Palantir Technologies Inc (PLTR) 2021 Q2 法說會逐字稿

Good morning. Welcome to Palantir's Second Quarter 2021 Earnings Call. We'll be discussing the results announced in our press release issued prior to the market open and posted on our Investor Relations website.

早上好。歡迎參加 Palantir 2021 年第二季度財報電話會議。我們將討論在開市前發布並發佈在我們的投資者關係網站上的新聞稿中宣布的結果。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our third quarter and fiscal 2021, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed prior to market open today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

在電話會議期間，我們將就我們的業務做出可能在適用證券法範圍內被視為前瞻性的聲明，包括關於我們第三季度和 2021 財年的聲明、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。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。有關這些風險的信息可在我們今天開盤前發布的收益新聞稿和我們提交給美國證券交易委員會的文件中找到。除法律要求外，我們不承擔更新前瞻性陳述的義務。

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

此外，在今天的電話會議期間，我們將參考某些調整後的財務措施。這些非 GAAP 財務措施應被視為對 GAAP 措施的補充，而不是替代或孤立於 GAAP 措施。我們今天提供的新聞稿和投資者介紹中包含有關這些非 GAAP 措施的其他信息，包括非 GAAP 與可比 GAAP 措施的對賬。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上獲得：investors.palantir.com。

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.

與我一起參加今天的電話會議的是首席運營官 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. These rates reflect year-over-year comparisons unless otherwise stated. I'll turn the call over to Shyam to get us started.

在通話過程中，我們將在討論我們的業務時參考各種增長率。除非另有說明，否則這些費率反映了同比比較。我會把電話轉給 Shyam 讓我們開始。

Thank you, Rodney. Before diving into results, I'd like to share a bit of our latest product innovation, something that we deployed at the Global Information Dominance Experiments GIDE 3 last month. We call it the meta-constellation, and it's radically changing how satellites are tasked, the latency of collection, and it's creating a fundamental link in that AI-enabled decision chain. Overnight, we orchestrated a meta-constellation of 237 satellites by working with an array of commercial space companies.

謝謝你，羅德尼。在深入研究結果之前，我想分享一些我們最新的產品創新，我們在上個月的全球信息優勢實驗 GIDE 3 上部署了一些東西。我們稱之為元星座，它從根本上改變了衛星的任務方式、收集延遲，並在支持人工智能的決策鏈中創建了一個基本鏈接。一夜之間，我們與一系列商業航天公司合作，精心設計了一個由 237 顆衛星組成的元星座。

These companies, they've been deploying constellations of hyperspectral, radar and [ELIT] sensors into orbit. And we are putting all of that power directly into the hands of the front lines, empowering the edge. It's one of the largest collaborative sensor constellations ever to see operational use.

這些公司一直在將高光譜、雷達和 [ELIT] 傳感器星座部署到軌道上。我們正在將所有這些權力直接交到前線手中，賦予邊緣權力。它是有史以來最大的協作傳感器星座之一。

Here to show us more is Shannon, who has led our work defining, building the AI-enabled decision chain.

在這裡向我們展示更多的是香農，他領導了我們的工作，定義、構建了支持人工智能的決策鏈。

(presentation)

（推介會）

Palantir's meta-constellation software harnesses the power of growing satellite constellations, deploying AI into space to provide insights to decision-makers here on Earth. Our meta-constellation integrates with existing satellites, optimizing hundreds of orbital sensors and AI models and allowing users to ask time-sensitive questions across the entire planet. Important questions like, where are the indicators of wildfires? Or how are climate changes affecting crop productivity? And when and where are naval fleets conducting operations?

Palantir 的元星座軟件利用不斷增長的衛星星座的力量，將人工智能部署到太空中，為地球上的決策者提供洞察力。我們的元星座與現有衛星集成，優化了數百個軌道傳感器和 AI 模型，並允許用戶在整個星球上提出時間敏感的問題。重要的問題，例如，野火的指標在哪裡？或者氣候變化如何影響作物生產力？海軍艦隊何時何地開展行動？

Meta-constellation pushes Palantir's Edge AI technology to a new frontier. As we all know, submarines present threats to the U.S. and its allies. And to protect strategic interest, allied forces need to track every submarine's deployment around the world. And at the forefront of this challenge are antisubmarine warfare officers. They turn to meta-constellation to monitor ports across the Pacific.

Meta-constellation 將 Palantir 的 Edge AI 技術推向了一個新的領域。眾所周知，潛艇對美國及其盟國構成威脅。為了保護戰略利益，盟軍需要跟踪每艘潛艇在世界各地的部署。而在這一挑戰的最前沿是反潛戰軍官。他們轉向元星座來監控太平洋彼岸的港口。

Let me show you a little bit about what that looks like. In response to allied monitoring requests, meta-constellation dynamically determines which orbiting sensors are available. Integrated through Palantir, the constellations then collaboratively schedule coverage over each port.

讓我向您展示一下它的樣子。為響應盟軍的監測請求，元星座動態確定哪些軌道傳感器可用。通過 Palantir 進行集成，然後這些星座協作安排每個端口的覆蓋範圍。

Meanwhile, Apollo for Edge AI assigns tailored AI micro models to each satellite. Running onboard the satellite, the models will automatically find submarines and stream those insights directly to users. With the mission planned, Apollo automatically reconfigures each of the satellites, pushing the right micro models into orbit. And as a software payload on board, Palantir's Edge AI platform connects complex satellite subsystems to models, integrating new AI with the hardware.

同時，Apollo for Edge AI 為每顆衛星分配量身定制的 AI 微模型。在衛星上運行，這些模型將自動找到潛艇並將這些見解直接傳輸給用戶。根據計劃的任務，阿波羅自動重新配置每顆衛星，將正確的微型模型推入軌道。作為船上的軟件有效載荷，Palantir 的 Edge AI 平台將復雜的衛星子系統連接到模型，將新的 AI 與硬件集成。

The best part, my favorite part, is that as it orbits, the Edge AI platform hot swaps the right micro models in, rapidly reconfiguring the satellite. The models process imagery, they detect submarines, geo-locate them and then determine any movement since the last collection past, all in under a second.

最好的部分，也是我最喜歡的部分，是當它在軌道上運行時，Edge AI 平台會熱交換合適的微型模型，快速重新配置衛星。這些模型處理圖像，檢測潛艇，對它們進行地理定位，然後確定自上次收集以來的任何運動，一切都在一秒鐘之內。

When the AI sees a submarine movement, that insight is directly down linked to allied forces as satellite passes overhead, and the anti-submarine warfare officers are notified in just minutes, empowering them to respond in a way that we've never seen before.

當人工智能看到潛艇運動時，當衛星從頭頂飛過時，這種洞察力會直接與盟軍部隊聯繫起來，反潛戰軍官會在幾分鐘內收到通知，使他們能夠以我們以前從未見過的方式做出反應。

As you can tell, we're really excited about Palantir's meta-constellation and see it as the software that brings hundreds of satellites to bear on your hardest problems. Whether it's the anti-submarine warfare officer that I just described using it to find submarines, or first responders leveraging AI to spot wildfire signs, meta-constellation is there to empower users.

如您所知，我們對 Palantir 的元星座感到非常興奮，並將其視為能夠讓數百顆衛星解決您最棘手問題的軟件。無論是我剛剛描述的反潛戰軍官使用它尋找潛艇，還是利用人工智能發現野火跡象的急救人員，元星座都可以為用戶提供支持。

Thank you, Shannon. Cutting-edge product and continued efficiencies in distribution drove exceptionally strong year-over-year Q2 results.

謝謝你，香農。尖端的產品和持續的分銷效率推動了第二季度的異常強勁的同比業績。

Total revenue grew 49% in Q2. U.S. commercial revenue accelerated to 90%. Second quarter TCV book rose 175% year-over-year to $925 million. We added 20 net new customers in Q2 alone, while generating $7.9 million of average revenue per customer. The average revenue of the top 20 customers grew sequentially quarter-over-quarter from $36 million to $39 million. The number of commercial customers grew 32% over last quarter. We closed 62 deals of $1 million or more, 30 of which were for $5 million or more, and 21 were for $10 million or more.

第二季度總收入增長了 49%。美國商業收入加速至 90%。第二季度 TCV 賬面同比增長 175% 至 9.25 億美元。僅在第二季度，我們就新增了 20 位新客戶，同時為每位客戶帶來了 790 萬美元的平均收入。前 20 名客戶的平均收入環比從 3600 萬美元增至 3900 萬美元。商業客戶數量比上一季度增長了 32%。我們完成了 62 筆 100 萬美元或以上的交易，其中 30 筆是 500 萬美元或以上，21 筆是 1000 萬美元或以上。

For the first half, we grew revenue 49%. We generated 28% adjusted free cash flow and a 33% adjusted operating margin. And visibility into future growth is strong as total deal value increased 63% to $3.4 billion.

上半年，我們的收入增長了 49%。我們產生了 28% 的調整後自由現金流和 33% 的調整後營業利潤率。隨著總交易價值增長 63% 至 34 億美元，對未來增長的可見性很強。

Product innovation is at the core of these results and the momentum that's driving our business forward. You just saw how innovations on Edge AI delivered through Apollo are transforming the capabilities of our customers. We recently completed a number of crucial firsts for this technology, including running onboard advanced military helicopters and special operations fast boats. And just last week, our Edge AI was imprinting from space, 484 kilometers above our heads, truly from space to mud.

產品創新是這些成果的核心，也是推動我們業務向前發展的動力。您剛剛看到了通過 Apollo 交付的 Edge AI 創新如何改變我們客戶的能力。我們最近完成了這項技術的多項關鍵第一，包括在先進的軍用直升機和特種作戰快艇上運行。就在上週，我們的 Edge AI 正在從我們頭頂 484 公里的太空留下印記，真正地從太空到泥濘。

Now Apollo, our third platform has always been our secret advantage. It enables us to take our SaaS offering to where no SaaS has gone before, drones, subs, satellites, classified networks and on-premises without losing the efficiencies and the scalability of a centrally managed SaaS solution.

現在阿波羅，我們的第三個平台一直是我們的秘密優勢。它使我們能夠將我們的 SaaS 產品帶到以前沒有 SaaS 的地方，無人機、潛艇、衛星、機密網絡和內部部署，而不會失去集中管理的 SaaS 解決方案的效率和可擴展性。

We've been able to meet our customers where they are. And now we're going to help our customers meet their customers where they are by commercializing Apollo itself. We are hearing from established software companies that have these large installed bases of on-prem customers but they're investing all their future R&D in cloud-only solutions. They have a problem, a big one, where a core part of their key large enterprises and government customers, they're not going to upgrade to the cloud. They require on-prem deployments.

我們已經能夠滿足我們的客戶所在的位置。現在，我們將通過將 Apollo 本身商業化，幫助我們的客戶滿足他們的客戶需求。我們收到了一些老牌軟件公司的來信，這些公司擁有大量的本地客戶，但他們將所有未來的研發投資於純雲解決方案。他們有一個問題，一個大問題，他們的主要大型企業和政府客戶的核心部分，他們不會升級到雲。它們需要本地部署。

At one Fortune 500 prospect alone, we've identified $0.25 billion to $0.5 billion worth of upsells that they're going to have to forgo because the latest and greatest that they've developed only works in the cloud, and these specific customers require it to work on premises. This company can leverage our years of R&D in Apollo to enable their existing cloud-based SaaS software to run where the customer needs it with minimal effort, leveraging the same DevOps and SRE teams who run all of their cloud native offerings to run this as well.

僅在財富 500 強的一位潛在客戶中，我們就確定了價值 2.5 億至 5 億美元的追加銷售，他們將不得不放棄，因為他們開發的最新和最好的產品只能在雲中運行，而這些特定客戶需要它在場所工作。這家公司可以利用我們在 Apollo 多年的研發，使他們現有的基於雲的 SaaS 軟件能夠以最少的努力在客戶需要的地方運行，並利用運行其所有云原生產品的相同 DevOps 和 SRE 團隊來運行該軟件.

Apollo makes running on-prem feel like running in the cloud. We expect to start to do a lot more here as the sheer expanse of the last 15 years of R&D investments that sought to see around corners start to become commercialized. We continue to see distributional efficiencies, coupled with accelerating product innovation for established companies as well.

Apollo 使在本地運行就像在雲中運行一樣。隨著過去 15 年的大量研發投資開始商業化，我們希望在這裡開始做更多的事情。我們繼續看到分銷效率的提高，同時也加快了成熟公司的產品創新。

For instance, one of the largest banks in Europe came to us with an urgent compliance challenge facing its retail banking arm. The bank has over 10,000 branches and needed to move quickly to match new regulatory requirements and optimize anti-money laundering and compliance processes.

例如，歐洲最大的銀行之一向我們提出了其零售銀行部門面臨的緊迫合規挑戰。該銀行擁有 10,000 多家分行，需要迅速採取行動以滿足新的監管要求並優化反洗錢和合規流程。

In just 2 days, we were able to deploy an entire solution for this customer, leveraging our out-of-the-box functionality built in Foundry, a time line previously unthinkable in the eyes of the customer. And frankly, it would have been unthinkable to us even 3 years ago, where an equivalent project might have taken 3 months. This is only possible because of our product.

在短短 2 天內，我們就能夠為該客戶部署完整的解決方案，利用我們在 Foundry 中內置的開箱即用功能，這是客戶眼中以前無法想像的時間表。坦率地說，即使在 3 年前，一個等效的項目可能需要 3 個月的時間，這對我們來說也是不可想像的。這是唯一可能的，因為我們的產品。

Innovations from software-defined data integration are driving the marginal cost of data integration to 0, archetypes and our no-code technologies that are driving the marginal cost of application development to zero. All of this allows our customers to focus on solving the ever-evolving problem at hand from the outset instead of wasting time wrangling legacy systems for months or years on end. It is exciting to see our technology being tasked with increasingly complex operational challenges and to see it deliver compounding wins for these customers in these scenarios.

軟件定義數據集成的創新正在推動數據集成的邊際成本為零，原型和我們的無代碼技術正在推動應用程序開發的邊際成本為零。所有這些都使我們的客戶能夠從一開始就專注於解決手頭不斷發展的問題，而不是將時間浪費在數月或數年的遺留系統上。很高興看到我們的技術承擔著越來越複雜的運營挑戰，並在這些場景中為這些客戶帶來複合勝利。

In mining, foundries deployed at one of Rio Tinto's state-of-the-art underground mining operations, an asset made up of 5 separate mine shafts comprising 200 kilometers of tunnels and reaching a maximum depth of 1.3 kilometers below the Earth's surface. Rio is using Foundry to build a digital mine to keep its employees safe and streamline operations. Sensor data will allow Rio to have a pinpoint precision to monitor equipment performance, to measure geotechnical conditions, ensure the safety of its people underground. And they can do all of this from thousands of miles away in its Brisbane hub, where caving experts are able to assist operations in the field.

在採礦方面，鑄造廠部署在力拓最先進的地下採礦作業之一，該資產由 5 個獨立的礦井組成，包括 200 公里長的隧道，最大深度為地表以下 1.3 公里。 Rio 正在使用 Foundry 建立一個數字礦山，以確保其員工的安全並簡化運營。傳感器數據將使 Rio 能夠精確監控設備性能，測量岩土條件，確保地下人員的安全。他們可以在千里之外的布里斯班中心完成所有這些工作，在那裡探洞專家能夠協助現場作業。

In energy, we are pioneering more ways to empower operational users to drive strategic outcomes. Our no-code technology is extending to real-time sensor data, enabling the front line to easily create and manage their own multisource sensor fusion at the speed of their operations. This is the shortest path from data to decision, real time, high consequence, high-skill environments.

在能源領域，我們正在開拓更多方式，讓運營用戶能夠推動戰略成果。我們的無代碼技術正在擴展到實時傳感器數據，使前線能夠以他們的運營速度輕鬆創建和管理他們自己的多源傳感器融合。這是從數據到決策、實時、高後果、高技能環境的最短路徑。

Whether it's edge AI or edge application, we are at the extreme edge. Our momentum in utilities continues to accelerate where the Foundry platform has a unique fit and is delivering scaled value in weeks. In Q1, we announced our partnership with ENGIE and PG&E. In Q2, we added 2 more utilities, National Grid and Southern California Edison, where we are creating a connected utility from PSPS, that's Public Safety Power Shutoff, to procurement, to grid management and safety.

無論是邊緣 AI 還是邊緣應用，我們都處於極端邊緣。我們在公用事業方面的勢頭繼續加速，其中 Foundry 平台具有獨特的優勢，並在數週內提供規模化的價值。在第一季度，我們宣布了與 ENGIE 和 PG&E 的合作夥伴關係。在第二季度，我們又增加了 2 家公用事業公司，即國家電網和南加州愛迪生公司，我們正在創建一個從 PSPS 到採購、電網管理和安全的互聯公用事業，即公共安全斷電。

More broadly, what we've really proven over the last few quarters, and that's really reflected in the tremendous growth of the commercial customer count, 32% growth in Q2, is that Foundry is for everyone. The market is changing. I've talked about how COVID really showed where the emperor had no clothes. It isn't just the big established companies that took notice of his bare assets. The young guns did, too. And these young guns, they see Foundry as an alternative to building bespoke solutions in AWS or Azure or any other cloud. They need software today that is ready for any tomorrow. Our software is that enabling platform, and a growing number of companies from early stage to newly public companies, they're pursuing that vision on Foundry. We refer to these organizations as day 0 companies.

更廣泛地說，我們在過去幾個季度中真正證明了這一點，這真正反映在商業客戶數量的巨大增長上，第二季度增長了 32%，是 Foundry 適合所有人。市場正在發生變化。我已經談到了 COVID 如何真正顯示皇帝沒有衣服的地方。注意到他的裸資產的不僅僅是大型成熟公司。年輕的槍手也這樣做了。對於這些年輕的槍手，他們將 Foundry 視為在 AWS、Azure 或任何其他雲中構建定制解決方案的替代方案。他們今天需要為明天做好準備的軟件。我們的軟件是一個支持平台，越來越多的公司從早期階段到新上市公司，他們都在 Foundry 上追求這一願景。我們將這些組織稱為 Day 0 公司。

The innovation in our distribution is enabling us to partner with these organizations across many industries as they build their offerings on Foundry. For example, in biotech, Cellularity is leveraging our experience in both pharma R&D and manufacturing to accelerate drug development and set a new standard for cell-based therapies. Roivant is drawing on the work that we've done, spanning pharma companies like Sanofi and Merck Group and public health platforms like N3C UNITE to pool and share trial data with development partners and build out real-world evidence capabilities to support key disease areas.

我們在分銷方面的創新使我們能夠與這些跨多個行業的組織合作，因為他們在 Foundry 上構建他們的產品。例如，在生物技術領域，Cellularity 正在利用我們在製藥研發和製造方面的經驗來加速藥物開發並為基於細胞的療法設定新標準。 Roivant 正在利用我們所做的工作，跨越賽諾菲和默克集團等製藥公司和 N3C UNITE 等公共衛生平台，與開發合作夥伴匯集和共享試驗數據，並建立現實世界的證據能力以支持關鍵疾病領域。

In automotive, Wejo is building a SaaS ecosystem connected vehicle data spanning use cases across OEMs, suppliers, insurers and government authorities on top of foundry. In logistics, Box is building a digital twin, incorporating both shipment and sales operations, spanning raw materials all the way through to end customers, and just so much more.

在汽車領域，Wejo 正在構建一個 SaaS 生態系統連接車輛數據，涵蓋代工廠之上的原始設備製造商、供應商、保險公司和政府機構的用例。在物流方面，Box 正在構建一個數字孿生體，包括運輸和銷售業務，從原材料一直到最終客戶，等等。

We are making Foundry accessible to even more day 0 companies with Foundry for Builders, a program which supports early-stage companies with access to Foundry, allowing these companies to build their operations on Foundry from the outset, enabling them not just to efficiently manage, but actually to wield the increasing complexity of their growing businesses to disrupt incumbents and to win in the marketplace.

我們正在通過 Foundry for Builders 使更多第 0 天的公司可以使用 Foundry，該計劃支持早期公司使用 Foundry，允許這些公司從一開始就在 Foundry 上建立他們的業務，使他們不僅能夠有效地管理，但實際上是利用其不斷增長的業務日益複雜的方式來顛覆現有企業並在市場上取勝。

And while competitors are bogged down by legacy IT investments and an obsession with reinventing every wheel internally, these companies, they have no IT catalog. They are just founders, entrepreneurs and engineers focused on winning, and they see Foundry as the best way to do that.

雖然競爭對手因傳統 IT 投資和對內部重新發明每個輪子的痴迷而陷入困境，但這些公司並沒有 IT 目錄。他們只是專注於獲勝的創始人、企業家和工程師，他們認為 Foundry 是實現這一目標的最佳方式。

This program includes companies like Chapter, who is revolutionizing the consumer experience in Medicare plan selection and enrollment; or Gecko Robotics, who is building bada** robots for industrial inspections; and Origin Materials, which is helping companies decarbonize their supply chains to achieve net 0 and really, net negative carbon footprints. And we plan to extend this offering to more early-stage companies in a variety of industries over time. We see substantial opportunity to grow our business and push the ambition of our product with these day 0 companies, and we couldn't be more excited to power the next generation of builders.

該計劃包括像 Chapter 這樣的公司，他們正在徹底改變醫療保險計劃選擇和註冊的消費者體驗；或 Gecko Robotics，他們正在製造用於工業檢查的 bada** 機器人；和 Origin Materials，它正在幫助公司對其供應鏈進行脫碳，以實現淨 0 和真正的淨負碳足跡。隨著時間的推移，我們計劃將此產品擴展到各個行業的更多早期公司。我們看到了與這些天 0 公司一起發展我們的業務和推動我們產品的雄心壯志的巨大機會，我們非常興奮地為下一代建設者提供動力。

And this innovation is all happening in the context of ongoing investment in business strength. We continue to invest in distribution across the business. We added more than 60 hires into our sales function in the second quarter, surpassing 100 hires for the first half of the year, and the pipeline is accelerating. Active commercial pilots increased 26% just since the end of April. We added 20 net new customers in the second quarter alone. Our commercial customer count grew 32% in Q2. And we booked just over $900 million of total contract value in the second quarter, providing substantial visibility into our future growth.

而這種創新是在持續投資於業務實力的背景下發生的。我們繼續投資於整個業務的分銷。我們在第二季度為我們的銷售部門增加了 60 多名員工，上半年超過了 100 名員工，而且渠道正在加速。僅自 4 月底以來，活躍的商業飛行員就增加了 26%。僅在第二季度，我們就增加了 20 名淨新客戶。我們的商業客戶數量在第二季度增長了 32%。我們在第二季度的合同總價值剛剛超過 9 億美元，為我們未來的增長提供了實質性的可見性。

In our government business, we continue to see a broadening scope of opportunities and expansion of work that we're doing across defense, health care and other critical initiatives. We signed new deals with the U.S. Army, Air Force and Coast Guard, including a 2-year $100 million deal with U.S. Special Operations Command. We participated in the U.S. Northern Command's third Global Information Dominance Experiment in July, where our software is driving applied AI decision-making for real-world scenarios, revolutionizing North Com's ability to wheel data to outpace adversaries.

在我們的政府業務中，我們繼續看到我們在國防、醫療保健和其他關鍵計劃中所做的工作範圍不斷擴大。我們與美國陸軍、空軍和海岸警衛隊簽署了新協議，其中包括與美國特種作戰司令部簽訂的為期兩年、價值 1 億美元的協議。我們於 7 月參加了美國北方司令部的第三次全球信息優勢實驗，我們的軟件正在推動針對現實世界場景的應用人工智能決策，徹底改變北方司令部利用數據超越對手的能力。

In health care, we signed new deals in the U.S. with HHS and the CDC. In July, we announced the doubling of our contract for the Tiberius platform, which the U.S. government uses to track vaccine production, distribution and administration. These wins, they reflect our expanding reach in both combating the pandemic and driving innovation across the health care landscape.

在醫療保健方面，我們在美國與 HHS 和 CDC 簽署了新協議。 7 月，我們宣布將 Tiberius 平台的合同翻倍，美國政府使用該平台來跟踪疫苗生產、分發和管理。這些勝利反映了我們在抗擊大流行和推動整個醫療保健領域的創新方面不斷擴大的影響力。

Our work in government continues to expand beyond defense and health care. In Q2, the FAA selected Palantir to provide the software backbone that will support aircraft certification and operational safety activities. The FAA will deploy Foundry to conduct critical tasks, including the ongoing monitoring of the 737 MAX fleet's return to service. This continues Palantir's thriving aerospace business with our deep partnership with Airbus and our work with the airlines through Skywise.

我們在政府部門的工作繼續擴展到國防和醫療保健之外。在第二季度，FAA 選擇 Palantir 提供支持飛機認證和運營安全活動的軟件主幹。 FAA 將部署 Foundry 來執行關鍵任務，包括對 737 MAX 機隊恢復服務的持續監控。 Palantir 與空中客車公司的深厚合作夥伴關係以及我們通過 Skywise 與航空公司的合作延續了 Palantir 蓬勃發展的航空航天業務。

We continue to develop our channel partnerships as well. In June, we announced a new partnership with DataRobot focused on helping customers with demand forecasts. COVID disruptions have made a fool of all the old ways of managing these forecasts and created a huge amount of urgency to transform. By leveraging DataRobot's model development and Foundry's best-in-class software-defined data integration, ontology and operational applications and workflows, brands can employ agile strategies for demand forecasting that can be deployed in minutes instead of months.

我們也在繼續發展我們的渠道合作夥伴關係。 6 月，我們宣布與 DataRobot 建立新的合作夥伴關係，專注於幫助客戶進行需求預測。 COVID 中斷使管理這些預測的所有舊方法變得愚蠢，並產生了巨大的轉型緊迫性。通過利用 DataRobot 的模型開發和 Foundry 一流的軟件定義數據集成、本體和運營應用程序和工作流，品牌可以採用敏捷的需求預測策略，可以在幾分鐘而不是幾個月內部署。

We continue to build our relationship with global SIs. Our work with Accenture Federal has really taken off. We're working across agencies from intel, defense and civilian. And Accenture is investing and scaling this momentum across all of their market units.

我們將繼續與全球 SI 建立關係。我們與埃森哲聯邦的合作真正開始了。我們正在與英特爾、國防和民用機構合作。埃森哲正在其所有市場部門投資並擴大這種勢頭。

As a cultural note, we were very excited to hold our annual Hack Week last week back in our offices. Hack Week has a storied and lively Palantir tradition dating back to our earliest days. Hack Week is so demonstrative of our culture of innovation, one that puts the very best people next to the problems that matter, the problems that define our time. It empowers each and every one of them to tell the man who, yes, is often meaning to F off.

作為文化說明，我們很高興上週在我們的辦公室舉辦了一年一度的黑客週。 Hack Week 有著悠久而生動的 Palantir 傳統，其歷史可以追溯到我們最早的時代。 Hack Week 展示了我們的創新文化，將最優秀的人放在重要的問題旁邊，這些問題定義了我們的時代。它使他們每個人都有權告訴那個人，是的，他經常想要 F off。

Some of our most innovative ideas and core technologies came out of Hack Week's past, including the precursor to Apollo. And that's the interesting thing. The big ideas aren't always on the road map, that term of false comfort and polished lies that big tech companies provide as marchitecture. No, the big ideas, they come out of inspiration and perspiration. And I am keenly aware as management that the very best ideas, the most profound ideas, they start as heresy, as heterodoxies that a hierarchical structural will snuff out.

我們的一些最具創新性的想法和核心技術來自 Hack Week 的過去，包括 Apollo 的前身。這就是有趣的事情。偉大的想法並不總是在路線圖上，大型科技公司提供的虛假舒適和優美謊言的術語作為架構。不，偉大的想法，它們來自靈感和汗水。作為管理層，我敏銳地意識到，最好的想法，最深刻的想法，它們一開始都是異端邪說，是等級結構將扼殺的異端邪說。

We at Palantir, we're an artist colony, extraordinarily and exquisitely flat. And that is kept alive by organizing and reorganizing around our customers' problems, often with great volatility, not by gazing at our navels or calcifying road maps. We do the hard thing and the brave thing because that's the right thing for our customers.

我們在 Palantir，我們是一個藝術家的殖民地，非常平坦，非常精緻。並且通過圍繞客戶的問題進行組織和重組來保持活力，通常具有很大的波動性，而不是通過凝視我們的肚臍或鈣化路線圖。我們做困難和勇敢的事情，因為這對我們的客戶來說是正確的。

So I just want to celebrate the hobbits who crushed Hack Weeks present and past. Long live the fellowship.

所以我只想慶祝現在和過去粉碎 Hack Weeks 的霍比特人。團契萬歲。

Now I'll turn it over to Dave to talk through the financials.

現在我將把它交給戴夫來談談財務狀況。

Thanks, Shyam. I'll review our second quarter performance, followed by our outlook.

謝謝，夏姆。我將回顧我們第二季度的表現，然後是我們的展望。

We had a record break in Q2 as continued product innovation and our ongoing investments in distribution through a strong financial performance as deal activity accelerated in the second quarter. We generated year-over-year revenue growth of 49% for the quarter and for the first half, bringing Q2 revenue to $376 million and first half revenue to $717 million.

隨著第二季度交易活動的加速，我們繼續進行產品創新，並通過強勁的財務業績對分銷進行持續投資，我們在第二季度取得了創紀錄的突破。我們本季度和上半年的收入同比增長 49%，使第二季度收入達到 3.76 億美元，上半年收入達到 7.17 億美元。

We generated $50 million in adjusted free cash flow in the second quarter, bringing our adjusted free cash flow for the first half of the year above $200 million; a free cash flow margin of 28% in the first half, which was a $433 million improvement year-over-year. We had a strong first half and have increasing visibility for the second half of the year, as reflected by our raised full year adjusted free cash flow guidance.

我們在第二季度產生了 5000 萬美元的調整後自由現金流，使我們上半年的調整後自由現金流超過了 2 億美元；上半年自由現金流利潤率為 28%，同比提高 4.33 億美元。我們上半年表現強勁，下半年的知名度不斷提高，這反映在我們提高的全年調整後自由現金流量指引上。

Q2 adjusted operating income increased to $117 million, representing a margin of 31%, our third straight quarter with adjusted operating margins above 30%. Second quarter total contract value bookings grew 175% year-over-year to $925 million, providing increased visibility for durable long-term growth, while second quarter billings increased 40% year-over-year to $379 million.

第二季度調整後營業利潤增至 1.17 億美元，利潤率為 31%，這是我們連續第三個季度調整後營業利潤率超過 30%。第二季度總合同價值預訂量同比增長 175% 至 9.25 億美元，為持久的長期增長提供了更高的可見性，而第二季度的賬單同比增長 40% 至 3.79 億美元。

We added 20 net new customers in the quarter, 13% quarter-over-quarter sequential growth for our customer count. Our commercial customer count grew 32% quarter-over-quarter sequentially. Drilling down into our second quarter revenue, revenue growth was 49%, ahead of our prior guidance of 43%. We continue to see strength across our U.S. business, which grew 60% year-over-year in Q2.

我們在本季度增加了 20 個淨新客戶，客戶數量環比增長 13%。我們的商業客戶數量環比增長 32%。深入研究我們第二季度的收入，收入增長 49%，高於我們之前 43% 的預期。我們繼續看到我們的美國業務強勁，第二季度同比增長 60%。

Looking at revenue by segment. Second quarter government revenue was $232 million, up 66% year-over-year. The strength in our government business was driven by new deals with the U.S. Army, Air Force, Coast Guard, HHS, CDC as well as milestone revenue for an international government customer. We continue to build a strong pipeline of opportunities within our government segment, and we expect these deals to drive sustained, elevated growth in our government business moving forward.

按部門查看收入。第二季度政府收入為 2.32 億美元，同比增長 66%。我們政府業務的實力得益於與美國陸軍、空軍、海岸警衛隊、HHS、CDC 的新交易以及國際政府客戶的里程碑收入。我們繼續在我們的政府部門內建立強大的機會管道，我們預計這些交易將推動我們政府業務的持續高速增長。

Second quarter commercial revenue growth accelerated to $144 million, up 28% year-over-year compared with 19% growth in the first quarter. Speed and innovation are driving strong results in our commercial business, particularly in the U.S., where commercial revenue growth accelerated to 90% year-over-year in Q2, up from 72% in Q1. We're also seeing growth in our international business as economies abroad continue to reopen.

第二季度商業收入增長加速至 1.44 億美元，同比增長 28%，而第一季度增長 19%。速度和創新推動了我們商業業務的強勁業績，尤其是在美國，第二季度商業收入同比增長從第一季度的 72% 加速至 90%。隨著海外經濟繼續重新開放，我們的國際業務也在增長。

In the second quarter, we closed 62 deals of $1 million or more in total contract value. We closed 30 deals of $5 million or more, including 21 deals worth $10 million or more. Total contract value booked in the second quarter grew 175% year-over-year to $925 million.

在第二季度，我們完成了 62 筆合同總價值超過 100 萬美元的交易。我們完成了 30 筆 500 萬美元或以上的交易，其中包括 21 筆價值 1000 萬美元或以上的交易。第二季度預訂的總合同價值同比增長 175% 至 9.25 億美元。

We ended the second quarter with total remaining deal value of $3.4 billion, up 63% year-over-year, while commercial deal value was up 122% year-over-year to $2.1 billion. Average contract duration was 3.9 years, up from 3.7 years at the end of Q1.

我們在第二季度結束時的剩餘交易總額為 34 億美元，同比增長 63%，而商業交易價值同比增長 122% 至 21 億美元。平均合同期限為 3.9 年，高於第一季度末的 3.7 年。

Second quarter trailing 12-month revenue per customer was $7.9 million, up 19% year-over-year and down modestly from Q1, result of rapid customer acquisition that yielded 20 net new customers in the quarter. As we noted on our first quarter call, as new customer additions accelerate, driven by growth in our sales team and channel partners and onboarding of new innovative day 0 companies, we would expect average revenue per customer to taper, reflecting our broadening customer base. When excluding the impact of new customers added in Q2, average revenue per customer was $8.8 million, up 9% compared with Q1. Average trailing 12-month revenue for top 20 customers was $39 million, up 36% year-over-year.

第二季度每個客戶過去 12 個月的收入為 790 萬美元，同比增長 19%，比第一季度小幅下降，這是由於快速的客戶獲取導致本季度淨新客戶增加了 20 個。正如我們在第一季度電話會議上所指出的那樣，隨著新客戶的增加，受我們的銷售團隊和渠道合作夥伴的增長以及新的創新 Day 0 公司的加入所推動，我們預計每位客戶的平均收入將逐漸減少，這反映了我們不斷擴大的客戶群。剔除第二季度新增客戶的影響，每位客戶的平均收入為 880 萬美元，比第一季度增長 9%。前 20 名客戶過去 12 個月的平均收入為 3900 萬美元，同比增長 36%。

Next, I'll discuss our margins and expenses on an adjusted basis, which excludes stock-based compensation. Second quarter adjusted gross margin was 82%, up 200 basis points versus the year ago period. Contribution margin was 58%, up 300 basis points versus the year ago period.

接下來，我將在調整後討論我們的利潤率和費用，其中不包括基於股票的薪酬。第二季度調整後毛利率為 82%，比去年同期增長 200 個基點。貢獻率為 58%，比去年同期上升 300 個基點。

Second quarter income from operations, excluding stock-based compensation and related employer payroll taxes, was $117 million, representing a margin of 31%. Adjusted expenses were $259 million, up 16% year-over-year and reflect our ongoing scaling across the business, including both product development and sales to support durable long-term growth.

第二季度運營收入（不包括基於股票的薪酬和相關雇主工資稅）為 1.17 億美元，利潤率為 31%。調整後的費用為 2.59 億美元，同比增長 16%，反映了我們在整個業務中的持續擴張，包括產品開發和銷售以支持持久的長期增長。

We hired more than 100 salespeople in the first half of the year and expect hiring to continue at a strong clip in the second half of 2021. Marketing spend nearly doubled in Q2 compared with Q1 as we continue to build out both brand and performance marketing to drive both sales and recruiting funnels.

我們在今年上半年僱傭了 100 多名銷售人員，並預計在 2021 年下半年招聘將繼續保持強勁增長。與第一季度相比，第二季度的營銷支出幾乎翻了一番，因為我們繼續建立品牌和績效營銷以推動銷售和招聘渠道。

In the second quarter, we generated $50 million in adjusted free cash flow, representing a margin of 13%. And adjusted free cash flow exceeded $200 million in the first half of 2021. Given our strong cash flow position, we repaid our outstanding $200 million term loan facility and are currently debt-free. After paying off the debt, we ended the quarter with $2.3 billion in cash and cash equivalents.

在第二季度，我們產生了 5000 萬美元的調整後自由現金流，利潤率為 13%。 2021 年上半年，調整後的自由現金流超過 2 億美元。鑑於我們強勁的現金流狀況，我們償還了未償還的 2 億美元定期貸款，目前沒有債務。還清債務後，我們在本季度結束時擁有 23 億美元的現金和現金等價物。

With our balance sheet and a strengthening cash flow profile, we plan to continue to invest in both product innovation and broadening distribution as well as partnering with day 0 companies to help them rapidly scale their businesses while leveraging our software platforms.

憑藉我們的資產負債表和不斷增強的現金流狀況，我們計劃繼續投資於產品創新和擴大分銷，並與 Day 0 公司合作，幫助他們在利用我們的軟件平台的同時快速擴展業務。

In the first half of the year, we committed to invest $250 million, and we funded approximately $20 million of those commitments to date. We have and expect to continue to make additional strategic investments in the future. In the second quarter, $3 million or less than 1% of our quarterly revenue was from companies we invested in as part of the strategic investment program we launched earlier this year.

今年上半年，我們承諾投資 2.5 億美元，迄今為止，我們為這些承諾提供了大約 2000 萬美元的資金。我們已經並期望在未來繼續進行額外的戰略投資。在第二季度，我們投資的公司占我們季度收入的 300 萬美元或不到 1%，這是我們今年早些時候啟動的戰略投資計劃的一部分。

Turning to our outlook. For our Q3 revenue guidance, we expect revenue of $385 million, and we expect adjusted operating margin of 22% and for the quarter. On the back of our strong first half adjusted free cash flow performance and continuing momentum in the second half of the year, we are raising full year adjusted free cash flow guidance to an excess of $300 million.

轉向我們的前景。對於我們的第三季度收入指導，我們預計收入為 3.85 億美元，我們預計本季度的調整後營業利潤率為 22%。憑藉我們強勁的上半年調整後自由現金流表現和下半年持續增長勢頭，我們將全年調整後自由現金流指導提高至超過 3 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 greater than 30% 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 2020 年年終收益電話會議中製定的關於長期收入指導的指導策略，我們正在並將繼續為此提供收入增長超過 30% 的指導年和接下來的 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打開問答環節。

Thanks, Dave. We'll begin Q&A with questions submitted from our shareholders through SAY.

謝謝，戴夫。我們將從股東通過 SAY 提交的問題開始問答。

Shyam, the first one is for you, Ralston asks, as Palantir deepens its relationships within the enterprise customer base to increase share of wallet, how are these customers' life cycles evolving over time as Palantir becomes their default operating system? And how is it creating a flywheel of network effects?

Shyam，第一個是給你的，Ralston 問道，隨著 Palantir 深化與企業客戶群的關係以增加錢包份額，隨著 Palantir 成為他們的默認操作系統，這些客戶的生命週期如何隨著時間的推移而演變？它是如何創造網絡效應的飛輪的？

Thanks, Ralston. It took about 8 years, I'd say, for Palantir be the operating system of special operations. It took about 4 years to be the operating system of aviation. It took about 2 months to be the operating system of COVID research and collaboration. And it's taking about 2 days to be the operating system of day 0 companies and their ambitions to power their industry. Our vision remains unchanged. It's to be the default operating system for the enterprise and the industry. But customers are moving faster and faster. And the network effects are profound.

謝謝，拉爾斯頓。我想說，Palantir 成為特種作戰的操作系統花了大約 8 年的時間。大約用了4年的時間才成為航空的操作系統。花了大約2個月的時間，成為了COVID研究和協作的操作系統。成為第 0 天公司的操作系統及其為行業提供動力的雄心大約需要 2 天的時間。我們的願景保持不變。它將成為企業和行業的默認操作系統。但是客戶的移動速度越來越快。並且網絡效應是深遠的。

Today, [55%] of the Boeing fleet is managed in Airbus' Skywise ecosystem. That is a particularly powerful testament to the network effects when you recall that Microsoft and Boeing launched a competitive ecosystem nearly a year before Palantir and Airbus launched Skywise. And this further underscores the fundamental difference between that sort of LEGO block DIY approach versus our end-to-end operating system.

今天，[55%] 的波音機隊由空中客車的 Skywise 生態系統管理。回想一下，在 Palantir 和空中客車推出 Skywise 前將近一年，微軟和波音推出了一個具有競爭力的生態系統，這是網絡效應的一個特別有力的證明。這進一步強調了那種樂高積木 DIY 方法與我們的端到端操作系統之間的根本區別。

Another example. One pharma company has harmonized over 2,000 clinical trials in Foundry. For context, the pool analysis of 5 clinical trials is often considered a big deal. 2,000 is the first, it's category defining. And it's their ambition to take that clinical trial asset to other pharma companies and collaborate on R&D. And if you believe that superior clinical insights will drive superior R&D outcomes, then the network effects here are going to be a game changer.

另一個例子。一家製藥公司已在 Foundry 協調了 2,000 多項臨床試驗。就上下文而言，5 項臨床試驗的池分析通常被認為是一件大事。 2,000 是第一個，它是類別定義。他們的目標是將臨床試驗資產帶給其他製藥公司並在研發上進行合作。如果您相信卓越的臨床洞察力將推動卓越的研發成果，那麼這裡的網絡效應將改變遊戲規則。

If you're a pharma company and you are participating, where does that leave you? Probably at a fundamental and compounding disadvantage. To remain relevant, you need to join. This customer has iterated from using Foundry as an operating system for their internal R&D to the operating system for the entire industry.

如果您是一家製藥公司並且您正在參與，那您將何去何從？可能處於基本和復合劣勢。要保持相關性，您需要加入。該客戶已經從使用Foundry作為內部研發的操作系統迭代到整個行業的操作系統。

And what's distinct for us about day 0 companies is that they're starting with that ambition from the beginning. The whole vision is to transform their industry. They are starting ecosystem first.

對我們而言，第 0 天公司的不同之處在於，他們從一開始就懷著這種雄心壯志。整個願景是改變他們的行業。他們首先啟動生態系統。

Great. Thanks, Shyam. Kevin, the next one is for you. Avi asks, are you satisfied with the number of new customers added in the last quarter?

偉大的。謝謝，夏姆。凱文，下一個是給你的。 Avi 問，您對上一季度新增客戶的數量感到滿意嗎？

Thanks, Avi. The numbers are strong. Customer count is accelerating, especially if you look at the commercial space, where we grew our customer count 32% quarter-over-quarter and up 61% for the first half of the year. So on track to more than double our commercial customer base by end of year.

謝謝，阿維。數字很強大。客戶數量正在加速增長，尤其是在商業領域，我們的客戶數量環比增長 32%，上半年增長 61%。因此，到年底，我們的商業客戶群有望增加一倍以上。

Deal volume was also up. We closed 62 deals of $1 million or more. That is a 72% increase from last quarter, second quarter TCV grew 175% to $925 million year-over-year.

交易量也有所上升。我們完成了 62 筆 100 萬美元或以上的交易。這比上一季度增長了 72%，第二季度 TCV 同比增長 175% 至 9.25 億美元。

Our current customers also grew. We net out new customers, the average revenue per customer grew from $8.1 million to $8.8 million quarter-over-quarter. Our largest customers, top 20, also grew from $36 million to $39 million. These results are driven by investments in our product and efficiencies in distribution.

我們現有的客戶也在增長。我們剔除新客戶，每個客戶的平均收入從 810 萬美元環比增長到 880 萬美元。我們最大的客戶，前 20 名，也從 3600 萬美元增長到 3900 萬美元。這些結果是由對我們產品的投資和分銷效率驅動的。

So I'll finish by reiterating what Shyam just discussed. We are now delivering the full power of Foundry to small companies through a subscription model, and we're doing this across many sectors, ranging from health care to robotics to software companies, SaaS businesses using Foundry to build their offerings.

最後，我將重申 Shyam 剛剛討論的內容。我們現在通過訂閱模式向小公司提供 Foundry 的全部功能，我們在許多領域都這樣做，從醫療保健到機器人到軟件公司，SaaS 企業使用 Foundry 來構建他們的產品。

Great. Kevin, sticking with you on the next one. (inaudible) asks, can you guys describe your long-term vision with your pipe investments into pre-revenue companies? The talk is Palantir's buying revenue, but I believe it is a clever, high-risk, high-reward strategy, enhancing network effects.

偉大的。凱文，在下一個堅持與你。 （聽不清）問，你們能描述一下你們對未盈利公司的管道投資的長期願景嗎？講的是Palantir的購買收入，但我相信這是一個聰明的、高風險、高回報的策略，增強了網絡效應。

Thank you. This is a huge opportunity for us to invest in our customers. And that's something we feel we've always done. Now we can do it with our balance sheet. These are companies that we think we will be working with for a very long time. Further, we think that using our product is going to help them win.

謝謝你。這是我們投資於客戶的巨大機會。這就是我們覺得我們一直在做的事情。現在我們可以用我們的資產負債表來做到這一點。我們認為我們將與這些公司合作很長時間。此外，我們認為使用我們的產品將幫助他們獲勝。

One thing we've always looked for in our customer relationships is the founder mentality. That is where we're most aligned, no bureaucracy, high speed, quality execution. So that's something that we're looking for in these deals, that founder mentality.

我們一直在客戶關係中尋找的一件事是創始人心態。那是我們最一致的地方，沒有官僚主義、高速、高質量的執行。所以這就是我們在這些交易中尋找的東西，即創始人的心態。

So I'll also break down the numbers a little bit here. Dave already mentioned that less than 1% of our revenue came from this program in Q2. Additionally, of the $925 million of total TCV in Q2, $543 million from this program. This is a long-term strategy, and the deal is a long term as well. So we expect longer duration and time to revenue recognition.

所以我也會在這裡稍微分解一下數字。 Dave 已經提到，我們在第二季度只有不到 1% 的收入來自該計劃。此外，在第二季度 9.25 億美元的 TCV 總額中，有 5.43 億美元來自該計劃。這是一項長期戰略，這筆交易也是一項長期戰略。因此，我們預計收入確認的持續時間和時間更長。

The portion of the Q2 TCV outside of the strategic investments is also strong, totaling $382 million. This grew at a sequential rate of 33% quarter-over-quarter. So in other words, assume no investment program, TCV grows 33% sequentially from last quarter. So very pleased with that.

戰略投資之外的 Q2 TCV 部分也很強勁，總額為 3.82 億美元。環比增長 33%。換句話說，假設沒有投資計劃，TCV 比上一季度環比增長 33%。對此非常滿意。

And we signed a lot of great institutions, SC Edison, National Grid, Avis, John Deere, [Bampro], BNY Mellon, the FAA. We expanded with the U.S. Army, Air Force, Coastguard, CDC, HHS, Tiberius, which as you probably know by now, the U.S. government uses to track vaccine production, distribution and administration. And last but not least, we did a $100 million expansion with United States Special Forces.

我們簽署了很多偉大的機構，SC Edison、National Grid、Avis、John Deere、[Bampro]、BNY Mellon、FAA。我們擴展了美國陸軍、空軍、海岸警衛隊、CDC、HHS、Tiberius，正如您現在可能知道的，美國政府使用它們來跟踪疫苗的生產、分發和管理。最後但並非最不重要的一點是，我們與美國特種部隊進行了 1 億美元的擴張。

Great. Thanks, Kevin. Dave, coming to you with this next one. Linda asks, when does Palantir expect to report positive GAAP EPS?

偉大的。謝謝，凱文。戴夫，下一個來找你。 Linda 問，Palantir 預計何時報告正的 GAAP EPS？

We are delivering high growth with strong cash results and very few institutions can do that at our scale. Two numbers we focus on a lot, revenue and our ability to generate cash from that revenue, which is measured by adjusted free cash flow. In the first half of this year, we had 49% revenue growth, with 28% adjusted free cash flow margin. And we raised our full year adjusted free cash flow outlook by 100% to an excess of $300 million from our prior guidance of $150 million.

我們正在以強勁的現金業績實現高增長，很少有機構能夠以我們的規模做到這一點。我們非常關注兩個數字，收入和我們從收入中產生現金的能力，這是通過調整後的自由現金流來衡量的。今年上半年，我們的收入增長了 49%，調整後的自由現金流利潤率為 28%。我們將全年調整後的自由現金流前景從我們之前的 1.5 億美元指引提高了 100% 至超過 3 億美元。

Great. Thanks, Dave. Shyam, coming back to you, Mohamad asks, how fast is the business growing and what are some possible competitive threats to Palantir?

偉大的。謝謝，戴夫。 Shyam，回到你身邊，Mohamad 問道，業務增長有多快，Palantir 可能面臨哪些競爭威脅？

Thanks, Mohamad. So for the first half, we grew revenue 49%. We generated a 28% adjusted free cash flow margin and a 33% adjusted operating income. Our commercial customer count grew 32% sequentially. It's up 61% since the beginning of the year. Our U.S. commercial revenue grew 90% year-over-year. The international commercial revenue is accelerating. Our health care work is growing.

謝謝，穆罕默德。所以上半年，我們的收入增長了 49%。我們產生了 28% 的調整後自由現金流利潤率和 33% 的調整後營業收入。我們的商業客戶數量連續增長了 32%。自今年年初以來，它上漲了 61%。我們在美國的商業收入同比增長 90%。國際商業收入增速加快。我們的醫療保健工作正在增長。

And what you see with all of these things is our growth is only constrained by the ambition of our customers. And on the front lines of COVID, there is no lack of ambition around the vaccination programs or brave clinical R&D projects or the transformation of commercial supply chain. And what you -- and you see that most clearly with day 0 companies. These day 0 companies, they want to accomplish in less than 5 months what the BPs and the Airbus sought to do with Foundry over 5 years. And that's the thing I'm most excited about in terms of working with them.

您從所有這些事情中看到的是，我們的增長僅受客戶雄心壯志的限制。而在新冠肺炎的一線，不乏圍繞疫苗接種計劃或勇敢的臨床研發項目或商業供應鏈轉型的雄心壯志。以及您 - 並且您在第 0 天的公司中最清楚地看到了這一點。現在的 0 家公司，他們希望在不到 5 個月的時間內完成 BP 和空中客車公司在 5 年內試圖通過 Foundry 完成的任務。這就是與他們合作時我最興奮的事情。

These companies are tackling enormous problems on aggressive time lines, and they're planning to do all of that on top of Foundry. And so you should talk to them and see what they think about the competitive threats and what their alternatives were, but my distinct impression is that they either build on top of Foundry or they spend a lot more time and a lot more money building something bespoke from scratch on the road. And I think that's a pretty easy decision in their shoes.

這些公司正在積極的時間線上解決巨大的問題，並且他們計劃在 Foundry 之上完成所有這些。所以你應該和他們談談，看看他們對競爭威脅的看法以及他們的替代方案，但我的獨特印像是他們要么建立在 Foundry 之上，要么他們花更多的時間和更多的錢來構建定制的東西在路上從頭開始。而且我認為這對他們來說是一個非常容易的決定。

So simply put, the competitive threat is cowardice and laziness. And where the customer is brave and ambitious, we win every time.

簡單地說，競爭威脅是懦弱和懶惰。在客戶勇敢和雄心勃勃的情況下，我們每次都獲勝。

Great, Shyam. Another one for you. Jason asks, it seems that not many analysts understand what Palantir does. Are there plans for the company to increase its PR presence, to increase awareness of its business model, which may lead to increased utilization of Palantir's various software platforms?

太好了，夏亞姆。另一個給你。傑森問道，似乎沒有多少分析師了解Palantir是做什麼的。該公司是否有計劃增加其公關影響力，以提高對其商業模式的認識，從而提高 Palantir 各種軟件平台的利用率？

Thanks, Jason. I can't really tell you why some people don't know or understand what we do. I can tell you about the people who do know though. It's the special operator who chased down a car to give them a hug. It's the civil servants who work tirelessly to deliver vaccines in the U.S. and the U.K.. It's the French government as they race to prevent [odds] from exploding on the eve of Macron's election. It's the German's belief, who caught the suicide bombers in time, the supply chain operators at the World Food Program tackling COVID's escalating impact on global poverty and hunger, the factory workers on the assembly lines from Duluth to Detroit. The side that's driving clinical R&D among long COVID. The hostages in Nigeria who are rescued. We seem to be clear and crisp at communicating with these folks, with users at the extreme edge. And perhaps the analysts can talk to them.

謝謝，傑森。我真的無法告訴你為什麼有些人不知道或不了解我們的工作。我可以告訴你一些知道的人。是特務人員追著車給他們一個擁抱。是公務員在美國和英國不知疲倦地提供疫苗。是法國政府，他們競相防止 [賠率] 在馬克龍當選前夕爆炸。正是德國人的信念，及時抓住了自殺式炸彈襲擊者，世界糧食計劃署的供應鏈運營商解決了 COVID 對全球貧困和飢餓不斷升級的影響，從德盧斯到底特律的裝配線上的工廠工人。在長期 COVID 中推動臨床研發的一面。在尼日利亞獲救的人質。我們似乎在與這些人溝通時清晰而清晰，而用戶處於極端邊緣。也許分析師可以與他們交談。

Great. Thanks, Shyam. Dave, one for you. Benjamin asks, why has there been a significant increase of insider selling recently?

偉大的。謝謝，夏姆。戴夫，一個給你。本傑明問，為什麼最近內幕交易顯著增加？

Thanks. You're referring to the scheduled sales you see from a few times a month each month that started earlier this year. As I mentioned on the call last quarter in Q1, Karp has granted a large number of options 10 years ago that expire in December at the end of this year. In short, if he doesn't exercise the options before then, he will lose all the shares.

謝謝。您指的是從今年早些時候開始的每月幾次的預定銷售。正如我在第一季度上個季度的電話會議上提到的那樣，卡普在 10 年前授予了大量期權，這些期權將於今年年底於 12 月到期。簡而言之，如果他在此之前不行使期權，他將失去所有股份。

So far in 2021, Karp has exercised roughly 40 million of those options, selling half of the shares and using the funds to exercise and hold the remaining half. To put this into perspective, Karp has paid hundreds of millions of dollars in income taxes this year as part of these transactions and will likely owe a couple of hundred million more by the end of the year. For the roughly 27 million options that are set to expire at end of December, he's scheduled to sell half of them and then use funds he receives to exercise and hold the other half.

到 2021 年為止，卡普已經行使了大約 4000 萬份這些期權，出售了一半的股份，並使用這些資金行使並持有剩餘的一半。從這個角度來看，作為這些交易的一部分，卡普今年已經繳納了數億美元的所得稅，到今年年底可能還會再欠幾億美元。對於將於 12 月底到期的大約 2700 萬份期權，他計劃出售其中的一半，然後用收到的資金行使並持有另一半。

Great. Thanks, Dave. Shyam, coming back to you. Ralston asks, as Karp once said, Palantir's numbers are a lagging indicator of several macro trends that management got right. What forward-looking micro and macro trends give management confidence that can be leveraged to improving shareholders' value or delivering alpha over time?

偉大的。謝謝，戴夫。夏亞姆，回來找你。拉爾斯頓問道，正如卡普曾經說過的那樣，Palantir 的數據是管理層正確的幾個宏觀趨勢的滯後指標。哪些前瞻性微觀和宏觀趨勢使管理層有信心，可以利用這些趨勢來提高股東價值或隨著時間的推移提供阿爾法？

Thanks, Ralston. If I told an analyst or a Wall Street investor 4 months ago that COVID was not going away, I would have been laughed at. I happened to know this because I did tell them this, and I was laughed at over and over again.

謝謝，拉爾斯頓。如果我在 4 個月前告訴分析師或華爾街投資者 COVID 不會消失，我會被嘲笑。我碰巧知道這一點，因為我確實告訴了他們這一點，我一次又一次地被嘲笑。

Look, Humpty Dumpty had a great fall. The world has changed and it isn't going back. We built software for the world we are in now and the world we will continue to be in. We saw that coming. We anticipated the future needs. Supply chains will never be the same. It isn't just about today's shortages. The old world is fixated on the accuracy of the forecast. The new world is all about how well you manage the error in your forecast. The error is the signal. The error is the opportunity to win.

看，矮胖子摔得很慘。世界變了，再也回不去了。我們為我們現在所處的世界以及我們將繼續所處的世界構建了軟件。我們看到了這一點。我們預測了未來的需求。供應鏈永遠不會一樣。這不僅僅是關於今天的短缺。舊世界專注於預測的準確性。新世界的關鍵在於您如何管理預測中的錯誤。錯誤是信號。錯誤是獲勝的機會。

Health care is never going to be the same. It's not just about the vaccine, it's going to be about working through the 18-month backlog and the impact on morbidity and mortality from delayed and deferred diagnosis. Energy will never be the same. Every industry has been transformed. Our customers, they were disappointed, and frankly, angry by how few of their IT investments over the last decade rose to its needed moment. It was a huge mark-to-market. It was ugly.

醫療保健永遠不會一樣。這不僅僅是關於疫苗，還將涉及解決 18 個月的積壓以及延遲和推遲診斷對發病率和死亡率的影響。能量永遠不會相同。每個行業都發生了翻天覆地的變化。我們的客戶感到失望，坦率地說，他們對過去十年中很少有 IT 投資達到所需時刻感到憤怒。這是一個巨大的按市值計價。這是醜陋的。

The reality is that shocks will be more frequent. This isn't a one-off. It's the new normal. Years of investing mindlessly in efficiency has resulted in enormous fragility. We are the resilient operating system for the future champions.

現實情況是，衝擊將更加頻繁。這不是一次性的。這是新常態。多年來對效率的盲目投資導致了巨大的脆弱性。我們是未來冠軍的彈性操作系統。

Great, Shyam. One more for you before we open it up. Steve asks, how will Palantir continue to attract and keep great talent?

太好了，夏亞姆。在我們打開它之前再給你一個。史蒂夫問道，Palantir 將如何繼續吸引和留住優秀人才？

Thanks, Steve. Well, this is a question that's near and dear to my heart. I mean we have such a unique culture. And I think I can't really tell you about culture. Management can't explain our culture, it's something that has to be experienced and emanates from every pore of the institution. And that culture is fueled by our mission. We have slept on concrete floors in Baghdad. We have been on the front lines of fighting HIV, TB, Malaria and Ebola in Africa. We have coded from the factory floors from Duluth to Detroit.

謝謝，史蒂夫。嗯，這是一個我非常關心的問題。我的意思是我們有如此獨特的文化。我想我不能真正告訴你文化。管理層無法解釋我們的文化，它是必須經歷並從機構的每一個毛孔中散發出來的東西。我們的使命推動了這種文化。我們睡在巴格達的混凝土地板上。我們一直在非洲抗擊艾滋病毒、結核病、瘧疾和埃博拉病毒的前線。我們從德盧斯到底特律的工廠車間都進行了編碼。

I can't describe the culture, but I can tell you the fundamental tenet that the culture is symptomatic of. We are an artist colony, we're not a factory. People don't come to Palantir. Don't come to Palantir if you want a predictable career trajectory or some sort of methodical ladder to climb. We don't have that.

我無法描述文化，但我可以告訴你文化所代表的基本原則。我們是藝術家聚居地，我們不是工廠。人們不會來Palantir。如果您想要可預測的職業軌跡或某種有條不紊的階梯，請不要來 Palantir。我們沒有那個。

Some companies are factories. You start out as a software Engineer 1, and if you work your way up, you can be a software Engineer 1.5 or something like that. But we're an artist colony. It makes no sense to tell Dalí to paint more like Monet. We are looking for unique and extraordinary people, who by definition, are going to be uneven and spiky. And we are committed to going on a journey with them, to build a bespoke role around who they are as humans.

有些公司是工廠。你從軟件工程師 1 開始，如果你按照自己的方式工作，你可以成為軟件工程師 1.5 或類似的東西。但我們是一個藝術家殖民地。告訴達利畫得更像莫奈是沒有意義的。我們正在尋找獨特而非凡的人，根據定義，他們將是不平衡和尖刻的。我們致力於與他們一起踏上旅程，圍繞他們作為人類的身份建立一個定制的角色。

We spend so much time thinking critically about our people. Who are they? Who can they be? How do we maximize them and their potential. We spend time thinking about exactly what gamma radiation your incoming Bruce Banner needs to turn into the Incredible Hulk. And then we irradiate them.

我們花了很多時間批判性地思考我們的員工。他們是誰？他們可以是誰？我們如何最大限度地發揮它們及其潛力。我們花時間思考您即將到來的布魯斯·班納需要什麼樣的伽馬輻射才能變成無敵浩克。然後我們照射它們。

Working at Palantir isn't for everyone. But if it is for you, the fellowship is charismatic beyond compare. And you don't get this culture for free. The entropy of the universe is against you, you have to wake up every day and fight for it.

在 Palantir 工作並不適合所有人。但如果是為了你，團契的魅力是無與倫比的。你不會免費獲得這種文化。宇宙的熵與你為敵，你必須每天醒來並為之奮鬥。

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

偉大的。謝謝，夏姆。接線員，我們將打開問答電話。

(Operator Instructions) And your first question is from Brent Thill with Jefferies.

（操作員說明）你的第一個問題來自布倫特希爾和傑富瑞。

The commercial business was impressive quarter-on-quarter. I'm curious if you could just drill in and talk to a little more of the drivers from direct sales build-out to the IBM partnership to bringing Palantir to everyone. Can you maybe just give us a little more color in terms of what's driving this and how you think about the shape of this for the back half of the year.

商業業務環比表現令人印象深刻。我很好奇你是否可以深入了解並與更多的驅動因素交談，從直接銷售建設到 IBM 合作夥伴關係，再到將 Palantir 帶給每個人。您能否就推動這一趨勢的原因以及您如何看待今年下半年的情況給我們提供更多的色彩。

Absolutely. Thanks, Brent. I'll start there. You're seeing the effects of our investment in the direct sales force here. We are really happy about the 100 or so folks we hired in the first half of the year here. They're ramping well. We're getting a lot more account coverage here, some really big logos in the quarter, SD Edison, National Grid, Avis, Deere. And not just, of course, commercial -- exceptional strength in the commercial sector, but also, we're seeing that in the government sector as well with new wins like with the FAA. And so you should expect to see more.

絕對地。謝謝，布倫特。我將從那裡開始。您可以在這裡看到我們對直銷隊伍的投資所產生的效果。我們對上半年在這裡僱傭的大約 100 名員工感到非常高興。他們進展順利。我們在這裡獲得了更多的帳戶覆蓋率，本季度的一些非常大的徽標，SD Edison，國家電網，Avis，Deere。當然，不僅僅是商業——商業領域的非凡實力，而且，我們在政府部門以及美國聯邦航空局等新勝利中也看到了這一點。所以你應該期待看到更多。

Of course, channel's contributing. We're really happy about that. I'd say about 10% of the adds came from the channel. But really, the impact of direct sales force is starting to take hold here.

當然，渠道的貢獻。我們真的很高興。我想說大約 10% 的添加來自渠道。但實際上，直銷隊伍的影響開始在這里扎根。

Your next question is from Alex Zukin with Wolfe.

您的下一個問題來自 Alex Zukin 和 Wolfe。

I guess, Shyam, maybe just first, can you talk about revisiting the question around the percentage of TCV that's coming from the strategic partnerships? How do you expect that to evolve? What are the duration of some of these contracts? That was a pretty striking metric that I think it was 50% of your TCV was from these strategic partnerships. So just want to get a better understanding of what the overall strategy is for the company there.

我想，Shyam，也許只是首先，你能談談重新審視有關來自戰略合作夥伴關係的 TCV 百分比的問題嗎？你預計它會如何發展？其中一些合同的期限是多久？這是一個非常引人注目的指標，我認為您的 TCV 的 50% 來自這些戰略合作夥伴關係。所以只是想更好地了解那裡的公司的整體戰略。

Yes. Sure. So we break down the numbers a little bit here, and Dave mentioned less than 1% of the revenue came from this program in Q2. Additionally, of the $925 million of total TCV in Q2, $543 million from the program.

是的。當然。所以我們在這裡稍微分解一下數字，戴夫提到第二季度只有不到 1% 的收入來自這個計劃。此外，在第二季度 9.25 億美元的 TCV 總額中，有 5.43 億美元來自該計劃。

To your question, the long-term strategy, the deals are very long term as well. So we expect some longer duration and time to revenue recognition. I talked about this a little bit, but just to reiterate, the portion of TCV outside of the strategic investment is also very strong, totaling $382 million. This grew at a sequential rate of 33% quarter-over-quarter. So in other words, without the investment program, TCV grows 33% sequentially.

對於你的問題，長期戰略，交易也是非常長期的。因此，我們預計收入確認的持續時間和時間會更長。我稍微談過這個，但只是重申一下，戰略投資之外的 TCV 部分也非常強大，總計 3.82 億美元。環比增長 33%。換句話說，如果沒有投資計劃，TCV 將連續增長 33%。

And then I think just a little bit more on sort of like the long-term vision here. Dr. Karp has discussed how we're building software for the future in the present. And Foundry is the operating system for the modern enterprise. And we're bringing Foundry to people who have the ambition to transform industries and create new ones.

然後我認為有點像這裡的長期願景。 Karp 博士討論了我們現在如何為未來構建軟件。而Foundry是現代企業的操作系統。我們將 Foundry 帶給那些有志於改變行業和創造新行業的人。

We've talked about this, but we're looking at companies in cell-based therapeutics, biomedical health care delivery, quantum computing satellites, electric vehicles, delivering worldwide intelligence from space and a lot more. Now these are companies that have cutting-edge technology of their own, and they're choosing Foundry to help drive their vision forward. And we think many will follow and our strategic investment program accelerates this.

我們已經討論過這個問題，但我們正在關注基於細胞的療法、生物醫學醫療保健提供、量子計算衛星、電動汽車、從太空提供全球情報等領域的公司。現在，這些公司擁有自己的尖端技術，他們選擇 Foundry 來幫助推動他們的願景向前發展。我們認為很多人會效仿，我們的戰略投資計劃加速了這一進程。

Your next question is from Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

Maybe two questions, one following on Alex's. When we think about the 20 net new commercial customers, can you give us a sense of how many of those came from the strategic partnership program?

也許有兩個問題，一個是關於亞歷克斯的。當我們考慮 20 個淨新商業客戶時，您能告訴我們其中有多少來自戰略合作夥伴計劃嗎？

And then second question, kind of more product-related. I know you guys have been doing a lot of work to increase the modularity of the overall platform. Can you talk to us about how that's been progressing and how customers have been adopting that? Has that been part of what's accelerating new customer adoption?

然後是第二個問題，與產品相關的更多。我知道你們已經做了很多工作來增加整個平台的模塊化。您能否與我們談談它的進展情況以及客戶如何採用它？這是否是加速新客戶採用的一部分？

Absolutely. Thanks, Keith. Yes. So 7 of the 20, I believe, came from the strategic investment program. The -- and on the product side, we absolutely are continuing to invest in the modularity there. Very excited about that. I discussed some of the evolution of Edge AI. We showed some of the video earlier on. Hopefully, you got a chance to see that.

絕對地。謝謝，基思。是的。所以我相信 20 個中有 7 個來自戰略投資計劃。 - 在產品方面，我們絕對會繼續投資那裡的模塊化。對此非常興奮。我討論了 Edge AI 的一些演變。我們早些時候展示了一些視頻。希望你有機會看到它。

But more broadly, everything from ERP suite, the software-defined data integration, the expansion number of systems we're integrating with, accelerating which archetypes that I talked about, the example with the EU Bank and being able to deploy production, anti-money laundering workflows, compliance workflows in 2 days, which would have taken us 3 months, 3 years ago. And I think the alternatives are years in the making there. So enabling a bank to buy just the AML answer instead of, say, all of Foundry has absolutely spent our time to market and is helping us accelerate our customer growth.

但更廣泛地說，從 ERP 套件、軟件定義的數據集成、我們正在集成的系統的擴展數量、加速我談到的原型、歐盟銀行的例子以及能夠部署生產、反洗錢工作流程、合規工作流程只需 2 天，而這在 3 年前需要我們 3 個月的時間。而且我認為替代方案在那裡醞釀多年。因此，讓銀行只購買 AML 答案，而不是購買所有 Foundry，這絕對花了我們的時間推向市場，並幫助我們加速客戶增長。

Your last question comes from Mark Cash with Morningstar.

你的最後一個問題來自晨星的馬克·卡什。

When thinking about the guidance, were the last 3 quarters of over 30% operating margin kind of artificially high? And then could you provide some details on the operating margin guidance for the third quarter? Are there particular line items that are expected to ramp up? And is the low to mid-20% range that we should expect as you ramp for growth in the next coming years?

在考慮指導時，過去三個季度超過 30% 的營業利潤率是否有點人為地高？然後您能否提供一些有關第三季度營業利潤率指導的詳細信息？是否有特定的訂單項預計會增加？隨著未來幾年的增長，我們應該預期的低至中 20% 的範圍是？

Thanks, Mark. And thanks for pointing out the last 3 quarters above 30% and this quarter -- last 3 quarters, about 30%; this quarter, above 31%. And I think we're doing that while we are investing in the business, right? And so if you look at the first half of this year, we had 100 salespeople. Shyam talked about how we're going to really keep that pace up going into the back of the year. We're building on a structure around them, building out the operations there.

謝謝，馬克。感謝您指出過去三個季度超過 30% 和本季度 - 過去三個季度，大約 30%；本季度，超過 31%。我認為我們在投資業務的同時也在這樣做，對嗎？所以如果你看看今年上半年，我們有 100 名銷售人員。 Shyam 談到了我們將如何真正保持這種步伐到今年年底。我們正在圍繞他們建立一個結構，在那裡建立業務。

We also think about marketing spend, really almost doubled in Q2 coming off of Q1. We're going to continue to do that throughout the year and I think beyond. We're going to continue to hire aggressively into product development, into others across the business. And so as we think about the year, we think about continuing to invest. And we're really excited about the next half.

我們還考慮了營銷支出，在第一季度之後的第二季度幾乎翻了一番。我們將在全年繼續這樣做，我認為會更遠。我們將繼續積極招聘產品開發人員，以及整個業務中的其他人員。因此，當我們考慮這一年時，我們會考慮繼續投資。我們對下半場感到非常興奮。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。