Palantir Technologies Inc (PLTR) 2021 Q3 法說會逐字稿

Good morning.

早安.

Welcome to the Palantir's Third Quarter 2021 Earnings Call.

歡迎參加 Palantir 2021 年第三季財報電話會議。

We'll be discussing the results announced in our press release issued prior to the market open and posted on our Investor Relations website.

我們將在市場開盤前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 fourth quarter and fiscal 2021 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects and expectations.

在電話會議中，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們第四季度和 2021 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，以及有關我們的計劃、前景和期望的其他聲明。

These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results.

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 releases distributed prior to market open today and in our SEC filings.

有關這些風險的資訊可在我們今天開市前發布的收益報告和提交給美國證券交易委員會的文件中查閱。

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

除非法律要求，我們不承擔更新這些前瞻性聲明的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures.

此外，在今天的電話會議中，我們將參考某些調整後的財務指標。

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

這些非 GAAP 財務指標應作為 GAAP 指標的補充而不是替代或孤立地看待。

Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures is included in our press release and investor presentation provided today.

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

Our press release, investor presentation and SEC filings are available on our Investor Relations website at investors.palantir.com.

我們的新聞稿、投資者介紹和 SEC 文件可在投資者關係網站 investors.palantir.com 上查閱。

Joining me on today's call are Shyam Sankar, Chief Operating Officer; Dave Glazer, Chief Financial Officer; and Kevin Kawasaki, Global Head of Business Development.

參加今天電話會議的還有營運長 Shyam Sankar；戴夫‧格雷澤 (Dave Glazer)，財務長；以及全球業務發展主管 Kevin Kawasaki。

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

在通話過程中，我們在討論業務時會參考各種成長率。

These rates reflect year-over-year comparisons unless otherwise stated.

除非另有說明，這些比率反映的是同比變化。

I'll turn the call over to Shyam to get us started.

我將把電話轉給 Shyam，讓我們開始吧。

Thank you, Rodney.

謝謝你，羅德尼。

It was a fantastic quarter across the board.

總體而言，這是一個出色的季度。

In Q3, total revenue grew 36%.

第三季度，總營收成長36%。

Commercial revenue growth has accelerated in every quarter over the last year from 4% in Q4 2020 to 19% in Q1 to 28% in Q2 now 37% in Q3.

過去一年，商業收入成長每季都在加速，從 2020 年第四季的 4% 成長到第一季的 19%，再到第二季的 28%，現在第三季的 37%。

At this scale, acceleration like this is gravity defined.

在這個尺度上，像這樣的加速度就是重力定義的。

U.S. commercial revenue growth accelerated once again to 103% year-over-year.

美國商業收入成長再次加速，較去年同期成長103%。

We added 34 net new customers in Q3.

我們在第三季新增了 34 位淨客戶。

To put this in perspective, our commercial customer count grew by 46% sequentially.

從這個角度來看，我們的商業客戶數量較上季成長了 46%。

We have more than doubled our commercial customer count at the beginning of the year.

今年年初，我們的商業客戶數量增加了一倍以上。

We closed 54 deals of $1 million or more, 33 of which were $5 million or more and 18 of which were $10 million or more.

我們完成了 54 筆 100 萬美元或以上的交易，其中 33 筆 500 萬美元或以上的交易，18 筆 1000 萬美元或以上的交易。

Adjusted free cash flow was $119 million, a margin of 30%.

調整後的自由現金流為 1.19 億美元，利潤率為 30%。

Total deal value grew 50% to $3.6 billion.

交易總價值成長 50%，達到 36 億美元。

Commercial deal value more than doubled to $2.2 billion.

商業交易價值成長一倍多，達到 22 億美元。

Remaining performance obligations increased by 172%, and year-to-date, we have grown revenue 44% to over $1.1 billion.

剩餘履約義務增加了 172%，年初至今，我們的營收成長了 44%，達到 11 億美元以上。

We have generated an adjusted free cash flow margin of 29% and 32% adjusted operating margin.

我們已實現調整後自由現金流利潤率為29%，調整後營業利益率為32%。

There are so many wins this quarter.

本季度有很多勝利。

Instead of going through them customer by customer as I usually do, I wanted to highlight 3 themes.

我不會像平常一樣逐一介紹客戶，而是想強調 3 個主題。

One, we are seeing more traction selling into the defense industrial base as a customer.

首先，我們看到向國防工業基地銷售產品的吸引力越來越大。

Foundry has shown that it can help in the production of the A320 of [RAM] pickup trucks, auto parts, PPE and tractors.

鑄造廠已證明它可以幫助生產[RAM] A320 皮卡車、汽車零件、PPE 和拖拉機。

We can do it better, faster and cheaper.

我們可以做得更好、更快、更便宜。

And the defense industrial base is seeing that it can have the same impact on the production of fighter jets, naval ships and land vehicles.

國防工業基地也發現它可以對戰鬥機、海軍艦艇和陸地車輛的生產產生同樣的影響。

We are excited to do more here with L3Harris, Huntington Ingalls and other large primes.

我們很高興能與 L3Harris、Huntington Ingalls 和其他大型公司進行更多合作。

Secondly, our work in automotive, and more generally, mobility is growing.

其次，我們在汽車領域以及更廣泛的移動領域所進行的工作正在不斷發展。

We are adding more customers across the mobility value chain from OEMs and their suppliers all the way to EV charging companies and insurers.

我們正在整個行動價值鏈中增加更多的客戶，從原始設備製造商及其供應商一直到電動車充電公司和保險公司。

And lastly, our work in health care is exploding.

最後，我們在醫療保健領域的工作正在蓬勃發展。

The NHS, MDAnderson, 70 academic medical centers through the NIH's N3C, the Department of Veteran Affairs, and even more regional U.S. providers means that Foundry is helping to manage over 300 million patient lives and growing.

NHS、MDAnderson、透過 NIH 的 N3C 的 70 個學術醫療中心、退伍軍人事務部以及更多的美國地區醫療服務提供者意味著 Foundry 正在幫助管理超過 3 億患者的生命，並且這一數字還在不斷增長。

We have a very unique opportunity and a diverse footprint that we believe continues to uniquely position us to deliver on the necessary transformation in health care delivery from operational excellence to complex clinical care.

我們擁有非常獨特的機會和多元化的足跡，我們相信這將使我們繼續以獨特的方式實現醫療保健服務從卓越運營到複雜臨床護理的必要轉變。

Cutting-edge product and continued innovation and distribution drove these exceptional results in Q3.

先進的產品和持續的創新與分銷推動了第三季度如此出色的業績。

And you can really see that in the consistently accelerating commercial business.

您可以從持續加速的商業業務中看到這一點。

We are seeing a profound pull on Foundry in the market as organizations digest and synthesize lessons from the shocks of COVID and subsequent events.

隨著各組織消化並總結 COVID 及其後續事件的衝擊所帶來的教訓，我們看到市場對 Foundry 的巨大吸引力。

There is a canonical spot for Foundry in the enterprise architecture that the market has synthesized.

在市場綜合的企業架構中，Foundry 佔有一席之地。

Foundry is the nervous system and the cardiovascular system of the enterprise.

鑄造是企業的神經系統、心血管系統。

It is the connective tissue that connects your analytics to your operational systems.

它是將您的分析與您的作業系統連接起來的連接組織。

Such an architecture marries a digital twin of the enterprise with action APIs that allow you to first model and simulate, and second, orchestrate and execute complex cross-functional transactions.

這種架構將企業的數位孿生與營運 API 結合在一起，使您能夠首先進行建模和模擬，其次是協調和執行複雜的跨職能交易。

As the COVID-19 crisis pulled the tide out, that's exactly what was revealed as missing.

隨著新冠肺炎疫情危機的消退，人們發現這正是人們所缺乏的。

Companies needed to move beyond visibility, beyond analytical insights, to having the technical infrastructure, to translate that into coordinated, orchestrated actions in the operations of their business.

公司需要超越可見性和分析洞察力，擁有技術基礎設施，將其轉化為業務營運中協調、有序的行動。

And one of the coolest places to see this working is with our Day 0 companies.

最酷的地方之一就是看到這種做法發揮作用的地方，那就是我們的 Day 0 公司。

These companies have enormous ambition and deeply value the step change in speed and the reduction of expenses Foundry delivers when consumed as Infrastructure as a Service.

這些公司有著遠大的抱負，並且非常重視 Foundry 作為基礎設施即服務使用時所帶來的速度的大幅提升和費用的降低。

Wejo is able to develop market-ready applications in as little as 6 weeks on Foundry.

Wejo 能夠在短短 6 週內在 Foundry 上開發出可供市場使用的應用程式。

Sarcos is integrating 0.5 trillion data points per month to accelerate design, maintenance and commercialization of their Iron Man suits.

Sarcos 每月整合 0.5 兆個數據點，以加速其鋼鐵人套裝的設計、維護和商業化。

Lilium is flying through ground and flight testing [wielding] the vast data generated by every sensor streaming from the aircraft.

Lilium 正在進行地面和飛行測試，利用飛機上每個感測器產生的大量數據。

I'd like to introduce some of our Day 0 founders to unpack this a little bit more.

我想介紹一些我們的 Day 0 創辦人來更深入地詮釋這一點。

(presentation)

（推介會）

A big thanks to our builders who shared more about their ambition and the transformative impact of Foundry on their operations.

非常感謝我們的建造者們更多地分享了他們的雄心壯志以及 Foundry 對他們的營運產生的變革性影響。

We started this program to supercharge earlier-stage companies, enabling them to create a central operating system for their data and to scale rapidly from Day 0. These companies, they're not just managing their data and their operations, they are wielding them to blitz, scale and win.

我們啟動這個專案是為了給早期公司提供強大動力，使他們能夠為自己的數據創建一個中央操作系統，並從第 0 天開始迅速擴展。

We announced our second cohort of builders in October.

我們在十月公佈了第二批建設者名單。

There are 7 companies from a diverse set of industries, and we continue to partner with innovative companies across industries such as automotive, biotech, health care, media and more.

有 7 家公司來自不同的產業，我們將繼續與汽車、生技、醫療保健、媒體等產業的創新公司合作。

Turning more broadly to the commercial business, the scope of our impact is expanding.

從更廣泛的商業業務來看，我們的影響力正在擴大。

Foundry as infrastructure is a big theme we are excited about.

鑄造廠作為基礎設施是令我們興奮的一個大主題。

Customers are building their software on top of our platform.

客戶正在我們的平台上建立他們的軟體。

And now we have yet another way to power that with a major product innovation that extends the openness and flexibility of our infrastructure for developers that we're calling Operational APIs or OPIs for short.

現在，我們又有了另一種方式來實現這一目標，即透過一項重大的產品創新，為開發人員擴展我們基礎設施的開放性和靈活性，我們將其稱為操作 API 或簡稱 OPI。

This liberates the ontology to serve as a nervous system, the cardiovascular system of the enterprise as a unified action and orchestration layer.

這將本體解放出來，作為企業的神經系統、心血管系統，作為統一的行動和編排層。

This API tool set allows for third parties and customer developers to programmatically interact with Foundry's ontology.

此 API 工具集允許第三方和客戶開發人員以程式設計方式與 Foundry 的本體進行互動。

In this headless mode, ID can leverage the power of the ontology in all of their enterprise applications via this open architecture.

在這種無頭模式下，ID 可以透過這種開放架構在其所有企業應用程式中利用本體的強大功能。

What's uniquely powerful about the ontology, it's not the nouns, it's not the things in the business.

本體的獨特之處不在於名詞，也不在於業務中的東西。

It's the representation of the verbs, the actions that can be taken to those things in the business.

它是動詞的表示，是可以對業務中的那些事物採取的操作。

The fact that inventory can be allocated, production can be scheduled, orders can be fulfilled.

事實上，庫存可以分配，生產可以安排，訂單可以完成。

To accomplish these deceptively simple actions requires you to read and write to potentially tens of source systems transactionally.

要完成這些看似簡單的操作需要您以事務方式讀取和寫入可能數十個來源系統。

Foundry lets you orchestrate complex cross system decisions to win and turn market disruption into your competitive glory.

Foundry 讓您能夠精心策劃複雜的跨系統決策，從而贏得勝利，並將市場混亂轉化為您的競爭優勢。

For example, a large industry partner is unlocking value by integrating Microsoft Power apps with the Foundry ontology.

例如，一家大型產業合作夥伴透過將 Microsoft Power 應用程式與 Foundry 本體結合來釋放價​​值。

Power apps through our OPIs, can affect business decision, powering workflows and writing data back to external operational and transactional systems like ERP, MES, warehouse management systems and more.

透過我們的 OPI，Power Apps 可以影響業務決策、支援工作流程並將資料寫回外部操作和交易系統，如 ERP、MES、倉庫管理系統等。

This is the modern operating system in action.

這就是現代作業系統的實際運作。

We launched Apollo this past week as a commercial offering, enabling any software company to leverage our deployment infrastructure to take their SaaS, where no SaaS has gone before, on-prem, classified clouds, air gap networks and to the edge.

我們上週推出了 Apollo 作為商業產品，使任何軟體公司都可以利用我們的部署基礎設施將他們的 SaaS 推向前所未有的領域、本地、機密雲端、氣隙網路和邊緣。

Here to tell us more is Greg DeArment, the mad scientist behind the conception and launch of Apollo.

接下來，將向我們詳細介紹阿波羅計畫構思和發射背後的瘋狂科學家格雷格·迪阿門特 (Greg DeArment)。

Apollo is an orchestration engine for the enterprise, enabling continuous deployment, configuration management and central software operations across these many cloud and on-prem environments.

Apollo 是企業的編排引擎，支援在眾​​多雲端和本地環境中進行持續部署、組態管理和中央軟體操作。

Apollo employs a number of different concurrent processes, including version management, advanced rollout strategies and release promotion to ensure platforms stay up-to-date and operational 24/7.

Apollo 採用了許多不同的並發流程，包括版本管理、進階推出策略和發布推廣，以確保平台保持最新狀態並全天候運作。

With Apollo, you can release new capabilities to put them at scale, compose them into novel platforms, derisk releases and rapidly resolve problems as they arise.

透過 Apollo，您可以發布新功能並擴大其規模，將其組合到新平台中，降低發布風險並在出現問題時快速解決。

Having deployment health and continuity on a single pane of glass gives engineers a common interface to handle risk management concerns unique to each environment.

在單一視窗上查看部署健康和連續性為工程師提供了一個通用介面來處理每個環境特有的風險管理問題。

Different environments have different risk tolerances when it comes to software updates.

在軟體更新方面，不同的環境有不同的風險承受能力。

For instance, once we're all at new features to canary environments first before moving those same updates to classified networks or to critical edge hardware that are harder to operate them.

例如，我們首先將所有新功能轉移到金絲雀環境中，然後再將這些相同的更新移至機密網路或更難操作的關鍵邊緣硬體。

Apollo facilitates software stability across these different environments by using a concept called release channels.

Apollo 透過使用稱為發布管道的概念來促進這些不同環境中的軟體穩定性。

Environments can subscribe to a release channel in accordance with our individual risk tolerance and appetite for new features.

環境可以根據我們個人的風險承受能力和對新功能的興趣訂閱發布管道。

Once pushed via release channel, Apollo enables the evaluation of rollout through a powerful suite of tools to help operators understand the risks associated with each pipeline surface problems and ship code better.

一旦透過發布管道推出，Apollo 就可以透過一套強大的工具進行推出評估，幫助操作員更了解與每個管道表面問題和船舶代碼相關的風險。

Apollo makes it possible to take the same approach to continuous delivery across different security or classification boundaries by enabling you to deploy an Apollo hub within each network boundary.

Apollo 可讓您在每個網路邊界內部署一個 Apollo 集線器，從而可以採用相同的方法在不同的安全或分類邊界進行持續交付。

Each network hub is responsible for managing the environments on that network.

每個網路集線器負責管理該網路上的環境。

This compliance aware change management enables Apollo to centrally manage services in environments across different compliance regimes, powering seamless operations across highly regulated business environments.

這種合規感知變更管理使 Apollo 能夠集中管理跨不同合規制度的環境中的服務，為高度監管的業務環境提供無縫營運支援。

Apollo effectively removes the deployment environment as a constraint, enabling engineers to focus on velocity and application code.

Apollo 有效地消除了部署環境的限制，使工程師能夠專注於速度和應用程式程式碼。

They write code once that works for all customer environments.

他們只需編寫一次適用於所有客戶環境的程式碼。

And we continue to push the envelope of Apollo capability by enabling Streaming Processing at the Edge.

我們透過啟用邊緣流處理來繼續突破 Apollo 能力的極限。

Once again, we are building 5 years ahead of the market, software shamans building technology that will meet its moment.

再一次，我們領先市場 5 年，軟體巫師建構的技術將滿足其時代要求。

With our latest investments, you will be able to develop streaming pipelines in Foundry that you then package up, version and continuously deploy to Edge compute infrastructure, be it a Humvee, a satellite, a 5G base station to enable real-time processing of large amounts of data in a decentralized efficient manner.

透過我們最新的投資，您將能夠在 Foundry 中開發串流管道，然後將其打包、版本控制並持續部署到邊緣運算基礎設施（無論是悍馬、衛星還是 5G 基地台），以便以分散且高效的方式即時處理大量資料。

These pipelines, they'll be versioned, upgrade, managed and orchestrated by Apollo.

這些管道將由 Apollo 進行版本控制、升級、管理和協調。

Imagine you'll be able to bluegreen upgrade your streaming pipelines across submarines, factory floors, 5 and 6G networks.

想像一下，您將能夠對潛水艇、工廠車間、5G 和 6G 網路上的串流媒體管道進行藍綠升級。

This is a revolutionary capability that will give our customers the edge against their competition.

這是一項革命性的能力，將使我們的客戶在競爭中佔據優勢。

There are 2 modular offerings that we've taken to market that we are really quite excited about, carbon and emissions management and AML for crypto and fintechs.

我們已向市場推出了兩款模組化產品，對此我們感到非常興奮，即碳和排放管理以及加密和金融科技的反洗錢。

Starting with carbon emissions management, there is a huge need to not simply account for carbon and more broadly emissions.

從碳排放管理開始，我們迫切需要做的不僅是考慮碳排放，還包括更廣泛的排放。

But what are you going to do about it?

但你該怎麼做呢？

Day-to-day, month-to-month, how do you manage trade-offs between production, on time and full, revenue, margin and emissions targets?

每天、每月，您如何在生產、準時、全額、收入、利潤和排放目標之間進行權衡？

How do you understand the levers you have to pull and the implications of each lever?

您如何理解您必須拉動的槓桿以及每個槓桿的含義？

Do you have the ability to understand the consequences of changing a supplier or setting a different delivery routing or changing a production location on your emissions?

您是否有能力了解更換供應商、設置不同的交付路線或改變生產地點對排放的影響？

Can you put that information into a single pane of glass, the same pane that your company uses to manage production or revenue or margin?

您能否將這些資訊放到單一的玻璃窗格中，與您的公司用於管理生產、收入或利潤的窗格相同？

Because until you do, emissions management will only be a source of data for you, something that you do so that you're not left behind.

因為除非你這麼做，否則排放管理只不過是你的一個資料來源，你這樣做是為了不落後。

But once you do, you'll be able to use it to beat your competition and win in the market.

但一旦你這樣做了，你就能夠利用它來擊敗你的競爭對手並在市場上獲勝。

These workflows are tailor-made for Foundry and leverage our digital twin and supply chain capabilities to present a single pane of glass to view revenue, margin, production and all emissions.

這些工作流程是為 Foundry 量身定制的，利用我們的數位孿生和供應鏈功能來呈現單一窗口來查看收入、利潤、產量和所有排放。

To not just see, but to manage the outcome.

不只是看到結果，還要管理結果。

This is an area that we are seeing growing momentum in no small part because of the obvious charisma of alpha, of developing a competitive edge.

我們看到這個領域的成長勢頭強勁，這在很大程度上是因為阿爾法明顯的魅力和發展競爭優勢。

Customers across disparate industries are building carbon-focused common operating pictures to track live emissions, to simulate emissions impacts of the changes to, for example, suppliers, to technologies and regulations, and to make real-time changes to their business.

不同行業的客戶正在建立以碳為中心的通用營運圖景，以追蹤即時排放，模擬供應商、技術和法規等變化對排放的影響，並對其業務進行即時調整。

The other offering, we're really excited about is Foundry for Crypto.

讓我們非常興奮的另一個產品是Foundry for Crypto。

We have found a unique fit with fast-growing crypto companies that need industrialized compliance solutions.

我們找到了一種獨特的解決方案，適合那些需要工業化合規解決方案的快速成長的加密公司。

We are leveraging our deep anti-money laundering and know-your-customer expertise developed over years, helping governments find compliance issues with the world's largest banks, and helping those banks respond and harden their compliance programs.

我們利用多年來累積的深厚反洗錢和了解客戶專業知識，幫助政府發現全球最大銀行的合規問題，並幫助這些銀行做出回應並加強其合規計畫。

I mentioned last quarter how one of Europe's largest retail banks has deployed our AML solution in 2 days.

我在上個季度提到過，歐洲最大的零售銀行之一如何在兩天內部署了我們的反洗錢解決方案。

Two days.

兩天。

The cost, speed and performance is unmatchable.

成本、速度和性能無與倫比。

These crypto exchanges and fintech disruptors are actually technical and can easily discern what legacy banks struggle to that legacy compliance solutions are often 2 or more decades behind.

這些加密貨幣交易所和金融科技顛覆者實際上是技術人員，可以輕鬆辨別出傳統銀行面臨的困難，即傳統合規解決方案通常落後 20 年或更長時間。

We believe there are no alternatives that can compete on cost, speed and performance, and we're really excited to put more weight behind this in the market.

我們相信，在成本、速度和性能方面沒有任何替代品可以與我們競爭，我們非常高興能夠在市場上為此付出更多努力。

Turning to government, we continue to advance our mission of becoming the U.S. government's central operating system as we extend our footprint across defense, health care and civilian agencies.

在政府方面，我們將繼續推動我們的使命，即成為美國政府的中央操作系統，同時將我們的業務範圍擴大到國防、醫療和民事機構。

In the third quarter, we signed new deals with the Department of Health and Human Services, the Air Force, the NIH and more.

第三季度，我們與美國衛生與公共服務部、空軍、國立衛生研究院等機構簽署了新的協議。

I'm proud to say that the Meta-Constellation, which we featured in last quarter's earnings call, met its moment when called upon by U.K. MOD to enable noncombatant evacuation operations in Afghanistan.

我很自豪地說，我們在上個季度的收益電話會議上介紹的 Meta-Constellation 在受英國國防部委託執行阿富汗非戰鬥人員撤離行動時發揮了重要作用。

As a reminder, the Meta-Constellation is radically changing how satellites are tasked, the latency of collection, and is creating a fundamental link in the AI-enabled kill chain.

提醒一下，元星座正在從根本上改變衛星的任務執行方式和收集的延遲，並在人工智慧殺傷鏈中創建一個根本環節。

We are orchestrating a Meta-Constellation of more than 300 satellites by working with an array of commercial space companies.

我們正在與一系列商業太空公司合作，打造一個由 300 多顆衛星組成的元星座。

These companies have been deploying constellations of hyperspectral radar and [ELIN] sensors into orbit, and we are putting all that power directly into the hands of the front lines, empowering the edge.

這些公司一直在將高光譜雷達和 [ELIN] 感測器星座部署到軌道上，我們將所有這些力量直接交到前線手中，增強邊緣能力。

End-to-end Gotham and Foundry infrastructure, including Meta-Constellation provided unparalleled capability and was stood up in less than a day for U.K. MOD operations.

端到端的 Gotham 和 Foundry 基礎設施（包括 Meta-Constellation）提供了無與倫比的功能，並在不到一天的時間內為英國國防部投入運作。

In addition, Meta-Constellation was also used to great effect that last month's Scarlet Dragon in U.S. military exercises, where it provided timely and effective targeting information.

此外，Meta-Constellation 在上個月的美國紅龍軍事演習中也發揮了巨大作用，提供了及時有效的目標定位資訊。

This is all made possible because of Apollo for Edge AI.

這一切都歸功於 Apollo for Edge AI。

We were recently down-selected by the U.S. Army to be the sole provider of the Army's Intelligence Data Fabric and Analytics Foundation for the Capability Drop 2 program.

我們最近被美國陸軍選中，成為陸軍能力投放 2 (Capability Drop 2) 計畫情報資料結構和分析基礎的唯一提供者。

The Army will deploy Gotham to support intelligence workflows worldwide with a globally federated intelligence data fabric and analytics platform spanning multiple security classifications.

美國陸軍將部署 Gotham，透過跨多個安全等級的全球聯合情報資料結構和分析平台支援全球情報工作流程。

Our work on CD-2 is just one of many initiatives of which we are engaging with the Army, including CD- and TITAN that will accelerate the decision chain and provide decisive advantage for our armed forces in the near-peer fight.

我們在 CD-2 上的工作只是我們與陸軍合作的眾多計劃之一，其中包括 CD 和 TITAN，這些計劃將加速決策鏈並為我們的武裝部隊在近乎勢均力敵的戰鬥中提供決定性的優勢。

We have a motivating set of customers and growing pipeline for big pursuits in '22 and beyond.

我們擁有一群充滿動力的客戶，並且正在不斷壯大，以迎接 22 年及以後的偉大追求。

And it is growing every quarter.

並且每個季度都在成長。

We're not just competing for programs.

我們競爭的不僅僅是節目。

Our unique capabilities are creating their own opportunities.

我們獨特的能力正在創造自己的機會。

Our work in health care continues to expand, and we recently signed a 4-year, $87 million contract with the Department of Veteran Affairs.

我們在醫療保健領域的工作不斷擴大，最近我們與退伍軍人事務部簽署了一份為期4年、價值8700萬美元的合約。

This department serves 9 million veterans and their family members, and spends nearly $0.25 trillion per year.

該部門為 900 萬名退伍軍人及其家屬提供服務，每年花費近 0.25 兆美元。

After supporting them in the exigency during COVID-19 response, we won an unrestricted competition to help power their data transformation efforts.

在為他們應對 COVID-19 疫情期間的緊急狀況提供支援後，我們贏得了一場不受限制的競賽，為他們的數據轉型工作提供輔助。

Our software is going to enable the VA to integrate data across its large IT landscape, and ultimately, to deliver better care and services for our veterans.

我們的軟體將使 VA 能夠整合其龐大的 IT 環境中的數據，並最終為我們的退伍軍人提供更好的護理和服務。

It is a privilege to serve our veterans and war fighters, both on the battlefield and in their period after service.

能夠為我們的退伍軍人和戰士服務是一種榮幸，無論是在戰場上還是在退休後。

Our collaboration with the NIH continues in the fight against COVID-19.

我們與美國國立衛生研究院的合作將持續，共同對抗 COVID-19。

As N3C deepens its partnership with Palantir, leveraging Foundry as their research backbone, this 2-year award carries a total potential value of $60 million, and the N3C data enclave represents one of the largest collections of COVID-19 health records in the world.

隨著 N3C 深化與 Palantir 的合作，利用 Foundry 作為其研究支柱，這項為期 2 年的獎項總潛在價值高達 6000 萬美元，而 N3C 資料庫是世界上最大的 COVID-19 健康記錄集合之一。

Additionally, our work with NCATS expanded with an increase in total potential value of $24 million.

此外，我們與 NCATS 的合作也進一步擴大，總潛在價值增加了 2,400 萬美元。

Zooming out a bit from mud to space, big picture in the government segment, we are seeing an emerging opportunity to help define the next wave of disruption.

將視野從泥土擴大到太空，從政府部門的大局來看，我們看到了一個新興的機會，可以幫助定義下一波顛覆。

One thing, perhaps the one thing we have demonstrated to the market is that it is possible to sell software at scale to the government for programs of record where the government might have historically otherwise bought labor and services.

一件事，也許是我們向市場展示的一件事，那就是可以大規模向政府出售軟體用於記錄項目，而以前政府可能會購買勞動力和服務。

And of course in doing so, we have radically transformed the margin profile of these big government contracts.

當然，透過這樣做，我們從根本上改變了這些大型政府合約的利潤狀況。

There is an immense opportunity in this sector to partner with existing government contractors to productize their solutions that they are delivering as services today, and in doing so to transform the EBITDA they generate against their existing revenue with our platforms.

這一領域存在著巨大的機會，可以與現有的政府承包商合作，將他們目前提供的解決方案產品化，並透過我們的平台將他們產生的 EBITDA 轉化為現有收入。

We have proven we can do this with our business, and we are exploring opportunities to partner with firms that have a disruptive vision, and realize that they can stand on our shoulders, the 15 years and nearly $3 billion of R&D that we have done to productize and scale their own offerings.

我們已經證明我們可以用我們的業務做到這一點，並且我們正在探索與擁有顛覆性願景的公司合作的機會，並意識到他們可以站在我們的肩膀上，依靠我們15年來近30億美元的研發成果來實現他們產品化和規模化。

Before turning it over to Dave, I wanted to give a quick shout out to every Hobbit, and just reflect on our journey as much over the last 2 decades as over the last year.

在將其交給戴夫之前，我想向每位哈比人致以簡短的敬意，並回顧我們過去 20 年和過去一年的旅程。

A year ago, we gave our first results as a public company.

一年前，我們公佈了作為上市公司的第一份業績。

We should be proud of those 5 quarters of results.

我們應該為這五個季度的業績感到自豪。

but even prouder of the collective effort and passion that we got those results.

但更讓我們感到自豪的是，我們透過共同的努力和熱情取得了這些成果。

We pivoted the whole company to respond to the exigent events of COVID for governments and commercial entities around the world.

我們調動整個公司的積極性，為世界各國政府和商業實體應對 COVID 緊急事件。

But of course, that happened before we went public.

但當然，那是在我們上市之前發生的。

And we all have that question: Will we preserve the cultural essence of Palantir after the listing?

我們都有一個疑問：上市之後，Palantir 的文化精髓還能保留嗎？

Will we have the radical ability to organize and reorganize around the problem at hand while capturing the integral of our innovation?

我們是否擁有徹底組織和重組當前問題的能力，同時抓住創新的重點？

Well in Q3, we could answer that question definitively.

那麼在第三季度，我們可以明確地回答這個問題。

Yes.

是的。

When the bat signal was put up in the night sky, the Motley crew of Hobbits answered the call for America and her allies, 5 quarters down, at least 500 more to go.

當蝙蝠訊號在夜空中升起時，哈比人的雜牌船員響應了美國及其盟友的號召，他們已經完成了 5 個季度的戰鬥，還剩下至少 500 個季度要戰鬥。

Over to you, Dave.

交給你了，戴夫。

Thanks, Shyam.

謝謝，Shyam。

I'll review our third quarter performance, followed by our outlook.

我將回顧我們第三季的表現，然後介紹我們的展望。

We had a record-breaking Q3 as continued product innovation and our ongoing investments in distribution led to accelerating customer account growth and strong free cash flow.

由於持續的產品創新和我們在分銷方面的持續投資導致客戶帳戶加速成長和強勁的自由現金流，我們創造了破紀錄的第三季業績。

We generated revenue growth of 36% in the quarter, bringing Q3 revenue to $392 million and year-to-date revenue to more than $1.1 billion, up 44% versus the first 9 months of last year.

本季我們的營收成長了 36%，第三季營收達到 3.92 億美元，年初至今的營收超過 11 億美元，比去年前 9 個月成長了 44%。

Our business continues to demonstrate very strong cash generation.

我們的業務持續表現出非常強勁的現金創造能力。

Third quarter cash from operations was $101 million, an improvement of $153 million versus the prior year period.

第三季經營活動現金流為 1.01 億美元，較去年同期增加 1.53 億美元。

We delivered $119 million in adjusted free cash flow in the third quarter, representing a margin of 30%.

我們在第三季實現了 1.19 億美元的調整後自由現金流，利潤率為 30%。

The strength of our third quarter performance brings year-to-date adjusted free cash flow to $320 million, representing a free cash flow margin of 29% and a $605 million improvement from the prior year period.

我們第三季業績表現強勁，使得年初至今的調整後自由現金流達到 3.2 億美元，自由現金流利潤率為 29%，比去年同期增加了 6.05 億美元。

Third quarter adjusted operating income increased to $116 million, representing a margin of 30%, our fourth consecutive quarter with adjusted operating margin of 30% or greater.

第三季調整後營業收入增至 1.16 億美元，利潤率為 30%，這是我們連續第四個季度調整後營業利潤率達到或超過 30%。

We added 34 net new customers in the third quarter, and our total customer count grew 20% quarter-over-quarter.

我們在第三季新增了 34 位淨客戶，客戶總數較上季成長了 20%。

Our commercial customer count increased 46% quarter-over-quarter and it has more than doubled since the end of 2020.

我們的商業客戶數量較上季成長了 46%，自 2020 年底以來增加了一倍以上。

Our new customers are scaling faster and more efficiently than ever before.

我們的新客戶的擴張速度比以往任何時候都更快、更有效率。

Year-to-date, revenue from new customers acquired in year is up 66% to $38 million, and these customers are already generating contribution margin of 36%.

年初至今，來自新客戶的營收成長了 66%，達到 3,800 萬美元，這些客戶已經產生了 36% 的貢獻利潤率。

This compares with just $23 million in revenue and a negative 26% contribution margin for new customers over the comparable period in 2020.

相較之下，2020 年同期的營收僅 2,300 萬美元，新客戶的貢獻利潤率為負 26%。

Drilling down into our third quarter revenue, total revenue grew 36% year-over-year ahead of our prior guidance of 33%.

深入研究我們第三季的收入，總收入年增 36％，高於我們先前預期的 33％。

Our U.S. business continues to demonstrate strong growth with revenue increasing 45% year-over-year in Q3.

我們的美國業務持續呈現強勁成長，第三季營收年增 45%。

Looking at our Q3 revenue year-over-year by segment, we continue to see broad-based momentum in our commercial business.

從各部門同比來看，第三季我們的營收持續呈現廣泛成長動能。

Total commercial revenue was $174 million, up 37% and representing our third straight quarter of accelerating commercial revenue growth.

總商業收入為 1.74 億美元，成長 37%，這是我們連續第三個季度實現商業收入加速成長。

Our investments in product and distribution continue to drive growth, particularly in the U.S., where commercial revenue increased 103% in Q3.

我們在產品和分銷方面的投資持續推動成長，尤其是在美國，其商業收入在第三季成長了 103%。

And our international business continues to gain momentum as well with international commercial revenue growth accelerating for the third straight quarter as economies continue to reopen and recover.

隨著經濟持續重新開放和復甦，我們的國際業務也繼續獲得發展勢頭，國際商業收入連續第三個季度加速成長。

Government revenue increased 34% as we signed new deals with the Air Force, HHS and NIH, and we were recently down selected by the U.S. Army to provide its Intelligence Data Fabric and Analytics solution under CD-2.

由於我們與空軍、衛生與公眾服務部和國立衛生研究院簽署了新的協議，政府收入增加了 34%，而且我們最近還被美國陸軍選中，根據 CD-2 為其提供情報數據結構和分析解決方案。

In the third quarter, we closed 54 deals of $1 million or more in total contract value, including 33 deals of $5 million or more and 18 deals of $10 million or more.

第三季度，我們完成了 54 筆總合約價值在 100 萬美元或以上的交易，其中 33 筆總合約價值在 500 萬美元或以上，18 筆總合約價值在 1000 萬美元或以上。

Third quarter billings increased 56% year-over-year and remaining performance obligation increased 172% year-over-year as we continue to improve contracting, push out or remove termination for convenience clauses and move to shorter duration billing cycles.

由於我們繼續改善合約、推遲或取消便利終止條款並縮短計費週期，第三季的計費年增 56%，剩餘履約義務年增 172%。

Total remaining deal value increased 50% year-over-year to $3.6 billion, with commercial remaining deal value increasing 101%.

剩餘交易總價值年增 50% 至 36 億美元，其中商業剩餘交易價值成長 101%。

Third quarter trailing 12-month revenue per customer was $7 million, down sequentially and reflecting continued acceleration in customer acquisition as we added 34 net new customers in the quarter.

第三季過去 12 個月的每位客戶營收為 700 萬美元，季減，反映出客戶獲取速度持續加速，我們在本季新增了 34 名淨客戶。

We continue to expect rapid expansion in our customer base moving forward as we invest in our sales teams and channel partners, and we would expect average revenue per customer to continue to taper as a result of our growing customer count.

隨著我們對銷售團隊和通路合作夥伴的投資，我們繼續預計我們的客戶群將繼續快速擴大，並且我們預計，隨著客戶數量的增加，每位客戶的平均收入將繼續減少。

When excluding new customers added in the quarter, average revenue per customer was $8.8 million, up 26% year-over-year.

不包括本季新增客戶，每位客戶平均營收為 880 萬美元，較去年同期成長 26%。

And we continue to generate strong growth with our largest customers.

我們繼續與我們最大的客戶一起實現強勁成長。

Trailing 12-month revenue per top 20 customers was $41.3 million, up 35% year-over-year.

過去 12 個月，前 20 名客戶的收入為 4,130 萬美元，年增 35%。

Next, I'll discuss our third quarter margins and expenses on an adjusted basis, which excludes stock-based compensation.

接下來，我將討論我們第三季的利潤率和費用（調整後），其中不包括股票薪酬。

Adjusted gross margin was 82%, up from 81% in the year ago period.

調整後毛利率為 82%，高於去年同期的 81%。

Contribution margin was 57%, up from 56% in the year ago period.

貢獻利潤率為57%，高於去年同期的56%。

Third quarter income from operations, excluding stock-based compensation and related employer payroll taxes was $116 million representing an adjusted operating margin of 30%, our fourth consecutive quarter with adjusted operating margin at or above 30%.

第三季營業收入（不含股票薪資及相關雇主薪資稅）為 1.16 億美元，調整後營業利潤率為 30%，這是我們連續第四個季度調整後營業利潤率達到或超過 30%。

Third quarter adjusted expenses were $276 million, up 2% year-over-year and 28% when adjusting for onetime direct listing expenses incurred in Q3 2020.

第三季調整後費用為 2.76 億美元，年增 2%，調整 2020 年第三季發生的一次性直接上市費用後成長 28%。

The bulk of expense growth is driven by continued investments in product development and sales to support durable long-term growth.

費用成長的大部分動力來自於對產品開發和銷售的持續投資，以支持長期持久的成長。

Marketing expenses were up 144% quarter-over-quarter as we continue to fuel demand generation.

由於我們持續推動需求生成，行銷費用較上季成長 144%。

In the third quarter, we generated $119 million in adjusted free cash flow, representing a margin of 30%.

第三季度，我們產生了 1.19 億美元的調整後自由現金流，利潤率為 30%。

Through the first 9 months of 2021, adjusted free cash flow was $320 million, representing an improvement of $605 million versus the prior year period.

2021 年前 9 個月，調整後的自由現金流為 3.2 億美元，較去年同期增加 6.05 億美元。

We ended the third quarter with over $2.3 billion in cash and no debt.

截止第三季度，我們擁有現金超過 23 億美元，並且沒有債務。

Turning to our outlook.

轉向我們的展望。

For our Q4 revenue guidance, we expect revenue of $418 million, and we expect adjusted operating margin of 22%.

對於我們的第四季營收預測，我們預計營收為 4.18 億美元，預計調整後的營業利潤率為 22%。

Our Q4 revenue guidance implies full year 2021 revenue of $1.527 billion, which represents another year of revenue growth of 40% or higher.

我們對第四季營收的預期意味著 2021 年全年營收將達到 15.27 億美元，這意味著未來一年的營收成長率將達到 40% 或更高。

Additionally, for the full year 2021, we are raising our annual adjusted free cash flow guidance to an excess of $400 million, an increase of $100 million from our prior guidance.

此外，對於 2021 年全年，我們將年度調整後自由現金流指引上調至 4 億美元以上，比先前的指引增加 1 億美元。

Continuing to execute the guidance strategy set forth by our CEO, Alex Karp, in our year-end 2020 earnings call with regard to long-term revenue guidance, we are providing and will continue to provide guidance of 30% or greater revenue growth for this year and the next 4 years at each earnings call.

我們將繼續執行執行長 Alex Karp 在 2020 年年終收益電話會議上提出的有關長期收入指導的指導策略，在每次收益電話會議上，我們都將提供並將繼續提供今年及未來四年 30% 或更高收入增長的指導。

With that, I'll turn the call over to Rodney to open up Q&A.

說完這些，我將把電話轉給羅德尼，開始問答環節。

Thanks, Dave.

謝謝，戴夫。

We'll begin with questions from our shareholders submitted [via SA] . Shyam, the first one is for you.

我們首先會回答股東透過 SA 提出的問題。 Shyam，第一個是給你的。

Jason B and Jacob P, both asked, does Palantir view any other AI companies as competitors?

Jason B 和 Jacob P 都問道，Palantir 是否將其他 AI 公司視為競爭對手？

If so, what makes Palantir's platforms a better choice?

如果是這樣，那麼是什麼讓 Palantir 的平台成為更好的選擇？

Thank you, Jason.

謝謝你，傑森。

Thank you, Jacob.

謝謝你，雅各。

Our competition is not any other company.

我們的競爭對手不是任何其他公司。

It's really -- the competition is our customer, specifically our customers' IT department and their desire to build their own solution.

事實上，競爭對手就是我們的客戶，特別是客戶的 IT 部門以及他們建立自己的解決方案的願望。

And you know what, it's not even really their fault.

你知道嗎，這其實不是他們的錯。

There's an army of consultants and cloud providers who pedal completely bogus DIY marchitectures that are never going to work.

有一大批顧問和雲端供應商兜售完全虛假的 DIY 架構，這些架構永遠不會運作。

It took us 15 years and nearly $3 billion of development.

我們花了15年的時間、花費近30億美元進行開發。

And we continue to innovate every day.

我們每天都在不斷創新。

Just last week, we had a meeting with a Fortune 200 CIO, who was so excited to see Foundry because he has spent the last 3 years trying unsuccessfully to solve the same problems with the leading cloud provider.

就在上週，我們與一位財富 200 強企業的 CIO 進行了會面，他對 Foundry 感到非常興奮，因為過去 3 年他一直在與領先的雲端提供商嘗試解決同樣的問題，但沒有成功。

Three years.

三年。

And they aren't the only ones.

而且他們並不是唯一的。

These are our favorite conversations because having tried and failed, the customer knows exactly how valuable it is to buy a solution that works in days at scale.

這些是我們最喜歡的對話，因為在嘗試過並失敗之後，客戶清楚地知道購買一個可以在幾天內大規模發揮作用的解決方案有多麼有價值。

But that's not really what makes us a better choice.

但這其實並不意味著我們做出了更好的選擇。

We're a better choice because we focus exclusively on alpha that we invest in capabilities that enable a company to uniquely express their strategy, whereas most enterprise software makes the customer more similar to the competition.

我們是一個更好的選擇，因為我們專注於 alpha，我們投資於使公司能夠獨特地表達其策略的能力，而大多數企業軟體使客戶更類似於競爭對手。

Our products, they are designed to make them more different, more differentiated.

我們的產品經過精心設計，更加與眾不同、更加差異化。

Great.

偉大的。

Shyam.

希亞姆。

Another one for you, Alex A and Jeff C asked, are you planning to invest in any cryptocurrency?

另一個問題是，Alex A 和 Jeff C 問您，您是否打算投資任何加密貨幣？

Thanks, Alex and Jeff.

謝謝，亞歷克斯和傑夫。

We are super excited about Foundry for Crypto.

我們對 Foundry for Crypto 感到非常興奮。

We see a unique fit with fast-growing crypto companies that need industrialized compliance solutions.

我們發現，與需要工業化合規解決方案的快速成長的加密公司存在獨特的契合點。

These are highly technical buyers, and they're highly motivated disruptors.

這些都是技術含量很高的買家，而且他們是積極的顛覆者。

We are leveraging our deep anti-money laundering and know-your-customer expertise, expertise that we developed over years, helping governments find compliance issues with the world's largest banks and helping those banks in turn, respond and harden their compliance programs.

我們利用多年來累積的深厚反洗錢和了解客戶專業知識，幫助政府發現全球最大銀行的合規問題，並幫助這些銀行應對並加強其合規計畫。

Some of the largest AML investigations in the world were powered by Palantir, both on the Department of Justice side and at the banks themselves.

世界上一些最大的反洗錢調查均由 Palantir 提供支持，無論是司法部方面還是銀行方面。

We think we're going to be a massive accelerant for crypto companies.

我們認為我們將成為加密貨幣公司的巨大推動力。

We're going to give them credible AML platforms to enable them to go toe-to-toe and beyond with the legacy players.

我們將為他們提供可靠的反洗錢平台，使他們能夠與傳統參與者展開激烈競爭。

We're going to deliver compliance so they can focus on disruption.

我們將實現合規，以便他們能夠專注於應對中斷。

And of course, they are welcome to pay us in crypto.

當然，我們也歡迎他們使用加密貨幣向我們付款。

Great.

偉大的。

Dave, one for you.

戴夫，給你一個。

[Avi] asks, do you intend to focus on profitability in the near term?

[Avi] 問，您近期打算專注於獲利能力嗎？

Or are you still focused on expansion?

或者說您仍然專注於擴張？

Thanks, [Avi].

謝謝，[Avi]。

As you see in our results, we're delivering strong growth with strong cash flow.

正如您在我們的業績中所看到的，我們正透過強勁的現金流實現強勁成長。

We expect revenue growth of 40% for the full year, expecting our second year in a row of 40% or higher revenue growth.

我們預計全年營收將成長 40%，並預計連續第二年營收成長率將達到 40% 或更高。

We've raised our adjusted free cash flow value to an excess of $400 million for the year, the second straight quarter raise in our guidance, and it applies in over $670 million year-over-year improvement.

我們已將今年的調整後自由現金流價值提高至 4 億美元以上，這是我們連續第二個季度提高預期，並且同比增長超過 6.7 億美元。

Stepping back, we are continuing to deliver high growth with very strong cash flow result and we remain focused on expansion.

回顧過去，我們繼續實現高成長，擁有非常強勁的現金流，並且仍然專注於擴張。

And so pivoting to expansion, we have more pilots today than at any time in our history.

隨著業務的擴張，我們今天擁有的飛行員數量比歷史上任何時候都多。

We added 34 net new customers in Q3.

我們在第三季新增了 34 位淨客戶。

We signed 54 deals in Q3 of $1 million or more.

我們在第三季簽署了 54 筆價值 100 萬美元或以上的交易。

We're scaling our investments in R&D, hiring devs, investing in new product offerings, value for crypto, the Meta-Constellation and the commercialization of Apollo.

我們正在擴大對研發、開發人員招募、新產品、加密價值、元星座和阿波羅商業化的投資。

We've added 150 sales heads this year, not to mention building the infrastructure to support them and future hires, and we're continuing to build out and invest in marketing.

我們今年新增了 150 名銷售主管，更不用說建立了支持他們和未來員工的基礎設施，而且我們還在繼續建立和投資行銷。

Still in its early days, but our marketing spend is up 144% quarter-over-quarter.

雖然仍處於早期階段，但我們的行銷支出較上季成長了 144%。

Shyam, another one you.

Shyam，又一個你。

Daniel Q asks, Gotham and Foundry can be used on personal computers, tablets and smartphones.

Daniel Q 問道，Gotham 和 Foundry 可以在個人電腦、平板電腦和智慧型手機上使用。

Compounders platforms be used on augmented reality and virtual reality devices, how impactful AR/VR and the Metaverse be for Palantir, its clients and big data analytics.

Compounders 平台將用於擴增實境和虛擬實境設備，AR/VR 和 Metaverse 對 Palantir、其客戶和大數據分析的影響有多大。

Thanks, Daniel.

謝謝，丹尼爾。

We have been doing augmented and virtual reality for a long time, more than a decade.

我們從事擴增實境和虛擬實境領域已經很久了，已經有十多年了。

We have worked on pushing mission information to smartphones in augmented reality.

我們致力於透過擴增實境將任務訊息推送到智慧型手機上。

So you can hold up your phone and view mission plans, route HLZ, helicopter landing zone, points of interest, waypoints overlaid while you're on mission.

因此，您可以拿起手機查看任務計劃、路線 HLZ、直升機著陸區、興趣點、執行任務時疊加的航點。

We have worked on augmenting imagery in full motion video with AI detections and mission context real time to drive operational decision-making.

我們致力於利用人工智慧檢測和即時任務環境來增強全動態視訊中的影像，以推動營運決策。

At a recent military exercise, our Apollo for Edge AI capability was used across air launch effects and unmanned aerial vehicles to send targets to fighter jets.

在最近的一次軍事演習中，我們的 Apollo for Edge AI 功能被用於空中發射效果和無人機，以向戰鬥機發送目標。

Those targets pop up and the pilots' augmented reality heads-up display.

這些目標會彈出並出現在飛行員的擴增實境平視顯示器上。

We are at the edge, we are integrating with edge devices from night vision goggles to heads-up displays, from augmented reality and cockpit training simulation.

我們處於邊緣，我們正在與從夜視鏡到平視顯示器、從擴增實境到駕駛艙訓練模擬的邊緣設備進行整合。

AI enabling the kill chain requires pushing context to the decision-making edge.

人工智慧實現殺傷鏈需要將背景推送到決策邊緣。

So we see AR and VR as an integral part of everything that we do.

因此，我們將 AR 和 VR 視為我們所做的一切的不可或缺的一部分。

Kevin, one for you, Dustin R., Jackson K and others have asked.

凱文 (Kevin)，你有一個問題，達斯汀 (Dustin R.)、傑克遜 (Jackson K) 和其他人也問過。

Can you talk about the opportunity for Palantir and small businesses and consumer use down the line?

能談談 Palantir 以及未來小型企業和消費者使用的機會嗎？

Thank you, Dustin.

謝謝你，達斯汀。

Thank you, Jackson.

謝謝你，傑克遜。

Our SMB offering delivers the full power of Foundry through Apollo and could be adopted in Days.

我們的 SMB 產品透過 Apollo 提供 Foundry 的全部功能，並可在幾天內完成採用。

And we see this with foundries for builders and other Day 0 companies.

我們在為建築商和其他 Day 0 公司建造的代工廠中也看到了這種情況。

Not only are companies using Foundry as their internal infrastructure, they are pioneering the use of Foundry and Apollo as a platform to build SaaS offerings and consumer software products as well.

該公司不僅使用 Foundry 作為其內部基礎設施，而且還率先使用 Foundry 和 Apollo 作為平台來建立 SaaS 產品和消費者軟體產品。

With Foundry, they are doing it faster.

借助 Foundry，他們可以更快地完成任務。

Companies in mobility building entire data ecosystems in Foundry for connected vehicles and autonomous vehicles.

移動領域的公司在 Foundry 中為連網汽車和自動駕駛汽車建立完整的資料生態系統。

A renewable energy company using Foundry, not just for advanced physics models, but also using Foundry to create a software offering for their customers.

一家再生能源公司使用 Foundry，不僅用於高級實體模型，還使用 Foundry 為其客戶創建軟體產品。

A B2B software company building an ERP for construction.

正在建構建築業 ERP 的 B2B 軟體公司。

The founder told us that Foundry is making it possible for him to build orders of magnitude bigger and with less effort.

創辦人告訴我們，Foundry 讓他能夠以更少的努力建立更大數量級的產品。

And we've had a lot of questions about when Palantir is going to have a consumer product available?

我們有很多疑問，Palantir 什麼時候會推出消費產品？

Well, something I can say is that Day 0 companies are building their consumer products on top of Foundry.

嗯，我可以說的是，Day 0 公司正在 Foundry 之上建立他們的消費產品。

Take companies like Chapter whose products help enroll customers in the right Medicare plan.

以 Chapter 這樣的公司為例，其產品可以幫助客戶加入正確的醫療保險計畫。

It's backed by Foundry and delivered through Apollo.

它由 Foundry 支援並透過 Apollo 交付。

We expect to see more of this, and it's an exciting part of our journey.

我們期待看到更多這樣的情況，這是我們旅程中令人興奮的一部分。

[Audio Gap] commercial revenue up 21% sequentially in Q3 quarter-over-quarter.

[Audio Gap] 商業收入第三季季增 21%。

The numbers are especially strong in the United States, where the U.S. commercial business has accelerated from 72% revenue growth rate in Q1 to 90% growth rate in Q2, now 103% revenue growth in Q3, that's more than doubling year-over-year.

美國市場表現特別強勁，美國商業業務收入成長率從第一季的 72% 加速上升至第二季的 90%，第三季營收成長率更是達到 103%，較去年同期成長一倍以上。

And this is driven by continued product innovation and more efficiencies in distributions like Audio Gap the acquisition of new customers is accelerating.

這是由持續的產品創新和 Audio Gap 等分銷管道的更高效率所推動的，新客戶的獲取正在加速。

We mentioned 10 net new customers in Q1, 20 in Q2, 34 in Q3, more than tripling.

我們提到，第一季淨新增客戶 10 個，第二季淨新增客戶 20 個，第三季淨新增客戶 34 個，成長了兩倍多。

Commercial revenue has accelerated in every quarter over the last year from 4% in Q4 of last year, 19% in Q1, 28% in Q2 and 37% in Q3.

商業收入在過去一年中每季都在加速成長，去年第四季成長了 4%，第一季成長了 19%，第二季成長了 28%，第三季成長了 37%。

Total commercial deal value is up $2.2 billion.

商業交易總價值上漲22億美元。

That's more than doubling since last year.

這一數字比去年增加了一倍以上。

Our RPO, remaining performance obligations increased 172% to $874 million.

我們的 RPO，剩餘履約義務增加了 172%，達到 8.74 億美元。

And account coverage and distribution channels bring us to great companies like Apache, a large hospital system in Florida, a large -- a health insurance provider in the United States, Kinder Morgan, Valeo, Dave & Buster's, just to name a few.

透過帳戶覆蓋和分銷管道，我們可以找到許多優秀的公司，例如佛羅裡達州的一家大型醫院系統 Apache、美國一家大型健康保險提供商、金德摩根 (Kinder Morgan)、法雷奧 (Valeo)、戴夫與巴斯特 (Dave & Buster's) 等等。

Great.

偉大的。

Thanks, Kevin.

謝謝，凱文。

Shyam, the next one is for you.

Shyam，下一個是給你的。

[Marcellus] asks, what is it that will keep Palantir ahead of the competition for the next 10 years?

[Marcellus] 問道，是什麼讓 Palantir 在未來 10 年內保持領先於競爭對手？

Thanks, [Marcellus].

謝謝，[馬塞勒斯]。

Well, that's the trillion-dollar question.

嗯，這是一個價值萬億美元的問題。

Of course, trillion dollars, that's well short of our ambition over the next 10 years.

當然，一兆美元遠遠少於我們未來十年的目標。

We always have and will always continue to focus on building cutting-edge product that the world needs, anticipating the future, operating with presence.

我們始終並將始終專注於打造世界需要的尖端產品，預見未來，立足當下。

We are software shamans, building before the need is obvious, always ready to meet its moment.

我們是軟體巫師，在需求顯現之前就開始構建，隨時準備好應對它。

As was true with IEDs in Iraq, Afghanistan and the global financial crisis, ISIS attacks in Europe, or more recently with COVID supply chain disruptions and Afghan noncombatants evacuation operation.

正如伊拉克和阿富汗的簡易爆炸裝置以及全球金融危機、歐洲的伊斯蘭國攻擊，以及最近發生的新冠疫情供應鏈中斷和阿富汗非戰鬥人員撤離行動一樣。

With Gotham, we are focused on continuing to build the AI-enabled kill chain across every sensor and every shooter, covering all domains from space to mud.

透過 Gotham，我們專注於繼續建立覆蓋每個感測器和每個射手的人工智慧殺傷鏈，涵蓋從太空到泥土的所有領域。

Our platforms are modern operating systems for the enterprise.

我們的平台是企業的現代作業系統。

With Foundry, we are creating the nervous system and the cardiovascular system of the enterprise.

透過 Foundry，我們正在創造企業的神經系統和心血管系統。

With OPIs, you can expose complex cross-system actions in repeatable manner that enables you to go from sensing business disruption before they even happen, to changing your business to seamlessly respond organizing and reorganizing your business around reality at pace.

透過 OPI，您可以以可重複的方式公開複雜的跨系統操作，使您能夠在業務中斷發生之前感知到它，進而改變您的業務以無縫地做出回應，并快速圍繞現實組織和重組您的業務。

And we just launched Apollo Commercial this past week.

我們上週剛推出了 Apollo Commercial。

We have already used Apollo to accomplish so much in the world from Edge AI and space, real-time comms with weapon systems to running our global software delivery free, taking Gotham and Foundry to where no SaaS has gone before.

我們已經利用 Apollo 在世界上完成了很多事情，從邊緣人工智慧和空間、與武器系統的即時通訊到免費運行我們的全球軟體交付，將 Gotham 和 Foundry 帶到了 SaaS 從未到達過的領域。

And today, I talked about Apollo for streaming.

今天，我談論了用於串流媒體的 Apollo。

It feels like every quarter, we are creating things that we could not have conceived of ourselves just a couple of quarters before.

感覺每個季度我們都在創造出一些前幾季還無法想像的東西。

Central to our value creation engine is that we are focused on solving hard problems.

我們價值創造引擎的核心是專注於解決難題。

We are focused on creating fundamental value.

我們專注於創造根本價值。

Most software companies make software that's easy to sell.

大多數軟體公司生產的軟體都易於銷售。

And over time, that corrupts the value of the product.

隨著時間的推移，這會損害產品的價值。

We make software that is profoundly valuable cutting-edge product, and then innovate on distribution.

我們製作具有深遠價值的尖端軟體產品，然後在分銷上進行創新。

Thanks, Shyam.

謝謝，Shyam。

Dave, one for you.

戴夫，給你一個。

James K. and Rafael W asked, the company's Chief Executive Officer, Alex Karp, has been selling a large amount of shares this year.

James K. 和 Rafael W 詢問，該公司執行長 Alex Karp 今年一直在出售大量股票。

Why have you been selling so much?

為什麼賣了這麼多？

And will these sales continue?

這些銷售會繼續嗎？

Thank you for the questions.

感謝您的提問。

As we mentioned on prior earnings calls, Karp was granted options a decade ago, which were set to expire on December 3 of this year.

正如我們在先前的財報電話會議上提到的，卡普十年前獲得了期權，這些期權將於今年 12 月 3 日到期。

Specifically, as of our direct listing, he held 68.9 million options that were set to expire this December.

具體來說，截至我們直接上市時，他持有 6,890 萬股期權，這些期權將於今年 12 月到期。

The taxes from the exercise of the options are more than $0.5 billion.

行使選擇權所產生的稅金超過 5 億美元。

And so he's been selling shares along the way to generate funds to paying those taxes.

因此，他一直在出售股票以籌集資金來繳納這些稅。

Of the 68.9 million expiring options, he has now exercised 94% of the total.

在6,890萬份到期選擇權中，他目前已行使了總量的94%。

Of the remaining 6%, roughly half or $1.9 million of them, will be sold by the expiration date.

剩餘 6% 的債券中，約有一半，即 190 萬美元，將在到期前售出。

The other half exercised and as a result, all the near-term expiring options will be exercised.

另一半已行使，因此所有近期到期的選擇權都將被行使。

Thanks, Dave.

謝謝，戴夫。

Shyam, one for you, Antonio asks, being a nurse myself, I see great potential for Palantir.

“夏亞姆，給你一個，”安東尼奧問道，“作為一名護士，我認為 Palantir 有很大的潛力。”

In these pandemic times, health care workers are the new defense.

在疫情時期，醫護人員是新的防線。

Does Palantir build a plan to create a product that can help health care institutions on how to assign us?

Palantir 是否有計劃創建一種產品，可以幫助醫療機構如何為我們分配任務？

Thank you, Antonio, and thank you for all you and your fellow health care workers have done for us over the pandemic.

謝謝你，安東尼奧，也謝謝你和你的醫護同事在疫情期間為我們所做的一切。

My mother is a nurse, and I've been living this alongside so many, not just in the U.S., but all over the world.

我的母親是一名護士，我和許多人一樣，不僅在美國，而且在世界各地都生活著這樣的生活。

I made reference in my earlier remarks to the substantial growth of our health care work, the NHS, MDAnderson, 70 academic medical centers through the NIH's N3C, the VA, Sompo's nursing home facilities in Japan and several more regional U.S. providers.

我在之前的評論中提到了我們的醫療保健工作、NHS、MDAnderson、通過NIH的N3C的70個學術醫療中心、VA、日本的Sompo的療養院設施以及其他幾個美國地區供應商的大幅增長。

Foundry is helping to manage over 300 million patient lives and growing.

Foundry 正在幫助管理超過 3 億患者的生活，而且這一數字還在不斷增長。

We have a very unique and diverse footprint that I believe positions us to deliver on the necessary transformation in health care.

我們擁有非常獨特和多樣化的足跡，我相信這使我們能夠實現醫療保健領域必要的轉型。

And yes, we are absolutely doing the work at the cutting edge of both research and complex clinical care, but we are also doing the work on operational excellence.

是的，我們確實在研究和複雜的臨床護理方面做著最前沿的工作，但我們也致力於卓越營運。

The world over COVID has caused or severely exacerbated procedure backlogs.

世界各地的 COVID 疫情已造成或嚴重加劇了程序積壓。

There are people that need care, life-saving care, waiting to be seen.

有些人需要護理，需要救命的護理，等待著被診治。

And at the same time, many facilities have spare capacity.

同時，許多設施都有閒置產能。

There's a complex operational problem in maximizing the utilization of scarce health care capacity to save lives, but the challenge is multifaceted, staffing, operating theater management, patient management, demand management and more.

最大限度地利用稀缺的醫療能力來拯救生命存在著複雜的操作問題，但挑戰是多方面的，包括人員配備、手術室管理、病患管理、需求管理等等。

But as you highlight, one of the most acute challenges and we were engaged on it in the U.S. and Japan, is the nursing shortage and staffing optimization.

但正如您所強調的，最嚴峻的挑戰之一是護理人員短缺和人員配置優化，這也是我們在美國和日本致力於解決的問題。

I was recently visiting one of our hospital customers, sitting with their nurses, watching as they are being trained on Foundry for the first time.

我最近拜訪了我們的一位醫院客戶，與他們的護士坐在一起，觀看他們第一次接受 Foundry 培訓。

You could feel the excitement.

你可以感受到那種興奮。

They were buzzing on how they could transform patient scheduling, care delivery and ultimately, how it was going to empower them to do so much more, so much faster.

他們熱議如何改變病患排程、照護服務，以及最終如何讓他們能夠以更快的速度做更多的事情。

To me, it was like what it felt like when I was watching marines being trained on Palantir for the first time in Kandahar a decade or more ago.

對我來說，這種感覺就像十多年前我第一次在坎大哈看到海軍陸戰隊員在 Palantir 上接受訓練時的感覺一樣。

They were so excited, so generative, the Iron Man suit, it fits them like a glove, as these modern day superheroes save our friends and our families.

他們非常興奮，非常有創造力，鋼鐵人的戰衣非常適合他們，因為這些現代超級英雄拯救了我們的朋友和家人。

Great, Shyam.

太棒了，Shyam。

One more for you before we open up the call.

在我們開始通話之前，還有一件事要問您。

Aaron and Avi asked, what is the future of Palantir's public sector business, including if there are any billion-dollar contracts like the latest U.S. Army wins in the pipeline?

Aaron 和 Avi 問道，Palantir 公共部門業務的未來前景如何，包括是否會有像最近美國陸軍贏得的一樣價值數十億美元的合約？

Thank you, Aaron and Avi.

謝謝你，Aaron 和 Avi。

We are so excited about the government business.

我們對政府業務感到非常興奮。

It is where our cutting-edge product is meeting its moment.

這正是我們的尖端產品迎來發展機會的地方。

It was an incredibly strong quarter.

這是一個異常強勁的季度。

The wins on CD-2, a truly massive program of record at the U.S. Navy, INDOPACOM, the U.K. and Australian Navies, at the VA with a 4-year $87 million contract, at the NIH $60 million 2-year contract, deals at NHS, PEPFAR, FDA, Department of Justice, Department of Energy, the State Department and more.

CD-2 計畫是一項真正規模龐大的項目，涉及美國海軍、印度太平洋司令部 (INDOPACOM)、英國和澳大利亞海軍，與 VA 簽訂了一份為期 4 年、價值 8,700 萬美元的合同，與 NIH 簽訂了一份為期 2 年、價值 6,000 萬美元的合同，還與金融管理局、總統CARAR）都有緊急預防計劃部需要愛滋病

CD-2 is a substantial win.

CD-2 是一場重大勝利。

It builds on another program of record that we already won, CD-1.

它以我們已經贏得的另一個記錄程式 CD-1 為基礎。

It was an enormous amount of work.

這是一項極為繁重的工作。

We're so proud of the outcome.

我們對這個結果感到非常自豪。

And we believe that CD-1 and CD-2 together uniquely positions us for future U.S. Army programs of record.

我們相信，CD-1 和 CD-2 的結合將為我們未來美國陸軍的計劃帶來獨特的優勢。

But that's just the army.

但那隻是軍隊。

We have incredible opportunities at Space Force and at the Air Force, places that we are investing a lot.

我們在太空部隊和空軍擁有難以置信的機會，我們在這些地方投入了大量資金。

We are building on Project Brown Heron in the Air Force and (inaudible) is the space domain awareness platform, a very unique position.

我們正在空軍內建造「棕鷺」項目，（聽不清楚）這是太空領域感知平台，是一個非常獨特的位置。

We have many independent opportunities to extend the work that we have done under USDI and NGA into the combatant demands themselves to directly take on near-peer threats and deter the enemy, maintaining dominance.

我們有很多獨立的機會將我們在美國內政部和國家地理空間情報局下所做的工作延伸到戰鬥人員本身的需求中，以直接應對近乎勢均力敵的威脅並遏制敵人，保持主導地位。

Beyond defense, we see immense opportunities in our pipeline across health from the NHS and the VA, to the NIH and HHS.

除了國防之外，我們還看到，從 NHS 和 VA 到 NIH 和 HHS，我們的醫療健康領域存在著巨大的機會。

We see new opportunities within the defense industrial base in its own right as customers to help them with their own manufacturing, but also in being a strategic partner, helping them capture new revenue streams by AI-enabling their hardware platforms.

我們在國防工業基礎本身中看到了新的機遇，作為客戶，我們可以幫助它們進行自己的製造，同時也作為戰略合作夥伴，透過人工智慧支援他們的硬體平台，幫助他們獲得新的收入來源。

This pipeline in aggregate is big and building.

整體來說，這個管道規模很大，而且還在建設中。

And all of this is happening despite the macro headwinds that we've all heard about across government services, COVID's impact on delaying the pace of awards.

儘管我們都聽說過政府服務領域存在宏觀阻力，而且新冠肺炎疫情也延緩了審批進度，但這一切仍在發生。

And we are just competing for known opportunities.

我們只是在爭取已知的機會。

Our capabilities are so unique, we are creating our own opportunities.

我們的能力如此獨特，我們正在創造自己的機會。

The macro factors here are big, big tailwinds for us, clear consensus on the threat from an aggressive CCP, not only in terms of impacts on demand in the U.S., but also Japan, Korea, Australia, the U.K., the West and her allies broadly.

這裡的宏觀因素對我們來說是巨大的順風，人們對咄咄逼人的中共威脅有著明確的共識，這不僅對美國的需求產生影響，而且對日本、韓國、澳洲、英國、西方及其盟友也產生廣泛影響。

The infrastructure build and our fit on the programs and awards that are being driven their carbon emissions management, EV charging infrastructure, building on our incredible commercial momentum in the mobility value chain, delivery of major projects on time and on budget.

基礎設施建設以及我們對正在推動的碳排放管理、電動車充電基礎設施等計劃和獎項的契合，建立在我們在移動價值鏈中令人難以置信的商業勢頭之上，按時按預算交付重大項目。

And more broadly, the opportunity for SIs and primes on infrastructure projects to partner with Palantir develop their own high-margin software streams in place of historically low-margin nonrecurring services on our platforms.

更廣泛地說，基礎設施整合商和主要承包商有機會與 Palantir 合作開發自己的高利潤軟體流，以取代我們平台上歷史上利潤率低的非經常性服務。

We are just at the beginning of big secular trends here, trends that we anticipated and have invested in for years.

我們正處於長期大趨勢的開始階段，這些趨勢是我們多年來一直預期並投資的。

We are uniquely positioned, cutting-edge product ready to meet at the moment.

我們擁有獨特的定位，尖端的產品隨時準備滿足您的需求。

Thanks, Shyam.

謝謝，Shyam。

Operator, we'll open up the call for Q&A.

接線員，我們將開始電話問答。

(Operator Instructions) Your first question will come from Brent Thill with Jefferies.

（操作員指示）您的第一個問題來自 Jefferies 的 Brent Thill。

On RPO, you had a really nice improvement in backlog.

在 RPO 方面，您的積壓工作取得了非常好的改善。

I'm curious if you could just comment on what's driving that backlog.

我很好奇，您是否可以評論一下造成這種積壓的原因。

And maybe as a follow-up for Shyam, just as you look at the go-to-market on commercial.

或許這是 Shyam 的後續行動，就像您觀察商業上市一樣。

Can you give us an update on the direct sales build-out and partnership opportunities there?

您能否向我們介紹那裡的直銷建設和合作機會的最新情況？

Brent, thanks for the question.

布倫特，謝謝你的提問。

Great Q3, we're having a great year with our Q4 guide.

第三季表現優異，憑藉第四季指南，我們今年的表現也十分出色。

We're expecting to do 40% revenue growth for the full year.

我們預計全年營收成長 40%。

And this is driven by continued product innovation, also more efficiencies in distribution like account-based sales, distribution channels.

這是由持續的產品創新以及基於帳戶的銷售、分銷管道等分銷效率的提高所推動的。

And we're very excited about the progress of our account-based sales team.

我們對基於帳戶的銷售團隊的進步感到非常興奮。

We've hired about 150 people so far this year.

今年到目前為止我們已經僱用了大約 150 人。

A lot of that has been focused in the U.S. market, where we first started, and many are just getting started, but you can see some of the activity.

其中許多都集中在我們最先起步的美國市場，許多公司才剛起步，但你可以看到一些活動。

We mentioned we've more than doubled our commercial customer count this year, and those numbers are accelerating, growing our installation base is really great because we expand in places where we are.

我們提到，今年我們的商業客戶數量增加了一倍多，而且這個數字還在加速成長，擴大我們的安裝基礎真的很棒，因為我們在所在的地方擴張。

If you look at our top customers, average over $40 million a year of revenue.

如果你看看我們最大的客戶，平均年收入超過 4,000 萬美元。

That's up 35% year-over-year.

這比去年同期增長了 35%。

Our average revenue per customer was $8.8 million when excluding new customers.

不包括新客戶，我們的每位客戶平均收入為 880 萬美元。

So lot of room to expand as we expand our customer base.

隨著我們的客戶群不斷擴大，我們還有很大的擴展空間。

Another big driver, U.S. commercial revenue, where we've seen acceleration, we mentioned up to 103% growth, doubling in Q3.

另一個重要驅動因素是美國商業收入，我們看到了加速成長，成長率高達 103%，第三季翻了一番。

Our forward indicators also really strong.

我們的前瞻指標也非常強勁。

Total deal value up 50% to $3.6 billion.

交易總價值上漲 50%，達到 36 億美元。

Total deal value in commercial doubled to $2.2 billion.

商業交易總價值翻了一番，達到 22 億美元。

Our third straight quarter of accelerating commercial revenue.

這是我們連續第三個季度商業收入加速成長。

And just to wrap up, commercial revenue up 21% sequentially quarter-over-quarter.

總而言之，商業收入比上一季成長 21%。

Your next question will come from the line of Keith Weiss from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith Weiss.

我是 Keith Weiss 的 Sanjit Singh。

There was a really nice performance across commercial and government was strong as well.

商業領域表現十分出色，政府領域也表現強勁。

And sort of with the new administration sort of taking in place in terms of the velocity of those deals and getting those deals signed, any change that you've seen thus far as the new administration versus the prior admin?

隨著新政府上台，在協議處理速度和簽署速度方面，與前政府相比，您認為新政府有什麼變化嗎？

No meaningful change there.

那裡沒有什麼有意義的改變。

I mean the government is moving at pace.

我的意思是政府正在快速行動。

I think what's really out there is the near-peer threat, and that's become the real pace setter for not only the U.S. but allied countries as well because there's a lot of focus, a lot of speed.

我認為真正存在的是近乎匹敵的威脅，這不僅對美國而且對盟國來說都是真正的領跑者，因為他們高度集中，速度極快。

We've worked under 4 administrations, and have seen consistent continuity across that.

我們曾在四屆政府領導下工作過，並且始終保持一致的連續性。

Your next question will come from the line of Rishi Jaluria from RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

Nice to see continued strength on the commercial side.

很高興看到商業方面繼續保持強勁勢頭。

Just maybe high level, can you help us understand how the land and expand and go-to-market motion on the commercial side has differed from government in your experience and especially so far this year?

也許是高層，您能否幫助我們了解，根據您的經驗，尤其是今年到目前為止，商業方面的土地擴張和上市動議與政府有何不同？

And maybe can you talk a little bit about how involved you are at the pilot phase and beyond, and maybe what that time the value looks like.

您能否談談您在試點階段及以後的參與程度，以及當時的價值如何。

Great, yes.

是的，非常好。

We talked earlier about modules.

我們之前討論過模組。

That was a big thing a year ago that really changed how we went to market.

這是一年前的一件大事，它徹底改變了我們進入市場的方式。

The modules have been very successful.

這些模組非常成功。

Just this quarter, we discussed the carbon emissions management module and Foundry for Crypto.

就在本季度，我們討論了碳排放管理模組和 Foundry for Crypto。

But if we go back a little bit, what we can see is the real success of software-defined data integration, SDDI, and ERP suite modules, where we've been able to really use these modules to meet our customers where they are, predictable price points.

但如果我們回顧一下，我們可以看到軟體定義資料整合、SDDI 和 ERP 套件模組的真正成功，我們能夠真正使用這些模組來滿足客戶的需求，並提供可預測的價格點。

It also enables us to really scale channels and enable our partners to help us go to market.

它還使我們能夠真正擴展管道並使我們的合作夥伴能夠幫助我們進入市場。

So predictable price points, clear problems to go after.

因此價格點是可以預測的，需要解決的問題也十分明確。

And in doing so, we, at this point, have developed enough success to see that after solving a single problem in an understandable way, it really sets us up to better expand and land the full proposition of Foundry and expand the contract over time there.

在這樣做的過程中，我們目前已經取得了足夠的成功，我們看到，在以一種可以理解的方式解決了一個問題之後，它確實讓我們能夠更好地擴展和實現 Foundry 的完整主張，並隨著時間的推移擴大合約範圍。

So we really have a lot of faith in the module strategy, both as a direct sales force augmentation and channel partners in commercial.

因此，我們確實對模組策略非常有信心，無論是作為直接銷售團隊的增強，還是作為商業通路合作夥伴。

On the government side, we have seen similar success.

在政府方面，我們也看到了類似的成功。

We actually won a significant program on a module that is based on readiness.

我們實際上贏得了一個基於準備情況的模組的重要項目。

And so we were able to compete for a multimillion dollar program with less than a day worth of effort.

因此，我們只用了不到一天的努力就能夠競爭價值數百萬美元的項目。

Of course, we love how it transforms the economics of our business, but I think the speed to value for customers is really what sets it apart.

當然，我們喜歡它如何改變我們業務的經濟狀況，但我認為為客戶創造價值的速度才是它真正的與眾不同之處。

Next question will come from the line of Brad Zelnick from Deutsche Bank.

下一個問題來自德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

And we will move on to the next question in queue.

我們將繼續討論下一個問題。

Your next question is from Mark Cash from Morningstar.

您的下一個問題來自晨星的馬克卡什 (Mark Cash)。

I have a multipart one.

我有一個多部分的。

So you talked about the recently launched Foundry module around crypto, and I'm just wondering there wasn't really a press release around that.

所以您談到了最近推出的圍繞加密的 Foundry 模組，我只是想知道實際上沒有關於該模組的新聞稿。

The modules kind of appeared.

模組就這樣出現了。

So finding new use case is great, but I was curious if you could talk about the size of the crypto opportunity.

因此，找到新的用例很棒，但我很好奇您是否可以談談加密機會的規模。

But then also the strategy of releasing modules.

但同時也要有發布模組的策略。

Is it finding lead customers and commercializing it quietly, or really does it depend on the market size and the interest?

是尋找領先客戶並悄悄地將其商業化，還是真的取決於市場規模和興趣？

Thanks, Mark.

謝謝，馬克。

Yes, the focus on module is to really meet the customer where they are.

是的，模組的重點是為了真正滿足客戶的需求。

Where do we see repeatable challenges that we can create an offering that is very fast to deploy.

我們在哪裡看到可重複的挑戰，我們可以創建一個可以快速部署的產品。

Last quarter, I talked about how we deployed AML at the largest European retail bank in less than 2 days.

上個季度，我談到了我們如何在不到兩天的時間內在歐洲最大的零售銀行部署反洗錢。

This gives you kind of an indicative sense of the performance.

這會讓你對錶演有一種指示性的感覺。

We're able to integrate with complicated ERP solutions and unlock that data for customers in hours.

我們能夠與複雜的 ERP 解決方案集成，並在數小時內為客戶解鎖資料。

So we're -- we start with cutting-edge product.

因此我們—從尖端產品開始。

And then where we see the module, we invest in it because it gives us innovative distribution.

當我們看到該模組時，我們會對其進行投資，因為它為我們提供了創新的分佈。

It enables us both from a direct sales force perspective, but also general partners, and to be really successful in penetrating the market.

它使我們無論從直銷隊伍的角度，或是從普通合夥人的角度，都能真正成功地打入市場。

And we do have 1 final question -- we have time for 1 final question, which is from Ethan Bruck from Wolfe Research.

我們還有一個最後一個問題——我們還有時間回答最後一個問題，這個問題來自 Wolfe Research 的 Ethan Bruck。

This is Alex Zukin from Wolfe Research.

這是 Wolfe Research 的 Alex Zukin。

I just had maybe 2 quick numbers, questions.

我可能只想問兩個問題。

Roughly, if we think about Q4 guidance, how much revenue do you expect to come from commercial contracts with investment arrangements in the quarter?

粗略地講，如果我們考慮第四季度的指引，您預計本季有多少收入來自帶有投資安排的商業合約？

And then if it is possible to get what percentage of the total RPO would be recognized over the next 12 months?

那麼，如果有可能的話，未來 12 個月內 RPO 總額中有多少百分比會被認可呢？

So on the investment program, we're really excited about the opportunity here.

因此，就投資計劃而言，我們對這裡的機會感到非常興奮。

Just to repeat some numbers and get some context with our Q4 guide, we're expecting 40% revenue growth for the year in 2021.

只是為了重複一些數字並與我們的第四季指南保持一致，我們預計 2021 年的營收將成長 40%。

That's over 1.5 billion for the year.

今年的總額已超過 15 億。

We raised our cash flow guidance to an excess of $400 million.

我們將現金流預期提高至4億美元以上。

We've invested about -- invested about $150 million through Q3.

我們在第三季已經投資了大約 1.5 億美元。

Total revenue from the program is about 2% of revenue for the year through Q3, and there's about $640 million of total revenue long term from this program at the end of the quarter.

截至第三季度，該計劃的總收入約佔全年收入的 2%，截至本季末，該計劃的長期總收入約為 6.4 億美元。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。