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

Good morning.

早上好。

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

歡迎來到 Palantir 的 2021 年第三季度財報電話會議。

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

我們將討論我們在市場開盤前發布的新聞稿中公佈的結果，並發佈在我們的投資者關係網站上。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our 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.

在電話會議期間，我們將就我們的業務發表在適用證券法中可能被視為前瞻性的聲明，包括關於我們第四季度和 2021 財年業績的聲明、管理層對我們未來財務和運營業績的預期，以及關於我們計劃的其他聲明，前景和期望。

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

這些陳述不是承諾或保證，存在風險和不確定性，可能導致它們與實際結果存在重大差異。

Information concerning those risks is available in our earnings releases distributed prior to market open today and in our SEC filings.

有關這些風險的信息可在我們今天開市前發布的收益報告和我們提交給美國證券交易委員會的文件中找到。

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

除法律要求外，我們不承擔更新這些前瞻性陳述的義務。

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措施。

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

這些非公認會計原則財務措施應作為公認會計原則措施的補充而不是替代或孤立考慮。

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.

有關這些非公認會計原則措施的其他信息，包括非公認會計原則與可比公認會計原則措施的對賬，包含在我們今天提供的新聞稿和投資者介紹中。

Our press release, investor presentation and 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 文件可在我們的投資者關係網站 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.

與我一起參加今天電話會議的還有首席運營官 Shyam Sankar； Dave Glazer，首席財務官；和全球業務發展主管 Kevin Kawasaki。

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

在電話會議期間，我們將在討論我們的業務時提到各種增長率。

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

除非另有說明，否則這些比率反映了同比比較。

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

我會把電話轉給 Shyam 讓我們開始。

Thank you, Rodney.

謝謝你，羅德尼。

It was a fantastic quarter across the board.

這是一個很棒的季度。

In Q3, total revenue grew 36%.

第三季度，總收入增長了 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.

去年每個季度的商業收入增長都在加速，從 2020 年第四季度的 4% 到第一季度的 19%，再到第二季度的 28%，現在第三季度為 37%。

At this scale, acceleration like this is gravity defined.

在這個尺度上，像這樣的加速度是重力定義的。

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

美國商業收入同比增長再次加速至 103%。

We added 34 net new customers in Q3.

我們在第三季度新增了 34 個淨新客戶。

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環比增長了 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多。

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 筆為 500 萬美元或以上，其中 18 筆為 1000 萬美元或以上。

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.

總交易價值增長 50% 至 36 億美元。

Commercial deal value more than doubled to $2.2 billion.

商業交易價值翻了一番多，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.

剩餘的履約義務增加了 172%，年初至今，我們的收入增長了 44%，超過 11 億美元。

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

我們已經產生了 29% 的調整後自由現金流利潤率和 32% 的調整後營業利潤率。

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.

我不想像往常那樣逐個客戶逐個瀏覽它們，而是想強調 3 個主題。

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

一，我們看到作為客戶向國防工業基地銷售的吸引力越來越大。

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

Foundry 已經證明它可以幫助生產 [RAM] 皮卡車、汽車零部件、個人防護裝備和拖拉機的 A320。

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.

國防工業基地看到它可以對戰鬥機、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.

我們很高興在這裡與 L3Harris、Huntington Ingalls 和其他大型素數一起做更多的事情。

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

其次，我們在汽車領域的工作，更廣泛地說，移動性正在增長。

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

從原始設備製造商及其供應商到電動汽車充電公司和保險公司，我們正在整個移動價值鏈中增加更多客戶。

And lastly, our work in health care is exploding.

最後，我們在醫療保健方面的工作正在爆炸式增長。

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、70 個學術醫療中心（通過 NIH 的 N3C、退伍軍人事務部以及更多的美國地區供應商）意味著 Foundry 正在幫助管理超過 3 億名患者的生命並不斷增長。

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，我們相信這將繼續使我們處於獨特的地位，以實現從卓越運營到復雜臨床護理的醫療保健服務的必要轉變。

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

尖端產品以及持續的創新和分銷推動了第三季度的這些非凡業績。

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

您可以在不斷加速的商業業務中真正看到這一點。

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.

隨著組織從 COVID 和後續事件的衝擊中消化和綜合經驗教訓，我們看到了 Foundry 在市場上的巨大吸引力。

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 有一個典型的位置。

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

鑄造是企業的神經系統和心血管系統。

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

它是將您的分析連接到您的操作系統的結締組織。

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.

這樣的架構將企業的數字孿生與操作 API 結合在一起，允許您首先建模和模擬，其次是編排和執行複雜的跨職能事務。

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

隨著 COVID-19 危機的消退，這正是所揭示的缺失。

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，超越分析洞察力，擁有技術基礎設施，將其轉化為業務運營中協調一致的行動。

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

看到這項工作的最酷的地方之一是我們的 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.

這些公司雄心勃勃，並且非常重視 Foundry 在作為基礎設施即服務使用時所提供的速度上的階躍變化和費用的減少。

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

Wejo 能夠在 Foundry 上在短短 6 週內開發出市場就緒的應用程序。

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 萬億個數據點，以加速其鋼鐵俠套裝的設計、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 正在通過地面和飛行測試 [使用] 來自飛機的每個傳感器流產生的大量數據。

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

我想介紹一些我們第 0 天的創始人來進一步解開這個問題。

(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.

非常感謝我們的建設者，他們更多地分享了他們的雄心和 Foundry 對其運營的變革性影響。

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.

我們啟動了這個計劃來增強早期階段的公司，使他們能夠為他們的數據創建一個中央操作系統，並從第 0 天開始快速擴展。這些公司，他們不僅管理他們的數據和他們的運營，他們還利用它們來閃電戰，規模和勝利。

We announced our second cohort of builders in October.

我們在 10 月宣布了第二批建設者。

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.

有來自不同行業的 7 家公司，我們將繼續與汽車、生物技術、醫療保健、媒體等行業的創新公司合作。

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

更廣泛地轉向商業業務，我們的影響範圍正在擴大。

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

Foundry 作為基礎設施是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之上構建他們的軟件。

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，我們有了另一種方法，通過一項重大的產品創新，為開發人員擴展了我們的基礎設施的開放性和靈活性，我們將其簡稱為操作 API 或 OPI。

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

這將本體解放為神經系統，將企業的心血管系統解放為統一的動作和編排層。

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

該 API 工具集允許第三方和客戶開發人員以編程方式與 Foundry 的本體進行交互。

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 可以通過這種開放式架構在其所有企業應用程序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.

本體的獨特之處在於它不是名詞，也不是業務中的事物。

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情採取的行動。

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

可以分配庫存，可以安排生產，可以完成訂單。

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，您需要以事務方式讀取和寫入潛在的數十個源系統。

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

Foundry 可讓您協調複雜的跨系統決策，以贏得市場顛覆並將其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，一家大型行業合作夥伴正在通過將 Microsoft Power 應用程序與 Foundry 本體集成來釋放價值。

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.

通過我們的 OPI 為應用程序提供動力，可以影響業務決策、為工作流程提供動力並將數據寫回外部運營和交易系統，如 ERP、MES、倉庫管理系統等。

This is the modern operating system in action.

這是正在運行的現代操作系統。

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.

上週，我們推出了 Apollo 作為商業產品，使任何軟件公司都可以利用我們的部署基礎設施將他們的 SaaS 帶到以前沒有 SaaS 的地方，包括本地、分類雲、氣隙網絡和邊緣。

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

在這裡告訴我們更多的是格雷格·德阿門特，他是阿波羅概念和發射背後的瘋狂科學家。

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，可在眾多雲和本地環境中實現持續部署、配置管理和中央軟件操作。

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、高級推出策略和發布推廣，以確保平台保持最新狀態並 24/7 全天候運行。

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.

借助 Apollo，您可以發布新功能以將它們大規模應用、將它們組合到新平台中、發布風險並在出現問題時快速解決問題。

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.

在單一平台上擁有部署健康和連續性為工程師提供了一個通用界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.

在軟件更新方面，不同的環境具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，一旦我們首先在金絲雀環境中使用新功能，然後再將相同的更新移動到分類網絡或更難操作的關鍵邊緣硬件。

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

Apollo 通過使用稱為發布通道的概念來促進這些不同環境中的軟件穩定性。

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需求訂閱發布頻道。

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.

一旦通過發布渠道推送，Apollo 就可以通過一套強大的工具來評估推出，以幫助運營商了解與每個管道表面問題相關的風險並更好地發布代碼。

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.

通過使您能夠在每個網絡邊界內部署 Apollo 集線器，Apollo 使您可以跨不同的安全或分類邊界採用相同的方法進行持續交付。

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

每個網絡集線器負責管理該網絡上的環境。

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.

這種合規意識的變更管理使 Apollo 能夠集中管理跨不同合規機制的環境中的服務，從而在高度監管的業務環境中實現無縫運營。

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

Apollo 有效地消除了作為約束的部署環境，使工程師能夠專注於速度和應用程序代碼。

They write code once that works for all customer environments.

他們編寫一次適用於所有客戶環境的代碼。

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

我們通過在邊緣啟用流處理繼續推動 Apollo 能力的發展。

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

再一次，我們比市場領先 5 年，軟件巫師構建技術將滿足它的時刻。

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.

借助我們的最新投資，您將能夠在 Foundry 中開發流式傳輸管道，然後將其打包、版本化並持續部署到邊緣計算基礎設施，無論是悍馬、衛星還是 5G 基站，以實現大型實時處理以分散的高效方式處理大量數據。

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、管理和編排。

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

想像一下，您將能夠藍綠升級跨潛艇、工廠車間、5 和 6G 網絡的流媒體管道。

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，它將使我們的客戶在競爭中脫穎而出。

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.

我們向市場推出了 2 種令我們非常興奮的模塊化產品，即碳和排放管理以及用於加密和金融科技的 AML。

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，不僅需要簡單地考慮碳排放，還需要更廣泛地考慮排放。

But what are you going to do about it?

但是你會怎麼做呢？

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

日復一日、月復一月，您如何管理生產、準時和完整、收入、利潤和排放目標之間的權衡？

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

您如何理解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或設置不同的交貨路線或更改生產地點對您的排放的影響？

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?

您能否將這些信息放在一個單一的窗格中，即貴公司用來管理生產或收入或利潤的同一窗格？

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.

因為在您這樣做之前，排放管理將只是您的數據來源，您這樣做是為了不落伍。

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

但是一旦你這樣做了，你就可以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，並利用我們的數字雙胞胎和供應鏈功能提供單一的玻璃面板來查看收入、利潤、生產和所有排放。

To not just see, but to manage the outcome.

不僅要看，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.

這是一個我們看到增長勢頭的領域，在很大程度上是因為 alpha 具有明顯的魅力，即發展競爭優勢。

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構建以碳為中心的通用運營圖，以跟踪實時排放，模擬供應商、技術和法規等變化對排放的影響，並對其業務進行實時更改。

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

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.

我們找到了與需要工業化合規解決方案的快速發展的加密公司的獨特契合。

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.

我們正在利用我們多年來積累的深厚的反洗錢和了解客戶的專業知識，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劃。

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

我在上個季度提到了歐洲最大的零售銀行之一如何在 2 天內部署了我們的 AML 解決方案。

Two days.

兩天。

The cost, speed and performance is unmatchable.

成本、速度和性能是無與倫比的。

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性的，並且可以輕鬆辨別傳統銀行在傳統合規解決方案通常落後 2 年或更長時間後遇到的困難。

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.

我們相信沒有其他替代品可以在成本、速度和性能方面與之競爭，我們非常高興能夠在市場上加大力度支持這一點。

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.

談到政府，我們繼續推進我們成為美國政府中央操作系統的使命，同時我們將足跡擴展到國防、醫療保健和民用機構。

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

在第三季度，我們與衛生與公眾服務部、空軍、NIH 等機構簽署了新協議。

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，我們在上個季度的財報電話會議中介紹的 Meta-Constellation 在英國國防部要求在阿富汗開展非戰鬥人員疏散行動時達到了它的目的。

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，Meta-Constellation 正在從根本上改變衛星的任務分配方式、收集延遲，並在啟用 AI 的殺傷鏈中創建一個基本鏈接。

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

通過與一系列商業航天公司合作，我們正在編排一個由 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星座和 [ELIN] 傳感器部署到軌道上，我們將所有這些力量直接交到前線手中，為邊緣賦能。

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.

包括 Meta-Constellation 在內的端到端 Gotham 和 Foundry 基礎設施提供了無與倫比的能力，並且在不到一天的時間內就為英國 MOD 運營提供了支持。

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 還被用於上個月美軍演習中的紅龍，它提供了及時有效的目標信息。

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

由於 Apollo for Edge AI，這一切都成為可能。

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拒絕為 Capability Drop 2 計劃的陸軍情報數據結構和分析基金會的唯一供應商。

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

陸軍將部署 Gotham 以支持全球範圍內的情報工作流程，其中包括跨越多個安全分類的全球聯合情報數據結構和分析平台。

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 方面的工作只是我們與陸軍合作的眾多舉措之一，包括 CD-和 TITAN，它們將加速決策鏈並為我們的武裝部隊在近乎對等的戰鬥中提供決定性優勢。

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

我們擁有一批激勵人心的客戶，並且在 22 年及以後的大追求中不斷增長的管道。

And it is growing every quarter.

而且每個季度都在增長。

We're not just competing for programs.

我們不只是在競爭項目。

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.

我們在醫療保健方面的工作繼續擴大，我們最近與退伍軍人事務部簽署了一份為期 4 年、價值 8700 萬美元的合同。

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

該部門為 900 萬退伍軍人及其家人提供服務，每年花費近 0.25 萬億美元。

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

在 COVID-19 響應期間為他們提供支持後，我們贏得了一場不受限制的比賽，以幫助他們推動數據轉換工作。

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.

我們的軟件將使 VA 能夠在其龐大的 IT 環境中集成數據，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.

在戰場上和服役後為我們的退伍軍人和戰士服務是一種榮幸。

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

我們與 NIH 的合作繼續與 COVID-19 作鬥爭。

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 加深與 Palantir 的合作，利用 Foundry 作為他們的研究骨幹，這個為期 2 年的獎項的總潛在價值為 6000 萬美元，N3C 數據飛地代表了世界上最大的 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 的合作擴大了 2400 萬美元的總潛在價值。

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.

從泥濘到太空，政府部門的大局縮小一點，我們看到了一個新的機會來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，也許我們向市場展示的一件事是，可以向政府大規模出售軟件，以獲得政府在歷史上可能購買勞動力和服務的記錄項目。

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

當然，在這樣做的過程中，我們從根本上改變了這些大型政府合同的利潤狀況。

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.

該領域有巨大的機會與現有的政府承包商合作，以生產他們今天作為服務提供的解決方案，並通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通過我們的業務做到這一點，我們正在探索與具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，我們 15 年和近 30 億美元的研發投入產品化和擴展他們自己的產品。

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.

在把它交給戴夫之前，我想快速向每一位霍比特人大聲疾呼，並回顧過去 2 年和去年一樣多的旅程。

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

一年前，我們作為一家上市公司給出了我們的第一個結果。

We should be proud of those 5 quarters of results.

我們應該為這五個季度的結果感到自豪。

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

但更自豪的是我們取得這些成果的集體努力和熱情。

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

我們讓整個公司為全球政府和商業實體應對 COVID 的緊急事件。

But of course, that happened before we went public.

但當然，這發生在我們上市之前。

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

而我們都有這樣的疑問：Palantir 上市後，我們會不會保留文化精髓？

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

我們是否有能力圍繞手頭的問題進行組織和重組，同時捕捉我們創新的整體性？

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.

當蝙蝠信號在夜空中發出時，霍比特人的 Motley 船員響應了美國和她的盟友的號召，在 5 個季度之後，至少還有 500 人要離開。

Over to you, Dave.

交給你了，戴夫。

Thanks, Shyam.

謝謝，夏姆。

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

我將回顧我們第三季度的表現，然後是我們的展望。

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賬戶增長加速和強勁的自由現金流，我們的第三季度創下歷史新高。

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.

我們在本季度實現了 36% 的收入增長，使第三季度的收入達到 3.92 億美元，今年迄今的收入超過 11 億美元，與去年前 9 個月相比增長了 44%。

Our business continues to demonstrate very strong cash generation.

我們的業務繼續表現出非常強勁的現金生成能力。

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

第三季度運營現金為 1.01 億美元，比去年同期增加 1.53 億美元。

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

我們在第三季度實現了 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.

我們第三季度的強勁表現使年初至今調整後的自由現金流達到 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.

第三季度調整後的營業收入增加到 1.16 億美元，利潤率為 30%，這是我們連續第四個季度調整後的營業利潤率為 30% 或更高。

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

我們在第三季度新增了 34 家淨新客戶，我們的總客戶數量環比增長了 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環比增長 46%，自 2020 年底以來增長了一倍多。

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

我們的新客戶比以往任何時候都更快、更有效地擴展。

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，來自新客戶的收入增長了 66%，達到 3800 萬美元，這些客戶已經產生了 36% 的邊際貢獻。

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

相比之下，2020 年同期的收入僅為 2300 萬美元，新客戶的貢獻率為負 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度的收入，總收入同比增長 36%，高於我們之前 33% 的指導。

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

我們的美國業務繼續呈現強勁增長勢頭，第三季度收入同比增長 45%。

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

按細分市場來看我們第三季度的收入同比增長，我們繼續看到我們商業業務的廣泛發展勢頭。

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

商業總收入為 1.74 億美元，增長 37%，代表我們連續第三個季度加速商業收入增長。

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繼續推動增長，尤其是在美國，第三季度的商業收入增長了 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.

隨著經濟繼續重新開放和復蘇，隨著國際商業收入連續第三個季度加速增長，我們的國際業務也繼續保持增長勢頭。

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.

隨著我們與空軍、HHS 和 NIH 簽署新協議，政府收入增長了 34%，而且我們最近被美國陸軍拒絕提供 CD-2 下的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 筆總價值在 100 萬美元或以上的交易，其中 33 筆在 500 萬美元或以上，18 筆在 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.

第三季度賬單同比增長 56%，剩餘履約義務同比增長 172%，因為我們繼續改進合同、推出或取消終止便利條款並轉向更短的賬單週期。

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

剩餘交易總價值同比增長 50% 至 36 億美元，商業剩餘交易價值增長 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.

第三季度過去 12 個月的每位客戶收入為 700 萬美元，環比下降，反映了客戶獲取的持續加速，因為我們在本季度新增了 34 個淨新客戶。

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渠道合作夥伴的投資，我們繼續期待我們的客戶群快速擴張，並且我們預計，由於我們的客戶數量不斷增加，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.

剔除本季度新增客戶後，每位客戶的平均收入為 880 萬美元，同比增長 26%。

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

我們繼續與最大的客戶一起實現強勁的增長。

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

前 20 名客戶過去 12 個月的收入為 4130 萬美元，同比增長 35%。

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

接下來，我將在調整後的基礎上討論我們第三季度的利潤率和費用，其中不包括基於股票的薪酬。

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

調整後的毛利率為 82%，高於去年同期的 81%。

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

邊際貢獻率為 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%.

第三季度運營收入（不包括基於股票的薪酬和相關的雇主工資稅）為 1.16 億美元，調整後的營業利潤率為 30%，這是我們連續第四個季度調整後的營業利潤率達到或高於 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.

第三季度調整後費用為 2.76 億美元，同比增長 2%，在調整 2020 年第三季度發生的一次性直接上市費用後增長 28%。

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

大部分費用增長是由對產品開發和銷售的持續投資推動的，以支持持久的長期增長。

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

由於我們繼續推動需求的產生，營銷費用環比增長了 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.

到 2021 年前 9 個月，調整後的自由現金流為 3.2 億美元，與去年同期相比增加了 6.05 億美元。

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

我們在第三季度結束時擁有超過 23 億美元的現金並且沒有債務。

Turning to our outlook.

轉向我們的前景。

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

對於我們的第四季度收入指導，我們預計收入為 4.18 億美元，我們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.

我們的第四季度收入指導意味著 2021 年全年收入為 15.27 億美元，這代表著收入再增長 40% 或更高的一年。

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，我們將調整後的年度自由現金流指引提高到超過 4 億美元，比我們之前的指引增加了 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.

繼續執行我們的首席執行官亞歷克斯·卡普 (Alex Karp) 在我們的 2020 年年底收益電話會議中就長期收入指導提出的指導戰略，我們正在提供並將繼續為此提供 30% 或更高的收入增長指導年和未來 4 年在每次財報電話會議上。

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

有了這個，我會把電話轉給羅德尼來打開問答環節。

Thanks, Dave.

謝謝，戴夫。

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

我們將從 [通過 SA] 提交的股東提出的問題開始。 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 都被問到，Palantir 是否將任何其他 AI 公司視為競爭對手？

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

如果是這樣，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，雅各布。

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.

真的——競爭對手是我們的客戶，特別是我們客戶的 IT 部門以及他們構建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，這甚至不是他們的錯。

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

有一大群顧問和雲供應商在使用完全假的 DIY 架構，這些架構永遠不會奏效。

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

我們花了 15 年時間和近 30 億美元的開發。

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 強的 CIO 會面，他很高興見到 Foundry，因為過去 3 年他一直在嘗試與領先的雲提供商解決同樣的問題，但沒有成功。

Three years.

三年。

And they aren't the only ones.

他們不是唯一的。

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，因為經過嘗試和失敗，客戶確切地知道購買可在幾天內大規模運行的解決方案的價值。

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

但這並不是讓我們成為更好選擇的真正原因。

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，因為我們專注於我們投資的能力，使公司能夠獨特地表達他們的戰略，而大多數企業軟件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，它們旨在使它們更加不同，更加差異化。

Great.

偉大的。

Shyam.

夏姆。

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

另一個給你的，Alex A 和 Jeff C 問，你打算投資任何加密貨幣嗎？

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.

我們看到了與需要工業化合規解決方案的快速發展的加密公司的獨特契合。

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

這些是高度技術性的買家，他們是高度積極的破壞者。

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.

我們正在利用我們多年來積累的深厚的反洗錢和了解客戶的專業知識，幫助政府發現世界上最大的銀行的合規問題，並反過來幫助這些銀行做出回應並加強其合規計劃。

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.

世界上一些規模最大的反洗錢調查由 Palantir 提供支持，無論是在司法部方面還是在銀行本身。

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

我們認為我們將成為加密公司的巨大推動者。

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 AML 平台，使他們能夠與傳統玩家並駕齊驅。

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

我們將提供合規性，以便他們可以專注於中斷。

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

當然，歡迎他們以加密貨幣支付給我們。

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，您是否打算在短期內專注於盈利能力？

Or are you still focused on expansion?

還是您仍然專注於擴張？

Thanks, [Avi].

謝謝，[阿維]。

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

正如您在我們的結果中看到的那樣，我們正在以強勁的現金流實現強勁的增長。

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

我們預計全年收入增長 40%，預計我們連續第二年收入增長 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.

我們已將今年調整後的自由現金流價值提高到超過 4 億美元，這是我們的指導連續第二個季度提高，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.

退後一步，我們繼續以非常強勁的現金流實現高速增長，我們仍然專注於擴張。

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

如此轉向擴張，我們今天擁有的飛行員比歷史上任何時候都多。

We added 34 net new customers in Q3.

我們在第三季度新增了 34 個淨新客戶。

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

我們在第三季度簽署了 54 筆 100 萬美元或更多的交易。

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.

我們正在擴大我們在研發、招聘開發人員、投資新產品、加密貨幣價值、元星座和阿波羅商業化方面的投資。

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.

今年我們增加了 150 名銷售主管，更不用說建立基礎設施來支持他們和未來的員工，我們還在繼續擴大和投資營銷。

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

仍處於早期階段，但我們的營銷支出環比增長了 144%。

Shyam, another one you.

Shyam，另一個你。

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、平板電腦和智能手機上使用。

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 平台可用於增強現實和虛擬現實設備，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.

十多年來，我們一直在做增強現實和虛擬現實。

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

我們一直致力於將任務信息推送到增強現實中的智能手機。

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，您可以在執行任務時拿起手機查看任務計劃、HLZ 路線、直升機著陸區、興趣點、航路點。

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

我們一直致力於通過 AI 檢測和實時任務上下文來增強全動態視頻中的圖像，以推動運營決策。

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 能力被用於空中發射效果和無人駕駛飛行器，以將目標發送到戰鬥機。

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

這些目標彈出，飛行員的增強現實平視顯示器。

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、從增強現實和駕駛艙訓練模擬的邊緣設備集成。

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

啟用殺傷鏈的 AI 需要將上下文推送到決策邊緣。

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不可分割的一部分。

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

凱文，一個給你的，達斯汀 R.，傑克遜 K 和其他人已經問過了。

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

您能談談 Palantir 以及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 產品通過 Apollo 提供了 Foundry 的全部功能，並且可以在幾天內採用。

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

我們在建築商和其他 Day 0 公司的代工廠中看到了這一點。

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.

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 作為構建 SaaS 產品和消費軟件產品的平台。

With Foundry, they are doing it faster.

使用 Foundry，他們做得更快。

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

移動公司在 Foundry 中為聯網汽車和自動駕駛汽車構建整個數據生態系統。

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

一家使用 Foundry 的可再生能源公司，不僅用於高級物理模型，還使用 Foundry 為其客戶創建軟件產品。

A B2B software company building an ERP for construction.

一家 B2B 軟件公司為建築構建 ERP。

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

創始人告訴我們，Foundry 讓他能夠以更少的努力建造更大數量級的產品。

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

關於 Palantir 何時推出消費產品，我們有很多疑問？

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

好吧，我可以說的是，Day 0 公司正在 Foundry 之上構建他們的消費產品。

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

以 Chapter 之類的公司為例，其產品可以幫助客戶加入正確的 Medicare 計劃。

It's backed by Foundry and delivered through Apollo.

它由 Foundry 提供支持，並通過 Apollo 交付。

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

我們希望看到更多這樣的事情，這是我們旅程中令人興奮的部分。

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

[Audio Gap] 第三季度商業收入環比增長 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.

美國的數字尤其強勁，美國商業業務的收入增長率從第一季度的 72% 加速到第二季度的 90%，現在第三季度的收入增長率為 103%，同比增長一倍以上.

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 等分銷效率的提高推動的，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.

我們提到第一季度有 10 個淨新客戶，第二季度有 20 個，第三季度有 34 個，增加了兩倍多。

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.

去年每個季度的商業收入都從去年第四季度的 4%、第一季度的 19%、第二季度的 28% 和第三季度的 37% 加速增長。

Total commercial deal value is up $2.2 billion.

商業交易總價值增加了 22 億美元。

That's more than doubling since last year.

這比去年增加了一倍多。

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

我們的 RPO 剩餘履約義務增加了 172% 至 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.

帳戶覆蓋範圍和分銷渠道將我們帶到了偉大的公司，如 Apache、佛羅里達州的大型醫院系統、美國的大型健康保險提供商、Kinder Morgan、Valeo、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，是什麼讓 Palantir 在未來 10 年保持領先地位？

Thanks, [Marcellus].

謝謝，[馬塞勒斯]。

Well, that's the trillion-dollar question.

嗯，這就是萬億美元的問題。

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

當然，萬億美元，這遠遠低於我們未來 10 年的雄心壯志。

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

我們一直並且將繼續專注於打造世界需要的尖端產品，預見未來，以存在的方式經營。

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

我們是軟件巫師，在需要明顯之前構建，隨時準備迎接它的時刻。

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、阿富汗和全球金融危機中的簡易爆炸裝置、歐洲伊斯蘭國襲擊，或者最近發生的 COVID 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.

對於 Gotham，我們專注於繼續在每個傳感器和每個射手上構建支持 AI 的殺傷鏈，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操作系統。

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

通過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.

借助 OPI，您可以以可重複的方式公開復雜的跨系統操作，從而使您能夠從甚至在業務中斷發生之前就感知到業務中斷，轉變為改變您的業務，以無縫響應組織和按節奏重組您的業務。

And we just launched Apollo Commercial this past week.

上週我們剛剛推出了 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.

我們已經使用 Apollo 在世界範圍內完成了很多工作，從邊緣 AI 和太空、與武器系統的實時通信到免費運行我們的全球軟件交付，將 Gotham 和 Foundry 帶到了以前沒有 SaaS 的地方。

And today, I talked about Apollo for streaming.

今天，我談到了用於流媒體的 Apollo。

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

感覺就像每個季度，我們都在創造我們在幾個季度之前無法想像的東西。

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我們專注於解決難題。

We are focused on creating fundamental value.

我們專注於創造基本價值。

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

大多數軟件公司都生產易於銷售的軟件。

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

隨著時間的推移，這會破壞產品的價值。

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

我們製作極具價值的尖端產品軟件，然後在分發方面進行創新。

Thanks, Shyam.

謝謝，夏姆。

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 問，該公司的首席執行官 Alex Karp 今年一直在出售大量股票。

Why have you been selling so much?

你怎麼賣這麼多？

And will these sales continue?

這些銷售會繼續嗎？

Thank you for the questions.

謝謝你的提問。

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.

正如我們在之前的財報電話會議中提到的，卡普十年前獲得了期權，該期權將於今年 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 6890 萬份將於今年 12 月到期的期權。

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

行使期權產生的稅收超過 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支付這些稅款。

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

在 6890 萬份即將到期的期權中，他現在已經行使了總數的 94%。

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

在剩餘的 6% 中，大約一半或 190 萬美元將在到期日之前出售。

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

另一半行使，因此，所有近期到期的期權將被行使。

Thanks, Dave.

謝謝，戴夫。

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

Shyam，一個給你的，安東尼奧問，作為一名護士，我看到了 Palantir 的巨大潛力。

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

在這些大流行時期，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 是否制定了一個計劃來創建一個可以幫助醫療機構分配我們的產品？

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，感謝你和你的醫護人員在大流行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，我和很多人一起生活，不僅僅是在美國，而是在世界各地。

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.

我在之前的講話中提到了我們的醫療保健工作的大幅增長，NHS、MDAnderson、通過 NIH 的 N3C 建立的 70 個學術醫療中心、弗吉尼亞州、Sompo 在日本的療養院設施以及更多的美國地區供應商。

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

Foundry 正在幫助管理超過 3 億名患者的生命並不斷增長。

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在醫療保健領域實現必要的轉型。

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，我們絕對在研究和復雜臨床護理的前沿開展工作，但我們也在致力於卓越運營。

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

全球 COVID 導致或嚴重加劇了程序積壓。

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

有些人需要照顧，拯救生命的照顧，等待被看到。

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.

在最大限度地利用稀缺的醫療保健能力來挽救生命方面存在一個複雜的運營問題，但挑戰是多方面的，包括人員配備、手術室管理、患者管理、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短缺和人員配置優化，我們在美國和日本參與了這項工作。

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，看著他們第一次接受 Foundry 培訓。

You could feel the excitement.

你能感受到那種興奮。

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.

他們正在討論如何改變患者的安排、護理服務以及最終如何使他們能夠做得更多、更快。

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，這就像十年或更長時間前我第一次在坎大哈觀看海軍陸戰隊在 Palantir 上接受訓練時的感覺。

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.

他們是如此興奮，如此多產，鋼鐵俠套裝，它像手套一樣適合他們，因為這些現代超級英雄拯救了我們的朋友和我們的家人。

Great, Shyam.

太好了，夏姆。

One more for you before we open up the call.

在我們打開電話之前，再給你一個。

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 的公共部門業務的未來是什麼，包括是否有任何價值十億美元的合同，比如美國陸軍在管道中取得的最新勝利？

Thank you, Aaron and Avi.

謝謝你，亞倫和阿維。

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.

這是我們的尖端產品正在迎頭趕上的地方。

It was an incredibly strong quarter.

這是一個令人難以置信的強勁季度。

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 的勝利是美國海軍、印度太平洋司令部、英國和澳大利亞海軍的一個真正大規模的記錄計劃，在 VA 簽訂了 4 年 8700 萬美元的合同，在 NIH 簽訂了 6000 萬美元的 2 年合同，交易價格為NHS、PEPFAR、FDA、司法部、能源部、國務院等。

CD-2 is a substantial win.

CD-2 是一個重大的勝利。

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

它建立在我們已經贏得的另一個唱片程序 CD-1 的基礎上。

It was an enormous amount of work.

這是一項巨大的工作。

We're so proud of the outcome.

我們對結果感到非常自豪。

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 共同為我們未來的美國陸軍記錄計劃提供了獨特的定位。

But that's just the army.

但這只是軍隊。

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，我們在這些地方進行了大量投資。

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

我們正在空軍的布朗蒼鷺項目上進行建設，（聽不清）是空間領域感知平台，這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.

我們有許多獨立的機會將我們在 USDI 和 NGA 下所做的工作擴展到戰鬥人員要求自己直接承擔近乎對等的威脅並威懾敵人，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，我們在從 NHS 和 VA 到 NIH 和 HHS 的健康管道中看到了巨大的機會。

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.

我們看到了國防工業基地本身的新機遇，作為客戶幫助他們進行自己的製造，同時也作為戰略合作夥伴，通過支持人工智能的硬件平台幫助他們獲得新的收入來源。

This pipeline in aggregate is big and building.

這條管道總體上很大並且正在建設中。

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逆風，但所有這一切都在發生，COVID 對推遲獎勵步伐的影響。

And we are just competing for known opportunities.

我們只是在爭奪已知的機會。

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，對侵略性中共威脅的明確共識，不僅在對美國需求的影響方面，而且在對日本、韓國、澳大利亞、英國、西方及其盟友的影響方面寬廣地。

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.

基礎設施建設和我們對正在推動他們的碳排放管理、電動汽車充電基礎設施、基於我們在移動價值鏈中令人難以置信的商業勢頭、按時和按預算交付重大項目的計劃和獎項的配合。

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，基礎設施項目的 SI 和 Prime 有機會與 Palantir 合作開發他們自己的高利潤軟件流，以代替我們平台上歷史上低利潤的非經常性服務。

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端，這些趨勢是我們多年來預期並投資的趨勢。

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

我們以獨特的定位，尖端的產品隨時準備迎接。

Thanks, Shyam.

謝謝，夏姆。

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

接線員，我們將打開問答電話。

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

（操作員說明）您的第一個問題將來自 Jefferies 的 Brent Thill。

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

在 RPO 上，您在積壓方面有了非常好的改進。

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導致積壓的原因。

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

也許作為 Shyam 的後續行動，就像您查看商業市場一樣。

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

您能給我們介紹一下那裡的直銷拓展和合作機會嗎？

Brent, thanks for the question.

布倫特，謝謝你的問題。

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

很棒的第三季度，我們在第四季度指南中度過了美好的一年。

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

我們預計全年收入將增長 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推動的，以及基於帳戶的銷售、分銷渠道等分銷效率的提高。

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

我們對基於客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，我們已經僱傭了大約 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.

其中很多都集中在我們最初開始的美國市場，而且許多才剛剛開始，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，而且這些數字正在加速增長，我們的安裝基礎增長真的很棒，因為我們在我們所在的地方進行擴張。

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

如果你看看我們的頂級客戶，平均每年的收入超過 4000 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，我們每位客戶的平均收入為 880 萬美元。

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

隨著我們擴大客戶群，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，我們已經看到了加速增長，我們提到了高達 103% 的增長，在第三季度翻了一番。

Our forward indicators also really strong.

我們的前瞻性指標也非常強勁。

Total deal value up 50% to $3.6 billion.

總交易價值增長 50% 至 36 億美元。

Total deal value in commercial doubled to $2.2 billion.

商業總交易價值翻了一番，達到 22 億美元。

Our third straight quarter of accelerating commercial revenue.

我們連續第三個季度加速商業收入。

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

最後，商業收入環比增長 21%。

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

您的下一個問題將來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith Weiss.

這是 Keith Weiss 的 Sanjit Singh。

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

整個商業領域的表現非常好，政府也很強大。

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?

就這些交易的速度和簽署這些交易而言，隨著新政府的到位，到目前為止，您看到新政府與前任管理員相比有何變化？

No meaningful change there.

那裡沒有有意義的變化。

I mean the government is moving at pace.

我的意思是政府正在加快步伐。

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在咫尺的威脅，這不僅成為美國的真正領跑者，也成為盟國的真正領跑者，因為有很多關注點，很多速度。

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

我們曾在 4 屆政府下工作，並且在這期間看到了一致的連續性。

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

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

Nice to see continued strength on the commercial side.

很高興看到商業方面的持續強勢。

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?

只是高層，你能幫助我們了解商業方面的土地、擴張和進入市場的行動在你的經驗中與政府有何不同，尤其是今年到目前為止？

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.

也許你能談談你在試點階段及以後的參與程度，以及那個時候價值的樣子。

Great, yes.

太好了，是的。

We talked earlier about modules.

我們之前談到了模塊。

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，它真正改變了我們進入市場的方式。

The modules have been very successful.

這些模塊非常成功。

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塊和 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.

但是，如果我們稍微回顧一下，我們可以看到軟件定義數據集成、SDDI 和 ERP 套件模塊的真正成功，我們已經能夠真正使用這些模塊來滿足我們的客戶，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渠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.

如此可預測的價格點，明確的問題要解決。

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，我們在這一點上已經取得了足夠的成功，可以看到，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落地 Foundry 的全部主張，並隨著時間的推移在那裡擴展合同.

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，我們對模塊戰略非常有信心，無論是作為直銷隊伍的增強還是商業渠道合作夥伴。

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.

實際上，我們在一個基於準備就緒的模塊上贏得了一個重要的項目。

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

因此，我們能夠以不到一天的時間來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性，但我認為為客戶創造價值的速度確實讓它與眾不同。

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

下一個問題將來自德意志銀行的 Brad Zelnick。

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

我們將繼續討論隊列中的下一個問題。

Your next question is from Mark Cash from Morningstar.

您的下一個問題來自 Morningstar 的 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.

所以你談到了最近推出的圍繞加密的 Foundry 模塊，我只是想知道沒有關於它的真正的新聞稿。

The modules kind of appeared.

模塊有點出現了。

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

所以找到新的用例很好，但我很好奇你能不能談談加密機會的大小。

But then also the strategy of releasing modules.

但是還有發布模塊的策略。

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

是尋找潛在客戶並悄悄將其商業化，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，模塊的重點是真正滿足客戶所在的位置。

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，我們可以創建一個部署速度非常快的產品。

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 2 天的時間內在歐洲最大的零售銀行部署了 AML。

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

這使您對性能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.

我們能夠與復雜的 ERP 解決方案集成，並在數小時內為客戶解鎖這些數據。

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

所以我們 - 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.

然後在我們看到模塊的地方，我們對其進行投資，因為它為我們提供了創新的分發方式。

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

它使我們既能從直銷團隊的角度，也能從普通合夥人的角度，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.

我們確實有 1 個最後一個問題——我們有時間回答 1 個最後一個問題，來自 Wolfe Research 的 Ethan Bruck。

This is Alex Zukin from Wolfe Research.

這是來自 Wolfe Research 的 Alex Zukin。

I just had maybe 2 quick numbers, questions.

我只是有兩個快速的數字，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?

粗略地說，如果我們考慮第四季度的指導，您預計該季度有多少收入來自具有投資安排的商業合同？

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

然後，如果有可能在未來 12 個月內獲得總 RPO 的百分比是多少？

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

因此，在投資計劃中，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.

只是重複一些數字並通過我們的第四季度指南了解一些背景信息，我們預計 2021 年的收入將增長 40%。

That's over 1.5 billion for the year.

全年超過 15 億。

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

我們將現金流量指引提高到超過 4 億美元。

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

我們在第三季度投資了大約 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.

該計劃的總收入約為截至第三季度全年收入的 2%，截至本季度末，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.

您現在可以斷開連接。