無用的，你無法擺脫它。我們相信，我們將永遠處於我們創造的價值的下游，並且我們將能夠捕捉到這種價值。如果你觀察這家公司在政府和商業領域的組織結構，你會發現它完全是圍繞著這些理念建立的，包括內部協調、扁平層級結構以及我們提供的產品。

Our primary sales force now, and I think likely in the future, are going to be current customers telling other customers, if you want this to work, bring them in and listen to how they orchestrate their culture inside your culture with their products. And it's not that we won't have direct salespeople, but we need -- what's really helping us now is our product on day one, so that they're not using Foundry, the Foundry product of three years ago. They're really aspiring to what can be done with ontology and large language models and our FTE structure.

我們現在的主要銷售隊伍，我想未來也很可能是這樣，將是現有客戶告訴其他客戶，如果你希望這個方法有效，就把他們帶進來，聽聽他們如何用他們的產品在你的文化中融入他們的文化。這並不是說我們不會有直銷人員，而是我們需要——現在真正幫助我們的是我們第一天的產品，這樣他們就不會使用 Foundry，也就是三年前的 Foundry 產品。他們確實渴望利用本體、大型語言模型和我們的 FTE 結構來實現這一目標。

And the disadvantage of this is, yeah, you don't have 10,000 people roaming around selling something they don't understand. But the advantage is we go from -- once we come in the door, we come in with enormous credibility. So the person we're selling to believes we will make them a lot of money, save them expenses, or we will make their solder safer and more lethal. And they believe it because they've heard it from someone they trust and/or in the US economy. There are a lot of people that go from one job to the next, so that somebody we meet in one place, very likely will be somewhere else in a year or two, and the first call we get -- in fact, I was just doing a customer call, partner call, we're very early with these people.

而這樣做的缺點是，是的，你不會看到一萬人到處兜售他們不懂的東西。但優勢在於──一旦我們進門，我們就擁有巨大的信譽。因此，我們的銷售對象相信我們會為他們賺很多錢，節省他們的開支，或者我們會使他們的焊料更安全、更致命。他們之所以相信這一點，是因為他們從自己信任的人和/或美國經濟界人士那裡聽說過這一點。很多人從一份工作跳槽到另一份工作，所以我們在一個地方遇到的某個人，很可能在一兩年後就去了其他地方，我們接到的第一個電話——事實上，我只是在給客戶打電話、給合作夥伴打電話，我們很早就和這些人打過交道了。

The story was, hey, I got blocked at my last enterprise. They wouldn't let me buy Foundry. I've been following Foundry and now Ontology, first calls was to us. And then when the meetings -- the meetings have shifted from, hey, we may not know how to use you, to very much, tell us how we could create the kind of leverage you have. And that's why these numbers are going up at the top end and at the bottom end because we're coming in with a different kind of credibility and leverage.

故事是這樣的，嘿，我在上一家企業遇到了阻礙。他們不讓我買 Foundry。我一直在關注 Foundry，現在關注 Ontology，第一通電話就是打給我們的。然後，當會議——會議已經從「嘿，我們可能不知道如何利用你」轉變為「告訴我們如何創造你所擁有的那種影響力」。這就是為什麼這些數字在頂端和底端都在上升，因為我們帶著不同的信譽和影響力。

So our -- in the near future, the 10x revenue we are going to get in the US over the next, in my view, next five years, but certainly, what we forecasted for this year, it's really people saying, wow." I mean -- and then you have -- and then everyone talks about us on the earnings calls. So like when you see AIG or others saying, I believe I can dramatically change my business at a lower cost. CEO, CIOs, Chief Revenue Officers, the whole group are like, get them on the phone.

因此，我認為，在不久的將來，我們在美國將獲得 10 倍的收入，但可以肯定的是，我們對今年的預測確實會讓人們驚嘆不已。 」我的意思是——然後你就——然後每個人都在收益電話會議上談論我們。所以當你看到 AIG 或其他人說，我相信我可以以更低的成本徹底改變我的業務。執行長、資訊長、首席營收官，整個團隊都想打電話給他們。

And this just makes our whole thing easier because we do not have time or interest in spending all the time we did in the past, starting from complete ignorance. We're starting from a much higher level. And then the higher level allows us to ratchet up. So that's going to be what we're going to do.

這使得我們的整個事情變得更容易，因為我們沒有時間或興趣花費過去所有的時間來從完全無知開始。我們的起點比現在高很多。然後更高的層次讓我們不斷進步。這就是我們要做的。

Obviously, we're going to continue -- Samir and others and Cam had built a very small, nimble sales force. We have people who've been here for a long time doing very large deals. We have Ryan, who's doing this -- organizing the contracts full time. But I mean, I'll let Ryan speak to this, the leverage we have in these calls, I don't mean leverage just financial, the leverage to create the value that is upstream of what we get paid. We are very focused on the value creation and then collecting later.

顯然，我們將繼續下去——薩米爾和其他人以及卡姆已經建立了一支非常小而靈活的銷售團隊。我們有一些員工已經在這裡工作了很長時間，做過非常大的交易。我們有瑞安 (Ryan)，他全職負責組織合約。但我的意思是，我會讓瑞安來談談這一點，我們在這些電話會議中所擁有的槓桿作用，我指的不僅僅是財務槓桿，而是創造我們所獲得報酬上游價值的槓桿作用。我們非常注重價值創造，然後再收集價值。

Yes. And what we're seeing is like the leadership of our customers are coming to us saying, how do we -- we're seeing it start more quickly, expand more quickly, and expand deeper and they're coming to us now at the beginning saying how do we roll this across the whole enterprise.

是的。我們看到的是，客戶的領導層來找我們，問我們如何——我們看到它啟動得更快，擴展得更快，擴展得更深，他們現在一開始就來找我們，問我們如何將其推廣到整個企業。

The way being more experimental because we were a big customer and it was like, look, we'll do this in this side of the contract. Why don't you let us do the rest and we'll discuss it later. And then this is yet another advantage America has that we underestimate. It's so plastic. If you compare America to, say, Germany, the way in which they build industry, they purchase software, they judge software. There's a pattern that is etched in stone there.

因為我們是大客戶，所以我們的方式更具實驗性，就像，看，我們會在合約的這一邊這樣做。為什麼不讓我們做剩下的事情，我們稍後再討論。這是我們低估的美國的另一個優勢。它太塑膠了。如果你將美國與德國進行比較，你會發現他們建立工業、購買軟體和評判軟體的方式都不同。那裡有一個刻在石頭上的圖案。

But in America, people are very open to value creation and there are under more pressure. And also, people inside the company have more upside in the company. They have more equity. They want things that work. They don't want theory.

但在美國，人們對價值創造持非常開放的態度，而且他們承受的壓力也更大。而且，公司內部的人員在公司也擁有更多的上升空間。他們擁有更多的股權。他們想要有用的東西。他們不想要理論。

Marianna, Bank of America.

瑪麗安娜，美國銀行。

[Hello], everyone.

[大家好。

Greetings.

問候。

I have two questions. One on the AI action plan that the White House put out a couple of weeks ago. You have been part of this process through recommendations. What excites you the most? And where do you think there is still work to do?

我有兩個問題。其中一項是白宮幾週前發布的人工智慧行動計畫。您已透過推薦參與了此過程。什麼最令你興奮？您認為還有哪些工作要做？

And the second one is about talent because to make sure that we are part of the -- or the dominant software of the future, you have to make sure that you keep attracting, retaining, and training the right talent. And we are seeing this, I don't know, battle over talent in software companies right now. How do you make sure that you are ahead of everyone else and keep attracting the right people?

第二個是關於人才，因為為了確保我們成為未來軟體的一部分或主導者，你必須確保不斷吸引、留住和培訓合適的人才。我們現在看到的是軟體公司內部的人才爭奪戰。您如何確保自己領先於其他人並不斷吸引合適的人才？

On the first bit, with the AI action plan, I think it's incredibly exciting. Essentially, we're taking all the brakes off. AI really is an empirical journey and you have to roll up your sleeves and actually focus on the implementation of it. It's a clear recognition that having an American open-AI tech stack that we all build our solutions on is absolutely crucial and important. And that perhaps we had been spending too much time handwringing and not enough time doing things.

首先，關於人工智慧行動計劃，我認為它非常令人興奮。本質上，我們正在解除所有阻礙。人工智慧確實是一場實證之旅，你必須捲起袖子，並真正專注於它的實施。我們清楚地認識到，擁有一個可供我們建立解決方案的美國開放式人工智慧技術堆疊是絕對關鍵且重要的。也許我們花了太多時間焦慮，而沒有花足夠的時間去做事。

So not only Palantir, but I think the entire industry and the customers of the industry, are really excited to get to work and to realize the value that we can have by doing this and the support and the subsequent follow-on investments that this implies. And on the talent side, I think the most important thing is giving people access to problems that matter. We've seen our retention be quite strong. There's really no other place.

因此，我認為不僅是 Palantir，整個行業以及行業的客戶都非常高興能夠開展工作，並實現我們通過這樣做所能獲得的價值以及這意味著的支持和後續的後續投資。在人才方面，我認為最重要的是讓人們接觸到重要的問題。我們發現我們的保留率相當高。確實沒有其他地方了。

So you think about the number of production workflows that we have around AI, there's a set of folks who like to just do research, who like to just think about what is possible. But at this point, we are able to attract and retain and motivate people who actually want to bend the arc of history here, work on the problems that drive outcomes.

所以你想想我們圍繞人工智慧的生產工作流程的數量，有一群人只喜歡做研究，只喜歡思考什麼是可能的。但此時此刻，我們能夠吸引、留住並激勵那些真正想要改變歷史進程、致力於解決能帶來成果的問題的人。

This is what Shyam's saying is so right. Well, I mean, part of the value of doing these calls is like if you are a highly talented person and would believe that the West is superior, or at least tolerant of me telling you it every day, you will not find a place anywhere I've seen. And now -- over 20 years, I've interacted with almost every agency in the West, many of the largest companies, many of the smaller companies, you will not find a place that is comparable on time of joining to full agency like Palantir.

這就是 Shyam 所說的非常正確的事情。嗯，我的意思是，打這些電話的價值部分在於，如果你是一個非常有才華的人，並且相信西方是優越的，或者至少容忍我每天都告訴你這一點，那麼在我所見過的任何地方你都找不到一席之地。現在——20 多年來，我幾乎與西方所有的機構都有過合作，包括許多最大的公司和許多小公司，你不會找到一個地方能在加入 Palantir 這樣的全面代理機構的時間上與它相比。

We have this -- and by the way, we're ratcheting this up like more internal orchestration. You come here -- from the time you come here to the time you're working on something that literally will be in the paper, in the economic section, in the consumer section, or in the government section of the paper, it could be three months. There is nothing like that. A and B, now that everyone knows this, this is by far the best credential in tech. If you come to Palantir, your career-set.

我們有這個——順便說一下，我們正在加強內部協調。你來到這裡——從你來到這裡到你開始著手處理某件實際上會出現在報紙的經濟版、消費者版或政府版上的事情，可能需要三個月的時間。沒有什麼是這樣的。A 和 B，現在每個人都知道這一點，這是迄今為止技術領域最好的憑證。如果你來到Palantir，你的職業生涯就此確定。

And the other thing that is not exactly related that I really just love about that, if you did not go to school or you went to a school that's not that great or you went to Harvard or Princeton, once you come to Palantir, you're a [Palantirian]. No one cares about the other stuff. They don't care what your parents did. They don't care which your parents are. They don't care where you went to school.

另一件不太相關的事情是我非常喜歡的，如果你沒有上過學，或者你上的學校不太好，或者你上的是哈佛或普林斯頓，一旦你來到 Palantir，你就是一個[帕蘭蒂瑞安人]。沒人關心其他的事。他們不關心你的父母做了什麼。他們不關心你的父母是誰。他們不在乎你在哪裡上學。

They care about were you at Palantir, how are you viewed at Palantir, what did you work on in Palantir. And so we are re-credentialing, making a new credential independent of class and background at Palantir. That is the most important credential in tech. And that's one of the two reasons, agency plus that that we are doing very, very well on the talent acquisition and retention side.

他們關心您是否在 Palantir 工作過、Palantir 對您的看法如何、您在 Palantir 從事什麼工作。因此，我們正在重新認證，在 Palantir 建立一種獨立於階級和背景的新認證。這是科技領域最重要的資格。這也是我們在人才取得和保留方面做得非常非常好的兩個原因之一，另外還有代理商。

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

謝謝你們兩位。亞歷克斯，和往常一樣，我們有很多個人投資者在線上。在我們結束通話之前您還有什麼想說的嗎？

Maybe stop talking to all the haters They're suffering. Don't tell them about how important the ride has been, how exciting it's been, how much you've enjoyed the ride, how much fun it is to send -- to write little e-mails to analysts that spend 20 years learning about software and have been wrong about every quarter. Maybe just don't talk to them. There's some suffering going on.

也許不要再和所有仇恨者說話了，他們正在受苦。不要告訴他們這次旅程有多重要，有多令人興奮，你有多享受這次旅程，給那些花了 20 年時間學習軟體但每個季度都預測錯誤的分析師寫電子郵件有多麼有趣。也許只是不要和他們說話。有一些痛苦正在發生。

But for the rest of us, we are enjoying this time and we're enjoying it with you. And our performance and your support of it is both important because you deserve it. And we are grateful that you gave it to us, especially -- and I definitely have not forgotten, there would have been no DPO, we would not have gone from our low share price to now, we would not have many of the clients we have and we wouldn't have some of the pride we have without you.

但對我們其他人來說，我們正在享受這段時光，並且與你們一起享受。我們的表現和您的支持都很重要，因為這是你們值得的。我們非常感謝您給我們這一切，尤其是——我絕對沒有忘記，如果沒有您，就不會有 DPO，我們的股價就不會從低位一路飆升到現在，我們也不會擁有這麼多的客戶，我們也不會擁有現在的一些自豪感。

But I would also say, our ability to win while sticking by what we believe is important for the world because we live in a world where people are prevailing half truths, partial truths. Palantir gets attacked just because we help make this country even better, because we support the values, because we defend it. And us being able to win while having an opinion does have an impact on the world, if only because the people who think we are wrong are not good, have to be a little jealous and suffer. And you know what? That's a good thing, too. So I'm very, very proud of this quarter.

但我也想說，我們堅持自己信念並取得勝利的能力對世界來說很重要，因為我們所處的世界普遍充斥著半真半假、部分真相。Palantir 受到攻擊只是因為我們幫助這個國家變得更好，因為我們支持這些價值觀，因為我們捍衛它。我們能夠在擁有觀點的同時取得勝利確實會對世界產生影響，只是因為那些認為我們錯了的人並不好，不得不有點嫉妒和受苦。你知道嗎？這也是一件好事。所以我對這個季度感到非常自豪。

And by the way, obviously, to all the Palantirians who made this happen. Behind the scenes, we are just, to use Shyam's term, grinding and every day and all the time on our most important -- you know, we've had deployments here that because of their criticality, our people are working around the clock for half a month, around the clock on a cycle. And they're really proud to do that and they have changed the arc of history and your support inside the company and outside the company. And also, we're asking people to work in an environment, when they come in here, that is very different than anything they've ever worked on.

順便說一下，顯然，我要感謝所有讓這一切成為現實的 Palantirians。在幕後，用 Shyam 的話來說，我們只是每天無時無刻不在努力完成我們最重要的任務 — — 你知道，我們在這裡的部署，由於其重要性，我們的人員連續半個月晝夜不停地工作，形成一個週期。他們真的為此感到自豪，他們改變了歷史的軌跡，也得到了公司內部和外部的支持。而且，我們要求人們在這裡工作時所處的環境與他們以前工作過的任何環境都截然不同。

Most of them come from university where they've just been engaged in platitudes. Now it's frontline where things matter and we do things very differently than anyone else. And the fact that Palantirians have aligned to do this to work as a [phalynx] in the service of what I view as a higher purpose and I think many agree with me, is an enormous accomplishment. And especially, I speak for all of us who like work with these people. This is a very special environment, and I'm super proud to somehow ended up being your leader. So thank you.

他們中的大多數來自大學，在那裡他們只會談論陳詞濫調。現在，它是事關重大的一線，我們所做的事情與其他人截然不同。事實上，Palantirians 已經聯合起來，作為 [phalynx] 為我所認為的更高目標而努力，而且我認為很多人都同意我的觀點，這是一個巨大的成就。尤其是，我代表所有喜歡與這些人一起工作的人發言。這是一個非常特別的環境，我非常自豪能夠成為你們的領導者。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。