Palantir Technologies Inc (PLTR) 2025 Q3 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our third-quarter 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，歡迎各位參加我們 2025 年第三季財報電話會議。我們將討論在股市收盤後發布的新聞稿中公佈的業績，該新聞稿將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 fourth 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. 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.

在電話會議期間，我們將就我們的業務發表一些可能被視為適用證券法意義上的前瞻性聲明，包括關於我們第四季度和 2025 財年業績的聲明、管理層對我們未來財務和營運業績的預期，以及其他關於我們的計劃、前景和預期的聲明。這些聲明並非承諾或保證，且存在風險和不確定性，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盈利新聞稿以及我們提交給美國證券交易委員會的文件中查閱。除法律要求外，我們不承擔更新前瞻性聲明的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation and other earnings materials are available on our Investor Relations website at investors.palantir.com.

此外，在今天的電話會議中，我們將提及一些調整後的財務指標。這些非GAAP財務指標應作為GAAP指標的補充考慮，而不是替代或孤立地考慮GAAP指標。有關這些非GAAP指標的更多信息，包括非GAAP指標與可比較GAAP指標的調節表，請參閱我們今天發布的新聞稿和投資者演示文稿。我們的新聞稿、投資者簡報和其他收益資料可在投資者關係網站 investors.palantir.com 上查閱。

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提及各種成長率。除非另有說明，這些比率反映的是同比比較。

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

今天與我一起參加電話會議的有：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務長 Ryan Taylor。

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

現在我將把電話交給瑞恩，讓他開始通話。

We had a monumental third-quarter, shattering expectations yet again. Our overall revenue grew 63% year-over-year and 18% sequentially. We outperformed across the board, driven by strong execution in the US which accounted for three-fourths of our business in Q3, growing 77% year-over-year and 20% sequentially. Our Rule of 40 score soared to an unprecedented 114%, up 46 points year-over-year and a full 20 points since last quarter alone, reinforcing our position as the defining enterprise software company of our generation.

我們第三季取得了巨大的成功，再次打破了預期。我們的整體營收年增 63%，季增 18%。我們全面表現出色，這主要得益於美國市場的強勁表現。美國市場占我們第三季業務的四分之三，年增 77%，季增 20%。我們的 40 法則得分飆升至前所未有的 114%，同比增長 46 分，僅比上一季度就增長了 20 分，鞏固了我們作為這一代企業軟體領軍企業的地位。

Our US commercial business grew an incredible 121% year-over-year and 29% sequentially, driven both by insatiable demand and the quantified exceptionalism compelling customers to scale AIP across their operations. Organizations are embracing an undeniable truth. Real enterprise AI at scale requires Palantir.

我們的美國商業業務年增了驚人的 121%，環比增長了 29%，這既得益於永不滿足的需求，也得益於量化的卓越性促使客戶在其營運中擴大 AIP 的應用範圍。各個組織正在接受一個不容置疑的事實。真正大規模的企業級人工智慧需要 Palantir。

We're seeing that AIP again and again is the only platform delivering transformational impact in this market. And critically, AIP is the only AI platform that has an actual plan for compounding your enterprise's AI leverage, not just the model makers' leverage over you. Sharing this leverage with our customers is our highest priority. Our whole company is singularly focused around value creation for our customers, and I'm proud to share with you all the fruits of our labor.

我們一次又一次地看到，AIP 是唯一能夠在這個市場中帶來變革性影響的平台。至關重要的是，AIP 是唯一一個真正有計劃來增強企業 AI 優勢的 AI 平台，而不僅僅是增強模型製作者對你的影響力。與客戶分享這種優勢是我們的首要任務。我們整個公司都專注於為客戶創造價值，我很自豪能與大家分享我們所有的勞動成果。

We closed our highest TCV quarter ever at $2.8 billion. Underlying this performance, we closed a staggering 204 deals worth $1 million or more of which 91 deals were worth $5 million or more and 53 deals were worth $10 million or more.

我們本季的總合約價值 (TCV) 達到了 28 億美元，創歷史新高。在這項業績的背後，我們完成了驚人的 204 筆交易，每筆交易金額均超過 100 萬美元，其中 91 筆交易金額超過 500 萬美元，53 筆交易金額超過 1000 萬美元。

In our US commercial business, which now accounts for 34% of our overall revenue, we closed $1.3 billion in TCV, a milestone achievement for the fastest-growing area of our business with a more than 6x year-over-year growth rate on a dollar-weighted duration basis. The trajectory is clear. Customers are converting to larger enterprise agreements in short time frames, reflecting both the expanding scope of their AI ambitions and the immediate impact our software delivers.

在美國商業業務中，我們目前佔總收入的 34%，總合約價值 (TCV) 達到 13 億美元，這是我們業務成長最快的領域取得的里程碑式成就，以美元加權持續時間計算，年成長率超過 6 倍。軌跡很清晰。客戶在短時間內就簽訂了規模更大的企業協議，這不僅反映了他們對人工智慧的雄心壯志不斷擴大，也反映了我們軟體帶來的即時的效果。

A leading medical device manufacturer signed a multiyear expansion just five months after their initial contract, increasing ACV more than eightfold. Two weeks into their initial contract, the conversation evolved from a single use case to pursuing the opportunity of becoming an AI-first enterprise. Their CEO approached me to embrace a shared vision for an enterprise-wide AIP deployment to transform their entire organization. This transformation reflects a broader pattern we're seeing across our customer base. AI is a strategic imperative owned at the C-suite level with executive leadership recognizing the enterprise-wide AI adoption is the defining factor separating the AI haves and the AI have-nots.

一家領先的醫療器材製造商在簽訂初始合約僅五個月後就簽署了一份多年擴展合同，使年度合約價值增長了八倍多。在簽訂初始合約兩週後，雙方的討論從單一用例轉向了尋求成為人工智慧優先企業的機會。他們的執行長找到我，希望我能接受一個共同的願景，在企業範圍內部署 AIP 來改變他們的整個組織。這種轉變反映了我們在客戶群中觀察到的更廣泛的趨勢。人工智慧是一項策略要務，由企業主管層負責，高階主管領導階層認識到，企業範圍內的人工智慧應用是區分擁有人工智慧的企業和沒有人工智慧的企業的決定性因素。

We're seeing C-suite-driven AI transformations across our customers. At a leading insurance company, the CEO has taken personal ownership of their AI transformation, meeting with our team regularly to orchestrate a company-wide transformation around AIP, reimagining every function from underwriting to claims processing, leading to a significant expansion of our work together.

我們看到，在客戶中，高階主管正在推動人工智慧轉型。在一家領先的保險公司，執行長親自負責公司的人工智慧轉型，定期與我們的團隊會面，圍繞人工智慧進行全公司範圍的轉型，重新構想從承保到理賠處理的每個職能，從而顯著擴展了我們之間的合作。

Our partnership with TWG Global, named Vergence.ai, continues to gain momentum. As TWG's Thomas Tull noted, quote, what was once a competitive advantage is now a competitive necessity. Companies that fail to incorporate AI into their core operations will be outpaced by those that do. These examples underscore what we are seeing. We are the only platform bringing true transformational impact to the enterprise AI market.

我們與 TWG Global 合作的 Vergence.ai 計畫正在不斷發展壯大。正如 TWG 的 Thomas Tull 指出的那樣，「曾經的競爭優勢現在變成了競爭的必需品」。未能將人工智慧融入核心營運的公司將被那些融入核心營運的公司超越。這些例子印證了我們所看到的現象。我們是唯一能夠真正為企業人工智慧市場帶來變革性影響的平台。

Turning to our US government business. Revenue grew 52% year-over-year and 14% sequentially as we continue to deliver mission-critical capabilities. We remain deeply committed to our founding mission of supporting the US government honored by the privilege of equipping our nation with transformative software that actually works.

接下來談談我們的美國政府事務。隨著我們持續交付關鍵任務能力，營收年增 52%，季增 14%。我們始終堅定不移地致力於支持美國政府的創立使命，我們很榮幸為我們的國家提供真正有效的變革性軟體。

We remain focused on delivering the most advanced defense capabilities in the world to the US government and internationally to our allied partners around the world. The momentum we're carrying into Q4 is extraordinary. As we look towards the end of the year, our mission is clear: deliver the production capabilities that turn AI from promise into performance for the enterprises defining the future of their industries through AIP's compounding AI leverage.

我們將繼續致力於為美國政府和國際上的盟友提供世界上最先進的國防能力。我們帶著強勁勢頭進入第四季度，這股勢頭非常驚人。展望年底，我們的使命很明確：透過 AIP 的人工智慧複合槓桿作用，為定義產業未來的企業提供將人工智慧從承諾轉化為實際績效的生產能力。

I'll now turn it over to Shyam.

現在我把麥克風交給沙姆。

Thanks, Ryan. 20 years of grinding has built a unique moat and a growing lead. Our products were built for this moment, and the numbers continue to show it. Realizing value from AI in the enterprise requires the elegant integration of LLMs workflow and software. And this is only possible with ontology.

謝謝你，瑞恩。二十年的努力奮鬥已經構築了獨特的護城河，並建立了不斷擴大的領先優勢。我們的產品正是為了因應這一刻而打造的，數據也持續證明了這一點。在企業中實現人工智慧的價值需要將LLM工作流程和軟體進行巧妙的整合。而這只有本體論才能實現。

Our foundational investments in ontology and infrastructure have positioned us to uniquely deliver on AI demand now and in the world ahead. The most significant product developments are the accelerating progress in our AI applications inside of AIP. AI FDE, our AIP native development agent that understands how to connect to data sources, how to integrate and transform data, how to create ontologies and functions and build applications, it's unleashing incredible speed and productivity for our FTEs and customer developers alike.

我們在本體論和基礎設施方面的基礎性投資，使我們能夠以獨特的方式滿足當前以及未來世界中的人工智慧需求。最重要的產品發展是我們在 AIP 內部的 AI 應用的加速進展。AI FDE 是我們的 AIP 原生開發代理，它了解如何連接資料來源、如何整合和轉換資料、如何創建本體和函數以及建立應用程序，它為我們的全職員工和客戶開發人員都帶來了驚人的速度和生產力。

At one customer, two human FTEs spawned an army of AI FDEs to migrate a customer off their legacy data warehouse in five days, something that would have taken an army of SIs up to two years. This is not a prototype. This is production. Across our customers, the results are shocking.

在一位客戶那裡，兩名全職員工 (FTE) 催生了一支人工智慧 (AI) 全職員工 (FDE) 大軍，在五天內將客戶從其遺留資料倉儲遷移出來，而這項工作如果交給系統整合商 (SI) 大軍，則需要長達兩年的時間。這不是原型。這是生產過程。我們所有客戶的結果都令人震驚。

AI Hivemind is a new AIP capability that orchestrates a swarm of a dynamically generated agents to tackle hard problem solving, idea generation refinement and executable proposal generation that is integrated with ontology, and therefore aware of the context of your enterprise. AI Hivemind was originally developed to solve extremely complex problems in the classified space. But it's already been used to help our commercial customers identify bottlenecks in their supply chain, proactively developing possible solutions and then leveraging AI FDE to code that up into an actual solution.

AI Hivemind 是 AIP 的一項新功能，它協調一群動態生成的代理來解決難題、完善創意和生成可執行的提案，並與本體集成，因此能夠感知企業的背景。AI Hivemind 最初是為了解決機密領域中極其複雜的問題而開發的。但它已被用於幫助我們的商業客戶識別其供應鏈中的瓶頸，主動開發可能的解決方案，然後利用 AI FDE 將其編碼成實際的解決方案。

In the government space, AI Hivemind is able to take its proposals and generate intricate mission plans right in Gaia and Maverick. Our focus with AIP continues to be enterprise autonomy, our normative view of where the value is for AI in the enterprise. Hivemind now lets the AI develop novel solutions to emergent challenges and to identify hidden opportunities.

在政府領域，AI Hivemind 能夠將其提案直接導入 Gaia 和 Maverick 系統，並產生複雜的任務計畫。我們與 AIP 的合作重點仍是企業自主性，這是我們對人工智慧在企業中價值所在的規範性看法。Hivemind 現在可以讓人工智慧開發出應對新挑戰的新穎解決方案，並發現隱藏的機會。

And the rest of AIP enables you to turn those ideas into an implemented reality. Closed-loop evolution of the business with AI possible because of AIP in ontology. We continue to make investments that allow enterprises to extend AIP to the far edge. Edge Ontology is a new lightweight implementation of ontology that runs on mobile devices. It enables customers to build mobile applications or embedded software for hardware, things like drones and robots, and is fully integrated with your enterprises' AIP instance.

AIP 的其他功能可以幫助您將這些想法轉化為可實現的現實。由於本體論中的 AIP，人工智慧可以實現業務的閉環演進。我們持續進行投資，使企業能夠將 AIP 擴展到最前線。Edge Ontology 是一種可在行動裝置上運作的新型輕量本體實作。它使客戶能夠為硬體（例如無人機和機器人）建立行動應用程式或嵌入式軟體，並且與您企業的 AIP 實例完全整合。

Turning to field-facing updates. The US Army issued an official public memo directing all army organizations to consolidate and centralize on Vantage, the Army data platform built on foundry and AIP. The Army views this not merely as a technical decision, but a cultural decision, enabling the data-driven decision-making that continues to make our army the most lethal in the world. This directive will enable the Army to rapidly sunset legacy systems and enable more investment in the Army's Future Force concept and systems.

接下來是面向現場的最新進展。美國陸軍發布了一份正式的公開備忘錄，指示所有陸軍組織整合並集中使用 Vantage，這是基於 Foundry 和 AIP 構建的陸軍資料平台。陸軍認為這不僅僅是一個技術決定，更是一個文化決定，它能夠實現數據驅動的決策，從而使我們的軍隊繼續成為世界上最具殺傷力的軍隊。該指令將使陸軍能夠迅速淘汰老舊系統，並為陸軍未來部隊概念和系統投入更多資金。

Warp Speed and the American Tech Fellowship are early investments to support manufacturing and reindustrialization in America are bearing fruit. While Warp Speed launched by helping new defense entrants meet their surging production goals, it's now being rapidly adopted across the traditional defense industrial base and the maritime industrial base.

「曲速行動」和「美國科技獎學金」是早期支持美國製造業和再工業化的投資，目前正在取得成效。雖然「曲速行動」最初是為了幫助新進入國防領域的企業實現其不斷增長的生產目標而啟動的，但現在它正在傳統的國防工業基礎和海事工業基礎中迅速得到應用。

The second cohort of the American Tech Fellowship will be wrapping up in the next few weeks. We started the American Tech Fellowship because we noticed that many of our best builders were frontline workers. They don't come from conventional consulting backgrounds. They don't have formal computer science backgrounds.

美國科技獎學金計畫第二期將在未來幾週內結束。我們創辦美國科技獎學金項目，是因為我們注意到我們許多最優秀的建設者都是第一線工作人員。他們並非來自傳統的諮商背景。他們沒有正規的電腦科學背景。

To highlight a few of these folks, Mason, a Louisiana-based civil engineer, is building AI applications for more accurate estimates for heavy construction projects, something that is only going to grow with our reindustrialization. Michael, who works for a potato farm in North Dakota is streamlining its operations, and Cody from Georgia, who is a utilities expert is building in foundry to deliver safe, reliable energy across the South.

舉例來說，路易斯安那州的土木工程師梅森正在開發人工智慧應用程序，以便更準確地估算重型建築項目的成本，隨著我們再工業化的發展，這方面的需求只會不斷增長。在北達科他州一家馬鈴薯農場工作的邁克爾正在簡化農場的運作；來自喬治亞州的科迪是一位公用事業專家，他正在建造一座鑄造廠，為南方地區提供安全可靠的能源。

These Americans are the true face of innovation, underscoring that it will be the American worker with AI that drives reindustrialization and American prosperity. Our customers have taken notice and asked us to create American Tech Fellowship programs for their employees, specifically to include Lear who highlighted their fellowship in their recent earnings call.

這些美國人才是真正的創新者，凸顯了美國工人掌握人工智慧技術後，將推動美國再工業化和繁榮發展。我們的客戶已經注意到這一點，並要求我們為他們的員工創建美國科技獎學金計劃，特別是包括李爾公司，該公司在最近的財報電話會議上重點介紹了他們的獎學金計劃。

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

接下來，我將把麥克風交給戴夫，讓他為我們講解這些數字。

Thanks, Shyam. We had an outstanding third quarter, achieving a Rule of 40 score of 114%, our highest ever by 20 points. We also generated our highest ever reported revenue growth rate of 63% year-over-year exceeding the high end of our prior guidance by 1,300 basis points and representing a 3,300-basis point increase compared to the growth rate in Q3 of last year.

謝謝你，Shyam。我們在第三季表現出色，40 法則得分達到 114%，比以往最高分高出 20 分。我們也實現了有史以來最高的營收年增率，達到 63%，比我們先前給出的預期上限高出 1300 個基點，比去年第三季的成長率提高了 3300 個基點。

On the back of this extraordinary strength, we are guiding to revenue of $1.329 billion in the fourth quarter, representing 13% growth quarter-over-quarter, our highest-ever sequential revenue growth guide and 61% growth year-over-year. We're also raising our full year 2025 revenue guidance midpoint to $4.398 billion, representing a 53% year-over-year growth rate and 8-point or $252 million increase over our full year 2025 revenue guidance last quarter.

憑藉這一非凡的實力，我們預計第四季營收將達到 13.29 億美元，季增 13%，創歷史新高，年增 61%。我們同時將 2025 年全年營收預期中位數上調至 43.98 億美元，年增 53%，比上季發布的 2025 年全年營收預期高出 8 個百分點，即 2.52 億美元。

In addition, we're raising our full year US commercial revenue guidance to an excess of $1.433 billion, representing a growth rate of at least 104% year-over-year, a 19-point increase over the guidance we gave just last quarter. Accelerating demand for AIP continues to drive the outperformance in our US business overall, which grew 77% year-over-year and 20% sequentially in the third quarter. Our US commercial business grew 121% year-over-year and 29% sequentially and our US government business grew 52% year-over-year and 14% sequentially.

此外，我們將全年美國商業收入預期上調至超過 14.33 億美元，年成長至少 104%，比上個季度給出的預期提高了 19 個百分點。對 AIP 的持續成長需求持續推動我們美國業務的整體優異表現，第三季年增 77%，季增 20%。我們的美國商業業務年增 121%，較上季成長 29%；我們的美國政府業務年增 52%，較上季成長 14%。

We delivered these exceptional top-line results while also achieving our highest ever reported adjusted operating margin of 51%, exceeding the high end of our prior guidance by 500 basis points and highlighting the unit economics of our business at scale. Our revenue and profitability drove a 20-point sequential increase to our Rule of 40 score from 94% in the second quarter to 114% in the third quarter. On a trailing 12-month basis, we generated $2 billion in adjusted free cash flow for the first time in the company's history.

我們在取得這些卓越的營收業績的同時，也實現了有史以來最高的調整後營業利潤率 51%，比我們之前的預期上限高出 500 個基點，突顯了我們業務規模化的單位經濟效益。我們的營收和獲利能力推動我們的「40法則」得分季增20個百分點，從第二季的94%成長到第三季的114%。過去 12 個月，我們實現了公司歷史上首次 20 億美元的調整後自由現金流。

Turning to our global top-line results. Third-quarter revenue grew 63% year-over-year and 18% sequentially to $1.181 billion. Third-quarter US revenue grew 77% year-over-year and 20% sequentially to $883 million. Excluding the impact of revenue from strategic commercial contracts, third-quarter revenue grew 65% year-over-year and 18% sequentially, and third-quarter US revenue grew 78% year-over-year and 20% sequentially.

接下來來看看我們的全球主要業績。第三季營收年增63%，季增18%，達到11.81億美元。第三季美國營收年增 77%，季增 20%，達到 8.83 億美元。剔除策略性商業合約營收的影響，第三季營收年增 65%，季增 18%；第三季美國營收年增 78%，季增 20%。

We closed our highest ever quarter of TCV bookings at $2.8 billion, up 151% year-over-year. This eclipses our prior highest quarter of TCV bookings just last quarter by nearly $0.5 billion. Customer count grew 45% year-over-year and 7% sequentially to 911 customers. Revenue from our largest customers continues to expand. Third quarter trailing 12 months revenue from our top 20 customers increased 38% year-over-year to $83 million per customer.

我們本季總合約價值 (TCV) 訂單金額達到 28 億美元，創歷史新高，年增 151%。這比我們上季創下的TCV預訂量最高紀錄高出近5億美元。客戶數量年增 45%，季增 7%，達到 911 位客戶。來自最大客戶的收入持續成長。第三季過去 12 個月來自我們前 20 位客戶的營收年增 38%，達到每位客戶 8,300 萬美元。

Now moving to our commercial segment. Third-quarter commercial revenue grew 73% year-over-year and 22% sequentially to $548 million. This is the fourth consecutive quarter that revenue from our commercial business has been larger than our US government business. Excluding the impact from strategic commercial contracts, third-quarter commercial revenue grew 77% year-over-year and 22% sequentially.

現在進入商業板塊。第三季商業營收年增 73%，季增 22%，達到 5.48 億美元。這是公司商業業務收入連續第四個季度超過美國政府業務收入。剔除策略性商業合約的影響，第三季商業收入年增 77%，季增 22%。

We closed $1.4 billion in commercial TCV bookings, representing 132% growth year-over-year and 32% sequentially. AIP continues to drive existing customer expansions and new customer conversions in the US. Third-quarter US commercial revenue grew 121% year-over-year and 29% sequentially to $397 million. Excluding revenue from strategic commercial contracts, third-quarter US commercial revenue grew 126% year-over-year and 29% sequentially.

我們完成了 14 億美元的商業總合約價值 (TCV) 訂單，年增 132%，季增 32%。AIP持續推動美國現有客戶的成長和新客戶的轉換。第三季美國商業營收年增 121%，季增 29%，達到 3.97 億美元。不計策略商業合約收入，第三季美國商業收入年增 126%，季增 29%。

In the third quarter, we closed $1.3 billion of US commercial TCV bookings, representing growth of 342% year-over-year and surpassing the $1 billion mark for the first time. Over the past 12 months, we closed $3.8 billion of US commercial TCV bookings, a 217% increase from the prior 12 months, highlighting the demand for AI production use cases. Total remaining deal value in our US commercial business grew 199% year-over-year and 30% sequentially. Our US commercial customer count grew to 530 customers, reflecting growth of 65% year-over-year and 9% sequentially.

第三季度，我們完成了 13 億美元的美國商業運輸合約總額 (TCV) 訂單，年增 342%，首次突破 10 億美元大關。過去 12 個月，我們完成了 38 億美元的美國商業 TCV 訂單，比前 12 個月增長了 217%，凸顯了對 AI 生產用例的需求。美國商業業務剩餘交易總額年增 199%，季增 30%。我們的美國商業客戶數量成長至 530 家，較去年同期成長 65%，較上季成長 9%。

Third-quarter international commercial revenue grew 10% year-over-year and 5% sequentially to $152 million. For 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. Revenue from strategic commercial contracts was $2.9 million for the quarter. We anticipate fourth-quarter 2025 revenue from these contracts to be between $2 million to $4 million compared to $9.6 million in the fourth quarter of 2024. We anticipate 2025 revenue from these contracts to be less than half of 1% of full-year revenue.

第三季國際商業收入年增 10%，季增 5%，達到 1.52 億美元。對於國際商業業務，我們將繼續掌握在亞洲、中東及其他地區的特定成長機會，但同時仍專注於加速美國業務的成長。本季策略性商業合約收入為 290 萬美元。我們預計 2025 年第四季這些合約的營收將在 200 萬美元至 400 萬美元之間，而 2024 年第四季的營收為 960 萬美元。我們預計 2025 年這些合約帶來的收入將不到全年收入的 0.5%。

Shifting to our Government segment. Third-quarter government revenue grew 55% year-over-year and 14% sequentially to $633 million. Third-quarter US government revenue grew 52% year-over-year and 14% sequentially to $486 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. Third-quarter international government revenue grew 66% year-over-year and 16% sequentially to $147 million, bolstered primarily by our continued work in the UK.

接下來轉到政府部門板塊。第三季政府營收年增55%，季增14%，達到6.33億美元。政府營收年增 52%，季增 14%，達到 4.86 億美元。這一增長得益於現有項目的持續推進和新訂單的簽訂，這反映了市場對人工智慧和我們政府軟體產品日益增長的需求。第三季國際政府業務營收年增 66%，季增 16%，達到 1.47 億美元，主要得益於我們在英國的持續業務發展。

As previously mentioned, we closed our highest ever quarter of TCV bookings at $2.8 billion, up 151% year-over-year. Net dollar retention was 134%, an increase of 600 basis points from last quarter. The increase was driven both by expansions of existing customers and new customers acquired in Q3 of last year as we see the effect of the AI revolution. As net dollar tension does not include revenue from new customers that were acquired in the past 12 months, it does not yet fully capture the acceleration and velocity in our US business over the past year.

如前所述，我們本季的總合約價值 (TCV) 訂單金額達到 28 億美元，創歷史新高，年增 151%。美元淨留存率為 134%，較上一季成長 600 個基點。這一成長既得益於現有客戶的擴張，也得益於去年第三季獲得的新客戶，我們看到了人工智慧革命的影響。由於淨美元緊張局勢不包括過去 12 個月內獲得的新客戶的收入，因此它尚未完全反映出我們過去一年美國業務的加速發展和快速成長。

We ended the third quarter with $8.6 billion in total remaining deal value, an increase of 91% year-over-year and 21% sequentially and $2.6 billion in the remaining performance obligations, an increase of 66% year-over-year and 8% sequentially. 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.

第三季末，剩餘交易總額為 86 億美元，年增 91%，季增 21%；剩餘履約義務為 26 億美元，年增 66%，季增 8%。需要提醒的是，RPO 主要包括我們的商業業務，因為它不包括初始期限少於 12 個月的合約以及超出因方便而終止條款的合約義務，而這兩種情況在我們的大多數政府業務中都很常見。

Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 84% for the quarter. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $601 million, representing adjusted operating margin of 51%. Q3 adjusted expense was $581 million, up 8% sequentially and 29% year-over-year, primarily driven by our continued investment in AIP and technical hiring.

接下來談談利潤率和費用。經調整後的毛利率（不含股權激勵費用）為 84%。經調整後的營業收入（不包括股票選擇權費用和相關的雇主工資稅）為 6.01 億美元，經調整後的營業利潤率為 51%。第三季調整後支出為 5.81 億美元，季增 8%，年增 29%，主要原因是我們在 AIP 和技術招聘方面的持續投資。

We continue to expect expenses to increase in the fourth quarter as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability. Third-quarter GAAP operating income was $393 million, representing a 33% margin. Third-quarter GAAP net income was $476 million, representing a 40% margin. Third-quarter stock-based compensation expense was $172 million and equity-related employer payroll tax expense was $35 million. Third-quarter GAAP earnings per share was $0.18. Third quarter adjusted earnings per share was $0.21.

我們預計第四季度支出將繼續增加，因為我們將繼續致力於投資產品線和最頂尖的技術人才，同時實現我們持續的 GAAP 獲利目標。第三季 GAAP 營業收入為 3.93 億美元，利潤率為 33%。第三季GAAP淨利為4.76億美元，利潤率為40%。第三季股票選擇權費用為 1.72 億美元，與股權相關的雇主工資稅費用為 3,500 萬美元。第三季GAAP每股收益為0.18美元。第三季調整後每股盈餘為0.21美元。

Additionally, our combined revenue growth and adjusted operating margin accelerated to 114% in the third quarter, a 20-point increase to our Rule of 40 score from the prior quarter and our ninth 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 102% for the full year.

此外，第三季我們的綜合營收成長和調整後營業利潤率加速成長至 114%，比上一季提高了 20 個百分點，這是我們連續第九個季度實現 40 個百分點的成長。隨著我們對 2025 年收入和調整後營業收入預期的提高，我們現在預計全年 Rule of 40 得分將達到 102%。

Turning to our cash flow. In the third quarter, we generated $508 million in cash from operations and $540 million in adjusted free cash flow, representing margins of 43% and 46%, respectively. Additionally, we achieved $2 billion in trailing 12-month adjusted free cash flow for the first time. Through the end of the third quarter, we repurchased approximately 2.6 million shares as part of our share repurchase program. As of the end of the quarter, we have $880 million remaining of the original authorization. We ended the quarter with $6.4 billion in cash, cash equivalents and short-term US Treasury securities.

接下來談談我們的現金流。第三季度，我們從經營活動中產生了 5.08 億美元的現金，調整後的自由現金流為 5.4 億美元，利潤率分別為 43% 和 46%。此外，我們過去 12 個月的調整後自由現金流首次達到 20 億美元。截至第三季末，我們根據股票回購計畫回購了約 260 萬股股票。截至本季末，我們還有 8.8 億美元的原始授權資金剩餘。本季末，我們持有現金、現金等價物和短期美國國債共 64 億美元。

Now turning to our outlook. For Q4 2025, we expect revenue of between $1.327 billion and $1.331 billion and adjusted income from operations of between $695 million and $699 million. For full-year 2025, we are raising our revenue guidance to between $4.396 billion and $4.400 billion. We are raising our US commercial revenue guidance to an excess of $1.433 billion, representing a growth rate of at least 104%. We are raising our adjusted income from operations guidance to between $2.151 billion and $2.155 billion, we are raising our adjusted free cash flow guidance to between $1.9 billion and $2.1 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.

現在談談我們的展望。我們預計 2025 年第四季營收將在 13.27 億美元至 13.31 億美元之間，調整後營業收入將在 6.95 億美元至 6.99 億美元之間。我們將 2025 年全年營收預期上調至 43.96 億美元至 44 億美元之間。我們將美國商業收入預期上調至超過 14.33 億美元，成長率至少 104%。我們將調整後的營業收入預期上調至 21.51 億美元至 21.55 億美元之間，將調整後的自由現金流預期上調至 19 億美元至 21 億美元之間，並且我們繼續預計今年每個季度都能實現 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.

接下來，我將把發言權交給 Alex，請​​他簡單說幾句，然後 Ana 將開始問答環節。

Greetings. By any normal or even reasonable standard, these are not normal results. These are not even strong results. These aren't extraordinary results. These are arguably the best results that any software company has ever delivered. And that's not hyperbolic, despite what your analyst friends may want you to believe because they've been wrong at every price, they're wrong in every -- at every single round. But of course, they're persuasive and they're not investing our own money. But a normal enterprise company should not have a Rule of 40 above 100%. A normal enterprise company at our base should not have over 100% US commercial growth, should not have 77% growth in the US.

問候。以任何正常甚至合理的標準來看，這些都不是正常的結果。這些結果甚至都算不上好。這些結果並不算特別出色。這可以說是任何軟體公司迄今為止的最佳成果。這絕非誇張之詞，儘管你的分析師朋友可能想讓你相信並非如此，因為他們在每個價位上的判斷都是錯的，每一輪交易他們都錯了。當然，他們很有說服力，而且他們並沒有用我們自己的錢投資。但正常企業不應該有超過 100% 的 40 法則。在我們這裡，一家正常的企業公司在美國的商業成長不應該超過 100%，在美國的成長不應該達到 77%。

And by the way, that growth is being held down by a stagnant Europe, which is still a significant part of our business. So the pure unvarnished numbers are 77% growth off of a massive significant base with very significant cash flow with a company that throws off a Rule of 40 of 114%.

順便說一句，這種成長受到歐洲經濟停滯不前的抑制，而歐洲仍然是我們業務的重要組成部分。因此，未經修飾的純粹數字是：在龐大的基數和非常可觀的現金流基礎上，公司實現了 77% 的成長，而該公司的 40 法則收益率為 114%。

And then if this world was at all sane, every single person in the financial world would stop and say, how did this happen? How did a company, which stood by the American Warfighter, marine special operators, people in clandestine services, who stood up for a right of free speech and was really the first company to be completely anti-woke, how did this company stick up for the American Warfighter, actually give normal Americans venture quality results.

如果這個世界還有一絲理智，金融界的每個人都會停下來問自己：這到底是怎麼發生的？一家支持美國戰士、海軍陸戰隊特種作戰人員、秘密行動人員，捍衛言論自由權利，並且是第一家完全反對覺醒主義的公司，這家支持美國戰士的公司，是如何真正為普通美國人帶來高質量的投資成果的呢？

So one of the issues we have with the arbiters of truth is, it was the American worker that we supported and the American worker that we helped make rich. And arbiters of truth somehow did not participate in that because they were such experts. And of course -- but what these numbers show is doing that and taking the American worker along with it and doing it in a way that foreshadowed the future FDE, ontology foundry, making each specific institution, making the American Warfighter fight the way the American Warfighter is born to fight.

所以，我們與真理仲裁者之間的一個問題是，我們支持的是美國工人，我們幫助美國工人致富。而那些真理的仲裁者們卻沒有參與其中，因為他們都是這方面的專家。當然——但這些數字表明，這樣做，並讓美國工人參與其中，並以一種預示著未來 FDE（本體鑄造廠）的方式進行，使每個特定的機構，使美國戰士以美國戰士天生的方式戰鬥。

Empowering the tenants of being free and having the ability to do creative things in the battlefield context and then taking enterprises instead of selling them commodity, parasitic software with a massive sales force, with a kind of lumbering jargon-bearing leaders, offering you stakes and dinners and other things we shall not mention in order that you turn the value -- the high-value revenue of your enterprise over to them in return for these accolades, we created direct alignment with our customers.

我們賦予自由的信念，讓企業能夠在戰場上進行創造性的工作，然後我們不再向企業出售商品化的、寄生性的軟體，而是透過龐大的銷售團隊和笨拙、滿口行話的領導者，向你提供股份、晚宴和其他我們不願提及的東西，讓你把企業的高價值拱手讓給他們，以此為這些讚譽。我們與客戶建立了直接的聯繫。

And what does that mean? It means when our customers have a unique and triable way of doing something, whether it's underwriting or fighting or making workers even more valuable, we put an FDE, we orchestrated in ontology. We take tribal understanding of their business, the specific nature of their business that makes them particular and valuable and lethal and we empower that.

那是什麼意思呢？這意味著，當我們的客戶有獨特且可嘗試的方式來做某事時，無論是承保、抗爭還是讓員工更有價值，我們都會進行 FDE，我們在本體論中進行了協調。我們利用部落對他們業務的理解，以及使他們獨特、有價值且致命的業務性質，來增強他們的這種理解。

And how do we participate in that? Unlike seemingly in the most obvious way, we are downstream from the value creation. So when you see 141% or you see 77% or 63% and you ask, and by the way, with really a workforce that is not growing in any way linearly proportional to that growth and also with a sales force which is declining, which seems improbable.

我們如何參與其中？與表面看來最顯而易見的情況不同，我們處於價值創造的下游。所以，當你看到 141%、77% 或 63% 時，你會問，順便說一句，員工人數的成長與這種成長根本不成比例，而且銷售隊伍還在下降，這似乎不太可能。

The reason why that's working is because we are making our clients more money or we're making them more dominant on the battlefield, and they're paying us a subset of that. And this is why these numbers are so extraordinary. The sociological and political version of this should be, wait a minute, how can we learn from this? How can we implement institutions?

之所以這種模式有效，是因為我們讓客戶賺了更多錢，或者讓他們在戰場上更具優勢，而他們支付給我們的是其中的一部分。這就是為什麼這些數字如此非凡。從社會學和政治學的角度來看，應該是：等等，我們能從中學到什麼？我們如何才能建立制度？

By the way, we have all these people talking about AI [bottle]. I'll tell you what 114% proves. There is a massive part of the AI market that actually cares about value creation, and that's the part we own. And we own that part because to do this, you have to have FDE orchestration, you have to have ontology and you have to have foundry and you have to have access to the game, and you have to have a deep understanding of how to do that. And you have to have done this for a very, very long time with products, by the way, and then the products are getting better and better and better and better.

順便說一句，現在到處都是談論人工智慧的人[瓶子]。我來告訴你114%證明了什麼。人工智慧市場中有很大一部分人真正關心價值創造，而這正是我們所擁有的市場。我們擁有這部分，因為要做到這一點，你必須擁有 FDE 編排、本體論、Foundry，你必須能夠訪問遊戲，並且你必須對如何做到這一點有深刻的理解。而且，你必須在產品方面投入非常非常長的時間，然後產品才會越來越好。

And I'll let Shyam talk about what we're doing on the battlefield to the extent that he can, but you see the very similar trajectory where we're giving America, both in industry and in government, a massive, unfair advantage. And again, you see it. Like if you look at our numbers, look at how poorly Europe is doing. Look how well America is doing. Look how we're doing this. And again, it's not just top line. The Rule of 114 that we have shows top line and bottom-line growth that is distinctive, massive and unique.

我會讓沙姆盡可能地談談我們在戰場上正在做的事情，但你可以看到，我們正朝著非常相似的方向發展，無論是在工業界還是在政府界，我們都給了美國巨大的、不公平的優勢。你又看到了。看看我們的數據，看看歐洲的情況有多糟糕。看看美國發展得多好。看看我們是怎麼做的。而且，這不僅僅是總銷售額的問題。我們所掌握的 114 法則表明，營收和利潤的成長是獨特、龐大且獨一無二的。

And on top of everything else, there is this issue in the US that we're all focused on at Palantir, which is what access -- what portion of the GDP growth that we're blessed to have in this country, meaning GDP growth defined or helped out and bolstered by AI. What percentage of that is available to the American worker. And so when we're -- AI -- GDP availability for the American worker, meaning, do they participate in this growth? Or is it just people around this table who are getting richer and richer. And then you see our platform on the battlefield, as Shyam was mentioning, the people doing the coding in AIP are vocationally trained smart Americans with specific knowledge.

除此之外，美國還有一個問題，也是我們 Palantir 所有人都關注的問題，那就是我們國家所擁有的 GDP 成長中，究竟有多少份額是由人工智慧定義、幫助和促進的 GDP 成長。其中有多少百分比可供美國工人使用？所以，當我們談到人工智慧時，美國工人的GDP是否能夠參與這種成長？還是說，只是在座的各位越來越富有了？然後，正如 Shyam 所提到的，你就能在戰場上看到我們的平台，在 AIP 中進行編碼的人員都是受過職業訓練、擁有特定知識的聰明美國人。

They don't have -- and actually, and you have people on the factory floor, very same thing. People across the nation, truck drivers. Anybody with specific domain expertise is more powerful, more valuable in our product than they were yesterday. In fact, the real misalignment of AI is with people with commodity like high-trained elite institution, general specialists, that's just not as valuable as it was. And yes, the destructive -- positive destruction of capitalism is going to put that class of people. Typically, the class of people that also is kind of skeptical of Palantir under enormous pressure.

他們沒有——實際上，工廠車間的工人也是一樣的情況。全國各地的人們，卡車司機。任何擁有特定領域專業知識的人，都比昨天更有能力，對我們的產品更有價值。事實上，人工智慧真正的錯位在於人類與高素質菁英機構、一般專家等商品之間的錯位，這些商品的價值已經不如以前了。是的，資本主義的破壞性──積極的破壞性──將會把那類人推向深淵。通常情況下，這部分人也會在巨大的壓力下對 Palantir 抱持懷疑態度。

But it is our -- what I see in these numbers and what I think we see in these numbers is to be -- put it slightly over the top. Yes, we were right, you were wrong. And we are going to go very, very deep on our rightness because it is exceedingly good for America. It's exceedingly good for the American economy. It's as good for American workers. And you know what, I really enjoy turning on TV and seeing some analysts explain why some other company is better than ours simply because they didn't make any on our company and probably aren't.

但是，我從這些數字中看到的，我認為我們從這些數字中看到的，是——說得有點誇張了。是的，我們是對的，你們錯了。我們將非常深入地探討我們的正確性，因為這對美國極為有利。這對美國經濟極為有利。這對美國工人來說同樣有利。你知道嗎，我真的很喜歡打開電視，看到一些分析師解釋為什麼其他公司比我們公司好，只因為他們在我們公司沒賺到錢，而且可能以後也不會賺到錢。

And we're just going to keep going and going and going. And then we're obviously not going to forecast for next year. But I would say, if you're thinking about how this company is going to go, look at our ability to value create, look at our ability to create revenue on the top end, look at it -- look at the unit economics of our business.

我們將繼續前進，繼續前進，繼續前進。顯然，我們不會預測明年的情況。但我想說，如果你想知道這家公司未來的發展方向，那就看看我們創造價值的能力，看看我們創造高收入的能力，看看——看看我們業務的單位經濟效益。

If you're a technical expert in how do you evaluate business, evaluate those numbers against any other business you've ever seen and then make your decision. But yes, I'm wildly enthusiastic. I think we're wildly enthusiastic. And thank you for those of you who stayed with us to enjoy these numbers, especially Palantirians who work day and night to deliver these numbers.

如果你是評估企業的技術專家，那就把這些數據與你見過的任何其他企業進行比較，然後再做決定。是的，我非常熱情。我認為我們都非常熱情。感謝各位留下來欣賞這些數字，尤其要感謝那些日夜辛勤工作，為大家帶來這些數字的帕蘭提亞人。

Thank you, Alex. We'll now turn to questions from our shareholders before opening up the call. We received a few questions asking what do you see as Palantir's unique differentiator that others may not understand?

謝謝你，亞歷克斯。在正式開始電話會議之前，我們將先回答股東們提出的問題。我們收到了一些問題，詢問您認為 Palantir 的獨特差異化優勢是什麼，是其他公司可能不理解的？

Well, Alex mentioned a bit of this here. It's become fashionable actually for lots of companies to start hiring FTEs. The Financial Times had an article about how it's the most popular new job title. But what you see is that they don't really understand it. It's just mimetic. And if you -- everything Alex, you said, like we build software that works, not software that ought to work. We build software for the world as it exists, not a world that never was.

嗯，Alex 在這裡稍微提到過這一點。事實上，現在很多公司都開始招募全職員工，這已經成為一種時尚。《金融時報》曾刊登文章稱，這是最受歡迎的新職稱。但你會發現，他們其實並不真正理解。這只是模仿而已。如果你——Alex，你說的一切，就像我們建立的是能夠運行的軟體，而不是應該運行的軟體。我們為現實世界開發軟體，而不是為一個從未存在過的世界開發軟體。

And this ability to find what's true, that comes from the FDE. Our measure of success is not did we sell the software, it's did we solve the problem. And we have built an entire software stack over two decades, downstream of creating value for our customers. That led to the ontology a decade ago, more than a decade ago, which is a fundamental prerequisite to getting value out of LLMs in the enterprise. In this past year, it led to AI Hivemind and AI FDE.

而這種發現真相的能力，正是來自 FDE。我們衡量成功的標準不是我們是否賣出了軟體，而是我們是否解決了問題。二十多年來，我們建構了一整套軟體技術棧，旨在為客戶創造價值。這促成了十多年前的本體論的誕生，這是企業從 LLM 獲得價值的基本前提。在過去一年中，它催生了 AI Hivemind 和 AI FDE。

The other thing, which like is implicit in that is, the way we work puts us -- forces us to go up the chain of complexity every day. So we're taking on the most painful, most integral, most valuable parts of the stack in every enterprise. And it's precisely because like that's the way we actually lever our ability to deploy and orchestrate FDEs. That's the way we make our products stronger.

還有一點，雖然其中隱含著，那就是我們的工作方式迫使我們每天都要面對越來越複雜的問題。因此，我們要解決每個企業技術棧中最棘手、最關鍵、最有價值的部分。正是因為這樣，我們才能真正發揮自身能力來部署和協調 FDE。這就是我們增強產品效能的方法。

And quite frankly, that's the way we produce these numbers because the closer you are to the front line of the very complex problem that a black box was not meant to solve, cannot solve. And at this point, everyone knows a joke to believe it could solve, that's where you -- and by the way, it's the safest position for us because this company, we will always believe that we are outsiders. We need to be in the place where the most valuable problem is being solved because that's the way we end up staying, solving the problem tomorrow and the way we get paid.

坦白說，我們就是這樣得出這些數字的，因為你越接近這個非常複雜的問題的前沿，黑箱程式就無法解決，也無法解決。而到了現在，每個人都知道一個笑話可以解決問題，那就是你——順便說一句，這對我們來說是最安全的立場，因為這家公司，我們始終認為自己是局外人。我們需要待在最有價值的問題正在解決的地方，因為只有這樣我們才能留在那裡，明天繼續解決問題，才能獲得報酬。

Dan, Wedbush.

丹，韋德布希。

Look, obviously, another monster quarter for you guys, congrats. So my question for you is for Alex and team. Can you just walk through just the accelerated sales cycles that you're seeing from so many companies that have gone to the boot camps? Like what surprised you from when they come to you at that first sort of contact to now actually launching deals. I mean, maybe you could talk about that just in terms of everything you're seeing anecdotally.

顯然，你們又迎來了一個業績驚人的季度，恭喜！所以，我的問題想問Alex和他的團隊。能否詳細介紹一下，為什麼許多參加過培訓營的公司都出現了銷售週期加速的情況？從最初接觸到現在實際達成交易，有什麼事情讓你感到驚訝？我的意思是，或許你可以就你所看到的軼事來談談這件事。

Thanks, Dan. So I think we look at US commercial. We closed $1.3 billion in TCV at 6x on a dollar-weighted duration basis from what it was a year ago. And of those deals, 83 were worth a $1 million or more, 40 were $5 million or more, the 21 deals were $10 million or more. I've been involved in a lot of those directly. I'm feeling exactly what you're asking on the ground from customers.

謝謝你，丹。所以我認為我們應該關注美國商業市場。我們以 6 倍的美元加權久期完成了 13 億美元的 TCV 交易，而一年前的價格為 6 倍。在這些交易中，83 筆交易價值 100 萬美元或以上，40 筆交易價值 500 萬美元或以上，21 筆交易價值 1000 萬美元或以上。我曾直接參與其中許多專案。我從客戶那裡得到的感受和你完全一樣。

And what's happening now is from the C-suite across the company, customers are coming to us looking to not just say, let's do a use case. The customers who are having the most impact are coming to us saying, how do we deploy this across our entire organization, how do we reorganize our entire organization around Palantir and AIP. And that's what's happening on the ground. And we're singularly focused on delivering the value to the customers, and that's our go-to-market. How do we get the product to them and deliver --

現在的情況是，從公司主管到整個公司，客戶都來找我們，希望我們不只是說，讓我們做一個用例。影響最大的客戶向我們提出這樣的問題：我們如何在整個組織中部署這項技術？我們如何圍繞 Palantir 和 AIP 重組整個組織？這就是實際情況。我們始終專注於為客戶創造價值，這就是我們的市場策略。我們如何將產品送到他們手中並交付？--

Where Ryan is like really very much on the front line here is there's both how many customers approach you. I think where we're seeing the biggest shift is the customers who've approached us very quickly want to move to how would I change my enterprise to express it in a way that's most valuable according to my terms in your product? And then one -- and literally want a reorg. A short-hand version that we often use is you used to have to take a company private to change the unit economics of it.

Ryan 真正身處一線的原因在於，他要面對的是大量的顧客。我認為我們看到的最大轉變是，那些很快聯繫我們的客戶希望了解，如何改變我的企業，才能根據我的要求，以最有價值的方式在你們的產品中表達出來？然後還有一位——他真的想要重組。我們常用的一個簡單說法是，過去你必須將公司私有化才能改變其單位經濟效益。

Basically, just like we're providing venture results, high-end venture results to normal investors in the last couple of years, what we're doing actually in enterprise is, is providing a private equity like transformation in the public markets, in the public space under the current leadership. And that's essentially what our best -- and by the way, the other thing Ryan would tell you about is our newer clients have much higher expectations of us. Like they're like, essentially, I want to transform my business. I want to do it in months. I want to do it in the public eye, while being in the public market, mostly not exclusively.

基本上，就像過去幾年我們為一般投資人提供高端創投成果一樣，我們在企業領域所做的，實際上是在現有領導層的帶領下，在公開市場、公共領域進行類似私募股權的轉型。而這基本上就是我們最好的——順便說一句，瑞恩還會告訴你，我們的新客戶對我們的期望要高得多。他們基本上就是想改變我的業務。我希望在幾個月內完成。我希望在公眾的注視下，在公開市場上做這件事，但並非完全如此。

And I want you to not only do the product side but also tell us how would you actually implement AI, foundry, ontology, FDE model and our tribal knowledge to do that. And it's a completely different game. We used to have to beg and plead to be like -- when we first started talking, we were begging and pleading to be at the margin of a problem that could affect a subset of the business.

我希望你們不僅要負責產品方面，還要告訴我們，你們將如何實際運用人工智慧、Foundry、本體、FDE 模型以及我們的經驗知識來實現這一點。這完全是另一回事了。我們以前必須苦苦哀求才能獲得這樣的地位——當我們最初開始談論這個問題時，我們苦苦哀求才能站在一個可能影響到公司一部分業務的問題的邊緣。

By the way, Shyam, it's like, unfortunately, can only tell you 1% what he's involved in. But this is like exactly the same in the US government around the world. It's like the things that we're sitting on and working on are like crazy, crazy important and are not downstream of the problem. They are the problem, and we're reshaping them.

順便說一句，Shyam，很遺憾，我只能告訴你他參與的事情的1%。但這種情況在世界各地的美國政府中都完全一樣。感覺我們正在處理和研究的事情非常重要，而且與問題本身無關。他們才是問題所在，而我們正在改變他們。

Mariana, Bank of America.

Mariana，美國銀行。

I'm going to do, as usual, a couple of questions, one on commercial, one on defense or government. On commercial, I'd like to follow up to Dan's question. And let's see if you can discuss what changed from a behavioral perspective, from a customer perspective to see this accelerated appetite to incorporate Palantir to not only accelerating how many customers you have, but also the existing customers go to -- go up the value chain.

我將像往常一樣問幾個問題，一個關於商業，一個關於國防或政府。插播一則廣告，我想就丹的問題做個後續回答。讓我們看看您能否從行為角度、從客戶角度討論一下，是什麼改變了人們對採用 Palantir 的渴望，不僅加速了客戶數量的增長，而且也加速了現有客戶向價值鏈上游轉移的步伐。

And what changed internally as well? We recently saw in a visit the like AI agents or AI FDE is, like how are you incorporating tech internally to be able to accelerate and catch up with that demand? And on the government side, US government up 50% plus is really impressive. And how do you think about opportunities like Golden Dome going forward adding up to this?

那麼內部又發生了哪些變化呢？我們最近在一次訪問中了解到，像是人工智慧代理或人工智慧前端開發（AI FDE）這樣的技術，你們是如何在內部整合這些技術的，以便能夠加速發展並滿足這種需求？而政府方面，美國政府支出成長超過 50%，確實令人印象深刻。那麼，您如何看待像金穹頂這樣的機會在未來如何累積起來，最終促成這一切？

Well, you guys want to answer these questions? I think that there's an external one, which is like what does it feel like? That's clearly you. The internal one is a really subtle question. And I don't know anyone should jump in there? And then obviously, you should have Shyam opine on.

你們想回答這些問題嗎？我認為還有一個外在因素，那就是感覺如何？那顯然是你。內心的那個問題其實非常微妙。我不知道有沒有人應該插手？然後，很顯然，你應該讓Shyam發表意見。

Yes. Well, do you want to start with commercial or --

是的。那麼，你想從商業著手還是其他方向呢？--

Sure. Yeah. I think on the external, I think it's like going deeper and deeper and more and more like tangible results with customers where they're -- there's a network effect in coming, like customer sharing impact that we're having and direct impact we're having with customers. Customers are seeing as we -- it's a continuation of what we've been doing, but going deeper and deeper with the customers on that impact. And I think that what we're seeing is more and more are now coming to us saying -- and the ones that are most impactful are coming to us saying, let's do more.

當然。是的。我認為從外部來看，這就像不斷深入，越來越注重與客戶建立切實的聯繫，並取得實際成果——正在產生網路效應，例如客戶分享我們正在產生的影響，以及我們與客戶之間正在產生的直接影響。客戶們看到的是我們一直在做的事情的延續，但我們正在與客戶一起更深入地探討這種影響。我認為我們現在看到的是，越來越多的人來找我們說——其中最有影響力的人來找我們說，讓我們做得更多。

Ryan is our best at being a wonderful -- I'll just give a vulgar version here. Our clients realize the choices suck basically. And they've tried a lot of stuff. It hasn't worked. And then we're in so many verticals. Let's just say, we're in vertical 252 and we dominate for one customer. People see that. And then they're like, oh, well, I'll try this with some, I don't know, knock off half fake thing. It's just like -- and then a lot of people really still don't understand that are still trying to do this long migration where LLMs are going to perform as if they're LLMs and ontology. And as if they are LLMs were not a commodity. But then in the marketplace, they see the final result of someone else using ontology, foundry, FDE.

Ryan 是我們最棒的──我在這裡就用粗俗的說法來形容他吧。我們的客戶基本上都意識到，這些選擇糟透了。他們嘗試了很多方法。沒成功。而且我們涉足的領域非常廣泛。這麼說吧，我們身處第 252 個垂直產業，並且在一位客戶中佔據主導地位。人們都看到了這一點。然後他們就會想，哦，好吧，我試試看用一些，我不知道，仿冒的半假貨之類的東西。就像——然後很多人仍然不明白，他們仍然試圖進行這種漫長的遷移，其中 LLM 將像 LLM 和本體一樣運作。彷彿法學碩士不是商品一樣。但在市場上，他們看到了其他人使用本體、代工、FDE 的最終結果。

And now it's like, wait a minute, I'm paying hundreds of millions of dollars and getting nothing. And the person down the road, I kind of looked down on is way ahead of me and their unit economics are transforming overnight. And that just shifts the whole conversation because then we're like, okay, well, if you want it to work, you can have to do these five things.

現在感覺就像，等等，我花了數億美元，卻什麼也沒得到。而我以前有點瞧不起的那家公司，現在已經遠遠領先於我，他們的單位經濟效益一夜之間發生了翻天覆地的變化。這樣就改變了整個對話的走向，因為我們會想，好吧，如果你想讓它成功，你就必須做到這五件事。

And these things are like you're going to have to talk to Ryan and they're going to have to -- I don't know, occasionally meet with me, and you're going to have to actually allow us to come in with engineers. And we're going to have to actually work on the problems that are valuable for your business and also look at the costs that are dragging you down.

這些事情就像你需要和瑞恩談談，他們也需要——我不知道，偶爾和我見個面，而且你實際上需要允許我們帶著工程師進來。我們必須著手解決對您的業務有價值的問題，同時也要審視那些拖累您的成本。

By the way, the cost for most businesses is not just the actual money they're wasting. That wasted money creates an ecosystem of waste. They're talking to all these vendors all the time about all these things will never work instead of solving the problem. And so getting the pathogens out of their business is a real issue, and now they're really, really interested in this.

順便說一句，對大多數企業來說，損失不僅僅是他們浪費的實際金錢。浪費的資金會形成一個浪費的生態系統。他們一直在和各種供應商談論這些行不通的事情，而不是解決問題。因此，清除他們場所中的病原體是一個真正的問題，現在他們對此非常非常感興趣。

And then on the internal front, I would say it's just we have to double down. The most important thing for us internally is, with all this success, we do not want to give up the unique attributes of Palantir and somehow purchase fake ways for us that are artificial for us. And so making sure we are very, very close to the problem and making sure everyone here, like if you heard our internal dialogue, it's much more like who's on the factory floor here.

至於內部方面，我認為我們必須加倍努力。對我們內部而言，最重要的是，儘管取得了這些成功，我們不想放棄 Palantir 的獨特屬性，也不想以任何方式購買虛假的、人為的東西。因此，我們要確保我們非常、非常接近問題所在，並確保這裡的每個人，就像如果你聽過我們的內部對話，你會發現更像是工廠車間裡的一線人員。

What are we doing internally? How do we make sure our products are better and better? How do we make sure, say, Shyam is a savant at going around and figuring out what the underlying tech issue is, how are we making sure we have the best product team and the very, very exact right fit for every single deployment across our deployments that we care about, especially mission deployments, which we highly, highly overvalue in terms of our time and energy.

我們內部正在做什麼？我們如何確保我們的產品越來越好？我們如何確保，比如說，Shyam 能夠像個天才一樣四處走動，找出潛在的技術問題所在？我們如何確保我們擁有最好的產品團隊，並且為我們關心的每一次部署，特別是任務部署（我們在時間和精力方面高度重視這些部署），找到最合適的人選？

And like how do you make sure Palantir stays as tribal and cultus and unique as it was 20 years ago? How do we double and triple down on that? And how do we recruit the right people. And then internally, we have, look, we power ICE, we power efforts to defend America and Ukraine and with allies. We're on the front line of all adversaries, including vis-a-vis China. And we support -- we're at ICE and we've supported Israel.

那麼，如何確保 Palantir 保持 20 年前那種部落式、神秘主義和獨特性呢？我們如何加倍甚至三倍地投入其中？我們該如何招募合適的人才？而在內部，我們為美國移民及海關執法局 (ICE) 提供動力，為保衛美國、烏克蘭以及與盟友的合作提供動力。我們處於對抗所有對手的最前線，包括對抗中國。我們支持以色列－我們在美國移民及海關執法局（ICE）工作，我們一直支持以色列。

Okay. These are very controversial. I don't know why this is all controversial, but many people find that controversial. Okay? So how do you align people to focus on these things in a way that is actually beneficial for us and our clients. These are really hard and tricky issues that we spend a lot of time.

好的。這些都極具爭議性。我不知道為什麼這件事會引起爭議，但很多人覺得這很有爭議。好的？那麼，如何讓人們集中精力關注這些事情，從而真正對我們和我們的客戶有利呢？這些都是非常棘手的問題，我們花了大量時間。

I would say, as an overarching thing, because what we found is the more we focus on our internal dynamics, the better our numbers are. That's why we have less salespeople, and we have 77% growth in 75% of our market. 121% growth in US comp. Please tell that to some of your friends. I don't even understand how they can look at these numbers and not drop the key out of their [Immortal Six] and just like say, I mean, they're like they're fantastic numbers but it's like internal focus.

我想說，總的來說，因為我們發現，我們越關注內部動態，我們的數據就越好。這就是為什麼我們減少了銷售人員，卻在75%的市場佔有率中實現了77%的成長。美國市場成長了121%。請把這個消息告訴你的朋友。我甚至不明白他們怎麼能看著這些數字而不放棄他們的[不朽六傑]，我的意思是，這些數字確實很棒，但關鍵在於內部關注點。

I'll make the mistake of trying to follow Alex there and just say on the internal side with AI FDE, that's why we actually originally built it. Our headcount has grown roughly 10%, but revenue grew 63%. How are we doing that? We've made our FTEs wildly more productive. And I mean, so much so that we decided to give it to our customers. And we've started to make our customers more productive. When you have a note like the Army Vantage note, where the Army is consolidating into the Army data platform, you now have an army, literal army of green suiters, who need to become proficient developers in the software.

我會犯個錯誤，試圖效法 Alex 的做法，直接說在 AI FDE 的內部運作中，這正是我們最初建構它的原因。我們的員工人數增加了約 10%，但收入增加了 63%。我們該如何做到這一點？我們大幅提高了全職員工的生產效率。我的意思是，我們非常喜歡它，以至於決定把它送給我們的客戶。我們已經開始幫助客戶提高生產力。當出現像陸軍 Vantage 這樣的情況時，陸軍正在整合到陸軍數據平台中，這意味著現在有一支真正的軍隊，一群穿著綠色西裝的人，需要成為該軟體的熟練開發人員。

And you have a generation of green suiters whose first interaction with the software is going to be with AI FDE. They're going to be super heroes on day one. I think that it's accelerating adoption. It's accelerating understanding like the depth of adoption, not just are you using it, but how much of it are you really using? How much of it can you understand?

而新一代的科技新秀，他們與軟體的第一次接觸將是 AI FDE。他們從第一天起就會成為超級英雄。我認為這正在加速普及。它加速了人們對產品應用深度的理解，不僅在於你是否在使用它，還在於你真正使用了多少。你能理解多少？

And then quickly on your comment on the US government business, like, yes, the number of opportunities out there are great. I can't comment on all the opportunities you mentioned there, but whether it's NGC2, the continued growth of, Maven, I mean we have, of course, America is involved with three conflicts right now in the world from Europe, the Middle East and in our own hemisphere right now. And things are getting a little spicy [in Africa].

然後，就您剛才提到的美國政府業務，我快速回答一下，是的，機會確實很多。我無法對您提到的所有機會發表評論，但無論是 NGC2、Maven 的持續發展，我的意思是，當然，美國目前捲入了世界上的三場衝突，分別來自歐洲、中東和我們自己的半球。事情變得有點棘手了。[在非洲]。

By the way, let me say something slightly political, and I'm not saying other people agree with this. But when people are attacking our soldiers for stopping fentanyl from coming to this country, I want people to remember, if fentanyl was killing 60,000 Yale grads instead of 60,000 working class people, we'd be dropping a nuclear bomb on whoever was sending it from South America.

順便說一句，我想談談政治，我並不是說其他人都會同意我的觀點。但是，當人們攻擊我們的士兵阻止芬太尼流入這個國家時，我希望人們記住，如果芬太尼殺死的是 6 萬名耶魯大學畢業生而不是 6 萬名工人階級，我們早就向從南美洲運送芬太尼的人投擲核彈了。

So it's slightly -- like at Palantir, we are on the side of the average American who sometimes gets screwed because all the empathy goes to elite people and none of it goes to the people who are actually dying on our streets. And that's why it's like when you have an open border, it means that the average poor American earns less. I know my fellow progressives believe having an open border is going to make things, but that's because they're actually repping elite people instead of the working class.

所以情況有點——就像在 Palantir，我們站在普通美國人一邊，他們有時會受到不公平的對待，因為所有的同情心都給了精英人士，而沒有一絲一毫給了那些真正死在街頭的人們。這就是為什麼開放邊境會導緻美國普通窮人的收入減少的原因。我知道我的進步派同僚們認為開放邊境會解決問題，但那是因為他們實際上代表的是精英階層的利益，而不是工人階級的利益。

And the same thing in South America. To believe our constitution does not give us the right to stop 60,000 deaths a year of working-class men and women is insane. And this country is right to stop that. And I am very proud. I don't know all the efforts we're involved in, but to the extent we're involved in these efforts, I and most Palantirians are very proud of this.

南美洲的情況也是如此。認為我們的憲法並沒有賦予我們阻止每年 6 萬名勞工階級男女死亡的權利，這種想法是荒謬的。這個國家阻止這種行為是正確的。我感到非常自豪。我並不了解我們參與的所有努力，但就我們參與這些努力的程度而言，我和大多數帕蘭提亞人都為此感到非常自豪。

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

謝謝。Alex，和往常一樣，我們有許多個人投資者牽涉其中。在結束通話之前，您還有什麼想說的嗎？

We're rocking along. Please turn on the conventional television and see how unhappy those that didn't invest in us are, enjoy, get some popcorn, they're crying. We are every day making this company better, and we're doing it for this nation, for allied countries and also for -- and I never really like the term retail investors. How about sane people who put up their own money and fight for us -- and by the way, you are fighting for the right side of what should work in this country, meritocracy, lethal technology vis-a-vis adversaries, products that spread GDP to working-class men and women by making their value creation higher and, by the way, your bank account. And thank you for that.

我們進展順利。請打開普通電視，看看那些沒有投資我們的人有多不高興，好好享受吧，拿些爆米花，他們都在哭泣。我們每天都在努力讓這家公司變得更好，我們這樣做是為了這個國家，為了盟國，也為了——我從來都不喜歡「散戶」這個詞。那麼，那些自掏腰包為我們而戰的理智人士呢？順便說一句，你們正在為這個國家應該行之有效的正確方向而戰：精英統治、對抗敵人的致命技術、透過提高工人階級的價值創造來增加GDP的產品，以及——順便說一句——你們的銀行帳戶。謝謝。

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

謝謝。今天的電話會議問答環節到此結束。